Document:

IMPAC
      SECURED ASSETS CORP.,

    Depositor,

    
 

    

    IMPAC
      FUNDING CORPORATION

    Master
      Servicer,

    

    and

    

     

    DEUTSCHE
      BANK NATIONAL TRUST COMPANY

    Trustee

    

     

    POOLING
      AND SERVICING AGREEMENT

     

    Dated
      as
      of December 1, 2006

     

     

    ________________________

     

    Mortgage
      Pass-Through Certificates

     

    Series
      2006-5

     

    

    
      

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    TABLE
      OF
      CONTENTS

     

    Page

    
      	
              ARTICLE
                I
                DEFINITIONS

            	 	
              16

            
	
              Section
                1.01.

            	
              Defined
                Terms.

            	
              16

            

    

    
      
        	
                Accrual
                  Period

              	
                16

              
	
                Adjustment
                  Date

              	
                16

              
	
                Advance

              	
                16

              
	
                Affected
                  Party

              	
                16

              
	
                Affiliate

              	
                16

              
	
                Aggregate
                  Stated Principal Balance

              	
                16

              
	
                Agreement

              	
                16

              
	
                Allocated
                  Realized Loss Amount

              	
                16

              
	
                Assessment
                  of Compliance

              	
                17

              
	
                Assignment

              	
                17

              
	
                Attestation
                  Report

              	
                17

              
	
                Available
                  Distribution Amount

              	
                17

              
	
                Bankruptcy
                  Code

              	
                17

              
	
                Basic
                  Principal Distribution Amount

              	
                17

              
	
                Book-Entry
                  Certificate

              	
                17

              
	
                Business
                  Day

              	
                17

              
	
                Cap
                  Contracts

              	
                17

              
	
                Cap
                  Counterparties

              	
                18

              
	
                Cash
                  Liquidation

              	
                18

              
	
                Certificate

              	
                18

              
	
                Certificate
                  Account

              	
                18

              
	
                Certificate
                  Account Deposit Date

              	
                18

              
	
                Certificateholder

              	
                18

              
	
                Certificate
                  Guaranty Insurance Policy

              	
                18

              
	
                Certificate
                  Insurer

              	
                18

              
	
                Certificate
                  Margin

              	
                18

              
	
                Certificate
                  Owner

              	
                19

              
	
                Certificate
                  Principal Balance

              	
                19

              
	
                Certificate
                  Register

              	
                19

              
	
                Class

              	
                19

              
	
                Class
                  1-A Certificates

              	
                20

              
	
                Class
                  1-A Principal Distribution Amount

              	
                20

              
	
                Class
                  1-A1 Certificates

              	
                20

              
	
                Class
                  1-C Distribution Amount

              	
                20

              
	
                Class
                  1-IO Interest

              	
                20

              
	
                Class
                  1-M Certificates

              	
                20

              
	
                Class
                  2-A Principal Distribution Amount

              	
                20

              
	
                Class
                  2-C Distribution Amount

              	
                20

              
	
                Class
                  2-IO Interest

              	
                21

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                Class
                  A Certificates

              	
                21

              
	
                Class
                  C Certificates

              	
                21

              
	
                Class
                  IO Interests

              	
                21

              
	
                Class
                  IO Distribution Amount

              	
                21

              
	
                Class
                  P Certificates

              	
                21

              
	
                Class
                  R Certificate

              	
                21

              
	
                Class
                  R-1 Interest

              	
                21

              
	
                Class
                  R-2 Interest

              	
                21

              
	
                Class
                  R-3 Interest

              	
                21

              
	
                Class
                  R-4 Interest

              	
                21

              
	
                Closing
                  Date

              	
                21

              
	
                Code

              	
                21

              
	
                Collateral
                  Account One

              	
                21

              
	
                Collateral
                  Account Two

              	
                21

              
	
                Collateral
                  Account Three

              	
                21

              
	
                Collateral
                  Account Four

              	
                21

              
	
                Collateral
                  Value

              	
                21

              
	
                Commission

              	
                22

              
	
                Compensating
                  Interest

              	
                22

              
	
                Countrywide

              	
                22

              
	
                Corporate
                  Trust Office

              	
                22

              
	
                Corresponding
                  Certificate

              	
                22

              
	
                Credit
                  Enhancement Percentage

              	
                22

              
	
                Credit
                  Support Annex One

              	
                22

              
	
                Credit
                  Support Annex Two

              	
                22

              
	
                Credit
                  Support Annex Three

              	
                22

              
	
                Credit
                  Support Annex Four

              	
                23

              
	
                Cross
                  Collateralized Loss Payments

              	
                23

              
	
                Crossable
                  Excess

              	
                23

              
	
                Crossable
                  Losses

              	
                23

              
	
                Current
                  Report

              	
                23

              
	
                Curtailment

              	
                23

              
	
                Custodial
                  Account

              	
                23

              
	
                Custodian

              	
                23

              
	
                Custodian
                  One

              	
                23

              
	
                Custodian
                  Two

              	
                23

              
	
                Custodian
                  Three

              	
                23

              
	
                Custodian
                  Four

              	
                23

              
	
                Cut-off
                  Date

              	
                23

              
	
                Cut-off
                  Date Balance

              	
                23

              
	
                Debt
                  Service Coverage Ratio

              	
                24

              
	
                Defaulted
                  Mortgage Loan

              	
                24

              
	
                Defaulting
                  Party

              	
                24

              
	
                Deficiency
                  Amount

              	
                24

              
	
                Deficient
                  Valuation

              	
                24

              
	
                Definitive
                  Certificate

              	
                24

              

      

       

      
        
           

        

        
          ii

          
            

          

        

        
           

        

      

       

      
        	
                Deleted
                  Mortgage Loan

              	
                24

              
	
                Depositor

              	
                24

              
	
                Depository

              	
                24

              
	
                Depository
                  Participant

              	
                24

              
	
                Derivative
                  Account

              	
                25

              
	
                Determination
                  Date

              	
                25

              
	
                Disqualified
                  Organization

              	
                25

              
	
                Distribution
                  Date

              	
                25

              
	
                Distribution
                  Report

              	
                25

              
	
                Due
                  Date

              	
                25

              
	
                Due
                  Period

              	
                25

              
	
                Eligible
                  Account

              	
                25

              
	
                Estimated
                  Swap Termination Payment

              	
                26

              
	
                Event
                  of Default

              	
                26

              
	
                Excess
                  Proceeds

              	
                26

              
	
                Excess
                  Servicing Strip

              	
                26

              
	
                Exchange
                  Act

              	
                26

              
	
                Extra
                  Principal Distribution Amount

              	
                26

              
	
                Fannie
                  Mae

              	
                26

              
	
                FDIC

              	
                26

              
	
                Final
                  Scheduled Distribution Date

              	
                27

              
	
                Freddie
                  Mac

              	
                27

              
	
                GMAC

              	
                27

              
	
                Gross
                  Margin

              	
                27

              
	
                Group
                  1 Cap Contracts

              	
                27

              
	
                Group
                  1 Cap Counterparties

              	
                27

              
	
                Group
                  1 Certificates

              	
                27

              
	
                Group
                  1 Class IO Distribution Amount

              	
                27

              
	
                Group
                  1 Cut-off Date Balance

              	
                27

              
	
                Group
                  1 Derivative Account

              	
                27

              
	
                Group
                  1 Derivative Contract

              	
                27

              
	
                Group
                  1 Derivative Termination Payment

              	
                27

              
	
                Group
                  1 Estimated Swap Termination Payment

              	
                27

              
	
                Group
                  1 Interest Rate Swap Agreement

              	
                27

              
	
                Group
                  1 Loans

              	
                28

              
	
                Group
                  1 Marker Rate

              	
                28

              
	
                Group
                  1 Maximum Uncertificated Accrued Interest Deferral Amount

              	
                28

              
	
                Group
                  1 Net Mortgage Rate

              	
                28

              
	
                Group
                  1 Net Swap Payment

              	
                28

              
	
                Group
                  1 Net WAC Rate

              	
                29

              
	
                Group
                  1 Net WAC Shortfall Reserve Fund

              	
                29

              
	
                Group
                  1 Net WAC Shortfall Reserve Fund Deposit

              	
                29

              
	
                Group
                  1 Optional Termination

              	
                29

              
	
                Group
                  1 Overcollateralization Deficiency Amount

              	
                29

              
	
                Group
                  1 Overcollateralization Floor

              	
                29

              
	
                Group
                  1 Overcollateralization Release Amount

              	
                30

              

      

       

      
        
           

        

        
          iii

          
            

          

        

        
           

        

      

       

      
        	
                Group
                  1 Overcollateralization Target Amount

              	
                30

              
	
                Group
                  1 Overcollateralized Amount

              	
                30

              
	
                Group
                  1 Schedule

              	
                30

              
	
                Group
                  1 Stepdown Date

              	
                30

              
	
                Group
                  1 Step-Up Date

              	
                30

              
	
                Group
                  1 Subordinate Class Principal Distribution Amount

              	
                30

              
	
                Group
                  1 Supplemental Interest Trust

              	
                31

              
	
                Group
                  1 Supplemental Interest Trust Trustee

              	
                31

              
	
                Group
                  1 Swap Optional Termination Payment

              	
                31

              
	
                Group
                  1 Swap Provider

              	
                31

              
	
                Group
                  1 Trigger Event

              	
                31

              
	
                Group
                  2 Cap Contracts

              	
                32

              
	
                Group
                  2 Cap Counterparties

              	
                32

              
	
                Group
                  2 Class IO Distribution Amount

              	
                32

              
	
                Group
                  2 Cut-off Date Balance

              	
                32

              
	
                Group
                  2 Derivative Account

              	
                32

              
	
                Group
                  2 Derivative Contract

              	
                32

              
	
                Group
                  2 Derivative Termination Payment

              	
                33

              
	
                Group
                  2 Estimated Swap Termination Payment

              	
                33

              
	
                Group
                  2 Marker Rate

              	
                33

              
	
                Group
                  2 Maximum Uncertificated Accrued Interest Deferral Amount

              	
                33

              
	
                Group
                  2 Interest Rate Swap Agreement

              	
                33

              
	
                Group
                  2 Loans

              	
                33

              
	
                Group
                  2 Net Mortgage Rate

              	
                34

              
	
                Group
                  2 Net Swap Payment

              	
                34

              
	
                Group
                  2 Net WAC Rate

              	
                34

              
	
                Group
                  2 Net WAC Shortfall Reserve Fund

              	
                34

              
	
                Group
                  2 Net WAC Shortfall Reserve Fund Deposit

              	
                34

              
	
                Group
                  2 Optional Termination

              	
                34

              
	
                Group
                  2 Overcollateralization Deficiency Amount

              	
                35

              
	
                Group
                  2 Overcollateralization Floor

              	
                35

              
	
                Group
                  2 Overcollateralization Release Amount

              	
                35

              
	
                Group
                  2 Overcollateralization Target Amount

              	
                35

              
	
                Group
                  2 Overcollateralized Amount

              	
                35

              
	
                Group
                  2 Schedule

              	
                35

              
	
                Group
                  2 Stepdown Date

              	
                35

              
	
                Group
                  2 Step-Up Date

              	
                35

              
	
                Group
                  2 Supplemental Interest Trust

              	
                36

              
	
                Group
                  2 Supplemental Interest Trust Trustee

              	
                36

              
	
                Group
                  2 Swap Optional Termination Payment

              	
                36

              
	
                Group
                  2 Swap Provider

              	
                36

              
	
                Group
                  2 Trigger Event

              	
                36

              
	
                Index

              	
                37

              
	
                Initial
                  Certificate Principal Balance

              	
                37

              
	
                Initial
                  Notional Amount

              	
                37

              
	
                Insurance
                  Account

              	
                37

              

      

       

      
        
           

        

        
          iv

          
            

          

        

        
           

        

      

       

      
        	
                Insurance
                  Agreement

              	
                37

              
	
                Insurance
                  Policy

              	
                37

              
	
                Insurance
                  Proceeds

              	
                37

              
	
                Insured
                  Amounts

              	
                37

              
	
                Insurer
                  Default

              	
                37

              
	
                Interest
                  Remittance Amount

              	
                37

              
	
                Interest
                  Rate Swap Agreement

              	
                37

              
	
                Late
                  Collections

              	
                37

              
	
                LIBOR

              	
                38

              
	
                LIBOR
                  Business Day

              	
                38

              
	
                LIBOR
                  Rate Adjustment Date

              	
                38

              
	
                Liquidated
                  Mortgage Loan

              	
                38

              
	
                Liquidation
                  Proceeds

              	
                38

              
	
                Loan-to-Value
                  Ratio

              	
                38

              
	
                Loan
                  Group

              	
                38

              
	
                Loan
                  Group 1

              	
                38

              
	
                Loan
                  Group 2

              	
                38

              
	
                Lost
                  Note Affidavit

              	
                38

              
	
                Majority
                  Class C Certificateholder

              	
                38

              
	
                Master
                  Servicer

              	
                38

              
	
                Master
                  Servicer Prepayment Charge Payment Amount

              	
                39

              
	
                Master
                  Servicing Fees

              	
                39

              
	
                Master
                  Servicing Fee Rate

              	
                39

              
	
                MERS

              	
                39

              
	
                MERS®
                  System

              	
                39

              
	
                Midland

              	
                39

              
	
                MIN

              	
                39

              
	
                MOM
                  Loan

              	
                39

              
	
                Monthly
                  Interest Distributable Amount

              	
                39

              
	
                Monthly
                  Payment

              	
                39

              
	
                Moody's

              	
                40

              
	
                Mortgage

              	
                40

              
	
                Mortgage
                  File

              	
                40

              
	
                Mortgage
                  Loan

              	
                40

              
	
                Mortgage
                  Loan Purchase Agreement

              	
                40

              
	
                Mortgage
                  Loan Schedule

              	
                40

              
	
                Mortgage
                  Note

              	
                41

              
	
                Mortgage
                  Rate

              	
                41

              
	
                Mortgaged
                  Property

              	
                41

              
	
                Mortgagor

              	
                41

              
	
                Net
                  Liquidation Proceeds

              	
                42

              
	
                Net
                  Monthly Excess Cashflow

              	
                42

              
	
                Net
                  Mortgage Rate

              	
                42

              
	
                Net
                  Prepayment Interest Shortfall

              	
                42

              
	
                Net
                  Swap Payment

              	
                42

              
	
                Net
                  WAC Rate

              	
                42

              

      

       

      
        
           

        

        
          v

          
            

          

        

        
           

        

      

       

      
        	
                Net
                  WAC Shortfall Amount

              	
                42

              
	
                Net
                  WAC Shortfall Reserve Fund

              	
                42

              
	
                Nonrecoverable
                  Advance

              	
                42

              
	
                Non-United
                  States Person

              	
                43

              
	
                Notional
                  Balance

              	
                43

              
	
                Officers’
                  Certificate

              	
                43

              
	
                Offered
                  Certificates

              	
                43

              
	
                One
                  Month LIBOR

              	
                43

              
	
                Opinion
                  of Counsel

              	
                43

              
	
                Optional
                  Termination

              	
                43

              
	
                Optional
                  Termination Date

              	
                43

              
	
                OTS

              	
                43

              
	
                Outstanding
                  Mortgage Loan

              	
                43

              
	
                Overcollateralization
                  Deficiency Amount

              	
                44

              
	
                Overcollateralization
                  Floor

              	
                44

              
	
                Overcollateralization
                  Release Amount

              	
                44

              
	
                Overcollateralization
                  Target Amount

              	
                44

              
	
                Overcollateralized
                  Amount

              	
                44

              
	
                Ownership
                  Interest

              	
                44

              
	
                Pass-Through
                  Rate

              	
                44

              
	
                Percentage
                  Interest

              	
                45

              
	
                Permitted
                  Investment

              	
                45

              
	
                Permitted
                  Transferee

              	
                46

              
	
                Person

              	
                46

              
	
                PMI
                  Insurer

              	
                46

              
	
                PMI
                  Insurer Policy

              	
                46

              
	
                PMI
                  Mortgage Loan

              	
                46

              
	
                PMI
                  Insurer Fee Rate

              	
                46

              
	
                Policy
                  Premium

              	
                47

              
	
                Policy
                  Premium Rate

              	
                47

              
	
                Preference
                  Amount

              	
                47

              
	
                Prepayment
                  Assumption

              	
                47

              
	
                Prepayment
                  Charge

              	
                47

              
	
                Prepayment
                  Interest Excess

              	
                47

              
	
                Prepayment
                  Interest Shortfall

              	
                47

              
	
                Prepayment
                  Period

              	
                47

              
	
                Primary
                  Hazard Insurance Policy

              	
                47

              
	
                Primary
                  Insurance Policy

              	
                47

              
	
                Principal
                  Distribution Amount

              	
                48

              
	
                Principal
                  Prepayment

              	
                48

              
	
                Principal
                  Prepayment in Full

              	
                48

              
	
                Principal
                  Remittance Amount

              	
                48

              
	
                Prospectus
                  Supplement

              	
                48

              
	
                Purchase
                  Price

              	
                48

              
	
                Qualified
                  Insurer

              	
                49

              
	
                Qualified
                  Substitute Mortgage Loan

              	
                49

              

      

       

      
        
           

        

        
          vi

          
            

          

        

        
           

        

      

       

      
        	
                Rating
                  Agency

              	
                49

              
	
                Realized
                  Loss

              	
                49

              
	
                Record
                  Date

              	
                50

              
	
                Regular
                  Certificate

              	
                50

              
	
                Regulation
                  AB

              	
                50

              
	
                Relief
                  Act

              	
                50

              
	
                Relief
                  Act Interest Shortfall

              	
                50

              
	
                REMIC

              	
                50

              
	
                REMIC
                  1

              	
                50

              
	
                REMIC
                  1 Regular Interest

              	
                51

              
	
                REMIC
                  2

              	
                51

              
	
                REMIC
                  2 Regular Interest

              	
                51

              
	
                REMIC
                  3

              	
                51

              
	
                REMIC
                  3 Group 1 Interest Loss Allocation Amount

              	
                52

              
	
                REMIC
                  3 Group 1 Overcollateralized Amount

              	
                52

              
	
                REMIC
                  3 Group 1 Principal Loss Allocation Amount

              	
                52

              
	
                REMIC
                  3 Group 1 Overcollateralization Target Amount

              	
                52

              
	
                REMIC
                  3 Group 1 Regular Interest

              	
                52

              
	
                REMIC
                  3 Group 2 Interest Loss Allocation Amount

              	
                52

              
	
                REMIC
                  3 Group 2 Overcollateralized Amount

              	
                52

              
	
                REMIC
                  3 Group 2 Principal Loss Allocation Amount

              	
                53

              
	
                REMIC
                  3 Group 2 Overcollateralization Target Amount

              	
                53

              
	
                REMIC
                  3 Group 2 Regular Interest

              	
                53

              
	
                REMIC
                  3 Regular Interest

              	
                53

              
	
                REMIC
                  4

              	
                53

              
	
                REMIC
                  4 Regular Interest

              	
                53

              
	
                REMIC
                  Provisions

              	
                53

              
	
                REMIC
                  Regular Interest

              	
                53

              
	
                Remittance
                  Report

              	
                53

              
	
                REO
                  Acquisition

              	
                54

              
	
                REO
                  Disposition

              	
                54

              
	
                REO
                  Imputed Interest

              	
                54

              
	
                REO
                  Proceeds

              	
                54

              
	
                REO
                  Property

              	
                54

              
	
                Request
                  for Release

              	
                54

              
	
                Residual
                  Certificate

              	
                54

              
	
                Residual
                  Interest

              	
                54

              
	
                Responsible
                  Officer

              	
                54

              
	
                Servicing
                  Account

              	
                54

              
	
                Servicing
                  Advances

              	
                54

              
	
                Servicing
                  Criteria

              	
                55

              
	
                Servicing
                  Guide

              	
                55

              
	
                Servicing
                  Officer

              	
                55

              
	
                Single
                  Certificate

              	
                55

              
	
                Specially
                  Serviced Multifamily Loan

              	
                55

              
	
                Sponsor

              	
                55

              

      

       

      
        
           

        

        
          vii

          
            

          

        

        
           

        

      

       

      
        	
                Standard
                  & Poor's

              	
                55

              
	
                Startup
                  Day

              	
                55

              
	
                Stated
                  Principal Balance

              	
                55

              
	
                Step-Up
                  Date

              	
                56

              
	
                Stepdown
                  Date

              	
                56

              
	
                Stepdown
                  Target Subordination Percentage

              	
                56

              
	
                Subordinate
                  Certificates

              	
                56

              
	
                Subsequent
                  Recoveries

              	
                56

              
	
                Sub-Servicer

              	
                56

              
	
                Sub-Servicer
                  Remittance Date

              	
                56

              
	
                Sub-Servicing
                  Account

              	
                57

              
	
                Sub-Servicing
                  Agreement

              	
                57

              
	
                Sub-Servicing
                  Fees

              	
                57

              
	
                Sub-Servicing
                  Fee Rate

              	
                57

              
	
                Substitution
                  Adjustment

              	
                57

              
	
                Supplemental
                  Interest Trust

              	
                57

              
	
                Supplemental
                  Interest Trust Trustee

              	
                57

              
	
                Swap
                  LIBOR

              	
                57

              
	
                Swap
                  Optional Termination Payment

              	
                57

              
	
                Swap
                  Provider

              	
                57

              
	
                Swap
                  Provider Trigger Event

              	
                57

              
	
                Swap
                  Termination Payment

              	
                57

              
	
                Tax
                  Matters Person

              	
                58

              
	
                Tax
                  Returns

              	
                58

              
	
                Transfer

              	
                58

              
	
                Transferor

              	
                58

              
	
                Trust
                  Fund

              	
                58

              
	
                Trustee

              	
                58

              
	
                Uncertificated
                  Accrued Interest

              	
                58

              
	
                Uncertificated
                  Notional Balance

              	
                58

              
	
                Uncertificated
                  Pass-Through Rate

              	
                63

              
	
                Uncertificated
                  Principal Balance

              	
                63

              
	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              	
                63

              
	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              	
                63

              
	
                Uncertificated
                  REMIC 3 Pass-Through Rate

              	
                64

              
	
                Uninsured
                  Cause

              	
                74

              
	
                United
                  States Person

              	
                74

              
	
                Unpaid
                  Interest Shortfall Amount

              	
                75

              
	
                Voting
                  Rights

              	
                75

              

      

    

    
      	
              Section
                1.02.

            	
              Determination
                of LIBOR.

            	
              75

            
	
              Section
                1.03.

            	
              Allocation
                of Certain Interest Shortfalls.

            	
              76

            
	 	 
	
              ARTICLE
                II
                CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF
                CERTIFICATES

            	
              78

            
	
              Section
                2.01.

            	
              Conveyance
                of Mortgage Loans.

            	
              78

            

    

     

    
      
         

      

      
        viii

        
          

        

      

      
         

      

    

     

    
      	
              Section
                2.02.

            	
              Acceptance
                of the Trust Fund by the Trustee.

            	
              82

            
	
              Section
                2.03.

            	
              Representations,
                Warranties and Covenants of the Master Servicer and the
                Depositor.

            	
              83

            
	
              Section
                2.04.

            	
              Representations
                and Warranties of the Sponsor.

            	
              85

            
	
              Section
                2.05.

            	
              Issuance
                of Certificates; Conveyance of REMIC 1 Regular Interests, Class C
                Interest, Class P Interest and Acceptance of REMIC 2, REMIC 3 and
                REMIC 4
                by the Trustee.

            	
              87

            
	
              Section
                2.06.

            	
              Purposes
                and Powers of the Trust.

            	
              88

            
	 	 
	
              ARTICLE
                III
                ADMINISTRATION AND SERVICING OF THE TRUST FUND

            	
              90

            
	
              Section
                3.01.

            	
              Master
                Servicer to Act as Master Servicer.

            	
              90

            
	
              Section
                3.02.

            	
              Sub-Servicing
                Agreements Between Master Servicer and Sub-Servicers.

            	
              92

            
	
              Section
                3.03.

            	
              Successor
                Sub-Servicers.

            	
              93

            
	
              Section
                3.04.

            	
              Liability
                of the Master Servicer.

            	
              93

            
	
              Section
                3.05.

            	
              No
                Contractual Relationship Between Sub-Servicers and Trustee or
                Certificateholders.

            	
              93

            
	
              Section
                3.06.

            	
              Assumption
                or Termination of Sub-Servicing Agreements by Trustee.

            	
              94

            
	
              Section
                3.07.

            	
              Collection
                of Certain Mortgage Loan Payments.

            	
              94

            
	
              Section
                3.08.

            	
              Sub-Servicing
                Accounts.

            	
              95

            
	
              Section
                3.09.

            	
              Collection
                of Taxes, Assessments and Similar Items; Servicing
                Accounts.

            	
              96

            
	
              Section
                3.10.

            	
              Custodial
                Account.

            	
              96

            
	
              Section
                3.11.

            	
              Permitted
                Withdrawals From the Custodial Account.

            	
              97

            
	
              Section
                3.12.

            	
              Permitted
                Investments.

            	
              98

            
	
              Section
                3.13.

            	
              Maintenance
                of Primary Hazard Insurance.

            	
              99

            
	
              Section
                3.14.

            	
              Enforcement
                of Due-on-Sale Clauses; Assumption Agreements.

            	
              101

            
	
              Section
                3.15.

            	
              Realization
                Upon Defaulted Mortgage Loans.

            	
              102

            
	
              Section
                3.16.

            	
              Trustee
                to Cooperate; Release of Mortgage Files.

            	
              103

            
	
              Section
                3.17.

            	
              Servicing
                Compensation.

            	
              105

            
	
              Section
                3.18.

            	
              Maintenance
                of Certain Servicing Policies.

            	
              106

            
	
              Section
                3.19.

            	
              Annual
                Statement as to Compliance.

            	
              106

            
	
              Section
                3.20.

            	
              Assessments
                of Compliance and Attestation Reports.

            	
              107

            
	
              Section
                3.21.

            	
              Access
                to Certain Documentation.

            	
              108

            
	
              Section
                3.22.

            	
              Title,
                Conservation and Disposition of REO Property.

            	
              108

            
	
              Section
                3.23.

            	
              Additional
                Obligations of the Master Servicer.

            	
              111

            
	
              Section
                3.24.

            	
              Additional
                Obligations of the Depositor.

            	
              111

            
	
              Section
                3.25.

            	
              Exchange
                Act Reporting.

            	
              111

            
	
              Section
                3.26.

            	
              Intention
                of the Parties and Interpretation.

            	
              114

            
	
              Section
                3.27.

            	
              Optional
                Purchase of Certain Mortgage Loans.

            	
              115

            
	 	 
	
              ARTICLE
                IV
                PAYMENTS TO CERTIFICATEHOLDERS

            	
              116

            
	
              Section
                4.01.

            	
              Distributions.

            	
              116

            
	
              Section
                4.02.

            	
              Statements
                to Certificateholders.

            	
              125

            

    

     

    
      
         

      

      
        ix

        
          

        

      

      
         

      

    

     

    
      	
              Section
                4.03.

            	
              Remittance
                Reports; Advances by the Master Servicer.

            	
              129

            
	
              Section
                4.04.

            	
              Distributions
                on the REMIC Regular Interests.

            	
              130

            
	
              Section
                4.05.

            	
              Allocation
                of Realized Losses.

            	
              135

            
	
              Section
                4.06.

            	
              Information
                Reports to Be Filed by the Master Servicer.

            	
              138

            
	
              Section
                4.07.

            	
              Compliance
                with Withholding Requirements.

            	
              138

            
	
              Section
                4.08.

            	
              Group
                1 Net WAC Shortfall Reserve Fund.

            	
              138

            
	
              Section
                4.09.

            	
              Group
                2 Net WAC Shortfall Reserve Fund.

            	
              139

            
	
              Section
                4.10.

            	
              Group
                1 Supplemental Interest Trust.

            	
              140

            
	
              Section
                4.11.

            	
              Group
                2 Supplemental Interest Trust.

            	
              143

            
	
              Section
                4.12.

            	
              Tax
                Treatment of Class IO Distribution Amounts in the Event of
                Resecuritization of Class 1-A, Class 2-A, Class 1-M or Class 1-B
                Certificates.

            	
              146

            
	
              Section
                4.13.

            	
              The
                Certificate Guaranty Insurance Policy

            	
              147

            
	
              Section
                4.14.

            	
              Collateral
                Accounts

            	
              149

            
	 	 
	
              ARTICLE
                V
                THE CERTIFICATES

            	
              153

            
	
              Section
                5.01.

            	
              The
                Certificates.

            	
              153

            
	
              Section
                5.02.

            	
              Registration
                of Transfer and Exchange of Certificates.

            	
              154

            
	
              Section
                5.03.

            	
              Mutilated,
                Destroyed, Lost or Stolen Certificates.

            	
              160

            
	
              Section
                5.04.

            	
              Persons
                Deemed Owners.

            	
              160

            
	
              Section
                5.05.

            	
              Rule
                144A Information.

            	
              161

            
	 	 
	
              ARTICLE
                VI
                THE Depositor AND THE MASTER SERVICER

            	
              162

            
	
              Section
                6.01.

            	
              Liability
                of the Depositor and the Master Servicer.

            	
              162

            
	
              Section
                6.02.

            	
              Merger,
                Consolidation or Conversion of the Depositor or the Master
                Servicer.

            	
              162

            
	
              Section
                6.03.

            	
              Limitation
                on Liability of the Depositor, the Master Servicer and
                Others.

            	
              162

            
	
              Section
                6.04.

            	
              Limitation
                on Resignation of the Master Servicer.

            	
              163

            
	
              Section
                6.05.

            	
              Sale
                and Assignment of Master Servicing.

            	
              164

            
	 	 
	
              ARTICLE
                VII
                DEFAULT

            	
              165

            
	
              Section
                7.01.

            	
              Events
                of Default.

            	
              165

            
	
              Section
                7.02.

            	
              Trustee
                to Act; Appointment of Successor.

            	
              167

            
	
              Section
                7.03.

            	
              Notification
                to Certificateholders.

            	
              168

            
	
              Section
                7.04.

            	
              Waiver
                of Events of Default.

            	
              168

            
	
              Section
                7.05.

            	
              List
                of Certificateholders.

            	
              169

            
	 	 
	
              ARTICLE
                VIII
                CONCERNING THE TRUSTEE

            	
              170

            
	
              Section
                8.01.

            	
              Duties
                of Trustee.

            	
              170

            

    

     

    
      
         

      

      
        x

        
          

        

      

      
         

      

    

     

    
      	
              Section
                8.02.

            	
              Certain
                Matters Affecting the Trustee.

            	
              171

            
	
              Section
                8.03.

            	
              Trustee
                Not Liable for Certificates or Mortgage Loans.

            	
              173

            
	
              Section
                8.04.

            	
              Trustee
                May Own Certificates.

            	
              173

            
	
              Section
                8.05.

            	
              Trustee’s
                Fees.

            	
              173

            
	
              Section
                8.06.

            	
              Eligibility
                Requirements for Trustee.

            	
              174

            
	
              Section
                8.07.

            	
              Resignation
                and Removal of the Trustee.

            	
              174

            
	
              Section
                8.08.

            	
              Successor
                Trustee.

            	
              175

            
	
              Section
                8.09.

            	
              Merger
                or Consolidation of Trustee.

            	
              176

            
	
              Section
                8.10.

            	
              Appointment
                of Co-Trustee or Separate Trustee.

            	
              176

            
	 	 
	
              ARTICLE
                IX
                TERMINATION

            	
              178

            
	
              Section
                9.01.

            	
              Termination
                Upon Repurchase or Liquidation of All Mortgage Loans or upon Purchase
                of
                Certificates.

            	
              178

            
	
              Section
                9.02.

            	
              Termination
                of REMIC 4 and Retirement of Class R Certificates.

            	
              185

            
	
              Section
                9.03.

            	
              Additional
                Termination Requirements.

            	
              185

            
	 	 
	
              ARTICLE
                X
                REMIC PROVISIONS

            	
              187

            
	
              Section
                10.01.

            	
              REMIC
                Administration.

            	
              187

            
	
              Section
                10.02.

            	
              Prohibited
                Transactions and Activities.

            	
              190

            
	
              Section
                10.03.

            	
              Master
                Servicer and Trustee Indemnification.

            	
              190

            
	 	 
	
              ARTICLE
                XI
                MISCELLANEOUS PROVISIONS

            	
              191

            
	
              Section
                11.01.

            	
              Amendment.

            	
              191

            
	
              Section
                11.02.

            	
              Recordation
                of Agreement; Counterparts.

            	
              192

            
	
              Section
                11.03.

            	
              Limitation
                on Rights of Certificateholders.

            	
              193

            
	
              Section
                11.04.

            	
              Governing
                Law.

            	
              194

            
	
              Section
                11.05.

            	
              Notices.

            	
              194

            
	
              Section
                11.06.

            	
              Severability
                of Provisions.

            	
              194

            
	
              Section
                11.07.

            	
              Successors
                and Assigns.

            	
              194

            
	
              Section
                11.08.

            	
              Article
                and Section Headings.

            	
              195

            
	
              Section
                11.09.

            	
              Notice
                to Rating Agencies.

            	
              195

            
	
              Section
                11.10.

            	
              Rights
                of the Certificate Insurer.

            	
              195

            
	
              Section
                11.11.

            	
              Control
                by the Certificate Insurer.

            	
              196

            
	
              Section
                11.12.

            	
              Third
                Party Rights.

            	
              197

            

    

    

      Signatures

      Acknowledgments

       

      
        	
                Exhibit
                  A

              	
                Form
                  of Class A Certificate

              
	
                Exhibit
                  B-1

              	
                Form
                  of Class [M][B] Certificate

              
	
                Exhibit
                  B-2

              	
                Form
                  of Class C Certificate

              
	
                Exhibit
                  B-3

              	
                Form
                  of Class P Certificate

              

      

       

      
        
           

        

        
          xi

          
            

          

        

        
           

        

      

       

      
        	
                Exhibit
                  B-4

              	
                Form
                  of Class R Certificate

              
	
                Exhibit
                  C

              	
                Form
                  of Custodian Initial Certification

              
	
                Exhibit
                  D

              	
                Form
                  of Custodian Final Certification

              
	
                Exhibit
                  E

              	
                Form
                  of Remittance Report

              
	
                Exhibit
                  F-1

              	
                Request
                  for Release

              
	
                Exhibit
                  F-2

              	
                Request
                  for Release for Mortgage Loans Paid in Full

              
	
                Exhibit
                  G-1

              	
                Form
                  of Investor Representation Letter

              
	
                Exhibit
                  G-2

              	
                Form
                  of Transferor Representation Letter

              
	
                Exhibit
                  G-3

              	
                Form
                  of Rule 144A Investment Representation

              
	
                Exhibit
                  G-4

              	
                Transferor
                  Certificate for Transfers of Residual Certificates

              
	
                Exhibit
                  G-5

              	
                Transfer
                  Affidavit and Agreement for Transfers of Residual
                  Certificates

              
	
                Exhibit
                  H

              	
                Mortgage
                  Loan Schedule

              
	
                Exhibit
                  I

              	
                Sponsor
                  Representations and Warranties

              
	
                Exhibit
                  J

              	
                Form
                  of Notice Under Section 3.24

              
	
                Exhibit
                  K

              	
                Impac
                  Funding Corporation Servicing Guide

              
	
                Exhibit
                  L-1

              	
                Form
                  10-K Certification

              
	
                Exhibit
                  L-2

              	
                Form
                  10-K Back-up Certification (Master Servicer)

              
	
                Exhibit
                  L-3

              	
                Form
                  10-K Back-up Certification (Trustee)

              
	
                Exhibit
                  L-4

              	
                Form
                  of Back-up Certification to Form 10-K Certificate

              
	
                Exhibit
                  M

              	
                Form
                  of Interest Rate Swap Agreement

              
	
                Exhibit
                  N

              	
                Servicing
                  Criteria to be Addressed in Assessment of Compliance

              
	
                Exhibit
                  O

              	
                Form
                  10-D, Form 8-K and Form 10-K Reporting Responsibility 

              
	
                Exhibit
                  P 

              	
                Additional
                  Disclosure Notification

              
	
                Exhibit
                  Q 

              	
                Form
                  of Countrywide Servicing Agreement

              
	
                Exhibit
                  R

              	
                Form
                  of GMAC Servicing Agreement

              
	
                Exhibit
                  S

              	
                Form
                  of Midland Servicing Agreement

              
	
                Exhibit
                  T 

              	
                Form
                  of Item 1115 Agreement

              

      

     

    
      
         

      

      
        xii

        
          

        

      

      
         

      

    

    This
      Pooling and Servicing Agreement, dated and effective as of December 1, 2006,
      is
      entered into among Impac Secured Assets Corp., as depositor (the “Depositor”),
      Impac Funding Corporation, as master servicer (the “Master Servicer”), and
      Deutsche Bank National Trust Company, as trustee (the “Trustee”).

     

    PRELIMINARY
      STATEMENT:

     

    The
      Depositor intends to sell 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 created hereunder. The Certificates will consist of nineteen classes of
      certificates, designated as (i) the Class 1-A1-A Certificates, (ii) the Class
      1-A1-B Certificates, (iii) the Class 1-A1-C Certificates, (iv) the Class 1-AM
      Certificates, (v) the Class 2-A Certificates,
      (vi)
      the Class 1-M-1 Certificates, (vii) the Class 1-M-2 Certificates, (viii) the
      Class 1-M-3 Certificates, (ix) the Class 1-M-4 Certificates, (x) the Class
      1-M-5
      Certificates, (xi) the Class 1-M-6 Certificates, (xii) the Class 1-M-7
      Certificates, (xiii) the Class 1-M-8 Certificates, (xiv) the Class 1-B
      Certificates, (xv) the Class 1-C Certificates, (xvi) the Class 2-C Certificates,
      (xvii) the Class 1-P Certificates, (xviii) the Class 2-P Certificates, and
      (xix)
      the Class R Certificates.

     

    REMIC
      1

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of Loan Group 1 and certain other related assets (other than the
      Group 1 Net WAC Shortfall Reserve Fund, any related Master Servicer Prepayment
      Charge Payment Amounts and, for the avoidance of doubt, the Group 1 Supplemental
      Interest Trust, the Group 1 Derivative Account, the Group 1 Interest Rate Swap
      Agreement and the Group 1 Cap Contracts) subject to this Agreement as a REMIC
      for federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC 1.” The Class R-1 Interest will be the sole class of
      Residual Interests in REMIC 1 for purposes of the REMIC Provisions (as defined
      herein). The following table irrevocably sets forth the designation, the
      Uncertificated REMIC 1 Pass-Through Rate, the initial Uncertificated Principal
      Balance and, for purposes of satisfying Treasury Regulation Section
      1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 1
      Regular Interests (as defined herein). None of the REMIC 1 Regular Interests
      will be certificated.

    

      
        	
                Designation

              	 	
                Uncertificated
                  REMIC 1 

                Pass-Through
                  Rate

              	 	
                Initial
                  Uncertificated 

                Principal
                  Balance

              	 	
                Latest
                  Possible 

                Maturity
                  Date (1)

              	 
	
                1-1-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,082,479.45

              	 	 	
                February
                  2037

              	 
	
                1-1-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,082,479.45

              	 	 	
                February
                  2037

              	 
	
                1-2-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                3,149,113.15

              	 	 	
                February
                  2037

              	 
	
                1-2-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                3,149,113.15

              	 	 	
                February
                  2037

              	 
	
                1-3-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                4,223,864.23

              	 	 	
                February
                  2037

              	 
	
                1-3-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                4,223,864.23

              	 	 	
                February
                  2037

              	 
	
                1-4-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                5,300,288.69

              	 	 	
                February
                  2037

              	 
	
                1-4-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                5,300,288.69

              	 	 	
                February
                  2037

              	 
	
                1-5-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                6,371,739.35

              	 	 	
                February
                  2037

              	 
	
                1-5-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                6,371,739.35

              	 	 	
                February
                  2037

              	 

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                Designation

              	 	
                Uncertificated
                  REMIC 1 

                Pass-Through
                  Rate

              	 	
                Initial
                  Uncertificated 

                Principal
                  Balance

              	 	
                Latest
                  Possible 

                Maturity
                  Date (1)

              	 
	
                1-6-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                7,431,484.42

              	 	 	
                February
                  2037

              	 
	
                1-6-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                7,431,484.42

              	 	 	
                February
                  2037

              	 
	
                1-7-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                8,472,191.08

              	 	 	
                February
                  2037

              	 
	
                1-7-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                8,472,191.08

              	 	 	
                February
                  2037

              	 
	
                1-8-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                9,486,612.86

              	 	 	
                February
                  2037

              	 
	
                1-8-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                9,486,612.86

              	 	 	
                February
                  2037

              	 
	
                1-9-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                10,468,074.44

              	 	 	
                February
                  2037

              	 
	
                1-9-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                10,468,074.44

              	 	 	
                February
                  2037

              	 
	
                1-10-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                11,408,929.13

              	 	 	
                February
                  2037

              	 
	
                1-10-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                11,408,929.13

              	 	 	
                February
                  2037

              	 
	
                1-11-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                12,302,217.99

              	 	 	
                February
                  2037

              	 
	
                1-11-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                12,302,217.99

              	 	 	
                February
                  2037

              	 
	
                1-12-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                12,580,468.56

              	 	 	
                February
                  2037

              	 
	
                1-12-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                12,580,468.56

              	 	 	
                February
                  2037

              	 
	
                1-13-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                12,200,224.90

              	 	 	
                February
                  2037

              	 
	
                1-13-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                12,200,224.90

              	 	 	
                February
                  2037

              	 
	
                1-14-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                11,831,589.24

              	 	 	
                February
                  2037

              	 
	
                1-14-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                11,831,589.24

              	 	 	
                February
                  2037

              	 
	
                1-15-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                11,474,117.67

              	 	 	
                February
                  2037

              	 
	
                1-15-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                11,474,117.67

              	 	 	
                February
                  2037

              	 
	
                1-16-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                11,127,289.52

              	 	 	
                February
                  2037

              	 
	
                1-16-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                11,127,289.52

              	 	 	
                February
                  2037

              	 
	
                1-17-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                10,790,883.78

              	 	 	
                February
                  2037

              	 
	
                1-17-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                10,790,883.78

              	 	 	
                February
                  2037

              	 
	
                1-18-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                10,464,394.17

              	 	 	
                February
                  2037

              	 
	
                1-18-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                10,464,394.17

              	 	 	
                February
                  2037

              	 
	
                1-19-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                10,148,019.07

              	 	 	
                February
                  2037

              	 
	
                1-19-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                10,148,019.07

              	 	 	
                February
                  2037

              	 
	
                1-20-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                9,841,317.56

              	 	 	
                February
                  2037

              	 
	
                1-20-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                9,841,317.56

              	 	 	
                February
                  2037

              	 
	
                1-21-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                9,543,336.88

              	 	 	
                February
                  2037

              	 
	
                1-21-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                9,543,336.88

              	 	 	
                February
                  2037

              	 
	
                1-22-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                9,254,469.47

              	 	 	
                February
                  2037

              	 
	
                1-22-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                9,254,469.47

              	 	 	
                February
                  2037

              	 
	
                1-23-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                14,644,161.40

              	 	 	
                February
                  2037

              	 
	
                1-23-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                14,644,161.40

              	 	 	
                February
                  2037

              	 
	
                1-24-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                19,869,300.43

              	 	 	
                February
                  2037

              	 
	
                1-24-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                19,869,300.43

              	 	 	
                February
                  2037

              	 
	
                1-25-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                7,925,826.45

              	 	 	
                February
                  2037

              	 
	
                1-25-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                7,925,826.45

              	 	 	
                February
                  2037

              	 
	
                1-26-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                7,685,708.54

              	 	 	
                February
                  2037

              	 
	
                1-26-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                7,685,708.54

              	 	 	
                February
                  2037

              	 
	
                1-27-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                7,453,065.89

              	 	 	
                February
                  2037

              	 

      

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      
        	
                Designation

              	 	
                Uncertificated
                  REMIC 1 

                Pass-Through
                  Rate

              	 	
                Initial
                  Uncertificated 

                Principal
                  Balance

              	 	
                Latest
                  Possible 

                Maturity
                  Date (1)

              	 
	
                1-27-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                7,453,065.89

              	 	 	
                February
                  2037

              	 
	
                1-28-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                7,348,094.00

              	 	 	
                February
                  2037

              	 
	
                1-28-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                7,348,094.00

              	 	 	
                February
                  2037

              	 
	
                1-29-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                9,797,485.19

              	 	 	
                February
                  2037

              	 
	
                1-29-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                9,797,485.19

              	 	 	
                February
                  2037

              	 
	
                1-30-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                9,283,442.21

              	 	 	
                February
                  2037

              	 
	
                1-30-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                9,283,442.21

              	 	 	
                February
                  2037

              	 
	
                1-31-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                8,814,140.86

              	 	 	
                February
                  2037

              	 
	
                1-31-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                8,814,140.86

              	 	 	
                February
                  2037

              	 
	
                1-32-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                8,404,996.08

              	 	 	
                February
                  2037

              	 
	
                1-32-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                8,404,996.08

              	 	 	
                February
                  2037

              	 
	
                1-33-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                8,033,554.75

              	 	 	
                February
                  2037

              	 
	
                1-33-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                8,033,554.75

              	 	 	
                February
                  2037

              	 
	
                1-34-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                7,692,243.83

              	 	 	
                February
                  2037

              	 
	
                1-34-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                7,692,243.83

              	 	 	
                February
                  2037

              	 
	
                1-35-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                7,585,654.37

              	 	 	
                February
                  2037

              	 
	
                1-35-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                7,585,654.37

              	 	 	
                February
                  2037

              	 
	
                1-36-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                87,320,147.27

              	 	 	
                February
                  2037

              	 
	
                1-36-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                87,320,147.27

              	 	 	
                February
                  2037

              	 
	
                1-37-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,522,861.13

              	 	 	
                February
                  2037

              	 
	
                1-37-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,522,861.13

              	 	 	
                February
                  2037

              	 
	
                1-38-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,446,455.48

              	 	 	
                February
                  2037

              	 
	
                1-38-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,446,455.48

              	 	 	
                February
                  2037

              	 
	
                1-39-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,372,025.07

              	 	 	
                February
                  2037

              	 
	
                1-39-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,372,025.07

              	 	 	
                February
                  2037

              	 
	
                1-40-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,300,189.20

              	 	 	
                February
                  2037

              	 
	
                1-40-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,300,189.20

              	 	 	
                February
                  2037

              	 
	
                1-41-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,230,114.71

              	 	 	
                February
                  2037

              	 
	
                1-41-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,230,114.71

              	 	 	
                February
                  2037

              	 
	
                1-42-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,162,421.06

              	 	 	
                February
                  2037

              	 
	
                1-42-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,162,421.06

              	 	 	
                February
                  2037

              	 
	
                1-43-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,096,897.81

              	 	 	
                February
                  2037

              	 
	
                1-43-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,096,897.81

              	 	 	
                February
                  2037

              	 
	
                1-44-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                2,032,919.59

              	 	 	
                February
                  2037

              	 
	
                1-44-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                2,032,919.59

              	 	 	
                February
                  2037

              	 
	
                1-45-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                1,971,313.61

              	 	 	
                February
                  2037

              	 
	
                1-45-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                1,971,313.61

              	 	 	
                February
                  2037

              	 
	
                1-46-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,911,247.20

              	 	 	
                February
                  2037

              	 
	
                1-46-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,911,247.20

              	 	 	
                February
                  2037

              	 
	
                1-47-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,853,340.22

              	 	 	
                February
                  2037

              	 
	
                1-47-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,853,340.22

              	 	 	
                February
                  2037

              	 
	
                1-48-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,796,760.15

              	 	 	
                February
                  2037

              	 
	
                1-48-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,796,760.15

              	 	 	
                February
                  2037

              	 

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      
        	
                Designation

              	 	
                Uncertificated
                  REMIC 1 

                Pass-Through
                  Rate

              	 	
                Initial
                  Uncertificated 

                Principal
                  Balance

              	 	
                Latest
                  Possible 

                Maturity
                  Date (1)

              	 
	
                1-49-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,742,127.02

              	 	 	
                February
                  2037

              	 
	
                1-49-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,742,127.02

              	 	 	
                February
                  2037

              	 
	
                1-50-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,689,230.96

              	 	 	
                February
                  2037

              	 
	
                1-50-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,689,230.96

              	 	 	
                February
                  2037

              	 
	
                1-51-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,637,654.63

              	 	 	
                February
                  2037

              	 
	
                1-51-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,637,654.63

              	 	 	
                February
                  2037

              	 
	
                1-52-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,587,810.80

              	 	 	
                February
                  2037

              	 
	
                1-52-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,587,810.80

              	 	 	
                February
                  2037

              	 
	
                1-53-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,539,489.80

              	 	 	
                February
                  2037

              	 
	
                1-53-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,539,489.80

              	 	 	
                February
                  2037

              	 
	
                1-54-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,492,689.49

              	 	 	
                February
                  2037

              	 
	
                1-54-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,492,689.49

              	 	 	
                February
                  2037

              	 
	
                1-55-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,447,200.34

              	 	 	
                February
                  2037

              	 
	
                1-55-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,447,200.34

              	 	 	
                February
                  2037

              	 
	
                1-56-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,403,020.35

              	 	 	
                February
                  2037

              	 
	
                1-56-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,403,020.35

              	 	 	
                February
                  2037

              	 
	
                1-57-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                1,360,355.11

              	 	 	
                February
                  2037

              	 
	
                1-57-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                1,360,355.11

              	 	 	
                February
                  2037

              	 
	
                1-58-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                1,318,787.72

              	 	 	
                February
                  2037

              	 
	
                1-58-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                1,318,787.72

              	 	 	
                February
                  2037

              	 
	
                1-59-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                39,651,498.88

              	 	 	
                February
                  2037

              	 
	
                1-59-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                39,651,498.88

              	 	 	
                February
                  2037

              	 
	
                1-60-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                57,849.32

              	 	 	
                February
                  2037

              	 
	
                1-60-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                57,849.32

              	 	 	
                February
                  2037

              	 
	
                1-61-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                56,084.85

              	 	
                February
                  2037

              
	
                1-61-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                56,084.85

              	 	
                February
                  2037

              
	
                1-62-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                54,373.79

              	 	
                February
                  2037

              
	
                1-62-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                54,373.79

              	 	
                February
                  2037

              
	
                1-63-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                52,714.56

              	 	
                February
                  2037

              
	
                1-63-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                52,714.56

              	 	
                February
                  2037

              
	
                1-64-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                51,105.56

              	 	
                February
                  2037

              
	
                1-64-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                51,105.56

              	 	
                February
                  2037

              
	
                1-65-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                49,545.32

              	 	
                February
                  2037

              
	
                1-65-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                49,545.32

              	 	
                February
                  2037

              
	
                1-66-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                48,032.33

              	 	
                February
                  2037

              
	
                1-66-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                48,032.33

              	 	
                February
                  2037

              
	
                1-67-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                46,565.20

              	 	
                February
                  2037

              
	
                1-67-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                46,565.20

              	 	
                February
                  2037

              
	
                1-68-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                45,142.55

              	 	
                February
                  2037

              
	
                1-68-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                45,142.55

              	 	
                February
                  2037

              
	
                1-69-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                43,763.01

              	 	
                February
                  2037

              
	
                1-69-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                43,763.01

              	 	
                February
                  2037

              
	
                1-70-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                42,425.31

              	 	
                February
                  2037

              

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      
        	
                Designation

              	 	
                Uncertificated
                  REMIC 1 

                Pass-Through
                  Rate

              	 	
                Initial
                  Uncertificated 

                Principal
                  Balance

              	 	
                Latest
                  Possible 

                Maturity
                  Date (1)

              	 
	
                1-70-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                42,425.31

              	 	
                February
                  2037

              
	
                1-71-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                41,128.17

              	 	
                February
                  2037

              
	
                1-71-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                41,128.17

              	 	
                February
                  2037

              
	
                1-72-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                39,870.38

              	 	
                February
                  2037

              
	
                1-72-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                39,870.38

              	 	
                February
                  2037

              
	
                1-73-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                38,650.75

              	 	
                February
                  2037

              
	
                1-73-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                38,650.75

              	 	
                February
                  2037

              
	
                1-74-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                37,468.13

              	 	
                February
                  2037

              
	
                1-74-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                37,468.13

              	 	
                February
                  2037

              
	
                1-75-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                36,321.40

              	 	
                February
                  2037

              
	
                1-75-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                36,321.40

              	 	
                February
                  2037

              
	
                1-76-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                35,209.48

              	 	
                February
                  2037

              
	
                1-76-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                35,209.48

              	 	
                February
                  2037

              
	
                1-77-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                34,131.32

              	 	
                February
                  2037

              
	
                1-77-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                34,131.32

              	 	
                February
                  2037

              
	
                1-78-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                33,085.91

              	 	
                February
                  2037

              
	
                1-78-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                33,085.91

              	 	
                February
                  2037

              
	
                1-79-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                32,072.25

              	 	
                February
                  2037

              
	
                1-79-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                32,072.25

              	 	
                February
                  2037

              
	
                1-80-A

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                31,089.39

              	 	
                February
                  2037

              
	
                1-80-B

              	 	 	
                Variable(2)

              	
                 

              	
                $

              	
                31,089.39

              	 	
                February
                  2037

              
	
                1-81-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                30,136.39

              	 	
                February
                  2037

              
	
                1-81-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                30,136.39

              	 	
                February
                  2037

              
	
                1-82-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                29,212.36

              	 	
                February
                  2037

              
	
                1-82-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                29,212.36

              	 	
                February
                  2037

              
	
                1-83-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                463,533.33

              	 	
                February
                  2037

              
	
                1-83-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                463,533.33

              	 	
                February
                  2037

              
	
                1-84-A

              	 	 	
                Variable(2)

              	 	
                $

              	
                449,154.60

              	 	
                February
                  2037

              
	
                1-84-B

              	 	 	
                Variable(2)

              	 	
                $

              	
                449,154.60

              	 	
                February
                  2037

              
	
                P

              	 	 	
                Variable(2)

              	 	
                $

              	
                100.00

              	 	
                February
                  2037

              
	
                OC

              	 	 	
                Variable(2)

              	 	
                $

              	
                321,489,158.20

              	 	
                February
                  2037

              

      
___________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date in the month following the maturity date for the
                Mortgage Loan in Loan Group 1 with the latest possible maturity date
                has
                been designated as the “latest possible maturity date” for each REMIC 1
                Regular Interest.

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “Uncertificated REMIC 1 Pass-Through
                Rate” in this Agreement.

            

    

     

    REMIC
      2

     

    As
      provided herein, the Trustee will elect to treat the segregated pool of assets
      consisting of Loan Group 2 and certain other related assets (other than the
      Group 2 Net WAC Shortfall Reserve Fund, any related Master Servicer Prepayment
      Charge Payment Amounts and, for the avoidance of doubt, the Group 2 Supplemental
      Interest Trust, the Group 2 Derivative Account, the Group 2 Interest Rate Swap
      Agreement and the Group 2 Cap Contracts) subject to this Agreement as a REMIC
      for federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC 2.” The Class R-2 Interest will be the sole class of
      Residual Interests in REMIC 2 for purposes of the REMIC Provisions (as defined
      herein). The following table irrevocably sets forth the designation, the
      Uncertificated REMIC 2 Pass-Through Rate, the initial Uncertificated Principal
      Balance and, for purposes of satisfying Treasury Regulation Section
      1.860G-1(a)(4)(iii), the “latest possible maturity date” for each of the REMIC 2
      Regular Interests (as defined herein). None of the REMIC 2 Regular Interests
      will be certificated.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    
      	
              Designation

            	 	
              Uncertificated
                REMIC 2 

              Pass-Through
                Rate

            	 	
              Initial
                Uncertificated 

              Principal
                Balance

            	 	
              Latest
                Possible 

              Maturity
                Date (1)

            	 
	
              1-1-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              291,064.80

            	 	 	
              December
                2036

            	 
	
              1-1-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              291,064.80

            	 	 	
              December
                2036

            	 
	
              1-2-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              309,984.00

            	 	 	
              December
                2036

            	 
	
              1-2-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              309,984.00

            	 	 	
              December
                2036

            	 
	
              1-3-A

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              328,698.40

            	 	 	
              December
                2036

            	 
	
              1-3-B

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              328,698.40

            	 	 	
              December
                2036

            	 
	
              1-4-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              347,456.00

            	 	 	
              December
                2036

            	 
	
              1-4-B

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              347,456.00

            	 	 	
              December
                2036

            	 
	
              1-5-A

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              365,798.40

            	 	 	
              December
                2036

            	 
	
              1-5-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              365,798.40

            	 	 	
              December
                2036

            	 
	
              1-6-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              383,981.60

            	 	 	
              December
                2036

            	 
	
              1-6-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              383,981.60

            	 	 	
              December
                2036

            	 
	
              1-7-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              402,358.40

            	 	 	
              December
                2036

            	 
	
              1-7-B

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              402,358.40

            	 	 	
              December
                2036

            	 
	
              1-8-A

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              420,540.00

            	 	 	
              December
                2036

            	 
	
              1-8-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              420,540.00

            	 	 	
              December
                2036

            	 
	
              1-9-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              438,560.00

            	 	 	
              December
                2036

            	 
	
              1-9-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              438,560.00

            	 	 	
              December
                2036

            	 
	
              1-10-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              456,236.00

            	 	 	
              December
                2036

            	 
	
              1-10-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              456,236.00

            	 	 	
              December
                2036

            	 
	
              1-11-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              473,633.60

            	 	 	
              December
                2036

            	 
	
              1-11-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              473,633.60

            	 	 	
              December
                2036

            	 
	
              1-12-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              491,225.60

            	 	 	
              December
                2036

            	 
	
              1-12-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              491,225.60

            	 	 	
              December
                2036

            	 
	
              1-13-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              508,693.60

            	 	 	
              December
                2036

            	 
	
              1-13-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              508,693.60

            	 	 	
              December
                2036

            	 
	
              1-14-A

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              525,627.20

            	 	 	
              December
                2036

            	 
	
              1-14-B

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              525,627.20

            	 	 	
              December
                2036

            	 
	
              1-15-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              542,355.20

            	 	 	
              December
                2036

            	 
	
              1-15-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              542,355.20

            	 	 	
              December
                2036

            	 
	
              1-16-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              559,133.60

            	 	 	
              December
                2036

            	 
	
              1-16-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              559,133.60

            	 	 	
              December
                2036

            	 
	
              1-17-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              575,107.20

            	 	 	
              December
                2036

            	 
	
              1-17-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              575,107.20

            	 	 	
              December
                2036

            	 
	
              1-18-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              586,275.20

            	 	 	
              December
                2036

            	 
	
              1-18-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              586,275.20

            	 	 	
              December
                2036

            	 

    

    

    
      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Designation

            	 	
              Uncertificated
                REMIC 2 

              Pass-Through
                Rate

            	 	
              Initial
                Uncertificated

               Principal
                Balance

            	 	
              Latest
                Possible 

              Maturity
                Date (1)

            	 
	
              1-19-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              593,706.40

            	 	 	
              December
                2036

            	 
	
              1-19-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              593,706.40

            	 	 	
              December
                2036

            	 
	
              1-20-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              598,356.00

            	 	 	
              December
                2036

            	 
	
              1-20-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              598,356.00

            	 	 	
              December
                2036

            	 
	
              1-21-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              603,074.40

            	 	 	
              December
                2036

            	 
	
              1-21-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              603,074.40

            	 	 	
              December
                2036

            	 
	
              1-22-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              605,194.40

            	 	 	
              December
                2036

            	
               

            
	
              1-22-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              605,194.40

            	 	 	
              December
                2036

            	
               

            
	
              1-23-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              603,700.00

            	 	 	
              December
                2036

            	 
	
              1-23-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              603,700.00

            	 	 	
              December
                2036

            	 
	
              1-24-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              600,793.60

            	 	 	
              December
                2036

            	 
	
              1-24-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              600,793.60

            	 	 	
              December
                2036

            	 
	
              1-25-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              597,992.00

            	 	 	
              December
                2036

            	 
	
              1-25-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              597,992.00

            	 	 	
              December
                2036

            	 
	
              1-26-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              595,375.20

            	 	 	
              December
                2036

            	 
	
              1-26-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              595,375.20

            	 	 	
              December
                2036

            	 
	
              1-27-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              592,620.80

            	 	 	
              December
                2036

            	 
	
              1-27-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              592,620.80

            	 	 	
              December
                2036

            	 
	
              1-28-A

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              590,182.40

            	 	 	
              December
                2036

            	 
	
              1-28-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              590,182.40

            	 	 	
              December
                2036

            	 
	
              1-29-A

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              5,429,740.80

            	 	 	
              December
                2036

            	
               

            
	
              1-29-B

            	 	 	
              Variable(2)

            	
               

            	
              $

            	
              5,429,740.80

            	 	 	
              December
                2036

            	
               

            
	
              1-30-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              4,017,668.00

            	 	 	
              December
                2036

            	 
	
              1-30-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              4,017,668.00

            	 	 	
              December
                2036

            	 
	
              1-31-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              2,267,128.00

            	 	 	
              December
                2036

            	 
	
              1-31-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              2,267,128.00

            	 	 	
              December
                2036

            	 
	
              1-32-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              526,179.20

            	 	 	
              December
                2036

            	 
	
              1-32-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              526,179.20

            	 	 	
              December
                2036

            	 
	
              1-33-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              9,170,977.60

            	 	 	
              December
                2036

            	 
	
              1-33-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              9,170,977.60

            	 	 	
              December
                2036

            	 
	
              1-34-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              3,934,082.40

            	 	 	
              December
                2036

            	 
	
              1-34-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              3,934,082.40

            	 	 	
              December
                2036

            	 
	
              1-35-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              454,775.20

            	 	 	
              December
                2036

            	 
	
              1-35-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              454,775.20

            	 	 	
              December
                2036

            	 
	
              1-36-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              452,850.40

            	 	 	
              December
                2036

            	 
	
              1-36-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              452,850.40

            	 	 	
              December
                2036

            	 
	
              1-37-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              451,056.00

            	 	 	
              December
                2036

            	
               

            
	
              1-37-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              451,056.00

            	 	 	
              December
                2036

            	 
	
              1-38-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              448,955.20

            	 	 	
              December
                2036

            	 
	
              1-38-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              448,955.20

            	 	 	
              December
                2036

            	 
	
              1-39-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              447,259.20

            	 	 	
              December
                2036

            	 
	
              1-39-B

            	 	 	
              Variable(2)

            	 	
              $

            	
              447,259.20

            	 	 	
              December
                2036

            	 
	
              1-40-A

            	 	 	
              Variable(2)

            	 	
              $

            	
              445,519.20

            	 	 	
              December
                2036

            	 

    

    

    
      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

    

     

    

      
        	
                Designation

              	
                 

              	
                Uncertificated
                  REMIC 2

                Pass-Through
                  Rate

              	
                 

              	
                Initial
                  Uncertificated 

                Principal
                  Balance

              	
                 

              	
                Latest
                  Possible 

                Maturity
                  Date (1)

              	
                 

              
	
                1-40-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                445,519.20

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-41-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                443,596.00

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-41-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                443,596.00

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-42-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                441,822.40

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-42-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                441,822.40

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-43-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                439,723.20

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-43-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                439,723.20

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-44-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                438,012.80

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-44-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                438,012.80

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-45-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                436,316.80

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-45-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                436,316.80

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-46-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                434,610.40

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-46-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                434,610.40

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-47-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                432,776.00

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-47-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                432,776.00

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-48-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                430,935.20

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-48-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                430,935.20

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-49-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                429,236.80

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-49-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                429,236.80

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-50-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                427,720.80

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-50-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                427,720.80

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-51-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                425,965.60

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-51-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                425,965.60

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-52-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                2,552,123.20

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-52-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                2,552,123.20

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-53-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                18,650,986.40

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-53-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                18,650,986.40

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-54-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                11,559,650.40

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-54-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                11,559,650.40

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-55-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                12,583,316.00

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-55-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                12,583,316.00

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-56-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                1,000,423.20

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-56-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                1,000,423.20

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-57-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                4,229,892.80

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-57-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                4,229,892.80

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-58-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                16,427,123.20

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-58-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                16,427,123.20

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-59-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                1,110,806.40

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-59-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                1,110,806.40

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-60-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                1,077,515.20

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-60-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                1,077,515.20

              	
                 

              	
                 

              	
                December
                  2036

              	
                 

              
	
                1-61-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                1,045,194.40

              	
                 

              	
                December
                  2036

              
	
                1-61-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                1,045,194.40

              	
                 

              	
                December
                  2036

              

      

    

     

    

    
      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

    

     

    

      
        	
                Designation

              	
                 

              	
                Uncertificated
                  REMIC 2

                Pass-Through
                  Rate

              	
                 

              	
                Initial
                  Uncertificated 

                Principal
                  Balance

              	
                 

              	
                Latest
                  Possible 

                Maturity
                  Date (1)

              	 
	
                1-62-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                1,013,882.40

              	
                 

              	
                December
                  2036

              
	
                1-62-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                1,013,882.40

              	
                 

              	
                December
                  2036

              
	
                1-63-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                983,549.60

              	
                 

              	
                December
                  2036

              
	
                1-63-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                983,549.60

              	
                 

              	
                December
                  2036

              
	
                1-64-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                954,104.80

              	
                 

              	
                December
                  2036

              
	
                1-64-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                954,104.80

              	
                 

              	
                December
                  2036

              
	
                1-65-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                925,556.00

              	
                 

              	
                December
                  2036

              
	
                1-65-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                925,556.00

              	
                 

              	
                December
                  2036

              
	
                1-66-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                897,861.60

              	
                 

              	
                December
                  2036

              
	
                1-66-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                897,861.60

              	
                 

              	
                December
                  2036

              
	
                1-67-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                871,023.20

              	
                 

              	
                December
                  2036

              
	
                1-67-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                871,023.20

              	
                 

              	
                December
                  2036

              
	
                1-68-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                844,928.00

              	
                 

              	
                December
                  2036

              
	
                1-68-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                844,928.00

              	
                 

              	
                December
                  2036

              
	
                1-69-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                819,672.00

              	
                 

              	
                December
                  2036

              
	
                1-69-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                819,672.00

              	
                 

              	
                December
                  2036

              
	
                1-70-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                795,196.80

              	
                 

              	
                December
                  2036

              
	
                1-70-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                795,196.80

              	
                 

              	
                December
                  2036

              
	
                1-71-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                771,420.80

              	
                 

              	
                December
                  2036

              
	
                1-71-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                771,420.80

              	
                 

              	
                December
                  2036

              
	
                1-72-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                748,393.60

              	
                 

              	
                December
                  2036

              
	
                1-72-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                748,393.60

              	
                 

              	
                December
                  2036

              
	
                1-73-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                726,070.40

              	
                 

              	
                December
                  2036

              
	
                1-73-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                726,070.40

              	
                 

              	
                December
                  2036

              
	
                1-74-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                704,406.40

              	
                 

              	
                December
                  2036

              
	
                1-74-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                704,406.40

              	
                 

              	
                December
                  2036

              
	
                1-75-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                683,396.80

              	
                 

              	
                December
                  2036

              
	
                1-75-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                683,396.80

              	
                 

              	
                December
                  2036

              
	
                1-76-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                663,019.20

              	
                 

              	
                December
                  2036

              
	
                1-76-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                663,019.20

              	
                 

              	
                December
                  2036

              
	
                1-77-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                643,262.40

              	
                 

              	
                December
                  2036

              
	
                1-77-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                643,262.40

              	
                 

              	
                December
                  2036

              
	
                1-78-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                624,099.20

              	
                 

              	
                December
                  2036

              
	
                1-78-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                624,099.20

              	
                 

              	
                December
                  2036

              
	
                1-79-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                605,521.60

              	
                 

              	
                December
                  2036

              
	
                1-79-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                605,521.60

              	
                 

              	
                December
                  2036

              
	
                1-80-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                587,507.20

              	
                 

              	
                December
                  2036

              
	
                1-80-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                587,507.20

              	
                 

              	
                December
                  2036

              
	
                1-81-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                570,009.60

              	
                 

              	
                December
                  2036

              
	
                1-81-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                570,009.60

              	
                 

              	
                December
                  2036

              
	
                1-82-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                553,075.20

              	
                 

              	
                December
                  2036

              
	
                1-82-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                553,075.20

              	
                 

              	
                December
                  2036

              
	
                1-83-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                4,544,576.80

              	
                 

              	
                December
                  2036

              

      

    

    

    
      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

    

     

    
      

      
        	
                Designation

              	
                 

              	
                Uncertificated
                  REMIC 2

                Pass-Through
                  Rate

              	
                 

              	
                Initial
                  Uncertificated 

                Principal
                  Balance

              	
                 

              	
                Latest
                  Possible 

                Maturity
                  Date (1)

              	 
	
                1-83-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                4,544,576.80

              	
                 

              	
                December
                  2036

              
	
                1-84-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                499,219.20

              	
                 

              	
                December
                  2036

              
	
                1-84-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                499,219.20

              	
                 

              	
                December
                  2036

              
	
                1-85-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                483,891.20

              	
                 

              	
                December
                  2036

              
	
                1-85-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                483,891.20

              	
                 

              	
                December
                  2036

              
	
                1-86-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                469,025.60

              	
                 

              	
                December
                  2036

              
	
                1-86-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                469,025.60

              	
                 

              	
                December
                  2036

              
	
                1-87-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                454,596.80

              	
                 

              	
                December
                  2036

              
	
                1-87-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                454,596.80

              	
                 

              	
                December
                  2036

              
	
                1-88-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                440,611.20

              	
                 

              	
                December
                  2036

              
	
                1-88-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                440,611.20

              	
                 

              	
                December
                  2036

              
	
                1-89-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                427,056.00

              	
                 

              	
                December
                  2036

              
	
                1-89-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                427,056.00

              	
                 

              	
                December
                  2036

              
	
                1-90-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                413,931.20

              	
                 

              	
                December
                  2036

              
	
                1-90-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                413,931.20

              	
                 

              	
                December
                  2036

              
	
                1-91-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                401,182.40

              	
                 

              	
                December
                  2036

              
	
                1-91-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                401,182.40

              	
                 

              	
                December
                  2036

              
	
                1-92-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                388,830.40

              	
                 

              	
                December
                  2036

              
	
                1-92-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                388,830.40

              	
                 

              	
                December
                  2036

              
	
                1-93-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                376,857.60

              	
                 

              	
                December
                  2036

              
	
                1-93-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                376,857.60

              	
                 

              	
                December
                  2036

              
	
                1-94-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                365,256.00

              	
                 

              	
                December
                  2036

              
	
                1-94-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                365,256.00

              	
                 

              	
                December
                  2036

              
	
                1-95-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                353,998.40

              	
                 

              	
                December
                  2036

              
	
                1-95-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                353,998.40

              	
                 

              	
                December
                  2036

              
	
                1-96-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                343,076.80

              	
                 

              	
                December
                  2036

              
	
                1-96-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                343,076.80

              	
                 

              	
                December
                  2036

              
	
                1-97-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                332,494.40

              	
                 

              	
                December
                  2036

              
	
                1-97-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                332,494.40

              	
                 

              	
                December
                  2036

              
	
                1-98-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                322,256.00

              	
                 

              	
                December
                  2036

              
	
                1-98-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                322,256.00

              	
                 

              	
                December
                  2036

              
	
                1-99-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                312,310.40

              	
                 

              	
                December
                  2036

              
	
                1-99-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                312,310.40

              	
                 

              	
                December
                  2036

              
	
                1-100-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                302,672.00

              	
                 

              	
                December
                  2036

              
	
                1-100-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                302,672.00

              	
                 

              	
                December
                  2036

              
	
                1-101-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                293,318.40

              	
                 

              	
                December
                  2036

              
	
                1-101-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                293,318.40

              	
                 

              	
                December
                  2036

              
	
                1-102-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                284,280.00

              	
                 

              	
                December
                  2036

              
	
                1-102-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                284,280.00

              	
                 

              	
                December
                  2036

              
	
                1-103-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                275,480.00

              	
                 

              	
                December
                  2036

              
	
                1-103-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                275,480.00

              	
                 

              	
                December
                  2036

              
	
                1-104-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                266,971.20

              	
                 

              	
                December
                  2036

              
	
                1-104-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                266,971.20

              	
                 

              	
                December
                  2036

              

      

      

       

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      

      
        	
                Designation

              	
                 

              	
                Uncertificated
                  REMIC 2

                Pass-Through
                  Rate

              	
                 

              	
                Initial
                  Uncertificated 

                Principal
                  Balance

              	
                 

              	
                Latest
                  Possible 

                Maturity
                  Date (1)

              	 
	
                1-105-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                258,721.60

              	
                 

              	
                December
                  2036

              
	
                1-105-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                258,721.60

              	
                 

              	
                December
                  2036

              
	
                1-106-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                250,721.60

              	
                 

              	
                December
                  2036

              
	
                1-106-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                250,721.60

              	
                 

              	
                December
                  2036

              
	
                1-107-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                242,953.60

              	
                 

              	
                December
                  2036

              
	
                1-107-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                242,953.60

              	
                 

              	
                December
                  2036

              
	
                1-108-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                235,444.80

              	
                 

              	
                December
                  2036

              
	
                1-108-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                235,444.80

              	
                 

              	
                December
                  2036

              
	
                1-109-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                228,160.00

              	
                 

              	
                December
                  2036

              
	
                1-109-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                228,160.00

              	
                 

              	
                December
                  2036

              
	
                1-110-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                221,096.00

              	
                 

              	
                December
                  2036

              
	
                1-110-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                221,096.00

              	
                 

              	
                December
                  2036

              
	
                1-111-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                214,257.60

              	
                 

              	
                December
                  2036

              
	
                1-111-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                214,257.60

              	
                 

              	
                December
                  2036

              
	
                1-112-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                207,611.20

              	
                 

              	
                December
                  2036

              
	
                1-112-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                207,611.20

              	
                 

              	
                December
                  2036

              
	
                1-113-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                201,168.00

              	
                 

              	
                December
                  2036

              
	
                1-113-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                201,168.00

              	
                 

              	
                December
                  2036

              
	
                1-114-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                1,082,782.40

              	
                 

              	
                December
                  2036

              
	
                1-114-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                1,082,782.40

              	
                 

              	
                December
                  2036

              
	
                1-115-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                3,490,360.00

              	
                 

              	
                December
                  2036

              
	
                1-115-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                3,490,360.00

              	
                 

              	
                December
                  2036

              
	
                1-116-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                1,160,811.20

              	
                 

              	
                December
                  2036

              
	
                1-116-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                1,160,811.20

              	
                 

              	
                December
                  2036

              
	
                1-117-A

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                458,364.80

              	
                 

              	
                December
                  2036

              
	
                1-117-B

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                458,364.80

              	
                 

              	
                December
                  2036

              
	
                P

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                100.00

              	
                 

              	
                December
                  2036

              
	
                OC

              	
                 

              	
                 

              	
                Variable(2)

              	
                 

              	
                $

              	
                104,607,591.34

              	
                 

              	
                December
                  2036

              

      

      _____________ 

    

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date in the month following the maturity date for the
                Mortgage Loan in Loan Group 2 with the latest possible maturity date
                has
                been designated as the “latest possible maturity date” for each REMIC 2
                Regular Interest.

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “Uncertificated REMIC 2 Pass-Through
                Rate” in this Agreement.

            

    

     

    REMIC
      3

     

    As
      provided in this Agreement, the Trustee will make an election to treat the
      segregated pool of assets consisting of the REMIC 1 Regular Interests and the
      REMIC 2 Regular Interests as a REMIC for federal income tax purposes, and such
      segregated pool of assets will be designated as “REMIC 3”. The Class R-3
      Interest will represent the sole class of Residual Interests in REMIC 3 for
      purposes of the REMIC Provisions. The following table irrevocably sets forth
      the
      designation, the Uncertificated REMIC 3 Pass-Through Rate, the initial
      Uncertificated Principal Balance and, for purposes of satisfying Treasury
      Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity date” for
      each of the REMIC 3 Regular Interests (as defined herein). None of the REMIC
      3
      Regular Interests will be certificated.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    
 

    
      
        
          
            	
                    Designation

                  	 	
                    Uncertificated
                      REMIC 3

                    Pass-Through
                      Rate

                  	 	
                    Initial
                      Uncertificated

                    Principal
                      Balance

                  	 	
                    Latest
                      Possible

                    Maturity
                      Date(1)

                  	 
	
                    1-AA

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    1,283,801,140.49

                  	 	 	
                    February
                      2037

                  	 
	
                    1-A1-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,199,570.00

                  	 	 	
                    February
                      2037

                  	 
	
                    1-A1-B

                  	 	 	
                    Variable(2)

                  	
                     

                  	
                    $

                  	
                    4,245,920.00

                  	 	 	
                    February
                      2037

                  	 
	
                    1-A1-C

                  	 	 	
                    Variable(2)

                  	
                     

                  	
                    $

                  	
                    2,578,160.00

                  	 	 	
                    February
                      2037

                  	 
	
                    1-AM

                  	 	 	
                    Variable(2)

                  	
                     

                  	
                    $

                  	
                    1,224,850.00

                  	 	 	
                    February
                      2037

                  	 
	
                    1-M-1

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    170,300.00

                  	 	 	
                    February
                      2037

                  	 
	
                    1-M-2

                  	 	 	
                    Variable(2)

                  	
                     

                  	
                    $

                  	
                    157,200.00

                  	 	 	
                    February
                      2037

                  	 
	
                    1-M-3

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    85,150.00

                  	 	 	
                    February
                      2037

                  	 
	
                    1-M-4

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    72,050.00

                  	 	 	
                    February
                      2037

                  	 
	
                    1-M-5

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    65,500.00

                  	 	 	
                    February
                      2037

                  	 
	
                    1-M-6

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    45,850.00

                  	 	 	
                    February
                      2037

                  	 
	
                    1-M-7

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    45,850.00

                  	 	 	
                    February
                      2037

                  	 
	
                    1-M-8

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    45,850.00

                  	 	 	
                    February
                      2037

                  	 
	
                    1-B

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    58,950.00

                  	 	 	
                    February
                      2037

                  	 
	
                    1-ZZ

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    13,204,823.28

                  	 	 	
                    February
                      2037

                  	 
	
                    1-IO

                  	 	 	
                    Variable(2)

                  	 	 	
                    (3)    

                  	 	 	
                    February
                      2037

                  	 
	
                    1-P

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    100.00

                  	 	 	
                    February
                      2037

                  	 
	
                    2-AA

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    403,653,688.95

                  	 	 	
                    December
                      2036

                  	 
	
                    2-A

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    3,983,040.00

                  	 	 	
                    December
                      2036

                  	 
	
                    2-ZZ

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    4,254,790.39

                  	 	 	
                    December
                      2036

                  	 
	
                    2-IO

                  	 	 	
                    Variable(2)

                  	 	 	
                    (3)    

                  	 	 	
                    December
                      2036

                  	 
	
                    2-P

                  	 	 	
                    Variable(2)

                  	 	
                    $

                  	
                    100.00

                  	 	 	
                    December
                      2036

                  	 

          

        

      

    

    ___________________

    
      	
              (1)

            	
              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 in Loan Group 1 with the latest maturity date has been designated
                as
                the “latest possible maturity date” for each REMIC 3 Group 1 Regular
                Interest (as defined herein), and the Distribution Date immediately
                following the maturity date for the Mortgage Loan in Loan Group 2
                with the
                latest maturity date has been designated as the “latest possible maturity
                date” for each REMIC 3 Group 2 Regular Interest (as defined
                herein).

            

    

    (2)   Calculated
      in accordance with the definition of “Uncertificated REMIC 3 Pass-Through Rate”
in this Agreement.

    
      	
              (3)

            	
              REMIC
                3 Regular Interest 1-IO and REMIC 3 Regular Interest 2-IO will not
                have
                Uncertificated Principal Balances but will accrue interest on their
                respective uncertificated notional amounts calculated in accordance
                with
                the related definition of “Uncertificated Notional Amount”
                herein.

            

    

    

     

    REMIC
      4

     

    As
      provided in this Agreement, the Trustee will make an election to treat the
      segregated pool of assets consisting of the REMIC 3 Regular Interests as a
      REMIC
      for federal income tax purposes, and such segregated pool of assets will be
      designated as “REMIC 4”. The Class R-4 Interest will represent the sole class of
      Residual Interests in REMIC 4 for purposes of the REMIC Provisions.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    The
      following table irrevocably sets forth the designation, the Pass-Through Rate,
      the Initial Certificate Principal Balance and, for purposes of satisfying
      Treasury Regulation Section 1.860G-1(a)(4)(iii), the “latest possible maturity
      date” for each class of Certificates and interests that represents ownership of
      one or more of the Regular Interests in REMIC 4 created hereunder.

     

    Each
      Certificate, other than the Class R Certificates, represents ownership of a
      Regular Interest in REMIC 4 and also represents (i) the right to receive, or
      the
      obligation to make, as described herein, payments with respect to the related
      Net WAC Shortfall Amount (as defined herein) and (ii) the obligation to pay,
      or
      the right to receive, as described herein, related Class IO Distribution Amounts
      (as defined herein). The entitlement to principal of the Regular Interest which
      corresponds to each Certificate shall be equal in amount and timing to the
      entitlement to principal of such Certificate.

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    
      
        	
                Class
                  Designation

              	 	
                Initial
                  Certificate Principal Balance

              	 	
                Pass-Through
                  Rate

              	 	
                Assumed
                  Final Maturity Date(1)

              	 
	
                Class
                  1-A1-A(4)

              	 	
                $

              	
                419,957,000

              	 	 	
                Variable(2)

              	 	 	
                February
                  2037

              	 
	
                Class
                  1-A1-B(4)

              	 	
                $

              	
                424,592,000

              	 	 	
                Variable(2)

              	 	 	
                February
                  2037

              	 
	
                Class
                  1-A1-C(4)

              	 	
                $

              	
                257,816,000

              	 	 	
                Variable(2)

              	 	 	
                February
                  2037

              	 
	
                Class
                  1-AM(4)

              	 	
                $

              	
                122,485,000

              	 	 	
                Variable(2)

              	 	 	
                February
                  2037

              	 
	
                Class
                  2-A(4)

              	 	
                $

              	
                398,304,000

              	 	 	
                Variable(2)

              	 	 	
                December
                  2036

              	 
	
                Class
                  1-M-1(4)

              	 	
                $

              	
                17,030,000

              	 	 	
                Variable(2)

              	 	 	
                February
                  2037

              	 
	
                Class
                  1-M-2(4)

              	 	
                $

              	
                15,720,000

              	 	 	
                Variable(2)

              	 	 	
                February
                  2037

              	 
	
                Class
                  1-M-3(4)

              	 	
                $

              	
                8,515,000

              	 	 	
                Variable(2)

              	 	 	
                February
                  2037

              	 
	
                Class
                  1-M-4(4)

              	 	
                $

              	
                7,205,000

              	 	 	
                Variable(2)

              	 	 	
                February
                  2037

              	 
	
                Class
                  1-M-5(4)

              	 	
                $

              	
                6,550,000

              	 	 	
                Variable(2)

              	 	 	
                February
                  2037

              	 
	
                Class
                  1-M-6(4)

              	 	
                $

              	
                4,585,000

              	 	 	
                Variable(2)

              	 	 	
                February
                  2037

              	 
	
                Class
                  1-M-7(4)

              	 	
                $

              	
                4,585,000

              	 	 	
                Variable(2)

              	 	 	
                February
                  2037

              	 
	
                Class
                  1-M-8(4)

              	 	
                $

              	
                4,585,000

              	 	 	
                Variable(2)

              	 	 	
                February
                  2037

              	 
	
                Class
                  1-B(4)

              	 	
                $

              	
                5,895,000

              	 	 	
                Variable(2)

              	 	 	
                February
                  2037

              	 
	
                Class
                  1-C 

              	 	
                $

              	
                10,481,163.77

              	 	 	
                Variable(3)

              	 	 	
                February
                  2037

              	 
	
                Class
                  2-C 

              	 	
                $

              	
                13,587,519.34

              	 	 	
                Variable(3)

              	 	 	
                December
                  2036

              	 
	
                Class
                  1-P 

              	 	
                $

              	
                100.00

              	 	 	
                N/A(5)

              	 	 	
                February
                  2037

              	 
	
                Class
                  2-P 

              	 	
                $

              	
                100.00

              	 	 	
                N/A(5)

              	 	 	
                December
                  2036

              	 
	
                Class
                  1-IO Interest

              	 	 	
                (6)

              	 	 	
                (7)

              	 	 	
                February
                  2037

              	 
	
                Class
                  2-IO Interest

              	 	 	
                (6)

              	 	 	
                (7)

              	 	 	
                December
                  2036

              	 

      

    

    ___________________

    
      	
              (1)

            	
              For
                purposes of Section 1.860G-1(a)(4)(iii) of the Treasury regulations,
                the
                Distribution Date in the month following the maturity date for the
                Mortgage Loan in Loan Group 1 with the latest maturity date has been
                designated as the “latest possible maturity date” for each Regular
                Interest in REMIC 4 the ownership of which is represented by the
                Class
                1-A, Class 1-M, Class 1-B, Class 1-C and Class 1-P Certificates and
                the
                Class 1-IO Interest, and the Distribution Date in the month following
                the
                maturity date for the Mortgage Loan in Loan Group 2 with the latest
                maturity date has been designated as the “latest possible maturity date”
                for each Regular Interest in REMIC 4 the ownership of which is represented
                by the Class 2-A, Class 2-C and Class 2-P Certificates and the Class
                2-IO
                Interest. 

            

    

    
      	
              (2)

            	
              Calculated
                in accordance with the definition of “Pass-Through Rate” in this
                Agreement. Each
                Regular Interest in REMIC 4 which corresponds to a Class 1-A, Class
                2-A,
                Class 1-B or Class 1-M Certificate will have the same Pass-Through
                Rate as
                such Certificate, except with respect to the related Net WAC Rate.
                The Net
                WAC Rate for each such Regular Interest in REMIC 4 and Certificate
                is
                specified in the related definition of “Net WAC Rate
                .”

            

    

    
      	
              (3)

            	
              The
                Class 1-C Certificates and Class 2-C Certificates will accrue interest
                at
                their variable Pass-Through Rates on their Notional Balances outstanding
                from time to time, which shall equal the aggregate Uncertificated
                Principal Balances of the REMIC 3 Group 1 Regular Interests (other
                than REMIC 3 Regular Interest 1-P) or
                the REMIC 3 Group 2 Regular Interests (other than REMIC 3 Regular
                Interest
                2-P), respectively. The Class C Certificates will not accrue interest
                on
                their Certificate Principal
                Balances.

            

    

    
      	
              (4)

            	
              This
                Class of Certificates represents ownership of a Regular Interest
                in REMIC
                4. Any amount distributed on this Class of Certificates on any
                Distribution Date in excess of the amount distributable on the related
                Regular Interest in REMIC 4 on such Distribution Date shall be treated
                for
                federal income tax purposes as having been paid from the related
                Net WAC
                Shortfall Reserve Fund or the related Supplemental Interest Trust,
                as
                applicable, and any amount distributable on the related Regular Interest
                in REMIC 4 on such Distribution Date in excess of the amount distributable
                on such Class of Certificates on such Distribution Date shall be
                treated
                for such purposes as having been distributed to the Holders of such
                Certificates and then paid by such Holders to the related Supplemental
                Interest Trust, all pursuant to and as further provided in Section
                4.10
                and Section 4.11 hereof.

            

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    
      	
              (5)

            	
              The
                Class 1-P Certificates and Class 2-P Certificates do not accrue
                interest.

            

    

    
      	
              (6)

            	
              For
                federal income tax purposes, the Class 1-IO Interest and Class 2-IO
                Interest will not have Uncertificated Principal Balances, but will
                have
                notional amounts equal to the Uncertificated Notional Amounts of
                REMIC 3
                Regular Interest 1-IO and REMIC 3 Regular Interest 2-IO,
                respectively.

            

    

    
      	
              (7)

            	
              For
                federal income tax purposes, the Class 1-IO Interest and Class 2-IO
                Interest will not have Pass-Through Rates, but will be entitled to
                100% of
                the amounts distributed on REMIC 3 Regular Interest 1-IO and REMIC
                3
                Regular Interest 2-IO,
                respectively.

            

    

    

    
      
        
        

      

      
        15

        
          

        

      

      
        
        

      

    

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.01. Defined
      Terms.

     

    Whenever
      used in this Agreement, the following words and phrases, unless the context
      otherwise requires, shall have the meanings specified in this Article. Unless
      otherwise specified, all calculations in respect of interest on the Class A,
      Class M and Class B Certificates shall accrue on the basis of a 360-day year
      and
      the actual number of days in the related Accrual Period. All calculations of
      interest on the Class C Certificates will be made on the basis of a 360-day
      year
      consisting of twelve 30-day months. The Class 1-P, Class 2-P and Class R
      Certificates do not accrue interest.

     

    “Accrual
      Period”: With respect to each Class of Certificates (other than the Class C,
      Class P and Class R Certificates) and the Distribution Date in January
      2007,
      the
      period commencing on the Closing Date and ending on the day preceding the
      Distribution Date in January 2007, and (ii) with respect to any Distribution
      Date after the Distribution Date in January 2007, the period commencing on
      the
      Distribution Date in the month immediately preceding the month in which such
      Distribution Date occurs and ending on the day preceding such Distribution
      Date.
      With respect to the Class C Certificates and any Distribution Date, the calendar
      month immediately preceding such Distribution Date.

     

    “Adjustment
      Date”: As to each adjustable-rate Mortgage Loan, each date set forth in the
      related Mortgage Note on which an adjustment to the interest rate on such
      Mortgage Loan becomes effective.

     

    “Advance”:
      As to any Mortgage Loan, any advance made by the Sub-Servicer or Master Servicer
      on any Distribution Date pursuant to Section 4.03.

     

    “Affected
      Party”: As defined in the related Interest Rate Swap Agreement.

     

    “Affiliate”:
      With respect to any Person, any other Person controlling, controlled by or
      under
      common control with such Person. For purposes of this definition, “control”
means the power to direct the management and policies of a Person, directly
      or
      indirectly, whether through ownership of voting securities, by contract or
      otherwise and “controlling” and “controlled” shall have meanings correlative to
      the foregoing.

     

    “Aggregate
      Stated Principal Balance”: As of any date of determination, the aggregate Stated
      Principal Balance of the Mortgage Loans.

     

    “Agreement”:
      This Pooling and Servicing Agreement and all amendments hereof.

     

    “Allocated
      Realized Loss Amount”: With respect to any Class of Offered Certificates and any
      Distribution Date, an amount equal to the sum of any Realized Loss allocated
      to
      that Class of Certificates on that Distribution Date (other than, with respect
      to the Class 2-A Certificates, a Realized Loss which was covered by the
      Certificate Guaranty Insurance Policy) and any Allocated Realized Loss Amount
      for that Class remaining unpaid from any previous Distribution Date, minus
      any
      Subsequent Recoveries applied to such Allocated Realized Loss
      Amount.

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

    “Assessment
      of Compliance” As defined in Section 3.20 

     

    “Assignment”:
      An assignment of Mortgage, notice of transfer or equivalent instrument, in
      recordable form, which is sufficient under the laws of the jurisdiction wherein
      the related Mortgaged Property is located to reflect of record the sale of
      the
      Mortgage.

     

    “Attestation
      Report”: As defined in Section 3.20 

     

    “Available
      Distribution Amount”: With respect to any Distribution Date and any Loan Group,
      an amount equal to the amount received by the Trustee and available in the
      Certificate Account on that Distribution Date. The Available Distribution Amount
      will generally be equal to (i) the sum of (1) the aggregate amount of scheduled
      payments on the related Mortgage Loans received or advanced that were due during
      the related Due Period and (2) any unscheduled payments and receipts, including
      mortgagor prepayments on such Mortgage Loans, Insurance Proceeds, Liquidation
      Proceeds and Subsequent Recoveries, received during the related Prepayment
      Period, minus (ii) (A) amounts reimbursable therefrom to the Trustee, the Master
      Servicer and any Sub-Servicer, Master Servicing Fees, Sub-Servicing Fees, the
      Policy Premium payable to the Certificate Insurer, any amounts needed to
      reimburse the Master Servicer for amounts due under the Servicing Agreement
      and
      this Agreement to the extent such amounts have not been retained by, or paid
      previously to the Master Servicer, and any amounts in respect of the premiums
      payable to the PMI Insurer under the PMI Insurer Policy and (B) amounts payable
      to the related Supplemental Interest Trust in respect of related Net Swap
      Payments and related Swap Termination Payments other than Swap Termination
      Payments payable to the related Swap Provider resulting from a Swap Provider
      Trigger Event.

     

    “Bankruptcy
      Code”: The Bankruptcy Code of 1978, as amended.

     

    “Basic
      Principal Distribution Amount”: With respect to any Distribution Date and any
      Loan Group, the excess of (i) the related Principal Remittance Amount for such
      Distribution Date over (ii) the related Overcollateralization Release Amount,
      if
      any, for such Distribution Date.

     

    “Book-Entry
      Certificate”: Each class of the Offered Certificates for so long as they are
      issued, maintained and transferred at the Depository.

     

    “Business
      Day”: Any day other than a Saturday, a Sunday or a day on which banking
      institutions in California or New York (and such other state or states in which
      the Custodial Account or the Certificate Account are at the time located) or
      in
      the city in which the Corporate Trust Office of the Trustee is located are
      authorized or obligated by law or executive order to close.

     

    “Cap
      Contracts”: The Group 1 Cap Contracts or Group 2 Cap Contracts, as
      applicable.

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

    “Cap
      Counterparties”: The Group 1 Cap Counterparties or Group 2 Cap Counterparties,
      as applicable. 

     

    “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”:
      Any Regular Certificate or Class R Certificate.

     

    “Certificate
      Account”: The trust account or accounts created and maintained pursuant to
      Section 4.01, which shall be entitled Deutsche Bank National Trust Company,
      in
      trust for registered holders of Impac Secured Assets Corp., Mortgage
      Pass-Through Certificates, Series 2006-5, and which account or accounts must
      each be an Eligible Account.

     

    “Certificate
      Account Deposit Date”: With respect to any Distribution Date, the Business Day
      immediately preceding such Distribution Date.

     

    “Certificateholder”
      or “Holder”: The Person in whose name a Certificate is registered in the
      Certificate Register, except that only a Permitted Transferee shall be a holder
      of a Residual Certificate for any purposes hereof and, solely for the purposes
      of giving any consent pursuant to this Agreement, any Certificate registered
      in
      the name of the Depositor, the Sponsor, the Trustee, a subservicer or the Master
      Servicer or any affiliate thereof shall be deemed not to be outstanding and
      the
      Voting Rights to which such Certificate is entitled shall not be taken into
      account in determining whether the requisite percentage of Voting Rights
      necessary to effect any such consent has been obtained, except as otherwise
      provided in Section 11.01. The Trustee shall be entitled to rely upon a
      certification of the Depositor or the Master Servicer in determining if any
      Certificates are registered in the name of the respective affiliate. All
      references in this Agreement 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 in this Agreement; 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
      Guaranty Insurance Policy”: The certificate guaranty insurance policy issued by
      the Certificate Insurer for the benefit of the Class 2-A
      Certificateholders.

     

    “Certificate
      Insurer”: Ambac Assurance Corporation, a Wisconsin domiciled stock insurance
      corporation, or any successor thereto as provided in the Agreement.

     

    “Certificate
      Margin” The Certificate Margin for the Offered Certificates, and for purposes of
      the definition of “Group 1 Marker Rate”, “Group 2 Marker Rate”, “Group 1 Maximum
      Uncertificated Accrued Interest Deferral Amount”, or “Group 2 Maximum
      Uncertificated Accrued Interest Deferral Amount”, each REMIC 3 Regular Interest
      for which such Certificates are Corresponding Certificates, shall
      be:

     

    

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    

      
        	
                Certificate
                  Margin

              
	
                Class
                  

              	
                  (1)  

              	
                  (2)  

              
	
                1-A-1A

              	
                0.110%

              	
                0.220%

              
	
                1-A-1B

              	
                0.200%

              	
                0.400%

              
	
                1-A-1C

              	
                0.270%

              	
                0.540%

              
	
                1-AM

              	
                0.250%

              	
                0.500%

              
	
                2-A

              	
                0.200%

              	
                0.400%

              
	
                1-M-1

              	
                0.300%

              	
                0.450%

              
	
                1-M-2

              	
                0.320%

              	
                0.480%

              
	
                1-M-3

              	
                0.340%

              	
                0.510%

              
	
                1-M-4

              	
                0.420%

              	
                0.630%

              
	
                1-M-5

              	
                0.450%

              	
                0.675%

              
	
                1-M-6

              	
                0.500%

              	
                0.750%

              
	
                1-M-7

              	
                1.050%

              	
                1.575%

              
	
                1-M-8

              	
                1.500%

              	
                2.250%

              
	
                1-B

              	
                1.500%

              	
                2.250%

              

      

      ______

      (1) Initially.

      (2) On
        and
        after the related Step-Up Date.

       

      “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 any Certificate (other than the Class 1-C,
        Class 2-C and Class R Certificates) as of any date of determination, the
        Initial
        Certificate Principal Balance thereof, increased by any Subsequent Recoveries
        allocated thereto, and reduced by the aggregate of (a) all amounts allocable
        to
        principal previously distributed with respect to such Certificate and (b)
        any
        reductions in the Certificate Principal Balance thereof deemed to have occurred
        in connection with allocations of Realized Losses in the manner described
        herein. With respect to the Class 1-C Certificates as of any date of
        determination, an amount equal to the excess, if any, of (A) the then aggregate
        Uncertificated Principal Balance of the REMIC 3 Group 1 Regular Interests,
        over
        (B) the then aggregate Certificate Principal Balance of the Class 1-A, Class
        1-M, Class 1-B and Class 1-P Certificates then outstanding. With respect
        to the
        Class 2-C Certificates as of any date of determination, an amount equal to
        the
        excess, if any, of (A) the then aggregate Uncertificated Principal Balance
        of
        the REMIC 3 Group 2 Regular Interests, over (B) the then aggregate Certificate
        Principal Balance of the Class 2-A Certificates and Class 2-P Certificates
        then
        outstanding.

       

      “Certificate
        Register”: The register maintained pursuant to Section 5.02.

       

      “Class”:
        Collectively, all of the Certificates bearing the same designation.

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

      “Class
        1-A Certificates”: The Class 1-A1-A, Class 1-A1-B, Class 1-A1-C and Class 1-AM
        Certificates.

       

      “Class
        1-A Principal Distribution Amount”: For any Distribution Date will equal the
        excess of (1) the aggregate Certificate Principal Balance of the Class 1-A
        Certificates immediately prior to such Distribution Date, over (2) the lesser
        of
        (x) 87.00% of the aggregate Stated Principal Balance of the Group 1 Loans
        for
        such Distribution Date after giving effect to distributions to be made on
        that
        Distribution Date and (y) the aggregate Stated Principal Balance of the Group
        1
        Loans for such Distribution Date after giving effect to distributions to
        be made
        on that Distribution Date minus the Group 1 Overcollateralization
        Floor.

       

      “Class
        1-A1 Certificates”: The Class 1-A1-A, Class 1-A1-B and Class 1-A1-C
        Certificates.

       

      “Class
        1-C Distribution Amount”: With respect to any Distribution Date, the sum of (i)
        the Monthly Interest Distributable Amount for the Class 1-C Certificates
        for
        such Distribution Date, (ii) any Group 1 Overcollateralization Release Amount
        for such Distribution Date and (iii) without duplication, any Subsequent
        Recoveries related to Loan Group 1 not distributed to the Class 1-A, Class
        1-M
        and Class 1-B Certificates on such Distribution Date; provided, however that
        on
        any Distribution Date after the Distribution Date on which the Certificate
        Principal Balances of the Class 1-A, Class 1-M, Class 1-B and Class 1-P
        Certificates have been reduced to zero, the Class 1-C Distribution Amount
        shall
        include the Group 1 Overcollateralization Amount.

       

      “Class
        1-IO Interest”: An uncertificated interest in the Trust Fund held by the Trustee
        on behalf of the Supplemental Interest Trust, evidencing a Regular Interest
        in
        REMIC 4 for purposes of the REMIC Provisions.

       

      “Class
        1-M Certificates”: The Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class
        1-M-5, Class 1-M-6, Class 1-M-7 and Class 1-M-8 Certificates.

       

      “Class
        2-A Principal Distribution Amount”: For any Distribution Date will equal the
        excess of (1) the aggregate Certificate Principal Balance of the Class 2-A
        Certificates immediately prior to such Distribution Date, over (2) the lesser
        of
        (x) 88.70% of the aggregate Stated Principal Balance of the Group 2 Loans
        for
        such Distribution Date after giving effect to distributions to be made on
        that
        Distribution Date and (y) the aggregate Stated Principal Balance of the Group
        2
        Loans for such Distribution Date after giving effect to distributions to
        be made
        on that Distribution Date minus the Group 2 Overcollateralization
        Floor.

       

      “Class
        2-C Distribution Amount”: With respect to any Distribution Date, the sum of (i)
        the Monthly Interest Distributable Amount for the Class 2-C Certificates
        for
        such Distribution Date, (ii) any Group 2 Overcollateralization Release Amount
        for such Distribution Date and (iii) without duplication, any Subsequent
        Recoveries related to Loan Group 2 not distributed to the Class 2-A Certificates
        on such Distribution Date; provided, however that on any Distribution Date
        after
        the Distribution Date on which the Certificate Principal Balances of the
        Class
        2-A Certificates and Class 2-P Certificates have been reduced to zero, the
        Class
        2-C Distribution Amount shall include the Group 2 Overcollateralization
        Amount.

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

      “Class
        2-IO Interest”: An uncertificated interest in the Trust Fund held by the Trustee
        on behalf of the Supplemental Interest Trust, evidencing a Regular Interest
        in
        REMIC 4 for purposes of the REMIC Provisions.

       

      “Class
        A
        Certificates”: The Class 1-A and Class 2-A Certificates.

       

      “Class
        C
        Certificates ”: The Class 1-C Certificates and Class 2-C
        Certificates.

       

      “Class
        IO
        Interests”: The Class 1-IO Interest and Class 2-IO Interest.

       

      “Class
        IO
        Distribution Amount”: Any of the Group 1 Class IO Distribution Amount or the
        Group 2 Class IO Distribution Amount.

       

      “Class
        P
        Certificates ”: The Class 1-P Certificates and Class 2-P
        Certificates.

       

      “Class
        R
        Certificate”: Any one of the Class R Certificates as designated on the face
        thereof substantially in the form annexed hereto as Exhibit B-4, evidencing
        the
        ownership of the Class R-1 Interest, Class R-2 Interest, Class R-3 Interest
        and
        Class R-4 Interest.

       

      “Class
        R-1 Interest”: The uncertificated Residual Interest in REMIC 1.

       

      “Class
        R-2 Interest”: The uncertificated Residual Interest in REMIC 2.

       

      “Class
        R-3 Interest”: The uncertificated Residual Interest in REMIC 3.

       

      “Class
        R-4 Interest”: The uncertificated Residual Interest in REMIC 4.

       

      “Closing
        Date”: December 21, 2006.

       

      “Code”:
        The Internal Revenue Code of 1986.

       

      “Collateral
        Account One”: Shall mean the segregated trust account created and maintained by
        Custodian One pursuant to Section 4.14(a) hereof.

       

      “Collateral
        Account Two”: Shall mean the segregated trust account created and maintained by
        Custodian Two pursuant to Section 4.14(b) hereof.

       

      “Collateral
        Account Three”: Shall mean the segregated trust account created and maintained
        by Custodian Three pursuant to Section 4.14(c) hereof.

       

      “Collateral
        Account Four”: Shall mean the segregated trust account created and maintained by
        Custodian Four pursuant to Section 4.14(d) hereof.

       

      “Collateral
        Value”: The appraised value of a Mortgaged Property based upon the lesser of (i)
        the appraisal (as reviewed and approved by the Sponsor) made at the time
        of the
        origination of the related Mortgage Loan, or (ii) the sales price of such
        Mortgaged Property at such time of origination. With respect to a Mortgage
        Loan
        the proceeds of which were used to refinance an existing mortgage loan, the
        appraised value of the Mortgaged Property based upon the appraisal (as reviewed
        and approved by the Sponsor) obtained at the time of refinancing.

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

      “Commission”:
        The Securities and Exchange Commission.

       

      “Compensating
        Interest”: With respect to any Distribution Date, any payments made by the
        Subservicer or the Master Servicer from its own funds to cover Prepayment
        Interest Shortfalls, which shall be equal to the lesser of (x) the sum of
        the
        related Master Servicing and related Sub-Servicing Fees (not including such
        portion that represents the Excess Servicing Strip) for the related Distribution
        Date, and (y) the related Prepayment Interest Shortfall for such Distribution
        Date.

       

      “Countrywide”:
        Countrywide Home Loans Servicing LP, or its successor in interest. 

       

      “Corporate
        Trust Office”: The principal corporate trust office of the Trustee at which at
        any particular time its corporate trust business related to this Agreement
        shall
        be administered, which office at the date of the execution of this Agreement
        is
        located at 1761 East St. Andrew Place, Santa Ana, California 92705, Attention:
        Corporate Trust, Impac Secured Assets Corp. Series 2006-5 (IM06S5).

       

      “Corresponding
        Certificate”: With respect to each REMIC 3 Regular Interest (other than REMIC 3
        Regular Interests 1-AA, 2-AA, 1-ZZ, 2-ZZ, 1-IO and 2-IO), the Certificate
        with
        the corresponding designation. With respect to each REMIC 4 Regular Interest
        (other than the Class IO Interests), the related Certificate representing
        an
        ownership therein.

       

      “Credit
        Enhancement Percentage”: For any Distribution Date and any Loan Group is the
        percentage equivalent of a fraction, the numerator of which is equal to (a)
        the
        excess of (i) the Aggregate Stated Principal Balance of the related Mortgage
        Loans for such Distribution Date (after giving effect to scheduled payments
        of
        principal due during the related Due Period, to the extent received or advanced,
        and unscheduled collections of principal received during the related Prepayment
        Period) over (ii) (1) before the Certificate Principal Balances of the related
        Class A Certificates have been reduced to zero, the sum of the Certificate
        Principal Balances of the related Class A Certificates, (after taking into
        account distribution of the related Principal Distribution Amount for such
        Distribution Date) or (2) after such time, the Certificate Principal Balance
        of
        the most senior class of related Subordinate Certificates outstanding (after
        taking into account distribution of the related Principal Distribution Amount
        for such distribution date), and the denominator of which is equal to (b)
        the
        Aggregate Stated Principal Balance of the related Mortgage Loans for such
        Distribution Date (after giving effect to scheduled payments of principal
        due
        during the related Due Period, to the extent received or advanced, and
        unscheduled collections of principal received during the related Prepayment
        Period).

       

      “Credit
        Support Annex One”: The credit support annex, dated as of December 21, 2006,
        between the Group 1 Supplemental Interest Trust Trustee and Wachovia Bank,
        N.A.

       

      “Credit
        Support Annex Two”: The credit support annex, dated as of December 21, 2006,
        between the Group 2 Supplemental Interest Trust Trustee and Wachovia Bank,
        N.A.

       

      “Credit
        Support Annex Three”: The credit support annex, dated as of December 21, 2006,
        between the Group 1 Supplemental Interest Trust Trustee and Bank of America,
        N.A.

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

      “Credit
        Support Annex Four”: The credit support annex, dated as of December 21, 2006,
        between the Group 2 Supplemental Interest Trust Trustee and Bear Stearns
        Financial Products Inc.

       

      “Cross
        Collateralized Loss Payments”: For any payment date and each Loan Group, the
        amount, if any, of Crossable Excess from such Loan Group available to cover
        Crossable Losses in the other Loan Group as provided in Sections 4.01(l)(v)
        and
        (m)(iv) below.

       

      “Crossable
        Excess”: With respect to Loan Group 1 and Loan Group 2 and any Distribution
        Date, an amount equal to the related Net Monthly Excess Cashflow remaining
        after
        distributions made pursuant to Sections 4.01(l)(iv) and (m)(iii) below,
        respectively.

       

      “Crossable
        Losses”: With respect to either Loan Group and any Distribution Date, an amount
        equal to any Realized Losses suffered by any Mortgage Loan in such Loan Group,
        to the extent that such Realized Losses have not been covered by related
        Net
        Monthly Excess Cashflow on such Distribution Date, and any previously
        unreimbursed Realized Losses suffered by any Mortgage Loans in such Loan
        Group
        to the extent such Realized Losses have not been covered by related and
        non-related Net Monthly Excess Cashflow on prior Distribution Dates.

       

      “Current
        Report The Current Report pursuant to Section 13 or 15(d) of the Exchange
        Act.

       

      “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 3.10 in the name of a depository institution, as custodian for the
        Holders of the Certificates. Any such account or accounts shall be an Eligible
        Account.

       

      “Custodian”:
        Deutsche Bank National Trust Company.

       

      “Custodian
        One”: As defined in Section 4.14(a).

       

      “Custodian
        Two”: As defined in Section 4.14(b).

       

      “Custodian
        Three”: As defined in Section 4.14(c).

       

      “Custodian
        Four”: As defined in Section 4.14(d).

       

      “Cut-off
        Date”: With respect to the Mortgage Loans, December 1, 2006. References herein
        to the “Cut-off Date,” when used with respect to more than one Mortgage Loan,
        shall be to the respective Cut-off Dates for such Mortgage Loans.

       

      “Cut-off
        Date Balance”: Any of the Group 1 Cut-off Date Balance or Group 2 Cut-off Date
        Balance, as applicable.

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

      “Debt
        Service Coverage Ratio”: With respect to any multifamily loan at any given time,
        the ratio of (i) the net cashflow of the related mortgaged property for a
        twelve
        month period to (ii) the annualized scheduled payments on the mortgage loan.
        

       

      “Defaulted
        Mortgage Loan” means any Mortgage Loan as to which the Mortgagor has failed to
        make unexcused three or more consecutive scheduled Monthly
        Payments.

       

      “Defaulting
        Party”: As defined in the Interest Rate Swap Agreement.

       

      “Deficiency
        Amount”: As applied to the Class 2-A Certificates, (A) with respect to each
        Distribution Date prior to the Final Scheduled Distribution Date, an amount
        equal to the sum of (i) the excess, if any, of (a) the aggregate amount of
        the
        Monthly Interest Distributable Amount on the Class 2-A Certificates for that
        Distribution Date over (b) the funds available to make payment thereof
pursuant
        to Article IV of this Agreement
        for that
        Distribution Date and (ii) the amount of any Realized Losses allocated to
        the
        Class 2-A Certificates for such Distribution Date; and (B) with respect to
        the
        Final Scheduled Distribution Date and the Class 2-A Certificates, an amount
        equal to the sum of (i) the excess, if any, of (a) the amount of the Monthly
        Interest Distributable Amount on the Class 2-A Certificates for the Final
        Scheduled Distribution Date over (b) the funds available to make payment
        thereof
        pursuant to Article IV of this Agreement for the Final Scheduled Distribution
        Date and (ii) the outstanding Certificate Principal Balance of the Class
        2-A
        Certificates due on the Final Scheduled Distribution Date to the extent not
        paid
        from the related Available Distribution Amount on the Final Scheduled
        Distribution Date. Any Deficiency Amount shall not include any Prepayment
        Interest Shortfalls, any Relief Act Shortfalls or any Net WAC Shortfall Amounts.
        

       

      “Deficient
        Valuation”: With respect to any Mortgage Loan, a valuation by a court of
        competent jurisdiction of the Mortgaged Property in an amount less than the
        then
        outstanding indebtedness under the Mortgage Loan, or any reduction in the
        amount
        of principal to be paid in connection with any scheduled Monthly Payment
        that
        constitutes a permanent forgiveness of principal, which valuation or reduction
        results from a proceeding under the Bankruptcy Code.

       

      “Definitive
        Certificate”: Any definitive, fully registered Certificate.

       

      “Deleted
        Mortgage Loan”: A Mortgage Loan replaced or to be replaced with a Qualified
        Substitute Mortgage Loan.

       

      “Depositor”
        Impac Secured Assets Corp., or its successor in interest. 

       

      “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(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 institutions or other
        Person for whom from time to time a Depository effects book-entry transfers
        and
        pledges of securities deposited with the Depository.

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

      “Derivative
        Account”: The Group 1 Derivative Account or Group 2 Derivative Account, as
        applicable.

       

      “Determination
        Date”: With respect to any Distribution Date, the 15th day of the month in which
        such Distribution Date occurs or, if such day is not a Business Day, on the
        immediately preceding Business Day.

       

      “Disqualified
        Organization”: Any organization defined as a “disqualified organization” under
        Section 860E(e)(5) of the Code, which includes any of the following: (i)
        the
        United States, any State or political subdivision thereof, any possession
        of the
        United States, or any agency or instrumentality of any of the foregoing (other
        than an instrumentality which is a corporation if all of its activities are
        subject to tax and, except for the Freddie Mac, a majority of its board of
        directors is not selected by such governmental unit), (ii) a foreign government,
        any international organization, or any agency or instrumentality of any of
        the
        foregoing, (iii) any organization (other than certain farmers' cooperatives
        described in Section 521 of the Code) which is exempt from the tax imposed
        by
        Chapter 1 of the Code (including the tax imposed by Section 511 of the Code
        on
        unrelated business taxable income), (iv) rural electric and telephone
        cooperatives described in Section 1381(a)(2)(C) of the Code and (v) 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 REMIC 1, REMIC 2, REMIC 3 or REMIC 4 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, or if such 25th day is not a Business Day, the
        Business Day immediately following such 25th day, commencing in January
        2007.

       

      “Distribution
        Report” The Asset-Backed Issuer Distribution Report pursuant to Section 13 or
        15(d) of the Exchange Act. 

       

      “Due
        Date”: With respect to each Mortgage Loan, the first day of the month of the
        related Distribution Date.

       

      “Due
        Period”: With respect to any Distribution Date, the period commencing on the
        second day of the month preceding the month of such Distribution Date (or,
        with
        respect to the first Due Period, the day following the Cut-off Date) and
        ending
        on the first day of the month in which such Distribution Date
        occurs.

       

      “Eligible
        Account”: Any of (i) a segregated account maintained with a federal or state
        chartered depository institution (A) the short-term obligations of which
        are
        rated A-1+ or better by Standard & Poor's and P-1 by Moody's at the time of
        any deposit therein or if such account is maintained with PNC Bank, National
        Association, rated no less than A-1 by Standard & Poor’s and no less than
        P-1 by Moody’s or (B) insured by the FDIC (to the limits established by such
        Corporation), the uninsured deposits in which account are otherwise secured
        such
        that, as evidenced by an Opinion of Counsel (obtained by the Person requesting
        that the account be held pursuant to this clause (ii)) delivered to the Trustee
        prior to the establishment of such account, the Certificateholders will have
        a
        claim with respect to the funds in such account and a perfected first priority
        security interest against any collateral (which shall be limited to Permitted
        Investments, each of which shall mature not later than the Business Day
        immediately preceding the Distribution Date next following the date of
        investment in such collateral or the Distribution Date if such Permitted
        Investment is an obligation of the institution that maintains the Certificate
        Account, Insurance Account or Custodial Account) securing such funds that
        is
        superior to claims of any other depositors or general creditors of the
        depository institution with which such account is maintained, (ii) a segregated
        trust account or accounts maintained with a federal or state chartered
        depository institution or trust company subject to regulations regarding
        fiduciary funds on deposit similar to Title 12 of the Code of Federal
        Regulations Section 9.10(b), which, in either case, has corporate trust powers,
        acting in its fiduciary capacity or (iii) a segregated account or accounts
        of a
        depository institution acceptable to the Rating Agencies (as evidenced in
        writing by the Rating Agencies that use of any such account as the Custodial
        Account or the Certificate Account will not have an adverse effect on the
        then-current ratings assigned to the Classes of the Certificates then rated
        by
        the Rating Agencies). Eligible Accounts may bear interest.

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

      “Estimated
        Swap Termination Payment”: As defined in the Interest Rate Swap
        Agreement.

       

      “Event
        of
        Default”: One or more of the events described in Section 7.01.

       

      “Excess
        Proceeds”: As defined in Section 3.22.

       

      “Excess
        Servicing Strip”: With respect to any Group 2 Loan that has not become a
        Specially Serviced Group 2 Loan, that portion of the related Sub-Servicing
        Fee
        computed at a rate equal to the excess of (a) 0.25% (25 basis points) per
        annum
        over (b) 0.14% (14 basis points) per annum. With respect to any Group 2 Loan
        that has become a Specially Serviced Group 2 Loan, that portion of the related
        Sub-Servicing Fee computed at a rate equal to the excess of (a) 0.75% (75
        basis
        points) per annum over (b) 0.64% (64 basis points) per annum. 

       

      “Exchange
        Act”: The Securities Exchange Act of 1934, as amended, and the rules and
        regulations promulgated thereunder.

       

      “Extra
        Principal Distribution Amount”: With respect to any Distribution Date and Loan
        Group, the lesser of (x) the related Overcollateralization Deficiency Amount
        for
        such Distribution Date and (y) the sum of (1) the related Net Monthly Excess
        Cashflow Amount for such Distribution Date and (2) amounts available from
        the
        related Supplemental Interest Trust to pay principal as provided in Section
        4.01(n)(iii) and 4.01(o)(iii), as applicable, hereof.

       

      “Fannie
        Mae” Fannie Mae (formerly, Federal National Mortgage Association) or any
        successor thereto.

       

      “FDIC”:
        Federal Deposit Insurance Corporation or any successor.

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

      “Final
        Scheduled Distribution Date”: With respect to the Group 1 Certificates, the
        Distribution Date occurring in February 2037. With respect to the Class 2-A
        Certificates, the Distribution Date occurring in December 2036.

       

      “Freddie
        Mac”: Federal Home Loan Mortgage Corporation or any successor.

       

      “GMAC”:
        GMAC Mortgage Corporation, or an Affiliate thereof.

       

      “Gross
        Margin”: With respect to any Mortgage Loan, the percentage set forth as the
“Gross Margin” for such Mortgage Loan on the Mortgage Loan Schedule, as adjusted
        from time to time in accordance with the terms of this Agreement.

       

      “Group
        1
        Cap Contracts”: The letter of agreement dated December 21, 2006, between
        Wachovia Bank, N.A., as cap counterparty and Deutsche Bank National Trust
        Company, not in its individual capacity, but solely as Group 1 Supplemental
        Interest Trust Trustee and the letter of agreement dated December 21, 2006,
        between Bank of America, N.A., as cap counterparty and Deutsche Bank National
        Trust Company, not in its individual capacity, but solely as Group 1
        Supplemental Interest Trust Trustee.

       

      “Group
        1
        Cap Counterparties”: Wachovia Bank, N.A. and Bank of America, N.A.

       

      “Group
        1
        Certificates”: The Class 1-A, Class 1-M and Class 1-B Certificates.

       

      “Group
        1
        Class IO Distribution Amount”: As defined in Section 4.10 hereof. For purposes
        of clarity, the Group 1 Class IO Distribution Amount for any Distribution
        Date
        shall equal the amount payable to the Group I Supplemental Interest Trust
        with
        respect to the Group 1 Interest Rate Swap Agreement pursuant to the first
        and
        third sentences of Section 4.01(a) (fifth paragraph) on such Distribution
        Date
        in excess of the amount payable on the Class 1-IO Interest on such Distribution
        Date, all as further provided in Section 4.10 hereof.

       

      “Group
        1
        Cut-off Date Balance”: With respect to any Mortgage Loan in Loan Group 1, the
        Stated Principal Balance thereof as of the Cut-off Date.

       

      “Group
        1
        Derivative Account”: As defined in Section 4.10(i).

       

      “Group
        1
        Derivative Contract”: Any of the Group 1 Cap Contracts or the Group 1 Interest
        Rate Swap Agreement, as applicable.

       

      “Group
        1
        Derivative Termination Payment”: Any termination payment due under a Group 1
        Derivative Contract upon the early termination of such Group 1 Derivative
        Contract.

       

      “Group
        1
        Estimated Swap Termination Payment”: As defined in the Group 1 Interest Rate
        Swap Agreement.

       

      “Group
        1
        Interest Rate Swap Agreement”: An interest rate swap agreement, dated as of
        December 21, 2006, between the Group 1 Supplemental Interest Trust by Deutsche
        Bank National Trust Company, as Group 1 Supplemental Interest Trust Trustee
        on
        behalf of the Group 1 Supplemental Interest Trust, and Wachovia Bank, N.A.,
        as
        Swap Provider for the benefit of the Class 1-A, Class 1-M and Class 1-B
        Certificates, which agreement provides for Net Swap Payments and Swap
        Termination Payments to be paid, as provided therein, together with any
        schedules, confirmations or other agreements relating thereto, a form of
        which
        is attached hereto as Exhibit M.

       

      
        
          
          

        

        
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      “Group
        1
        Loans”: The Mortgage Loans in Loan Group 1.

       

      “Group
        1
        Marker Rate”: With respect to the Class 1-C Certificates and any Distribution
        Date, a per annum rate equal to two (2) times the weighted average of the
        Uncertificated REMIC 3 Pass-Through Rates for each REMIC 3 Group 1 Regular
        Interest for which a Class 1-A, Class 1-M or Class 1-B Certificate is the
        Corresponding Certificate and REMIC 3 Regular Interest 1-ZZ, with the rate
        on
        each such REMIC 3 Group 1 Regular Interest (other than REMIC 3 Regular Interest
        1-ZZ) subject to a cap equal to the least of (i) LIBOR plus the Certificate
        Margin for the Corresponding Certificate for such Distribution Date, (ii)
        11.50%
        per annum and (iii) the Group 1 Net WAC Rate for the REMIC 4 Regular Interest
        the ownership of which is represented by the Corresponding Certificate for
        such
        Distribution Date for the purpose of this calculation, and with the rate
        on
        REMIC 3 Regular Interest 1-ZZ subject to a cap of zero for the purpose of
        this
        calculation; provided, however, that solely for this purpose, the related
        cap
        with respect to each such REMIC 3 Group 1 Regular Interest (other than REMIC
        3
        Regular Interest 1-ZZ) shall be multiplied by a fraction, the numerator of
        which
        is 30 and the denominator of which is the actual number of days in the related
        Accrual Period.

       

      “Group
        1
        Maximum Uncertificated Accrued Interest Deferral Amount”: With respect to any
        Distribution Date, the excess of (i) the sum of (x) accrued interest at the
        Uncertificated REMIC 3 Pass-Through Rate applicable to REMIC 3 Regular Interest
        1-ZZ for such Distribution Date on a balance equal to the Uncertificated
        Principal Balance of REMIC 3 Regular Interest 1-ZZ minus the REMIC 3 Group
        1
        Overcollateralized Amount, in each case for such Distribution Date and (y)
        1.00%
        of the accrued interest on REMIC 3 Regular Interest 1-P at the applicable
        Uncertificated REMIC 3 Pass-Through Rate for such Distribution Date, over
        (ii)
        the aggregate amount of Uncertificated Accrued Interest for such Distribution
        Date on the REMIC 3 Group 1 Regular Interests for which the Class 1-A, Class
        1-M
        and Class 1-B Certificates are the Corresponding Certificates, with the rate
        on
        each such REMIC 3 Group 1 Regular Interest subject to a cap equal to the
        least
        of (i) LIBOR plus the Certificate Margin for the Corresponding Certificate
        for
        such Distribution Date, (ii) 11.50% per annum and (iii) the Group 1 Net WAC
        Rate
        for the REMIC 4 Regular Interest the ownership of which is represented by
        the
        Corresponding Certificate for such Distribution Date for the purpose of this
        calculation; provided, however, that solely for this purpose, the related
        cap
        with respect to each such REMIC 3 Group 1 Regular Interest shall be multiplied
        by a fraction, the numerator of which is 30 and the denominator of which
        is the
        actual number of days in the related Accrual Period.

       

      “Group
        1
        Net Mortgage Rate”: The weighted average of the Net Mortgage Rates of the Group
        1 Loans weighted on the basis of the Stated Principal Balances of the Group
        1
        Loans as of the related Due Date (prior to giving effect to any reduction
        in the
        Stated Principal Balances of such Mortgage Loans on such Due Date).

       

      “Group
        1
        Net Swap Payment”: With respect to each Distribution Date, the net payment
        required to be made pursuant to the terms of the Group 1 Interest Rate Swap
        Agreement by either the Group 1 Swap Provider or the Group 1 Supplemental
        Interest Trust, which net payment shall not take into account any Group 1
        Swap
        Termination Payment.

       

      
        
          
          

        

        
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      “Group
        1
        Net WAC Rate”: With respect to the Class 1-A, Class 1-M and Class 1-B
        Certificates and any Distribution Date, a per annum rate equal to the excess,
        if
        any, of (A) a per annum rate equal to the Group 1 Net Mortgage Rate over
        (B) the
        sum of (1) a per annum rate equal to the Net Swap Payment with respect to
        the
        Group 1 Interest Rate Swap Agreement payable to the Group 1 Swap Provider
        on
        such Distribution Date, divided by the outstanding Stated Principal Balance
        of
        the Group 1 Loans as of the first day of the calendar month preceding the
        month
        in which the Distribution Date occurs, multiplied by 12, and (2) a per annum
        rate equal to any Swap Termination Payment with respect to the Group 1 Interest
        Rate Swap Agreement not due to a Swap Provider Trigger Event payable to the
        Group 1 Swap Provider on such Distribution Date, divided by the outstanding
        Stated Principal Balance of the Group 1 Loans as of the first day of the
        calendar month preceding the month in which the Distribution Date occurs,
        multiplied by 12. The Group 1 Net WAC Rate will be adjusted to an effective
        rate
        reflecting the accrual of interest on an actual/360 basis. With respect to
        any
        Distribution Date and the REMIC 4 Regular Interests the ownership of which
        is
        represented by the Class 1-A, Class 1-M and Class 1-B Certificates, a per
        annum
        rate equal to the weighted average (adjusted for the actual number of days
        elapsed in the related Accrual Period) of the Uncertificated REMIC 3
        Pass-Through Rates on the REMIC 3 Group 1 Regular Interests (other than REMIC
        3
        Regular Interest 1-IO), weighted on the basis of the Uncertificated Principal
        Balances of each such REMIC 3 Group 1 Regular Interest immediately prior
        to such
        Distribution Date.

       

      “Group
        1
Net
        WAC
        Shortfall Reserve Fund”: A reserve fund established by the Trustee for the
        benefit of the Holders of the Group 1 Certificates and the Class 1-C
        Certficates, and funded on the Closing Date by or on behalf of the Depositor
        with an amount equal to the Group 1 Net WAC Shortfall Reserve Fund Deposit.
        The
        Group 1 Net WAC Shortfall Reserve Fund is an “outside reserve fund” within the
        meaning of Treasury regulation Section 1.860G-2(h), which is not an asset
        of any
        REMIC, the ownership of which is evidenced by the Class 1-C Certificates,
        and
        which is established and maintained pursuant to Section 4.08.

       

      “Group
        1
        Net WAC Shortfall Reserve Fund Deposit”: With respect to the Group 1 Net WAC
        Shortfall Reserve Fund, an amount equal to $5,000, which the Depositor shall
        fund initially pursuant to Section 4.08 hereof.

       

      “Group
        1
        Optional Termination”: As defined in Section 9.01(b) of this
        Agreement.

       

      “Group
        1
        Overcollateralization Deficiency Amount”: With respect to any Distribution Date,
        the amount, if any, by which the Group 1 Overcollateralization Target Amount
        exceeds the Group 1 Overcollateralized Amount on such Distribution Date (after
        giving effect to distributions in respect of the related Basic Principal
        Distribution Amount on such Distribution Date).

       

      “Group
        1
        Overcollateralization Floor”: With respect to any Distribution Date, 0.50% of
        the Group 1 Cut-off Date Balance.

       

      
        
          
          

        

        
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      “Group
        1
        Overcollateralization Release Amount”: With respect to any Distribution Date,
        the lesser of (x) the related Principal Remittance Amount for such Distribution
        Date and (y) the excess, if any, of (i) the Group 1 Overcollateralized Amount
        for such Distribution Date (assuming that 100% of the related Principal
        Remittance Amount is applied as a principal payment on such Distribution
        Date)
        over (ii) the Group 1 Overcollateralization Target Amount for such Distribution
        Date.

       

      “Group
        1
        Overcollateralization Target Amount”: With respect to any Distribution Date
        prior to the Group 1 Stepdown Date, 0.80% of the Group 1 Cut-off Date Balance.
        With respect to any Distribution Date on or after the Group 1 Stepdown Date,
        the
        greater of (x) 1.60% of the aggregate Stated Principal Balance of the Group
        1
        Loans and (y) the Group 1 Overcollateralization Floor; provided, however,
        that
        if a Group 1 Trigger Event is in effect on any Distribution Date, the Group
        1
        Overcollateralization Target Amount will be equal to the Group 1
        Overcollateralization Target Amount on the prior Distribution Date.

       

      “Group
        1
        Overcollateralized Amount”: For any Distribution Date, the amount, if any, by
        which (i) the aggregate Stated Principal Balance of the related mortgage
        loans
        (after giving effect to scheduled payments of principal due during the related
        Due Period, to the extent received or advanced, unscheduled collections of
        principal received during the related Prepayment Period and any Realized
        Losses
        on the mortgage loans during the related Prepayment Period), exceeds (ii)
        the
        aggregate Certificate Principal Balance of the Class 1-A, Class 1-M, Class
        1-B
        and the Class 1-P Certificates as of such Distribution Date (after giving
        effect
        to distributions in respect of the related Principal Remittance Amount to
        be
        made on such Distribution Date).

       

      “Group
        1
        Schedule”: The ISDA schedule, dated as of December 21, 2006, between the Group 1
        Supplemental Interest Trust Trustee and Wachovia Bank, N.A.

       

      “Group
        1
        Stepdown Date”: The earlier of (i) the first Distribution Date after the
        Distribution Date on which the aggregate Certificate Principal Balance of
        the
        Class 1-A Certificates have been reduced to zero and (ii) the later to occur
        of
        (x) the Distribution Date occurring in January 2010 and (y) the first
        Distribution Date on which the aggregate Certificate Principal Balance of
        the
        Class 1-A Certificates (calculated for this purpose only after taking into
        account the receipt of principal on the related mortgage loans, but prior
        to any
        distribution of principal to the holders of the related certificates) is
        less
        than or equal to approximately 87.00% of the aggregate principal balance
        of the
        Group 1 Loans, calculated after giving effect to scheduled payments of principal
        due during the related Due Period, to the extent received or advanced, and
        unscheduled collections of principal received during the related Prepayment
        Period. 

       

      “Group
        1
        Step-Up Date”: The first Distribution Date following the first month in which
        the aggregate unpaid principal balance of the Group 1 Loans, and properties
        acquired in respect thereof, remaining in the trust has been reduced to less
        than or equal to 10% of the aggregate Group 1 Cut-off Date Balance.

       

      “Group
        1
        Subordinate Class Principal Distribution Amount”: For any class of Class 1-M-1,
        Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7,
        Class 1-M-8 and Class 1-B Certificates and any Distribution Date, the excess
        of
        (1) the sum of (a) the aggregate Certificate Principal Balance of the Class
        1-A
        Certificates (after taking into account distribution of the Class 1-A Principal
        Distribution Amount for such Distribution Date), (b) the aggregate Certificate
        Principal Balance of any class(es) of Class 1-M-1, Class 1-M-2, Class 1-M-3,
        Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7 and Class 1-M-8 that are
        senior to the subject class (in each case, after taking into account
        distribution of the Group 1 Subordinate Class Principal Distribution Amount(s)
        for such more senior class(es) of Certificates for such Distribution Date)
        and
        (c) the Certificate Principal Balance of the subject class of Class 1-M-1,
        Class
        1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class
        1-M-8 and Class 1-B Certificates immediately prior to such Distribution Date
        over (2) the lesser of (a) the product of (x) 100% minus the Stepdown Target
        Subordination Percentage for the subject class of Certificates and (y) the
        aggregate Stated Principal Balance of the Group 1 Loans for such Distribution
        Date and (b) the aggregate Stated Principal Balance of the Group 1 Loans
        for
        such Distribution Date minus the Group 1 Overcollateralization Floor; provided,
        however, that if such class of Class 1-M-1, Class 1-M-2, Class 1-M-3, Class
        1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 or Class 1-B
        Certificates is the only class of Group 1 Subordinate Certificates outstanding
        on such Distribution Date, that class will be entitled to receive the entire
        remaining related Principal Distribution Amount until the Certificate Principal
        Balance thereof is reduced to zero.

       

      
        
          
          

        

        
          30

          
            

          

        

        
          
          

        

      

      “Group
        1
        Supplemental Interest Trust”: The corpus of a trust created pursuant to Section
        4.10 of this Agreement and designated as the “Group 1 Supplemental Interest
        Trust,” consisting of the Group 1 Interest Rate Swap Agreement, the Group 1
        Derivative Account, the Group 1 Cap Contracts and the Class 1-IO Interest.
        For
        the avoidance of doubt, the Group 1 Supplemental Interest Trust does not
        constitute a part of the Trust Fund.

       

      “Group
        1
        Supplemental Interest Trust Trustee”: Deutsche Bank National Trust Company, or
        its successor in interest, or any successor trustee appointed as herein
        provided.

       

      “Group
        1
        Swap Optional Termination Payment”: As defined in Section 9.01(b)
        hereof.

       

      “Group
        1
        Swap Provider”: The swap provider under the Group 1 Interest Rate Swap Agreement
        either (a) entitled to receive payments from the Group 1 Supplemental Interest
        Trust from amounts payable by the Trust Fund with respect to the Mortgage
        Loans
        under this Agreement or (b) required to make payments to the Group 1
        Supplemental Interest Trust for payment to the Trust Fund with respect to
        the
        Mortgage Loans, in either case pursuant to the terms of the Group 1 Interest
        Rate Swap Agreement, and any successor in interest or assign. Initially,
        the
        Group 1 Swap Provider shall be Wachovia Bank, N.A.

       

      “Group
        1
        Trigger Event”: A Group 1 Trigger Event is in effect with respect to any
        Distribution Date with respect to the Group 1 Loans if:

       

      (1) the
        average three-month rolling percentage obtained by dividing (x) Aggregate
        Stated
        Principal Balance of the Group 1 Loans that are 60 or more days delinquent
        (including for this purpose any such mortgage loans in foreclosure, Mortgage
        Loans with respect to which the related Mortgaged Property has been acquired
        by
        the trust, and Mortgage Loans discharged due to bankruptcy) by (y) the Aggregate
        Stated Principal Balance of the Mortgage Loans, in each case, as of the last
        day
        of the previous calendar month, exceeds 43.00% multiplied by the related
        Credit
        Enhancement Percentage; or

       

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

      (2) the
        cumulative amount of Realized Losses incurred on the Group 1 Loans from the
        Cut-off Date through the end of the calendar month immediately preceding
        such
        Distribution Date divided by the Group 1 Cut-off Date Balance exceeds (i)
        0.30%
        with respect to the Distribution Date occurring in January 2009, plus an
        additional 1/12th of 0.40% for each month thereafter up to and including
        the
        Distribution Date in December 2009, (ii) 0.70% with respect to the Distribution
        Date occurring in January 2010, plus an additional 1/12th of 0.50% for each
        month thereafter up to and including the Distribution Date in December 2010,
        (iii) 1.20% with respect to the Distribution Date occurring in January 2011,
        plus an additional 1/12th of 0.50% for each month thereafter up to and including
        the Distribution Date in December 2011, (iv) 1.70% with respect to any
        Distribution Date occurring in January 2012, plus an additional 1/12th of
        0.35%
        for each month thereafter up to and including the Distribution Date in December
        2012 and (v) 2.05% with respect to any Distribution Date occurring in January
        2013 and thereafter.

       

      For
        purposes of the foregoing calculation, a Mortgage Loan is considered “60 days”
delinquent if a payment due on the first day of a month has not been received
        by
        the second day of the second following month.

       

      “Group
        2
        Cap Contracts”: The letter of agreement dated December 21, 2006, between
        Wachovia Bank, N.A., as cap counterparty and Deutsche Bank National Trust
        Company, not in its individual capacity, but solely as Group 2 Supplemental
        Interest Trust Trustee and the letter of agreement dated December 21, 2006,
        between Bear Stearns Financial Products Inc., as cap counterparty and the
        Group
        2 Supplemental Interest Trust relating to Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2006-5 by Deutsche Bank National Trust
        Company, not in its individual capacity, but solely as Group 2 Supplemental
        Interest Trust Trustee.

       

      “Group
        2
        Cap Counterparties”: Wachovia Bank, N.A. and Bear Stearns Financial Products
        Inc.

       

      “Group
        2
        Class IO Distribution Amount”:
        As
        defined in Section 4.11 hereof. For purposes of clarity, the Group 2 Class
        IO
        Distribution Amount for any Distribution Date shall equal the amount payable
        to
        the Group 2 Supplemental Interest Trust with respect to the Group 2 Interest
        Rate Swap Agreement pursuant to the first and third sentences of Section
        4.01(a)
        (fifth paragraph) on such Distribution Date in excess of the amount payable
        on
        the Class 2-IO Interest on such Distribution Date, all as further provided
        in
        Section 4.11 hereof.

       

      “Group
        2
        Cut-off Date Balance”: With respect to any Mortgage Loan in Loan Group 2, the
        Stated Principal Balance thereof as of the Cut-off Date.

       

      “Group
        2
        Derivative Account”: As defined in Section 4.11(i).

       

      “Group
        2
        Derivative Contract”: Any of the Group 2 Cap Contracts or the Group 2 Interest
        Rate Swap Agreement, as applicable.

       

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

      “Group
        2
        Derivative Termination Payment”: Any termination payment due under a Group 2
        Derivative Contract upon the early termination of such Group 2 Derivative
        Contract.

       

      “Group
        2
        Estimated Swap Termination Payment”: As defined in the Group 2 Interest Rate
        Swap Agreement.

       

      “Group
        2
        Marker Rate”: With respect to the Class 2-C Certificates and any Distribution
        Date, a per annum rate equal to two (2) times the weighted average of the
        Uncertificated REMIC 3 Pass-Through Rates for REMIC 3 Regular Interest 2-A
        and
        REMIC 3 Regular Interest 2-ZZ, with the rate on REMIC 3 Regular Interest
        2-A
        subject to a cap equal to the least of (i) LIBOR plus the Certificate Margin
        for
        the Corresponding Certificate for such Distribution Date, plus the Policy
        Premium Rate, (ii) 11.50% per annum, plus the Policy Premium Rate, and (iii)
        the
        Group 2 Net WAC Rate for the REMIC 4 Regular Interest the ownership of which
        is
        represented by the Corresponding Certificate for such Distribution Date for
        the
        purpose of this calculation, and with the rate on REMIC 3 Regular Interest
        2-ZZ
        subject to a cap of zero for the purpose of this calculation; provided, however,
        that solely for this purpose, the related cap with respect to REMIC 3 Regular
        Interest 2-A shall be multiplied by a fraction, the numerator of which is
        30 and
        the denominator of which is the actual number of days in the related Accrual
        Period.

       

      “Group
        2
        Maximum Uncertificated Accrued Interest Deferral Amount”: With respect to any
        Distribution Date, the excess of (i) the sum of (x) accrued interest at the
        Uncertificated REMIC 3 Pass-Through Rate applicable to REMIC 3 Regular Interest
        2-ZZ for such Distribution Date on a balance equal to the Uncertificated
        Principal Balance of REMIC 3 Regular Interest 2-ZZ minus the REMIC 3 Group
        2
        Overcollateralized Amount, in each case for such Distribution Date and (y)
        1.00%
        of the accrued interest on REMIC 3 Regular Interest 2-P at the applicable
        Uncertificated REMIC 3 Pass-Through Rate for such Distribution Date, over
        (ii)
        the aggregate amount of Uncertificated Accrued Interest for such Distribution
        Date on REMIC 3 Regular Interest 2-A, with the rate on such REMIC 3 Regular
        Interest subject to a cap equal to the least of (i) LIBOR plus the Certificate
        Margin for the Corresponding Certificate for such Distribution Date, plus
        the
        Policy Premium Rate, (ii) 11.50% per annum, plus the Policy Premium Rate,
        and
        (iii) the Group 2 Net WAC Rate for the REMIC 4 Regular Interest the ownership
        of
        which is represented by the Corresponding Certificate for such Distribution
        Date
        for the purpose of this calculation; provided, however, that solely for this
        purpose, the related cap with respect to REMIC 3 Regular Interest 2-A shall
        be
        multiplied by a fraction, the numerator of which is 30 and the denominator
        of
        which is the actual number of days in the related Accrual Period.

       

      “Group
        2
        Interest Rate Swap Agreement”: An interest rate swap agreement, dated as of
        December 21, 2006, between the Group 2 Supplemental Interest Trust, by Deutsche
        Bank National Trust Company, as Group 2 Supplemental Interest Trust Trustee
        on
        behalf of the Group 2 Supplemental Interest Trust, and Wachovia Bank, N.A.,
        as
        Swap Provider for the benefit of the Class 2-A Certificates, which agreement
        provides for Net Swap Payments and Swap Termination Payments to be paid,
        as
        provided therein, together with any schedules, confirmations or other agreements
        relating thereto, a form of which is attached hereto as Exhibit M.

       

      “Group
        2
        Loans”: The Mortgage Loans in Loan Group 2. 

       

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

      “Group
        2
        Net Mortgage Rate”: The weighted average of the Net Mortgage Rates of the Group
        2 Loans weighted on the basis of the Stated Principal Balances of the Group
        2
        Loans as of the related Due Date (prior to giving effect to any reduction
        in the
        Stated Principal Balances of such Mortgage Loans on such due date).

       

      “Group
        2
        Net Swap Payment”: With respect to each Distribution Date, the net payment
        required to be made pursuant to the terms of the Group 2 Interest Rate Swap
        Agreement by either the Group 2 Swap Provider or the Group 2 Supplemental
        Interest Trust, which net payment shall not take into account any Group 2
        Swap
        Termination Payment.

       

      “Group
        2
        Net WAC Rate”: With respect to the Class 2-A Certificates and any Distribution
        Date, a per annum rate equal to the excess, if any, of (A) a per annum rate
        equal to the Group 2 Net Mortgage Rate over (B) the sum of (1) the sum of
        (a) a
        per annum rate equal to the Net Swap Payment with respect to the Group 2
        Interest Rate Swap Agreement payable to the Group 2 Swap Provider on such
        Distribution Date, divided by the outstanding Stated Principal Balance of
        the
        Group 2 Loans as of the first day of the calendar month preceding the month
        in
        which the Distribution Date occurs, multiplied by 12, and (b) a per annum
        rate
        equal to any Swap Termination Payment with respect to the Group 2 Interest
        Rate
        Swap Agreement not due to a Swap Provider Trigger Event payable to the Group
        2
        Swap Provider on such Distribution Date, divided by the outstanding Stated
        Principal Balance of the Group 2 Loans as of the first day of the calendar
        month
        preceding the month in which the Distribution Date occurs, multiplied by
        12, and
        (2) the Policy Premium Rate. The Group 2 Net WAC Rate will be adjusted to
        an
        effective rate reflecting the accrual of interest on an actual/360 basis.
        With
        respect to any Distribution Date and the REMIC 4 Regular Interests the ownership
        of which is represented by the Class 2-A Certificates, a per annum rate equal
        to
        the weighted average (adjusted for the actual number of days elapsed in the
        related Accrual Period) of the Uncertificated REMIC 3 Pass-Through Rates
        on the
        REMIC 3 Group 2 Regular Interests (other than REMIC 3 Regular Interest 2-IO),
        weighted on the basis of the Uncertificated Principal Balances of each such
        REMIC 3 Group 2 Regular Interest immediately prior to such Distribution Date,
        minus the Policy Premium Rate. For purposes of the definitions of the “Group 2
        Marker Rate” and “Group 2 Maximum Uncertificated Accrued Interest Deferral
        Amount”, the foregoing definitions in this paragraph shall not be reduced by the
        Policy Premium Rate.

       

      “Group
        2
        Net WAC Shortfall Reserve Fund”: A reserve fund established by the Trustee for
        the benefit of the Holders of the Class 2-A Certificates and the Class 2-C
        Certificates, and funded on the Closing Date by or on behalf of the Depositor
        with an amount equal to the Group 2 Net WAC Shortfall Reserve Fund Deposit.
        The
        Group 2 Net WAC Shortfall Reserve Fund is an “outside reserve fund” within the
        meaning of Treasury regulation Section 1.860G-2(h), which is not an asset
        of any
        REMIC, the ownership of which is evidenced by the Class 2-C Certificates,
        and
        which is established and maintained pursuant to Section 4.09.

       

      “Group
        2
        Net WAC Shortfall Reserve Fund Deposit”: With respect to the Group 2 Net WAC
        Shortfall Reserve Fund, an amount equal to $5,000, which the Depositor shall
        fund initially pursuant to Section 4.09 hereof.

       

      “Group
        2
        Optional Termination”: As defined in Section 9.01(g) of this
        Agreement.

       

      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

      “Group
        2
        Overcollateralization Deficiency Amount”: With respect to any Distribution Date,
        the amount, if any, by which the Group 2 Overcollateralization Target Amount
        exceeds the Group 2 Overcollateralized Amount on such Distribution Date (after
        giving effect to distributions in respect of the related Basic Principal
        Distribution Amount on such Distribution Date).

       

      “Group
        2
        Overcollateralization Floor”: With respect to any Distribution Date, 0.50% of
        the Group 2 Cut-off Date Balance.

       

      “Group
        2
        Overcollateralization Release Amount”: With respect to any Distribution Date,
        the lesser of (x) the related Principal Remittance Amount for such Distribution
        Date and (y) the excess, if any, of (i) the Group 2 Overcollateralized Amount
        for such Distribution Date (assuming that 100% of the related Principal
        Remittance Amount is applied as a principal payment on such Distribution
        Date)
        over (ii) the Group 2 Overcollateralization Target Amount for such Distribution
        Date.

       

      “Group
        2
        Overcollateralization Target Amount”: With respect to any Distribution Date
        prior to the Group 2 Stepdown Date, 5.65% of the Group 2 Cut-off Date Balance.
        With respect to any Distribution Date on or after the Group 2 Stepdown Date,
        the
        greater of (x) 11.30% of the aggregate Stated Principal Balance of the Group
        2
        Loans and (y) the Group 2 Overcollateralization Floor; provided, however,
        that
        if a Group 2 Trigger Event is in effect on any Distribution Date, the Group
        2
        Overcollateralization Target Amount will be equal to the Group 2
        Overcollateralization Target Amount on the prior Distribution Date.

       

      “Group
        2
        Overcollateralized Amount”: For any Distribution Date, the amount, if any, by
        which (i) the aggregate principal balance of the related mortgage loans (after
        giving effect to scheduled payments of principal due during the related Due
        Period, to the extent received or advanced, unscheduled collections of principal
        received during the related Prepayment Period and any Realized Losses on
        the
        Mortgage Loans during the related Prepayment Period), exceeds (ii) the aggregate
        Certificate Principal Balance of the Class 2-A Certificates and the Class
        2-P
        Certificates as of such Distribution Date (after giving effect to distributions
        in respect of the related Principal Remittance Amount to be made on such
        Distribution Date).

       

      “Group
        2
        Schedule”: The ISDA schedule, dated as of December 21, 2006, between the Group 2
        Supplemental Interest Trust Trustee and Wachovia Bank, N.A.

       

      “Group
        2
        Stepdown Date”: The later to occur of (x) the Distribution Date occurring in
        January 2014 and (y) the first Distribution Date on which the aggregate
        Certificate Principal Balance of the Class 2-A Certificates (calculated for
        this
        purpose only after taking into account the receipt of principal on the Mortgage
        Loans, but prior to any distribution of principal to the holders of the
        certificates) is less than or equal to approximately 88.70% of the aggregate
        principal balance of the Group 2 Loans, calculated after giving effect to
        scheduled payments of principal due during the related Due Period, to the
        extent
        received or advanced, and unscheduled collections of principal received during
        the related Prepayment Period. 

       

      “Group
        2
        Step-Up Date”: The first Distribution Date following the first month in which
        the aggregate unpaid principal balance of the Group 2 Loans, and properties
        acquired in respect thereof, remaining in the trust has been reduced to less
        than or equal to 10% of the aggregate Group 2 Cut-off Date Balance.

       

      
        
          
          

        

        
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      “Group
        2
        Supplemental Interest Trust”: The corpus of a trust created pursuant to Section
        4.11 of this Agreement and designated as the “Group 2 Supplemental Interest
        Trust,” consisting of the Group 2 Interest Rate Swap Agreement, the Group 2
        Derivative Account, the Group 2 Cap Contracts and the Class 2-IO Interest.
        For
        the avoidance of doubt, the Group 2 Supplemental Interest Trust does not
        constitute a part of the Trust Fund.

       

      “Group
        2
        Supplemental Interest Trust Trustee”: Deutsche Bank National Trust Company, or
        its successor in interest, or any successor trustee appointed as herein
        provided.

       

      “Group
        2
        Swap Optional Termination Payment”: As defined in Section 9.01(f)
        hereof.

       

      “Group
        2
        Swap Provider”: The swap provider under the Group 2 Interest Rate Swap Agreement
        either (a) entitled to receive payments from the Group 2 Supplemental Interest
        Trust from amounts payable by the Trust Fund with respect to the Mortgage
        Loans
        under this Agreement or (b) required to make payments to the Group 2
        Supplemental Interest Trust for payment to the Trust Fund with respect to
        the
        Group 2 Mortgage Loans, in either case pursuant to the terms of the Group
        2
        Interest Rate Swap Agreement, and any successor in interest or assign.
        Initially, the Group 2 Swap Provider shall be Wachovia Bank, N.A.

       

      “Group
        2
        Trigger Event”: A Group 2 Trigger Event is in effect with respect to any
        Distribution Date with respect to the Group 2 Loans if:

       

      (1) the
        three
        month average of the aggregate principal balance of Group 2 Loans that are
        60 or
        more days delinquent (including for this purpose any such Mortgage Loans
        in
        bankruptcy or foreclosure and Mortgage Loans with respect to which the related
        mortgaged property has been acquired by the trust) as of the close of business
        on the last day of the preceding calendar month exceeds in the case of any
        Distribution
        Date on
        or
        after the January 2014 Distribution Date, 10.00%, and in the case of any
        Distribution Date on or after the January 2018 Distribution Date, 12.00%
        of the
        aggregate Stated Principal Balance of the Group 2 Loans;

       

      (2) the
        cumulative amount of Realized Losses incurred on the Group 2 Loans from the
        Cut-off Date through the end of the calendar month immediately preceding
        such
        Distribution Date divided by the Group 2 Cut-off Date Balance exceeds (i)
        4.75%
        with respect to the Distribution Date occurring in January 2014, plus an
        additional 1/12th of 1.25% for each month thereafter up to and including
        the
        Distribution Date in December 2014, (ii) 6.00% with respect to the Distribution
        Date occurring in January 2015, plus an additional 1/12th of 0.35% for each
        month thereafter up to and including the Distribution Date in December 2015,
        (iii) 6.35% with respect to the Distribution Date occurring in January 2016,
        plus an additional 1/12th of 0.15% for each month thereafter up to and including
        the Distribution Date in December 2016 and (iv) 6.50% with respect to any
        Distribution Date occurring in January 2017 and thereafter.

       

      For
        purposes of the foregoing calculation, a mortgage loan is considered “60 days”
delinquent if a payment due on the first day of a month has not been received
        by
        the second day of the second following month.

       

      
        
          
          

        

        
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      “Index”:
        With respect to any Mortgage Loan, the index for the adjustment of the Mortgage
        Rate set forth as such on the related Mortgage Note.

       

      “Initial
        Certificate Principal Balance”: With respect to each Class of Regular
        Certificates, the Initial Certificate Principal Balance of such Class of
        Certificates as set forth in the Preliminary Statement hereto, or with respect
        to any single Certificate, the Initial Certificate Principal Balance as stated
        on the face thereof.

       

      “Initial
        Notional Amount”: With respect to the Class C Certificates, an amount equal to
        the Notional Balance of the Class C Certificates, or with respect to any
        single
        Certificate, the Initial Notional Amount as stated on the face
        thereof.

       

      “Insurance
        Account”: The segregated, non-interest bearing trust account created and
        maintained pursuant to Section 4.12(b) of this Agreement. The Insurance Account
        shall be an Eligible Account. 

       

      “Insurance
        Agreement”: The Insurance and Indemnity Agreement, dated as of December 21,
        2006, among the Certificate Insurer, the Depositor, the Sponosr, the Master
        Servicer, the Trustee and Impac Mortgage Holdings, Inc., in regard to the
        Class
        2-A Certificates, as such agreement may be amended, modified or supplemented
        from time to time.

       

      “Insurance
        Policy”: With respect to any Mortgage Loan, any insurance policy (including a
        PMI Insurer Policy) which is required to be maintained from time to time
        under
        this Agreement in respect of such Mortgage Loan.

       

      “Insurance
        Proceeds”: Proceeds paid in respect of the Mortgage Loans pursuant to any
        Primary Hazard Insurance Policy, any title insurance policy or any other
        insurance policy covering a Mortgage Loan, to the extent such proceeds are
        not
        applied to the restoration of the related Mortgaged Property 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.

       

      “Insured
        Amounts”: Shall mean (1) with respect to any Distribution Date, any Deficiency
        Amount plus any Preference Amount and (2) with respect to the Final Scheduled
        Distribution Date, the Deficiency Amount for the Final Scheduled Distribution
        Date.

       

      “Insurer
        Default”: An insurer default will occur in the event the Certificate Insurer
        fails to make a payment under the Certificate Guaranty Insurance Policy or
        if
        certain events of bankruptcy or insolvency occur with respect to the Certificate
        Insurer. 

       

      “Interest
        Remittance Amount”: With respect to any Distribution Date and each Loan Group,
        that portion of the Available Distribution Amount for such Distribution Date
        that represents interest received or advanced with respect to the related
        Mortgage Loans.

       

      “Interest
        Rate Swap Agreement”: The Group 1 Interest Rate Swap Agreement or the Group 2
        Interest Rate Swap Agreement. 

       

      “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.

       

      
        
          
          

        

        
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      “LIBOR”:
        With respect to any Distribution Date and the Pass-Through Rates on the Class
        A
        Certificates and Subordinate Certificates, the arithmetic mean of the London
        interbank offered rate quotations of reference banks (which will be selected
        by
        the Trustee after consultation with the Master Servicer) for one-month U.S.
        dollar deposits, expressed on a per annum basis, determined in accordance
        with
        Section 1.02.

       

      “LIBOR
        Business Day”: Any day other than (i) Saturday or Sunday or (ii) a day on which
        banking institutions in the city of London, England and New York City are
        required or authorized by law to be closed.

       

      “LIBOR
        Rate Adjustment Date”: With respect to each Distribution Date, the second LIBOR
        Business Day immediately preceding the commencement of the related Accrual
        Period.

       

      “Liquidated
        Mortgage Loan”: As to any Distribution Date, any Mortgage Loan in respect of
        which the Master Servicer has determined, in accordance with the servicing
        procedures specified herein, as of the end of the related Prepayment Period,
        that all Liquidation Proceeds which it expects to recover with respect to
        the
        liquidation of the Mortgage Loan or disposition of the related REO Property
        have
        been 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 amounts received in respect of any REO
        Property.

       

      “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 Collateral Value
        of
        the related Mortgaged Property.

       

      “Loan
        Group”: Any of Loan Group 1 or Loan Group 2.

       

      “Loan
        Group 1”: The group 1 loans.

       

      “Loan
        Group 2”: The group 2 loans.

       

      “Lost
        Note Affidavit”: With respect to any Mortgage Note, an original lost note
        affidavit from the Sponsor stating that the original Mortgage Note was lost,
        misplaced or destroyed, together with a copy of the related Mortgage
        Note.

       

      “Majority
        Class C Certificateholder”: The holder of a 50.01% or greater Percentage
        Interest of the Class C Certificates.

       

      “Master
        Servicer”: Impac Funding Corporation, or any successor master servicer appointed
        as herein provided.

       

      
        
          
          

        

        
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      “Master
        Servicer Prepayment Charge Payment Amount”: The amounts payable by the Master
        Servicer in respect of any waived Prepayment Charges pursuant to Section
        2.03,
        and any amount paid to the Trust Fund by any Person to remedy any breach
        of any
        representation, warranty or covenant made with respect to the Prepayment
        Charges
        to the extent the Trust Fund, as assignee, is the beneficiary of such
        representation, warranty or covenant.

       

      “Master
        Servicing Fees”: With respect to each Mortgage Loan, an amount, payable out of
        any payment of interest on the Mortgage Loan, equal to interest at the Master
        Servicing Fee Rate on the Stated Principal Balance of such Mortgage Loan
        as of
        the Due Date in the calendar month preceding the month in which the payment
        of
        the Master Servicing Fee is due (alternatively, in the event such payment
        of
        interest accompanies a Principal Prepayment in part or in full made by the
        Mortgagor, interest for the number of days covered by such payment of interest).
        The Master Servicing Fee consists of servicing compensation payable to the
        Master Servicer in respect of its master servicing
        responsibilities.

       

      “Master
        Servicing Fee Rate”: With respect to each Mortgage Loan, the per annum rate of
        0.030%.

       

      “MERS”:
        Mortgage Electronic Registration Systems, Inc., a corporation organized and
        existing under the laws of the State of Delaware, or any successor
        thereto.

       

      “MERS®
        System”: The system of recording transfers of Mortgages electronically
        maintained by MERS.

       

      “Midland”:
        Midland Loan Services, Inc., or its successor in interest. 

       

      “MIN”:
        The Mortgage Identification Number for Mortgage Loans registered with MERS
        on
        the MERS® System.

       

      “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
        Interest Distributable Amount”: For any Distribution Date and each class of
        Offered Certificates, Class C Certificates and Class IO Interests, the amount
        of
        interest accrued during the related Accrual Period at the related Pass-Through
        Rate on the Certificate Principal Balances or Notional Balances or
        Uncertificated Notional Amounts of such Certificates or interests immediately
        prior to such Distribution Date, in each case, reduced by any Net Prepayment
        Interest Shortfalls to the extent not covered by Compensating Interest payable
        by the Sub-Servicer or Master Servicer and any shortfalls resulting from
        the
        application of the Relief Act (in each case to the extent allocated to such
        class of Certificates or interests as set forth in Section 1.03). The Monthly
        Interest Distributable Amount on the Offered Certificates will be calculated
        on
        the basis of the actual number of days in the related Accrual Period and
        a
        360-day year.

       

      “Monthly
        Payment”: With respect to any Mortgage Loan, the scheduled monthly payment of
        principal and interest on such Mortgage Loan which is payable by a Mortgagor
        from time to time under the related Mortgage Note as originally executed
        (after
        adjustment, if any, for Deficient Valuations occurring prior to such Due
        Date,
        and after any adjustment by reason of any bankruptcy or similar proceeding
        or
        any moratorium or similar waiver or grace period).

       

      
        
          
          

        

        
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      “Moody's”:
        Moody's Investors Service, Inc., or its successor in interest.

       

      “Mortgage”:
        The mortgage, deed of trust or any other instrument securing the Mortgage
        Loan.

       

      “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 and the Custodial Agreement; provided, that
        whenever the term “Mortgage File” is used to refer to documents actually
        received by the Custodian, such term shall not be deemed to include such
        additional documents required to be added unless they are actually so
        added.

       

      “Mortgage
        Loan”: Each of the mortgage loans, transferred and assigned to the Trustee
        pursuant to Section 2.01, 2.04 or 2.06 and from time to time held in the
        Trust
        Fund (including any Qualified Substitute Mortgage Loans), the mortgage loans
        so
        transferred, assigned and held being identified in the Mortgage Loan Schedule.
        As used herein, the term “Mortgage Loan” includes the related Mortgage Note and
        Mortgage.

       

      “Mortgage
        Loan Purchase Agreement”: The Mortgage Loan Purchase Agreement dated as of
        December 21, 2006, among Impac Funding Corporation, as sponsor, Impac Mortgage
        Holdings, Inc. and the Depositor as purchaser, and all amendments thereof
        and
        supplements thereto.

       

      “Mortgage
        Loan Schedule”: As of any date of determination, the schedule of Mortgage Loans
        included in the Trust Fund. The schedule of Mortgage Loans with accompanying
        information transferred on the Closing Date to the Trustee as part of the
        Trust
        Fund for the Certificates, attached hereto as Exhibit H, which list shall
        set
        forth the following information with respect to each Mortgage Loan:

       

      (i) [reserved];

       

      (ii) the
        city,
        state and zip code of the Mortgaged Property;

       

      (iii) the
        original term to maturity;

       

      (iv) the
        original principal balance and the original Mortgage Rate;

       

      (v) the
        first
        payment date;

       

      (vi) the
        applicable Loan Group;

       

      (vii) the
        type
        of Mortgaged Property;

       

      (viii) the
        Monthly Payment in effect as of the Cut-off Date;

       

      
        
          
          

        

        
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      (ix) the
        principal balance as of the Cut-off Date;

       

      (x) the
        Mortgage Rate as of the Cut-off Date;

       

      (xi) the
        occupancy status;

       

      (xii) the
        purpose of the Mortgage Loan;

       

      (xiii) the
        Collateral Value of the Mortgaged Property;

       

      (xiv) the
        remaining term to maturity;

       

      (xv) the
        paid-through date of the Mortgage Loan;

       

      (xvi) the
        Master Servicing Fee Rate;

       

      (xvii) the
        Sub-Servicing Fee Rate;

       

      (xviii) the
        Net
        Mortgage Rate for the Mortgage Loan;

       

      (xix) whether
        such Mortgage Loan is a PMI Mortgage Loan and, if so, the related PMI Insurer
        Fee Rate;

       

      (xx) whether
        the Mortgage Loan is covered by a private mortgage insurance policy or an
        original certificate of private mortgage insurance;

       

      (xxi) the
        documentation type;

       

      (xxii) the
        type
        and term of the related Prepayment Charge, if any;

       

      (xxiii) the
        Index
        and the Gross Margin; and

       

      (xxiv) the
        Adjustment Date frequency and Distribution Date frequency.

       

      The
        Mortgage Loan Schedule may be in the form of more than one schedule,
        collectively setting forth all of the information required.

       

      “Mortgage
        Note”: The note or other evidence of the indebtedness of a Mortgagor under a
        Mortgage Loan.

       

      “Mortgage
        Rate”: With respect to any Mortgage Loan, the annual rate at which interest
        accrues on such Mortgage Loan in the absence of default, as adjusted from
        time
        to time in accordance with the provisions of the Mortgage Note.

       

      “Mortgaged
        Property”: The underlying property securing a Mortgage Loan.

       

      “Mortgagor”:
        The obligor or obligors on a Mortgage Note.

       

      
        
          
          

        

        
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      “Net
        Liquidation Proceeds”: With respect to any Liquidated Mortgage Loan or any other
        disposition of related Mortgaged Property (including REO Property) the related
        Liquidation Proceeds net of Advances, Servicing Advances, Master Servicing
        Fees,
        Sub-Servicing Fees and any other accrued and unpaid servicing fees received
        and
        retained in connection with the liquidation of such Mortgage Loan or Mortgaged
        Property.

       

      “Net
        Monthly Excess Cashflow”: For any Distribution Date and any Loan Group, the sum
        of (a) any related Overcollateralization Release Amount and (b) the excess
        of
        (x) the related Interest Remittance Amount for such Distribution Date over
        (y)
        the aggregate Monthly Interest Distributable Amount for the related Offered
        Certificates for such Distribution Date and (c) (i) with respect to Loan
        Group
        1, on any Payment Date after the Group 1 Stepdown Date for which a Group
        1
        Trigger Event is not in effect, any principal remaining after payment of
        the
        Class 1-A Principal Distribution Amount and Group 1 Subordinate Class Principal
        Distribution Amount and (ii) with respect to Loan Group 2, on any Payment
        Date
        after the Group 2 Stepdown Date for which a Group 2 Trigger Event is not
        in
        effect, any principal remaining after payment of the Class 2-A Principal
        Distribution Amount.

       

      “Net
        Mortgage Rate”: With respect to each Mortgage Loan Due Date, the then applicable
        Mortgage Rate thereon minus the sum of (1) the Master Servicing Fee Rate,
        (2)
        the Sub-Servicing Fee Rate and (3) the related PMI Insurer Fee Rate, if such
        Mortgage Loan is a PMI Mortgage Loan.

       

      “Net
        Prepayment Interest Shortfall”: With respect to any Distribution Date, the
        excess, if any, of any Prepayment Interest Shortfalls for such date over
        the
        related Compensating Interest.

       

      “Net
        Swap
        Payment”: Any of the Group 1 Net Swap Payment or Group 2 Net Swap Payment, as
        applicable.

       

      “Net
        WAC
        Rate”: With respect to the Class 1-A, Class 1-M and Class 1-B Certificates, the
        Group 1 Net WAC Rate. With respect to the Class 2-A Certificates, the Group
        2
        Net WAC Rate.

       

      “Net
        WAC
        Shortfall Amount”: With respect to the Offered Certificates and any Distribution
        Date, the sum of (i) the excess, if any, of (a) the amount of interest such
        Offered Certificates would have been entitled to receive on such Distribution
        Date at the related Pass-Through Rate without regard to the applicable Net
        WAC
        Rate over (b) the amount of interest accrued on such Certificates at such
        Net
        WAC Rate, plus (ii) the related Net WAC Shortfall Amount from the prior
        Distribution Date not previously reimbursed together with interest thereon
        at
        the related Pass-Through Rate for the most recently ended Accrual
        Period.

       

      “Net
        WAC
        Shortfall Reserve Fund”: Any of the Group 1 Net WAC Shortfall Reserve Fund or
        the Group 2 Net WAC Shortfall Reserve Fund.

       

      “Nonrecoverable
        Advance”: Any Servicing Advance previously made or proposed to be made in
        respect of a Mortgage Loan which, in the good faith judgment of the Master
        Servicer, will not or, in the case of a proposed Servicing Advance, would
        not be
        ultimately recoverable from related Late Collections, Insurance Proceeds,
        Liquidation Proceeds or REO Proceeds. The determination by the Master Servicer
        that it has made a Nonrecoverable Advance or that any proposed Advance or
        Servicing Advance would constitute a Nonrecoverable Advance, shall be evidenced
        by a certificate of a Servicing Officer delivered to the Depositor and the
        Trustee.

       

      
        
          
          

        

        
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      “Non-United
        States Person”: Any Person other than a United States Person.

       

      “Notional
        Balance”: With
        respect to the Class 1-C Certificates and any Distribution Date, an amount
        equal
        to the Stated Principal Balance of the Group 1 Loans as of the related Due
        Date,
        minus the Certificate Principal Balance of the Class 1-P Certificates.
For
        federal income tax purposes, the Notional Balance of the Class 1-C Certificates
        for any Distribution Date shall be an amount equal to the aggregate
        Uncertificated Principal Balance of the REMIC 3 Group 1 Regular Interests,
        other
        than REMIC 3 Regular Interest 1-P, for such Distribution Date. With respect
        to
        the Class 2-C Certificates and any Distribution Date, an amount equal to
        the
        Stated Principal Balance of the Group 2 Loans as of the related Due Date,
        minus
        the Certificate Principal Balance of the Class 2-P Certificates. For federal
        income tax purposes, the Notional Balance of the Class 2-C Certificates for
        any
        Distribution Date shall be an amount equal to the aggregate Uncertificated
        Principal Balance of the REMIC 3 Group 2 Regular Interests, other than REMIC
        3
        Regular Interest 2-P, for such Distribution Date.

       

      “Officers’
        Certificate”: A certificate signed by the Chairman of the Board, the Vice
        Chairman of the Board, the President or a vice president and by the Treasurer,
        the Secretary, or one of the assistant treasurers or assistant secretaries
        of
        the Depositor, the Sponsor, the Master Servicer or of any Sub-Servicer and
        delivered to the Depositor and Trustee.

       

      “Offered
        Certificates”: The Class 1-A, Class 2-A, Class 1-M and Class 1-B
        Certificates.

       

      “One
        Month LIBOR”: The London interbank offered rate for one-month United States
        dollar deposits, determined as described in Section 1.02 of this
        Agreement.

       

      “Opinion
        of Counsel”: A written opinion of counsel, who may be counsel for the Depositor,
        the Sponsor, or the Master Servicer, reasonably acceptable to the Trustee;
        except that any opinion of counsel relating to (a) the qualification of any
        account required to be maintained pursuant to this Agreement as an Eligible
        Account, (b) the qualification of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 as
        REMICs, (c) compliance with the REMIC Provisions or (d) resignation of the
        Master Servicer pursuant to Section 6.04 must be an opinion of counsel who
        (i)
        is in fact independent of the Depositor and the Master Servicer, (ii) does
        not
        have any direct financial interest or any material indirect financial interest
        in the Depositor or the Master Servicer or in an affiliate of either and
        (iii)
        is not connected with the Depositor or the Master Servicer as an officer,
        employee, director or person performing similar functions.

       

      “Optional
        Termination”: As defined in Section 9.01(b) of this Agreement.

       

      “Optional
        Termination Date”: The first Distribution Date on which the Master Servicer may
        opt to terminate the Trust Fund pursuant to Section 9.01.

       

      “OTS”:
        Office of Thrift Supervision or any successor.

       

      “Outstanding
        Mortgage Loan”: As to any Due Date, a Mortgage Loan (including an REO Property)
        which was not the subject of a Principal Prepayment in Full, Cash Liquidation
        or
        REO Disposition and which was not purchased prior to such Due Date pursuant
        to
        Sections 2.02, 2.04 or 3.14.

       

      
        
          
          

        

        
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      “Overcollateralization
        Deficiency Amount”: The Group 1 Overcollataralization Deficiency Amount or the
        Group 2 Overcollateralization Deficiency Amount,
        as
        applicable.

       

      “Overcollateralization
        Floor”: The Group 1 Overcollateralization Floor or the Group 2
        Overcollateralization Floor, as applicable.

       

      “Overcollateralization
        Release Amount”: The Group 1 Overcollateralization Release Amount or the Group 2
        Overcollateralization Release Amount, as applicable.

       

      “Overcollateralization
        Target Amount”: The Group 1 Overcollateralization Target Amount or the Group 2
        Overcollateralization Target Amount, as applicable.

       

      “Overcollateralized
        Amount”: The Group 1 Overcollateralized Amount or the Group 2 Overcollateralized
        Amount, as applicable. 

       

      “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”: With respect to any Distribution Date and

       

      (i) the
        Offered Certificates, the least of (x) One-Month LIBOR plus the related
        Certificate Margin (y) the applicable Net WAC Rate and (z) 11.50% per
        annum;

       

      (ii) the
        Class
        1-C Certificates and any Distribution Date, (x) a rate per annum equal to
        the
        percentage equivalent of a fraction, the numerator of which is the sum of
        the
        amount determined for each REMIC 3 Group 1 Regular Interest (other than REMIC
        3
        Regular Interests 1-IO and 1-P) equal to the product of (a) the excess, if
        any,
        of the Uncertificated REMIC 3 Pass-Through Rate for such REMIC 3 Group 1
        Regular
        Interest over the Group 1 Marker Rate and (b) a notional amount equal to
        the
        Uncertificated Principal Balance of such REMIC 3 Group 1 Regular Interest,
        and
        the denominator of which is the aggregate Uncertificated Principal Balance
        of
        such REMIC 3 Group 1 Regular Interests, and (y) 100% of the interest
        distributable in respect of REMIC 3 Regular Interest 1-P; 

       

      (iii) the
        Class
        2-C Certificates and any Distribution Date, (x) a rate per annum equal to
        the
        percentage equivalent of a fraction, the numerator of which is the sum of
        the
        amount determined for each REMIC 3 Group 2 Regular Interest (other than REMIC
        3
        Regular Interests 2-IO and 2-P) equal to the product of (a) the excess, if
        any,
        of the Uncertificated REMIC 3 Pass-Through Rate for such REMIC 3 Group 2
        Regular
        Interest over the Group 2 Marker Rate and (b) a notional amount equal to
        the
        Uncertificated Principal Balance of such REMIC 3 Group 2 Regular Interest,
        and
        the denominator of which is the aggregate Uncertificated Principal Balance
        of
        such REMIC 3 Group 2 Regular Interests, and (y) 100% of the interest
        distributable in respect of REMIC 3 Regular Interest 2-P; 

       

      
        
          
          

        

        
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      (iv) each
        of
        the Class 1-P Certificates and Class 2-P Certificates, 0.00% per annum;
        and

       

      (v) each
        of
        the Class 1-IO Interest and Class 2-IO Interest, 100% of the amounts
        distributable to REMIC 3 Regular Interest 1-IO and REMIC 3 Regular Interest
        2-IO, respectively, for such Distribution Date.

       

      “Percentage
        Interest”: With respect to any Regular 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 divided by the aggregate Initial Certificate Principal
        Balance of all of the Certificates of the same Class. With respect to any
        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
        Investment”: 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,
        provided, however, that such repurchase agreements are treated as financings
        under generally accepted accounting principles (“GAAP”);

       

      (iii) federal
        funds, certificates of deposit, demand deposits, time deposits and bankers'
        acceptances (which shall each have an original maturity of not more than
        90 days
        and, in the case of bankers' acceptances, shall in no event have an original
        maturity of more than 365 days or a remaining maturity of more than 30 days)
        denominated in United States dollars of any U.S. depository institution or
        trust
        company incorporated under the laws of the United States or any state thereof
        or
        of any domestic branch of a foreign depository institution or trust company;
        provided that the debt obligations of such depository institution or trust
        company (or, if the only Rating Agency is Standard & Poor's, in the case of
        the principal depository institution in a depository institution holding
        company, debt obligations of the depository institution holding company)
        at the
        date of acquisition thereof have been rated by each Rating Agency in its
        highest
        short-term rating available; and provided further that, if the only Rating
        Agency is Standard & Poor's and if the depository or trust company is a
        principal subsidiary of a bank holding company and the debt obligations of
        such
        subsidiary are not separately rated, the applicable rating shall be that
        of the
        bank holding company; and, provided further that, if the original maturity
        of
        such short-term obligations of a domestic branch of a foreign depository
        institution or trust company shall exceed 30 days, the short-term rating
        of such
        institution shall be A-1+ in the case of Standard & Poor's if Standard &
Poor's is the Rating Agency;

       

      (iv) commercial
        paper (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 Moody's and Standard & Poor's in
        their highest short-term ratings available; provided that such commercial
        paper
        shall have a remaining maturity of not more than 30 days;

       

      
        
          
          

        

        
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      (v) a
        money
        market fund or a qualified investment fund rated by Moody's in its highest
        long-term ratings available or rated AAAm or AAAm-G by Standard & Poor's,
        including any such funds for which Deutsche Bank National Trust Company or
        any
        affiliate thereof serves as an investment advisor, manager, administrator,
        shareholder, servicing agent, and/or custodian or sub-custodian;
        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,
        that 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.

       

      To
        the
        extent that the Trustee receives any materials in connection with the holding
        of
        any Permitted Investment which require the holder to vote, the Trustee shall
        not
        exercise its voting rights. 

       

      Permitted
        Investments shall not be sold prior to maturity, except that a money market
        fund
        or qualified investment fund may be liquidated at any time.

       

      “Permitted
        Transferee”: Any transferee of a Residual Certificate other than a Disqualified
        Organization, a Non-United States Person or an “electing large partnership” (as
        defined in Section 775 of the Code).

       

      “Person”:
        Any individual, corporation, partnership, limited liability company, joint
        venture, association, joint-stock company, trust, unincorporated organization
        or
        government or any agency or political subdivision thereof.

       

      “PMI
        Insurer”: Radian Guaranty, Inc., or its successors or assigns.

       

      “PMI
        Insurer Policy”: The lender-paid primary mortgage insurance policy issued by the
        PMI Insurer in accordance with a March 29, 2002 letter between the Sponsor
        and
        the PMI Insurer.

       

      “PMI
        Mortgage Loan”: Any mortgage loan covered by the PMI Insurer
        Policy.

       

      “PMI
        Insurer Fee Rate”: With respect to each PMI Mortgage Loan, the per annum rate
        payable to the PMI Insurer under the PMI Insurer Policy. 

       

      
        
          
          

        

        
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      “Policy
        Premium”: The premium set forth in the Certificate Guaranty Insurance
        Policy.

       

      “Policy
        Premium Rate”: The rate per annum set forth in the Insurance Agreement.

       

      “Preference
        Amount”: Any amount previously distributed to a Class 2-A Certificateholder by
        or on behalf of the trust estate 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”: As defined in the Prospectus Supplement.

       

      “Prepayment
        Charge”: With respect to any Mortgage Loan, the charges or premiums, if any, due
        in connection with a full or partial prepayment of such Mortgage Loan in
        accordance with the terms thereof (other than any Master Servicer Prepayment
        Charge Payment Amount).

       

      “Prepayment
        Interest Excess”: With respect to any Distribution Date, for each GMAC Mortgage
        Loan that was the subject of a Principal Prepayment during the portion of
        the
        Prepayment Period from the related Due Date to the end of such Prepayment
        Period, any payment of interest received in connection therewith (net of
        any
        applicable Servicing Fee) representing interest accrued for any portion of
        such
        month of receipt.

       

      “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 related Prepayment Period, an amount
        equal to the excess of one month’s interest at the Net Mortgage Rate on the
        Stated Principal Balance of such Mortgage Loan over the amount of interest
        (adjusted to the Net Mortgage Rate) paid by the Mortgagor for such Prepayment
        Period 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 on the amount of such Curtailment.

       

      “Prepayment
        Period”: With respect to any Mortgage Loan subserviced by Countrywide Home Loans
        Servicing LP and any Distribution Date, the period between the 16th of the
        month
        prior to such Distribution Date and the 15th of the current month, except
        the
        initial Prepayment Period will run from December 1, 2006 through January
        15,
        2007. With
        respect to any Mortgage Loan subserviced by GMAC Mortgage, LLC and any
        Distribution Date, the calendar month immediately preceding the month in
        which
        such distribution occurs.
        With
        respect to any Mortgage Loan subserviced by Midland and any Distribution
        Date,
        the calendar month immediately preceding the month in which such distribution
        occurs.

       

      “Primary
        Hazard Insurance Policy”: Each primary hazard insurance policy required to be
        maintained pursuant to Section 3.13.

       

      “Primary
        Insurance Policy”: Any primary policy of mortgage guaranty insurance including
        the PMI Insurer Policy, or any replacement policy therefor.

       

      
        
          
          

        

        
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      “Principal
        Distribution Amount”: With respect to any Distribution Date and any Loan Group,
        an amount equal to the sum of the related Basic Principal Distribution Amount
        plus the related Extra Principal Distribution Amount.

       

      “Principal
        Prepayment”: Any payment of principal made by the Mortgagor on a Mortgage Loan
        which is received in advance of its scheduled Due Date and which is not
        accompanied by an amount of interest representing scheduled interest due
        on any
        date or dates in any month or months subsequent to the month of
        prepayment.

       

      “Principal
        Prepayment in Full”: Any Principal Prepayment made by a Mortgagor of the entire
        unpaid principal balance of the Mortgage Loan.

       

      “Principal
        Remittance Amount”: With respect to any Distribution Date and each Loan Group,
        the sum of the following from the Available Distribution Amount: (i) each
        scheduled payment of principal collected or advanced on the related Mortgage
        Loans by the Master Servicer that were due during the related Due Period,
        (ii)
        the principal portion of all partial and full Principal Prepayments of the
        related Mortgage Loans applied by the Master Servicer during the related
        Prepayment Period, (iii) the principal portion of all Net Liquidation Proceeds,
        REO Proceeds, Insurance Proceeds, and Subsequent Recoveries received during
        the
        related Prepayment Period, (iv) the principal portion of proceeds of Mortgage
        Loan purchases made pursuant to Section 2.02, 2.04 or 3.14, in each case
        received or made during the related Prepayment Period, (v) the principal
        portion
        of any related Substitution Adjustments deposited in the Custodial Account
        during the related Prepayment Period and (vi) on the Distribution Date on
        which
        the Trust Fund is to be terminated pursuant to Section 9.01, the principal
        portion of the termination price received from the Master Servicer in connection
        with a termination of the Trust Fund to occur on such Distribution
        Date.

       

      “Prospectus
        Supplement”: That certain Prospectus Supplement dated December 20, 2006 relating
        to the public offering of the Offered Certificates.

       

      “Purchase
        Price”: With respect to any Mortgage Loan (or REO Property) required to be
        purchased pursuant to Section 2.02, 2.04 or 3.14, an amount equal to the
        sum of
        (i) 100% of the Stated Principal Balance thereof, (ii) unpaid accrued interest
        (or REO Imputed Interest) at the applicable Net Mortgage Rate on the Stated
        Principal Balance thereof outstanding during each Due Period that such interest
        was not paid or advanced, from the date through which interest was last paid
        by
        the Mortgagor or advanced and distributed to Certificateholders together
        with
        unpaid Master Servicing Fees, Sub-Servicing Fees and, if such Mortgage Loan
        is a
        PMI Mortgage Loan, fees due the PMI Insurer at the PMI Insurer Fee Rate,
        from
        the date through which interest was last paid by the Mortgagor, in each case
        to
        the first day of the month in which such Purchase Price is to be distributed,
        plus (iii) the aggregate of all Advances and Servicing Advances made in respect
        thereof that were not previously reimbursed and (iv)
        costs and damages incurred by the Trust Fund in connection with a repurchase
        pursuant to Section 2.04 hereof that arises out of a violation of any
        anti-predatory lending law which also constitutes an actual breach of
        representations (xii), (xxxv), (xxxiii), (xxxviii), (xxxix) or (xliii) of
        Section 3.1(b) of the Mortgage Loan Purchase Agreement.

       

      
        
          
          

        

        
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      “Qualified
        Insurer”: Any insurance company duly qualified as such under the laws of the
        state or states in which the related Mortgaged Property or Mortgaged Properties
        is or are located, duly authorized and licensed in such state or states to
        transact the type of insurance business in which it is engaged and approved
        as
        an insurer by the Master Servicer, so long as the claims paying ability of
        which
        is acceptable to the Rating Agencies for pass-through certificates having
        the
        same rating as the Certificates rated by the Rating Agencies as of the Closing
        Date.

       

      “Qualified
        Substitute Mortgage Loan”: A Mortgage Loan substituted by the Depositor for a
        Deleted Mortgage Loan which must, on the date of such substitution, as confirmed
        in an Officers’
        Certificate of the Sponsor delivered to the Trustee, (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 paid to the Master Servicer for deposit in the Custodial
        Account
        in the month of substitution); (ii) have a Mortgage Rate and a Net Mortgage
        Rate
        no lower than and not more than 1% per annum higher than the Mortgage Rate
        and
        Net Mortgage Rate, respectively, of the Deleted Mortgage Loan as of the date
        of
        substitution; (iii) have a Loan-to-Value Ratio at the time of substitution
        no
        higher than that of the Deleted Mortgage Loan at the time of substitution;
        (iv)
        have a remaining term to stated maturity not greater than (and not more than
        one
        year less than) that of the Deleted Mortgage Loan; (v) comply with each
        representation and warranty set forth in Section 2.04 hereof; and, (vi) comply
        with each non-statistical representation and warranty set forth in the Mortgage
        Loan Purchase Agreement.

       

      “Rating
        Agency”: Standard & Poor's or Moody's and each of their successors. If such
        agencies and their successors are no longer in existence, “Rating Agency” shall
        be such nationally recognized statistical rating agency, or other comparable
        Person, designated by the Depositor, notice of which designation shall be
        given
        to the Trustee and Master Servicer. References herein to the two highest
        long
        term debt rating of a Rating Agency shall mean “AA” or better in the case of
        Standard & Poor's and “Aa2” or better in the case of Moody's and references
        herein to the highest short-term debt rating of a Rating Agency shall mean
        “A-1+” in the case of Standard & Poor's and “P-1” in the case of Moody's,
        and in the case of any other Rating Agency such references shall mean such
        rating categories without regard to any plus or minus.

       

      “Realized
        Loss”: With respect to each Mortgage Loan or REO Property 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 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 date of
        the
        Cash Liquidation or REO Disposition on the Stated Principal Balance of such
        Mortgage Loan 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 Sub-Servicer with respect to related Advances or Servicing Advances not
        previously reimbursed. With respect to each Mortgage Loan 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.

       

      
        
          
          

        

        
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      “Record
        Date”: With respect to each Distribution Date and the Offered Certificates, so
        long as such Certificates are Book-Entry Certificates, the Business Day prior
        to
        such Distribution Date. With respect to any Offered Certificates which are
        not
        Book-Entry Certificates, the close of business on the last Business Day of
        the
        month preceding the month in which such Distribution Date occurs.

       

      “Regular
        Certificate”: Any of the Certificates other than the Class R
        Certificates.

       

      “Regulation
        AB” Subpart 229,1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject
        to
        such clarification and interpretation as have been provided by the Commission
        in
        the adopting release (Asset-Backed Securities, Securities Act Release No.
        33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan.7, 2005)) or by the staff of the
        Commission, or as may be provided by the Commission or its staff from time
        to
        time. 

       

      “Relief
        Act”: The Servicemembers Relief Act, as amended, and similar legislation or
        regulations.

       

      “Relief
        Act Interest Shortfall”: With respect to any Distribution Date, for any Mortgage
        Loan with respect to which there has been a reduction in the amount of interest
        collectible thereon for the most recently ended Due Period as a result of
        the
        application of the Relief Act, the amount by which (i) interest collectible
        on
        such Mortgage Loan during such Due Period is less than (ii) one month's interest
        on the Stated Principal Balance of such Mortgage Loan at the Loan Rate for
        such
        Mortgage Loan before giving effect to the application of the Relief
        Act.

       

      “REMIC”:
        A “real estate mortgage investment conduit” within the meaning of Section 860D
        of the Code.

       

      “REMIC
        1”: The segregated pool of assets subject hereto (exclusive of the Net WAC
        Shortfall Reserve Funds, any Master Servicer Prepayment Charge Payment Amounts
        and, for the avoidance of doubt, the Supplemental Interest Trusts, the
        Derivative Accounts, the Interest Rate Swap Agreements and the Cap Contracts)
        with respect to which a REMIC election is to be made, conveyed in trust to
        the
        Trustee, for the benefit of the holders of the REMIC 1 Regular Interests
        and the
        Holders of the Class R Certificates (in respect of the Class R-1 Interest),
        consisting of: (i) each Mortgage Loan in Loan Group 1 (exclusive of payments
        of
        principal and interest due on or before the Cut-off Date, if any, received
        by
        the Master Servicer, which shall not constitute an asset of the Trust Fund)
        as
        from time to time are subject to this Agreement and all payments under and
        proceeds of such Mortgage Loans (exclusive of any late payment charges received
        on the Mortgage Loans), together with all documents included in the related
        Mortgage File, subject to Section 2.01; (ii) such funds or assets relating
        to
        such Mortgage Loans as from time to time are deposited in the Custodial Account
        or the Certificate Account and belonging to the Trust Fund; (iii) any related
        REO Property; (iv) the Primary Hazard Insurance Policies, if any, the Primary
        Insurance Policies, if any, and all other Insurance Policies with respect
        to
        such Mortgage Loans; and (v) the Depositor’s interest in respect of the
        representations and warranties made by the Sponsor in the Mortgage Loan Purchase
        Agreement as assigned to the Trustee pursuant to Section 2.04
        hereof.

       

      
        
          
          

        

        
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      “REMIC
        1
        Regular Interest”: Any of the separate non-certificated beneficial ownership
        interests in REMIC 1 issued hereunder and designated as a Regular Interest
        in
        REMIC 1. Each REMIC 1 Regular Interest shall accrue interest at the related
        Uncertificated REMIC 1 Pass-Through Rate in effect from time to time, and
        shall
        be entitled to distributions of principal, subject to the terms and conditions
        hereof, in an aggregate amount equal to its initial Uncertificated Principal
        Balance as set forth in the Preliminary Statement hereto. The designations
        for
        the respective REMIC 1 Regular Interests are set forth in the Preliminary
        Statement hereto. The REMIC 1 Regular Interests consist of REMIC 1 Regular
        Interest 1-1-A through REMIC 1 Regular Interest 1-84-B, REMIC 1 Regular Interest
        P and REMIC 1 Regular Interest OC, each as designated in the Preliminary
        Statement hereto.

       

      “REMIC
        2”: The segregated pool of assets subject hereto (exclusive of the Net WAC
        Shortfall Reserve Funds, any Master Servicer Prepayment Charge Payment Amounts
        and, for the avoidance of doubt, the Supplemental Interest Trusts, the
        Derivative Accounts, the Interest Rate Swap Agreements and the Cap Contracts)
        with respect to which a REMIC election is to be made, conveyed in trust to
        the
        Trustee, for the benefit of the holders of the REMIC 2 Regular Interests
        and the
        Holders of the Class R Certificates (in respect of the Class R-2 Interest),
        consisting of: (i) each Mortgage Loan in Loan Group 2 (exclusive of payments
        of
        principal and interest due on or before the Cut-off Date, if any, received
        by
        the Master Servicer, which shall not constitute an asset of the Trust Fund)
        as
        from time to time are subject to this Agreement and all payments under and
        proceeds of such Mortgage Loans (exclusive of any late payment charges received
        on the Mortgage Loans), together with all documents included in the related
        Mortgage File, subject to Section 2.01; (ii) such funds or assets relating
        to
        such Mortgage Loans as from time to time are deposited in the Custodial Account
        or the Certificate Account and belonging to the Trust Fund; (iii) any related
        REO Property; (iv) the Primary Hazard Insurance Policies, if any, the Primary
        Insurance Policies, if any, and all other Insurance Policies with respect
        to
        such Mortgage Loans; and (v) the Depositor’s interest in respect of the
        representations and warranties made by the Sponsor in the Mortgage Loan Purchase
        Agreement as assigned to the Trustee pursuant to Section 2.04
        hereof.

       

      “REMIC
        2
        Regular Interest”: Any of the separate non-certificated beneficial ownership
        interests in REMIC 2 issued hereunder and designated as a Regular Interest
        in
        REMIC 2. Each REMIC 2 Regular Interest shall accrue interest at the related
        Uncertificated REMIC 2 Pass-Through Rate in effect from time to time, and
        shall
        be entitled to distributions of principal, subject to the terms and conditions
        hereof, in an aggregate amount equal to its initial Uncertificated Principal
        Balance as set forth in the Preliminary Statement hereto. The designations
        for
        the respective REMIC 2 Regular Interests are set forth in the Preliminary
        Statement hereto. The REMIC 2 Regular Interests consist of REMIC 2 Regular
        Interests 1-1-A through REMIC 2 Regular Interest 1-117-B, REMIC 2 Regular
        Interest OC and REMIC 2 Regular Interest P, each as designated in the
        Preliminary Statement hereto.

       

      “REMIC
        3”: The segregated pool of assets consisting of all of the REMIC 1 Regular
        Interests and REMIC 2 Regular Interests conveyed in trust to the Trustee,
        for
        the benefit of the holders of the REMIC 3 Regular Interests and the Holders
        of
        the Class R Certificates (in respect of the Class R-3 Interest), pursuant
        to
        Article II hereunder, with respect to which a separate REMIC election is
        to be
        made.

       

      
        
          
          

        

        
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      “REMIC
        3
        Group 1 Interest Loss Allocation Amount”: With respect to any Distribution Date,
        an amount (subject to adjustment based on the actual number of days elapsed
        in
        the respective Accrual Period) equal to (a) the sum of (x) the product of
        (i)
        the aggregate Stated Principal Balance of the Group 1 Loans and the related
        REO
        Properties then outstanding, minus the Certificate Principal Balance of the
        Class 1-P Certificates, and (ii) the Uncertificated REMIC 3 Pass-Through
        Rate
        for REMIC 3 Regular Interest 1-AA minus the Group 1 Marker Rate, and (y)
        the
        accrued interest on REMIC 3 Regular Interest 1-P, divided by (b)
        12.

       

      “REMIC
        3
        Group 1 Overcollateralized Amount”: With respect to any date of determination,
        (i) 1.00% of the aggregate Uncertificated Principal Balance of the REMIC
        3 Group
        1 Regular Interests, other than REMIC 3 Regular Interest 1-P, minus (ii)
        the
        aggregate Uncertificated Principal Balance of each REMIC 3 Group 1 Regular
        Interest for which a Class 1-A, Class 1-M or Class 1-B Certificate is a
        Corresponding Certificate, in each case, as of such date of
        determination.

       

      “REMIC
        3
        Group 1 Principal Loss Allocation Amount”: With respect to any Distribution
        Date, an amount equal to the product of (i) the aggregate Stated Principal
        Balance of the Group 1 Loans and the related REO Properties then outstanding,
        minus the Certificate Principal Balance of the Class 1-P Certificates, and
        (ii)
        1 minus a fraction, the numerator of which is two (2) times the aggregate
        Uncertificated Principal Balance of each REMIC 3 Group 1 Regular Interest
        for
        which a Class 1-A, Class 1-M or Class 1-B Certificate is a Corresponding
        Certificate and the denominator of which is the aggregate Uncertificated
        Principal Balance of each REMIC 3 Group 1 Regular Interest for which a Class
        1-A, Class 1-M or Class 1-B Certificate is a Corresponding Certificate and
        REMIC
        3 Regular Interest 1-ZZ.

       

      “REMIC
        3
        Group 1 Overcollateralization Target Amount”: 1.00% of the Group 1
        Overcollateralization Target Amount.

       

      “REMIC
        3
        Group 1 Regular Interest”: Any of the REMIC 3 Regular Interests 1-AA, 1-ZZ,
        1-A1-A, 1-A1-B, 1-A1-C, 1-AM, 1-M-1, 1-M-2, 1-M-3, 1-M-4, 1-M-5, 1-M-6, 1-M-7,
        1-M-8, 1-B, 1-IO and 1-P.

       

      “REMIC
        3
        Group 2 Interest Loss Allocation Amount”: With respect to any Distribution Date,
        an amount (subject to adjustment based on the actual number of days elapsed
        in
        the respective Accrual Period) equal to (a) the sum of (x) the product of
        (i)
        the aggregate Stated Principal Balance of the Group 2 Loans and the related
        REO
        Properties then outstanding, minus the Certificate Principal Balance of the
        Class 2-P Certificates, and (ii) the Uncertificated REMIC 3 Pass-Through
        Rate
        for REMIC 3 Regular Interest 2-AA minus the Group 2 Marker Rate, and (y)
        the
        accrued interest on REMIC 3 Regular Interest 2-P, divided by (b)
        12.

       

      “REMIC
        3
        Group 2 Overcollateralized Amount”: With respect to any date of determination,
        (i) 1.00% of the aggregate Uncertificated Principal Balance of the REMIC
        3 Group
        2 Regular Interests, other than REMIC 3 Regular Interest 2-P, minus (ii)
        the
        Uncertificated Principal Balance of REMIC 3 Regular Interest 2-A, in each
        case,
        as of such date of determination.

       

      
        
          
          

        

        
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      “REMIC
        3
        Group 2 Principal Loss Allocation Amount”: With respect to any Distribution
        Date, an amount equal to the product of (i) the aggregate Stated Principal
        Balance of the Group 2 Loans and the related REO Properties then outstanding,
        minus the Certificate Principal Balance of the Class 2-P Certificates, and
        (ii)
        1 minus a fraction, the numerator of which is two (2) times the Uncertificated
        Principal Balance of REMIC 3 Regular Interest 2-A and the denominator of
        which
        is the Uncertificated Principal Balance of REMIC 3 Regular Interest 2-A and
        REMIC 3 Regular Interest 2-ZZ.

       

      “REMIC
        3
        Group 2 Overcollateralization Target Amount”: 1.00% of the Group 1
        Overcollateralization Target Amount.

       

      “REMIC
        3
        Group 2 Regular Interest”: Any of the REMIC 3 Regular Interests 2-AA, 2-ZZ, 2-A,
        2-IO and 2-P.

       

      “REMIC
        3
        Regular Interest”: Any of the separate non-certificated beneficial ownership
        interests in REMIC 3 issued hereunder and designated as a Regular Interest
        in
        REMIC 3. Each REMIC 3 Regular Interest shall accrue interest at the related
        Uncertificated REMIC 3 Pass-Through Rate in effect from time to time, and
        (except for the REMIC 3 Regular Interests 1-IO and 2-IO) shall be entitled
        to
        distributions of principal, subject to the terms and conditions hereof, in
        an
        aggregate amount equal to its initial Uncertificated Principal Balance as
        set
        forth in the Preliminary Statement hereto. The designations for the respective
        REMIC 3 Regular Interests are set forth in the Preliminary Statement hereto.
        The
        REMIC 3 Regular Interests consist of the REMIC 3 Group 1 Regular Interests
        and
        REMIC 3 Group 2 Regular Interests.

       

      “REMIC
        4”: The segregated pool of assets consisting of all of the REMIC 3 Regular
        Interests conveyed in trust to the Trustee, for the benefit of the holders
        of
        the Regular 4 Regular Interests and the Holders of the Class R Certificates
        (in
        respect of the Class R-4 Interest), pursuant to Article II hereunder, and
        all
        amounts deposited therein, with respect to which a separate REMIC election
        is to
        be made.

       

      “REMIC
        4
        Regular Interest”: The Class 1-IO Interest, Class 2-IO Interest or any Regular
        Interest in REMIC 4 the ownership of which is represented by any of the Regular
        Certificates.

       

      “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 proposed,
        temporary and final regulations and published rulings, notices and announcements
        promulgated thereunder, as the foregoing may be in effect from time to
        time.

       

      “REMIC
        Regular Interest”: A REMIC 1 Regular Interest, REMIC 2 Regular Interest or REMIC
        3 Regular Interest.

       

      “Remittance
        Report”: A report prepared by the Master Servicer providing the information set
        forth in Exhibit E attached hereto.

       

      
        
          
          

        

        
          53

          
            

          

        

        
          
          

        

      

      “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 3.15.

       

      “REO
        Disposition”: The receipt by the Master Servicer of Insurance Proceeds,
        Liquidation 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 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 (as such balance is reduced
        pursuant to Section 3.15 by any income from the REO Property treated as a
        recovery of principal).

       

      “REO
        Proceeds”: Proceeds, net of directly related expenses, received in respect of
        any REO Property (including, without limitation, proceeds from the rental
        of the
        related Mortgaged Property and of any REO Disposition), which proceeds are
        required to be deposited into the Custodial Account as and when
        received.

       

      “REO
        Property”: A Mortgaged Property acquired by the Master Servicer on behalf of the
        Trust Fund through foreclosure or deed-in-lieu of foreclosure in connection
        with
        a defaulted Mortgage Loan.

       

      “Request
        for Release”: A release signed by a Servicing Officer, in the form of Exhibits
        F-1 or F-2 attached hereto.

       

      “Residual
        Certificate”: The Class R Certificates.

       

      “Residual
        Interest”: The sole class of “residual interests” in a REMIC within the meaning
        of Section 860G(a)(2) of the Code.

       

      “Responsible
        Officer”: When used with respect to the Trustee, the Chairman or Vice Chairman
        of the Board of Directors or Trustees, the Chairman or Vice Chairman of the
        Executive or Standing Committee of the Board of Directors or Trustees, the
        President, the Chairman of the Committee on Trust Matters, any vice president,
        any assistant vice president, the Secretary, any assistant secretary, the
        Treasurer, any assistant treasurer, 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 and also, with respect
        to a particular matter, any other officer to whom such matter is referred
        because of such officer's knowledge of and familiarity with the particular
        subject.

       

      “Servicing
        Account”: The account or accounts created and maintained pursuant to Section
        3.09.

       

      “Servicing
        Advances”: All customary, reasonable and necessary “out of pocket” costs and
        expenses incurred in connection with a default, delinquency or other
        unanticipated event in the performance by the Master Servicer or any
        Sub-Servicer of its servicing obligations, including, but not limited to,
        the
        cost of (i) the preservation, restoration and protection of a Mortgaged
        Property, (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, including reasonable fees paid to any
        independent contractor in connection therewith, and (iv) compliance with
        the
        obligations under the second paragraph of Section 3.01, Section 3.09 and
        Section
        3.13 (other than any deductible described in the last paragraph
        thereof).

       

      
        
          
          

        

        
          54

          
            

          

        

        
          
          

        

      

      “Servicing
        Criteria” The “servicing criteria” set forth in Item 1122(d) of Regulation AB,
        as such may be amended from time to time, or those Servicing Criteria otherwise
        mutually agreed to by Sponsor, the Master Servicer and the applicable
        Sub-Servicer in response to evolving interpretations of Regulation AB and
        incorporated into a revised Exhibit N. 

       

      “Servicing
        Guide”: The Impac Funding Corporation Servicing Guide attached hereto as Exhibit
        K.

       

      “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.

       

      “Single
        Certificate”: A Regular Certificate of any Class (other than a Class P
        Certificate) evidencing an Initial Certificate Principal Balance of $1,000,
        or,
        in the case of a Class P Certificate, a Certificate of such Class evidencing
        an
        Initial Certificate Principal Balance of $100.

       

      “Specially
        Serviced Group 2 Loan”: A Group 2 loan with respect to which certain
        delinquency, loss or foreclosure events have occurred as provided in the
        related
        Sub-Servicing Agreement, including any Group 2 loan which is 60 days or more
        delinquent. 

       

      “Sponsor”
        Impac Funding Corporation, or its successor in interest. 

       

      “Standard
        & Poor’s”: Standard & Poor's Ratings Services, a division of The McGraw
        Hill Companies, Inc., or its successor in interest.

       

      “Startup
        Day”: The day designated as such pursuant to Article X hereof.

       

      “Stated
        Principal Balance”: With respect to any Mortgage Loan or related REO Property at
        any given time, (i) the principal balance of the Mortgage Loan outstanding
        as of
        the Cut-off Date, after application of principal payments due on or before
        such
        date, whether or not received, 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 3.15 with respect to such Mortgage Loan or REO Property, which were
        distributed pursuant to Section 4.01 on any previous Distribution Date, and
        (c)
        any Realized Loss with respect thereto allocated pursuant to Section 4.07
        for
        any previous Distribution Date.

       

      
        
          
          

        

        
          55

          
            

          

        

        
          
          

        

      

      “Step-Up
        Date”: The Group 1 Step-Up Date or the Group 2 Step-Up Date.

       

      “Stepdown
        Date”: The Group 1 Stepdown Date or the Group 2 Stepdown Date.

       

      “Stepdown
        Target Subordination Percentage”: For each class of Subordinate Certificates,
        the respective percentages indicated in the following table:

       

      
        	 	 	
                Stepdown
                  Target Subordination Percentage

              	 
	
                Class
                  1-M-1

              	 	 	
                10.40

              	
                %

              
	
                Class
                  1-M-2

              	 	 	
                8.00

              	
                %

              
	
                Class
                  1-M-3

              	 	 	
                6.70

              	
                %

              
	
                Class
                  1-M-4

              	 	 	
                5.60

              	
                %

              
	
                Class
                  1-M-5

              	 	 	
                4.60

              	
                %

              
	
                Class
                  1-M-6

              	 	 	
                3.90

              	
                %

              
	
                Class
                  1-M-7

              	 	 	
                3.20

              	
                %

              
	
                Class
                  1-M-8

              	 	 	
                2.50

              	
                %

              
	
                Class
                  1-B

              	 	 	
                1.60

              	
                %

              

      

      

      “Subordinate
        Certificates”: The Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class
        1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B
        Certificates.

       

      “Subsequent
        Recoveries”: Any Liquidation Proceeds (net of amounts owed to the Master
        Servicer or any Sub-Servicer with respect to the related Mortgage Loan) received
        after the final liquidation of a Mortgage Loan. If Subsequent Recoveries
        are
        received, they will be included as part of the Principal Remittance Amount
        for
        the following Distribution Date and distributed in accordance with the
        priorities described in Section 4.01 of this Agreement. In addition, after
        giving effect to all distributions on a Distribution Date, if any Allocated
        Realized Loss Amounts are outstanding, the Allocated Realized Loss Amount
        for
        the class of Offered Certificates then outstanding with the highest distribution
        priority will be decreased by the amount of such Subsequent Recoveries until
        reduced to zero (with any remaining Subsequent Recoveries applied to reduce
        the
        Allocated Realized Loss Amount of the class with the next highest distribution
        priority), and the Certificate Principal Balance of such class or classes
        of
        Offered Certificates will be increased by the same amount. Thereafter, such
        class or classes of Offered Certificates will accrue interest on the increased
        Certificate Principal Balance.

       

      “Sub-Servicer”:
        Any Person with which the Master Servicer has entered into a Sub-Servicing
        Agreement and which meets the qualifications of a Sub-Servicer pursuant to
        Section 3.02.

       

      “Sub-Servicer
        Remittance Date”: With respect to any Mortgage Loan subserviced by Countrywide
        Home Loans Servicing LP, the 21st day of each month, or if such day is not
        a
        Business Day, the immediately preceding Business Day. With respect to any
        Mortgage Loan subserviced by GMAC Mortgage, LLC, the 18th day of each month,
        or
        if such day is not a Business Day, the immediately preceding Business Day.
        With
        respect to any Mortgage Loan subserviced by Midland, the 18th day of each
        month,
        or if such day is not a Business Day, the immediately preceding Business
        Day.

       

      
        
          
          

        

        
          56

          
            

          

        

        
          
          

        

      

      “Sub-Servicing
        Account”: An account established by a Sub-Servicer which meets the requirements
        set forth in Section 3.08 and is otherwise acceptable to the Master
        Servicer.

       

      “Sub-Servicing
        Agreement”: The written contract between the Master Servicer and a Sub-Servicer
        and any successor Sub-Servicer relating to servicing and administration of
        certain Mortgage Loans as provided in Section 3.02.

       

      “Sub-Servicing
        Fees”: With respect to each Mortgage Loan, accrued interest at the Sub-Servicing
        Fee Rate with respect to the Mortgage Loan on the same principal balance
        on
        which interest on the Mortgage Loan accrues for the calendar month. The
        Sub-Servicing Fees consist of subservicing and other related compensation
        payable to the related Sub-Servicer or to the Master Servicer if the Master
        Servicer is directly servicing the loan.

       

      “Sub-Servicing
        Fee Rate”: On each adjustable-rate Group 1 Loan, including any such mortgage
        loan with an initial fixed rate, 0.375% per annum. On each fixed-rate Group
        1
        Loan for the first lien mortgage loans, 0.250% per annum. On each fixed-rate
        Group 1 Loan for the second lien mortgage loans, 0.500% per annum. On each
        Group
        2 Loan, a rate equal to 0.250% per annum, with such rate increasing to 0.750%
        per annum for any Group 2 Loan that becomes a Specially Serviced Group 2
        Loan.

       

      “Substitution
        Adjustment”: As defined in Section 2.04 hereof.

       

      “Supplemental
        Interest Trust”: The Group 1 Supplemental Interest Trust or the Group 2
        Supplemental Interest Trust, as applicable. 

       

      “Supplemental
        Interest Trust Trustee”: The Group 1 Supplemental Interest Trust Trustee or the
        Group 2 Supplemental Interest Trust Trustee, as applicable.

       

      “Swap
        LIBOR”: LIBOR as determined pursuant to each Interest Rate Swap
        Agreement.

       

      “Swap
        Optional Termination Payment”: As defined in Section 9.01 hereof.

       

      “Swap
        Provider”: The Group 1 Swap Provider or Group 2 Swap Provider, as
        applicable.

       

      “Swap
        Provider Trigger Event” With respect to any Distribution Date, (i) an Event of
        Default under the related Interest Rate Swap Agreement with respect to which
        the
        Swap Provider is a Defaulting Party, (ii) a Termination Event under the related
        Interest Rate Swap Agreement with respect to which the Swap Provider is the
        sole
        Affected Party, or (iii) an Additional Termination Event under the related
        Interest Rate Swap Agreement with respect to which the Swap Provider is the
        sole
        Affected Party.

       

      “Swap
        Termination Payment” Upon the designation of an “Early Termination Date” as
        defined in the related Interest Rate Swap Agreement, the payment to be made
        by
        the Supplemental Interest Trust to the Swap Provider or by the Swap Provider
        to
        the Supplemental Interest Trust, as applicable, pursuant to the terms of
        the
        related Interest Rate Swap Agreement.

       

      
        
          
          

        

        
          57

          
            

          

        

        
          
          

        

      

      “Tax
        Matters Person”: The person designated as “tax matters person” in the manner
        provided under Treasury Regulation Sections 1.860F-4(d) and 301.6231(a)(7)-1T.
        The Holder of the greatest Percentage Interest in a class of Residual Interests
        in a REMIC shall be the Tax Matters Person for the related REMIC. The Trustee,
        or any successor thereto or assignee thereof, shall serve as tax administrator
        hereunder and as agent for the related Tax Matters Person.

       

      “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 REMIC 1, REMIC 2, REMIC 3 and REMIC 4 due to their classification
        as
        REMICs 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.

       

      “Transferor”:
        Any Person who is disposing by Transfer of any Ownership Interest in a
        Certificate.

       

      “Trust
        Fund”: REMIC 1, REMIC 2, REMIC 3, REMIC 4 the Net WAC Shortfall Reserve Fund and
        Master Servicer Prepayment Charge Payment Amount.

       

      “Trustee”:
        Deutsche Bank National Trust Company, or its successor in interest, or any
        successor trustee appointed as herein provided.

       

      “Uncertificated
        Accrued Interest”: With respect to each REMIC Regular Interest on each
        Distribution Date, an amount equal to one month's interest at the related
        Uncertificated Pass-Through Rate on the related Uncertificated Principal
        Balance
        or related Uncertificated Notional Amount of such REMIC Regular Interest.
        In
        each case, Uncertificated Accrued Interest will be reduced by any Net Prepayment
        Interest Shortfalls and Relief Act Interest Shortfalls (allocated to such
        REMIC
        Regular Interests as set forth in Section 1.03).

       

      “Uncertificated
        Notional Balance”: With respect to REMIC 3 Regular Interest 1-IO and each
        Distribution Date listed below, the aggregate Uncertificated Principal Balance
        of the REMIC 1 Regular Interests ending with the designation “A” listed
        below:

       

      
        	
                Distribution
                  Date

              	
                REMIC
                  1 Regular Interests

              
	
                1

              	
                1-1-A
                  through 1-84-A

              
	
                2

              	
                1-1-A
                  through 1-84-A

              
	
                3

              	
                1-3-A
                  through 1-84-A

              
	
                4

              	
                1-4-A
                  through 1-84-A

              
	
                5

              	
                1-5-A
                  through 1-84-A

              
	
                6

              	
                1-6-A
                  through 1-84-A

              

      

      
        
          
          

        

        
          58

          
            

          

        

        
          
          

        

      

      

      
        	
                7

              	
                1-7-A
                  through 1-84-A

              
	
                8

              	
                1-8-A
                  through 1-84-A

              
	
                9

              	
                1-9-A
                  through 1-84-A

              
	
                10

              	
                1-10-A
                  through 1-84-A

              
	
                11

              	
                1-11-A
                  through 1-84-A

              
	
                12

              	
                1-11-A
                  through 1-84-A

              
	
                13

              	
                1-13-A
                  through 1-84-A

              
	
                14

              	
                1-14-A
                  through 1-84-A

              
	
                15

              	
                1-15-A
                  through 1-84-A

              
	
                16

              	
                1-16-A
                  through 1-84-A

              
	
                17

              	
                1-17-A
                  through 1-84-A

              
	
                18

              	
                1-18-A
                  through 1-84-A

              
	
                19

              	
                1-19-A
                  through 1-84-A

              
	
                20

              	
                1-20-A
                  through 1-84-A

              
	
                21

              	
                1-21-A
                  through 1-84-A

              
	
                22

              	
                1-21-A
                  through 1-84-A

              
	
                23

              	
                1-23-A
                  through 1-84-A

              
	
                24

              	
                1-24-A
                  through 1-84-A

              
	
                25

              	
                1-25-A
                  through 1-84-A

              
	
                26

              	
                1-26-A
                  through 1-84-A

              
	
                27

              	
                1-27-A
                  through 1-84-A

              
	
                28

              	
                1-28-A
                  through 1-84-A

              
	
                29

              	
                1-29-A
                  through 1-84-A

              
	
                30

              	
                1-30-A
                  through 1-84-A

              
	
                31

              	
                1-31-A
                  through 1-84-A

              
	
                32

              	
                1-31-A
                  through 1-84-A

              
	
                33

              	
                1-33-A
                  through 1-84-A

              
	
                34

              	
                1-34-A
                  through 1-84-A

              
	
                35

              	
                1-35-A
                  through 1-84-A

              
	
                36

              	
                1-36-A
                  through 1-84-A

              
	
                37

              	
                1-37-A
                  through 1-84-A

              
	
                38

              	
                1-38-A
                  through 1-84-A

              
	
                39

              	
                1-39-A
                  through 1-84-A

              
	
                40

              	
                1-40-A
                  through 1-84-A

              
	
                41

              	
                1-41-A
                  through 1-84-A

              
	
                42

              	
                1-41-A
                  through 1-84-A

              
	
                43

              	
                1-43-A
                  through 1-84-A

              
	
                44

              	
                1-44-A
                  through 1-84-A

              
	
                45

              	
                1-45-A
                  through 1-84-A

              
	
                46

              	
                1-46-A
                  through 1-84-A

              
	
                47

              	
                1-47-A
                  through 1-84-A

              
	
                48

              	
                1-48-A
                  through 1-84-A

              
	
                49

              	
                1-49-A
                  through 1-84-A

              
	
                50

              	
                1-50-A
                  through 1-84-A

              
	
                51

              	
                1-51-A
                  through 1-84-A

              
	
                52

              	
                1-51-A
                  through 1-84-A

              
	
                53

              	
                1-53-A
                  through 1-84-A

              
	
                54

              	
                1-54-A
                  through 1-84-A

              
	
                55

              	
                1-55-A
                  through 1-84-A

              
	
                56

              	
                1-56-A
                  through 1-84-A

              
	
                57

              	
                1-57-A
                  through 1-84-A

              
	
                58

              	
                1-58-A
                  through 1-84-A

              
	
                59

              	
                1-59-A
                  through 1-84-A

              
	
                60

              	
                1-60-A
                  through 1-84-A

              
	
                61

              	
                1-61-A
                  through 1-84-A

              
	
                62

              	
                1-61-A
                  through 1-84-A

              

      

      
        
          
          

        

        
          59

          
            

          

        

        
          
          

        

      

      

      
        	
                63

              	
                1-63-A
                  through 1-84-A

              
	
                64

              	
                1-64-A
                  through 1-84-A

              
	
                65

              	
                1-65-A
                  through 1-84-A

              
	
                66

              	
                1-66-A
                  through 1-84-A

              
	
                67

              	
                1-67-A
                  through 1-84-A

              
	
                68

              	
                1-68-A
                  through 1-84-A

              
	
                69

              	
                1-69-A
                  through 1-84-A

              
	
                70

              	
                1-70-A
                  through 1-84-A

              
	
                71

              	
                1-71-A
                  through 1-84-A

              
	
                72

              	
                1-71-A
                  through 1-84-A

              
	
                73

              	
                1-73-A
                  through 1-84-A

              
	
                74

              	
                1-74-A
                  through 1-84-A

              
	
                75

              	
                1-75-A
                  through 1-84-A

              
	
                76

              	
                1-76-A
                  through 1-84-A

              
	
                77

              	
                1-77-A
                  through 1-84-A

              
	
                78

              	
                1-78-A
                  through 1-84-A

              
	
                79

              	
                1-79-A
                  through 1-84-A

              
	
                80

              	
                1-80-A
                  through 1-84-A

              
	
                81

              	
                1-81-A
                  through 1-84-A

              
	
                82

              	
                1-81-A
                  through 1-84-A

              
	
                83

              	
                1-83-A
                  through 1-84-A

              
	
                84

              	
                1-84-A

              
	
                thereafter

              	
                $0.00

              

      

      

       

      With
        respect to REMIC 3 Regular Interest 2-IO and each Distribution Date listed
        below, the aggregate Uncertificated Principal Balance of the REMIC 2 Regular
        Interests ending with the designation “A” listed below:

       

      
        	
                Distribution
                  Date

              	
                REMIC
                  2 Regular Interests

              
	
                1

              	
                1-1-A
                  through 1-117-A

              
	
                2

              	
                1-1-A
                  through 1-117-A

              
	
                3

              	
                1-3-A
                  through 1-117-A

              
	
                4

              	
                1-4-A
                  through 1-117-A

              
	
                5

              	
                1-5-A
                  through 1-117-A

              
	
                6

              	
                1-6-A
                  through 1-117-A

              
	
                7

              	
                1-7-A
                  through 1-117-A

              
	
                8

              	
                1-8-A
                  through 1-117-A

              
	
                9

              	
                1-9-A
                  through 1-117-A

              
	
                10

              	
                1-10-A
                  through 1-117-A

              
	
                11

              	
                1-11-A
                  through 1-117-A

              
	
                12

              	
                1-11-A
                  through 1-117-A

              
	
                13

              	
                1-13-A
                  through 1-117-A

              
	
                14

              	
                1-14-A
                  through 1-117-A

              
	
                15

              	
                1-15-A
                  through 1-117-A

              
	
                16

              	
                1-16-A
                  through 1-117-A

              
	
                17

              	
                1-17-A
                  through 1-117-A

              
	
                18

              	
                1-18-A
                  through 1-117-A

              
	
                19

              	
                1-19-A
                  through 1-117-A

              
	
                20

              	
                1-20-A
                  through 1-117-A

              
	
                21

              	
                1-21-A
                  through 1-117-A

              
	
                22

              	
                1-21-A
                  through 1-117-A

              

      

      
        
          
          

        

        
          60

          
            

          

        

        
          
          

        

      

      

      
        	
                23

              	
                1-23-A
                  through 1-117-A

              
	
                24

              	
                1-24-A
                  through 1-117-A

              
	
                25

              	
                1-25-A
                  through 1-117-A

              
	
                26

              	
                1-26-A
                  through 1-117-A

              
	
                27

              	
                1-27-A
                  through 1-117-A

              
	
                28

              	
                1-28-A
                  through 1-117-A

              
	
                29

              	
                1-29-A
                  through 1-117-A

              
	
                30

              	
                1-30-A
                  through 1-117-A

              
	
                31

              	
                1-31-A
                  through 1-117-A

              
	
                32

              	
                1-31-A
                  through 1-117-A

              
	
                33

              	
                1-33-A
                  through 1-117-A

              
	
                34

              	
                1-34-A
                  through 1-117-A

              
	
                35

              	
                1-35-A
                  through 1-117-A

              
	
                36

              	
                1-36-A
                  through 1-117-A

              
	
                37

              	
                1-37-A
                  through 1-117-A

              
	
                38

              	
                1-38-A
                  through 1-117-A

              
	
                39

              	
                1-39-A
                  through 1-117-A

              
	
                40

              	
                1-40-A
                  through 1-117-A

              
	
                41

              	
                1-41-A
                  through 1-117-A

              
	
                42

              	
                1-41-A
                  through 1-117-A

              
	
                43

              	
                1-43-A
                  through 1-117-A

              
	
                44

              	
                1-44-A
                  through 1-117-A

              
	
                45

              	
                1-45-A
                  through 1-117-A

              
	
                46

              	
                1-46-A
                  through 1-117-A

              
	
                47

              	
                1-47-A
                  through 1-117-A

              
	
                48

              	
                1-48-A
                  through 1-117-A

              
	
                49

              	
                1-49-A
                  through 1-117-A

              
	
                50

              	
                1-50-A
                  through 1-117-A

              
	
                51

              	
                1-51-A
                  through 1-117-A

              
	
                52

              	
                1-51-A
                  through 1-117-A

              
	
                53

              	
                1-53-A
                  through 1-117-A

              
	
                54

              	
                1-54-A
                  through 1-117-A

              
	
                55

              	
                1-55-A
                  through 1-117-A

              
	
                56

              	
                1-56-A
                  through 1-117-A

              
	
                57

              	
                1-57-A
                  through 1-117-A

              
	
                58

              	
                1-58-A
                  through 1-117-A

              
	
                59

              	
                1-59-A
                  through 1-117-A

              
	
                60

              	
                1-60-A
                  through 1-117-A

              
	
                61

              	
                1-61-A
                  through 1-117-A

              
	
                62

              	
                1-61-A
                  through 1-117-A

              
	
                63

              	
                1-63-A
                  through 1-117-A

              
	
                64

              	
                1-64-A
                  through 1-117-A

              
	
                65

              	
                1-65-A
                  through 1-117-A

              
	
                66

              	
                1-66-A
                  through 1-117-A

              
	
                67

              	
                1-67-A
                  through 1-117-A

              
	
                68

              	
                1-68-A
                  through 1-117-A

              
	
                69

              	
                1-69-A
                  through 1-117-A

              
	
                70

              	
                1-70-A
                  through 1-117-A

              
	
                71

              	
                1-71-A
                  through 1-117-A

              
	
                72

              	
                1-71-A
                  through 1-117-A

              
	
                73

              	
                1-73-A
                  through 1-117-A

              

      

      
        
          
          

        

        
          61

          
            

          

        

        
          
          

        

      

      

      
        	
                74

              	
                1-74-A
                  through 1-117-A

              
	
                75

              	
                1-75-A
                  through 1-117-A

              
	
                76

              	
                1-76-A
                  through 1-117-A

              
	
                77

              	
                1-77-A
                  through 1-117-A

              
	
                78

              	
                1-78-A
                  through 1-117-A

              
	
                79

              	
                1-79-A
                  through 1-117-A

              
	
                80

              	
                1-80-A
                  through 1-117-A

              
	
                81

              	
                1-81-A
                  through 1-117-A

              
	
                82

              	
                1-81-A
                  through 1-117-A

              
	
                83

              	
                1-83-A
                  through 1-117-A

              
	
                84

              	
                1-84-A
                  through 1-117-A

              
	
                85

              	
                1-85-A
                  through 1-117-A

              
	
                86

              	
                1-86-A
                  through 1-117-A

              
	
                87

              	
                1-87-A
                  through 1-117-A

              
	
                88

              	
                1-88-A
                  through 1-117-A

              
	
                89

              	
                1-89-A
                  through 1-117-A

              
	
                90

              	
                1-90-A
                  through 1-117-A

              
	
                91

              	
                1-91-A
                  through 1-117-A

              
	
                92

              	
                1-91-A
                  through 1-117-A

              
	
                93

              	
                1-93-A
                  through 1-117-A

              
	
                94

              	
                1-94-A
                  through 1-117-A

              
	
                95

              	
                1-95-A
                  through 1-117-A

              
	
                96

              	
                1-96-A
                  through 1-117-A

              
	
                97

              	
                1-97-A
                  through 1-117-A

              
	
                98

              	
                1-98-A
                  through 1-117-A

              
	
                99

              	
                1-99-A
                  through 1-117-A

              
	
                100

              	
                1-100-A
                  through 1-117-A

              
	
                101

              	
                1-101-A
                  through 1-117-A

              
	
                102

              	
                1-101-A
                  through 1-117-A

              
	
                103

              	
                1-103-A
                  through 1-117-A

              
	
                104

              	
                1-104-A
                  through 1-117-A

              
	
                105

              	
                1-105-A
                  through 1-117-A

              
	
                106

              	
                1-106-A
                  through 1-117-A

              
	
                107

              	
                1-107-A
                  through 1-117-A

              
	
                108

              	
                1-108-A
                  through 1-117-A

              
	
                109

              	
                1-109-A
                  through 1-117-A

              
	
                110

              	
                1-110-A
                  through 1-117-A

              
	
                111

              	
                1-111-A
                  through 1-117-A

              
	
                112

              	
                1-111-A
                  through 1-117-A

              
	
                113

              	
                1-113-A
                  through 1-117-A

              
	
                114

              	
                1-114-A
                  through 1-117-A

              
	
                115

              	
                1-115-A
                  through 1-117-A

              
	
                116

              	
                1-116-A
                  through 1-117-A

              
	
                117

              	
                1-117-A

              
	
                thereafter

              	
                $0.00

              

      

       

      With
        respect to the Class 1-IO Interest and any Distribution Date, an amount equal
        to
        the Uncertificated Notional Amount of the REMIC 3 Regular Interest 1-IO.
        

       

      
        
          
          

        

        
          62

          
            

          

        

        
          
          

        

      

      With
        respect to the Class 2-IO Interest and any Distribution Date, an amount equal
        to
        the Uncertificated Notional Amount of the REMIC 3 Regular Interest 2-IO.
        

       

      “Uncertificated
        Pass-Through Rate”: The Uncertificated REMIC 1 Pass-Through Rate, Uncertificated
        REMIC 2 Pass-Through Rate or Uncertificated REMIC 3 Pass-Through
        Rate.

       

      “Uncertificated
        Principal Balance”: With respect to each REMIC Regular Interest, the principal
        amount of such REMIC Regular Interest outstanding as of any date of
        determination. As of the Closing Date, the Uncertificated Principal Balance
        of
        each REMIC Regular Interest shall equal the amount set forth in the Preliminary
        Statement hereto as its initial Uncertificated Principal Balance. On each
        Distribution Date, the Uncertificated Principal Balance of each such REMIC
        Regular Interest shall be reduced by all distributions of principal made
        on such
        REMIC Regular Interest on such Distribution Date pursuant to Section 4.04
        and,
        if and to the extent necessary and appropriate, shall be further reduced
        on such
        Distribution Date by Realized Losses as provided in Section 4.05. The
        Uncertificated Principal Balances of REMIC 3 Regular Interest 1-ZZ and REMIC
        3
        Regular Interest 2-ZZ shall be increased by interest deferrals as provided
        in
        Sections 4.04(c)(1)(ii) and 4.04(c)(2)(ii), respectively. The Uncertificated
        Principal Balance of each REMIC Regular Interest shall never be less than
        zero.

       

      “Uncertificated
        REMIC 1 Pass-Through Rate”: With respect to REMIC 1 Regular Interests OC and P
        and any Distribution Date, a per annum rate equal to the Group 1 Net Mortgage
        Rate for such Distribution Date.

       

      With
        respect to each REMIC 1 Regular Interest ending with the designation “A” and any
        Distribution Date, a per annum rate equal to the Group 1 Net Mortgage Rate
        for
        such Distribution Date multiplied by 2, subject to a maximum rate equal to
        2
        multiplied by the per annum fixed rate set forth in the Group 1 Interest
        Rate
        Swap Agreement to be used in determining the Net Swap Payment under such
        agreement for such Distribution Date.

       

      With
        respect to each REMIC 1 Regular Interest ending with the designation “B” and any
        Distribution Date, a per annum rate equal to the greater of (x) the excess
        of
        (1) 2 multiplied by the Group 1 Net Mortgage Rate for such Distribution Date
        over (2) 2 multiplied by the per annum fixed rate set forth in the Group
        1
        Interest Rate Swap Agreement to be used in determining the Net Swap Payment
        under such agreement for such Distribution Date, and (y) 0.00%.

       

      “Uncertificated
        REMIC 2 Pass-Through Rate”: With respect to REMIC 2 Regular Interests OC and P
        and any Distribution Date, a per annum rate equal to the Group 2 Net Mortgage
        Rate for such Distribution Date. 

       

      With
        respect to each REMIC 2 Regular Interest ending with the designation “A” and any
        Distribution Date, a per annum rate equal to the Group 2 Net Mortgage Rate
        for
        such Distribution Date, multiplied by 2, subject to a maximum rate equal
        to 2
        multiplied by the per annum fixed rate set forth in the Group 2 Interest
        Rate
        Swap Agreement to be used in determining the Net Swap Payment under such
        agreement for such Distribution Date.

       

      With
        respect to each REMIC 2 Regular Interest ending with the designation “B” and any
        Distribution Date, a per annum rate equal to the greater of (x) the excess
        of
        (1) 2 multiplied by the Group 2 Net Mortgage Rate for such Distribution Date
        over (2) 2 multiplied by the per annum fixed rate set forth in the Group
        2
        Interest Rate Swap Agreement to be used in determining the Net Swap Payment
        under such agreement for such Distribution Date, and (y) 0.00%.

       

      
        
          
          

        

        
          63

          
            

          

        

        
          
          

        

      

      “Uncertificated
        REMIC 3 Pass-Through Rate”: With respect to each REMIC 3 Group 1 Regular
        Interest (other than REMIC 3 Regular Interest 1-IO) and any Distribution
        Date, a
        per annum rate equal to the weighted average of (i) the Uncertificated REMIC
        1
        Pass-Through Rates for the REMIC 1 Regular Interests ending with the designation
        “B”, REMIC 1 Regular Interest P and REMIC 1 Regular Interest OC for such
        Distribution Date, and (ii) the rates listed below for the REMIC 1 Regular
        Interests ending with the designation “A” for such Distribution Date, in each
        case weighted on the basis of the Uncertificated Principal Balances of each
        such
        REMIC 1 Regular Interest for such Distribution Date: 

       

      
        	
                Distribution
                  Date

              	
                 

                REMIC
                  1 Regular Interest

              	
                 

                Rate

              
	
                1

              	
                1-1-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                2

              	
                1-1-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                3

              	
                1-3-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-1-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                4

              	
                1-4-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-3-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                5

              	
                1-5-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-4-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                6

              	
                1-6-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-5-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                7

              	
                1-7-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-6-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                8

              	
                1-8-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-7-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                9

              	
                1-9-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-8-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                10

              	
                1-10-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-9-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                11

              	
                1-11-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-10-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                12

              	
                1-11-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-11-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                13

              	
                1-13-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-11-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                14

              	
                1-14-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-13-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              

      

      
        
          
          

        

        
          64

          
            

          

        

        
          
          

        

      

      

      
        	
                15

              	
                1-15-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-14-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                16

              	
                1-16-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-15-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                17

              	
                1-17-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-16-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                18

              	
                1-18-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-17-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                19

              	
                1-19-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-18-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                20

              	
                1-20-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-19-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                21

              	
                1-21-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-20-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                22

              	
                1-21-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-21-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                23

              	
                1-23-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-21-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                24

              	
                1-24-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-23-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                25

              	
                1-25-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-24-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                26

              	
                1-26-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-25-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                27

              	
                1-27-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-26-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                28

              	
                1-28-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-27-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                29

              	
                1-29-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-28-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                30

              	
                1-30-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-29-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                31

              	
                1-31-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-30-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                32

              	
                1-31-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-31-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                33

              	
                1-33-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-31-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                34

              	
                1-34-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-33-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                35

              	
                1-35-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-34-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              

      

      
        
          
          

        

        
          65

          
            

          

        

        
          
          

        

      

      

      
        	
                36

              	
                1-36-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-35-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                37

              	
                1-37-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-36-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                38

              	
                1-38-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-37-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                39

              	
                1-39-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-38-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                40

              	
                1-40-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-39-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                41

              	
                1-41-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-40-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                42

              	
                1-41-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-41-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                43

              	
                1-43-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-41-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                44

              	
                1-44-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-43-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                45

              	
                1-45-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-44-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                46

              	
                1-46-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-45-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                47

              	
                1-47-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-46-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                48

              	
                1-48-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-47-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                49

              	
                1-49-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-48-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                50

              	
                1-50-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-49-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                51

              	
                1-51-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-50-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                52

              	
                1-51-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-51-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                53

              	
                1-53-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-51-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                54

              	
                1-54-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-53-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                55

              	
                1-55-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-54-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                56

              	
                1-56-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              

      

      
        
          
          

        

        
          66

          
            

          

        

        
          
          

        

      

      

      
        	 	
                1-1-A
                  through 1-55-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                57

              	
                1-57-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-56-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                58

              	
                1-58-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-57-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                59

              	
                1-59-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-58-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                60

              	
                1-60-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-59-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                61

              	
                1-61-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-60-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                62

              	
                1-61-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-61-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                63

              	
                1-63-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-61-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                64

              	
                1-64-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-63-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                65

              	
                1-65-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-64-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                66

              	
                1-66-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-65-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                67

              	
                1-67-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-66-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                68

              	
                1-68-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-67-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                69

              	
                1-69-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-68-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                70

              	
                1-70-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-59-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                71

              	
                1-71-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-70-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                72

              	
                1-72-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-71-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                73

              	
                1-73-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-72-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                74

              	
                1-74-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-73-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                75

              	
                1-75-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-74-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                76

              	
                1-76-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-75-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                77

              	
                1-77-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              

      

      
        
          
          

        

        
          67

          
            

          

        

        
          
          

        

      

      

      
        	 	
                1-1-A
                  through 1-76-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                78

              	
                1-78-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-77-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                79

              	
                1-79-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-78-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                80

              	
                1-80-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-59-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                81

              	
                1-81-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-80-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                82

              	
                1-81-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-81-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                83

              	
                1-83-A
                  through 1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-81-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                84

              	
                1-84-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 1 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-83-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              
	
                thereafter

              	
                1-1-A
                  through 1-84-A

              	
                Uncertificated
                  REMIC 1 Pass-Through Rate

              

      

       

      With
        respect to REMIC 3 Regular Interest 1-IO and any Distribution Date, a per
        annum
        rate equal to the excess, if any, of (i) the weighted average of the
        Uncertificated REMIC 1 Pass-Through Rates for the REMIC 1 Regular Interests
        ending with the designation “A” for such Distribution Date over (ii) 2
        multiplied by Swap LIBOR for such Distribution Date.

       

      With
        respect to each REMIC 3 Group 2 Regular Interest (other than REMIC 3 Regular
        Interest 2-IO) and any Distribution Date, a per annum rate equal to the weighted
        average of (i) the Uncertificated REMIC 2 Pass-Through Rates for the REMIC
        2
        Regular Interests ending with the designation “B”, REMIC 2 Regular Interest P
        and REMIC 2 Regular Interest OC for such Distribution Date, and (ii) the
        rates
        listed below for the REMIC 2 Regular Interests ending with the designation
“A”
for such Distribution Date, in each case weighted on the basis of the
        Uncertificated Principal Balances of each such REMIC 2 Regular Interest for
        such
        Distribution Date: 

       

      
        	
                Distribution
                  Date

              	
                 

                REMIC
                  2 Regular Interest

              	
                 

                Rate

              
	
                1

              	
                1-1-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                2

              	
                1-2-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                3

              	
                1-3-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-2-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                4

              	
                1-4-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-3-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                5

              	
                1-5-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-4-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                6

              	
                1-6-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              

      

      
        
          
          

        

        
          68

          
            

          

        

        
          
          

        

      

      

      
        	 	
                1-1-A
                  through 1-5-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                7

              	
                1-7-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-6-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                8

              	
                1-8-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-7-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                9

              	
                1-9-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-8-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                10

              	
                1-10-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-9-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                11

              	
                1-11-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-10-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                12

              	
                1-12-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-11-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                13

              	
                1-13-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-12-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                14

              	
                1-14-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-13-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                15

              	
                1-15-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-14-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                16

              	
                1-16-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-15-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                17

              	
                1-17-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-16-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                18

              	
                1-18-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-17-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                19

              	
                1-19-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-18-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                20

              	
                1-20-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-19-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                21

              	
                1-21-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-20-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                22

              	
                1-22-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-21-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                23

              	
                1-23-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-22-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                24

              	
                1-24-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-23-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                25

              	
                1-25-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-24-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                26

              	
                1-26-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-25-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              

      

      
        
          
          

        

        
          69

          
            

          

        

        
          
          

        

      

      

      
        	
                27

              	
                1-27-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-26-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                28

              	
                1-28-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-27-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                29

              	
                1-29-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-28-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                30

              	
                1-30-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-29-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                31

              	
                1-31-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-30-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                32

              	
                1-32-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-31-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                33

              	
                1-33-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-32-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                34

              	
                1-34-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-33-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                35

              	
                1-35-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-34-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                36

              	
                1-36-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-35-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                37

              	
                1-37-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-36-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                38

              	
                1-38-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-37-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                39

              	
                1-39-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-38-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                40

              	
                1-40-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-39-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                41

              	
                1-41-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-40-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                42

              	
                1-42-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-41-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                43

              	
                1-43-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-42-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                44

              	
                1-44-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-43-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                45

              	
                1-45-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-44-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                46

              	
                1-46-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-45-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                47

              	
                1-47-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              

      

      
        
          
          

        

        
          70

          
            

          

        

        
          
          

        

      

      

      
        	 	
                1-1-A
                  through 1-46-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                48

              	
                1-48-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-47-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                49

              	
                1-49-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-48-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                50

              	
                1-50-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-49-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                51

              	
                1-51-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-50-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                52

              	
                1-52-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-51-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                53

              	
                1-53-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-52-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                54

              	
                1-54-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-53-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                55

              	
                1-55-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-54-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                56

              	
                1-56-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-55-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                57

              	
                1-57-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-56-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                58

              	
                1-58-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-57-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                59

              	
                1-59-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-58-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                60

              	
                1-60-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-59-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                61

              	
                1-61-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-84-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                62

              	
                1-62-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-61-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                63

              	
                1-63-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-62-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                64

              	
                1-64-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-63-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                65

              	
                1-65-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-64-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                66

              	
                1-66-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-65-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                67

              	
                1-67-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-66-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                68

              	
                1-68-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              

      

      
        
          
          

        

        
          71

          
            

          

        

        
          
          

        

      

      

      
        	 	
                1-1-A
                  through 1-67-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                69

              	
                1-69-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-68-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                70

              	
                1-70-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-69-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                71

              	
                1-71-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-70-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                72

              	
                1-72-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-71-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                73

              	
                1-73-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-72-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                74

              	
                1-74-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-73-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                75

              	
                1-75-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-74-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                76

              	
                1-76-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-75-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                77

              	
                1-77-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-76-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                78

              	
                1-78-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-77-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                79

              	
                1-79-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-78-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                80

              	
                1-80-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-79-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                81

              	
                1-81-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-80-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                82

              	
                1-82-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-81-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                83

              	
                1-83-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-82-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                84

              	
                1-84-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-83-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                85

              	
                1-85-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-84-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                86

              	
                1-86-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-85-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                87

              	
                1-87-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-86-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                88

              	
                1-88-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-87-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              

      

      
        
          
          

        

        
          72

          
            

          

        

        
          
          

        

      

      

      
        	
                89

              	
                1-89-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-88-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                80

              	
                1-80-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-89-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                91

              	
                1-91-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-90-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                92

              	
                1-92-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-91-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                93

              	
                1-93-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-92-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                94

              	
                1-94-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-93-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                95

              	
                1-95-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-94-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                96

              	
                1-96-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-95-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                97

              	
                1-97-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-96-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                98

              	
                1-98-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-97-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                99

              	
                1-99-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-98-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                90

              	
                1-90-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-99-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                101

              	
                1-101-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-100-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                102

              	
                1-102-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-101-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                103

              	
                1-103-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-102-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                104

              	
                1-104-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-103-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                105

              	
                1-105-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-104-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                106

              	
                1-106-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-105-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                107

              	
                1-107-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-106-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                108

              	
                1-108-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-107-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                109

              	
                1-109-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              

      

      
        
          
          

        

        
          73

          
            

          

        

        
          
          

        

      

      

      
        	 	
                1-1-A
                  through 1-108-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                110

              	
                1-100-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-109-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                111

              	
                1-111-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-110-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                112

              	
                1-112-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-111-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                113

              	
                1-113-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-112-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                114

              	
                1-114-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-113-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                115

              	
                1-115-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-114-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                116

              	
                1-116-A
                  through 1-117-A

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-115-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                117

              	
                1-117-A
                  

              	
                2
                  multiplied by Swap LIBOR, subject to a maximum rate of Uncertificated
                  REMIC 2 Pass-Through Rate

              
	 	
                1-1-A
                  through 1-116-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              
	
                thereafter

              	
                1-1-A
                  through 1-117-A

              	
                Uncertificated
                  REMIC 2 Pass-Through Rate

              

      

       

      With
        respect to REMIC 3 Regular Interest 2-IO and any Distribution Date, a per
        annum
        rate equal to the excess of (i) the weighted average of the Uncertificated
        REMIC
        2 Pass-Through Rates for the REMIC 2 Regular Interests ending with the
        designation “A” for such Distribution Date over (ii) 2 multiplied by Swap LIBOR
        for such Distribution Date.

       

      “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 or flood insurance policies required to be maintained
        pursuant to Section 3.13.

       

      “United
        States Person”: A citizen or resident of the United States, a corporation or a
        partnership (including an entity treated as a corporation or partnership
        for
        United States federal income tax purposes) created or organized in, or under
        the
        laws of, the United States or any State thereof or the District of Columbia
        (except, in the case of a partnership, to the extent provided in regulations)
        provided that, for purposes solely of the restrictions on the transfer of
        Class
        R Certificates, 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 operative agreement
        to be United States Persons or an estate whose income is subject to United
        States federal income tax regardless of its source, or a trust if a court
        within
        the United States is able to exercise primary supervision over the
        administration of the trust and one or more such United States Persons have
        the
        authority to control all substantial decisions of the trust. To the extent
        prescribed in regulations by the Secretary of the Treasury, which have not
        yet
        been issued, a trust which was in existence on August 20, 1996 (other than
        a
        trust treated as owned by the grantor under subpart E of part I of subchapter
        J
        of chapter 1 of the Code), and which was treated as a United States person
        on
        August 20, 1996 may elect to continue to be treated as a United States person
        notwithstanding the previous sentence.

       

      
        
          
          

        

        
          74

          
            

          

        

        
          
          

        

      

      “Unpaid
        Interest Shortfall Amount”: For each Class of Offered Certificates and any
        Distribution Date, the amount, if any, by which (a) the sum of (1) the Monthly
        Interest Distributable Amount for such Class for such Distribution Date and
        (2)
        the outstanding Unpaid Interest Shortfall Amount, if any, for such Class
        for the
        immediately preceding Distribution Date exceeds (b) the aggregate amount
        distributed on such Class in respect of interest pursuant to clause (a) of
        this
        definition on such Distribution Date, plus interest on the amount of Unpaid
        Interest Shortfall Amount due but not paid on such Class on the immediately
        preceding Distribution Date, to the extent permitted by law, at the Pass-Through
        Rate for such Class for the related Accrual Period.

       

      “Voting
        Rights”: The portion of the voting rights of all of the Certificates which is
        allocated to any Certificate. At all times during the term of this Agreement,
        (i) 98% of all Voting Rights will be allocated among the Holders of the Class
        A
        Certificates, the Subordinate Certificates and the Class C Certificates in
        proportion to the then outstanding Certificate Principal Balances of their
        respective Certificates, (ii) 1% of all Voting Rights will be allocated to
        the
        Holders of the Class P Certificates and (iii) 1% of all Voting Rights will
        be
        allocated to the Holders of the Class R Certificates. The Voting Rights
        allocated to any Class of Certificates shall be allocated among all Holders
        of
        the Certificates of such Class in proportion to the outstanding Percentage
        Interests in such Class represented thereby.

       

      Section
        1.02. Determination
        of LIBOR.

       

      LIBOR
        applicable to the calculation of the Pass-Through Rate on the Class A
        Certificates and Subordinate Certificates for any Accrual Period will be
        determined on each LIBOR Rate Adjustment Date.

       

      On
        each
        LIBOR Rate Adjustment Date, LIBOR shall be established by the Trustee and,
        as to
        any 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 Class A Certificates and Subordinate 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. If no such quotations can be obtained, the rate will be LIBOR
        for the
        prior Distribution Date; provided however, if, under the priorities described
        above, LIBOR for a Distribution Date would be based on LIBOR for the previous
        Distribution Date for the third consecutive Distribution Date, the Trustee
        shall
        select an alternative comparable index after consultation with the Master
        Servicer (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.

       

      
        
          
          

        

        
          75

          
            

          

        

        
          
          

        

      

      The
        establishment of LIBOR by the Trustee on any LIBOR Rate Adjustment Date and
        the
        Trustee’s subsequent calculation of the Pass-Through Rate applicable to the
        Class A Certificates and Subordinate Certificates for the relevant 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 Rate on the Class A Certificates and Subordinate
        Certificates for the current and the immediately preceding Accrual
        Period.

       

      Section
        1.03. Allocation
        of Certain Interest Shortfalls.

       

      For
        purposes of calculating the amount of the Monthly Interest Distributable
        Amount
        for the Class A Certificates, the Subordinate Certificates and the Class
        C
        Certificates for any Distribution Date, the aggregate amount of any Net
        Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls incurred
        in respect of the related Mortgage Loans for any Distribution Date shall
        be
        allocated first, among the related Class C Certificates, based on, and to
        the
        extent of, one month's interest at the then applicable Pass-Through Rate
        on the
        related Notional Balance of each such Certificate and, thereafter, among
        the
        Class A Certificates and the Subordinate Certificates on a pro
        rata
        basis,
        based on, and to the extent of, one month's interest at the then applicable
        respective Pass-Through Rates on the respective Certificate Principal Balances
        of each such Certificate.

       

      For
        purposes of calculating the amount of Uncertificated Accrued Interest for
        the
        REMIC 1 Regular Interests for any Distribution Date, the aggregate amount
        of any
        Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
        incurred in respect of Loan Group 1 shall be allocated first, to REMIC 1
        Regular
        Interests ending with the designation “B” and REMIC 1 Regular Interests OC and
        P, pro
        rata,
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated
        Principal Balances of each such REMIC 1 Regular Interest, and then, to REMIC
        1
        Regular Interests ending with the designation “A”, pro
        rata,
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        Uncertificated REMIC 1 Pass-Through Rates on the respective Uncertificated
        Principal Balances of each such REMIC 1 Regular Interest.

       

      
        
          
          

        

        
          76

          
            

          

        

        
          
          

        

      

      For
        purposes of calculating the amount of Uncertificated Accrued Interest for
        the
        REMIC 2 Regular Interests for any Distribution Date, the aggregate amount
        of any
        Net Prepayment Interest Shortfalls and any Relief Act Interest Shortfalls
        incurred in respect of Loan Group 2 shall be allocated first, to REMIC 2
        Regular
        Interests ending with the designation “B” and REMIC 2 Regular Interests OC and
        P, pro
        rata,
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        Uncertificated REMIC 2 Pass-Through Rates on the respective Uncertificated
        Principal Balances of each such REMIC 2 Regular Interest, and then, to REMIC
        2
        Regular Interests ending with the designation “A”, pro
        rata,
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        Uncertificated REMIC 2 Pass-Through Rates on the respective Uncertificated
        Principal Balances of each such REMIC 2 Regular Interest.

       

      For
        purposes of calculating the amount of Uncertificated Accrued Interest for
        the
        REMIC 3 Group 1 Regular Interests (other than REMIC 3 Regular Interest 1-IO)
        for
        any Distribution Date, the aggregate amount of any Net Prepayment Interest
        Shortfalls and any Relief Act Interest Shortfalls incurred in respect of
        the
        Loan Group 1 for any Distribution Date shall be allocated first, to
        Uncertificated Accrued Interest payable to REMIC 3 Regular Interest 1-AA
        and
        REMIC 3 Regular Interest 1-ZZ up to an aggregate amount equal to the REMIC
        3
        Group 1 Interest Loss Allocation Amount, 98% and 2%, respectively, and
        thereafter among REMIC 3 Regular Interest 1-AA, each REMIC 3 Group 1 Regular
        Interest for which a Class 1-A, Class 1-M, Class 1-B or Class 1-P Certificate
        is
        the Corresponding Certificate and REMIC 3 Regular Interest 1-ZZ, pro
        rata,
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        Uncertificated REMIC 3 Pass-Through Rates on the respective Uncertificated
        Principal Balances of each such REMIC 3 Regular Interest.

       

      For
        purposes of calculating the amount of Uncertificated Accrued Interest for
        the
        REMIC 3 Group 2 Regular Interests (other than REMIC 3 Regular Interest 2-IO)
        for
        any Distribution Date, the aggregate amount of any Net Prepayment Interest
        Shortfalls and any Relief Act Interest Shortfalls incurred in respect of
        the
        Loan Group 2 for any Distribution Date shall be allocated first, to
        Uncertificated Accrued Interest payable to REMIC 3 Regular Interest 2-AA
        and
        REMIC 3 Regular Interest 2-ZZ up to an aggregate amount equal to the REMIC
        3
        Group 2 Interest Loss Allocation Amount, 98% and 2%, respectively, and
        thereafter among REMIC 3 Regular Interest 1-AA, each REMIC 3 Group 2 Regular
        Interest for which a Class 2-A Certificate or Class 2-P Certificate is the
        Corresponding Certificate and REMIC 3 Regular Interest 2-ZZ, pro
        rata,
        based
        on, and to the extent of, one month’s interest at the then applicable respective
        Uncertificated REMIC 3 Pass-Through Rates on the respective Uncertificated
        Principal Balances of each such REMIC 3 Regular Interest. 

      
        
          
          

        

        
          77

          
            

          

        

        
          
          

        

      

      

      ARTICLE
        II

       

      CONVEYANCE
        OF MORTGAGE LOANS;

      ORIGINAL
        ISSUANCE OF CERTIFICATES

       

      Section
        2.01. Conveyance
        of Mortgage Loans.

       

      The
        Depositor, as of the Closing Date, and concurrently with the execution and
        delivery hereof, does hereby assign, transfer, sell, set over and otherwise
        convey to the Trustee without recourse all the right, title and interest
        of the
        Depositor in and to the Mortgage Loans identified on the Mortgage Loan Schedule
        (exclusive of any prepayment fees and late payment charges received thereon)
        and
        all other assets included or to be included in the Trust Fund for the benefit
        of
        the Certificateholders, including the amount to be deposited by or on behalf
        of
        the Depositor into the Net WAC Shortfall Reserve Fund. Such assignment includes
        all principal and interest received by the Master Servicer on or with respect
        to
        the Mortgage Loans (other than payment of principal and interest due on or
        before the Cut-off Date).
        

       

      In
        connection with such transfer and assignment, the Depositor has caused the
        Sponsor to deliver to, and deposit with the Custodian, as described in the
        Mortgage Loan Purchase Agreement, with respect to each Mortgage Loan, the
        following documents or instruments:

       

      (i) the
        original Mortgage Note endorsed without recourse, “Deutsche Bank National Trust
        Company, as trustee under the Pooling and Servicing Agreement relating to
        Impac
        Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2006-5” with
        all intervening endorsements showing an unbroken chain of endorsements from
        the
        originator to the Person endorsing it to the Trustee or, with respect to
        any
        Mortgage Loan as to which the original Mortgage Note has been permanently
        lost
        or destroyed and has not been replaced, a Lost Note Affidavit;

       

      (ii) the
        original recorded 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, if the
        original Mortgage has not been returned from the public recording office,
        a copy
        of the Mortgage certified by the Sponsor or the public recording office in
        which
        such Mortgage has been recorded to be a true and complete copy of the original
        Mortgage submitted for recording;

       

      (iii) unless
        the Mortgage Loan is registered on the MERS® System, a duly executed original
        Assignment of the Mortgage, without recourse, in recordable form to Deutsche
        Bank National Trust Company, as trustee,” or to “Deutsche Bank National Trust
        Company, as trustee for holders of Impac Secured Assets Corp., Mortgage
        Pass-Through Certificates, Series 2006-5”;

       

      (iv) the
        original recorded Assignment or Assignments of the Mortgage showing an unbroken
        chain of assignment from the originator thereof to the Person assigning it
        to
        the Trustee (or to MERS, if the Mortgage Loan is registered on the MERS® System
        and noting the presence of a MIN) or, if any such Assignment has not been
        returned from the applicable public recording office, a copy of such Assignment
        certified by the Sponsor to be a true and complete copy of the original
        Assignment submitted to the title insurance company for recording;

       

      
        
          
          

        

        
          78

          
            

          

        

        
          
          

        

      

      (v) the
        original title insurance policy, or, if such policy has not been issued,
        any one
        of an original or a copy of the preliminary title report, title binder or
        title
        commitment on the Mortgaged Property with the original policy of the insurance
        to be delivered promptly following the receipt thereof;

       

      (vi) a
        copy of
        the related hazard insurance policy; and

       

      (vii) a
        true
        and correct copy of any assumption, modification, consolidation or substitution
        agreement.

       

      The
        Sponsor is obligated as described in the Mortgage Loan Purchase Agreement,
        with
        respect to the Mortgage Loans, to deliver to the Custodian: (a) either the
        original recorded Mortgage, or in the event such original cannot be delivered
        by
        the Sponsor, a copy of such Mortgage certified as true and complete by the
        appropriate recording office, in those instances where a copy thereof certified
        by the Sponsor was delivered to the Custodian pursuant to clause (ii) above;
        and
        (b) either the original Assignment or Assignments of the Mortgage, with evidence
        of recording thereon, showing an unbroken chain of assignment from the
        originator to the Sponsor, or in the event such original cannot be delivered
        by
        the Sponsor, a copy of such Assignment or Assignments certified as true and
        complete by the appropriate recording office, in those instances where copies
        thereof certified by the Sponsor were delivered to the Custodian pursuant
        to
        clause (iv) above. However, pursuant to the Mortgage Loan Purchase Agreement
        with respect to the Mortgage Loans, the Sponsor need not cause to be recorded
        any assignment in any jurisdiction under the laws of which, as evidenced
        by an
        Opinion of Counsel delivered by the Sponsor to the Trustee, the Certificate
        Insurer and the Rating Agencies, the recordation of such assignment is not
        necessary to protect the Trustee’s interest in the related Mortgage Loan;
provided,
        however,
        notwithstanding the delivery of any Opinion of Counsel, each assignment shall
        be
        submitted for recording by the Sponsor in the manner described above, at
        no
        expense to the Trust or the Trustee, upon the earliest to occur of: (i)
        direction by the Holders of Certificates evidencing at least 25% of the Voting
        Rights or the Certificate Insurer, (ii) the occurrence of a Event of Default,
        (iii) the occurrence of a bankruptcy, insolvency or foreclosure relating
        to the
        Sponsor, (iv) the occurrence of a servicing transfer as described in Section
        7.02 hereof and (v) if the Sponsor is not the Master Servicer and with respect
        to any one assignment, the occurrence of a bankruptcy, insolvency or foreclosure
        relating to the Mortgagor under the related Mortgage.

       

      Notwithstanding
        anything to the contrary contained in this Section 2.01, in those instances
        where the public recording office retains the original Mortgage after it
        has
        been recorded, the Sponsor shall be deemed to have satisfied its obligations
        hereunder upon delivery to the Custodian of a copy of such Mortgage certified
        by
        the public recording office to be a true and complete copy of the recorded
        original thereof.

       

      If
        any
        Assignment is lost or returned unrecorded to the Custodian because of any
        defect
        therein, the Sponsor is required, as described in the Mortgage Loan Purchase
        Agreement with respect to the Mortgage Loans, to prepare a substitute Assignment
        or cure such defect, as the case may be, and the Sponsor shall cause such
        Assignment to be recorded in accordance with this section.

       

      
        
          
          

        

        
          79

          
            

          

        

        
          
          

        

      

      The
        Sponsor is required as described in the Mortgage Loan Purchase Agreement
        with
        respect to the Mortgage Loans, to exercise its best reasonable efforts to
        deliver or cause to be delivered to the Custodian within 120 days of the
        Closing
        Date, with respect to the Mortgage Loans, the original or a photocopy of
        the
        title insurance policy with respect to each such Mortgage Loan assigned to
        the
        Trustee pursuant to this Section 2.01.

       

      In
        connection with the assignment of any Mortgage Loan registered on the MERS®
System, the Sponsor further agrees that it will cause, at the Sponsor's own
        expense, as of the Closing Date, the MERS® System to indicate that such Mortgage
        Loans have been assigned by the Sponsor to the Trustee in accordance with
        this
        Agreement for the benefit of the Certificateholders and the Certificate Insurer
        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 Depositor 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.

       

      All
        original documents relating to the Mortgage Loans which are not delivered
        to the
        Custodian are and shall be held by the Master Servicer in trust for the benefit
        of the Trustee on behalf of the Certificateholders and the Certificate
        Insurer.

       

      Except
        as
        may otherwise expressly be provided herein, none of the Depositor, the Master
        Servicer or the Trustee shall (and the Master Servicer shall ensure that
        no
        Sub-Servicer shall) assign, sell, dispose of or transfer any interest in
        the
        Trust Fund or any portion thereof, or cause the Trust Fund or any portion
        thereof to be subject to any lien, claim, mortgage, security interest, pledge
        or
        other encumbrance.

       

      It
        is
        intended that the conveyance of the Mortgage Loans by the Depositor to the
        Trustee as provided in this Section be, and be construed as, a sale of the
        Mortgage Loans as provided for in this Section 2.01 by the Depositor to the
        Trustee for the benefit of the Certificateholders and the Certificate Insurer.
        It is, further, not intended that such conveyance be deemed a pledge of the
        Mortgage Loans by the Depositor to the Trustee to secure a debt or other
        obligation of the Depositor. However, in the event that the Mortgage Loans
        are
        held to be property of the Depositor, or if for any reason this Agreement
        is
        held or deemed to create a security interest in the Mortgage Loans, then
        it is
        intended that, (a) this Agreement shall also be deemed to 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; (b) the conveyance provided for in this Section shall be deemed
        to
        be (1) a grant by the Depositor to the Trustee of a security interest in
        all of
        the Depositor's right (including the power to convey title thereto), title
        and
        interest, whether now owned or hereafter acquired, in and to (A) the Mortgage
        Loans, including the Mortgage Notes, the Mortgages, any related Insurance
        Policies and all other documents in the related Mortgage Files, (B) all amounts
        payable to the holders of the Mortgage Loans in accordance with the terms
        thereof and (C) 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 Depositor
        to the Trustee of any security interest in any and all of the Sponsor'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) through (C); (c) the possession by the Trustee or any other
        Custodian or agent of the Trustee of Mortgage Notes and such other items
        of
        property as constitute instruments, money, negotiable documents 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 New York Uniform Commercial
        Code and the Uniform Commercial Code of any other applicable jurisdiction
        (including, without limitation, Sections 9-115, 9-305, 8-102, 8-301, 8-501
        and
        8-503 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, financial intermediaries, bailees or agents (as applicable) of the
        Trustee
        for the purpose of perfecting such security interest under applicable law.
        The
        Depositor and the Trustee shall, to the extent consistent with this Agreement,
        take such actions as may be necessary to ensure that, if this Agreement were
        deemed to create a security interest in the Mortgage Loans, such security
        interest would be deemed to be a perfected security interest of first priority
        under applicable law and will be maintained as such throughout the term of
        the
        Agreement.

       

      
        
          
          

        

        
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      Concurrently
        with the execution of this Agreement, the Interest Rate Swap Agreements and
        Cap
        Contracts shall be delivered to the Trustee. In connection therewith, the
        Company hereby directs the Trustee, as Supplemental Interest Trust Trustee
        (not
        in its individual capacity, but solely in its capacity as Supplemental Interest
        Trust Trustee), to execute and deliver the related Interest Rate Swap Agreement
        and to exercise the rights, perform the obligations, and make the
        representations of Party B (as defined therein) as set forth in the related
        Interest Rate Swap Agreement and as provided in this Agreement on the Closing
        Date and thereafter. In addition, the Trustee, as Supplemental Interest Trust
        Trustee (not in its individual capacity, but solely in its capacity as
        Supplemental Interest Trust Trustee), is hereby directed to execute and deliver
        the related Cap Contracts on behalf of Party B (as defined therein) and to
        exercise the rights, perform the obligations, and make the representations
        of
        Party B as set forth in the related Cap Contracts and as provided in this
        Agreement on the Closing Date and thereafter. The Seller, the Servicer, the
        Depositor and the related Certificateholders, by acceptance of their
        Certificates, acknowledge and agree the Trustee, as Supplemental Interest
        Trust
        Trustee, shall execute and deliver the related Interest Rate Swap Agreement
        and
        Cap Contracts on behalf of Party B (as defined therein) and to exercise the
        rights, perform the obligations, and make the representations of Party B
        as set
        forth in the related Interest Rate Swap Agreement and Cap Contracts and as
        provided in this Agreement and shall do so solely in its capacity as
        Supplemental Interest Trust Trustee and not in its individual
        capacity.

       

      Every
        provision of this Agreement relating to the conduct or affecting the liability
        of or affording protection to the Supplemental Interest Trust Trustees shall
        apply to each Supplemental Interest Trust Trustee’s execution of the related
        Interest Rate Swap Agreement and Cap Contracts, and the performance of its
        duties and satisfaction of its obligations on behalf of Party B
        thereunder.

      
        
          
          

        

        
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      Section
        2.02. Acceptance
        of the Trust Fund by the Trustee.

       

      The
        Custodian, with respect to the Mortgage Files held by it, acknowledges receipt
        (subject to any exceptions noted in the Initial Certification described below)
        on behalf of the Trustee, of the documents referred to in Section 2.01 above
        and
        all other assets included in the definition of “Trust Fund” and declares that it
        holds and will hold such documents and the other documents delivered to it
        constituting the Mortgage Files, and that it holds or will hold such other
        assets included in the definition of “Trust Fund” (to the extent delivered or
        assigned to the Trustee), in trust for the exclusive use and benefit of all
        present and future Certificateholders and the Certificate Insurer.

       

      The
        Custodian agrees, for the benefit of the Certificateholders and the Certificate
        Insurer, to review or cause to be reviewed on its behalf, each Mortgage File
        on
        or before the Closing Date to ascertain that all documents required to be
        delivered to it are in its possession, and the Custodian agrees to execute
        and
        deliver, or cause to be executed and delivered, to the Certificate Insurer,
        the
        Depositor and the Master Servicer on the Closing Date, with respect to each
        Mortgage Loan, an Initial Certification in the form annexed hereto as Exhibit
        C
        to the effect that, as to each Mortgage Loan listed in the Mortgage Loan
        Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan
        specifically identified in such certification as not covered by such
        certification), (i) all documents required to be delivered to it pursuant
        to
        this Agreement with respect to such Mortgage Loan are in its possession,
        (ii)
        such documents have been reviewed by it and appear regular on their face
        and
        relate to such Mortgage Loan and (iii) based on its examination and only
        as to
        the foregoing documents, the information set forth in items (i), (ii), (iii)(A)
        and (iv) of the definition of the “Mortgage Loan Schedule” accurately reflects
        information set forth in the Mortgage File. None of the Custodian, the Trustee
        or the Master Servicer shall be under any duty to determine whether any Mortgage
        File should include any of the documents specified in clause (vi) or (vii)
        of
        Section 2.01. None of the Custodian, the Trustee or the Master Servicer shall
        be
        under any duty or obligation to inspect, review or examine said documents,
        instruments, certificates or other papers to determine that the same are
        genuine, enforceable or appropriate for the represented purpose or that they
        have actually been recorded, or they are in recordable form or that they
        are
        other than what they purport to be on their face.

       

      Within
        90
        days of the Closing Date, with respect to the Mortgage Loans, the Trustee,
        or
        the Custodian on its behalf, shall deliver to the Certificate Insurer, the
        Depositor and the Master Servicer a Final Certification in the form annexed
        hereto as Exhibit D evidencing the completeness of the Mortgage Files, with
        any
        applicable exceptions noted thereon, with respect to all of the Mortgage
        Loans.

       

      If
        in the
        process of reviewing the Mortgage Files and preparing the certifications
        referred to above the Custodian finds any document or documents constituting
        a
        part of a Mortgage File to be missing or defective in any material respect,
        the
        Custodian shall promptly notify the Sponsor, the Master Servicer, the
        Certificate Insurer, the Trustee (if not the Custodian) and the Depositor.
        The
        Trustee shall promptly notify the Sponsor of such defect and request that
        the
        Sponsor cure any such defect within 60 days from the date on which the Sponsor
        was notified of such defect, and if the Sponsor does not cure such defect
        in all
        material respects during such period, request on behalf of the
        Certificateholders and the Certificate Insurer that the Sponsor purchase
        such
        Mortgage Loan from the Trust Fund at the Purchase Price within 90 days after
        the
        date on which the Sponsor was notified of such defect; provided that if such
        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. It is understood
        and agreed that the obligation of the Sponsor to cure a material defect in,
        or
        purchase any Mortgage Loan as to which a material defect in a constituent
        document exists shall constitute the sole remedy respecting such defect
        available to Certificateholders, the Certificate Insurer or the Trustee on
        behalf of Certificateholders. The Purchase Price for the purchased Mortgage
        Loan
        shall be deposited or caused to be deposited upon receipt by the Master Servicer
        in the Custodial Account and, upon receipt by the Trustee of written
        notification of such deposit signed by a Servicing Officer, the Custodian
        shall
        release or cause to be released to the Sponsor the related Mortgage File
        and
        shall execute and deliver such instruments of transfer or assignment, in
        each
        case without recourse, as the Sponsor shall require as necessary to vest
        in the
        Sponsor ownership of any Mortgage Loan released pursuant hereto and at such
        time
        the Trustee and the Custodian shall have no further responsibility with respect
        to the related Mortgage File. In furtherance of the foregoing, if the Sponsor
        is
        not a member of MERS and the Mortgage is registered on the MERS® 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 the Sponsor and shall
        cause such Mortgage to be removed from registration on the MERS® System in
        accordance with MERS' rules and regulations.

       

       

      
        
          
          

        

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

       

      (a) The
        Master Servicer hereby represents and warrants to and covenants with the
        Depositor and the Trustee for the benefit of Certificateholders and the
        Certificate Insurer that:

       

      (i) The
        Master Servicer is, and throughout the term hereof shall remain, a corporation
        duly organized, validly existing and in good standing under the laws of the
        state of its incorporation (except as otherwise permitted pursuant to Section
        6.02), the Master Servicer is, and shall remain, in compliance with the laws
        of
        each state in which any Mortgaged Property is located to the extent necessary
        to
        perform its obligations under this Agreement, and the Master Servicer is,
        and
        shall remain, approved to sell mortgage loans to and service mortgage loans
        for
        Fannie Mae and Freddie Mac;

       

      (ii) The
        execution and delivery of this Agreement by the Master Servicer, and the
        performance and compliance with the terms of this Agreement by the Master
        Servicer, will not violate the Master Servicer's articles of incorporation
        or
        bylaws or constitute a default (or an event which, with notice or lapse of
        time,
        or both, would constitute a default) under, or result in the breach of, any
        material agreement or other instrument to which it is a party or which is
        applicable to it or any of its assets;

       

      
        
          
          

        

        
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      (iii) The
        Master Servicer has the full power and authority to enter into and consummate
        all transactions contemplated by this Agreement, has duly authorized the
        execution, delivery and performance of this Agreement, and has duly executed
        and
        delivered this Agreement;

       

      (iv) This
        Agreement, assuming due authorization, execution and delivery by the Depositor
        and the Trustee, constitutes a valid, legal and binding obligation of the
        Master
        Servicer, enforceable against the Master Servicer in accordance with the
        terms
        hereof, subject to (A) applicable bankruptcy, insolvency, reorganization,
        moratorium and other laws affecting the enforcement of creditors' rights
        generally, and (B) general principles of equity, regardless of whether such
        enforcement is considered in a proceeding in equity or at law;

       

      (v) The
        Master Servicer is not in violation of, and its execution and delivery of
        this
        Agreement and its performance and compliance with the terms of this Agreement
        will not constitute a violation of, any law, any order or decree of any court
        or
        arbiter, or any order, regulation or demand of any federal, state or local
        governmental or regulatory authority, which violation is likely to affect
        materially and adversely either the ability of the Master Servicer to perform
        its obligations under this Agreement or the financial condition of the Master
        Servicer;

       

      (vi) No
        litigation is pending (other than litigation with respect to which pleadings
        or
        documents have been filed with a court, but not served on the Master Servicer)
        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 or is likely to affect
        materially and adversely either the ability of the Master Servicer to perform
        its obligations under this Agreement or the financial condition of the Master
        Servicer;

       

      (vii) 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
        Insurance Policy;

       

      (viii) The
        execution of this Agreement and the performance of the Master Servicer's
        obligations hereunder do not require any license, consent or approval of
        any
        state or federal court, agency, regulatory authority or other governmental
        body
        having jurisdiction over the Master Servicer, other than such as have been
        obtained;

       

      (ix) No
        information, certificate of an officer, statement furnished in writing or
        report
        delivered to the Depositor, any affiliate of the Depositor or the Trustee
        by the
        Master Servicer in its capacity as Master Servicer, and not in its capacity
        as a
        Sponsor hereunder, will, to the knowledge of the Master Servicer, contain
        any
        untrue statement of a material fact;

       

      (x) The
        Master Servicer will not waive any Prepayment Charge unless it is waived
        in
        accordance with the standard set forth in Section 3.01; and

       

      (xi) 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.

       

      
        
          
          

        

        
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      It
        is
        understood and agreed that the representations, warranties and covenants
        set
        forth in this Section 2.03(a) shall survive the execution and delivery of
        this
        Agreement, and shall inure to the benefit of the Depositor, the Trustee,
        the
        Certificate Insurer and the Certificateholders. Upon discovery by the Depositor,
        the Trustee, the Certificate Insurer or the Master Servicer of a breach of
        any
        of the foregoing representations, warranties and covenants that materially
        and
        adversely affects the interests of the Depositor, the Certificate Insurer
        or the
        Trustee, the party discovering such breach shall give prompt written notice
        to
        the other parties. Notwithstanding the foregoing, within 90 days of the earlier
        of discovery by the Master Servicer or receipt of notice by the Master Servicer
        of the breach of the covenant of the Master Servicer set forth in Section
        2.03(x) above which materially and adversely affects the interests of the
        Holders of the related Class P Certificates in any Prepayment Charge, the
        Master
        Servicer shall remedy such breach as follows: the Master Servicer shall pay
        the
        amount of such waived Prepayment Charge, for the benefit of the Holders of
        the
        related Class P Certificates, by depositing such amount into the Custodial
        Account (net of any amount actually collected by the Master Servicer in respect
        of such Prepayment Charge and remitted by the Master Servicer, for the benefit
        of the Holders of the related Class P Certificates, in respect of such
        Prepayment Charge, into the Custodial Account). The foregoing shall not,
        however, limit any remedies available to the Certificateholders, the Depositor,
        the Certificate Insurer or the Trustee on behalf of the Certificateholders,
        pursuant to the Mortgage Loan Purchase Agreement respecting a breach of any
        of
        the representations, warranties and covenants contained in the Mortgage Loan
        Purchase Agreement.

       

      (b) The
        Depositor hereby represents and warrants to the Master Servicer and the Trustee
        for the benefit of Certificateholders and the Certificate Insurer that as
        of the
        Closing Date, the representations and warranties of the Sponsor with respect
        to
        the Mortgage Loans and the remedies therefor that are contained in the Mortgage
        Loan Purchase Agreement are as set forth in Exhibit I hereto.

       

      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
        Custodian, on behalf of the Trustee.

       

      Upon
        discovery by either the Depositor, the Master Servicer, the Certificate Insurer
        or the Trustee of a breach of any representation or warranty set forth in
        this
        Section 2.03 which materially and adversely affects the interests of the
        Certificateholders or the Certificate Insurer in any Mortgage Loan, the party
        discovering such breach shall give prompt written notice to the other
        parties.

       

      Section
        2.04. Representations
        and Warranties of the Sponsor.

       

      The
        Depositor hereby assigns to the Trustee for the benefit of Certificateholders
        and the Certificate Insurer all of its rights (but none of its obligations)
        in,
        to and under the Mortgage Loan Purchase Agreement. Insofar as the Mortgage
        Loan
        Purchase Agreement relates to such representations and warranties and any
        remedies provided thereunder for any breach of such representations and
        warranties, such right, title and interest may be enforced by the Trustee
        on
        behalf of the Certificateholders. Upon the discovery by the Depositor, the
        Master Servicer, the Certificate Insurer or the Trustee of a breach of any
        of
        the representations and warranties made in the Mortgage Loan Purchase Agreement
        in respect of any Mortgage Loan which materially and adversely affects the
        interests of the Certificateholders or the Certificate Insurer in such Mortgage
        Loan, the party discovering such breach shall give prompt written notice
        to the
        other parties. The Trustee shall promptly notify the Sponsor of such breach
        and
        request that the Sponsor shall, within 90 days from the date that the Sponsor
        was notified or otherwise obtained knowledge of such breach, 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 if such 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 or repurchase must occur within 90 days from the date such breach
        was
        discovered. However, in the case of a breach under the Mortgage Loan Purchase
        Agreement, subject to the approval of the Depositor the Sponsor 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, except 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
        substitution must occur within 90 days from the date the breach was discovered
        if such 90 day period expires before two years following the Closing Date.
        In
        the event that the Sponsor elects to substitute a Qualified Substitute Mortgage
        Loan or Loans for a Deleted Mortgage Loan pursuant to this Section 2.04,
        the
        Trustee shall enforce the obligation of the Sponsor under the Mortgage Loan
        Purchase Agreement to deliver to the Trustee and the Master Servicer, as
        appropriate, with respect to such Qualified Substitute Mortgage Loan or Loans,
        the original Mortgage Note, the Mortgage, an Assignment of the Mortgage in
        recordable form, 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, to the extent received by the Master
        Servicer or any Sub-Servicer, shall not be part of the Trust Fund and will
        be
        retained by the Master Servicer and remitted by the Master Servicer to the
        Sponsor on the next succeeding Distribution Date. For the month of substitution,
        distributions to Certificateholders will include the Monthly Payment due
        on a
        Deleted Mortgage Loan for such month and thereafter the Sponsor shall be
        entitled to retain all amounts received in respect of such Deleted Mortgage
        Loan. The Depositor shall amend or cause to be amended the Mortgage Loan
        Schedule for the benefit of the Certificateholders and the Certificate Insurer
        to reflect the removal of such Deleted Mortgage Loan and the substitution
        of the
        Qualified Substitute Mortgage Loan or Loans and the Depositor shall deliver
        the
        amended Mortgage Loan Schedule to the Trustee. Upon such substitution, the
        Qualified Substitute Mortgage Loan or Loans shall be subject to the terms
        of
        this Agreement in all respects, the Sponsor shall be deemed to have made
        the
        representations and warranties with respect to the Qualified Substitute Mortgage
        Loan contained in the Mortgage Loan Purchase Agreement as of the date of
        substitution, and the Depositor shall be deemed to have made with respect
        to any
        Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
        the
        non-statistical representations and warranties set forth in Exhibit I
        hereof.

      
        
          
          

        

        
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      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 (the “Substitution Adjustment”), 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 Certificateholders in the month of substitution). The Trustee
        shall enforce the obligation of the Sponsor under the Mortgage Loan Purchase
        Agreement to provide the Master Servicer on the day of substitution for
        immediate deposit into the Custodial Account the amount of such shortfall,
        without any reimbursement therefor. In accordance with the Mortgage Loan
        Purchase Agreement, the Sponsor 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 by an Opinion of Counsel to the effect
        that such substitution will not cause (a) any federal tax to be imposed on
        REMIC
        1, REMIC 2, REMIC 3 or REMIC 4, 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 of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to fail to qualify as a REMIC
        at
        any time that any Certificate is outstanding. The costs of any substitution
        as
        described above, including any related assignments, opinions or other
        documentation in connection therewith shall be borne by the
        Sponsor.

       

      
        
          
          

        

        
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      Except
        as
        expressly set forth herein none of the Trustee or the Master Servicer is
        under
        any obligation to discover any breach of the above-mentioned representations
        and
        warranties. It is understood and agreed that the obligation of the Sponsor
        to
        cure such breach, purchase or 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 Certificateholders or the Trustee on
        behalf
        of Certificateholders.

       

      Section
        2.05. Issuance
        of Certificates; Conveyance of REMIC 1 Regular Interests, Class C Interest,
        Class P Interest and Acceptance of REMIC 2, REMIC 3 and REMIC 4 by the
        Trustee.

       

      (a) The
        Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery
        to it or to a Custodian on its behalf of the Mortgage Files, subject to the
        provisions of Sections 2.01 and 2.02, together with the assignment to it
        of all
        other assets included in the Trust Fund, receipt of which is hereby
        acknowledged. Concurrently with such assignment and delivery and in exchange
        therefor, the Trustee, pursuant to the written request of the Depositor executed
        by an officer of the Depositor, has executed, authenticated and delivered
        to or
        upon the order of the Depositor, the Certificates in authorized denominations.
        The interests evidenced by the Certificates, constitute the entire beneficial
        ownership interest in the Trust Fund.

       

      (b) The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey in trust to the Trustee without
        recourse all the right, title and interest of the Depositor in and to the
        REMIC
        1 Regular Interests and REMIC 2 Regular Interests for the benefit of the
        holders
        of the REMIC 3 Regular Interests and the Holders of the Class R Certificates
        (in
        respect of the Class R-3 Interest). The Trustee acknowledges receipt of the
        REMIC 1 Regular Interests and REMIC 2 Regular Interests (all of which are
        uncertificated) and declares that it holds and will hold the same in trust
        for
        the exclusive use and benefit of the holders of the REMIC 3 Regular Interests
        and the Holders of the Class R Certificates (in respect of the Class R-3
        Interest). The interests evidenced by the Class R-3 Interest, together with
        the
        REMIC 3 Regular Interests, constitute the entire beneficial ownership interest
        in REMIC 3.

       

      
        
          
          

        

        
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      (c) The
        Depositor, concurrently with the execution and delivery hereof, does hereby
        transfer, assign, set over and otherwise convey in trust to the Trustee without
        recourse all the right, title and interest of the Depositor in and to the
        REMIC
        3 Regular Interests for the benefit of the holders of the REMIC 4 Regular
        Interests and the Holders of the Class R Certificates (in respect of the
        Class
        R-4 Interest). The Trustee acknowledges receipt of the REMIC 3 Regular Interests
        (which are uncertificated) and declares that it holds and will hold the same
        in
        trust for the exclusive use and benefit of the holders of the REMIC 4 Regular
        Interests and the Holders of the Class R Certificates (in respect of the
        Class
        R-4 Interest). The interests evidenced by the Class R-4 Interest, together
        with
        the REMIC 4 Regular Interests, constitute the entire beneficial ownership
        interest in REMIC 4.

       

      (c) In
        exchange for the REMIC 3 Regular Interests and, concurrently with the assignment
        to the Trustee thereof, pursuant to the written request of the Depositor
        executed by an officer of the Depositor, the Trustee has executed, authenticated
        and delivered to or upon the order of the Depositor, the Regular Certificates
        in
        authorized denominations evidencing (together with the Class R-4 Interest
        and
        Class IO Interests) the entire beneficial ownership interest in REMIC
        4.

       

      (d) Concurrently
        with (i) the assignment and delivery to the Trustee of REMIC 1 (including
        the
        Residual Interest therein represented by the Class R-1 Interest) and the
        acceptance by the Trustee thereof, (ii) the assignment and delivery to the
        Trustee of REMIC 2 (including the Residual Interest therein represented by
        the
        Class R-2 Interest), (iii) the assignment and delivery to the Trustee of
        REMIC 3
        (including the Residual Interest therein represented by the Class R-3 Interest)
        (iv) the assignment and delivery to the Trustee of REMIC 4 (including the
        Residual Interest therein represented by the Class R-4 Interest) and the
        acceptance by the Trustee thereof, the Trustee, from and pursuant to the
        written
        request of the Depositor executed by an officer of the Depositor, has executed,
        authenticated and delivered to or upon the order of the Depositor, the Class
        R
        Certificates in authorized denominations evidencing the Class R-1 Interest
        and
        Class R-2 Interest and the Class R-3 Interest and Class R-4 Interest,
        respectively.

       

      Section
        2.06. Purposes
        and Powers of the Trust.

       

      The
        purpose of the common law trust, as created hereunder, is to engage in the
        following activities:

       

      (a) acquire
        and hold the Mortgage Loans and the other assets of the Trust Fund and the
        proceeds therefrom;

       

      (b) to
        issue
        the Certificates sold to the Depositor in exchange for the Mortgage
        Loans;

       

      (c) to
        make
        payments on the Certificates;

       

      (d) to
        engage
        in those activities that are necessary, suitable or convenient to accomplish
        the
        foregoing or are incidental thereto or connected therewith; and

       

      
        
          
          

        

        
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      (e) 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. The Trustee shall
        not knowingly and explicity cause the trust to 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
        2.06 may not be amended, without the consent of the Certificateholders
        evidencing 51% or more of the aggregate voting rights of the Certificates
        and
        the Certificate Insurer.

       

      
        
          
          

        

        
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      ARTICLE
        III

       

      ADMINISTRATION
        AND SERVICING

      OF
        THE
        TRUST FUND

       

      Section
        3.01. Master
        Servicer to Act as Master Servicer.

       

      The
        Master Servicer shall supervise, or take such actions as are necessary to
        ensure, the servicing and administration of the Mortgage Loans and any REO
        Property in accordance with this Agreement and its normal servicing practices,
        which generally shall conform to the standards (i) of the Servicing Guide,
        if
        Impac Funding Corporation is Master Servicer, or (ii) if Impac Funding
        Corporation is not the Master Servicer, of an institution prudently servicing
        mortgage loans for its own account and shall have full authority to do anything
        it reasonably deems appropriate or desirable in connection with such servicing
        and administration. To the extent consistent with the foregoing, the Master
        Servicer shall waive (or permit a Sub-Servicer to waive) a Prepayment Charge
        only if such waiver would maximize recovery of total proceeds taking into
        account the value of such Prepayment Charge and related Mortgage Loan and
        doing
        so is standard and customary in servicing mortgage loans similar to the Mortgage
        Loans (including any waiver of a Prepayment Charge in connection with a
        refinancing of a Mortgage Loan that is related to a default or a reasonably
        foreseeable default), and in no event will it waive a Prepayment Charge in
        connection with a refinancing of a Mortgage Loan that is not related to a
        default or a reasonably foreseeable default.

       

      The
        Master Servicer may perform its responsibilities relating to servicing through
        other agents or independent contractors, but shall not thereby be released
        from
        any of its responsibilities as hereinafter set forth. The authority of the
        Master Servicer, in its capacity as master servicer, and any Sub-Servicer
        acting
        on its behalf, shall include, without limitation, the power to (i) consult
        with
        and advise any Sub-Servicer regarding administration of a related Mortgage
        Loan,
        (ii) approve any recommendation by a Sub-Servicer to foreclose on a related
        Mortgage Loan, (iii) supervise the filing and collection of insurance claims
        and
        take or cause to be taken such actions on behalf of the insured Person
        thereunder as shall be reasonably necessary to prevent the denial of coverage
        thereunder, and (iv) effectuate foreclosure or other conversion of the ownership
        of the Mortgaged Property securing a related Mortgage Loan, including the
        employment of attorneys, the institution of legal proceedings, the collection of
        deficiency judgments, the acceptance of compromise proposals, the filing
        of
        claims under any Insurance Policy and any other matter pertaining to a
        delinquent Mortgage Loan. The authority of the Master Servicer shall include,
        in
        addition, the power on behalf of the Certificateholders, the Trustee or any
        of
        them to (i) execute and deliver customary consents or waivers and other
        instruments and documents, (ii) consent to transfer of any related Mortgaged
        Property and assumptions of the related Mortgage Notes and Security Instruments
        (in the manner provided in this Agreement) and (iii) collect any Insurance
        Proceeds and Liquidation Proceeds. If permitted under applicable law without
        prejudicing any rights of the Trust Fund with respect to any Mortgage Loan,
        the
        Master Servicer, with such documentation as local law requires, acting in
        its
        own name, may pursue claims on behalf of the Trust Fund. Without limiting
        the
        generality of the foregoing, the Master Servicer and any Sub-Servicer acting
        on
        its behalf may, and is hereby authorized, and empowered by the Trustee to,
        execute and deliver, on behalf of itself, the Certificateholders or the Trustee
        or any of them, any instruments of satisfaction, cancellation, partial or
        full
        release, discharge and all other comparable instruments, with respect to
        the
        related Mortgage Loans, the Insurance Policies and the accounts related thereto,
        and the Mortgaged Properties. The Master Servicer may exercise this power
        in its
        own name or in the name of a Sub-Servicer.

       

      
        
          
          

        

        
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      Subject
        to Section 3.16, the Trustee shall execute, at the written request of the
        Master
        Servicer, and furnish to the Master Servicer and any Sub-Servicer such documents
        as are necessary or appropriate to enable the Master Servicer or any
        Sub-Servicer to carry out their servicing and administrative duties hereunder,
        and the Trustee hereby grants to the Master Servicer a power of attorney
        to
        carry out such duties. The Trustee shall not be liable for the actions of
        the
        Master Servicer or any Sub-Servicers under such powers of attorney.

       

      In
        accordance with the standards of the preceding paragraph, the Master Servicer
        shall advance or cause to be advanced funds as necessary for the purpose
        of
        effecting the payment of taxes and assessments on the Mortgaged Properties,
        which advances shall be reimbursable in the first instance from related
        collections from the Mortgagors pursuant to Section 3.09, and further as
        provided in Section 3.11; provided that the Master Servicer shall not be
        obligated to make such advance if, in its reasonable good faith judgment,
        the
        Master Servicer determines that such advance to be a Nonrecoverable
        Advance.

       

      The
        Master Servicer is authorized and empowered by the Trustee, on behalf of
        the
        Certificateholders and the Trustee, in its own name or in the name of any
        Sub-Servicer, when the Master Servicer or such Sub-Servicer, as the case
        may be,
        believes it is appropriate in its best judgment to register any Mortgage
        Loan on
        the MERS® System, or cause the removal from the registration of any Mortgage
        Loan on the MERS® 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 3.17, 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 from the Trust Fund.

       

      Notwithstanding
        anything in this Agreement to the contrary, the Master Servicer shall not
        (unless the Mortgagor is in default with respect to the Mortgage Loan or
        such
        default is, in the judgment of the Master Servicer, reasonably foreseeable)
        make
        or permit any modification, waiver or amendment of any term of any Mortgage
        Loan
        that would both (i) effect an exchange or reissuance of such Mortgage Loan
        under
        Section 1001 of the Code (or Treasury regulations promulgated thereunder)
        and
        (ii) cause any of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to fail to qualify
        as a
        REMIC under the Code or the imposition of any tax on “prohibited transactions”
or “contributions” after the startup date under the REMIC
        Provisions.

       

      
        
          
          

        

        
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      The
        relationship of the Master Servicer (and of any successor to the Master Servicer
        under this Agreement) to the Trustee under this Agreement is intended by
        the
        parties to be that of an independent contractor and not that of a joint
        venturer, partner or agent.

       

      Section
        3.02. Sub-Servicing
        Agreements Between Master Servicer and Sub-Servicers.

       

      (a) The
        Master Servicer may enter into Sub-Servicing Agreements with Sub-Servicers
        for
        the servicing and administration of the Mortgage Loans and for the performance
        of any and all other activities of the Master Servicer hereunder; provided,
        however, that such agreements would not result in a withdrawal or a downgrading
        by Standard & Poor's of its rating on any Class of Certificates. Each
        Sub-Servicer shall be either (i) an institution the accounts of which are
        insured by the FDIC or (ii) another entity that engages in the business of
        originating or servicing mortgage loans comparable to the Mortgage Loans,
        and in
        either case shall be authorized to transact business in the state or states
        in
        which the related Mortgaged Properties it is to service are situated, if
        and to
        the extent required by applicable law to enable the Sub-Servicer to perform
        its
        obligations hereunder and under the Sub-Servicing Agreement, and in either
        case
        shall be a Freddie Mac or Fannie Mae approved mortgage servicer. Any
        Sub-Servicing Agreement entered into by the Master Servicer shall include
        the
        provision that such Agreement may be immediately terminated (x) with cause
        and
        without any termination fee by any Master Servicer hereunder or (y) without
        cause in which case the Master Servicer shall be responsible for any termination
        fee or penalty resulting therefrom (except that in the case of Midland acting
        as
        a Sub-Servicer, neither the Master Servicer nor any successor Master Servicer
        shall terminate the related Sub-Servicing Agreement without cause). In addition,
        each Sub-Servicing Agreement shall provide for servicing of the Mortgage
        Loans
        consistent with the terms of this Agreement. The Master Servicer and the
        Sub-Servicers may enter into Sub-Servicing Agreements and make amendments
        to the
        Sub-Servicing Agreements or enter into different forms of Sub-Servicing
        Agreements providing for, among other things, the delegation by the Master
        Servicer to a Sub-Servicer of additional duties regarding the administration
        of
        the Mortgage Loans; provided, however, that any such amendments or different
        forms shall be consistent with and not violate the provisions of this Agreement,
        and that no such amendment or different form shall be made or entered into
        which
        could be reasonably expected to be materially adverse to the interests of
        the
        Certificate Insurer or Certificateholders, without the consent of the
        Certificate Insurer
        or the
        Holders of Certificates entitled to at least 51% of the Voting Rights. The
        parties hereto acknowledge that the initial Sub-Servicers shall be Countrywide,
        Midland and GMAC.

       

      The
        Master Servicer has entered into a separate Sub-Servicing Agreement with
        each of
        Countrywide, GMAC and Midland for the servicing and administration of certain
        of
        the Mortgage Loans and may enter into additional Sub-Servicing Agreements
        with
        Sub-Servicers for the servicing and administration of certain of the Mortgage
        Loans.

       

      (b) As
        part
        of its servicing activities hereunder, the Master Servicer, for the benefit
        of
        the Trustee, the Certificate Insurer and the Certificateholders, shall enforce
        the obligations of each Sub-Servicer under the related Sub-Servicing Agreement.
        The Certificate Insurer may direct the Master Servicer to enforce any remedies
        against a defaulting Sub-Servicer. Such enforcement, including, without
        limitation, the legal prosecution of claims, termination of Sub-Servicing
        Agreements 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,
        in
        its good faith business judgment, would require were it the owner of the
        related
        Mortgage Loans. The Master Servicer shall pay the costs of such enforcement
        at
        its own expense, but shall be reimbursed therefor only (i) from a general
        recovery resulting from such enforcement only 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.

       

      
        
          
          

        

        
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      (c) [Reserved].

       

      (d) The
        Master Servicer represents that it will cause any Sub-Servicer to accurately
        and
        fully report its borrower credit files to all three credit repositories in
        a
        timely manner.

       

      Section
        3.03. Successor
        Sub-Servicers.

       

      The
        Master Servicer shall be entitled to terminate any Sub-Servicing Agreement
        and
        the rights and obligations of any Sub-Servicer pursuant to any Sub-Servicing
        Agreement in accordance with the terms and conditions of such Sub-Servicing
        Agreement, except that in the case of Midland such termination may only be
        for
        cause. In the event of termination of any Sub-Servicer, all servicing
        obligations of such Sub-Servicer shall be assumed simultaneously by the Master
        Servicer without any act or deed on the part of such Sub-Servicer or the
        Master
        Servicer, and the Master Servicer either shall service directly the related
        Mortgage Loans or shall enter into a Sub-Servicing Agreement with a successor
        Sub-Servicer which qualifies under Section 3.02.

       

      Section
        3.04. Liability
        of the Master Servicer.

       

      Notwithstanding
        any Sub-Servicing Agreement, any of the provisions of this Agreement relating
        to
        agreements or arrangements between the Master Servicer and a Sub-Servicer
        or
        reference to actions taken through a Sub-Servicer or otherwise, the Master
        Servicer shall under all circumstances remain obligated and primarily liable
        to
        the Trustee, the Certificate Insurer and Certificateholders for the servicing
        and administering of the Mortgage Loans and any REO Property in accordance
        with
        the provisions of Article III without diminution of such obligation or liability
        by virtue of such Sub-Servicing Agreements or arrangements or by virtue of
        indemnification from the Sub-Servicer and to the same extent and under the
        same
        terms and conditions as if the Master Servicer alone were servicing and
        administering the Mortgage Loans. For purposes of this Agreement, the Master
        Servicer shall be deemed to have received payments on Mortgage Loans when
        the
        Sub-Servicer has received such payments. The Master Servicer shall be entitled
        to enter into any agreement with a Sub-Servicer for indemnification of the
        Master Servicer by such Sub-Servicer and nothing contained in this Agreement
        shall be deemed to limit or modify such indemnification.

       

      Section
        3.05. No
        Contractual Relationship Between Sub-Servicers and Trustee or
        Certificateholders.

       

      Any
        Sub-Servicing Agreement that may be entered into and any transactions or
        services relating to the Mortgage Loans involving a Sub-Servicer in its capacity
        as such and not as an originator shall be deemed to be between the Sub-Servicer
        and the Master Servicer alone, and the Trustee and Certificateholders shall
        not
        be deemed parties thereto and shall have no claims, rights, obligations,
        duties
        or liabilities with respect to the Sub-Servicer except as set forth in Section
        3.06. The Master Servicer (or the Sub-Servicer of the Group 1 Loans) shall
        be
        liable for the payment of any franchise taxes which may be assessed by the
        California Franchise Tax Board in connection with the activities of the Trust
        under this Agreement.

       

       

      
        
          
          

        

        
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      Section
        3.06. Assumption
        or Termination of Sub-Servicing Agreements by Trustee.

       

      (a) If
        the
        Trustee or its designee shall assume the master servicing obligations of
        the
        Master Servicer in accordance with Section 7.02 below, the Trustee, to the
        extent necessary to permit the Trustee to carry out the provisions of Section
        7.02 with respect to the Mortgage Loans, shall succeed to all of the rights
        and
        obligations of the Master Servicer under each of the Sub-Servicing Agreements.
        In such event, the Trustee or its designee as the successor master servicer
        shall be deemed to have assumed all of the Master Servicer's rights and
        obligations therein and to have replaced the Master Servicer as a party to
        such
        Sub-Servicing Agreements to the same extent as if such Sub-Servicing Agreements
        had been assigned to the Trustee or its designee as a successor master servicer,
        except that the Trustee or its designee as a successor master servicer shall
        not
        be deemed to have assumed any obligations or liabilities of the Master Servicer
        arising prior to such assumption (other than the obligation to make any Advances
        hereunder) and the Master Servicer shall not thereby be relieved of any
        liability or obligations under such Sub-Servicing Agreements arising prior
        to
        such assumption. Nothing in the foregoing shall be deemed to entitle the
        Trustee
        or its designee as a successor master servicer at any time to receive any
        portion of the servicing compensation provided under Section 3.17 except
        for
        such portion as the Master Servicer would be entitled to receive.

       

      (b) In
        the
        event that the Trustee or its designee as successor master servicer for the
        Trustee assumes the servicing obligations of the Master Servicer under Section
        7.02, upon the reasonable request of the Trustee or such designee as successor
        master servicer the Master Servicer shall at its own expense deliver to the
        Trustee, or at its written request to such designee, photocopies of all
        documents, files and records, electronic or otherwise, relating to the
        Sub-Servicing Agreements and the related Mortgage Loans or REO Property then
        being serviced and an accounting of amounts collected and held by it, if
        any,
        and will otherwise cooperate and use its reasonable efforts to effect the
        orderly and efficient transfer of the Sub-Servicing Agreements, or
        responsibilities hereunder to the Trustee, or at its written request to such
        designee as successor master servicer.

       

      Section
        3.07. Collection
        of Certain Mortgage Loan Payments.

       

      (a) The
        Master Servicer will coordinate and monitor remittances by Sub-Servicers
        to the
        Master Servicer with respect to the Mortgage Loans in accordance with this
        Agreement.

       

      (b) The
        Master Servicer shall make its reasonable efforts to collect or cause to
        be
        collected all payments required under the terms and provisions of the Mortgage
        Loans and shall follow, and use its reasonable efforts to cause Sub-Servicers
        to
        follow, collection procedures comparable to the collection procedures of
        prudent
        mortgage lenders servicing mortgage loans for their own account to the extent
        such procedures shall be consistent with this Agreement. Consistent with
        the
        foregoing, the Master Servicer may in its discretion (i) waive or permit
        to be
        waived any late payment charge, assumption fee, or any penalty interest in
        connection with the prepayment of a Mortgage Loan and (ii) suspend or reduce
        or
        permit to be suspended or reduced regular monthly payments for a period of
        up to
        six months, or arrange or permit an arrangement with a Mortgagor for a scheduled
        liquidation of delinquencies. In the event the Master Servicer shall consent
        to
        the deferment of the due dates for payments due on a Mortgage Note, the Master
        Servicer shall nonetheless make an Advance or, in the case of a Group 1 Loan,
        shall cause the related Sub-Servicer to make an Advance to the same extent
        as if
        such installment were due, owing and delinquent and had not been deferred
        through liquidation of the Mortgaged Property; provided,
        however,
        that
        the obligation of the Master Servicer or related Sub-Servicer to make an
        Advance
        shall apply only to the extent that such Advances are not Nonrecoverable
        Advances.

       

      
        
          
          

        

        
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      (c) On
        each
        Determination Date, with respect to each Mortgage Loan for which during the
        related Prepayment Period the Master Servicer has determined that all amounts
        which it expects to recover from or on account of each such Mortgage Loan
        have
        been recovered and that no further Liquidation Proceeds will be received
        in
        connection therewith, the Master Servicer shall provide to the Trustee a
        certificate of a Servicing Officer that such Mortgage Loan became a Liquidated
        Mortgage Loan in a Cash Liquidation or REO Disposition.

       

      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 Insurance Policy, follow such collection procedures
        as
        it would follow with respect to mortgage loans comparable to the Mortgage
        Loans
        and held for its own account. The Master Servicer shall not be required to
        institute or join in litigation with respect to collection of any payment
        (whether under a Mortgage, Mortgage Note, Primary Hazard Insurance Policy
        or
        otherwise or against any public or governmental authority with respect to
        a
        taking or condemnation) if it reasonably believes that it is prohibited by
        applicable law from enforcing the provision of the Mortgage or other instrument
        pursuant to which such payment is required. The Master Servicer shall be
        responsible for preparing and distributing all information statements relating
        to payments on the Mortgage Loans, in accordance with all applicable federal
        and
        state tax laws and regulations.

       

      Section
        3.08. Sub-Servicing
        Accounts.

       

      In
        those
        cases where a Sub-Servicer is servicing a Mortgage Loan pursuant to a
        Sub-Servicing Agreement, the Sub-Servicer will be required to establish and
        maintain one or more accounts (collectively, the “Sub-Servicing Account”). The
        Sub-Servicing Account shall be an Eligible Account and shall otherwise be
        acceptable to the Master Servicer. All amounts held in a Sub-Servicing Account
        shall be held in trust for the Trustee for the benefit of the Certificateholders
        and the Certificate Insurer. Any investment of funds held in such an account
        shall be in Permitted Investments maturing not later than the Business Day
        immediately preceding the next Sub-Servicer Remittance Date. The Sub-Servicer
        will be required to deposit into the Sub-Servicing Account no later than
        two
        Business Days after receipt all proceeds of Mortgage Loans received by the
        Sub-Servicer, less the Excess Servicing Strip (in the case of Loan Group
        2) and
        its servicing compensation and any unreimbursed expenses and advances, to
        the
        extent permitted by the Sub-Servicing Agreement. On each Sub-Servicer Remittance
        Date the Sub-Servicer will be required to remit to the Master Servicer for
        deposit in the Custodial Account all funds held in the Sub-Servicing Account
        with respect to any Mortgage Loan as of the Sub-Servicer Remittance Date,
        after
        deducting from such remittance the Excess Servicing Strip (in the case of
        Loan
        Group 2) and an amount equal to the servicing compensation (including interest
        on Permitted Investments) and unreimbursed expenses and advances to which
        it is
        then entitled pursuant to the related Sub-Servicing Agreement, to the extent
        not
        previously paid to or retained by it. In addition, on each Sub-Servicer
        Remittance Date the Sub-Servicer will be required to remit to the Master
        Servicer any amounts required to be advanced pursuant to the related
        Sub-Servicing Agreement. The Sub-Servicer will also be required to remit
        to the
        Master Servicer, within five Business Days of receipt, the proceeds of any
        Principal Prepayment made by the Mortgagor, and, on each Sub-Servicer Remittance
        Date, the amount of any Insurance Proceeds or Liquidation Proceeds received
        during the related Prepayment Period.

       

       

      
        
          
          

        

        
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      Section
        3.09. Collection
        of Taxes, Assessments and Similar Items; Servicing Accounts.

       

      The
        Master Servicer and the Sub-Servicers shall establish and maintain one or
        more
        accounts (the “Servicing Accounts”), and shall deposit and retain therein all
        collections from the Mortgagors (or related advances from Sub-Servicers)
        for the
        payment of taxes, assessments, Primary Hazard Insurance Policy premiums,
        and
        comparable items for the account of the Mortgagors, to the extent that the
        Master Servicer customarily escrows for such amounts. Withdrawals of amounts
        so
        collected from a Servicing Account may be made only to (i) effect payment
        of
        taxes, assessments, Primary Hazard Insurance Policy premiums and comparable
        items; (ii) reimburse the Master Servicer (or a Sub-Servicer to the extent
        provided in the related Sub-Servicing Agreement) out of related collections
        for
        any payments made pursuant to Sections 3.01 (with respect to taxes and
        assessments), and 3.13 (with respect to Primary Hazard Insurance Policies);
        (iii) refund to Mortgagors any sums as may be determined to be overages;
        (iv)
        payment of investment income to the extent provided in the mortgage loan
        documentation or (v) clear and terminate the Servicing Account at the
        termination of this Agreement pursuant to Section 9.01. As part of its servicing
        duties, the Master Servicer or the Sub-Servicer of the Group 1 Loans shall,
        if
        and to the extent required by law, pay to the Mortgagors interest on funds
        in
        Servicing Accounts from its or their own funds, without any reimbursement
        therefor.

       

      Section
        3.10. Custodial
        Account.

       

      (a) The
        Master Servicer shall establish and maintain one or more accounts (collectively,
        the “Custodial Account”) in which the Master Servicer shall deposit or cause to
        be deposited on a daily basis, or as and when received and identified from
        the
        Sub-Servicers, the following payments and collections received or made by
        or on
        behalf of it subsequent to the Cut-off Date with respect to the Mortgage
        Loans,
        or payments received by it prior to the Cut-off Date but allocable to a period
        subsequent thereto (other than in respect of principal and interest on the
        Mortgage Loans due on or before the Cut-off Date):

       

      (i) all
        payments (including advances by a Sub-Servicer) on account of principal,
        including Principal Prepayments, on the Mortgage Loans;

       

      (ii) all
        payments (including advances by a Sub-Servicer) on account of interest on
        the
        Mortgage Loans, net of any portion thereof retained by the Master Servicer
        or
        any Sub-Servicer as Servicing Fees;

       

      
        
          
          

        

        
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      (iii) all
        Insurance Proceeds, other than proceeds that represent reimbursement of costs
        and expenses incurred by the Master Servicer or any Sub-Servicer in connection
        with presenting claims under the related Insurance Policies, Liquidation
        Proceeds and REO Proceeds;

       

      (iv) all
        proceeds of any Mortgage Loan or REO Property repurchased or purchased in
        accordance with Sections 2.02, 2.04, 3.14 or 9.01; and all amounts required
        to
        be deposited in connection with the substitution of a Qualified Substitute
        Mortgage Loan pursuant to Section 2.04; and

       

      (v) any
        amounts required to be deposited pursuant to Section 3.12, 3.13, 3.15 or
        3.22.

       

      The
        foregoing requirements for deposit in the Custodial Account shall be exclusive.
        In the event the Master Servicer shall deposit in the Custodial Account any
        amount not required to be deposited therein, it may withdraw such amount
        from
        the Custodial Account, any provision herein to the contrary notwithstanding.
        The
        Custodial Account shall be maintained as a segregated account, separate and
        apart from trust funds created for mortgage pass-through certificates of
        other
        series, and the other accounts of the Master Servicer.

       

      (b) Funds
        in
        the Custodial Account may be invested in Permitted Investments in accordance
        with the provisions set forth in Section 3.12. The Master Servicer shall
        give
        notice to the Trustee and the Depositor of the location of the Custodial
        Account
        after any change thereof.

       

      Section
        3.11. Permitted
        Withdrawals From the Custodial Account.

       

      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 3.10
        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
        pay to
        itself, the Depositor, the Sponsor or any other appropriate person, as the
        case
        may be, with respect to each Mortgage Loan that has previously been purchased
        or
        repurchased pursuant to Sections 2.02, 2.04, 3.14 or 9.01 all amounts received
        thereon and not yet distributed as of the date of purchase or
        repurchase;

       

      (iii) to
        reimburse itself or any Sub-Servicer for Advances not previously reimbursed,
        the
        Master Servicer's or any Sub-Servicer's right to reimbursement pursuant to
        this
        clause (iii) being limited to amounts received which represent Late Collections
        (net of the related Servicing Fees) of Monthly Payments on Mortgage Loans
        with
        respect to which such Advances were made and as further provided in Section
        3.15;

       

      (iv) to
        reimburse or pay itself, the Trustee or the Depositor for expenses incurred
        by
        or reimbursable to the Master Servicer, the Trustee or the Depositor pursuant
        to
        Sections 3.22, 6.03, 8.05 or 10.01(g), except as otherwise provided in such
        Sections hereof;

       

      
        
          
          

        

        
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      (v) to
        reimburse itself or any Sub-Servicer for costs and expenses incurred by or
        reimbursable to it relating to the prosecution of any claims pursuant to
        Section
        3.13 that are in excess of the amounts so recovered;

       

      (vi) to
        reimburse itself or any Sub-Servicer for unpaid Master Servicing Fees,
        Sub-Servicing Fees and unreimbursed Servicing Advances, the Master Servicer's
        or
        any Sub-Servicer's right to reimbursement pursuant to this clause (vi) with
        respect to any Mortgage Loan being limited to late recoveries of the payments
        for which such advances were made pursuant to Section 3.01 or Section 3.09
        and
        any other related Late Collections;

       

      (vii) to
        pay
        itself as servicing compensation (in addition to the Master Servicing Fee
        and
        Sub-Servicing Fee), on or after each Distribution Date, any interest or
        investment income earned on funds deposited in the Custodial Account for
        the
        period ending on such Distribution Date;

       

      (viii) to
        reimburse itself or any Sub-Servicer for any Advance or Servicing Advance
        previously made, after a Realized Loss has been allocated with respect to
        the
        related Mortgage Loan if the Advance or Servicing Advance was not reimbursed
        pursuant to clauses (iii) and (vi); 

       

      (ix) to
        pay
        PMI Insurer the premium under the PMI Insurer Policies;

       

      (x) to
        clear
        and terminate the Custodial Account at the termination of this Agreement
        pursuant to Section 9.01; and

       

      (xi) to
        reimburse itself or any Sub-Servicer from general collections for any Advance
        or
        Servicing Advance made that has been deemed by the Master Servicer to be
        a
        Nonrecoverable Advance.

       

      The
        Master Servicer shall keep and maintain separate accounting records on a
        Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
        withdrawal from the Custodial Account pursuant to such subclauses (ii) through
        (x). Reconciliations will be prepared for the Custodial Account within 45
        Calendar days after the bank statement cut-off date. All items requiring
        reconciliation will be resolved within 90 calendar days of their original
        identification.

       

      Section
        3.12. Permitted
        Investments.

       

      Any
        institution maintaining the Custodial Account shall at the direction of the
        Master Servicer invest the funds in such account in Permitted Investments,
        each
        of which shall mature not later than (i) the Business Day immediately preceding
        the date on which such funds are required to be withdrawn from such account
        pursuant to this Agreement, if a Person other than the Trustee is the obligor
        thereon, and (ii) no later than the date on which such funds are required
        to be
        withdrawn from such account pursuant to this Agreement, if the Trustee is
        the
        obligor thereon and shall not be sold or disposed of prior to its maturity.
        All
        income and gain realized from any such investment as well as any interest
        earned
        on deposits in the Custodial Account shall be for the benefit of the Master
        Servicer. The Master Servicer shall deposit in the Custodial Account an amount
        equal to the amount of any loss incurred in respect of any such investment
        immediately upon realization of such loss without right of
        reimbursement.

       

      
        
          
          

        

        
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      The
        Trustee or its Affiliates are permitted to receive additional compensation
        that
        could be deemed to be in the Trustee’s economic self-interest for (i) serving as
        investment adviser, administrator, shareholder servicing agent, custodian
        or
        sub-custodian with respect to certain of the Permitted Investments, (ii)
        using
        Affiliates to effect transactions in certain Permitted Investments and (iii)
        effecting transactions in certain Permitted Investments.

       

      Funds
        on
        deposit in the Group 1 Net WAC Shortfall Reserve Fund or Group 2 Net WAC
        Shortfall Reserve Fund may be invested in Permitted Investments in accordance
        with this Section 3.12 subject to any limitations set forth in Section 4.08
        (with respect to the Group 1 Net WAC Shortfall Reserve Fund or Group 2 Net
        WAC
        Shortfall Reserve Fund, as applicable) and any investment earnings or interest
        paid shall accrue to the Trustee and the Trustee shall deposit in the related
        account from its own funds the amount of any loss incurred on Permitted
        Investments in such account.

       

      Section
        3.13. Maintenance
        of Primary Hazard Insurance. 

       

      The
        Master Servicer shall cause to be maintained for each Mortgage Loan primary
        hazard insurance by a Qualified Insurer or other insurer satisfactory to
        the
        Rating Agencies with extended coverage on the related Mortgaged Property
        in an
        amount equal to the lesser of (i) 100% of the replacement value of the
        improvements, as determined by the insurance company, on such Mortgaged Property
        or (ii) the unpaid principal balance of the Mortgage Loan. The Master Servicer
        shall also cause to be maintained on property acquired upon foreclosure,
        or deed
        in lieu of foreclosure, of any Mortgage Loan, fire insurance with extended
        coverage in an amount equal to the replacement value of the improvements
        thereon. Any costs incurred in maintaining any insurance described in this
        Section 3.13 (other than any deductible described in the last paragraph hereof)
        shall be recoverable as a Servicing Advance. The Master Servicer shall not
        be
        obligated to advance any amounts pursuant to this Section 3.13 if, in its
        good
        faith judgment, the Master Servicer determines that such advance would be
        a
        Nonrecoverable Advance. Pursuant to Section 3.10, 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 3.11. Any cost incurred
        by
        the Master Servicer in maintaining any such insurance shall not, for the
        purpose
        of calculating monthly distributions to Certificateholders, be added to the
        amount owing under the Mortgage Loan, notwithstanding that the terms of the
        Mortgage Loan so permit. 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.

       

      The
        Master Servicer shall, or shall cause the related Sub-Servicer to, exercise
        its
        best reasonable efforts to maintain and keep in full force and effect each
        Primary Insurance Policy by a Qualified Insurer, or other insurer satisfactory
        to the Rating Agencies, with respect to each first lien Mortgage Loan as
        to
        which as of the Cut-Off Date such a Primary Insurance Policy was in effect
        (or,
        in the case of a Qualified Substitute Mortgage Loan, the date of substitution)
        and the original principal amount of the related Mortgage Note exceeded 80%
        of
        the Collateral Value in an amount at least equal to the excess of such original
        principal amount over 75% of such Collateral Value until the principal amount
        of
        any such first lien Mortgage Loan is reduced below 80% of the Collateral
        Value
        or, based upon a new appraisal, the principal amount of such first lien Mortgage
        Loan represents less than 80% of the new appraised value. The Master Servicer
        shall, or shall cause the related Sub-Servicer to, effect the timely payment
        of
        the premium on each Primary Insurance Policy. The Master Servicer and the
        related Sub-Servicer shall have the power to substitute for any Primary
        Insurance Policy another substantially equivalent policy issued by another
        Qualified Insurer, provided,
        that,
        such
        substitution shall be subject to the condition that it will not cause the
        ratings on the Certificates to be downgraded or withdrawn, as evidenced in
        writing from each Rating Agency.

      
        
          
          

        

        
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      The
        Master Servicer shall cooperate with the PMI Insurer and shall use its best
        efforts to furnish all reasonable aid, evidence and information in the
        possession of the Master Servicer or to which the Master Servicer has access
        with respect to any PMI Mortgage Loan.

      

      In
        the
        event of a default by PMI Insurer under the PMI Insurer Policy (a “Replacement
        Event”), the Master Servicer shall use its best efforts to obtain a substitute
        lender-paid primary mortgage insurance policy (a “Substitute PMI Policy”), with
        the approval of the Certificate Insurer; provided,
        however,
        that
        the Master Servicer shall not be obligated, and shall have no liability for
        failing, to obtain a Substitute PMI Policy unless such Substitute PMI Policy
        can
        be obtained on the following terms and conditions: (i) the Certificates shall
        be
        rated no lower than the rating assigned by each Rating Agency to the
        Certificates immediately prior to such Replacement Event, as evidenced by
        a
        letter from each Rating Agency addressed to the Company, the Master Servicer
        and
        the Trustee, (ii) the timing and mechanism for drawing on such new Substitute
        PMI Policy shall be reasonably acceptable to the Master Servicer and the
        Trustee
        and (iii) the premiums under the proposed Substitute PMI Policy shall not
        exceed
        such premiums under the existing PMI Insurer Policy.

      

      With
        respect to the PMI Mortgage Loans covered by a PMI Insurer Policy, the Master
        Servicer will confirm with PMI Insurer, and PMI Insurer will certify to the
        Trustee, on or before February 1, 2007, that the Mortgage Loans indicated
        on the
        Mortgage Loan Schedule as being covered by PMI Insurer Policy are so
        covered.

      

      No
        earthquake or other additional insurance is to be required of any Mortgagor
        or
        maintained on property acquired with respect to a security instrument other
        than
        pursuant to such applicable laws and regulations as shall at any time be
        in
        force and shall require such additional insurance. When, at the time of
        origination of the Mortgage Loan or at any subsequent time, the Mortgaged
        Property is located in a federally designated special flood hazard area,
        the
        Master Servicer shall cause with respect to the Mortgage Loans and each REO
        Property flood insurance (to the extent available and in accordance with
        mortgage servicing industry practice) to be maintained. Such flood insurance
        shall cover the Mortgaged Property, including all items taken into account
        in
        arriving at the Collateral Value on which the Mortgage Loan was based, and
        shall
        be in an amount equal to the lesser of (i) the Stated Principal Balance of
        the
        related Mortgage Loan and (ii) the minimum amount required under the terms
        of
        coverage to compensate for any damage or loss on a replacement cost basis,
        but
        not more than the maximum amount of such insurance available for the related
        Mortgaged Property under either the regular or emergency programs of the
        National Flood Insurance Program (assuming that the area in which such Mortgaged
        Property is located is participating in such program). Unless applicable
        state
        law requires a higher deductible, the deductible on such flood insurance
        may not
        exceed $5,000 or 1% of the applicable amount of coverage, whichever is
        less.

      
        
          
          

        

        
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      In
        the
        event that 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 two sentences of this Section 3.13,
        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 two sentences of this Section 3.13 and there shall have been a loss
        which
        would have been covered by such policy, deposit in the Certificate Account
        from
        its own funds 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. Any such deposit
        shall not be deemed Servicing Advances and the Master Servicer shall not
        be
        entitled to reimbursement therefor. 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 Certificateholders, claims
        under
        any such blanket policy.

       

      Section
        3.14. Enforcement
        of Due-on-Sale Clauses; Assumption Agreements.

       

      The
        Master Servicer will, to the extent it has knowledge of any conveyance or
        prospective conveyance by any Mortgagor of the Mortgaged Property (whether
        by
        absolute conveyance or by contract of sale, and whether or not the Mortgagor
        remains or is to remain liable under the Mortgage Note or the Mortgage),
        exercise or cause to be exercised its rights to accelerate the maturity of
        such
        Mortgage Loan under any “due-on-sale” clause applicable thereto; provided,
        however,
        that
        the Master Servicer shall not exercise any such rights if it reasonably believes
        that it is prohibited by law from doing so. The Master Servicer or the related
        Sub-Servicer may repurchase a Mortgage Loan at the Purchase Price when the
        Master Servicer requires acceleration of the Mortgage Loan, but only if the
        Master Servicer is satisfied, as evidenced by an Officer's Certificate delivered
        to the Trustee, that either (i) such Mortgage Loan is in default or default
        is
        reasonably foreseeable or (ii) if such Mortgage Loan is not in default or
        default is not reasonably foreseeable, such repurchase will have no adverse
        tax
        consequences for the Trust Fund or any Certificateholder. If the Master Servicer
        is unable to enforce such “due-on-sale” clause (as provided in the second
        preceding sentence) or if no “due-on-sale” clause is applicable, the Master
        Servicer or the Sub-Servicer is authorized to enter into an assumption and
        modification agreement with the Person to whom such property has been conveyed
        or is proposed to be conveyed, pursuant to which such Person becomes liable
        under the Mortgage Note and, to the extent permitted by applicable state
        law,
        the Mortgagor remains liable thereon; provided,
        however,
        that
        the Master Servicer shall not enter into any assumption and modification
        agreement if the coverage provided under the Primary Insurance Policy, if
        any,
        would be impaired by doing so. The Master Servicer shall notify the Trustee,
        whenever possible, before the completion of such assumption agreement, and
        shall
        forward to the Custodian the original copy of such assumption agreement,
        which
        copy shall be added by the Custodian to the related Mortgage File and which
        shall, for all purposes, be considered a part of such Mortgage File to the
        same
        extent as all other documents and instruments constituting a part thereof.
        In
        connection with any such assumption agreement, the interest rate on the related
        Mortgage Loan shall not be changed and no other material alterations in the
        Mortgage Loan shall be made unless such material alteration would not cause
        any
        of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to fail to qualify as a REMIC for
        federal income tax purposes, as evidenced by an Opinion of Counsel. The Master
        Servicer is also authorized to enter into a substitution of liability agreement
        with such Person, pursuant to which the original Mortgagor is released from
        liability and such Person is substituted as the Mortgagor and becomes liable
        under the Mortgage Note. Any fee collected by or on behalf of the Master
        Servicer for entering into an assumption or substitution of liability agreement
        will be retained by or on behalf of the Master Servicer as additional servicing
        compensation. In connection with any such assumption, no material term of
        the
        Mortgage Note (including but not limited to the Mortgage Rate, the amount
        of the
        Monthly Payment and any other term affecting the amount or timing of payment
        on
        the Mortgage Loan) may be changed. The Master Servicer shall not enter into
        any
        substitution or assumption if such substitution or assumption shall (i) both
        constitute a “significant modification” effecting an exchange or reissuance of
        such Mortgage Loan under the Code (or Treasury regulations promulgated
        thereunder) and cause any of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to fail
        to
        qualify as a REMIC under the REMIC Provisions or (ii) cause the imposition
        of
        any tax on “prohibited transactions” or “contributions” after the Startup Day
        under the REMIC Provisions. The Master Servicer shall notify the Trustee
        that
        any such substitution or assumption agreement has been completed and shall
        forward to the Custodian the original copy of such substitution or assumption
        agreement, which copy shall be added to the related Mortgage File and shall,
        for
        all purposes, be considered a part of such Mortgage File to the same extent
        as
        all other documents and instruments constituting a part thereof. A portion
        equal
        to up to 2% of the Collateral Value of the related Mortgage Loan, of any
        fee or
        additional interest collected by the related Sub-Servicer for consenting
        in any
        such conveyance or entering into any such assumption agreement may be retained
        by the related Sub-Servicer as additional servicing compensation.

       

      
        
          
          

        

        
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      Notwithstanding
        the foregoing paragraph or any other provision of this Agreement, the Master
        Servicer shall not be deemed to be in default, breach or any other violation
        of
        its obligations hereunder by reason of any assumption of a Mortgage Loan
        by
        operation of law or any assumption that the Master Servicer may be restricted
        by
        law from preventing, for any reason whatsoever. For purposes of this Section
        3.14, the term “assumption” is deemed to also include a sale of a Mortgaged
        Property that is not accompanied by an assumption or substitution of liability
        agreement.

       

      Section
        3.15. Realization
        Upon Defaulted Mortgage Loans.

       

      The
        Master Servicer shall exercise reasonable efforts, consistent with the
        procedures that the Master Servicer would use in servicing loans for its
        own
        account, to 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, and which are not released from the Trust Fund pursuant to
        any
        other provision hereof. The Master Servicer shall use reasonable efforts
        to
        realize proceeds from such defaulted Mortgage Loans in such manner (including
        short sales and passing through to the Trust Fund less than the full amount
        it
        expects to receive from the related Mortgage Loan) as will maximize the receipt
        of principal and interest by Certificateholders, taking into account, among
        other things, the timing of foreclosure proceedings. The foregoing is subject
        to
        the provisions that, in any case in which Mortgaged Property shall have suffered
        damage from an Uninsured Cause, the Master Servicer shall not be required
        to
        expend its own funds toward the restoration of such property unless it shall
        determine in its sole discretion (i) that such restoration will increase
        the net
        proceeds of liquidation of the related Mortgage Loan to Certificateholders
        and
        the Certificate Insurer after reimbursement to itself for such expenses,
        and
        (ii) that such expenses will be recoverable by the Master Servicer through
        Insurance Proceeds or Liquidation Proceeds from the related Mortgaged Property,
        as contemplated in Section 3.11. The Master Servicer shall be responsible
        for
        all other costs and expenses incurred by it in any such proceedings;
provided,
        however,
        that it
        shall be entitled to reimbursement thereof from the related property, as
        contemplated in Section 3.11.

       

      
        
          
          

        

        
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      The
        proceeds of any Cash Liquidation or REO Disposition, as well as any recovery
        resulting from a partial collection of Insurance Proceeds or Liquidation
        Proceeds or any income from an REO Property, will be deposited into the
        Custodial Account and applied in the following order of priority: first,
        to
        reimburse the Master Servicer or any Sub-Servicer for any related unreimbursed
        Servicing Advances, pursuant to Section 3.11(vi) or 3.22; second, to accrued
        and
        unpaid interest on the Mortgage Loan or REO Imputed Interest, at the Mortgage
        Rate, to the date of the Cash Liquidation or REO Disposition, or to the Due
        Date
        prior to the Distribution Date on which such amounts are to be distributed
        if
        not in connection with a Cash Liquidation or REO Disposition; and third,
        as a
        recovery of principal of the Mortgage Loan. If the amount of the recovery
        so
        allocated to interest is less than a full recovery thereof, that amount will
        be
        allocated as follows: first, to unpaid Master Servicing Fees or Sub-Servicing
        Fees; and second, to interest at the Net Mortgage Rate. The portion of the
        recovery so allocated to unpaid Master Servicing Fees or Sub-Servicing Fees
        shall be reimbursed to the Master Servicer or any Sub-Servicer pursuant to
        Section 3.11(vi). The portions of the recovery so allocated to interest at
        the
        Net Mortgage Rate and to principal of the Mortgage Loan shall be applied
        as
        follows: first, to reimburse the Master Servicer or any Sub-Servicer for
        any
        related unreimbursed Advances in accordance with Section 3.11(iii) or 3.22,
        second, payment to the PMI Insurer in accordance with Sections 3.11(ix) and
        third, for payment to the Trustee and distribution to the Certificateholders
        in
        accordance with the provisions of Section 4.01, subject to Section 3.22 with
        respect to certain recoveries from an REO Disposition constituting Excess
        Proceeds. To the extent the Master Servicer receives additional recoveries
        following a Cash Liquidation, the amount of the Realized Loss will be restated,
        and the additional recoveries will be passed through the Trust Fund as
        Liquidation Proceeds.

       

      The
        Master Servicer, on behalf of the Trust, may also, in its discretion, as
        an
        alternative to foreclosure, sell defaulted Mortgage Loans at fair market
        value
        to third-parties, if the Master Servicer reasonably believes that such sale
        would maximize proceeds to the Certificateholders in the aggregate (on a
        present
        value basis) with respect to that Mortgage Loan.

       

      Section
        3.16. Trustee
        to Cooperate; Release of Mortgage Files.

       

      Upon
        the
        payment in full of any Mortgage Loan, or the receipt by the Master Servicer
        of a
        notification that payment in full shall be escrowed in a manner customary
        for
        such purposes, the Master Servicer will immediately notify the Trustee by
        a
        certification (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 3.10
        have
        been or will be so deposited) of a Servicing Officer and shall request delivery
        to it of the Mortgage File in the form of the Request for Release attached
        hereto as Exhibit F-2. Upon receipt by the Custodian of such certification
        and
        request, such Custodian shall promptly release the related Mortgage File
        to the
        Master Servicer. Subject to the receipt by the Master Servicer of the proceeds
        of such payment in full and the payment of all related fees and expenses,
        the
        Master Servicer shall arrange for the release to the Mortgagor of the original
        canceled Mortgage Note. In connection with the satisfaction of any MOM Loan,
        the
        Master Servicer is authorized to cause the removal from the registration
        on the
        MERS® System of such Mortgage. All other documents in the Mortgage File shall be
        retained by the Master Servicer to the extent required by applicable law.
        The
        Master Servicer shall provide for preparation of the appropriate instrument
        of
        satisfaction covering any Mortgage Loan which pays in full and the Trustee
        shall
        cooperate in the execution and return of such instrument to provide for its
        delivery or recording as may be required. 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.

       

      
        
          
          

        

        
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      From
        time
        to time and as appropriate for the servicing or foreclosure of any Mortgage
        Loan, including, for this purpose, collection under any insurance policy
        relating to the Mortgage Loan, the Custodian shall, upon request of the Master
        Servicer and delivery to the Custodian of a Request for Release in the form
        attached hereto as Exhibit F-1, release the related Mortgage File to the
        Master
        Servicer and the Trustee shall execute such documents as the Master Servicer
        shall prepare and request as being necessary to the prosecution of any such
        proceedings. Such Request for Release shall obligate the Master Servicer
        to
        return each document previously requested from the Mortgage File to the
        Custodian when the need therefor by the Master Servicer no longer exists;
        and in
        any event within 21 days of the Master Servicer's receipt thereof, unless
        the
        Mortgage Loan has been liquidated and the Liquidation Proceeds relating to
        the
        Mortgage Loan have been deposited in the Custodial Account or the Mortgage
        File
        or such document has been delivered 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
        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. Upon receipt of a Request for
        Release stating that such Mortgage Loan was liquidated and that all amounts
        received or to be received in connection with such liquidation which are
        required to be deposited into the Custodial Account have been or will be
        so
        deposited, or that such Mortgage Loan has become an REO Property, a copy
        of the
        Request for Release shall be released by the Trustee to the Master
        Servicer.

       

      Upon
        written request of a Servicing Officer, the Trustee shall execute and deliver
        to
        the Master Servicer any court pleadings, requests for trustee’s sale or other
        documents prepared by the Master Servicer that are 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. Each such request that such pleadings or documents be executed
        by
        the Trustee shall include a certification signed by a Servicing Officer as
        to
        the reason such documents or pleadings are required and that the execution
        and
        delivery thereof by the Trustee will not invalidate or otherwise affect the
        lien
        of the Mortgage, except for the termination of such a lien upon completion
        of
        the foreclosure or trustee’s sale.

       

       

      
        
          
          

        

        
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      Section
        3.17. Servicing
        Compensation.

       

      As
        compensation for its activities hereunder, the Master Servicer shall be entitled
        to withhold and retain, from deposits to the Custodial Account of amounts
        representing payments or recoveries of interest, the Master Servicing Fees
        and
        Sub-Servicing Fees with respect to each Mortgage Loan (less any portion of
        such
        amounts retained by any Sub-Servicer). In addition, the Master Servicer shall
        be
        entitled to recover unpaid Master Servicing Fees and Sub-Servicing Fees out
        of
        related Late Collections to the extent permitted in Section 3.11.

       

      Each
        Sub-Servicing Agreement shall permit the related Sub-Servicer to retain the
        Sub-Servicer Fees from collections on the related Mortgage Loans, or shall
        provide that the Sub-Servicer be paid directly by the Master Servicer from
        collections on the related Mortgage Loans. To the extent the Master Servicer
        directly services a Mortgage Loan, the Master Servicer shall be entitled
        to
        retain the Sub-Servicing Fees for that Mortgage Loan.

       

      The
        Master Servicer also shall be entitled pursuant to Section 3.11 to receive
        from
        the Custodial Account as additional servicing compensation interest or other
        income earned on deposits therein, subject to Section 3.23, as well as any
        assumption fees, late payment charges and reconveyance fees. The Master Servicer
        shall not be entitled to retain any Prepayment Charges. Any Prepayment Charges
        identified on Exhibit H hereto as belonging to the Class P Certificateholder
        shall be paid to the Holders of the related Class P Certificates. Any Prepayment
        Charges identified on Exhibit H hereto as belong to a Sub-Servicer shall
        be paid
        to the related Sub-Servicer. The Master Servicer shall be required to pay
        all
        expenses incurred by it in connection with its servicing activities hereunder
        (including payment of the premiums for any blanket policy insuring against
        hazard losses pursuant to Section 3.13 and servicing compensation of the
        Sub-Servicer to the extent not retained by it), and shall not be entitled
        to
        reimbursement therefor except as specifically provided in Section 3.11. The
        Master Servicing Fee may not be transferred in whole or in part except in
        connection with the transfer of all of the Master Servicer's responsibilities
        and obligations under this Agreement.

       

      Notwithstanding
        anything herein to the contrary, Midland (and its successors and assigns)
        shall
        also be entitled to the Excess Servicing Strip with respect to the Mortgage
        Loans that it is servicing and may at its option assign or pledge to any
        third
        party or retain for itself the Excess Servicing Strip. The Master Servicer
        (or
        its successor hereunder, if any) shall pay the Excess Servicing Strip to
        the
        holder of the Excess Servicing Strip (i.e., Midland or any such third party)
        at
        such time and to the extent the Master Servicer is entitled to receive payment
        of its Master Servicing Fees hereunder, notwithstanding any resignation or
        termination of the Master Servicer hereunder. In the event that Midland is
        terminated or resigns as Sub-Servicer, it (and its successors and assigns)
        will
        be entitled to retain the Excess Servicing Strip.

       

       

      
        
          
          

        

        
          105

          
            

          

        

        
          
          

        

      

      Section
        3.18. Maintenance
        of Certain Servicing Policies.

       

      The
        Master Servicer shall obtain and maintain at its own expense and shall cause
        each Sub-Servicer to obtain and maintain for the duration of this Agreement
        a
        blanket fidelity bond and an errors and omissions insurance policy covering
        the
        Master Servicer's and such Sub-Servicer's officers, employees and other persons
        acting on its behalf in connection with its activities under this Agreement.
        The
        amount of coverage shall be at least equal to the coverage maintained by
        the
        Master Servicer or Sub-Servicer in order to be acceptable to Fannie Mae or
        Freddie Mac to service loans for it or otherwise in an amount as is commercially
        available at a cost that is generally not regarded as excessive by industry
        standards. The Master Servicer shall promptly notify the Trustee in writing
        of
        any material change in the terms of such bond or policy. The Master Servicer
        shall provide annually to the Trustee a certificate of insurance that such
        bond
        and policy are in effect. If any such bond or policy ceases to be in effect,
        the
        Master Servicer shall, to the extent possible, give the Trustee ten days'
        notice
        prior to any such cessation and shall use its reasonable best efforts to
        obtain
        a comparable replacement bond or policy, as the case may be.

       

      Section
        3.19. Annual
        Statement as to Compliance.

       

      Not
        later
        than March 22nd of each calendar year beginning in 2007, the Master Servicer
        at
        its own expense shall deliver to the Trustee via e-mail
        (DBSEC.Notifications@db.com), and shall deliver (or otherwise make available)
        to
        the Certificate Insurer, a certificate (an “Annual Statement of Compliance”)
        signed by a Servicing Officer stating, as to the signers thereof, that (i)
        a
        review of the activities of the Master Servicer during the preceding calendar
        year and of performance under this Agreement or other applicable servicing
        agreement has been made under such officers’ supervision, (ii) to the best of
        such officers’ knowledge, based on such review, the Master Servicer has
        fulfilled all its obligations under this Agreement or other applicable servicing
        agreement in all material respects for such year or portion thereof, or,
        if
        there has been a failure to fulfill any such obligation in any material respect,
        specifying each such failure known to such officer and the nature and status
        thereof. Such Annual Statement of Compliance shall contain no restrictions
        or
        limitations on its use. In the event that the Master Servicer has delegated
        any
        servicing responsibilities with respect to the Mortgage Loans to a Sub-Servicer,
        the Master Servicer shall deliver a similar Annual Statement of Compliance
        by
        that Sub-Servicer to the Trustee and the Certificate Insurer as described
        above
        as and when required with respect to the Master Servicer.

      

      Failure
        of the Master Servicer to timely comply with this Section 3.19 shall be deemed
        an Event of Default, and the Trustee may, in addition to whatever rights
        the
        Trustee may have under this Agreement and at law or equity or to damages,
        including injunctive relief and specific performance, upon notice immediately
        terminate all the rights and obligations of the Master Servicer under this
        Agreement and in and to the Mortgage Loans and the proceeds thereof without
        compensating the Master Servicer for the same. This paragraph shall supersede
        any other provision in this Agreement or any other agreement to the
        contrary.

      

       

      
        
          
          

        

        
          106

          
            

          

        

        
          
          

        

      

      Section
        3.20. Assessments
        of Compliance and Attestation Reports.

       

      Pursuant
        to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(a) of Regulation
        AB, the Master Servicer shall deliver to the Trustee via e-mail
        (DBSEC.Notifications@db.com) and shall deliver (or otherwise make available)
        to
        the Certificate Insurer on or before March 22nd of each calendar year beginning
        in 2007, a report regarding the Master Servicer’s assessment of compliance (an
“Assessment of Compliance”) with the applicable Servicing Criteria (as set forth
        in Exhibit N) during the preceding calendar year. The Assessment of Compliance
        must contain the following:

       

      (a) A
        statement by such officer of its responsibility for assessing compliance
        with
        the Servicing Criteria applicable to the Master Servicer;

       

      (b) A
        statement by such officer that such officer used the Servicing Criteria,
        and
        which will also be attached to the Assement of Compliance, to assess compliance
        with the Servicing Criteria applicable to the Master Servicer;

       

      (c) An
        assessment by such officer of the Master Servicer’s compliance with the
        applicable Servicing Criteria for the period consisting of the preceding
        calendar year, including disclosure of any material instance of noncompliance
        with respect thereto during such period, which assessment shall be based
        on the
        activities it performs with respect to asset-backed securities transactions
        taken as a whole involving the Master Servicer, that are backed by the same
        asset type as the Mortgage Loans;

       

      (d) A
        statement that a registered public accounting firm has issued an attestation
        report on the Master Servicer’s Assessment of Compliance for the period
        consisting of the preceding calendar year; and

       

      (e) A
        statement as to which of the Servicing Criteria, if any, are not applicable
        to
        the Master Servicer, which statement shall be based on the activities it
        performs with respect to asset-backed securities transactions taken as a
        whole
        involving the Master Servicer, that are backed by the same asset type as
        the
        Mortgage Loans.

       

      Such
        report at a minimum shall address each of the Servicing Criteria specified
        on
        Exhibit N hereto which are indicated as applicable to the Master
        Servicer.

       

      On
        or
        before March 22nd of each calendar year beginning in 2007, the Master Servicer
        shall furnish to the Trustee and the Certificate Insurer a report (an
“Attestation Report”) by a registered public accounting firm that attests to,
        and reports on, the Assessment of Compliance made by the Master Servicer,
        as
        required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b)
        of
        Regulation AB, which Attestation Report must be made in accordance with
        standards for attestation reports issued or adopted by the Public Company
        Accounting Oversight Board.

       

      The
        Master Servicer shall cause any Sub-Servicer and each subcontractor determined
        by the Master Servicer to be “participating in the servicing function” within
        the meaning of Item 1122 of Regulation AB, to deliver to the Trustee, the
        Certificate Insurer and the Depositor an Assessment of Compliance and
        Attestation Report as and when provided above.

       

      
        
          
          

        

        
          107

          
            

          

        

        
          
          

        

      

      Such
        Assessment of Compliance, as to any Sub-Servicer, shall address each of the
        Servicing Criteria applicable to the Sub-Servicer. Notwithstanding the
        foregoing, as to any subcontractor determined by the Master Servicer to be
        “participating in the servicing function,” an Assessment of Compliance is not
        required to be delivered unless it is required as part of a Form 10-K with
        respect to the Trust Fund.

       

      Failure
        of the Master Servicer to timely comply with this Section 3.20 (taking into
        account the cure period if permitted as set forth in the preceding paragraph)
        shall be deemed an Event of Default, and the Trustee may, in addition to
        whatever rights the Trustee may have under this Agreement and at law or equity
        or to damages, including injunctive relief and specific performance, give
        notice
        to Certificateholders that they have ten Business Days to object. If no such
        objection is received, the Trustee shall immediately terminate all the rights
        and obligations of the Master Servicer under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof without compensating the Master Servicer
        for the same (other than as provided herein with respect to unreimbursed
        Advances or Servicing Advances or accrued and unpaid Servicing Fees). This
        paragraph shall supercede any other provision in this Agreement or any other
        agreement to the contrary.

       

      The
        Trustee shall also provide an Assessment of Compliance (with respect to items
        (a) - (d) but not (e) above) and Attestation Report, as and when provided
        above,
        which shall at a minimum address each of the Servicing Criteria specified
        on
        Exhibit N hereto which are indicated as applicable to the “trustee”.
        Notwithstanding the foregoing, as to any trustee, an Assessment of Compliance
        is
        not required to be delivered unless it is required as part of a Form 10-K
        with
        respect to the Trust Fund.

       

      Section
        3.21. Access
        to
        Certain Documentation.

       

      The
        Master Servicer shall provide, and shall cause any Sub-Servicer to provide,
        to
        the Trustee and the Certificate Insurer, access to the documentation in their
        possession regarding the related Mortgage Loans and REO Properties and to
        the
        Certificateholders, the FDIC, and the supervisory agents and examiners of
        the
        FDIC (to which the Trustee shall also provide) access to the documentation
        regarding the related Mortgage Loans required by applicable regulations,
        such
        access being afforded without charge but only upon reasonable request and
        during
        normal business hours at the offices of the Master Servicer or the Sub-Servicers
        that are designated by these entities; provided,
        however,
        that,
        unless otherwise required by law, the Trustee, the Custodian, the Master
        Servicer or the Sub-Servicer shall not be required to provide access to such
        documentation if the provision thereof would violate the legal right to privacy
        of any Mortgagor. The Master Servicer and the Sub-Servicers shall allow
        representatives of the above entities to photocopy any of the documentation
        and
        shall provide equipment for that purpose at a charge that covers their own
        actual out-of-pocket costs. The Master Servicer shall designate a Servicing
        Officer to provide certain information regarding the Mortgage
        Loans.

       

      Section
        3.22. Title,
        Conservation and Disposition of REO Property.

       

      This
        Section shall apply only to REO Properties acquired for the account of REMIC
        1
        or REMIC 2, as applicable, and shall not apply to any REO Property relating
        to a
        Mortgage Loan which was purchased or repurchased from REMIC 1 or REMIC 2,
        as
        applicable, pursuant to Sections 2.02, 2.04 or 3.14. In the event that title
        to
        any such REO Property is acquired, the deed or certificate of sale shall
        be
        issued to the Trustee, or to its nominee, on behalf of the Certificateholders.
        The Master Servicer, on behalf of REMIC 1 or REMIC 2, as applicable, shall
        either sell any related REO Property before the close of the third taxable
        year
        following the taxable year in which REMIC 1 or REMIC 2, as applicable, acquires
        ownership of such REO Property for purposes of Section 860G(a)(8) of the
        Code
        or, at the expense of REMIC 1 or REMIC 2, as applicable, request, more than
        60
        days before the day on which the three-year grace period would otherwise
        expire
        an extension of the three-year grace period, unless the Master Servicer has
        delivered to the Trustee and the Certificate Insurer an Opinion of Counsel
        (which shall not be at the expense of the Trustee or the Certificate Insurer),
        addressed to the Trustee, the Certificate Insurer and the Master Servicer,
        to
        the effect that the holding by REMIC 1 or REMIC 2, as applicable, of such
        REO
        Property subsequent to the close of the third taxable year following the
        taxable
        year in which REMIC 1 or REMIC 2, as applicable, acquires ownership of such
        REO
        Property will not result in the imposition on REMIC 1 or REMIC 2, as applicable,
        of taxes on “prohibited transactions” thereof, as defined in Section 860F of the
        Code, or cause any of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to fail to qualify
        as
        a REMIC under the REMIC Provisions or comparable provisions of the laws of
        the
        State of California at any time that any Certificates are outstanding. The
        Master Servicer shall manage, conserve, protect and operate each REO Property
        for the Certificateholders solely for the purpose of its prompt disposition
        and
        sale in a manner which does not cause such REO Property to fail to qualify
        as
“foreclosure property” within the meaning of Section 860G(a)(8) or result in the
        receipt by any of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 of any “income from
        non-permitted assets” within the meaning of Section 860F(a)(2)(B) of the Code or
        any “net income from foreclosure property” which is subject to taxation under
        the REMIC Provisions. Pursuant to its efforts to sell such REO Property,
        the
        Master Servicer shall either itself or through an agent selected by the Master
        Servicer protect and conserve such REO Property in the same manner and to
        such
        extent as is customary in the locality where such REO Property is located
        and
        may, incident to its conservation and protection of the interests of the
        Certificateholders, rent the same, or any part thereof, as the Master Servicer
        deems to be in the best interest of the Certificateholders for the period
        prior
        to the sale of such REO Property.

      
        
          
          

        

        
          108

          
            

          

        

        
          
          

        

      

      Any
        REO
        Disposition shall be for cash only (unless changes in the REMIC Provisions
        made
        subsequent to the Startup Day allow a sale for other
        consideration).

       

      The
        Master Servicer shall segregate and hold all funds collected and received
        in
        connection with the operation of any REO Property separate and apart from
        its
        own funds and general assets. The Master Servicer shall deposit, or cause
        to be
        deposited, on a daily basis in the Custodial Account all revenues received
        with
        respect to the REO Properties, net of any directly related expenses incurred
        or
        withdraw therefrom funds necessary for the proper operation, management and
        maintenance of the REO Property.

       

      If
        as of
        the date of acquisition of title to any REO Property there remain outstanding
        unreimbursed Servicing Advances with respect to such REO Property or any
        outstanding Advances allocated thereto the Master Servicer, upon an REO
        Disposition, shall be entitled to reimbursement for any related unreimbursed
        Servicing Advances and any unreimbursed related Advances as well as any unpaid
        Master Servicing Fees or Sub-Servicing Fees from proceeds received in connection
        with the REO Disposition, as further provided in Section 3.15. The Master
        Servicer shall not be obligated to advance any amounts with respect to an
        REO
        Property if such advance would constitute a Nonrecoverable Advance.

       

      
        
          
          

        

        
          109

          
            

          

        

        
          
          

        

      

      The
        REO
        Disposition shall be carried out by the Master Servicer at such price and
        upon
        such terms and conditions as the Master Servicer shall determine.

       

      The
        Master Servicer shall deposit the proceeds from the REO Disposition, net
        of any
        payment to the Master Servicer as provided above, in the Custodial Account
        upon
        receipt thereof for distribution in accordance with Section 4.01; provided,
        that
        any such net proceeds received by the Master Servicer which are in excess
        of the
        applicable Stated Principal Balance plus all unpaid REO Imputed Interest
        thereon
        through the last day of the month in which the REO Disposition occurred (“Excess
        Proceeds”) shall be retained by the Master Servicer as additional servicing
        compensation.

       

      With
        respect to any Mortgage Loan as to which the Master Servicer has received
        notice
        of, or has actual knowledge of, the presence of any toxic or hazardous substance
        on the Mortgaged Property, the Master Servicer shall not, on behalf of the
        Trustee, either (i) obtain title to the related Mortgaged Property as a result
        of or in lieu of foreclosure or otherwise, or (ii) otherwise acquire possession
        of, the related Mortgaged Property, unless the Master Servicer has, at least
        30
        days prior to taking such action, obtained and delivered to the Trustee an
        environmental audit report prepared by a Person who regularly conducts
        environmental audits using customary industry standards. The Master Servicer
        shall take such action as it deems to be in the best economic interest of
        the
        Trust Fund (other than proceeding against the Mortgaged Property) and is
        hereby
        authorized at such time as it deems appropriate to release such Mortgaged
        Property from the lien of the related Mortgage.

       

      The
        cost
        of the environmental audit report contemplated by this Section 3.22 shall
        be
        advanced by the Master Servicer as an expense of the Trust Fund, and the
        Master
        Servicer shall be reimbursed therefor from the Custodial Account as provided
        in
        Section 3.11, any such right of reimbursement being prior to the rights of
        the
        Certificateholders to receive any amount in the Custodial Account.

       

      If
        the
        Master Servicer determines, as described above, that it is in the best economic
        interest of the Trust Fund to take such actions as are necessary to bring
        any
        such Mortgaged Property in compliance with applicable environmental laws,
        or to
        take such action with respect to the containment, clean-up or remediation
        of
        hazardous substances, hazardous materials, hazardous wastes, or petroleum-based
        materials affecting any such Mortgaged Property, then the Master Servicer
        shall
        take such action as it deems to be in the best economic interest of the Trust
        Fund. The cost of any such compliance, containment, clean-up or remediation
        shall be advanced by the Master Servicer as an expense of the Trust Fund,
        and
        the Master Servicer shall be entitled to be reimbursed therefor from the
        Custodial Account as provided in Section 3.11, any such right of reimbursement
        being prior to the rights of the Certificateholders to receive any amount
        in the
        Custodial Account.

       

       

      
        
          
          

        

        
          110

          
            

          

        

        
          
          

        

      

      Section
        3.23. Additional
        Obligations of the Master Servicer.

       

      On
        each
        Certificate Account Deposit Date, the Master Servicer shall deliver to the
        Trustee for deposit in the Certificate Account from its own funds and without
        any right of reimbursement therefor, a total amount equal to the amount of
        Compensating Interest for the related Distribution Date.

       

      Section
        3.24. Additional
        Obligations of the Depositor.

       

      The
        Depositor agrees that on or prior to the tenth day after the Closing Date,
        the
        Depositor shall provide the Trustee with a written notification, substantially
        in the form of Exhibit J attached hereto, relating to each Class of
        Certificates, setting forth (i) in the case of each Class of such Certificates,
        (a) if less than 10% of the aggregate Certificate Principal Balance of such
        Class of Certificates has been sold as of such date, the value calculated
        pursuant to clause (b)(iii) of Exhibit J hereto, or, (b) if 10% or more of
        such
        Class of Certificates has been sold as of such date but no single price is
        paid
        for at least 10% of the aggregate Certificate Principal Balance of such Class
        of
        Certificates, then the weighted average price at which the Certificates of
        such
        Class were sold and the aggregate percentage of Certificates of such Class
        sold,
        (c) the first single price at which at least 10% of the aggregate Certificate
        Principal Balance of such Class of Certificates was sold, or (d) if any
        Certificates of each Class of Certificates are retained by the Depositor
        or an
        affiliate corporation, or are delivered to the Sponsor, the fair market value
        of
        such Certificates as of the Closing Date, (ii) the Prepayment Assumption
        used in
        pricing the Certificates, and (iii) such other information as to matters
        of fact
        as the Trustee may reasonably request to enable it to comply with its reporting
        requirements with respect to each Class of such Certificates to the extent
        such
        information can in the good faith judgment of the Depositor be determined
        by
        it.

       

      Section
        3.25. Exchange
        Act Reporting.

       

      (a) The
        Trustee (to the extent any information requested by the Depositor is actually
        in
        the possession of the Trustee) and the Master Servicer shall fully cooperate
        with the Depositor in connection with the Trust’s satisfying the reporting
        requirements under the Exchange Act as may be requested by the Depositor
        pursuant to Section 3.26.

       

      (b) (i)
        Within 12 calendar days after each Distribution Date, the Trustee shall,
        in
        accordance with industry standards, file with the Commission via the Electronic
        Data Gathering and Retrieval System (“EDGAR”), a Distribution Report on Form
        10-D, signed by the Depositor, with a copy of the monthly statement to be
        furnished by the Trustee to the Certificateholders for such Distribution
        Date.
        Any disclosure in addition to the monthly statement required to be included
        on
        the Form 10-D (“Additional Form 10-D Disclosure”) shall be determined and
        prepared by the entity that is indicated in Exhibit O as the responsible
        party
        for providing that information, if other than the Trustee, and the Trustee
        will
        have no duty or liability to verify the accuracy or sufficiency of any such
        Additional Form 10-D Disclosure and the Trustee shall have no liability with
        respect to any failure to properly prepare or file such Form 10-D resulting
        from
        or relating to the Trustee’s inability or failure to obtain any information in a
        timely manner from the party responsible for delivery of such Additional
        Form
        10-D Disclosure.

       

      
        
          
          

        

        
          111

          
            

          

        

        
          
          

        

      

      Within
        3
        calendar days after the related Distribution Date, each entity that is indicated
        in Exhibit O as the responsible party for providing Additional Form 10-D
        Disclosure shall be required to provide to the Trustee via e-mail
        (DBSEC.Notifications@db.com), and to the Depositor and the Certificate Insurer,
        to the extent known by a responsible party thereof, any Additional Form 10-D
        Disclosure, if applicable, clearly identifying which item of Form 10-D the
        information relates to. The Trustee shall compile the information provided
        to
        it, prepare the Form 10-D and forward the Form 10-D to the Depositor for
        verification. The Depositor will approve, as to form and substance, or
        disapprove, as the case may be, the Form 10-D. No later than three Business
        Days
        prior to the 10th calendar day after the related Distribution Date, an officer
        of the Depositor shall sign the Form 10-D and return an electronic or fax
        copy
        of such signed Form 10-D (with an original executed hard copy to follow by
        overnight mail) to the Trustee. The Trustee shall have no liability with
        respect
        to any failure to properly file any Form 10-D resulting from or relating
        to the
        Depositor’s failure to timely comply with the provisions of this
        section.

       

      (ii) Within
        four (4) Business Days after the occurrence of an event requiring disclosure
        on
        Form 8-K (each such event, a “Reportable Event”), the Depositor shall prepare
        and file any Form 8-K, as required by the Exchange Act, in addition to the
        initial Form 8-K in connection with the issuance of the Certificates. Any
        disclosure or information related to a Reportable Event or that is otherwise
        required to be included on Form 8-K (“Form 8-K Disclosure Information”) shall be
        determined and prepared by the entity that is indicated in Exhibit O as the
        responsible party for providing that information.

       

      For
        so
        long as the Trust is subject to the Exchange Act reporting requirements,
        no
        later than the end of business on the second Business Day after the occurrence
        of a Reportable Event, the entity that is indicated in Exhibit O as the
        responsible party for providing Form 8-K Disclosure Information shall be
        required to provide to the Depositor, to the extent known by a responsible
        officer thereof, the form and substance of any Form 8-K Disclosure Information,
        if applicable. The Depositor shall compile the information provided to it,
        and
        prepare and file the Form 8-K, which shall be signed by an officer of the
        Depositor.

       

      (iii) Prior
        to
        January 30 of the first year in which the Trustee is able to do so under
        applicable law, the Trustee shall, in accordance with industry standards,
        file a
        Form 15 Suspension Notice with respect to the Trust Fund, if applicable.
        On or
        before (x) March 15, 2007 and (y) unless and until a Form 15 Suspension Notice
        shall have been filed, on or before April 15 of each year thereafter, the
        Master
        Servicer shall provide the Trustee and the Certificate Insurer with an Annual
        Compliance Statement, together with a copy of the Assessment of Compliance
        and
        Attestation Report to be delivered by the Master Servicer pursuant to Sections
        3.19 and 3.20 (including with respect to any Sub-Servicer or any subcontractor,
        if required to be filed). Prior to (x) March 30, 2007 and (y) unless and
        until a
        Form 15 Suspension Notice shall have been filed, March 30 of each year
        thereafter, the Trustee shall file a Form 10-K, in substance as required
        by
        applicable law or applicable Securities and Exchange Commission staff’s
        interpretations and conforming to industry standards, with respect to the
        Trust
        Fund. Such Form 10-K shall include the Assessment of Compliance, Attestation
        Report, Annual Compliance Statements and other documentation provided by
        the
        Master Servicer pursuant to Sections 3.19 and 3.20 (including with respect
        to
        any Sub-Servicer or subcontractor, if required to be filed) and Section 3.20
        with respect to the Trustee, and the Form 10-K certification in the form
        attached hereto as Exhibit L-1 (the “Certification”) signed by the senior
        officer of the Depositor in charge of securitization. The Trustee shall receive
        the items described in the preceding sentence no later than March 15 of each
        calendar year prior to the filing deadline for the Form 10-K.

       

      
        
          
          

        

        
          112

          
            

          

        

        
          
          

        

      

      Any
        disclosure or information in addition to that described in the preceding
        paragraph that is required to be included on Form 10-K (“Additional Form 10-K
        Disclosure”) shall be determined and prepared by the entity that is indicated in
        Exhibit O as the responsible party for providing that information, if other
        than
        the Trustee, and the Trustee will have no duty or liability to verify the
        accuracy or sufficiency of any such Additional Form 10-K
        Disclosure.

       

      If
        information, data and exhibits to be included in the Form 10-K are not so
        timely
        delivered, the Trustee shall file an amended Form 10-K including such documents
        as exhibits reasonably promptly after they are delivered to the Trustee.
        The
        Trustee shall have no liability with respect to any failure to properly prepare
        or file such periodic reports resulting from or relating to the Trustee’s
        inability or failure to timely obtain any information from any other
        party.

       

      On
        or
        prior to (x) March 15, 2007 and (y) unless and until a Form 15 Suspension
        Notice
        shall have been filed, prior to March 15 of each year thereafter, each entity
        that is indicated in Exhibit O as the responsible party for providing Additional
        Form 10-K Disclosure shall be required to provide to the Trustee via e-mail
        (DBSEC.Notifications@db.com), and to the Certificate Insurer and the Depositor,
        to the extent known by a responsible party thereof, the form and substance
        of
        any Additional Form 10-K Disclosure Information, if applicable. The Trustee
        shall compile the information provided to it, prepare the Form 10-K and forward
        the Form 10-K to the Depositor for verification. The Depositor will approve,
        as
        to form and substance, or disapprove, as the case may be, the Form 10-K by
        no
        later than March 25 of the relevant year (or the immediately preceding Business
        Day if March 25 is not a Business Day), an officer of the Depositor shall
        sign
        the Form 10-K and return an electronic or fax copy of such signed Form 10-K
        (with an original executed hard copy to follow by overnight mail) to the
        Trustee.

       

      The
        Master Servicer shall be responsible for determining the pool concentration
        applicable to any Sub-Servicer to which the Master Servicer delegated any
        of its
        responsibilities with respect to the Mortgage Loans at any time, for purposes
        of
        disclosure as required by Items 1117 and 1119 of Regulation AB. The Trustee
        will
        provide electronic or paper copies of all Form 10-D, 8-K and 10-K filings
        free
        of charge to any Certificateholder upon request. Any expenses incurred by
        the
        Trustee in connection with the previous sentence shall be reimbursable to
        the
        Trustee out of the Trust Fund. The Trustee shall have no liability with respect
        to any failure to properly file any Form 10-K resulting from or relating
        to the
        Depositor’s failure to timely comply with the provisions of this
        section.

       

      The
        Trustee shall sign a certification (in the form attached hereto as Exhibit
        L-3)
        for the benefit of the Depositor and its officers, directors and Affiliates
        in
        respect of items 1 through 3 of the Certification (provided, however, that
        the
        Trustee shall not undertake an analysis of the Attestation Report attached
        as an
        exhibit to the Form 10-K), and the Master Servicer shall sign a certification
        (the “Master Servicer Certification) solely with respect to the Master Servicer
        (in the form attached hereto as Exhibit L-2) for the benefit of the Depositor,
        the Trustee and each Person, if any, who “controls” the Depositor or the Trustee
        within the meaning of the Securities Act of 1933, as amended, and their
        respective officers and directors. Each such certification shall be delivered
        to
        the Depositor and the Trustee by March 15th of each year (or if not a Business
        Day, the immediately preceding Business Day). The Certification attached
        hereto
        as Exhibit L-1 shall be delivered to the Trustee by March 20th for filing
        on or
        prior to March 30th of each year (or if not a Business Day, the immediately
        preceding Business Day).

       

      
        
          
          

        

        
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      The
        Trustee will have no duty to verify the accuracy or sufficiency of any
        information not prepared by it included in any Form 10-D, Form 10-K or Form
        8-K.
        The Trustee shall have no liability with respect to any failure to properly
        prepare or file any Form 10- D or Form 10-K resulting from or relating to
        the
        Trustee’s inability or failure to obtain any information in a timely manner from
        the party responsible for delivery of such disclosure information. The Trustee
        shall have no liability with respect to any failure to properly file any
        Form
        l0-D or 10-K resulting from or relating to the Depositor’s failure to timely
        comply with the provisions of this section. Nothing herein shall be construed
        to
        require the Trustee or any officer, director or Affiliate thereof to sign
        any
        Form 10-D, Form 10-K or Form 8-K.

       

      (c) (A)
        The
        Trustee shall indemnify and hold harmless the Depositor, the Master Servicer
        and
        their respective officers, directors and Affiliates from and against any
        losses,
        damages, penalties, fines, forfeitures, reasonable and necessary legal fees
        and
        related costs, judgments and other costs and expenses arising out of or based
        upon any material misstatement or omission in the Assessment of Compliance
        delivered by the Trustee pursuant to Section 3.20 and (B) the Master Servicer
        shall indemnify and hold harmless the Depositor, the Trustee and their
        respective officers, directors and Affiliates from and against any actual
        losses, damages, penalties, fines, forfeitures, reasonable and necessary
        legal
        fees and related costs, judgments and other costs and expenses arising out
        of or
        based upon (i) the failure of the Master Servicer to timely deliver the Master
        Servicer Certification or (ii) any material misstatement or omission in the
        Statement as to Compliance delivered by the Master Servicer pursuant to Section
        3.19 or any Sub-Servicer pursuant to Section 3.20, the Assessment of Compliance
        delivered by the Master Servicer or any Sub-Servicer pursuant to Section
        3.20 or
        the Master Servicer Certification. If the indemnification provided for herein
        is
        unavailable or insufficient to hold harmless the Depositor, then the Master
        Servicer agrees that it shall contribute to the amount paid or payable by
        the
        Depositor and the Trustee as a result of the losses, claims, damages or
        liabilities of the Depositor and the Trustee in such proportion as is
        appropriate to reflect the relative fault of the Depositor and the Trustee
        on
        the one hand and the Master Servicer on the other in connection with the
        Master
        Servicer Certification and the related obligations of the Master Servicer
        under
        this Section 3.25.

       

      Upon
        any
        filing with the Securities and Exchange Commission, the Trustee shall promptly
        deliver to the Depositor a copy of any such executed report, statement or
        information.

       

      Section
        3.26. Intention
        of the Parties and Interpretation.

       

      Each
        of
        the parties acknowledges and agrees that the purpose of Sections 3.19, 3.20
        and
        3.25 of this Agreement is to facilitate compliance by the Sponsor and the
        Depositor with the provisions of Regulation AB. Therefore, each of the parties
        agrees that (a) the obligations of the parties hereunder shall be interpreted
        in
        such a manner as to accomplish that purpose, (b) the parties’ obligations
        hereunder will be supplemented and modified as necessary to be consistent
        with
        any such amendments, interpretive advice or guidance, convention or consensus
        among active participants in the asset-backed securities markets, advice
        of
        counsel, or otherwise in respect of the requirements of Regulation AB, (c)
        the
        parties shall comply with requests made by the Sponsor
        or
        the
        Depositor for delivery of additional or different information as the Sponsor
        or
        the Depositor may determine in good faith is necessary to comply with the
        provisions of Regulation AB, and (d) no amendment of this Agreement shall
        be
        required to effect any such changes in the parties’ obligations as are necessary
        to accommodate evolving interpretations of the provisions of Regulation
        AB.

      
        
          
          

        

        
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      Section
        3.27. Optional
        Purchase of Certain Mortgage Loans.

       

      The
        Master Servicer will have a one-time option to purchase up to a maximum of
        1.00%
        (and in any case, at least 5 Mortgage Loans) of the Group 1 Loans, by aggregate
        Stated Principal Balance of the Group 1 Loans as of such date, from the Trustee
        at the Purchase Price. The Master Servicer will have the option, from time
        to
        time, of purchasing Group 2 Loans from the Trustee at the Purchase Price;
        provided that the aggregate Stated Principal Balance of such purchased Group
        2
        Loans from the Closing Date to the time of such purchase will not exceed
        1% of
        the Group 2 Cut-off Date Balance; and provided, further, that the aggregate
        Stated Principal Balance of the Group 2 Loans purchased at any one time does
        not
        exceed 1% of the aggregate Stated Principal Balance of the Group 2 Loans
        as of
        such date. Any Group 1 Loans and Group 2 Loans that may be purchased by the
        Master Servicer pursuant to this Section 3.27 will be selected by the Master
        Servicer in its sole discretion. 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. Any tax on
        "prohibited transactions" (as defined in Section 860F(a)(2) of the Code)
        imposed
        on any REMIC relating to the exercise of the option provided in this Section
        3.27 shall in no event be payable by the Trustee.

       

      
        
          
          

        

        
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      ARTICLE
        IV

       

      PAYMENTS
        TO CERTIFICATEHOLDERS

       

      Section
        4.01. Distributions.

       

      (a) 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
        5:00
        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 Sections 3.11, 3.13 or 3.23,
        (iii) all other amounts constituting the Available Distribution Amount for
        the
        immediately succeeding Distribution Date, (iv) amounts payable to the related
        Supplemental Interest Trust in respect of related Net Swap Payments and Swap
        Termination Payments payable to the related Swap Provider other than Swap
        Termination Payments resulting from a Swap Provider Trigger Event and (v)
        any
        amounts on deposit in the Custodial Account representing Prepayment Charges
        collected by the Master Servicer (and any Master Servicer Prepayment Charge
        Payment Amounts paid by, or collected on behalf of the Trust Fund by, the
        Master
        Servicer or any Sub-Servicer), other than any such Prepayment Charges or
        Master
        Servicer Prepayment Charge Payment Amounts relating to Principal Prepayments
        that occurred after the end of the related Prepayment Period.

       

      On
        each
        Distribution Date, prior to making any other distributions referred to in
        Section 4.01 herein, the Trustee shall withdraw from the Certificate Account
        and
        pay itself any income earned on retention of amounts on deposit in the
        Certificate Account for such Distribution Date and any other amounts payable
        to
        it hereunder.

       

      On
        each
        Distribution Date, prior to making any other distributions referred to in
        Section 4.01 herein, the Trustee shall withdraw from the Certificate Account
        and
        pay to the Certificate Insurer, by wire transfer of immediately available
        funds,
        the Policy Premium for such Distribution Date. The Trustee shall deposit
        any
        amounts received from the Certificate Insurer pursuant to the Certificate
        Guaranty Insurance Policy into the Insurance Account. 

       

      On
        each
        Distribution Date the Trustee shall distribute to each Certificateholder
        of
        record as of the next preceding Record Date (other than as provided in Section
        9.01 respecting the final distribution) either in immediately available funds
        (by wire transfer or otherwise) to the account of such Certificateholder
        at a
        bank or other entity having appropriate facilities therefor, if such
        Certificateholder has so notified the Trustee at least 5 Business Days prior
        to
        the related Record Date, or otherwise by check mailed to such Certificateholder
        at the address of such Holder appearing in the Certificate Register, such
        Certificateholder's share (based on the aggregate of the Percentage Interests
        represented by Certificates of the applicable Class held by such Holder)
        of the
        amounts required to be distributed to such Holder pursuant to this Section
        4.01.

       

      Net
        Swap
        Payments and Swap Termination Payments (other than Swap Termination Payments
        resulting from a Swap Provider Trigger Event) payable by the related
        Supplemental Interest Trust to the related Swap Provider pursuant to the
        related
        Interest Rate Swap Agreement shall be deducted (without duplication) from
        the
        interest collections in the related Available Distribution Amount, and to
        the
        extent of any such remaining amounts due, from the principal collections
        in the
        related Available Distribution Amount, prior to any distributions to the
        related
        Certificateholders. On each Distribution Date, such amounts will be remitted
        to
        the related Supplemental Interest Trust, first to make any Net Swap Payment
        owed
        to the related Swap Provider pursuant to the related Interest Rate Swap
        Agreement for such Distribution Date and for prior Distribution Dates, and
        second to make any Swap Termination Payment (not due to a Swap Provider Trigger
        Event) owed to the related Swap Provider pursuant to the related Interest
        Rate
        Swap Agreement for such Distribution Date and for prior Distribution Dates.
        Any
        Swap Termination Payment triggered by a Swap Provider Trigger Event owed
        to the
        related Swap Provider pursuant to the related Interest Rate Swap Agreement
        will
        be subordinated to distributions to the Holders of the related Offered
        Certificates and shall be paid as set forth in Section 4.01(l)(viii) and
        4.01(m)(vii), as applicable.

       

      
        
          
          

        

        
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      (b) On
        each
        Distribution Date, the Trustee shall withdraw from the Certificate Account
        that
        portion of Available Distribution Amount for such Distribution Date consisting
        of the Interest Remittance Amount in respect of the Group 1 Loans for such
        Distribution Date, and make the following disbursements and transfers in
        the
        order of priority described below, in each case to the extent of the related
        Interest Remittance Amount for such Class for such Distribution
        Date:

       

      (i) from
        the
        Interest Remittance Amount in respect of the Group 1 Loans, concurrently
        to the
        Holders of the Class 1-A1-A, Class 1-A1-B, Class 1-A1-C and Class 1-AM
        Certificates, pro rata, based on entitlement, the related Monthly Interest
        Distributable Amount and any Unpaid Interest Shortfall Amount for each such
        Class for such Distribution Date;

       

      (ii) from
        the
        remaining Interest Remittance Amount in respect of the Group 1 Loans, to
        the
        Class 1-M-1 Certificates, the related Monthly Interest Distributable Amount
        for
        such Class for such Distribution Date;

       

      (iii) from
        the
        remaining Interest Remittance Amount in respect of the Group 1 Loans, to
        the
        Class 1-M-2 Certificates, the related Monthly Interest Distributable Amount
        for
        such Class for such Distribution Date;

       

      (iv) from
        the
        remaining Interest Remittance Amount in respect of the Group 1 Loans, to
        the
        Class 1-M-3 Certificates, the related Monthly Interest Distributable Amount
        for
        such Class for such Distribution Date;

       

      (v) from
        the
        remaining Interest Remittance Amount in respect of the Group 1 Loans, to
        the
        Class 1-M-4 Certificates, the related Monthly Interest Distributable Amount
        for
        such Class for such Distribution Date;

       

      (vi) from
        the
        remaining Interest Remittance Amount in respect of the Group 1 Loans, to
        the
        Class 1-M-5 Certificates, the related Monthly Interest Distributable Amount
        for
        such Class for such Distribution Date;

       

      (vii) from
        the
        remaining Interest Remittance Amount in respect of the Group 1 Loans, to
        the
        Class 1-M-6 Certificates, the related Monthly Interest Distributable Amount
        for
        such Class for such Distribution Date;

       

      
        
          
          

        

        
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      (viii) from
        the
        remaining Interest Remittance Amount in respect of the Group 1 Loans, to
        the
        Class 1-M-7 Certificates, the related Monthly Interest Distributable Amount
        for
        such Class for such Distribution Date;

       

      (ix) from
        the
        remaining Interest Remittance Amount in respect of the Group 1 Loans, to
        the
        Class 1-M-8 Certificates, the related Monthly Interest Distributable Amount
        for
        such Class for such Distribution Date; and

       

      (x) from
        the
        remaining Interest Remittance Amount in respect of the Group 1 Loans, to
        the
        Class 1-B Certificates, the related Monthly Interest Distributable Amount
        for
        such Class for such Distribution Date.

       

      (c) On
        each
        Distribution Date, the Trustee shall withdraw from the Certificate Account
        that
        portion of Available Distribution Amount for such Distribution Date consisting
        of the Interest Remittance Amount in respect of the Group 2 Loans for such
        Distribution Date, and make the following disbursements and transfers in
        the
        order of priority described below, in each case to the extent of the related
        Interest Remittance Amount for such Class for such Distribution
        Date:

       

      (i) from
        the
        Interest Remittance Amount in respect of the Group 2 Loans, to the Holders
        of
        the Class 2-A Certificates, the related Monthly Interest Distributable Amount
        and any Unpaid Interest Shortfall Amount for such Class for such Distribution
        Date.

       

      (d) Except
        as
        provided in clause (f) below, on each Distribution Date (i) prior to the
        Group 1
        Stepdown Date or (ii) on or after the Group 1 Stepdown Date if a Group 1
        Trigger
        Event is in effect, the Trustee shall withdraw from the Certificate Account
        an
        amount equal to the Principal Distribution Amount related to Loan Group 1
        and
        distribute to the Holders of the Class 1-A, Class 1-M and Class 1-B
        Certificates, distributions in respect of principal to the extent of the
        related
        Principal Distribution Amount remaining for such Distribution Date:

       

      (i) first,
        from the related Principal Distribution Amount, concurrently, on a pro rata
        basis, based on the aggregate Certificate Principal Balances thereof (x)
        sequentially, to the Class 1-A1-A, Class 1-A1-B and Class 1-A1-C Certificates,
        in that order, and (y) to the Class 1-AM Certificates, in each case until
        the
        Certificate Principal Balances thereof are reduced to zero; and

       

      (ii) second,
        from the remaining related Principal Distribution Amount, sequentially, to
        the
        Holders of the Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class
        1-M-5,
        Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B Certificates, in that
        order,
        in each case until the Certificate Principal Balances thereof have been reduced
        to zero.

       

      (e) Except
        as
        provided in clause (f) below, on each Distribution Date (i) on and after
        the
        Group 1 Stepdown Date and (ii) on which a Group 1 Trigger Event is not in
        effect, the Trustee shall withdraw from the Certificate Account an amount
        equal
        to the related Principal Distribution Amount and distribute to the Holders
        of
        the Class 1-A, Class 1-M and Class 1-B Certificates, distributions in respect
        of
        principal to the extent of the related Principal Distribution Amount remaining
        for such Distribution Date:

       

      
        
          
          

        

        
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      (i) first,
        concurrently on a pro rata basis, based on the aggregate Certificate Principal
        Balances thereof (x) sequentially, to the Class 1-A1-A, Class 1-A1-B and
        Class
        1-A1-C Certificates, in that order, and (y) to the Class 1-AM Certificates,
        the
        Class 1-A Principal Distribution Amount, in each case until the Certificate
        Principal Balances thereof are reduced to zero; and

       

      (ii) second,
        sequentially, to the Holders of the Class 1-M-1, Class 1-M-2, Class 1-M-3,
        Class
        1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B
        Certificates, in that order, the related Group 1 Subordinate Class Principal
        Distribution Amount, in each case until the Certificate Principal Balances
        thereof have been reduced to zero.

       

      (f) Notwithstanding
        the foregoing, on any Distribution Date on which the aggregate Certificate
        Principal Balance of the Class 1-M Certificates and Class 1-B Certificates
        and
        the related Overcollateralized Amount have been reduced to zero, the related
        Principal Distribution Amount will be paid to the Class 1-A Certificates
        on a
        pro rata basis, based on the Certificate Principal Balances thereof, until
        reduced to zero.

       

      (g) Notwithstanding
        the foregoing, to the extent any Net Swap Payment or Swap Termination Payment
        with respect to the Group 1 Interest Rate Swap Agreement is payable from
        principal collections from Loan Group 1, Principal Distribution Amounts with
        respect to Loan Group 1 will be deemed paid to the most subordinate class
        of
        related Certificates (other than the Class R Certificates and Class 1-P
        Certificates), until the Certificate Principal Balance thereof has been reduced
        to zero.

       

      (h) Except
        as
        provided in clause (j) below, on each Distribution Date (i) prior to the
        Group 2
        Stepdown Date or (ii) on or after the Group 2 Stepdown Date if a Group 2
        Trigger
        Event is in effect, the Trustee shall withdraw from the Certificate Account
        an
        amount equal to the related Principal Distribution Amount and distribute
        to the
        Holders of the Class 2-A Certificates, distributions in respect of principal
        to
        the extent of the related Principal Distribution Amount remaining for such
        Distribution Date:

       

      (i) first,
        to
        the Holders of the Class 2-A Certificates, the Principal Distribution Amount,
        until the Certificate Principal Balances thereof have been reduced to zero;
        and

       

      (ii) second,
        to the Certificate Insurer, any amounts owed to the Certificate Insurer under
        the Insurance Agreement, the Certificate Guaranty Insurance Policy or the
        Agreement.

       

      (i) Except
        as
        provided in clause (j) below, on each Distribution Date (i) on and after
        the
        Group 2 Stepdown Date and (ii) on which a Group 2 Trigger Event is not in
        effect, the Trustee shall withdraw from the Certificate Account an amount
        equal
        to the related Principal Distribution Amount and distribute to the Holders
        of
        the Class 2-A Certificates, distributions in respect of principal to the
        extent
        of the related Principal Distribution Amount remaining for such Distribution
        Date:

       

      
        
          
          

        

        
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      (i) to
        the
        Holders of the Class 2-A Certificates, the Class 2-A Principal Distribution
        Amount, until the Certificate Principal Balance thereof has been reduced
        to
        zero; and

       

      (ii) to
        the
        Certificate Insurer, any amounts owed to the Certificate Insurer under the
        Insurance Agreement, the Certificate Guaranty Insurance Policy or the
        Agreement.

       

      (j) Notwithstanding
        the foregoing, on any Distribution Date on which the related Overcollateralized
        Amount has been reduced to zero, the related Principal Distribution Amount
        will
        be paid to the Class 2-A Certificates until reduced to zero.

       

      (k) Notwithstanding
        the foregoing, to the extent any Net Swap Payment or Swap Termination Payment
        with respect to the Group 2 Interest Rate Swap Agreement is payable from
        principal collections from Loan Group 2, Principal Distribution Amounts with
        respect to Loan Group 2 will be deemed paid to the most subordinate class
        of
        related certificates (other than the Class R Certificates and Class 2-P
        Certificates), until the Certificate Principal Balance thereof has been reduced
        to zero.

       

      (l) On
        each
        Distribution Date the Net Monthly Excess Cashflow related to Loan Group 1
        shall
        be distributed in the following order of priority:

       

      (i) from
        the
        portion of such Net Monthly Excess Cashflow otherwise distributable to the
        Class
        1-C Certificates, to the Holders of the Class 1-A, Class 1-M and Class 1-B
        Certificates then entitled to receive distributions in respect of principal,
        in
        an amount equal to any related Extra Principal Distribution Amount, payable
        to
        such Holders as part of the related Principal Distribution Amount as described
        under Sections 4.01(d), (e) and (f) above, as applicable;

       

      (ii) to
        the
        Holders of the Class 1-A Certificates, pro rata, based on entitlement, in
        an
        amount equal to any Allocated Realized Loss Amount for each such
        class;

       

      (iii) sequentially,
        to the Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class
        1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B Certificates, in that order,
        in
        each case in an amount equal to the sum of the Unpaid Interest Shortfall
        Amount
        and the Allocated Realized Loss Amount (such amount to be applied first to
        cover
        the Unpaid Interest Shortfall Amount for such Class and second to cover the
        Allocated Realized Loss Amount for such class) for each such Class;

       

      (iv) to
        the
        Certificate Insurer, in an amount equal to (i) any amounts reimbursable to
        the
        Certificate Insurer for Insured Payments made pursuant to the Insurance
        Agreement and (ii) any unpaid Policy Premium, in each case, to the extent
        not
        covered by the Net Monthly Excess Cashflow relating to Loan Group 2 on that
        Distribution Date;

       

      (v) to
        the
        Class 2-A Certificates, any Cross-Collateralized Loss Payments;

       

      (vi) from
        the
        portion of such Net Monthly Excess Cashflow otherwise distributable to the
        Class
        1-C Certificates, to the Group 1 Net WAC Shortfall Reserve Fund, (i) first,
        to
        pay the Class 1-A, Class 1-M and Class 1-B Certificates, on a pro rata basis,
        based on the Certificate Principal Balances thereof, to the extent needed
        to pay
        any remaining related Net WAC Shortfall Amount for each such Class and to
        the
        extent such amount exceeds the amounts then on deposit in the Group 1 Net
        WAC
        Shortfall Reserve Fund; provided that any related Net Monthly Excess Cashflow
        remaining after such allocation to pay any such Net WAC Shortfall Amount
        based
        on the Certificate Principal Balances of the Class 1-A, Class 1-M and Class
        1-B
        Certificates will be distributed to each such Class of Certificates with
        respect
        to which there remains any unpaid Net WAC Shortfall Amount (after the
        distribution based on Certificate Principal Balances), pro rata, based on
        the
        amount of such unpaid Net WAC Shortfall Amount to the extent such amount
        exceeds
        the amounts then on deposit in the Net WAC Shortfall Reserve Fund, and (ii)
        second, to maintain a balance in the Group 1 Net WAC Shortfall Reserve Fund
        equal to the Group 1 Net WAC Shortfall Reserve Fund Deposit;

       

      
        
          
          

        

        
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      (vii) to
        the
        Holders of the Class 2-A Certificates, in respect of the Allocated Realized
        Loss
        Amounts to the extent not covered by any related Net Monthly Excess Cashflow
        for
        such Class;

       

      (viii) to
        the
        Group 1 Supplemental Interest Trust for payment to the Group 1 Swap Provider
        any
        Swap Termination Payments with respect to the Group 1 Interest Rate Swap
        Agreement owed to the Group 1 Swap Provider due to a related Swap Provider
        Trigger Event not previously paid; 

       

      (ix) to
        the
        Certificate Insurer, in an amount equal to any amounts owed the Certificate
        Insurer under the Insurance Agreement to the extent not covered by the Net
        Monthly Excess Cashflow relating to Loan Group 2 on that Distribution
        Date;

       

      (x) to
        the
        Holders of the Class 1-C Certificates, an amount equal to the Class 1-C
        Distribution Amount reduced by amounts distributed in clauses (i) and (vi)
        above; and

       

      (ix) to
        the
        Class R Certificates, any remaining amounts.

       

      (m) On
        each
        Distribution Date the Net Monthly Excess Cashflow related to Loan Group 2
        shall
        be distributed in the following order of priority:

       

      (i) to
        the
        Certificate Insurer, any amounts owed to the Certificate Insurer under the
        Insurance Agreement, the Certificate Guaranty Insurance Policy or this
        Agreement;

       

      (ii) from
        the
        portion of such Net Monthly Excess Cashflow otherwise distributable to the
        Class
        2-C Certificates, to the Holders of the Class 2-A Certificates then entitled
        to
        receive distributions in respect of principal, in an amount equal to any
        related
        Extra Principal Distribution Amount, payable to such Holders as part of the
        related Principal Distribution Amount as described under Sections 4.01(h),
        (i)
        and (j) above, as applicable;

       

      (iii) to
        the
        Holders of the Class 2-A Certificates, an amount equal to any Allocated Realized
        Loss Amount;

       

      (iv) first,
        to
        the Holders of the Class 1-A Certificates, on a pro rata basis, and second,
        sequentially, to the Holders of the Class 1-M-1, Class 1-M-2, Class 1-M-3,
        Class
        1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B
        Certificates, in that order, any Cross-Collateralized Loss
        Payments;

       

      
        
          
          

        

        
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      (v) from
        the
        portion of such Net Monthly Excess Cashflow otherwise distributable to the
        Class
        2-C Certificates, to the Group 2 Net WAC Shortfall Reserve Fund, (i) first,
        to
        pay the Class 2-A Certificates to the extent needed to pay any remaining
        related
        Net WAC Shortfall Amount and to the extent such amount exceeds the amounts
        then
        on deposit in the Group 2 Net WAC Shortfall Reserve Fund, and (ii) second,
        to
        maintain a balance in the Group 2 Net WAC Shortfall Reserve Fund equal to
        the
        Group 2 Net WAC Shortfall Reserve Fund Deposit;

       

      (vi) first,
        to
        the Holders of the Class 1-A Certificates, on a pro rata basis, based on
        entitlement, and second, sequentially, to the Holders of the Class 1-M-1,
        Class
        1-M-2, Class 1-M-3, Class 1-M-4, Class 1-M-5, Class 1-M-6, Class 1-M-7, Class
        1-M-8 and Class 1-B Certificates, in that order, in each case, in respect
        of the
        Allocated Realized Loss Amounts to the extent not covered by any related
        Net
        Monthly Excess Cashflow for each such Class;

       

      (vii) to
        the
        Group 2 Supplemental Interest Trust for payment to the Group 2 Swap Provider
        any
        Swap Termination Payments with respect to the Group 2 Interest Rate Swap
        Agreement owed to the Group 2 Swap Provider due to a related Swap Provider
        Trigger Event not previously paid;

       

      (viii) to
        the
        Holders of the Class 2-C Certificates, an amount equal to the Class 2-C
        Distribution Amount reduced by amounts distributed in clauses (ii) and (v)
        above; and

       

      (ix) to
        the
        Class R Certificates, any remaining amounts.

       

      (n) On
        or
        before each Distribution Date, the Trustee shall distribute from (i) the
        amounts
        received from the Group 1 Swap Provider pursuant to the Group 1 Interest
        Rate
        Swap Agreement in respect of any related Net Swap Payment and (ii) amounts
        received from the related Cap Counterparties pursuant to the Group 1 Cap
        Contracts, then on deposit in the Group 1 Derivative Account held by the
        Group 1
        Supplemental Interest Trust to the Class 1-A, Class 1-M and Class 1-B
        Certificates in the following order of priority:

       

      (i) concurrently,
        to the Holders of the Class 1-A Certificates, pro rata, based on entitlement,
        in
        an amount equal to any Unpaid Interest Shortfall Amount for such Class or
        Classes, in each case, to the extent not covered by the related Interest
        Remittance Amount and related Net Monthly Excess Cashflow on that Distribution
        Date and solely to the extent the Unpaid Interest Shortfall Amount is as
        a
        result of the interest portion of Realized Losses;

       

      (ii) sequentially,
        to the Holders of the Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4,
        Class
        1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B Certificates,
        in that
        order, in an amount equal to any Unpaid Interest Shortfall Amount for such
        Class
        or Classes, in each case, to the extent not covered by the related Interest
        Remittance Amount and related Net Monthly Excess Cashflow on that Distribution
        Date and solely to the extent the Unpaid Interest Shortfall Amount is as
        a
        result of the interest portion of Realized Losses;

       

      
        
          
          

        

        
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      (iii) to
        the
        Holders of the Class 1-A, Class 1-M and Class 1-B Certificates, in an amount
        equal to any related Extra Principal Distribution Amount, in each case, to
        the
        extent not covered by any related or unrelated Net Monthly Excess Cashflow
        on
        that Distribution Date and solely to the extent the payment of the related
        Extra
        Principal Distribution Amount is as a result of current or prior period Realized
        Losses, to be included in the related Principal Distribution Amount for that
        Distribution Date and payable to such Holders as part of the related Principal
        Distribution Amount as described under Sections 4.01(d), (e) and (f) above,
        as
        applicable;

       

      (iv) to
        the
        Group 1 Net WAC Shortfall Reserve Fund, (i) first, to pay related Net WAC
        Shortfall Amounts on the Class 1-A, Class 1-M and Class 1-B Certificates,
        on a
        pro rata basis, based on the aggregate amount of Net WAC Shortfall Amounts
        for
        such Classes of Certificates remaining unpaid, in each case, to the extent
        not
        covered by the related Net Monthly Excess Cashflow on that Distribution Date,
        and
        (ii)
        second, to maintain a balance in the Group 1 Net WAC Shortfall Reserve Fund
        equal to the Group 1 Net WAC Shortfall Reserve Fund Deposit;

       

      (v) to
        the
        Holders of the Class 1-A Certificates, pro rata, in an amount equal to any
        Allocated Realized Loss Amount for such Class or Classes, in each case, to
        the
        extent not covered by any related or unrelated Net Monthly Excess Cashflow
        on
        that Distribution Date; and

       

      (vi) sequentially,
        to the Holders of the Class 1-M-1, Class 1-M-2, Class 1-M-3, Class 1-M-4,
        Class
        1-M-5, Class 1-M-6, Class 1-M-7, Class 1-M-8 and Class 1-B Certificates,
        in that
        order, in an amount equal to any Allocated Realized Loss Amount for such
        Class
        or Classes, in each case, to the extent not covered by any related or unrelated
        Net Monthly Excess Cashflow on that Distribution Date.

       

      (o) On
        or
        before each Distribution Date, the Trustee shall distribute from (i) the
        amounts
        received from the Group 2 Swap Provider pursuant to the Group 2 Interest
        Rate
        Swap Agreement in respect of any related Net Swap Payment and (ii) amounts
        received from the related Cap Counterparties pursuant to the Group 2 Cap
        Contracts, then on deposit in the Group 2 Derivative Account held by the
        Group 2
        Supplemental Interest Trust to the Class 2-A Certificates in the following
        order
        of priority:

       

      (i) to
        the
        Holders of the Class 2-A Certificates, in an amount equal to any Unpaid Interest
        Shortfall Amount for such Class, to the extent not covered by the related
        Interest Remittance Amount and related Net Monthly Excess Cashflow on that
        Distribution Date and solely to the extent the Unpaid Interest Shortfall
        Amount
        is as a result of the interest portion of Realized Losses;

       

      (ii) to
        the
        Holders of the Class 2-A Certificates, an amount equal to any related Extra
        Principal Distribution Amount, to the extent not covered by any related and
        unrelated Net Monthly Excess Cashflow on that Distribution Date and solely
        to
        the extent the payment of the related Extra Principal Distribution Amount
        is as
        a result of current or prior period Realized Losses, to be included in the
        related Principal Distribution Amount for that Distribution Date and payable
        to
        such Holders as part of the related Principal Distribution Amount as described
        under Sections 4.01(h), (i) and (j) above, as applicable;

       

      
        
          
          

        

        
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      (iii) to
        the
        Group 2 Net WAC Shortfall Reserve Fund, (i) first, to pay related Net WAC
        Shortfall Amounts remaining unpaid on the Class 2-A Certificates to the extent
        not covered by the related Net Monthly Excess Cashflow on that Distribution
        Date, and (ii) second, to maintain a balance in the Group 2 Net WAC Shortfall
        Reserve Fund equal to the Group 2 Net WAC Shortfall Reserve Fund Deposit;
        and

       

      (iv) to
        the
        Holders of the Class 2-A Certificates, in an amount equal to any Allocated
        Realized Loss Amount for such Class, to the extent not covered by any related
        and unrelated Net Monthly Excess Cashflow on that Distribution
        Date.

       

      (p) On
        each
        Distribution Date, all amounts representing Prepayment Charges in respect
        of the
        Mortgage Loans received during the related Prepayment Period and identified
        on
        the Mortgage Loan Schedule attached as Exhibit H as belonging to the related
        Class P Certificateholder and any Master Servicer Prepayment Charge Amounts
        paid
        by the Master Servicer during the related Prepayment Period will be withdrawn
        from the Certificate Account and distributed by the Trustee to the Holders
        of
        the Class 1-P Certificates with respect to the Group 1 Loans and Class 2-P
        Certificates with respect to the Group 2 Loans and shall not be available
        for
        distribution to the Holders of any other Class of Certificates. The payment
        of
        the foregoing amounts to the Holders of the Class P Certificates shall not
        reduce the Certificate Principal Balances thereof. On the Distribution Date
        immediately following the expiration of the latest Prepayment Charge as
        identified on the related Mortgage Loan Schedule attached as Exhibit H as
        belonging to the related Class P Certificateholder or any Distribution Date
        thereafter, the Available Funds with respect to each Loan Group remaining
        after
        payment of principal to the related Class A Certificates and Subordinate
        Certificates will be paid to the related Class P Certificates in reduction
        of
        the related Certificate Principal Balance, until reduced to zero. 

       

      (q) Each
        distribution with respect to a Book-Entry Certificate shall be paid to the
        Depository, as Holder thereof, and the Depository shall be 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” or “indirect participating 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 Depositor
        or the Master Servicer shall have any responsibility therefor except as
        otherwise provided by this Agreement or applicable law.

       

      (r) The
        Trustee, upon written direction of the Master Servicer, shall 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 not
        later
        than the Distribution Date next following the date of such investment and
        shall
        not be sold or disposed of prior to maturity. 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.

       

      
        
          
          

        

        
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      (s) Except
        as
        otherwise provided in Section 9.01, if the Master Servicer anticipates that
        a
        final distribution with respect to any Class of Certificates will be made
        on the
        next Distribution Date, the Master Servicer shall, no later than the 15th
        day of
        the month in the month of such final distribution (or if such 15th day is
        not a
        Business Day, the Business Day immediately preceding such 15th day), notify
        the
        Trustee and the Trustee shall, no later than two (2) Business Days after
        such
        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 prior calendar
        month.

       

      Any
        funds
        not distributed to any Holder or Holders of Certificates of such Class on
        such
        Distribution Date because of the failure of such Holder or Holders to tender
        their Certificates shall, on such date, be set aside and held in trust and
        credited to the account of the appropriate non-tendering Holder or Holders.
        If
        any Certificates as to which notice has been given pursuant to this Section
        4.01(r) shall not have been surrendered for cancellation within six months
        after
        the time specified in such notice, the Trustee shall mail a second notice
        to the
        remaining non-tendering Certificateholders to surrender their Certificates
        for
        cancellation in order to receive the final distribution with respect thereto.
        If
        within six months after the second notice all such Certificates shall not
        have
        been surrendered for cancellation, the Trustee shall take reasonable steps
        as
        directed by the Depositor, or appoint an agent to take reasonable steps,
        to
        contact the remaining non-tendering Certificateholders concerning surrender
        of
        their Certificates. The costs and expenses of maintaining the funds in trust
        and
        of contacting such Certificateholders shall be paid out of the assets remaining
        in the Trust Fund. If within nine months after the second notice any such
        Certificates shall not have been surrendered for cancellation, the Class
        R
        Certificateholders shall be entitled to all unclaimed funds and other assets
        which remain subject hereto. No interest shall accrue or be payable to any
        Certificateholder on any amount held in trust as a result of such
        Certificateholder's failure to surrender its Certificate(s) for final payment
        thereof in accordance with this Section 4.01(r).

       

      Section
        4.02. Statements
        to Certificateholders.

       

      (a) On
        each
        Distribution Date, based, as applicable, on information provided to it by
        the
        Master Servicer, the Trustee shall prepare and make available on the Trustee’s
        website, which shall initially be located at “https://www.tss.db.com/invr”
(assistance in using the website can be obtained by calling the Trustee’s
        customer service desk at (800) 735-7777), to each Holder of the Regular
        Certificates, the Certificate Insurer, the Swap Provider, the Master Servicer
        and the Rating Agencies, a statement as to the distributions made on such
        Distribution Date setting forth, with respect to each Loan Group:

       

      (i) the
        applicable record dates, accrual periods, determination dates for calculating
        distributions and general distributions dates;

       

      (ii) the
        total
        cash flows received and the general sources thereof;

       

      
        
          
          

        

        
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      (iii) the
        amount of any Net Swap Payment and any amount from the Cap Contracts payable
        to
        the related Supplemental Interest Trust, any Net Swap Payment payable to
        the
        related Swap Provider, any Swap Termination Payment payable to the related
        Supplemental Interest Trust and any Swap Termination Payment payable to the
        related Swap Provider;

       

      (iv) 
        (A) the
        amount of the distribution made on such Distribution Date to the Holders
        of each
        Class of Regular Certificates, separately identified, allocable to principal
        and
        (B) the amount of the distribution made on such Distribution Date to the
        Holders
        of the Class P Certificates allocable to Prepayment Charges and Master Servicer
        Prepayment Charge Payment Amounts;

       

      (v) the
        amount of the distribution made on such Distribution Date to the Holders
        of each
        Class of Regular Certificates (other than the Class P Certificates) allocable
        to
        interest, separately identified;

       

      (vi) the
        Pass-Through Rate on each Class of Regular Certificates (other than the Class
        P
        Certificates) for such Distribution Date;

       

      (vii) the
        aggregate amount of Advances for such Distribution Date (including the general
        purpose of such Advances), the aggregate amount of unreimbursed Advances
        at the
        close of business on the Distribution Date, and the general source of funds
        for
        reimbursements;

       

      (viii) the
        number and Aggregate Stated Principal Balance of the Mortgage Loans as of
        the
        end of the related Due Period;

       

      (ix) the
        related Overcollateralization Release Amount and the related
        Overcollateralization Deficiency Amount for such Distribution Date;

       

      (x) the
        aggregate Certificate Principal Balance of each Class of Regular Certificates
        after giving effect to the amounts distributed on such Distribution Date
        (in the
        case of each Class of the Offered Certificates, separately identifying any
        reduction thereof due to the allocation of Realized Losses
        thereto);

       

      (xi) the
        number and Stated Principal Balance of Mortgage Loans in respect of which
        (a)
        one Scheduled Payment is delinquent, (b) two Scheduled Payments are delinquent,
        (c) three or more Scheduled Payments are delinquent and (d) foreclosure
        proceedings have been commenced, in each case as of the end of the calendar
        month prior to such Distribution Date;

       

      (xii) the
        number, aggregate principal balance and book value of any REO Properties
        as of
        the close of business on the last day of the calendar month preceding the
        month
        in which such Distribution Date occurs;

       

      (xiii) the
        weighted average remaining term to maturity, weighted average Mortgage Rate
        and
        weighted average Net Mortgage Rate of the Mortgage Loans as of the close
        of
        business on the first day of the calendar month in which such Distribution
        Date
        occurs;

       

      (xiv) the
        aggregate amount of Principal Prepayments made during the related Prepayment
        Period;

       

      
        
          
          

        

        
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      (xv) the
        aggregate amount of Realized Losses incurred during the related Prepayment
        Period and the cumulative amount of Realized Losses;

       

      (xvi) if
        applicable, material modifications, extensions or waivers to Mortgage Loan
        terms, fees, penalties or payments during the preceding calendar month or
        that
        have become material over time;

       

      (xvii) the
        aggregate amount of extraordinary Trust Fund expenses withdrawn from the
        Custodial Account or the Certificate Account for such Distribution
        Date;

       

      (xviii) the
        aggregate amount of any Prepayment Interest Shortfalls for such Distribution
        Date, to the extent not covered by payments by the Master Servicer or a
        Sub-Servicer pursuant to Section 3.23, and the aggregate amount of Relief
        Act
        Interest Shortfalls for such Distribution Date;

       

      (xix) the
        Monthly Interest Distributable Amount in respect of each Class of the Offered
        Certificates for such Distribution Date and the Unpaid Interest Shortfall
        Amount, if any, with respect to each Class of Offered Certificates for such
        Distribution Date;

       

      (xx) (A)
        the
        related Overcollateralization Target Amount, (B) the related Overcollateralized
        Amount and (C) the amount, if any, by which the related Overcollateralization
        Target Amount exceeds the related Overcollateralized Amount, in each case
        after
        giving effect to the distribution made on the Regular Certificates on such
        Distribution Date;

       

      (xxi) the
        aggregate amount of servicing compensation received by the Master Servicer
        with
        respect to the related Due Period and such other customary information as
        the
        Trustee deems necessary or desirable, or which a Certificateholder reasonably
        requests, to enable Certificateholders to prepare their tax
        returns;

       

      (xxii) the
        aggregate of any deposits to and withdrawals from the Net WAC Shortfall Reserve
        Fund for such Distribution Date and the remaining amount on deposit in the
        Net
        WAC Shortfall Reserve Fund after such deposits and withdrawals;

       

      (xxiii) the
        Available Distribution Amount for such Distribution Date; 

       

      (xxiv) the
        Insured Amount, if any, paid by the Certificate Insurer under the Certificate
        Guaranty Insurance Policy for such Distribution Date and the aggregate Insured
        Amounts for all prior Distribution Dates paid by the Certificate Insurer
        under
        the Certificate Guaranty Insurance Policy and not yet reimbursed;

       

      (xxv) updated
        pool composition data including the following with respect to each Loan Group:
        average loan balance, weighted average mortgage rate, weighted average
        loan-to-value ratio at origination, weighted average FICO at origination,
        and
        weighted average remaining term;

       

      (xxvi) information
        about any additions of, substitutions for or removal of any Mortgage Loans
        from
        the Trust Fund, and any changes in the underwriting, acquisition or selection
        criteria as to any Mortgage Loans added to the Trust Fund; and

       

      
        
          
          

        

        
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      (xxvii) the
        amount of any Net Swap Payment payable to the Supplemental Interest Trust
        made
        pursuant to Section 4.01(g) and (k), any Net Swap Payment payable to the
        Swap
        Provider pursuant to Section 4.01(g) and (k), any Swap Termination Payment
        payable to the Supplemental Interest Trust made pursuant to Section 4.01(l)
        and
        (m) and any Swap Termination Payment to the Swap Provider made pursuant to
        Section 4.01(l) and (m).

       

      In
        the
        case of information furnished pursuant to subclauses (i) and (ii) above,
        the
        amounts shall also be expressed as a dollar amount per Single
        Certificate.

       

      On
        each
        Distribution Date the Trustee shall provide Bloomberg Financial Markets,
        L.P.
        (“Bloomberg”) CUSIP level factors for each Class of Certificates as of such
        Distribution Date, using a format and media mutually acceptable to the Trustee
        and Bloomberg.

       

      Within
        a
        reasonable period of time after the end of each calendar year, the Trustee
        shall
        prepare and forward, to each Person who at any time during the calendar year
        was
        a Holder of a Certificate, a statement containing the information set forth
        in
        subclauses (i) and (ii) above, aggregated for such calendar year or applicable
        portion thereof during which such person was a Certificateholder. Such
        obligation of the Trustee shall be deemed to have been satisfied to the extent
        that substantially comparable information shall be provided by the Trustee
        pursuant to any requirements of the Code and regulations thereunder as from
        time
        to time are in force.

       

      On
        each
        Distribution Date the Trustee shall prepare and make available on the Trustee’s
        website (or deliver at the recipient's option), to each Holder of a Class
        R
        Certificate a copy of the reports forwarded to the other Certificateholders
        on
        such Distribution Date.

       

      Within
        a
        reasonable period of time after the end of each calendar year, the Trustee
        shall
        prepare and forward, to each Person who at any time during the calendar year
        was
        a Holder of a Class R Certificate a statement containing the information
        provided pursuant to the previous paragraph aggregated for such calendar
        year or
        applicable portion thereof during which such Person was a Certificateholder.
        Such obligation of the Trustee shall be deemed to have been satisfied to
        the
        extent that substantially comparable information shall be provided by the
        Trustee pursuant to any requirements of the Code as from time to time are
        in
        force.

       

      The
        location of the Trustee’s website and the procedures used therein are subject to
        change from time to time at the Trustee’s discretion. The Trustee shall have the
        right to change the way monthly distribution statement are distributed in
        order
        to make such distribution more convenient and/or more accessible to the above
        parties. The Trustee shall be entitled to conclusively rely on but shall
        not be
        responsible for the content or accuracy of any information provided by third
        parties for purposes of preparing the monthly statement, and may affix thereto
        any disclaimer it deems appropriate in its reasonable discretion (without
        suggesting liability on the part of any other party hereto). As a condition
        to
        access the Trustee’s website, the Trustee may require registration and the
        acceptance of a disclaimer. Notwithstanding anything to the contrary set
        forth
        in this Agreement, the parties hereto acknowledge that in connection with
        the
        Trustee’s preparation of the foregoing reports, the Trustee will rely solely
        upon the information provided to it in the Remittance Reports.

       

       

      
        
          
          

        

        
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      Section
        4.03. Remittance
        Reports; Advances by the Master Servicer.

       

      (a) On
        the
        19th
        calendar
        day of the month (but it any event no later than the 21st
        calendar
        day of the month), the Master Servicer shall deliver to the Trustee a report,
        prepared as of the close of business on Business Day preceding such
        Determination Date (the “Remittance Report”), in the form of an electromagnetic
        tape, disk or such other electronic format agreeable to both parties. The
        Remittance Report and any written information supplemental thereto shall
        include
        such information with respect to the Mortgage Loans that is required by the
        Trustee for purposes of making the calculations and preparing the statement
        described in Sections 4.01 and 4.02, as set forth in written specifications
        or
        guidelines issued by the Trustee from time to time. The Trustee shall have
        no
        obligation to recompute, recalculate or verify any information provided to
        it by
        the Master Servicer.

       

      (b) The
        Master Servicer shall determine the aggregate amount of Advances required
        to be
        made for the related Distribution Date, which shall be in an aggregate amount
        equal to the sum of (1) the aggregate amount of Monthly Payments, other than
        Balloon Payments, (with each interest portion thereof adjusted to the Mortgage
        Rate less the sum of the Master Servicing Fee Rate, the Sub-Servicing Fee
        Rate
        and any applicable PMI Insurer Fee Rate, and less the amount of any reductions
        in the amount of interest collectable from the Mortgagor pursuant to the
        Relief
        Act, 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) plus (2) with respect to each Balloon Loan delinquent
        in
        respect of its Balloon Payment as of the close of business on the related
        Determination Date, an amount equal to the assumed Monthly Payment (net of
        the
        related Master Servicing Fees and Sub-Servicing Fees) that would have been
        due
        on the related Due Date based on the original principal amortization scheduled
        for such Balloon Loan until such Balloon Loan is finally liquidated; provided
        that no Advance shall be made if it would be a Nonrecoverable Advance. On
        or
        before 4:00 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 Sub-Servicers, an amount equal
        to the
        Advances to be made by the Master Servicer or any Sub-Servicers in respect
        of
        the related Distribution Date, (ii) withdraw from amounts on deposit in the
        Custodial Account and deposit in the Certificate Account all or a portion
        of the
        amounts 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 amounts held for future distribution
        so used shall be replaced by the Master Servicer (to the extent not previously
        replaced by late collections of Monthly Payments in respect of which such
        Advance was made) by deposit in the Certificate Account on or before 1:00
        P.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 amount of any reimbursement
        pursuant to Section 3.11 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 3.11.
        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 a certificate of a Servicing Officer delivered
        to
        the Sponsor, the Certificate Insurer and the Trustee with the Remittance
        Report.
        The Trustee shall deposit all funds it receives pursuant to this Section
        4.03
        into the Certificate Account.

       

      
        
          
          

        

        
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      (c) In
        the
        event that the Master Servicer determines as of 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 in the amount determined by the Master Servicer pursuant
        to
        paragraph (b) above, it shall give notice to the Trustee of its inability
        to
        Advance (such notice may be given by telecopy), not later than 4:00 P.M.,
        New
        York time, on such date, specifying the portion of such amount that it will
        be
        unable to deposit. Not later than 4:00 P.M., New York time, on the earlier
        of
        (x) two Business Days following such Certificate Account Deposit Date or
        (y) the
        Business Day preceding the related Distribution Date, unless by such time
        the
        Master Servicer shall have directly or indirectly deposited in the Certificate
        Account the entire amount of the Advances required to be made for the related
        Distribution Date, pursuant to Section 7.01, the Trustee shall (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
        Master Servicer and Sub-Servicer shall in all cases have a right prior to
        the
        Certificateholders to any particular funds on deposit in the Custodial Account
        from time to time for the reimbursement or payment of its Master Servicing
        Fee
        or Sub-Servicing Fee, Advances, Servicing Advances and any amounts reimbursable
        thereto in accordance with Section 3.11 of this Agreement, but only if and
        to
        the extent such amounts are to be reimbursed or paid from such particular
        funds
        on deposit in the Custodial Account pursuant to the express terms of this
        Agreement.

       

      Section
        4.04. Distributions
        on the REMIC Regular Interests.

       

      (a) On
        each
        Distribution Date, the Trustee shall cause the following amounts with respect
        to
        Loan Group 1, in the following order of priority, to be distributed by REMIC
        1
        to REMIC 3 on account of the REMIC 1 Regular Interests or withdrawn from
        the
        Certificate Account and distributed to the Holders of the Class R Certificates
        (in respect of the Class R-1 Interest), as the case may be:

       

      (i) from
        the
        Available Distribution Amount with respect to Loan Group 1 for such Distribution
        Date, determined without regard to clause (ii)(B) of the definition of Available
        Distribution Amount, to holders of the REMIC 1 Regular Interests, pro
        rata,
        in an
        amount equal to (A) the Uncertificated Accrued Interest for such REMIC 1
        Regular
        Interests for such Distribution Date, plus (B) any amounts payable in respect
        thereof remaining unpaid from previous Distribution Dates; 

       

      (ii) to
        the
        extent of the Available Distribution Amount with respect to Loan Group 1
        for
        such Distribution Date, determined without regard to clause (ii)(B) of the
        definition thereof, remaining after the distribution made pursuant to clause
        (i)
        above, first, to the holders of REMIC 1 Regular Interest OC, until the
        Uncertificated Principal Balance thereof is reduced to zero, and second,
        to
        holders of REMIC 1 Regular Interests 1-1-A through 1-84-B, starting with
        the
        lowest numerical denomination, until the Uncertificated Principal Balance
        of
        each such REMIC 1 Regular Interest is reduced to zero, provided that, for
        REMIC
        1 Regular Interests with the same numerical denomination, such payments of
        principal shall be allocated pro
        rata
        between
        such REMIC 1 Regular Interests;

       

      
        
          
          

        

        
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      (iii) to
        holders of REMIC 1 Regular Interest P, (A) all amounts representing Prepayment
        Charges in respect of the Group 1 Loans received during the related Prepayment
        Period, and (B) on the Distribution Date immediately following the expiration
        of
        the latest Prepayment Charge as identified on the related Prepayment Charge
        schedule or any Distribution Date thereafter, any remaining Available
        Distribution Amount with respect to Loan Group 1, until an amount equal to
        the
        initial Uncertificated Principal Balance of such REMIC 1 Regular Interest
        has
        been distributed pursuant to this clause; and 

       

      (iv) any
        remaining amount to the Holders of the Class R Certificates (in respect of
        the
        Class R-1 Interest).

       

      (b) On
        each
        Distribution Date, the Trustee shall cause the following amounts with respect
        to
        Loan Group 2, in the following order of priority, to be distributed by REMIC
        2
        to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from
        the
        Certificate Account and distributed to the Holders of the Class R Certificates
        (in respect of the Class R-2 Interest), as the case may be:

       

      (i) from
        the
        Available Distribution Amount with respect to Loan Group 2 for such Distribution
        Date, determined without regard to clause (ii)(B) of the definition thereof,
        to
        holders of REMIC 2 Regular Interests, pro
        rata,
        in an
        amount equal to (A) the Uncertificated Accrued Interest for such REMIC 2
        Regular
        Interests for such Distribution Date, plus (B) any amounts payable in respect
        thereof remaining unpaid from previous Distribution Dates; 

       

      (ii) to
        the
        extent of the Available Distribution Amount with respect to Loan Group 2
        for
        such Distribution Date, determined without regard to clause (ii)(B) of the
        definition of Available Distribution Amount, remaining after the distribution
        made pursuant to clause (i) above, first, to the holders of REMIC 2 Regular
        Interest OC, until the Uncertificated Principal Balance thereof is reduced
        to
        zero, and second, to holders of REMIC 2 Regular Interests 1-1-A through 1-117-B,
        starting with the lowest numerical denomination, until the Uncertificated
        Principal Balance of each such REMIC 2 Regular Interest is reduced to zero,
        provided that, for REMIC 2 Regular Interests with the same numerical
        denomination, such payments of principal shall be allocated pro
        rata
        between
        such REMIC 2 Regular Interests; 

       

      (iii) to
        holders of REMIC 2 Regular Interest P, (A) all amounts representing Prepayment
        Charges in respect of the Group 2 Loans received during the related Prepayment
        Period, and (B) on the Distribution Date immediately following the expiration
        of
        the latest Prepayment Charge as identified on the related Prepayment Charge
        schedule or any Distribution Date thereafter, any remaining Available
        Distribution Amount with respect to Loan Group 2, until an amount equal to
        the
        initial Uncertificated Principal Balance of such REMIC 2 Regular Interest
        has
        been distributed pursuant to this clause; and

       

      
        
          
          

        

        
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      (iv) any
        remaining amount to the Holders of the Class R Certificates (in respect of
        the
        Class R-2 Interest).

       

      (c) (1) On
        each
        Distribution Date, the following amounts with respect to Loan Group 1, in
        the
        following order of priority, shall be distributed by REMIC 3 to REMIC 4 on
        account of the REMIC 3 Group 1 Regular Interests or withdrawn from the
        Certificate Account and distributed to the Holders of the Class R Certificates
        (in respect of the Class R-3 Interest), as the case may be:

       

      (i) from
        the
        Available Distribution Amount with respect to Loan Group 1 for such Distribution
        Date, determined without regard to clause (ii)(B) of the definition of Available
        Distribution Amount, to holders of REMIC 3 Regular Interest 1-IO, in an amount
        equal to (A) the Uncertificated Accrued Interest for such REMIC 3 Regular
        Interest for such Distribution Date, plus (B) any amounts in respect thereof
        remaining unpaid from previous Distribution Dates; 

       

      (ii) to
        the
        extent of the Available Distribution Amount with respect to Loan Group 1
        for
        such Distribution Date, determined without regard to clause (ii)(B) of the
        definition of Available Distribution Amount, remaining after the distribution
        pursuant to clause (i), to holders of each REMIC 3 Group 1 Regular Interest
        (other than REMIC 3 Regular Interest 1-IO), pro
        rata,
        in an
        amount equal to (A) the Uncertificated Accrued Interest for such REMIC 3
        Regular
        Interest for such Distribution Date, plus (B) any amounts in respect thereof
        remaining unpaid from previous Distribution Dates. Amounts payable as
        Uncertificated Accrued Interest in respect of REMIC 3 Regular Interest 1-ZZ
        and
        REMIC 3 Regular Interest 1-P shall be reduced when the REMIC 3 Group 1
        Overcollateralized Amount is less than the REMIC 3 Group 1 Overcollateralization
        Target Amount, by the lesser of (x) the amount of such difference and (y)
        the
        Group 1 Maximum Uncertificated Accrued Interest Deferral Amount, and such
        amount
        will be payable to holders of each REMIC 3 Group 1 Regular Interest for which
        a
        Class 1-A, Class 1-B or Class 1-M Certificate is the Corresponding Certificate
        in the same proportion as the Extra Principal Distribution Amount with respect
        to Loan Group 1 is allocated to the Corresponding Certificates for each such
        REMIC 3 Group 1 Regular Interest, and the Uncertificated Principal Balance
        of
        REMIC 3 Regular Interest 1-ZZ shall be increased by such amount;

       

      (iii) to
        the
        extent of the Available Distribution Amount with respect to Loan Group 1
        for
        such Distribution Date, determined without regard to clause (ii)(B) of the
        definition thereof, remaining after the distribution pursuant to clauses
        (i) and
        (ii), to holders of REMIC 3 Group 1 Regular Interests (other than REMIC 3
        Regular Interests 1-IO and 1-P ), allocated as follows:

       

      
        
          
          

        

        
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      (A) 98.00%
        of
        such remainder to holders of REMIC 3 Regular Interest 1-AA, until the
        Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced
        to
        zero; and

       

      (B) 2.00%
        of
        such remainder, first, to holders of each REMIC 3 Group 1 Regular Interest
        for
        which a Class 1-A, Class 1-B or Class 1-M Certificate is the Corresponding
        Certificate, in an aggregate amount equal to 1% of and in the same proportion
        as
        principal payments are allocated to the Corresponding Certificates for each
        such
        REMIC 3 Group 1 Regular Interest, until the Uncertificated Principal Balances
        of
        such REMIC 3 Group 1 Regular Interests are reduced to zero; and second, to
        the
        holders of REMIC 3 Regular Interest 1-ZZ, until the Uncertificated Principal
        Balance of such REMIC 3 Regular Interest is reduced to zero; 

       

      (iv) to
        holders of REMIC 3 Regular Interest 1-P, pro
        rata, (A)
        all
        amounts representing Prepayment Charges in respect of the Group 1 Loans
        distributed on REMIC 1 Regular Interest P, and (B) on the Distribution Date
        immediately following the expiration of the latest Prepayment Charge as
        identified on the related Prepayment Charge schedule or any Distribution
        Date
        thereafter, any remaining Available Distribution Amount with respect to Loan
        Group 1 distributed in respect of REMIC 1 Regular Interest P, until an amount
        equal to the initial Uncertificated Principal Balance of such REMIC 3 Regular
        Interest has been distributed pursuant to this clause; and

       

      (v) any
        remaining amount to the Holders of the Class R Certificates (in respect of
        the
        Class R-3 Interest).

       

      (2) On
        each
        Distribution Date, the following amounts with respect to Loan Group 2, in
        the
        following order of priority, shall be distributed by REMIC 3 to REMIC 4 on
        account of the REMIC 3 Group 2 Regular Interests or withdrawn from the
        Certificate Account and distributed to the Holders of the Class R-3 Certificates
        (in respect of the Class R-3 Interest), as the case may be:

       

      (i) from
        the
        Available Distribution Amount with respect to Loan Group 2 for such Distribution
        Date, determined without regard to clause (ii)(B) of the definition of Available
        Distribution Amount, to holders of REMIC 3 Regular Interest 2-IO, in an amount
        equal to (A) the Uncertificated Accrued Interest for such REMIC 3 Regular
        Interest for such Distribution Date, plus (B) any amounts in respect thereof
        remaining unpaid from previous Distribution Dates; 

       

      (ii) to
        the
        extent of the Available Distribution Amount with respect to Loan Group 2
        for
        such Distribution Date, determined without regard to clause (ii)(B) of the
        definition of Available Distribution Amount, remaining after the distribution
        pursuant to clause (i), to holders of each REMIC 3 Group 2 Regular Interest
        (other than REMIC 3 Regular Interest 2-IO), pro
        rata,
        in an
        amount equal to (A) the Uncertificated Accrued Interest for such REMIC 3
        Regular
        Interest for such Distribution Date, plus (B) any amounts in respect thereof
        remaining unpaid from previous Distribution Dates. Amounts payable as
        Uncertificated Accrued Interest in respect of REMIC 3 Regular Interests 2-ZZ
        and
        2-P shall be reduced when the REMIC 3 Group 2 Overcollateralized Amount is
        less
        than the REMIC 3 Group 2 Overcollateralization Target Amount, by the lesser
        of
        (x) the amount of such difference and (y) the Group 2 Maximum Uncertificated
        Accrued Interest Deferral Amount, and such amount will be payable to holders
        of
        REMIC 3 Regular Interest 2-A in the same proportion as the Extra Principal
        Distribution Amount with respect to Loan Group 2 is allocated to the
        Corresponding Certificates for such REMIC 3 Regular Interest, and the
        Uncertificated Principal Balance of REMIC 3 Regular Interest 2-ZZ shall be
        increased by such amount;

       

      
        
          
          

        

        
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      (iii) to
        the
        extent of the Available Distribution Amount with respect to Loan Group 2
        for
        such Distribution Date, determined without regard to clause (ii)(B) of the
        definition of Available Distribution Amount, remaining after the distributions
        pursuant to clauses (i) and (ii), to holders of REMIC 3 Group 2 Regular
        Interests (other than REMIC 3 Regular Interests 2-IO and 2-P), allocated
        as
        follows:

       

      (A) 98.00%
        of
        such remainder to holders of REMIC 3 Regular Interest 2-AA, until the
        Uncertificated Principal Balance of such REMIC 3 Regular Interest is reduced
        to
        zero; and

       

      (B) 2.00%
        of
        such remainder, first, to holders of REMIC 3 Regular Interest 2-A, in an
        aggregate amount equal to 1% of and in the same proportion as principal payments
        are allocated to the Corresponding Certificates for such REMIC 3 Regular
        Interest, until the Uncertificated Principal Balance of such REMIC 3 Regular
        Interest is reduced to zero; and second, to the holders of REMIC 3 Regular
        Interest 2-ZZ, until the Uncertificated Principal Balance of such REMIC 3
        Regular Interest is reduced to zero; 

       

      (iv) to
        holders of REMIC 3 Regular Interest 2-P, (A) all amounts representing Prepayment
        Charges in respect of the Group 2 Loans distributed on REMIC 2 Regular Interest
        2-P, and (B) on the Distribution Date immediately following the expiration
        of
        the latest Prepayment Charge as identified on the related Prepayment Charge
        schedule or any Distribution Date thereafter, any remaining Available
        Distribution Amount with respect to Loan Group 2 distributed in respect of
        REMIC
        2 Regular Interest 2-P, until an amount equal to the initial Uncertificated
        Principal Balance of such REMIC 3 Regular Interest has been distributed pursuant
        to this clause; and

       

      (v) any
        remaining amount to the Holders of the Class R Certificates (in respect of
        the
        Class R-3 Interest).

       

      (d) On
        each
        Distribution Date, an amount equal to the amounts distributed pursuant to
        Sections 4.01(l)(i), (vi) and (x) on such date shall be deemed distributed
        from
        REMIC 4 to Holders of the Class 1-C Certificates in respect of the Class
        1-C
        Distribution Amount.

       

      (d) On
        each
        Distribution Date, an amount equal to the amounts distributed pursuant to
        Sections 4.01(m)(ii), (v) and (viii) on such date shall be deemed distributed
        from REMIC 4 to Holders of the Class 2-C Certificates in respect of the Class
        2-C Distribution Amount.

       

      
        
          
          

        

        
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      (e) On
        each
        Distribution Date, 100% of the amounts deemed distributed on REMIC 3 Regular
        Interest 1-IO shall be deemed distributed by REMIC 4 in respect of the Class
        1-IO Interest for deposit into the Group 1 Supplemental Interest
        Trust.

       

      (f) On
        each
        Distribution Date, 100% of the amounts deemed distributed on REMIC 3 Regular
        Interest 2-IO shall be deemed distributed by REMIC 4 in respect of the Class
        2-IO Interest for deposit into the Group 2 Supplemental Interest
        Trust.

       

      Section
        4.05. Allocation
        of Realized Losses.

       

      All
        Realized Losses on the Mortgage Loans shall be allocated by the Trustee on
        each
        Distribution Date as follows: first, to related Net Monthly Excess Cashflow,
        through a distribution of the related Extra Principal Distribution Amount
        for
        that Distribution Date; second, to the unrelated Net Monthly Excess Cashflow;
        third, to the related Overcollateralized Amount by a reduction of the
        Certificate Principal Balance of the related Class C Certificates, until
        the
        Certificate Principal Balance thereof has been reduced to zero; fourth, if
        such
        Realized Loss is on a Group 1 Loan, first, to the Class 1-B Certificates,
        until
        the Certificate Principal Balance thereof has been reduced to zero; second,
        to
        the Class 1-M-8 Certificates, until the Certificate Principal Balance thereof
        has been reduced to zero; third, to the Class 1-M-7 Certificates, until the
        Certificate Principal Balance thereof has been reduced to zero; fourth, to
        the
        Class 1-M-6 Certificates, until the Certificate Principal Balance thereof
        has
        been reduced to zero; fifth, to the Class 1-M-5 Certificates, until the
        Certificate Principal Balance thereof has been reduced to zero; sixth, to
        the
        Class 1-M-4 Certificates, until the Certificate Principal Balance thereof
        has
        been reduced to zero; seventh, to the Class 1-M-3 Certificates, until the
        Certificate Principal Balance thereof has been reduced to zero; eighth, to
        the
        Class 1-M-2 Certificates, until the Certificate Principal Balance thereof
        has
        been reduced to zero; and ninth to the Class 1-M-1 Certificates, until the
        Certificate Principal Balance thereof has been reduced to zero; thereafter,
        any
        Realized Losses on the Group 1 Loans will be allocated on any Distribution
        Date
        to the Class
        1-A1-A, Class 1-A1-B, Class 1-A1-C
        and
        Class 1-AM Certificates, pro rata, based on the Certificate Principal Balances
        thereof, in each case in reduction of the Certificate Principal Balances
        thereof, until reduced to zero, provided that any such Realized Loss otherwise
        allocable to the Class 1-A1-A, Class 1-A1-B and Class 1-A1-C Certificates
        shall
        be first allocated to the Class 1-AM Certificates, until reduced to zero,
        and if
        such Realized Loss is on a Group 2 Loan, to the Class 2-A Certificates;
        provided, however, that any Realized Loss applied to the Class 2-A Certificates
        will be covered by the Certificate Guaranty Insurance Policy. 

       

      (a) Any
        allocation of Realized Losses to an Offered Certificate on any Distribution
        Date
        shall be made by reducing the Certificate Principal Balance thereof by the
        amount so allocated. Any allocation of Realized Losses to Net Monthly Excess
        Cashflow related to Loan Group 1 shall be made by reducing the amount otherwise
        payable in respect of the Class 1-C Certificates pursuant to Section 4.01(l)(x),
        and any allocation of Realized Losses to Group 1 Overcollateralized Amount
        shall
        be made by reducing the Certificate Principal Balance of the Class 1-C
        Certificates by the amount so allocated. Any allocation of Realized Losses
        to
        Net Monthly Excess Cashflow related to Loan Group 2 shall be made by reducing
        the amount otherwise payable in respect of the Class 2-C Certificates pursuant
        to Section 4.01(m)(viii), and any allocation of Realized Losses to Group
        2
        Overcollateralized Amount shall be made by reducing the Certificate Principal
        Balance of the Class 2-C Certificates by the amount so allocated. No allocations
        of any Realized Losses shall be made to the Certificate Principal Balance
        of the
        Class 1-P Certificates and Class 2-P Certificates.

       

      
        
          
          

        

        
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      (b) All
        Realized Losses on the Group 1 Loans shall be allocated on each Distribution
        Date, first, to REMIC 1 Regular Interest OC until the Uncertificated Principal
        Balance thereof has been reduced to zero, and second, to REMIC 1 Regular
        Interest 1-1-A through REMIC 1 Regular Interest 1-84-B, starting with the
        lowest
        numerical denomination until the Uncertificated Principal Balance of each
        such
        REMIC 1 Regular Interest has been reduced to zero; provided that, for REMIC
        1
        Regular Interests with the same numerical denomination, such Realized Losses
        shall be allocated pro
        rata
        between
        such REMIC 1 Regular Interests.

       

      (c) All
        Realized Losses on the Group 2 Loans shall be allocated on each Distribution
        Date, first, to REMIC 2 Regular Interest OC until the Uncertificated Principal
        Balance thereof has been reduced to zero, and second, to REMIC 2 Regular
        Interest 1-1-A through REMIC 2 Regular Interest 1-117-B, starting with the
        lowest numerical denomination until the Uncertificated Principal Balance
        of each
        such REMIC 2 Regular Interest has been reduced to zero; provided that, for
        REMIC
        2 Regular Interests with the same numerical denomination, such Realized Losses
        shall be allocated pro
        rata
        between
        such REMIC 2 Regular Interests.

       

      (d) All
        Realized Losses on the Group 1 Loans shall be allocated by the Trustee on
        each
        Distribution Date to the following REMIC 3 Group 1 Regular Interests in the
        following specified percentages: first, to Uncertificated Accrued Interest
        payable to the REMIC 3 Regular Interest 1-AA and REMIC 3 Regular Interest
        1-ZZ
        up to an aggregate amount equal to the REMIC 3 Group 1 Interest Loss Allocation
        Amount (without duplication of shortfalls allocated pursuant to Section 1.03),
        98.00% and 2.00%, respectively, and to the extent of any amount equal to
        the
        REMIC 3 Group 1 Interest Loss Allocation Amount remaining after the foregoing
        allocations to REMIC 3 Regular Interests 1-AA and 1-ZZ, to Uncertificated
        Accrued Interest payable to REMIC 3 Regular Interest 1-P to the extent of
        such
        remaining amount; second, to Uncertificated Accrued Interest payable to the
        REMIC 3 Regular Interest 2-AA and REMIC 3 Regular Interest 2-ZZ up to an
        aggregate amount equal to any portion of the REMIC 3 Group 2 Interest Loss
        Allocation Amount remaining after the allocation of Realized Losses on the
        Group
        2 Loans pursuant to clause (e) below (without duplication of shortfalls
        allocated pursuant to Section 1.03), 98.00% and 2.00%, respectively, and
        to the
        extent of any amount of such portion of the REMIC 3 Group 2 Interest Loss
        Allocation Amount remaining after the foregoing allocations to REMIC 3 Regular
        Interests 2-AA and 2-ZZ, to Uncertificated Accrued Interest payable to REMIC
        3
        Regular Interest 2-P to the extent of such remaining amount; third, to the
        Uncertificated Principal Balances of REMIC 3 Regular Interest 1-AA and REMIC
        3
        Regular Interest 1-ZZ up to an aggregate amount equal to the REMIC 3 Group
        1
        Principal Loss Allocation Amount, 98.00% and 2.00%, respectively; fourth,
        to the
        Uncertificated Principal Balances of REMIC 3 Regular Interest 1-AA, REMIC
        3
        Regular Interest 1-B and REMIC 3 Regular Interest 1-ZZ, 98.00%, 1.00% and
        1.00%,
        respectively, until the Uncertificated Principal Balance of REMIC 3 Regular
        Interest 1-B has been reduced to zero; fifth, to the Uncertificated Principal
        Balances of REMIC 3 Regular Interest 1-AA, REMIC 3 Regular Interest 1-M-8
        and
        REMIC 3 Regular Interest 1-ZZ, 98.00%, 1.00% and 1.00%, respectively, until
        the
        Uncertificated Principal Balance of REMIC 3 Regular Interest 1-M-8 has been
        reduced to zero; sixth, to the Uncertificated Principal Balances of REMIC
        3
        Regular Interest 1-AA, REMIC 3 Regular Interest 1-M-7 and REMIC 3 Regular
        Interest 1-ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated
        Principal Balance of REMIC 3 Regular Interest 1-M-7 has been reduced to zero;
        seventh, to the Uncertificated Principal Balances of REMIC 3 Regular Interest
        1-AA, REMIC 3 Regular Interest 1-M-6 and REMIC 3 Regular Interest 1-ZZ, 98.00%,
        1.00% and 1.00%, respectively, until the Uncertificated Principal Balance
        of
        REMIC 3 Regular Interest 1-M-6 has been reduced to zero; eighth, to the
        Uncertificated Principal Balances of REMIC 3 Regular Interest 1-AA, REMIC
        3
        Regular Interest 1-M-5 and REMIC 3 Regular Interest 1-ZZ, 98.00%, 1.00% and
        1.00%, respectively, until the Uncertificated Principal Balance of REMIC
        3
        Regular Interest 1-M-5 has been reduced to zero; ninth, to the Uncertificated
        Principal Balances of REMIC 3 Regular Interest 1-AA, REMIC 3 Regular Interest
        1-M-4 and REMIC 3 Regular Interest 1-ZZ, 98.00%, 1.00% and 1.00%, respectively,
        until the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-M-4
        has
        been reduced to zero; tenth, to the Uncertificated Principal Balances of
        REMIC 3
        Regular Interest 1-AA, REMIC 3 Regular Interest 1-M-3 and REMIC 3 Regular
        Interest 1-ZZ, 98.00%, 1.00% and 1.00%, respectively, until the Uncertificated
        Principal Balance of REMIC 3 Regular Interest 1-M-3 has been reduced to zero;
        eleventh, to the Uncertificated Principal Balances of REMIC 3 Regular Interest
        1-AA, REMIC 3 Regular Interest 1-M-2 and REMIC 3 Regular Interest 1-ZZ, 98.00%,
        1.00% and 1.00%, respectively, until the Uncertificated Principal Balance
        of
        REMIC 3 Regular Interest 1-M-2 has been reduced to zero; twelfth, to the
        Uncertificated Principal Balance of REMIC 3 Regular Interest 1-M-1 and REMIC
        3
        Regular Interest 1-ZZ, 98.00%, 1.00% and 1.00%, respectively, until the
        Uncertificated Principal Balance of REMIC 3 Regular Interest 1-M-1 has been
        reduced to zero; and thirteenth, to the Uncertificated Principal Balance
        of
        REMIC 3 Regular Interest 1-AA, 98.00%, to the Uncertificated Principal Balances
        of REMIC 3 Regular Interests 1-A1-A, 1-A1-B, 1-A1-C and 1-AM, 1.00% pro rata,
        and to the Uncertificated Principal Balance of REMIC 3 Regular Interest 1-ZZ,
        1.00%, until the Uncertificated Principal Balances of such REMIC 3 Regular
        Interests 1-A1-A, 1-A1-B, 1-A1-C and 1-AM have been reduced to zero, provided
        that any such Realized Losses otherwise allocable to REMIC 3 Regular Interests
        1-A1-A, 1-A1-B and 1-A1-C shall be first allocated to REMIC 3 Regular Interest
        1-AM, until the Uncertificated Principal Balance thereof has been reduced
        to
        zero.

       

      
        
          
          

        

        
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      (e) All
        Realized Losses on the Group 2 Loans shall be allocated by the Trustee on
        each
        Distribution Date to the following REMIC 3 Group 2 Regular Interests in the
        following specified percentages: first, to Uncertificated Accrued Interest
        payable to the REMIC 3 Regular Interest 2-AA and REMIC 3 Regular Interest
        2-ZZ
        up to an aggregate amount equal to the REMIC 3 Group 2 Interest Loss Allocation
        Amount (without duplication of shortfalls allocated pursuant to Section 1.03),
        98.00% and 2.00%, respectively, and to the extent of any amount equal to
        the
        REMIC 3 Group 2 Interest Loss Allocation Amount remaining after the foregoing
        allocations to REMIC 3 Regular Interests 2-AA and 2-ZZ, to Uncertificated
        Accrued Interest payable to REMIC 3 Regular Interest 2-P to the extent of
        such
        remaining amount; second, to Uncertificated Accrued Interest payable to the
        REMIC 3 Regular Interest 1-AA and REMIC 3 Regular Interest 1-ZZ up to an
        aggregate amount equal to any portion of the REMIC 3 Group 1 Interest Loss
        Allocation Amount remaining after the allocation of Realized Losses on the
        Group
        1 Loans pursuant to clause (d) above (without duplication of shortfalls
        allocated pursuant to Section 1.03), 98.00% and 2.00%, respectively, and
        to the
        extent of any amount of such portion of the REMIC 3 Group 1 Interest Loss
        Allocation Amount remaining after the foregoing allocations to REMIC 3 Regular
        Interests 1-AA and 1-ZZ, to Uncertificated Accrued Interest payable to REMIC
        3
        Regular Interest 1-P to the extent of such remaining amount; third, to the
        Uncertificated Principal Balances of the REMIC 3 Regular Interest 2-AA and
        REMIC
        3 Regular Interest 2-ZZ up to an aggregate amount equal to the REMIC 3 Group
        2
        Principal Loss Allocation Amount, 98.00% and 2.00%, respectively; and fourth,
        to
        the Uncertificated Principal Balances of REMIC 3 Regular Interest 2-AA, REMIC
        3
        Regular Interest 2-A and REMIC 3 Regular Interest 2-ZZ, 98.00%, 1.00% and
        1.00%,
        respectively, until the Uncertificated Principal Balance of REMIC 3 Regular
        Interest 2-A has been reduced to zero.

       

       

      
        
          
          

        

        
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      Section
        4.06. Information
        Reports to Be Filed by the Master Servicer.

       

      The
        Master Servicer or the Sub-Servicers shall file information reports with
        respect
        to the receipt of mortgage interest received in a trade or business,
        foreclosures and abandonments of any Mortgaged Property and the information
        returns relating to cancellation of indebtedness income with respect to any
        Mortgaged Property required by Sections 6050H, 6050J and 6050P of the Code,
        respectively, and deliver to the Trustee an Officers’ Certificate stating that
        such reports have been filed. Such reports shall be in form and substance
        sufficient to meet the reporting requirements imposed by such Sections 6050H,
        6050J and 6050P of the Code.

       

      Section
        4.07. Compliance
        with Withholding Requirements.

       

      Notwithstanding
        any other provision of this Agreement, the Trustee shall comply with all
        federal
        withholding requirements respecting payments to Certificateholders of interest
        or original issue discount on the Mortgage Loans, that the Trustee reasonably
        believes are applicable under the Code. The consent of Certificateholders
        shall
        not be required for such withholding. In the event the Trustee withholds
        any
        amount from interest or original issue discount payments or advances thereof
        to
        any Certificateholder pursuant to federal withholding requirements, the Trustee
        shall, together with its monthly report to such Certificateholders pursuant
        to
        Section 4.02 hereof, indicate such amount withheld.

       

      Section
        4.08. Group
        1
        Net WAC Shortfall Reserve Fund.

       

      (a) On
        the
        Closing Date, the Trustee shall establish and maintain in its name, in trust
        for
        the benefit of the Class 1-A Certificates, the Subordinate Certificates and
        the
        Class 1-C Certificates, the Group 1 Net WAC Shortfall Reserve Fund. In addition,
        on the Closing Date, the Depositor shall deposit into the Group 1 Net WAC
        Shortfall Reserve Fund an amount equal to the Group 1 Net WAC Shortfall Reserve
        Fund Deposit. The Trustee shall deposit in the Group 1 Net WAC Shortfall
        Reserve
        Fund all payments received from the Group 1 Supplemental Interest Trust that
        are
        payable to the Trust Fund under Sections 4.01(n)(iv) from amounts under the
        Group 1 Interest Rate Swap Agreement and Group 1 Cap Contracts, and on each
        Distribution Date, the Trustee shall remit such amounts received from the
        Group
        1 Supplemental Interest Trust to the Holders of the related Class 1-A
        Certificates and Subordinate Certificates in the manner provided in that
        Section. In addition, on each Distribution Date as to which there is a Group
        1
        Net WAC Shortfall Amount with respect to Loan Group 1 payable to any Class
        of
        Class 1-A Certificates and Subordinate Certificates, the Trustee shall deposit
        the amounts distributable pursuant to clause (vi) of Section 4.01(l) into
        the
        Group 1 Net WAC Shortfall Reserve Fund, and the Trustee has been directed
        by the
        Holders of the Class 1-C Certificates to distribute amounts then on deposit
        in
        the Group 1 Net WAC Shortfall Reserve Fund to the Holders of the Class 1-A
        Certificates and Subordinate Certificates in respect of the Net WAC Shortfall
        Amount with respect to Loan Group 1 in the priority set forth in clause (vi)
        of
        Section 4.01(l). Any amount paid to the Holders of any Class 1-A Certificates
        and Subordinate Certificates pursuant to the preceding sentence in respect
        of
        Net WAC Shortfall Amounts from amounts distributable pursuant to clause (vi)
        of
        Section 4.01(l) shall be treated as distributed to the Holders of the Class
        1-C
        Certificates in respect of the Class 1-C Certificates and paid by such Holders
        to the Holders of such Class 1-A Certificates and Subordinate Certificates.
        Any
        payments to the Holders of the Class 1-A Certificates and Subordinate
        Certificates in respect of Net WAC Shortfall Amounts, whether pursuant to
        the
        second preceding sentence or pursuant to Sections 4.01(n)(iv), shall not
        be
        payments with respect to a Regular Interest in a REMIC within the meaning
        of
        Code Section 860G(a)(1).

       

      
        
          
          

        

        
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      (b) The
        Group
        1 Net WAC Shortfall Reserve Fund is an “outside reserve fund” within the meaning
        of Treasury Regulation Section 1.860G-2(h) and shall be an asset of the Trust
        Fund but not an asset of any REMIC. The Trustee on behalf of the Trust shall
        be
        the nominal owner of the Group 1 Net WAC Shortfall Reserve Fund. The Holders
        of
        the Class 1-C Certificates shall be the beneficial owners of the Group 1
        Net WAC
        Shortfall Reserve Fund, subject to the power of the Trustee to transfer amounts
        under Section 4.01. Amounts in the Group 1 Net WAC Shortfall Reserve Fund
        shall,
        at the written direction of the Holders of the Class 1-C Certificates, be
        invested in Permitted Investments that mature no later than the Business
        Day
        prior to the next succeeding Distribution Date. In the absence of such written
        direction, all funds in the Group 1 Net WAC Shortfall Reserve Fund shall
        remain
        uninvested. All net income and gain from such investments shall be distributed
        to the Holders of the Class 1-C Certificates, pro rata, not as a distribution
        in
        respect of any interest in any REMIC, on each such Distribution Date. All
        amounts earned on amounts on deposit in the Group 1 Net WAC Shortfall Reserve
        Fund shall be taxable to the Holders of the Class 1-C Certificates. Any losses
        on such investments shall be deposited in the Group 1 Net WAC Shortfall Reserve
        Fund by the Holders of the Class 1-C Certificates, pro rata, out of their
        own
        funds immediately as realized.

       

      Section
        4.09. Group
        2
        Net WAC Shortfall Reserve Fund.

       

      (a) On
        the
        Closing Date, the Trustee shall establish and maintain in its name, in trust
        for
        the benefit of the Class 2-A Certificates and the Class 2-C Certificates,
        the
        Group 2 Net WAC Shortfall Reserve Fund. In addition, on the Closing Date,
        the
        Depositor shall deposit into the Group 2 Net WAC Shortfall Reserve Fund an
        amount equal to the Group 2 Net WAC Shortfall Reserve Fund Deposit. The Trustee
        shall deposit in the Group 2 Net WAC Shortfall Reserve Fund all payments
        received from the Group 2 Supplemental Interest Trust that are payable to
        the
        Trust Fund under Section 4.01(o)(iii) from amounts under the Group 2 Interest
        Rate Swap Agreement and Group 2 Cap Contracts, and on each Distribution Date,
        the Trustee shall remit such amounts received from the Group 2 Supplemental
        Interest Trust to the Holders of the Class 2-A Certificates in the manner
        provided in that Section. In addition, on each Distribution Date as to which
        there is a Group 2 Net WAC Shortfall Amount with respect to Loan Group 2
        payable
        to the Class 2-A Certificates, the Trustee shall deposit the amounts
        distributable pursuant to clause (v) of Section 4.01(m) into the Group 2
        Net WAC
        Shortfall Reserve Fund, and the Trustee has been directed by the Holders
        of the
        Class 2-C Certificates to distribute amounts then on deposit in the Group
        2 Net
        WAC Shortfall Reserve Fund to the Holders of the Class 2-A Certificates in
        respect of the Net WAC Shortfall Amount with respect to Loan Group 2 in the
        priority set forth in clause (v) of Section 4.01(l). Any amount paid to the
        Holders of any Class 2-A Certificates pursuant to the preceding sentence
        in
        respect of Net WAC Shortfall Amounts from amounts distributable pursuant
        to
        clause (v) of Section 4.01(m) shall be treated as distributed to the Holders
        of
        the Class 2-C Certificates in respect of the Class 2-C Certificates and paid
        by
        such Holders to the Holders of such Class 2-A Certificates. Any payments
        to the
        Holders of the Class 2-A Certificates in respect of Net WAC Shortfall Amounts,
        whether pursuant to the second preceding sentence or pursuant to Section
        4.01(o)(iii), shall not be payments with respect to a Regular Interest in
        a
        REMIC within the meaning of Code Section 860G(a)(1).

       

      
        
          
          

        

        
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      (b) The
        Group
        2 Net WAC Shortfall Reserve Fund is an “outside reserve fund” within the meaning
        of Treasury Regulation Section 1.860G-2(h) and shall be an asset of the Trust
        Fund but not an asset of any REMIC. The Trustee on behalf of the Trust shall
        be
        the nominal owner of the Group 2 Net WAC Shortfall Reserve Fund. The Holders
        of
        the Class 2-C Certificates shall be the beneficial owners of the Group 2
        Net WAC
        Shortfall Reserve Fund, in each case subject to the power of the Trustee
        to
        transfer amounts under Section 4.01. Amounts in the Group 2 Net WAC Shortfall
        Reserve Fund shall, at the written direction of the Holders of the Class
        2-C
        Certificates, be invested in Permitted Investments that mature no later than
        the
        Business Day prior to the next succeeding Distribution Date. In the absence
        of
        such written direction, all funds in the Group 2 Net WAC Shortfall Reserve
        Fund
        shall remain uninvested. All net income and gain from such investments shall
        be
        distributed to the Holders of the Class 2-C Certificates, pro rata, not as
        a
        distribution in respect of any interest in any REMIC, on each such Distribution
        Date. All amounts earned on amounts on deposit in the Group 2 Net WAC Shortfall
        Reserve Fund shall be taxable to the Holders of the Class 2-C Certificates.
        Any
        losses on such investments shall be deposited in the Group 2 Net WAC Shortfall
        Reserve Fund by the Holders of the Class 2-C Certificates, pro rata, out
        of
        their own funds immediately as realized.

       

      Section
        4.10. Group
        1
        Supplemental Interest Trust.

       

      (i) As
        of the
        Closing Date, the Trustee, as Group 1 Supplemental Interest Trust Trustee,
        is
        directed to enter into the Group
        1
Interest
        Rate Swap Agreement and the Group 1 Cap Contracts and shall establish and
        maintain in the name of the Group 1 Supplemental Interest Trust Trustee,
        the
        Group 1 Supplemental Interest Trust for the benefit of the Group 1 Swap Provider
        and the Holders of the Class 1-A, Class 1-M, Class 1-B and Class 1-C
        Certificates. The Group 1 Supplemental Interest Trust shall hold the Group
        1
        Interest Rate Swap Agreement, the Class 1-IO Interest, the Group 1 Cap Contracts
        and the Group 1 Derivative Account. The Trustee shall establish an Eligible
        Account (the “Group 1 Derivative Account”) into which the Depositor shall
        deposit $1,000 on the Closing Date. Funds on deposit in the Group 1 Derivative
        Account shall be held separate and apart from, and shall not be commingled
        with,
        any other moneys, including, without limitation, other moneys of the Trustee
        or
        held pursuant to this Agreement.

       

      (ii) On
        each
        Distribution Date, the Trustee shall deposit into the Group 1 Derivative
        Account
        amounts distributable to the Group 1 Supplemental Interest Trust pursuant
        to
        Sections 4.01(a) (fifth paragraph) and 4.01(l)(viii) of this Agreement. In
        addition, the Trustee shall deposit into the Group 1 Derivative Account for
        payment to the Group 1 Swap Provider the Group 1 Swap Optional Termination
        Payment (which shall include any related Net Swap Payment payable to the
        Group 1
        Swap Provider) payable under Section 9.01. On each Distribution Date, the
        Trustee shall distribute any such amounts to the Group 1 Swap Provider pursuant
        to the Group 1 Interest Rate Swap Agreement, first to pay any related Net
        Swap
        Payment owed to the Group 1 Swap Provider for such Distribution Date or
        remaining unpaid from prior Distribution Dates, and second to pay any related
        Swap Termination Payment owed to the Group 1 Swap Provider for such Distribution
        Date or remaining unpaid from prior Distribution Dates.

       

      
        
          
          

        

        
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      (iii) On
        each
        Distribution Date, the Trustee, as Group 1 Supplemental Interest Trust Trustee,
        shall deposit into the Group 1 Derivative Account amounts received by the
        Group
        1 Supplemental Interest Trust under the Group 1 Interest Rate Swap Agreement
        from the Group 1 Swap Provider and under the Group 1 Cap Contracts from the
        Group 1 Cap Counterparties. On each Distribution Date, the Trustee shall,
        and
        the Trustee has been directed by the Holders of the Class 1-C Certificates
        to,
        distribute from the Group 1 Derivative Account an amount equal to the amount
        of
        any related Net Swap Payment or Swap Termination Payment received from the
        Group
        1 Swap Provider under the Group 1 Interest Rate Swap Agreement and payments
        received from the Group 1 Cap Counterparties under the Group 1 Cap Contracts,
        in
        the following order of priority:

       

      (a) first,
        an
        amount equal to the aggregate amount required under Section 4.01(n) to be
        distributed on such Distribution Date, to the related Class 1-A, Class 1-M
        and
        Class 1-B Certificateholders in accordance with Section 4.01(n) of this
        Agreement, and 

       

      (b) second,
        any
        remainder, to the Holder of the Class 1-C Certificates.

       

      (iv) The
        Group
        1 Supplemental Interest Trust constitutes an “outside reserve fund” within the
        meaning of Treasury Regulation Section 1.860G-2(h) and shall not be an asset
        of
        any REMIC. The Holders of the Class 1-C Certificates shall be the beneficial
        owner of the Group 1 Supplemental Interest Trust, subject to the power of
        the
        Trustee to transfer amounts under this Agreement. The Trustee shall keep
        records
        that accurately reflect the funds on deposit in the Group 1 Derivative Account.
        The Trustee shall, at the written direction of the Holders of the Class 1-C
        Certificates, invest amounts on deposit in the Group 1 Supplemental Interest
        Trust in Permitted Investments that mature no later than the Business Day
        prior
        to the next succeeding Distribution Date. In the absence of such written
        direction, all funds in the Group 1 Supplemental Interest Trust shall remain
        uninvested. On each Distribution Date, the Trustee shall distribute, not
        as a
        distribution in respect of any interest in any REMIC, any income or gain
        earned
        on the invested assets in the Group 1 Supplemental Interest Trust to the
        Holders
        of the Class 1-C Certificates. All amounts earned on amounts on deposit in
        the
        Group 1 Supplemental Interest Trust shall be taxable to the Holders of the
        Class
        1-C Certificates. Any losses on such investments shall be deposited in the
        Group
        1 Supplemental Interest Trust by the Holders of the Class 1-C Certificates,
        out
        of their own funds immediately as realized. 

       

      (v) For
        federal income tax purposes, amounts paid to the Group 1 Supplemental Interest
        Trust on each Distribution Date pursuant to Section 4.01(a) (first and second
        sentences of the fifth paragraph) for payment to the Group 1 Swap Provider
        with
        respect to the Group 1 Interest Rate Swap Agreement shall first be deemed
        to be
        paid to the Group 1 Supplemental Interest Trust in respect of the Class 1-IO
        Interest to the extent of the amount distributable on such Class 1-IO Interest
        on such Distribution Date, and shall then be deemed to be paid to the Group
        1
        Supplemental Interest Trust in respect of a Group 1 Class IO Distribution
        Amount
        as described below.

       

      
        
          
          

        

        
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      (vi) The
        Trustee shall treat the Holders of the Class 1-A, Class 1-M and Class 1-B
        Certificates as having entered into a notional principal contract with respect
        to the Holders of the Class 1-C Certificates. Pursuant to each such notional
        principal contract, all Holders of the Class 1-A, Class 1-M and Class 1-B
        Certificates shall be treated as having agreed to pay, on each Distribution
        Date, to the Holder of the Class 1-C Certificates an aggregate amount equal
        to
        the excess, if any, of (i) the amount payable on such Distribution Date on
        the
        REMIC 4 Regular Interest corresponding to such Class of Certificates over
        (ii)
        the amount payable on such Class of Certificates on such Distribution Date
        (such
        excess, a “Group 1 Class IO Distribution Amount”). A Group 1 Class IO
        Distribution Amount payable from interest collections shall be allocated
        pro
        rata
        among
        such Certificates based on the excess of, with respect to each such Certificate,
        (i) the amount of interest otherwise payable to the REMIC 4 Regular Interest
        relating to such Certificate over (ii) the amount of interest payable to
        such
        Certificate at a per annum rate equal to the related Net WAC Rate, and a
        Group 1
        Class IO Distribution Amount payable from principal collections shall be
        allocated to the most subordinate Class of the Class 1-A, Class 1-M, Class
        1-B
        and Class 1-C Certificates with an outstanding principal balance to the extent
        of such balance. In addition, pursuant to such notional principal contract,
        the
        Holder of the Class 1-C Certificates shall be treated as having agreed to
        pay
        Net WAC Shortfall Amounts with respect to Loan Group 1 to the Holders of
        the
        Class 1-A, Class 1-M and Class 1-B Certificates in accordance with the terms
        of
        this Agreement. Any payments to the Class 1-A, Class 1-M, Class 1-B and Class
        1-C Certificates from amounts deemed received in respect of this notional
        principal contract shall not be payments with respect to a Regular Interest
        in a
        REMIC within the meaning of Section 860G(a)(1) of the Code. However, any
        payment
        from the Class 1-A, Class 1-M and Class 1-B Certificates of a Group 1 Class
        IO
        Distribution Amount shall be treated for tax purposes as having been received
        by
        the Holders of such Certificates in respect of their interests in REMIC 4
        and as
        having been paid by such Holders to the Group 1 Supplemental Interest Trust
        pursuant to the notional principal contract. Thus, each Class 1-A, Class
        1-M,
        Class 1-B and Class 1-C Certificate shall be treated as representing not
        only
        ownership of a Regular Interest in REMIC 4, but also ownership of an interest
        in, and obligations with respect to, a notional principal contract.

       

      (vii) (a) Upon
        designation of an early termination date with respect to a Group 1 Derivative
        Contract other than in connection with a Group 1 Optional Termination, the
        Trustee, as Group 1 Supplemental Interest Trust Trustee, at the written
        direction of the Depositor or the Certificate Insurer will use reasonable
        efforts to appoint a successor derivative counterparty to enter into a new
        derivative contract on terms substantially similar to such Group 1 Derivative
        Contract with a derivative counterparty meeting all applicable eligibility
        requirements. The Trustee, as Group 1 Supplemental Interest Trust Trustee
        will
        apply any Group 1 Derivative Termination Payment received from the original
        derivative counterparty in connection with the early termination of such
        Group 1
        Derivative Contract to the upfront payment required to appoint the successor
        derivative counterparty.

       

      If
        a
        successor derivative counterparty is not appointed within 30 days of such
        early
        termination, then the Trustee, as Group 1 Supplemental Interest Trust Trustee
        will deposit any Group 1 Derivative Termination Payment received from the
        original derivative counterparty in connection with the early termination
        of
        such Group 1 Derivative Contract into a separate, non-interest bearing reserve
        account and will, on each subsequent Distribution Date, withdraw from the
        amount
        then remaining on deposit in such reserve account an amount equal to the
        payment, if any, that would have been paid to the Group 1 Supplemental Interest
        Trust Trustee by the original derivative counterparty calculated in accordance
        with the terms of the related Group 1 Derivative Contract, and distribute
        such
        amount in accordance with the terms of this Agreement.

       

      
        
          
          

        

        
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      (b) In
        the
        event that the derivative counterparty under a Group 1 Derivative Contract
        fails
        to perform any of its obligations under such Group 1 Derivative Contract
        (including, without limitation, its obligation to make any payment or transfer
        collateral), or breaches any of its representations and warranties thereunder,
        or in the event that any Event of Default, Termination Event, or Additional
        Termination Event (each as defined in the related Group 1 Derivative Contract)
        occurs with respect to such Group 1 Derivative Contract, the Trustee, as
        Group 1
        Supplemental Interest Trust Trustee shall, promptly following actual notice
        of
        such failure, breach or event, notify the Depositor and send any notices
        and
        make any demands, on behalf of the Group 1 Supplemental Interest Trust, required
        to enforce the rights of the Group 1 Supplemental Interest Trust under such
        Group 1 Derivative Contract.

       

      In
        the
        event that a derivative counterparty’s obligations are guaranteed by a third
        party under a guaranty relating to a Group 1 Derivative Contract (such guaranty
        a “Group 1 Guaranty” and such third party a “Group 1 Guarantor”), then to the
        extent that derivative counterparty fails to make any payment by the close
        of
        business on the day it is required to make payment under the terms of such
        Group
        1 Derivative Contract, the Trustee, as Group 1 Supplemental Interest Trust
        Trustee shall, promptly following actual notice of derivative counterparty’s
        failure to pay, demand that such Group 1 Guarantor make any and all payments
        then required to be made by such Group 1 Guarantor pursuant to such Group
        1
        Guaranty; provided that Trustee, as Group 1 Supplemental Interest Trust Trustee
        shall in no event be liable for any failure or delay in the performance by
        such
        Group 1 Guarantor of its obligations hereunder or pursuant to such Group
        1
        Derivative Contract and the Group 1 Guaranty, nor for any special, indirect
        or
        consequential loss or damage of any kind whatsoever (including but not limited
        to lost profits) in connection therewith.

       

      Section
        4.11. Group
        2
        Supplemental Interest Trust.

       

      (i) As
        of the
        Closing Date, the Trustee, as Group 2 Supplemental Interest Trust Trustee,
        is
        directed to enter into the Group 2 Interest Rate Swap Agreement and the Group
        2
        Cap Contracts and shall establish and maintain in the name of the Group 2
        Supplemental Interest Trust Trustee, the Group 2 Supplemental Interest Trust
        for
        the benefit of the Group
        2
Swap
        Provider and the Holders of the Class 2-A Certificates and Class 2-C
        Certificates. The Group 2 Supplemental Interest Trust shall hold the Group
        2
        Interest Rate Swap Agreement, the Class 2-IO Interests, the Group 2 Cap
        Contracts and the Group 2 Derivative Account. The Trustee shall establish
        an
        Eligible Account (the “Group 2 Derivative Account”) into which the Depositor
        shall deposit $1,000 on the Closing Date. Funds on deposit in the Group 2
        Derivative Account shall be held separate and apart from, and shall not be
        commingled with, any other moneys, including, without limitation, other moneys
        of the Trustee or held pursuant to this Agreement.

       

      (ii) On
        each
        Distribution Date, the Trustee shall deposit into the Group 2 Derivative
        Account
        amounts distributable to the Group 2 Supplemental Interest Trust pursuant
        to
        Sections 4.01(a) (fifth paragraph) and 4.01(m)(vii) of this Agreement. In
        addition, the Trustee shall deposit into the Group 2 Derivative Account for
        payment to the Group 2 Swap Provider the Group 2 Swap Optional Termination
        Payment (which shall include any related Net Swap Payment payable to the
        Group 2
        Swap Provider) payable under Section 9.01. On each Distribution Date, the
        Trustee shall distribute any such amounts to the Group 2 Swap Provider pursuant
        to the Group 2 Interest Rate Swap Agreement, first to pay any related Net
        Swap
        Payment owed to the Group 2 Swap Provider for such Distribution Date or
        remaining unpaid from prior Distribution Dates, and second to pay any related
        Swap Termination Payment owed to the Group 2 Swap Provider for such Distribution
        Date or remaining unpaid from prior Distribution Dates.

       

      
        
          
          

        

        
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      (iii) On
        each
        Distribution Date, the Trustee, as Group 2 Supplemental Interest Trust Trustee,
        shall deposit into the Group 2 Derivative Account amounts received by the
        Group
        2 Supplemental Interest Trust under the Group 2 Interest Rate Swap Agreement
        from the Group 2 Swap Provider and under the Group 2 Cap Contracts from the
        Group 2 Cap Counterparties. On each Distribution Date, the Trustee shall,
        and
        the Trustee has been directed by the Holders of the Class 2-C Certificates
        to,
        distribute from the Group 2 Derivative Account an amount equal to the amount
        of
        any related Net Swap Payment received from the Group 2 Swap Provider under
        the
        Group 2 Interest Rate Swap Agreement and payment received from the Group
        2 Cap
        Counterparties under the Group 2 Cap Contracts, in the following order of
        priority:

       

      (a) first,
        an
        amount equal to the aggregate amount required under Section 4.01(o) to be
        distributed on such Distribution Date, to the Class 2-A Certificateholders
        in
        accordance with Section 4.01(o) of this Agreement, and 

       

      (b) second,
        any
        remainder, to the Holder of the Class 2-C Certificates.

       

      (iv) The
        Group
        2 Supplemental Interest Trust constitutes an “outside reserve fund” within the
        meaning of Treasury Regulation Section 1.860G-2(h) and shall not be an asset
        of
        any REMIC. The Holders of the Class 2-C Certificates shall be the beneficial
        owner of the Group 2 Supplemental Interest Trust, subject to the power of
        the
        Trustee to transfer amounts under this Agreement. The Trustee shall keep
        records
        that accurately reflect the funds on deposit in the Group 2 Derivative Account.
        The Trustee shall, at the written direction of the Holders of the Class 2-C
        Certificates, invest amounts on deposit in the Group 2 Supplemental Interest
        Trust in Permitted Investments that mature no later than the Business Day
        prior
        to the next succeeding Distribution Date. In the absence of such written
        direction, all funds in the Group 2 Supplemental Interest Trust shall remain
        uninvested. On each Distribution Date, the Trustee shall distribute, not
        as a
        distribution in respect of any interest in any REMIC, any income or gain
        earned
        on the invested assets in the Group 2 Supplemental Interest Trust to the
        Holders
        of the Class 2-C Certificates. All amounts earned on amounts on deposit in
        the
        Group 2 Supplemental Interest Trust shall be taxable to the Holders of the
        Class
        2-C Certificates. Any losses on such investments shall be deposited in the
        Group
        2 Supplemental Interest Trust by the Holders of the Class 2-C Certificates,
        out
        of their own funds immediately as realized. 

       

      (v) For
        federal income tax purposes, amounts paid to the Group 2 Supplemental Interest
        Trust on each Distribution Date pursuant to Section 4.01(a) (first and second
        sentences of the fifth paragraph) for payment to the Group 2 Swap Provider
        with
        respect to the Group 2 Interest Rate Swap Agreement shall first be deemed
        to be
        paid to the Group 2 Supplemental Interest Trust in respect of the Class 2-IO
        Interest to the extent of the amount distributable on such Class 2-IO Interest
        on such Distribution Date, and shall then be deemed to be paid to the Group
        2
        Supplemental Interest Trust in respect of a Group 2 Class IO Distribution
        Amount
        as described below.

       

      
        
          
          

        

        
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      (vi) The
        Trustee shall treat the Holders of the Class 2-A Certificates as having entered
        into a notional principal contract with respect to the Holders of the Class
        2-C
        Certificates. Pursuant to each such notional principal contract, all Holders
        of
        the Class 2-A Certificates shall be treated as having agreed to pay, on each
        Distribution Date, to the Holder of the Class 2-C Certificates an aggregate
        amount equal to the excess, if any, of (i) the amount payable on such
        Distribution Date on the REMIC 4 Regular Interest corresponding to such Class
        of
        Certificates over (ii) the amount payable on such Class of Certificates on
        such
        Distribution Date (such excess, a “Group 2 Class IO Distribution Amount”). A
        Group 2 Class IO Distribution Amount payable from interest collections shall
        be
        allocated pro
        rata
        among
        such Certificates based on the excess of, with respect to each such Certificate,
        (i) the amount of interest otherwise payable to the REMIC 4 Regular Interest
        relating to such Certificate over (ii) the amount of interest payable to
        such
        Certificate at a per annum rate equal to the related Net WAC Rate, and a
        Group 2
        Class IO Distribution Amount payable from principal collections shall be
        allocated to the most subordinate Class of the Class 2-A Certificates and
        Class
        2-C Certificates with an outstanding principal balance to the extent of such
        balance. In addition, pursuant to such notional principal contract, the Holder
        of the Class 2-C Certificates shall be treated as having agreed to pay Net
        WAC
        Shortfall Amounts with respect to Loan Group 2 to the Holders of the Class
        2-A
        Certificates in accordance with the terms of this Agreement. Any payments
        to the
        Class 2-A Certificates and Class 2-C Certificates from amounts deemed received
        in respect of this notional principal contract shall not be payments with
        respect to a Regular Interest in a REMIC within the meaning of Section
        860G(a)(1) of the Code. However, any payment from the Class 2-A Certificates
        of
        a Group 2 Class IO Distribution Amount shall be treated for tax purposes
        as
        having been received by the Holders of such Certificates in respect of their
        interests in REMIC 4 and as having been paid by such Holders to the Group
        2
        Supplemental Interest Trust pursuant to the notional principal contract.
        Thus,
        each Class 2-A Certificate and Class 2-C Certificate shall be treated as
        representing not only ownership of a Regular Interest in REMIC 4, but also
        ownership of an interest in, and obligations with respect to, a notional
        principal contract.

       

      (vii) (a) Upon
        designation of an early termination date with respect to a Group 2 Derivative
        Contract other than in connection with a Group 2 Optional Termination, the
        Trustee, as Group 2 Supplemental Interest Trust Trustee, at the written
        direction of the Depositor or the Certificate Insurer will use reasonable
        efforts to appoint a successor derivative counterparty to enter into a new
        derivative contract on terms substantially similar to such Group 2 Derivative
        Contract with a derivative counterparty meeting all applicable eligibility
        requirements. The Trustee, as Group 2 Supplemental Interest Trust Trustee
        will
        apply any Group 2 Derivative Termination Payment received from the original
        derivative counterparty in connection with the early termination of such
        Group 2
        Derivative Contract to the upfront payment required to appoint the successor
        derivative counterparty.

       

      If
        a
        successor derivative counterparty is not appointed within 30 days of such
        early
        termination, then the Trustee, as Group 2 Supplemental Interest Trust Trustee
        will deposit any Group 2 Derivative Termination Payment received from the
        original derivative counterparty in connection with the early termination
        of
        such Group 2 Derivative Contract into a separate, non-interest bearing reserve
        account and will, on each subsequent Distribution Date, withdraw from the
        amount
        then remaining on deposit in such reserve account an amount equal to the
        payment, if any, that would have been paid to the Group 2 Supplemental Interest
        Trust Trustee by the original derivative counterparty calculated in accordance
        with the terms of the related Group 2 Derivative Contract, and distribute
        such
        amount in accordance with the terms of this Agreement.

       

      
        
          
          

        

        
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      (b) In
        the
        event that the derivative counterparty under a Group 2 Derivative Contract
        fails
        to perform any of its obligations under such Group 2 Derivative Contract
        (including, without limitation, its obligation to make any payment or transfer
        collateral), or breaches any of its representations and warranties thereunder,
        or in the event that any Event of Default, Termination Event, or Additional
        Termination Event (each as defined in the related Group 2 Derivative Contract)
        occurs with respect to such Group 2 Derivative Contract, the Trustee, as
        Group 2
        Supplemental Interest Trust Trustee shall, promptly following actual notice
        of
        such failure, breach or event, notify the Depositor and send any notices
        and
        make any demands, on behalf of the Group 2 Supplemental Interest Trust, required
        to enforce the rights of the Group 2 Supplemental Interest Trust under such
        Group 2 Derivative Contract.

       

      In
        the
        event that a derivative counterparty’s obligations are guaranteed by a third
        party under a guaranty relating to a Group 2 Derivative Contract (such guaranty
        a “Group 2 Guaranty” and such third party a “Group 2 Guarantor”), then to the
        extent that derivative counterparty fails to make any payment by the close
        of
        business on the day it is required to make payment under the terms of such
        Group
        2 Derivative Contract, the Trustee, as Group 2 Supplemental Interest Trust
        Trustee shall, promptly following actual notice of derivative counterparty’s
        failure to pay, demand that such Group 2 Guarantor make any and all payments
        then required to be made by such Group 2 Guarantor pursuant to such Group
        2
        Guaranty; provided that Trustee, as Group 2 Supplemental Interest Trust Trustee
        shall in no event be liable for any failure or delay in the performance by
        such
        Group 2 Guarantor of its obligations hereunder or pursuant to such Group
        2
        Derivative Contract and the Group 2 Guaranty, nor for any special, indirect
        or
        consequential loss or damage of any kind whatsoever (including but not limited
        to lost profits) in connection therewith.

       

      Section
        4.12. Tax
        Treatment of Class IO Distribution Amounts in the Event of Resecuritization
        of
        Class 1-A, Class 2-A, Class 1-M or Class 1-B Certificates.

       

      In
        the
        event that any Class 1-A, Class 2-A, Class 1-M or Class 1-B Certificate is
        resecuritized in a REMIC (the “Resecuritization REMIC”), for federal income tax
        purposes, (i) payments on the REMIC 4 Regular Interest corresponding to such
        Class 1-A, Class 2-A, Class 1-M or Class 1-B Certificate shall, for the
        avoidance of doubt, be deemed to include the related Class IO Distribution
        Amount, and (ii) to the extent provided in the operative documents for the
        Resecuritization REMIC, (a) payments on the “regular interests” issued by the
        Resecuritization REMIC shall be deemed to include in the aggregate such Class
        IO
        Distribution Amount, and (b) such Class IO Distribution Amount shall be deemed
        paid to the Holder of the related Class C Certificates pursuant to a notional
        principal contract entered into by the holders of one or more “regular
        interests” issued by the Resecuritization REMIC (“Resecuritization Holders”) and
        the Holder of the related Class C Certificates. In such event, Class IO
        Distribution Amounts deemed paid by Resecuritization Holders under clause
        (b) of
        the immediately preceding sentence shall be paid on behalf of such holders
        pursuant to Section 4.10(ii) and Section 4.11(ii) hereof, as
        applicable.

       

       

      
        
          
          

        

        
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      Section
        4.13. The
        Certificate Guaranty Insurance Policy

       

      (i) If
        the
        Trustee determines that an Insured Amount to be covered by the Certificate
        Guaranty Insurance Policy will exist for the related Distribution Date, the
        Trustee shall complete the notice in the form of Exhibit A to the Certificate
        Guaranty Insurance Policy (the “Notice”) and submit such Notice in accordance
        with the Certificate Guaranty Insurance Policy to the Certificate Insurer
        no
        later than 12:00 P.M., New York City time, on the second Business Day
        immediately preceding such Distribution Date, as a claim for the amount of
        such
        Insured Amount.

       

      (ii) The
        Trustee shall establish and maintain the Insurance Account on behalf of the
        Holders of the Class 2-A Certificates over which the Trustee shall have the
        exclusive control and sole right of withdrawal. Upon receipt of a Insured
        Amount
        from the Certificate Insurer on behalf of the Holders of the Class 2-A
        Certificates, the Trustee shall deposit such Insured Amount in the Insurance
        Account and distribute such amount only for purposes of payment to the Class
        2-A
        Certificates of the Insured Amount for which a claim was made and such amount
        may not be applied to satisfy any costs, expenses or liabilities of the Seller,
        the Depositor, the Trustee or the Trust Fund or to pay any other Class of
        Certificates. Amounts paid under the Certificate Guaranty Insurance Policy,
        to
        the extent needed to pay the Insured Amount, shall be disbursed by the Trustee
        to the Holders of the Class 2-A Certificates. 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 other distributions to the Holders of the Class 2-A
        Certificates with other funds available to make such payment. However, the
        amount of any payment of principal or of interest on the Class 2-A Certificates
        to be paid from funds transferred from the Insurance Account shall be noted
        as
        provided in paragraph (d) below and in the statement to be furnished to Holders
        of the Class 2-A Certificates pursuant to Section 4.01. Funds held in the
        Insurance Account shall not be invested. Any funds remaining in the Insurance
        Account on the first Business Day following the later of (i) the related
        Distribution Date or (ii) the date received by the Trustee, shall be returned
        to
        the Certificate Insurer pursuant to the written instructions of the Certificate
        Insurer by the end of such Business Day.

       

      (iii) The
        Trustee shall keep a complete and accurate record of the amount of interest
        and
        principal paid in respect of the Class 2-A Certificates from moneys received
        under the Certificate Guaranty Insurance Policy. The Certificate Insurer
        shall
        have the right to inspect such records at reasonable times during normal
        business hours upon one Business Day’s prior notice to the Trustee.

       

      (iv) In
        the
        event that the Trustee has received a certified copy of an order of the
        appropriate court that any Insured Amount has been voided in whole or in
        part as
        a preference payment under applicable bankruptcy law, the Trustee shall so
        notify the Certificate Insurer, shall comply with the provisions of the
        Certificate Guaranty Insurance Policy to obtain payment by the Certificate
        Insurer of such Preference Amount in the amount of such voided Insured Amount,
        and shall, at the time it provides notice to the Certificate Insurer, notify,
        by
        mail the Holders of the Class 2-A Certificates that, in the event any Holder’s
        Insured Amount is so recovered, such Holder of a Class 2-A Certificate will
        be
        entitled to payment pursuant to the Certificate Guaranty Insurance Policy,
        a
        copy of which shall be made available through the Trustee or the Certificate
        Insurer, and the Trustee shall furnish to the Certificate Insurer, its records
        evidencing the payments which have been made by the Trustee and subsequently
        recovered from the Holders of the Class 2-A Certificates, and dates on which
        such payments were made.

       

      
        
          
          

        

        
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      (v) The
        Trustee shall promptly notify the Certificate Insurer of any proceeding or
        the
        institution of any action, of which a Responsible Officer of the Trustee
        has
        actual knowledge, seeking the avoidance as a preferential transfer under
        applicable bankruptcy, insolvency, receivership or similar law (a “Preference
        Claim”) of any distribution made with respect to the Class 2-A Certificates.
        Each Holder of a Class 2-A Certificate, by its purchase of such Class 2-A
        Certificate, the Depositor and the Trustee agree that the Certificate Insurer
        (so long as no Certificate Insurer Default exists) may at any time during
        the
        continuation of any proceeding relating to a Preference Claim direct all
        matters
        relating to such Preference Claim, including, without limitation, (i) the
        direction of any appeal of any order relating to such Preference Claim and
        (ii)
        the posting of any surety or performance bond pending any such appeal. In
        addition and without limitation of the foregoing, the Certificate Insurer
        shall
        be subrogated to, and each Holder of an Class 2-A Certificate and the Trustee
        hereby delegates and assigns to the Certificate Insurer, to the fullest extent
        permitted by law, the rights of the Trustee and each Holder of an Class 2-A
        Certificate in the conduct of any such Preference Claim, including, without
        limitation, all rights of any party to any adversary proceeding or action
        with
        respect to any court order issued in connection with any such Preference
        Claim.

       

      (vi) The
        Trustee shall, upon retirement of the Class 2-A Certificates, furnish to
        the
        Certificate Insurer a notice of such retirement, and, upon retirement of
        the
        Class 2-A Certificates and the expiration of the term of the Certificate
        Guaranty Insurance Policy, surrender the Certificate Guaranty Insurance Policy
        to the Certificate Insurer for cancellation.

       

      (vii) The
        Trustee will hold the Certificate Guaranty Insurance Policy in trust as agent
        for the Holders of the Class 2-A Certificates for the purpose of making claims
        thereon and distributing the proceeds thereof. Neither the Certificate Guaranty
        Insurance Policy nor the amounts paid on the Certificate Guaranty Insurance
        Policy will constitute part of the Trust Fund created by this Agreement.
        Each
        Holder of the Class 2-A Certificates, by accepting its Class 2-A Certificates,
        appoints the Trustee as attorney in fact for the purpose of making claims
        on the
        Certificate Guaranty Insurance Policy.

       

      (viii) Anything
        herein to the contrary notwithstanding, any payment with respect to principal
        of
        or interest on the Class 2-A Certificates which is made with moneys received
        pursuant to the terms of the Certificate Guaranty Insurance Policy shall
        not be
        considered payment of the Class 2-A Certificates from the Trust Fund. The
        Depositor and the Trustee acknowledge, and each Holder by its acceptance
        of a
        Class 2-A Certificate agrees, that without the need for any further action
        on
        the part of the Certificate Insurer, the Depositor or the Trustee (a) to
        the
        extent the Certificate Insurer makes payments, directly or indirectly, on
        account of principal of or interest on the Class 2-A Certificates to the
        Holders
        of such Class 2-A Certificates, the Certificate Insurer will be fully subrogated
        to, and each Holder of a Class 2-A Certificate 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, including, without limitation, any amounts due to the Holders of the
        Class
        2-A Certificates in respect of securities law violations arising from the
        offer
        and sale of the Class 2-A Certificates and (b) the Certificate Insurer shall
        be
        paid such amounts from the sources and in the manner provided herein for
        the
        payment of such amounts and as provided in this Agreement. The Trustee 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.

       

      
        
          
          

        

        
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      (ix) By
        accepting its Class 2-A Certificate, each Holder of a Class 2-A Certificate
        agrees that, unless a Certificate Insurer Default exists, the Certificate
        Insurer shall be deemed to be the Holder of the Class 2-A Certificate for
        all
        purposes (other than with respect to the receipt of payment on the Class
        2-A
        Certificates) and shall have the right to exercise all rights (including,
        without limitation, voting rights) of the Holders of the Class 2-A Certificates
        under this Agreement and under the Class 2-A Certificates without any further
        consent of the Holders of the Class 2-A Certificates. All notices, statement
        reports, certificates or opinions required by this Agreement to be sent to
        any
        Holders of Class 2-A Certificates shall also be sent to the Certificate
        Insurer.

       

      Section
        4.14. Collateral
        Accounts 

       

      (i) The
        Trustee, as Group 1 Supplemental Interest Trust Trustee is hereby directed
        to
        perform the obligations of the Custodian as defined under Credit Support
        Annex
        One (“Custodian One”). 

       

      Custodian
        One shall establish Collateral Account One. Collateral Account One shall
        be held
        in the name of Custodian One in trust for the benefit of the Holders of the
        Class 1-A, Class 1-M and Class 1-B Certificates. Collateral Account One must
        be
        an Eligible Account segregated from the Certificate Account and any other
        moneys
        of the Trustee held pursuant to this Agreement and shall be entitled “Impac
        Secured Assets Corp., Mortgage Pass-Through Certificates, Series 2006-5,
        Collateral Account One, Group 1 Supplemental Interest Trust Trustee, as
        Custodian One for the benefit of holders of the Class 1-A, Class 1-M and
        Class
        1-B Certificates.” 

       

      Custodian
        One shall credit to Collateral Account One all collateral (whether in the
        form
        of cash or securities) posted by Wachovia Bank, N.A. to secure the obligations
        of Wachovia Bank, N.A. in accordance with the terms of Credit Support Annex
        One.
        Custodian One shall maintain and apply all collateral and earnings thereon
        on
        deposit in Collateral Account One in accordance with Credit Support Annex
        One.

       

      Cash
        collateral posted by Wachovia Bank, N.A. in accordance with Credit Support
        Annex
        One shall be invested at the written direction of Wachovia Bank, N.A. in
        Permitted Investments in accordance with the requirements of Credit Support
        Annex One. All amounts earned on amounts on deposit in Collateral Account
        One
        (whether cash collateral or securities) shall be for the account of and taxable
        to Wachovia Bank, N.A. The
        Trustee shall not be liable for the selection of investments or investment
        losses incurred thereon.

       

      
        
          
          

        

        
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      Upon
        the
        occurrence of an Event of Default or Specified Condition (each as defined
        in the
        Group 1 Schedule) with respect to Wachovia Bank, N.A. or upon occurrence
        or
        designation of an Early Termination Date (as defined in the Group 1 Schedule)
        as
        a result of any such Event of Default or Specified Condition with respect
        to
        Wachovia Bank, N.A., and, in either such case, unless Wachovia Bank, N.A.
        has
        paid in full all of its Obligations (as defined in Credit Support Annex One)
        that are then due, then any collateral posted by Wachovia Bank, N.A. in
        accordance with the Credit Support Annex One, shall be applied by Custodian
        One
        to the payment of any Obligations due to Party B (as defined in Credit Support
        Annex One) in accordance with Credit Support Annex One. Any excess collateral
        posted by Wachovia Bank, N.A. in accordance with Credit Support Annex One
        and
        remaining after payment of all amounts owing to Party B shall be withdrawn
        from
        Collateral Account One and paid to Wachovia Bank, N.A. in accordance with
        Credit
        Support Annex One. 

       

      (ii) The
        Trustee, as Group 2 Supplemental Interest Trust Trustee is hereby directed
        to
        perform the obligations of the Custodian as defined under Credit Support
        Annex
        Two (“Custodian Two”). 

       

      Custodian
        Two shall establish Collateral Account Two. Collateral Account Two shall
        be held
        in the name of Custodian Two in trust for the benefit of the Holders of the
        Class 2-A Certificates. Collateral Account Two must be an Eligible Account
        segregated from the Certificate Account and any other moneys of the Trustee
        held
        pursuant to this Agreement and shall be entitled “Impac Secured Assets Corp.,
        Mortgage Pass-Through Certificates, Series 2006-5, Collateral Account Two,
        Group
        2 Supplemental Interest Trust Trustee, as Custodian Two for the benefit of
        holders of the Class 2-A Certificates.” 

       

      Custodian
        Two shall credit to Collateral Account Two all collateral (whether in the
        form
        of cash or securities) posted by Wachovia Bank, N.A. to secure the obligations
        of Wachovia Bank, N.A. in accordance with the terms of Credit Support Annex
        Two.
        Custodian Two shall maintain and apply all collateral and earnings thereon
        on
        deposit in Collateral Account Two in accordance with Credit Support Annex
        Two.

       

      Cash
        collateral posted by Wachovia Bank, N.A. in accordance with Credit Support
        Annex
        Two shall be invested at the written direction of Wachovia Bank, N.A. in
        Permitted Investments in accordance with the requirements of Credit Support
        Annex Two. All amounts earned on amounts on deposit in Collateral Account
        Two
        (whether cash collateral or securities) shall be for the account of and taxable
        to Wachovia Bank, N.A. The Trustee shall not be liable for the selection
        of
        investments or investment losses incurred thereon.

       

      Upon
        the
        occurrence of an Event of Default or Specified Condition (each as defined
        in the
        Group 2 Schedule) with respect to Wachovia Bank, N.A. or upon occurrence
        or
        designation of an Early Termination Date (as defined in the Group 2 Schedule)
        as
        a result of any such Event of Default or Specified Condition with respect
        to
        Wachovia Bank, N.A., and, in either such case, unless Wachovia Bank, N.A.
        has
        paid in full all of its Obligations (as defined in Credit Support Annex Two)
        that are then due, then any collateral posted by Wachovia Bank, N.A. in
        accordance with Credit Support Annex Two, shall be applied by Custodian Two
        to
        the payment of any Obligations due to Party B (as defined in Credit Support
        Annex Two) in accordance with Credit Support Annex Two. Any excess collateral
        posted by Wachovia Bank, N.A. in accordance with Credit Support Annex Two
        and
        remaining after payment of all amounts owing to Party B shall be withdrawn
        from
        Collateral Account Two and paid to Wachovia Bank, N.A. in accordance with
        Credit
        Support Annex Two. 

       

      
        
          
          

        

        
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      (iii) The
        Trustee, as Group 1 Supplemental Interest Trust Trustee is hereby directed
        to
        perform the obligations of the Custodian as defined under Credit Support
        Annex
        Three (“Custodian Three”). 

       

      Custodian
        Three shall establish Collateral Account Three. Collateral Account Three
        shall
        be held in the name of Custodian Three in trust for the benefit of the Holders
        of the Class 1-A, Class 1-M and Class 1-B Certificates. Collateral Account
        Three
        must be an Eligible Account and shall be entitled “Impac Secured Assets Corp.,
        Mortgage Pass-Through Certificates, Series 2006-5, Collateral Account Three,
        Group 1 Supplemental Interest Trust Trustee, as Custodian Three for the benefit
        of holders of the Class 1-A, Class 1-M and Class 1-B Certificates.”

       

      Custodian
        Three shall credit to Collateral Account Three all collateral (whether in
        the
        form of cash or securities) posted by Bank of America, N.A. to secure the
        obligations of Bank of America, N.A. in accordance with the terms of Credit
        Support Annex Three. Except for investment earnings, Bank of America, N.A.
        shall
        not have any legal, equitable or beneficial interest in Collateral Account
        Three
        other than in accordance with this Agreement, Credit Support Annex Three
        and
        applicable law. Custodian Three shall maintain and apply all collateral and
        earnings thereon on deposit in Collateral Account Three in accordance with
        Credit Support Annex Three.

       

      Cash
        collateral posted by Bank of America, N.A. in accordance with Credit Support
        Annex Three shall be invested at the written direction of Bank of America,
        N.A.
        in Permitted Investments in accordance with the requirements of Credit Support
        Annex Three. All amounts earned on amounts on deposit in Collateral Account
        Three (whether cash collateral or securities) shall be for the account of
        and
        taxable to Bank of America, N.A. The Trustee shall not be liable for the
        selection of investments or investment losses incurred thereon.

       

      Upon
        the
        occurrence of an Event of Default or Specified Condition (each as defined
        in the
        Group 1 Cap Contract with Bank of America, N.A.) with respect to Bank of
        America, N.A. or upon occurrence or designation of an Early Termination Date
        (as
        defined in the Group 1 Cap Contract with Bank of America, N.A.) as a result
        of
        any such Event of Default or Specified Condition with respect to Bank of
        America, N.A., and, in either such case, unless Bank of America, N.A. has
        paid
        in full all of its Obligations (as defined in Credit Support Annex Three)
        that
        are then due, then any collateral posted by Bank of America, N.A. in accordance
        with Credit Support Annex Three, shall be applied by Custodian Three to the
        payment of any Obligations due to Party B (as defined in Credit Support Annex
        Three) in accordance with Credit Support Annex Three. Any excess collateral
        posted by Bank of America, N.A. in accordance with Credit Support Annex Three
        and remaining after payment of all amounts owing to Party B shall be withdrawn
        from Collateral Account Three and paid to Bank of America, N.A. in accordance
        with Credit Support Annex Three. 

       

      
        
          
          

        

        
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      (iv) The
        Trustee, as Group 2 Supplemental Interest Trust Trustee is hereby directed
        to
        perform the obligations of the Custodian as defined under Credit Support
        Annex
        Four (“Custodian Four”). 

       

      Custodian
        Four shall establish Collateral Account Four. Collateral Account Four shall
        be
        held in the name of Custodian Four in trust for the benefit of the Holders
        of
        the Class 2-A Certificates. Collateral Account Four must be an Eligible Account
        and shall be entitled “Impac Secured Assets Corp., Mortgage Pass-Through
        Certificates, Series 2006-5, Collateral Account Four, Group 2 Supplemental
        Interest Trust Trustee, as Custodian Four for the benefit of holders of the
        Class 2-A Certificates.” 

       

      Custodian
        Four shall credit to Collateral Account Four all collateral (whether in the
        form
        of cash or securities) posted by Bear Stearns Financial Products Inc. to
        secure
        the obligations of Bear Stearns Financial Products Inc. in accordance with
        the
        terms of Credit Support Annex Four. Except for investment earnings, Bear
        Stearns
        Financial Products Inc. shall not have any legal, equitable or beneficial
        interest in Collateral Account Four other than in accordance with this
        Agreement, Credit Support Annex Four and applicable law. Custodian Four shall
        maintain and apply all collateral and earnings thereon on deposit in Collateral
        Account Four in accordance with Credit Support Annex Four.

       

      Cash
        collateral posted by Bear Stearns Financial Products Inc. in accordance with
        Credit Support Annex Four shall be invested at the written direction of Bear
        Stearns Financial Products Inc. in Permitted Investments in accordance with
        the
        requirements of Credit Support Annex Four. All amounts earned on amounts
        on
        deposit in Collateral Account Four (whether cash collateral or securities)
        shall
        be for the account of and taxable to Bear Stearns Financial Products Inc.
        The
        Trustee shall not be liable for the selection of investments or investment
        losses incurred thereon.

       

      Upon
        the
        occurrence of an Event of Default or Specified Condition (each as defined
        in the
        Group 2 Cap Contract with Bear Stearns Financial Products Inc.) with respect
        to
        Bear Stearns Financial Products Inc. or upon occurrence or designation of
        an
        Early Termination Date (as defined in the Group 2 Cap Contract with Bear
        Stearns
        Financial Products Inc.) as a result of any such Event of Default or Specified
        Condition with respect to Bear Stearns Financial Products Inc., and, in either
        such case, unless Bear Stearns Financial Products Inc. has paid in full all
        of
        its Obligations (as defined in Credit Support Annex Three) that are then
        due,
        then any collateral posted by Bear Stearns Financial Products Inc. in accordance
        with Credit Support Annex Four, shall be applied by Custodian Four to the
        payment of any Obligations due to Party B (as defined in Credit Support Annex
        Four) in accordance with Credit Support Annex Four. Any excess collateral
        posted
        by Bear Stearns Financial Products Inc. in accordance with Credit Support
        Annex
        Four and remaining after payment of all amounts owing to Party B shall be
        withdrawn from Collateral Account Four and paid to Bear Stearns Financial
        Products Inc. in accordance with Credit Support Annex Four. 

       

      
        
          
          

        

        
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      ARTICLE
        V

       

      THE
        CERTIFICATES

       

      Section
        5.01. The
        Certificates.

       

      (a) The
        Certificates will be substantially in the respective forms annexed hereto
        as
        Exhibits A and B-1 through B-4. The Certificates will be issuable in registered
        form only. The Certificates (other than the Class P, Class C and Class R
        Certificates) will be issued in minimum denominations of $25,000 Initial
        Certificate Principal Balance and integral multiples of $1 in excess thereof.
        The Class C Certificates will be issued in minimum denominations of $1.00
        Initial Notional Amount and integral multiples of $1.00 in excess thereof.
        The
        Class P Certificates and the Class R Certificates will each be issuable in
        minimum denominations of any Percentage Interest representing 10.00% and
        multiples of 0.01% in excess thereof.

       

      Upon
        original issue, the Certificates shall, upon the written request of the
        Depositor executed by an officer of the Depositor, be executed and delivered
        by
        the Trustee, authenticated by the Trustee and delivered to or upon the order
        of
        the Depositor upon receipt by the Trustee of the documents specified in Section
        2.01. The Certificates shall be executed by manual or facsimile signature
        on
        behalf of the Trustee in its capacity as trustee hereunder by a Responsible
        Officer. Certificates bearing the manual or facsimile signatures of individuals
        who were at the time they signed 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 Certificates
        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
        Trustee 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 issued on the Closing
        Date shall be dated the Closing Date and any Certificates delivered thereafter
        shall be dated the date of their authentication.

       

      (b) The
        Class
        A Certificates and the Subordinate Certificates shall initially be issued
        as one
        or more Certificates registered in the name of the Depository or its nominee
        and, except as provided below, registration of such 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 Certificate Owners shall hold their respective Ownership Interests
        in and to each of such Book-Entry 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 shall not be required to monitor, determine or inquire
        as to compliance with the transfer restrictions with respect to the Book-Entry
        Certificates, and the Trustee shall have no liability for transfers of Ownership
        Interests in the Book Entry Certificates made through the book-entry facilities
        of the Depositary or between or among Depositary Participants or Certificate
        Owners, made in violation of the applicable restrictions.

       

      
        
          
          

        

        
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      The
        Trustee, the Master Servicer and the Depositor 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
        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 Depositor advises the Trustee in writing that the Depository is no longer
        willing or able to properly discharge its responsibilities as Depository
        and (B)
        the Depositor is unable to locate a qualified successor or (ii) the Depositor
        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, at the expense
        of the Depositor, issue the Definitive Certificates. Neither the Depositor,
        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
        the
        Trustee and the Master Servicer shall recognize the Holders of the Definitive
        Certificates as Certificateholders hereunder.

       

      (c) Each
        Certificate is intended to be a “security” governed by Article 8 of the Uniform
        Commercial Code as in effect in the State of New York and any other applicable
        jurisdiction, to the extent that any of such laws may be
        applicable.

       

      Section
        5.02. Registration
        of Transfer and Exchange of Certificates.

       

      (a) The
        Trustee shall maintain 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.

       

      (b) Except
        as
        provided in Section 5.02(c), no transfer, sale, pledge or other disposition
        of a
        Class P, Class C or Class R 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 (the “Act”), 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 P, Class C or Class R Certificate is to be made
        under
        this Section 5.02(b), (i) the Trustee shall require an Opinion of Counsel
        acceptable to and in form and substance satisfactory to the Trustee that
        such
        transfer shall 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 Depositor or the Master Servicer, provided that such
        Opinion
        of Counsel will not be required in connection with the initial transfer of
        any
        such Certificate by the Depositor or any affiliate thereof, to a non-affiliate
        of the Depositor and (ii) the Trustee shall require the transferee to execute
        a
        representation letter, substantially in the form of Exhibit G-1 hereto, and
        the
        Trustee shall require the transferor to execute a representation letter,
        substantially in the form of Exhibit G-2 hereto, each acceptable to and in
        form
        and substance satisfactory to the Trustee certifying to the Depositor and
        the
        Trustee the facts surrounding such transfer, which representation letters
        shall
        not be an expense of the Trustee, the Depositor or the Master Servicer;
provided,
        however,
        that
        such representation letters will not be required in connection with any transfer
        of any such Certificate by the Depositor to an affiliate of the Depositor
        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
        Depositor of the status of such transferee as an affiliate of the Depositor.
        Any
        such Certificateholder desiring to effect such transfer shall, and does hereby
        agree to, indemnify the Trustee, the Depositor and the Master Servicer against
        any liability that may result if the transfer is not so exempt or is not
        made in
        accordance with such applicable federal and state laws.

       

       

      
        
          
          

        

        
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      No
        transfer of any Class C Certificate shall be made unless the proposed transferee
        of such Class C Certificate (1) provides to the Trustee the appropriate tax
        certification forms that would eliminate any withholding or deduction for
        taxes
        from amounts payable by the related Swap Provider, pursuant to the related
        Interest Rate Swap Agreement, and by the related Cap Counterparties, pursuant
        to
        the related Cap Contacts, to the related Supplemental Interest Trust (i.e.,
        IRS
        Form W-9 or IRS Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable (or
        any
        successor form thereto), together with any applicable attachments) and (2)
        agrees to update such forms (i) upon expiration of any such forms, (ii) as
        required under then applicable U.S. Treasury regulations and (iii) promptly
        upon
        learning that such forms have become obsolete or incorrect, each as a condition
        to such transfer. In
        addition, no transfer of any Class C Certificate shall be made if such transfer
        would cause the related Supplemental Interest Trust to be beneficially owned
        by
        two or more persons for federal income tax purposes, or continue to be so
        treated, unless (i) each proposed transferee of such Class C Certificate
        complies with the foregoing conditions, (ii) the proposed majority holder
        of the
        Class C Certificates (or each holder, if there is or would be no majority
        holder) (A) provides, or causes to be provided, on behalf of the related
        Supplemental Interest Trust, if applicable, to the Trustee, the appropriate
        tax
        certification forms that would be required from the related Supplemental
        Interest Trust to eliminate any withholding or deduction for taxes from amounts
        payable by the related Swap Provider, pursuant to the related Interest Rate
        Swap
        Agreement, and by the related Cap Counterparties, pursuant to the related
        Cap
        Contacts, to the related Supplemental Interest Trust (i.e., IRS Form W-9
        or IRS
        Form W-8BEN, W-8IMY, W-8EXP or W-8ECI, as applicable (or any successor form
        thereto), together with any applicable attachments) and (B) agrees to update
        such forms (x) upon expiration of any such forms, (y) as required under then
        applicable U.S. Treasury regulations and (z) promptly upon learning that
        such
        forms have become obsolete or incorrect. If, under applicable U.S. Treasury
        regulations, such tax certification forms may only be signed by a trustee
        acting
        on behalf of the related Supplemental Interest Trust, then the Trustee, as
        the
        related Supplemental Interest Trust Trustee, shall sign such certification
        forms
        if so directed by a Holder of the related Class C Certificates. Upon receipt
        of
        any such tax certification forms from a transferee of any Class C Certificate,
        the Trustee, as the related Supplemental Interest Trust Trustee, shall forward
        a
        copy of such tax certification forms provided to it to the related Swap Provider
        and related Cap Counterparties. Each Holder of a Class C Certificate and
        each
        transferee thereof shall be deemed to have consented to the Trustee forwarding
        to the related Swap Provider and related Cap Counterparties any tax
        certification form it has provided and updated in accordance with these transfer
        restrictions.
        Any
        purported sales or transfers of any Class C Certificate to a transferee which
        does not comply with the requirements of this paragraph shall be deemed null
        and
        void under this Agreement.

      
        
          
          

        

        
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      The
        Trustee shall not be liable for the content or truthfulness of any such tax
        certification forms provided to it. The Trustee shall only be required to
        forward any tax certification forms received by it to the related Swap Provider
        and related
        Cap
        Counterparties at the last known address provided to it, and shall not be
        liable
        for the receipt of such tax certification forms by the related Swap Provider
        or
        the related Cap Counterparties, nor any failure of the related Swap Provider
        or
        related Cap Counterparties to process such forms or to take any action as
        required under the respective related Interest Rate Swap Agreement or related
        Cap Contract, or under applicable law. The Trustee shall have no duty to
        take
        action to correct any misstatement or omission in any tax certification forms
        provided to it and forwarded to the related Swap Provider and related Cap
        Counterparties.

       

      (c) Notwithstanding
        the requirements of Section 5.02(b), transfers of Class
        1-P, Class 2-P, Class 1-C, Class 2-C and Class R
        Certificates may be made in accordance with this Section 5.02(c) if the
        prospective transferee of a Certificate provides the Trustee and the Depositor
        with an investment letter substantially in the form of Exhibit G-3 attached
        hereto, which investment letter shall not be an expense of the Trustee, the
        Depositor or the Master Servicer, and which investment letter states that,
        among
        other things, such transferee is a “qualified institutional buyer” as defined
        under Rule 144A. Such transfers shall be deemed to have complied with the
        requirements of Section 5.02(b) hereof; provided,
        however,
        that no
        Transfer of any of the Class 1-P, Class 2-P, Class 1-C, Class 2-C and Class
        R
        Certificates may be made pursuant to this Section 5.02(c) by the Depositor.
        Any
        such Certificateholder desiring to effect such transfer shall, and does hereby
        agree to, indemnify the Trustee, the Depositor and the Master Servicer against
        any liability that may result if the transfer is not so exempt or is not
        made in
        accordance with such applicable federal and state laws.

       

      The
        Trustee shall require an Opinion of Counsel, on which the Trustee, Depositor
        and
        Master Servicer may rely, from a prospective transferee prior to the transfer
        of
        any Class 1-P, Class 2-P, Class 1-C, Class 2-C and Class R Certificate to
        any
        employee benefit plan or other retirement arrangement, including individual
        retirement accounts and Keogh plans, that is subject to the Employee Retirement
        Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Code
        (any of the foregoing, a “Plan”), to a trustee or other Person acting on behalf
        of any Plan, or to any other person who is using “plan assets” of any Plan to
        effect such acquisition (including any insurance company using funds in its
        general or separate accounts that may constitute “plan assets”). Such Opinion of
        Counsel must establish to the satisfaction of the Trustee that such transfer
        is
        permissible under applicable law, will not constitute or result in a prohibited
        transaction under Section 406 of ERISA and Section 4975 of the Code, and
        will
        not subject the Trustee, the Master Servicer or the Depositor to any obligation
        in addition to those undertaken in this Agreement. Neither the Depositor,
        the
        Master Servicer nor the Trustee, will be required to obtain such Opinion
        of
        Counsel on behalf of any prospective transferee.

       

      
        
          
          

        

        
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      Prior
        to
        the termination of a Supplemental Interest Trust, each beneficial owner of
        a
        related Offered Certificate or any interest therein, shall be deemed to have
        represented, by virtue of its acquisition or holding of the Offered Certificate,
        or interest therein, that either (i) it is not a Plan or (ii) (A) it is an
        accredited investor within the meaning of Prohibited Transaction Exemption
        2002-41 (the “Exemption”) and (B) the acquisition and holding of such
        Certificate and the separate right to receive payments from the Supplemental
        Interest Trust are eligible for the exemptive relief available under one
        of
        Prohibited Transaction Class Exemption (“PTCE”) 84-14, 91-38, 95-60, 90-1 or
        96-23.

       

      Each
        beneficial owner of a Subordinate Certificate or any interest therein which
        is
        acquired subsequent to the termination of the related Supplemental Interest
        Trust shall be deemed to have represented, by virtue of its acquisition or
        holding of that Certificate or interest therein, that either (i) it is not
        a
        Plan or a trustee or other Person acting on behalf of a Plan or using “plan
        assets” of a Plan to effect such acquisition (including any insurance company
        using funds in its general or separate accounts that may constitute “plan
        assets”), (ii) it has acquired and is holding such Certificate in reliance on
        the Exemption, and that it understands that there are certain conditions
        to the
        availability of the Exemption, including that the Certificate must be rated,
        at
        the time of purchase, not lower than “BBB-” (or its equivalent) by Standard
& Poor’s, Fitch Ratings, Inc. or Moody’s, and the Certificate is so rated or
        (iii) (1) it is an insurance company, (2) the source of funds used to acquire
        or
        hold the Certificate or interest therein is an “insurance company general
        account,” as such term is defined in PTCE 95-60, and (3) the conditions in
        Sections I and III of PTCE 95-60 have been satisfied.

       

      (d) [Reserved]

       

      (e) (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-5) from the proposed Transferee, in form and substance satisfactory
        to the Trustee 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 and agrees to be bound by them, and (II)
        a
        certificate, in the form attached hereto as Exhibit G-4, from the Holder
        wishing
        to transfer the Class R Certificate, in form and substance satisfactory to
        the
        Trustee representing and warranting, among other things, that no purpose
        of the
        proposed Transfer is to impede the assessment or collection of tax and that
        it
        has no knowledge that the proposed transferee is not a Permitted
        Transferee.

       

      
        
          
          

        

        
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      (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 assigned
        to this
        transaction 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-4.

       

      (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 “a
        pass-through interest holder”, 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 in the form attached hereto
        as Exhibit G-5, a certificate of the Holder requesting such transfer in the
        form
        attached hereto as Exhibit G-4 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 other than to Permitted Transferees
        are
        prohibited.

       

      (iii) (A)
        If
        any Person other than a Permitted Transferee shall become a Holder of a Class
        R
        Certificate, then the last preceding Permitted Transferee shall be restored,
        to
        the extent permitted by law, to all rights and obligations as Holder thereof
        retroactive to the date of registration of such Transfer of such Class R
        Certificate. If a 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
        prior
        Holder shall be entitled to recover from any purported Holder of a Class
        R
        Certificate that was in fact not a Permitted Transferee under this Section
        5.05(b) at the time it became a Holder all payments made on such Class R
        Certificate. Each Holder of a Class R Certificate, by acceptance thereof,
        shall
        be deemed for all purposes to have consented to the provisions of this clause
        (b) and to any amendment of this Agreement deemed necessary (whether as a
        result
        of new legislation or otherwise) by counsel of the Depositor to ensure that
        the
        Class R Certificates are not transferred to any Person who is not a Permitted
        Transferee and that any transfer of such Class R Certificates will not cause
        the
        imposition of a tax upon the Trust or cause any such REMIC to fail to qualify
        as
        a REMIC. Neither the Trustee nor the Trustee shall be under any 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 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.

       

      
        
          
          

        

        
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      (B)
        If
        any purported Transferee shall become a Holder of a Class R Certificate in
        violation of the restrictions in this Section 5.02 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 Trustee 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 Trustee on such terms as the Trustee
        may choose. Such purported Transferee shall promptly endorse and deliver
        each
        Class R Certificate in accordance with the instructions of the Trustee. Such
        purchaser may be the Trustee itself. The proceeds of such sale, net of the
        commissions (which may include commissions payable to the Trustee), expenses
        and
        taxes due, if any, will be remitted by the Trustee 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 Trustee, and the Trustee 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.

       

      (a) The
        Trustee shall make available to the Internal Revenue Service and those Persons
        specified by the REMIC Provisions, 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. The Trustee may charge and shall be entitled to reasonable
        compensation for providing such information as may be required from those
        Persons which may have had a tax imposed upon them as specified in clauses
        (A)
        and (B) of this paragraph for providing such information.

       

      (F) Subject
        to the preceding paragraphs, upon surrender for registration of transfer
        of any
        Certificate at the office of the Trustee maintained for such purpose, the
        Trustee shall execute and the Trustee shall authenticate and deliver, in
        the
        name of the designated transferee or transferees, one or more new Certificates
        of the same Class of a like aggregate Percentage Interest. Every Certificate
        surrendered for transfer shall be accompanied by notification of the account
        of
        the designated transferee or transferees for the purpose of receiving
        distributions pursuant to Section 4.01 by wire transfer, if any such transferee
        desires and is eligible for distribution by wire transfer.

       

      
        
          
          

        

        
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      (G) At
        the
        option of the Certificateholders, Certificates may be exchanged for other
        Certificates of authorized denominations of the same Class of a like aggregate
        Percentage Interest, upon surrender of the Certificates to be exchanged at
        the
        office of the Trustee. Whenever any Certificates are so surrendered for exchange
        the Trustee shall execute, authenticate and deliver the Certificates 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) be duly endorsed by, or be accompanied by a written instrument of
        transfer in the form satisfactory to the Trustee duly executed by, the Holder
        thereof or his attorney duly authorized in writing. In addition, with respect
        to
        each Class R Certificate, the Holder thereof may exchange, in the manner
        described above, such Class R Certificate for four separate Certificates,
        each
        representing such Holder's respective Percentage Interest in the Class R-1
        Interest, the Class R-2 Interest, the Class R-3 Interest and Class R-4 Interest,
        respectively, in each case that was evidenced by the Class R Certificate
        being
        exchanged.

       

      (H) No
        service charge shall be made to the Certificateholders for any transfer or
        exchange of Certificates, 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.

       

      (I) All
        Certificates surrendered for transfer and exchange shall be canceled and
        retained by the Trustee in accordance with the Trustee’s standard
        procedures.

       

      Section
        5.03. Mutilated,
        Destroyed, Lost or Stolen Certificates.

       

      If
        (i)
        any mutilated Certificate is surrendered to the Trustee and the Trustee receives
        evidence to its satisfaction of the destruction, loss or theft of any
        Certificate, and (ii) there is delivered to the Trustee such security or
        indemnity as may be required by it to save it harmless, then, in the absence
        of
        notice to the Trustee that such Certificate has been acquired by a bona fide
        purchaser, the Trustee shall execute, authenticate and deliver, in exchange
        for
        or in lieu of any such mutilated, destroyed, lost or stolen Certificate,
        a new
        Certificate of the same Class and Percentage Interest. 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) connected therewith. Any replacement Certificate issued pursuant
        to
        this Section shall constitute complete and indefeasible evidence of ownership
        in
        the Trust Fund, as if originally issued, whether or not the lost, stolen
        or
        destroyed Certificate shall be found at any time.

       

      Section
        5.04. Persons
        Deemed Owners.

       

      The
        Depositor, the Master Servicer, the Trustee and any agent of any of them
        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
        4.01 and for all other purposes whatsoever, and neither the Depositor, the
        Master Servicer, the Trustee nor any agent of any of them shall be affected
        by
        notice to the contrary.

       

       

      
        
          
          

        

        
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      Section
        5.05. Rule
        144A
        Information.

       

      For
        so
        long as any Class P, Class C and Class R are outstanding and are “restricted
        securities” within the meaning of Rule 144(a)(3) of the Securities Act, (1) the
        Depositor will provide or cause to be provided to any Holder of such
        Certificates and any prospective purchaser thereof designated by such a Holder,
        upon the request of such Holder or prospective purchaser, the information
        required to be provided to such Holder or prospective purchaser by Rule
        144A(d)(4) under the Securities Act; and (2) the Depositor shall update such
        information from time to time in order to prevent such information from becoming
        false and misleading and will take such other actions as are necessary to
        ensure
        that the safe harbor exemption from the registration requirements of the
        Securities Act under Rule 144A is and will be available for resales of such
        Certificates conducted in accordance with Rule 144A. The Master Servicer
        shall
        cooperate with the Depositor and furnish the Depositor such information in
        the
        Master Servicer's possession as the Depositor may reasonably
        request.

      
        
          
          

        

        
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      ARTICLE
        VI

       

      THE
        DEPOSITOR AND THE MASTER SERVICER

       

      Section
        6.01. Liability
        of the Depositor and the Master Servicer.

       

      The
        Depositor and the Master Servicer each shall be liable in accordance herewith
        only to the extent of the obligations specifically imposed upon and undertaken
        by the Depositor and the Master Servicer herein. Only the Master Servicer,
        any
        successor Master Servicer or the Trustee acting as Master Servicer shall
        be
        liable with respect to the servicing of the Mortgage Loans and the REO Property
        for actions taken by any such Person in contravention of the Master Servicer's
        duties hereunder.

       

      Section
        6.02. Merger,
        Consolidation or Conversion of the Depositor or the Master
        Servicer.

       

      The
        Depositor and the Master Servicer each will keep in full effect its existence,
        rights and franchises as a corporation under the laws of the state of its
        incorporation, and each will 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.

       

      Any
        Person into which the Depositor or the Master Servicer may be merged,
        consolidated or converted, or any corporation resulting from any merger or
        consolidation to which the Depositor or the Master Servicer shall be a party,
        or
        any Person succeeding to the business of the Depositor or the Master Servicer,
        shall be the successor of the Depositor 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 sell mortgage loans to and service
        mortgage loans for Fannie Mae or Freddie Mac.

       

      Section
        6.03. Limitation
        on Liability of the Depositor, the Master Servicer and Others.

       

      Neither
        the Depositor, the Master Servicer nor any of the directors, officers, employees
        or agents of the Depositor 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 Depositor or the Master Servicer (but this provision
        shall
        protect the above described persons) against any breach of warranties or
        representations made herein, or against any specific liability imposed on
        the
        Master Servicer pursuant to Section 3.01 or any other Section hereof; and
        provided further that this provision shall not protect the Depositor, the
        Master
        Servicer or any such person, against 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 Depositor, the Master Servicer and any director, officer,
        employee or agent of the Depositor 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 Depositor, the Master Servicer and any director, officer, employee or
        agent
        of the Depositor or the Master Servicer shall be indemnified and held harmless
        by the Trust Fund against any loss, liability or expense incurred in connection
        with any legal action relating to this Agreement or the Certificates (including
        reasonable legal fees and disbursements of counsel), other than (a) any loss,
        liability or expense related to Master Servicer's servicing obligations with
        respect to any specific Mortgage Loan or Mortgage Loans (except as any such
        loss, liability or expense shall be otherwise reimbursable pursuant to this
        Agreement) or related to the Master Servicer's obligations under Section
        3.01,
        or (b) 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
        Depositor nor the Master Servicer shall be under any obligation to appear
        in,
        prosecute or defend any legal action which 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 Depositor or the Master Servicer may in its sole discretion undertake
        any
        such action which it may deem necessary or desirable with 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 and any liability resulting therefrom (except any action or
        liability related to the Master Servicer's obligations under Section 3.01)
        shall
        be expenses, costs and liabilities of the Trust Fund, and the Depositor and
        the
        Master Servicer shall be entitled to be reimbursed therefor from the Certificate
        Account as provided in Section 3.11, any such right of reimbursement being
        prior
        to the rights of Certificateholders to receive any amount in the Certificate
        Account.

       

       

      
        
          
          

        

        
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      Section
        6.04. Limitation
        on Resignation of the Master Servicer.

       

      The
        Master Servicer shall not resign from the obligations and duties hereby imposed
        on it except (a) upon appointment of a successor servicer reasonably acceptable
        to the Trustee and the Certificate Insurer upon receipt by the Trustee and
        Certificate Insurer (unless an Insurer Default has occurred and is continuing)
        of a letter from each Rating Agency (obtained by the Master Servicer and
        at its
        expense) that such a resignation and appointment will not, in and of itself,
        result in a downgrading of the Certificates without taking the Certificate
        Guaranty Insurance Policy into account or (b) upon determination that its
        duties
        hereunder are no longer permissible under applicable law. Any such determination
        permitting the resignation of the Master Servicer shall be evidenced by an
        Opinion of Counsel (at the expense of the resigning Master Servicer) to such
        effect delivered to the Trustee and the Certificate Insurer. No such resignation
        shall become effective until the Trustee or a successor servicer shall have
        assumed the Master Servicer's responsibilities, duties, liabilities and
        obligations hereunder.

       

       

      
        
          
          

        

        
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      Section
        6.05. Sale
        and
        Assignment of Master Servicing.

       

      The
        Master Servicer may sell and assign its rights and delegate its duties and
        obligations in their entirety as Master Servicer under this Agreement;
provided,
        however,
        that:
        (i) the purchaser or transferee accepting such assignment and delegation
        (a)
        shall be a Person which shall be qualified to service mortgage loans for
        Fannie
        Mae or Freddie Mac; (b) shall, in the case of successor master servicers
        only,
        have a net worth of not less than $10,000,000 (unless otherwise approved
        by each
        Rating Agency pursuant to clause (ii) below); (c) shall be reasonably
        satisfactory to the Trustee and the Certificate Insurer (unless an Insurer
        Default has occurred and is continuing) (as evidenced in a writing signed
        by the
        Trustee and the Certificate Insurer) as having a comparable servicing ability
        to
        that of the Master Servicer on the Closing Date; (d) shall execute and deliver
        to the Trustee and the Certificate Insurer an agreement, in form and substance
        reasonably satisfactory to the Trustee and the Certificate Insurer, 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
        it as
        master servicer under this Agreement and any custodial agreement, from and
        after
        the effective date of such agreement; (ii) each Rating Agency shall be given
        prior written notice of the identity of the proposed successor to the Master
        Servicer and each Rating Agency's rating of the Certificates in effect
        immediately prior to such assignment, sale and delegation will not be downgraded
        or withdrawn as a result of such assignment, sale and delegation without
        taking
        the Certificate Guaranty Insurance Policy into account, as evidenced by a
        letter
        to such effect obtained by the Master Servicer at its expense and delivered
        to
        the Trustee; and (iii) the Master Servicer assigning and selling the master
        servicing shall deliver to the Trustee an Officer's Certificate and an Opinion
        of Counsel (at the expense of the Master Servicer), each stating that all
        conditions precedent to such action under this Agreement have been completed
        and
        such action is permitted by and complies with the terms of this Agreement.
        No
        such assignment or delegation shall affect any liability of the Master Servicer
        arising prior to the effective date thereof.

       

      
        
          
          

        

        
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      ARTICLE
        VII

       

      DEFAULT

       

      Section
        7.01. Events
        of
        Default.

       

      “Event
        of
        Default”, wherever used herein, means any one of the following
        events:

       

      (i) any
        failure by the Master Servicer to deposit into the Certificate Account on
        each
        Certificate Account Deposit Date the amounts required to be deposited therein
        (other than an Advance) under the terms of this Agreement which continues
        unremedied for two (2) Business Days after such amount was required to be
        remitted; or

       

      (ii) any
        failure on the part of the Master Servicer duly 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 or in this Agreement (including
        any breach of the Master Servicer's representations and warranties pursuant
        to
        Section 2.03(a) which materially and adversely affects the interests of the
        Certificateholders) which continues unremedied for a period of 60 days 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 Certificate
        Insurer, or to the Master Servicer, the Certificate Insurer and the Trustee
        by
        the Holders of Certificates entitled to at least 25% of the Voting Rights;
        or

       

      (iii) a
        decree
        or order of a court or agency or supervisory authority having jurisdiction
        in an
        involuntary case under any present or future federal or state bankruptcy,
        insolvency or similar law or the appointment of a conservator or receiver
        or
        liquidator in any insolvency, readjustment of debt, marshaling of assets
        and
        liabilities or similar proceedings, or for the winding-up or liquidation
        of its
        affairs, shall have been entered against the Master Servicer and such decree
        or
        order shall have remained in force undischarged or unstayed for a period
        of 60
        consecutive days; or

       

      (iv) the
        Master Servicer shall consent to the appointment of a conservator or receiver
        or
        liquidator in any insolvency, readjustment of debt, marshaling of assets
        and
        liabilities or similar proceedings of or relating to the Master Servicer
        or of
        or relating to all or substantially all of its property; 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 otherwise
        voluntarily commence a case or proceeding under any applicable bankruptcy,
        insolvency, reorganization or other similar statute, make an assignment for
        the
        benefit of its creditors, or voluntarily suspend payment of its obligations;
        or

       

      (vi) the
        Master Servicer shall fail to deposit in the Certificate Account on any
        Certificate Account Deposit Date an amount equal to any required Advance
        which
        continues unremedied for the earlier of (a) a period of two (2) Business
        Days or
        (b) the Business Day immediately preceding the Distribution Date.

       

      
        
          
          

        

        
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      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, the Trustee, the Certificate Insurer (unless an Insurer
        Default has occurred and is continuing) or the Holders of Certificates entitled
        to at least 51% of the Voting Rights (with the consent of the Certificate
        Insurer), by notice in writing to the Master Servicer and the Swap Provider
        (and
        to the Trustee if given by such Holders of Certificates), with a copy to
        the
        Rating Agencies, may terminate all of the rights and obligations (but not
        the
        liabilities) of the Master Servicer under this Agreement and in and to the
        Trust
        Fund, other than its rights as a Certificateholder hereunder; provided,
        however,
        that
        the successor to the Master Servicer appointed pursuant to Section 7.02 shall
        have accepted the duties of Master Servicer effective upon the resignation
        or
        termination of the Master Servicer. If an Event of Default described in clause
        (vi) hereof shall occur, the Trustee, as applicable, shall, by notice to
        the
        Master Servicer, the Certificate Insurer and the Depositor, terminate all
        of the
        rights and obligations of the Master Servicer under this Agreement and in
        and to
        the Trust Fund, other than its rights as a Certificateholder hereunder;
provided,
        however,
        that if
        the Trustee, as applicable, determines (in its sole discretion) that the
        failure
        by the Master Servicer to make any required Advance was due to circumstances
        beyond its control, and the required Advance was otherwise made, the Trustee,
        as
        applicable, shall not terminate the Master Servicer. On or after the receipt
        by
        the Master Servicer of such 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 pass
        to and
        be vested in the Trustee pursuant to and under this Section, 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 at the expense of
        the
        Master Servicer. The Master Servicer agrees to cooperate with (and pay any
        related costs and expenses of) the Trustee in effecting the termination of
        the
        Master Servicer's responsibilities and rights hereunder, including, without
        limitation, the transfer to the Trustee or the successor Master Servicer
        for
        administration by it of (i) the property and amounts which are then or should
        be
        part of the Trust Fund or which thereafter become part of the Trust Fund;
        (ii)
        originals or copies of all documents of the Master Servicer reasonably requested
        by the Trustee to enable it to assume the Master Servicer's duties thereunder;
        (iii) the rights and obligations of the Master Servicer under the Sub-Servicing
        Agreements with respect to the Mortgage Loans; and (iv) all cash amounts
        which
        shall at the time be deposited by the Master Servicer or should have been
        deposited to the Custodial or the Certificate Account or thereafter be received
        with respect to the Mortgage Loans. The Trustee shall not be deemed to have
        breached any obligation hereunder as a result of a failure to make or delay
        in
        making any distribution as and when required hereunder caused by the failure
        of
        the Master Servicer to remit any amounts received by it or to deliver any
        documents held by it with respect to the Mortgage Loans. For purposes of
        this
        Section 7.01, the Trustee shall not be deemed to have knowledge of an Event
        of
        Default unless a Responsible Officer of the Trustee has actual knowledge
        thereof
        or unless notice of any event which is in fact such an Event of Default is
        received by the Trustee as provided in Section 11.05 and such notice references
        the Certificates, the Trust Fund or this Agreement.

       

       

      
        
          
          

        

        
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      Section
        7.02. Trustee
        to Act; Appointment of Successor.

       

      Within
        90
        days of the time the Master Servicer receives a notice of termination pursuant
        to Section 7.01(i) - (v), the Trustee or its appointed agent shall be the
        successor in all respects to the Master Servicer in its capacity as Master
        Servicer under this Agreement and the transactions set forth or provided
        for
        herein and shall be subject thereafter to all the responsibilities, duties
        and
        liabilities relating thereto placed on the Master Servicer including the
        obligation to make Advances which have been or will be required to be made
        (except for the responsibilities, duties and liabilities contained in Section
        2.03 and its obligations to deposit amounts in respect of losses pursuant
        to
        Section 3.12 and 4.01(r)) by the terms and provisions hereof; and provided
        further, that any failure to perform such duties or responsibilities caused
        by
        the Master Servicer's failure to provide information required by Section
        4.03
        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 if the Master Servicer had continued to act hereunder.
        If the
        Trustee has become the successor to the Master Servicer in accordance with
        Section 6.04 or Section 7.02, then notwithstanding the above, if the Trustee
        shall be unwilling to so act, or shall be unable to so act, the Trustee may
        appoint, or petition a court of competent jurisdiction or 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 and acceptable to the Certificate Insurer as evidenced
        by
        its prior written consent 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 act in such capacity as herein
        above 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
        Master Servicer hereunder. Each of the Sponsor, the Trustee and such successor
        shall take such action, consistent with this Agreement, as shall be necessary
        to
        effectuate any such succession. In no event shall the successor Master Servicer
        be liable for the acts or omissions of the predecessor Master
        Servicer.

       

      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® 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 Section 7.02. The successor Master Servicer shall cause such assignment
        to
        be delivered to 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.

       

      
        
          
          

        

        
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      Any
        successor, including the Trustee, to the Master Servicer shall maintain in
        force
        during its term as master servicer hereunder policies and fidelity bonds
        to the
        same extent as the Master Servicer is so required pursuant to Section
        3.18.

       

      Any
        successor, including the Trustee, to the Master Servicer shall not terminate
        any
        Sub-Servicing Agreement with Midland without cause.

       

      Notwithstanding
        anything else herein to the contrary, in no event shall the Trustee be liable
        for any Master Servicing Fee or Sub-Servicing Fee or for any differential
        in the
        amount of the Master Servicing Fee or Sub-Servicing Fee paid hereunder and
        the
        amount necessary to induce any successor Master Servicer or Sub-Servicer,
        as
        applicable, to act as successor Master Servicer or Sub-Servicer, as applicable,
        under this Agreement and the transactions set forth or provided for
        herein.

       

      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 notice thereof to Certificateholders, the Certificate
        Insurer and to the Rating Agencies.

       

      (b) Within
        60
        days after the occurrence of any Event of Default, the Trustee shall transmit
        by
        mail to all Holders of Certificates, the Certificate Insurer and the Swap
        Provider 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 51% of the Voting Rights of Certificates affected
        by a default or Event of Default hereunder (with the consent of the Certificate
        Insurer), may waive such default or Event of Default (other than an Event
        of
        Default set forth in Section 7.01(vi)); 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 (with the consent of the Certificate Insurer) and (b) no waiver pursuant
        to this Section 7.04 shall affect the Holders of Certificates in the manner
        set
        forth in the second paragraph of Section 11.01 or materially adversely affect
        any non-consenting Certificateholder. Upon any such waiver of a default or
        Event
        of Default by the Holders representing the requisite percentage of Voting
        Rights
        of Certificates 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. The Master Servicer shall give notice
        of any
        such waiver to the Rating Agencies.

       

       

      
        
          
          

        

        
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      Section
        7.05. List
        of
        Certificateholders.

       

      Upon
        written request of the Certificate Insurer or three or more Certificateholders
        of record, for purposes of communicating with other Certificateholders with
        respect to their rights under this Agreement, the Trustee will afford such
        Certificateholders access during business hours to the most recent list of
        Certificateholders held by the Trustee.

       

      
        
          
          

        

        
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      ARTICLE
        VIII

       

      CONCERNING
        THE TRUSTEE

       

      Section
        8.01. Duties
        of
        Trustee.

       

      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. If an Event of Default occurs, is continuing and has not been
        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 man would exercise or use under the circumstances in the conduct
        of his
        own affairs. Any permissive right of the Trustee enumerated in this Agreement
        shall not be construed as a duty.

       

      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 in accordance with the requirements of this
        Agreement. If any such instrument is found not to conform to the requirements
        of
        this Agreement in a material manner, the Trustee shall take such action as
        it
        deems appropriate to have the instrument corrected, and if the instrument
        is not
        corrected to the Trustee’s satisfaction, the Trustee will provide notice thereof
        to the Certificateholders. Notwithstanding the foregoing, the Trustee shall
        not
        be responsible for the accuracy or content of any resolution, certificate,
        statement, opinion, report, document, order or other instrument furnished
        by the
        Master Servicer hereunder or any Opinion of Counsel required
        hereunder.

       

      The
        Trustee shall prepare and file or cause to be filed on behalf of the Trust
        Fund
        any tax return that is required with respect to REMIC 1, REMIC 2, REMIC 3
        and
        REMIC 4 pursuant to applicable federal, state or local tax laws.

       

      The
        Trustee covenants and agrees that it shall perform its obligations hereunder
        in
        a manner so as to maintain the status of REMIC 1, REMIC 2, REMIC 3 and REMIC
        4
        under the REMIC Provisions and to prevent the imposition of any federal,
        state
        or local income, prohibited transaction, contribution or other tax on any
        of
        REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to the extent that maintaining such
        status
        and avoiding such taxes are within the control of the Trustee and are reasonably
        within the scope of its duties under this Agreement.

       

      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 and conforming to the requirements of this Agreement;

       

      
        
          
          

        

        
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      (ii) The
        Trustee shall not be 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;
        and

       

      (iii) The
        Trustee shall not be liable with respect to any action taken, suffered or
        omitted to be taken by it in good faith in accordance with the direction
        of the
        Certificate Insurer or the Holders of Certificates entitled to at least 25%
        of
        the Voting Rights relating 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.

       

      Section
        8.02. Certain
        Matters Affecting the Trustee.

       

      Except
        as
        otherwise provided in Section 8.01:

       

      (a) The
        Trustee may conclusively rely upon and shall be fully protected in acting
        or
        refraining from acting in reliance 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 reasonably believed by it to be genuine and to have been signed
        or
        presented by the proper party or parties;

       

      (b) 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
        therewith;

       

      (c) The
        Trustee shall be under no obligation to exercise any of the trusts or powers
        vested in it by this Agreement, other than its obligation to give notice
        pursuant to 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 or the Certificate Insurer (so long as no Insurer Default
        has
        occurred and is continuing) shall have offered to the Trustee security or
        indemnity satisfactory to it against the costs, expenses and liabilities
        which
        may be incurred therein or thereby and the Certificate Insurer (so long as
        no
        Insurer Default has occurred and is continuing) has given its consent; nothing
        contained herein shall, however, relieve the Trustee of the obligation, upon
        the
        occurrence of an Event of Default of which a Responsible Officer of the
        Trustee’s corporate trust department has actual knowledge (which has not been
        waived or cured), 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 man would exercise or use under the circumstances in the conduct
        of his
        own affairs;

       

      
        
          
          

        

        
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      (d) The
        Trustee shall not be 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;

       

      (e) 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
        to
        do so by the Certificate Insurer (so long as no Insurer Default has occurred
        and
        is continuing) or the Holders of Certificates entitled to at least 25% of
        the
        Voting Rights with the written consent of the Certificate Insurer (so long
        as no
        Insurer Default has occurred and is continuing); 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, reasonably assured to the Trustee by the security
        afforded to it by the terms of this Agreement reasonable expense of every
        such
        examination shall be paid by the Certificateholders or the Certificate Insurer
        requesting the investigation;

       

      (f) The
        Trustee may execute any of the trusts or powers hereunder or perform any
        duties
        hereunder either directly or by or through agents, nominees, custodians or
        attorneys appointed with due care, and shall not be responsible for any willful
        misconduct or negligence on the part of any agent, attorney, custodian or
        nominee so appointed;

       

      (g) The
        Trustee shall not be required to give any bond or surety with respect to
        the
        execution of the trust created hereby or the powers granted hereunder;
        and

       

      (h) Whenever
        in the administration of the provisions of this Agreement the Trustee shall
        deem
        it necessary or desirable that a matter be proved or established prior to
        taking
        or suffering any action to be taken hereunder, such matter (unless other
        evidence in respect thereof be herein specifically prescribed) may, in the
        absence of gross negligence or bad faith on the part of the Trustee, be deemed
        to be conclusively proved and established by a certificate signed and delivered
        to the Trustee and such certificate, in the absence of gross negligence or
        bad
        faith on the part of the Trustee, shall be full warrant to the Trustee for
        any
        action taken, suffered or omitted by it under the provisions of this Agreement
        upon the faith thereof.

       

      The
        Trustee shall have no obligation to invest and reinvest any cash held in
        the
        absence of timely and specific written investment direction from the Master
        Servicer. In no event shall the Trustee be liable for the selection of
        investments or for investment losses incurred thereon. The Trustee shall
        have no
        liability in respect of losses incurred as a result of the liquidation of
        any
        investment incurred as a result of the liquidation of any investment prior
        to
        its stated maturity or the failure of the Master Servicer to provide timely
        written investment direction.

       

      
        
          
          

        

        
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      In
        order
        to comply with the laws, rules, regulations and executive orders in effect
        from
        time to time applicable to banking institutions, including those relating
        to the
        funding of terrorist activities and money laundering (“Lending Laws”), the
        Trustee is required to obtain, verify and record certain information relating
        to
        individuals and entities which maintain a business relationship with the
        Trustee. Accordingly, each of the parties agrees to provide to the Trustee
        upon
        its request from time to time such identifying information and documentation
        as
        may be available for such party in order to enable the Trustee to comply
        with
        the Lending Laws.

       

      Section
        8.03. Trustee
        Not Liable for Certificates or Mortgage Loans.

       

      The
        recitals contained herein and in the Certificates (other than the signature
        of
        the Trustee, the authentication of the Trustee on the Certificates, the
        acknowledgments of the Trustee contained in Article II) shall be taken as
        the
        statements of the Depositor and the Trustee assumes no responsibility for
        their
        correctness. The Trustee makes no representations or warranties as to the
        validity or sufficiency of this Agreement or of the Certificates (other than
        the
        signature and authentication of the Trustee on the Certificates) or of any
        Mortgage Loan or related document, or of MERS or the MERS® System. The Trustee
        shall not be accountable for the use or application by the Depositor of any
        of
        the Certificates or of the proceeds of such Certificates, or for the use
        or
        application of any funds paid to the Depositor or the Master Servicer in
        respect
        of the Mortgage Loans or deposited in or withdrawn from the Custodial Account
        by
        the Master Servicer.

       

      Section
        8.04. Trustee
        May Own Certificates.

       

      The
        Trustee in its individual or any other capacity (other than as Trustee
        hereunder) may become the owner or pledgee of Certificates with the same
        rights
        it would have if it were not Trustee and may otherwise deal with the parties
        hereto.

       

      Section
        8.05. Trustee’s
        Fees.

       

      On
        each
        Distribution Date, the Trustee shall be entitled to withdraw from the
        Certificate Account as compensation hereunder any amounts earned on funds
        in the
        Certificate Account. Such compensation (which shall not be limited by any
        provision of law in regard to the compensation of a trustee of an express
        trust)
        shall be paid for all services rendered by it in the execution of the trusts
        hereby created and in the exercise and performance of any of the powers and
        duties hereunder or of the Trustee. Except as otherwise provided in this
        Agreement, the Trustee and any director, officer, employee or agent of the
        Trustee shall be indemnified and held harmless by the Trust Fund against
        any
        claim, loss, liability, fee or expense incurred in connection with any Event
        of
        Default, any breach of this Agreement or any claim or legal action (including
        any pending or threatened claim or legal action), relating to the acceptance
        or
        administration of its trusts hereunder or the Trustee’s performance under the
        Certificates, other than any claim, loss, liability or expense (i) sustained
        in
        connection with this Agreement related to the willful misfeasance, bad faith
        or
        negligence of the Master Servicer in the performance of its duties hereunder
        or
        (ii) incurred in connection with a breach constituting willful misfeasance,
        bad
        faith or negligence of the Trustee in the performance of its duties hereunder
        or
        by reason of reckless disregard of its obligations and duties
        hereunder.

       

      
        
          
          

        

        
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      The
        Master Servicer shall indemnify the Trustee and any director, officer, employee
        or agent of the Trustee against any such claim or legal action (including
        any
        pending or threatened claim or legal action), loss, liability, fee or expense
        that may be sustained in connection with this Agreement related to the willful
        misfeasance, bad faith, or negligence in the performance of the Master
        Servicer's duties hereunder.

       

      The
        provisions of this Section 8.05 shall survive the resignation or removal
        of the
        Trustee or the termination 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 organized and doing business under the laws of any state or the
        United States of America or the District of Columbia, 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. In addition, the Trustee shall at all times be acceptable to the
        Rating Agency rating the Certificates. If such corporation publishes reports
        of
        condition at least annually, pursuant to law or to the requirements of the
        aforesaid supervising or examining authority, then for the purposes of this
        Section the combined capital and surplus of such corporation shall be deemed
        to
        be its combined capital and surplus as set forth in its most recent report
        of
        condition so published. In case at any time the Trustee shall cease to be
        eligible in accordance with the provisions of this Section, the Trustee shall
        resign immediately in the manner and with the effect specified in Section
        8.07.
        The corporation or national banking association serving as Trustee may have
        normal banking and trust relationships with the Sponsor and their affiliates
        or
        the Master Servicer and its affiliates; provided,
        however,
        that
        such corporation cannot be an affiliate of the Master Servicer other than
        the
        Trustee in its role as successor to the Master Servicer.

       

      Section
        8.07. Resignation
        and Removal of the Trustee.

       

      The
        Trustee may at any time resign and be discharged from the trusts hereby created
        by giving written notice thereof to the Master Servicer; with a copy to the
        Rating Agencies, the Certificate Insurer and the Swap Provider; provided,
        that
        such resignation shall not be effective until successor trustee is appointed
        and
        accepts appointment in accordance with the following provisions; provided,
        however,
        that
        the resigning trustee shall not resign and be discharged from the trusts
        hereby
        created until such time as the Rating Agency rating the Certificates and
        the
        Certificate Insurer approves the successor trustee. Upon receiving such notice
        of resignation, the Master Servicer shall promptly appoint successor trustee
        who
        meets the eligibility requirements of Section 8.06 by written instrument,
        in
        triplicate, one copy of which instrument shall be delivered to the resigning
        trustee and 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.

       

      
        
          
          

        

        
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      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
        Master Servicer, 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, the Master Servicer with the
        consent of the Certificate Insurer (so long as no Insurer Default has occurred
        and is continuing), which consent shall not be unreasonably withheld, may
        remove
        the Trustee and appoint successor trustee who meets the eligibility requirements
        of Section 8.06 by written instrument, in triplicate, which instrument shall
        be
        delivered to the Trustee so removed and to the successor trustee.

       

      Any
        resignation or removal of the Trustee and appointment of successor trustee
        pursuant to any of the provisions of this Section shall not become effective
        until acceptance of appointment by the successor trustee as provided in Section
        8.08.

       

      Section
        8.08. Successor
        Trustee.

       

      Any
        successor trustee appointed as provided in Section 8.07 shall execute,
        acknowledge and deliver to the Master Servicer an instrument accepting such
        appointment hereunder, and thereupon the resignation or removal of the
        predecessor 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 after payment of its outstanding fees and expenses, promptly deliver
        to
        the successor trustee all assets and records of the Trust Fund held by it
        hereunder, and the Master Servicer and the predecessor trustee shall execute
        and
        deliver all 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.

       

      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.

       

      Upon
        acceptance of appointment by successor trustee as provided in this Section,
        the
        Master Servicer 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 Master Servicer fails to mail such notice within ten days
        after
        acceptance of appointment by the successor trustee, the successor trustee
        shall
        cause such notice to be mailed at the expense of the Master
        Servicer.

       

       

      
        
          
          

        

        
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      Section
        8.09. Merger
        or
        Consolidation of Trustee.

       

      Any
        state
        bank or trust company or corporation or national banking association into
        which
        the Trustee may be merged or converted or with which it may be consolidated
        or
        any state bank or trust company or national banking association resulting
        from
        any merger, conversion or consolidation to which the Trustee shall be a party,
        or any state bank or trust company or corporation or national banking
        association succeeding to all or substantially all of the corporate trust
        business of the Trustee, shall be the successor of the Trustee hereunder,
        provided such state bank or trust company or 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.

       

      Section
        8.10. Appointment
        of Co-Trustee or Separate Trustee.

       

      Notwithstanding
        any other provisions hereof, at any time, for the purpose of meeting any
        legal
        requirements of any jurisdiction in which any part of the Trust Fund or property
        securing the same may at the time be located, the Master Servicer and the
        Trustee acting jointly shall have the power and shall execute and deliver
        all
        instruments to appoint one or more Persons approved by the Trustee to act
        as
        co-trustee or co-trustees, jointly with the Trustee or separate trustee or
        separate trustees, of all or any part of the Trust Fund, and to vest in such
        Person or Persons, in such capacity, such title to the Trust Fund, or any
        part
        thereof, and, subject to the other provisions of this Section 8.10, such
        powers,
        duties, obligations, rights and trusts as the Master Servicer and the Trustee
        may consider necessary or desirable. If the Master Servicer shall not have
        joined in such appointment within 15 days after the receipt by it of a request
        so to do, or in case an Event of Default shall have occurred and be continuing,
        the Trustee alone shall have the power to make such appointment without the
        Master Servicer. No co-trustee or separate trustee hereunder shall be required
        to meet the terms of eligibility as 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.

       

      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 and required to be conferred or such co-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.

       

      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.

       

      
        
          
          

        

        
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      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.

       

      
        
          
          

        

        
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      ARTICLE
        IX

       

      TERMINATION

       

      Section
        9.01. Termination
        Upon Repurchase or Liquidation of All Mortgage Loans or upon Purchase of
        Certificates.

       

      (a) Subject
        to Section 9.03, the respective obligations and responsibilities of the
        Depositor, the Master Servicer and the Trustee created hereby (other than
        the
        obligations of the Master Servicer to the Trustee pursuant to Section 8.05
        and
        of the Master Servicer to provide for and the Trustee to make payments to
        Certificateholders as hereafter set forth) shall terminate, with respect
        to Loan
        Group 1, upon payment to the related Certificateholders of all amounts held
        by
        or on behalf of the Trustee and required to be paid to them hereunder following
        the earlier to occur of (i) the repurchase by the Master Servicer or its
        designee of all Group 1 Loans and each related REO Property in respect thereof
        remaining in the Trust Fund at a price in cash equal to (a) 100% of the unpaid
        principal balance of each such Mortgage Loan in Loan Group 1 (other than
        one as
        to which a REO Property was acquired) on the day of repurchase together with
        accrued interest on such unpaid principal balance at the Group 1 Net Mortgage
        Rate to the first day of the month in which the proceeds of such repurchase
        are
        to be distributed, plus (b) the appraised value of any such REO Property
        (but
        not more than the unpaid principal balance of the related Mortgage Loan,
        together with accrued interest on that balance at the Group 1 Net Mortgage
        Rate
        to the first day of the month such repurchase price is distributed), less
        the
        good faith estimate of the Master Servicer of liquidation expenses to be
        incurred in connection with its disposal thereof, such appraisal to be conducted
        by an appraiser selected by the Master Servicer and at the expense of the
        Master
        Servicer, plus (c) any Group 1 Swap Termination Payment (which shall include
        any
        Group 1 Net Swap Payment payable for the final Distribution Date) payable
        to the
        Group 1 Swap Provider pursuant to the related Group 1 Interest Rate Swap
        Agreement which remains unpaid or which is due to the exercise of such option
        (a
“Group 1 Swap Optional Termination Payment”) and plus (d) any unreimbursed
        amounts owed to the Certificate Insurer under the Certificate Guaranty Insurance
        Policy, the Insurance Agreement and this Agreement, and (ii) the final payment
        or other liquidation (or any Advance with respect thereto) of the last Mortgage
        Loan in Loan Group 1 remaining in the Trust Fund (or the disposition of all
        REO
        Property in respect thereof); provided,
        however,
        that in
        no event shall the trust created hereby continue beyond the earlier of (i)
        the
        Distribution Date occurring in February 2037 (ii) 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 (iii) the “latest possible maturity date” specified in the
        Preliminary Statements with respect to the related Regular Interests and
        Certificates, 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 of REMIC
        1,
        REMIC 2, REMIC 3 or REMIC 4 as a REMIC. In the case of any repurchase by
        the
        Master Servicer pursuant to clause (a)(i), the Master Servicer shall exercise
        reasonable efforts to cooperate fully with the Trustee in effecting such
        repurchase and the transfer of the Group 1 Loans and related Mortgage Files
        and
        related records to the Master Servicer.

       

      
        
          
          

        

        
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      The
        right
        of the Master Servicer or its designee to repurchase all Group 1 Loans pursuant
        to (a)(i) above shall be conditioned upon the Aggregate Stated Principal
        Balance
        of such Mortgage Loans at the time of any such repurchase aggregating to
        an
        amount equal to or less than 10% of the Group 1 Cut-off Date Balance of such
        Mortgage Loans; provided,
        however,
        that no
        such purchase will be permitted if it would result in a draw on the Certificate
        Guaranty Insurance Policy or any amounts owed to the Certificate Insurer
        would
        remain unpaid, unless the Certificate Insurer consents in writing to such
        purchase. If such right is exercised, the Master Servicer upon such repurchase
        shall provide to the Trustee and the Certificate Insurer, notice of such
        exercise prior to the Determination Date in the month preceding the month
        of
        purchase and the certification required by Section 3.16.

       

      In
        the
        case of a repurchase of Mortgage Loans and REO Property related to Loan Group
        1
        pursuant to clause (a)(i) above, only an amount equal to the repurchase price
        specified in such clause (a)(i) above for such Mortgage Loans and REO Property,
        less any related Group 1 Swap Optional Termination Payment and any portion
        of
        the repurchase price consisting of the unreimbursed amounts owed to the
        Certificate Insurer, shall be made available for distribution to the related
        Regular Certificates and Class 1-IO Interests. The Group 1 Swap Optional
        Termination Payment shall be withdrawn by the Trustee from the Certificate
        Account and remitted to the Group 1 Supplemental Interest Trust to be paid
        in
        accordance with Section 4.10(ii). The Group 1 Swap Optional Termination Payment
        shall not be part of any REMIC and shall not be paid into any account which
        is
        part of any REMIC.

       

      (b) The
        Master Servicer has the right to repurchase all of the Mortgage Loans and
        related REO Properties pursuant to clause (i) of Section 9.01(a), conditioned
        upon the related Aggregate Stated Principal Balance of such Group 1 Loans
        at the
        time of any such repurchase aggregating to an amount equal to or less than
        10%
        of the Group 1 Cut-off Date Balance. If the Master Servicer elects to terminate
        the Trust pursuant to this Section 9.01 (such termination, a “Group 1 Optional
        Termination”), the Master Servicer shall, at least 20 days prior to the last
        date on which notice of such Group 1 Optional Termination is required to
        be
        mailed to the related Certificateholders pursuant to Section 9.01(k), notify
        in
        writing (which may be done in electronic format) the Depositor, the Master
        Servicer, the Trustee and the Group 1 Swap Provider of the final Distribution
        Date on which the Master Servicer intends to terminate the Trust Fund.

       

      (c) In
        connection with any Group 1 Optional Termination, four Business Days prior
        to
        the final Distribution Date specified in the notice required pursuant to
        Section
        9.01(k), the Master Servicer shall, no later than 4:00 pm New York City time
        on
        such day, request in writing (in accordance with the applicable provision
        of the
        Group 1 Interest Rate Swap Agreement) and by phone from the Group 1 Swap
        Provider the amount of the related Group 1 Estimated Swap Termination Payment.
        The Group 1 Swap Provider shall, no later than 2:00 pm on the following Business
        Day, notify in writing (which may be done in electronic format) the Trustee
        of
        the amount of the Group 1 Estimated Swap Termination Payment; the Trustee
        shall
        promptly on the same day notify the Master Servicer of the amount of the
        related
        Group 1 Estimated Swap Termination Payment. 

       

      
        
          
          

        

        
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      (d) Two
        Business Days prior to the final Distribution Date specified in the notice
        required pursuant to Section 9.01(k), (i) the Master Servicer shall, no later
        than 1:00 pm New York City time on such day, deposit funds in the Certificate
        Account in an amount equal to the sum of the purchase price (other than the
        related Group 1 Swap Optional Termination Payment) and the Group 1 Estimated
        Swap Termination Payment, and (ii) if Trustee is notified in writing that
        the
        aggregate Stated Principal Balance of all of the Group 1 Loans in the Trust
        Fund
        as of the related Determination Date is not more than 10% of the aggregate
        Cut-off Date Balance of all of the Group 1 Loans, and the requirements of
        the
        Group 1 Optional Termination set forth in this Section 9.01 have been met,
        including the deposit required pursuant to the immediately preceding clause
        (i)
        then the Trustee shall, on the same Business Day, provide written notice
        to the
        the Depositor, the Certificate Insurer, the Master Servicer, the Trustee
        on
        behalf of the Group 1 Supplemental Interest Trust, the Trustee and the Group
        1
        Swap Provider confirming (in accordance with the applicable provisions of
        the
        Group 1 Interest Rate Swap Agreement) its receipt of the purchase price (other
        than the Group 1 Swap Optional Termination Payment) and the Group 1 Estimated
        Swap Termination Payment. Upon the Trustee’s providing the notice described in
        the preceding sentence, the Group 1 Optional Termination shall become
        irrevocable, the notice to the related Certificateholders of such Group 1
        Optional Termination provided pursuant to the second paragraph of Section
        9.01(k) shall become unrescindable, the Group 1 Swap Provider shall determine
        the Group 1 Swap Optional Termination Payment in accordance with the Group
        1
        Interest Rate Swap Agreement, and the Group 1 Swap Provider shall provide
        to the
        Trustee written notice of the amount of the Group 1 Swap Optional Termination
        Payment not later than one Business Day prior to the final Distribution Date
        specified in the notice required pursuant to Section 9.01(k) and
        in
        the event the Trustee fails to provide the notice described in the preceding
        sentence, any notice provided under Section 9.01(k) shall be deemed
        rescinded.
        

       

      (e) In
        connection with any Group
        1
Optional
        Termination, only an amount equal to the purchase price less any Group 1
        Swap
        Optional Termination Payment shall be made available for distribution to
        the
        related Regular Certificates. Any Group 1 Estimated Swap Termination Payment
        deposited into the Certificate Account by the Master Servicer shall be withdrawn
        by the Trustee from the Certificate Account on the related final Distribution
        Date (prior to the distribution of any amounts pursuant to Section 9.01(k))
        and
        distributed as follows: (i) to the Group 1 Supplemental Interest Trust for
        payment to the Group 1 Swap Provider in accordance with Section 4.10(ii),
        as
        applicable, an amount equal to the Group 1 Swap Optional Termination Amount
        calculated pursuant to the Group 1 Interest Rate Swap Agreement, provided
        that
        in no event shall the amount distributed to the Group 1 Swap Provider in
        respect
        of the Group 1 Swap Optional Termination Amount exceed the Group 1 Estimated
        Swap Termination Payment, and (ii) to the Master Servicer an amount equal
        to the
        excess, if any, of the Group 1 Estimated Swap Termination Payment over the
        Group
        1 Swap Optional Termination Payment. The Group 1 Swap Optional Termination
        Payment shall not be part of any REMIC and shall not be paid into any account
        which is part of any REMIC.

       

      
        
          
          

        

        
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      (f) Subject
        to Section 9.03, the respective obligations and responsibilities of the
        Depositor, the Master Servicer and the Trustee created hereby (other than
        the
        obligations of the Master Servicer to the Trustee pursuant to Section 8.05
        and
        of the Master Servicer to provide for and the Trustee to make payments to
        Certificateholders as hereafter set forth) shall terminate, with respect
        to Loan
        Group 2, upon payment to the related Certificateholders of all amounts held
        by
        or on behalf of the Trustee and required to be paid to them hereunder following
        the earlier to occur of (i) the repurchase by the Master Servicer or its
        designee of all Group 2 Loans and each related REO Property in respect thereof
        remaining in the Trust Fund at a price in cash equal to (a) 100% of the unpaid
        principal balance of each such Mortgage Loan in Loan Group 2 (other than
        one as
        to which a REO Property was acquired) on the day of repurchase together with
        accrued interest on such unpaid principal balance at the Group 2 Net Mortgage
        Rate to the first day of the month in which the proceeds of such repurchase
        are
        to be distributed, plus (b) the appraised value of any such REO Property
        (but
        not more than the unpaid principal balance of the related Mortgage Loan,
        together with accrued interest on that balance at the Group 2 Net Mortgage
        Rate
        to the first day of the month such repurchase price is distributed), less
        the
        good faith estimate of the Master Servicer of liquidation expenses to be
        incurred in connection with its disposal thereof, such appraisal to be conducted
        by an appraiser selected by the Master Servicer and at the expense of the
        Master
        Servicer, plus (c) any Group 2 Swap Termination Payment (which shall include
        any
        Group 2 Net Swap Payment payable for the final Distribution Date) payable
        to the
        Group 2 Swap Provider pursuant to the related Group 2 Interest Rate Swap
        Agreement which remains unpaid or which is due to the exercise of such option
        (a
“Group 2 Swap Optional Termination Payment”) and plus (d) any unreimbursed
        amounts owed to the Certificate Insurer under the Certificate Guaranty Insurance
        Policy, the Insurance Agreement and this Agreement, and (ii) the final payment
        or other liquidation (or any Advance with respect thereto) of the last Mortgage
        Loan in Loan Group 2 remaining in the Trust Fund (or the disposition of all
        REO
        Property in respect thereof); provided,
        however,
        that in
        no event shall the trust created hereby continue beyond the earlier of (i)
        the
        Distribution Date occurring in December 2036 (ii) 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 (iii) the “latest possible maturity date” specified in the
        Preliminary Statements with respect to the related Regular Interests and
        Certificates, 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 of REMIC
        1,
        REMIC 2, REMIC 3 or REMIC 4 as a REMIC. In the case of any repurchase by
        the
        Master Servicer pursuant to clause (i), the Master Servicer shall exercise
        reasonable efforts to cooperate fully with the Trustee in effecting such
        repurchase and the transfer of the Group 2 Loans and related Mortgage Files
        and
        related records to the Master Servicer.

       

      The
        right
        of the Master Servicer or its designee to repurchase all Group 2 Loans pursuant
        to (f)(i) above shall be conditioned upon the Aggregate Stated Principal
        Balance
        of such Mortgage Loans at the time of any such repurchase aggregating to
        an
        amount equal to or less than 10% of the Group 2 Cut-off Date Balance of such
        Mortgage Loans; provided,
        however,
        that no
        such purchase will be permitted if it would result in a draw on the Certificate
        Guaranty Insurance Policy or any amounts owed to the Certificate Insurer
        would
        remain unpaid, unless the Certificate Insurer consents in writing to such
        purchase. If such right is exercised, the Master Servicer upon such repurchase
        shall provide to the Trustee and the Certificate Insurer, notice of such
        exercise prior to the Determination Date in the month preceding the month
        of
        purchase and the certification required by Section 3.16.

       

      
        
          
          

        

        
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      In
        the
        case of a repurchase of Mortgage Loans and REO Property related to Loan Group
        2
        pursuant to clause (f)(i) above, only an amount equal to the repurchase price
        specified in such clause (f)(i) above for such Mortgage Loans and REO Property,
        less any related Group 2 Swap Optional Termination Payment and any portion
        of
        the repurchase price consisting of the unreimbursed amounts owed to the
        Certificate Insurer, shall be made available for distribution to the related
        Regular Certificates and Class 2-IO Interests. The Group 2 Swap Optional
        Termination Payment shall be withdrawn by the Trustee from the Certificate
        Account and remitted to the Group 2 Supplemental Interest Trust to be paid
        in
        accordance with Section 4.11(ii). The Group 2 Swap Optional Termination Payment
        shall not be part of any REMIC and shall not be paid into any account which
        is
        part of any REMIC.

       

      (g) The
        Master Servicer has the right to repurchase all of the Mortgage Loans and
        related REO Properties pursuant to clause (i) of Section 9.01(f), conditioned
        upon the related Aggregate Stated Principal Balance of such Group 2 Loans
        at the
        time of any such repurchase aggregating to an amount equal to or less than
        10%
        of the Group 2 Cut-off Date Balance. If the Master Servicer elects to terminate
        the Trust pursuant to this Section 9.01 (such termination, a “Group 2 Optional
        Termination”), the Master Servicer shall, at least 20 days prior to the last
        date on which notice of such Group 2 Optional Termination is required to
        be
        mailed to the related Certificateholders pursuant to Section 9.01(k), notify
        in
        writing (which may be done in electronic format) the Depositor, the Master
        Servicer, the Trustee and the Group 2 Swap Provider of the final Distribution
        Date on which the Master Servicer intends to terminate the Trust Fund.

       

      (h) In
        connection with any Group 2 Optional Termination, four Business Days prior
        to
        the final Distribution Date specified in the notice required pursuant to
        Section
        9.01(k), the Master Servicer shall, no later than 4:00 pm New York City time
        on
        such day, request in writing (in accordance with the applicable provision
        of the
        Group 2 Interest Rate Swap Agreement) and by phone from the Group 2 Swap
        Provider the amount of the related Group 2 Estimated Swap Termination Payment.
        The Group 2 Swap Provider shall, no later than 2:00 pm on the following Business
        Day, notify in writing (which may be done in electronic format) the Trustee
        of
        the amount of the Group 2 Estimated Swap Termination Payment; the Trustee
        shall
        promptly on the same day notify the Master Servicer of the amount of the
        related
        Group 2 Estimated Swap Termination Payment. 

       

      
        
          
          

        

        
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      (i) Two
        Business Days prior to the final Distribution Date specified in the notice
        required pursuant to Section 9.01(k), (i) the Master Servicer shall, no later
        than 1:00 pm New York City time on such day, deposit funds in the Certificate
        Account in an amount equal to the sum of the purchase price (other than the
        related Group 2 Swap Optional Termination Payment) and the Group 2 Estimated
        Swap Termination Payment, and (ii) if Trustee is notified in writing that
        the
        aggregate Stated Principal Balance of all of the Group 2 Loans in the Trust
        Fund
        as of the related Determination Date is not more than 10% of the aggregate
        Cut-off Date Balance of all of the Group 2 Loans, and the requirements of
        the
        Group 2 Optional Termination set forth in this Section 9.01 have been met,
        including the deposit required pursuant to the immediately preceding clause
        (i)
        then the Trustee shall, on the same Business Day, provide written notice
        to the
        the Depositor, the Certificate Insurer, the Master Servicer, the Trustee
        on
        behalf of the Group 2 Supplemental Interest Trust, the Trustee and the Group
        2
        Swap Provider confirming (in accordance with the applicable provisions of
        the
        Group 2 Interest Rate Swap Agreement) its receipt of the purchase price (other
        than the Group 2 Swap Optional Termination Payment) and the Group 2 Estimated
        Swap Termination Payment. Upon the Trustee’s providing the notice described in
        the preceding sentence, the Group 2 Optional Termination shall become
        irrevocable, the notice to the related Certificateholders of such Group 2
        Optional Termination provided pursuant to the second paragraph of Section
        9.01(k) shall become unrescindable, the Group 2 Swap Provider shall determine
        the Group 2 Swap Optional Termination Payment in accordance with the Group
        2
        Interest Rate Swap Agreement, and the Group 2 Swap Provider shall provide
        to the
        Trustee written notice of the amount of the Group 2 Swap Optional Termination
        Payment not later than one Business Day prior to the final Distribution Date
        specified in the notice required pursuant to Section 9.01(k) and in the event
        the Trustee fails to provide the notice described in the preceding sentence,
        any
        notice provided under Section 9.01(k) shall be deemed rescinded. 

       

      (j) In
        connection with any Group 2 Optional Termination, only an amount equal to
        the
        purchase price less any Group
        2
Swap
        Optional Termination Payment and less any amounts payable to the Certificate
        Insurer shall be made available for distribution to the Regular Certificates;
        provided that the amount to be distributed to the Class 2-A Certificates
        and to
        the Certificate Insurer must be sufficient to not result in a draw on the
        Certificate Guaranty Insurance Policy and not leave any amount owed to the
        Certificate Insurer unpaid. Any Group 2 Estimated Swap Termination Payment
        deposited into the Certificate Account by the Master Servicer shall be withdrawn
        by the Trustee from the Certificate Account on the related final Distribution
        Date (prior to the distribution of any amounts pursuant to Section 9.01(k))
        and
        distributed as follows: (i) to the Group 2 Supplemental Interest Trust for
        payment to the Group 2 Swap Provider in accordance with Section Section
        4.11(ii), as applicable, an amount equal to the Group 2 Swap Optional
        Termination Amount calculated pursuant to the Group 2 Interest Rate Swap
        Agreement, provided that in no event shall the amount distributed to the
        Group 2
        Swap Provider in respect of the Group 2 Swap Optional Termination Amount
        exceed
        the Group 2 Estimated Swap Termination Payment, and (ii) to the Master Servicer
        an amount equal to the excess, if any, of the Group 2 Estimated Swap Termination
        Payment over the Group 2 Swap Optional Termination Payment. The Group 2 Swap
        Optional Termination Payment shall not be part of any REMIC and shall not
        be
        paid into any account which is part of any REMIC.

       

      
        
          
          

        

        
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      (k) Written
        notice of any termination, specifying the Distribution Date upon which the
        related Certificateholders may surrender their Certificates to the Trustee
        for
        payment of the final distribution and cancellation, shall be given promptly
        by
        the Trustee by letter to the related Certificateholders, the Swap Providers
        and
        the Certificate Insurer mailed (a) in the event such notice is given in
        connection with the Master Servicer's election to repurchase, not earlier
        than
        the 15th day and not later than the 25th day of the month next preceding
        the
        month of such final distribution or (b) otherwise during the month of such
        final
        distribution on or before the 15th day of the month (or if such 15th day
        is not
        a Business Day, on the Business Day immediately preceding such 15th day)
        in such
        month, in each case specifying (i) the Distribution Date upon which final
        payment of such Certificates will be made upon presentation and surrender
        of
        Certificates at the office of the Trustee therein designated, (ii) the amount
        of
        any such final payment and (iii) that the Record Date otherwise applicable
        to
        such Distribution Date is not applicable, payments being made only upon
        presentation and surrender of such Certificates at the office of the Trustee
        therein specified. In the event such notice is given in connection with the
        Master Servicer or its designee's election to repurchase, the Master Servicer
        or
        its designee shall deliver to the Trustee for deposit in the Certificate
        Account
        on the day which is two Business Days immediately preceding the Distribution
        Date specified in such notice an amount equal to the above-described repurchase
        price payable out of its own funds. Upon presentation and surrender of the
        related Certificates by the Certificateholders, the Trustee shall first,
        pay
        itself its fee for such Distribution Date (as described in Section 8.05 )
        and
        any other amounts owing to the Trustee under this Agreement, and second,
        distribute to such Certificateholders and the Certificate Insurer (i) the
        amount
        otherwise distributable on such Distribution Date, if not in connection with
        the
        Master Servicer's election to repurchase, or (ii) if the Master Servicer
        elected
        to so repurchase, an amount determined as follows: with respect to each related
        Regular Certificate, the outstanding Certificate Principal Balance thereof,
        plus
        with respect to each Regular Certificate (other than the Class P Certificates)
        and the related Class IO Interest, one month's interest thereon at the
        applicable Pass-Through Rate, or otherwise distributable thereto, and any
        Unpaid
        Interest Shortfall Amount, plus with respect to each Subordinate Certificate,
        any unpaid Allocated Realized Loss Amount; with respect to the Class R
        Certificates, the Percentage Interest evidenced thereby multiplied by the
        difference, if any, between the above described repurchase price (as adjusted
        in
        accordance with the preceding paragraph) and the aggregate amount to be
        distributed to the Holders of the related Regular Certificates and the related
        Class IO Interest, subject to the priorities set forth in Section 4.01; and
        with
        respect to the Certificate Insurer, any amounts owed under the Certificate
        Guaranty Insurance Policy, the Insurance Agreement and this Agreement. Upon
        certification to the Trustee and the Custodian by a Servicing Officer, following
        such final deposit, the Custodian shall promptly release the Mortgage Files
        as
        directed by the Master Servicer for the remaining Mortgage Loans, and the
        Trustee shall execute all assignments, endorsements and other instruments
        required by the Master Servicer as being necessary to effectuate such
        transfer.

       

      In
        the
        event that all of the related
        Certificateholders
        shall not surrender their Certificates for cancellation within six months
        after
        the time specified in the above-mentioned notice, the Trustee shall give
        a
        second notice to the remaining related Certificateholders to surrender their
        Certificates for cancellation and receive the final distribution with respect
        thereto. If within six months after the second notice all of the related
        Certificates shall not have been surrendered for cancellation, the Trustee
        shall
        take reasonable steps as directed by the Depositor in writing, or appoint
        an
        agent to take reasonable steps, to contact the remaining related
        Certificateholders concerning surrender of their Certificates, and the cost
        thereof shall be paid out of the funds and other assets which remain subject
        hereto. If within nine months after the second notice all the Certificates
        shall
        not have been surrendered for cancellation, the Class R Certificateholders
        shall
        be entitled to all unclaimed funds and other assets which remain subject
        hereto.

       

       

      
        
          
          

        

        
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      Section
        9.02. Termination
        of REMIC 4 and Retirement of Class R Certificates.

       

      REMIC
        4
        shall be terminated on the earlier of (i) the date on which the last
        distribution due on each of the REMIC 4 Regular Interests and Class R
        Certificates (in respect of the Class R-4 Interest) is made and (ii) the
        date on
        which it is terminated pursuant to an optional repurchase of all of the Mortgage
        Loans in accordance with Section 9.03.
        Notwithstanding anything to the contrary herein, the Class R Certificates
        will
        not be retired until the later of (i) the retirement of all the Certificates
        related to Loan Group 1 and (ii) the retirement of all the Certificates related
        to Loan Group 2.

       

      Section
        9.03. Additional
        Termination Requirements.

       

      (a) In
        the
        event the Master Servicer repurchases any Mortgage Loans or REO Property
        in a
        Loan Group as provided in Section 9.01, the Trust Fund shall be terminated
        in
        accordance with the following additional requirements, unless the Master
        Servicer, at its own expense, obtains for the Trustee an Opinion of Counsel
        (which shall be provided to the Trustee at least two Business Days prior
        to the
        related Distribution Date) to the effect that the failure of the Trust Fund
        to
        comply with the requirements of this Section 9.03 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 either REMIC 1, REMIC 2, REMIC 3
        or
        REMIC 4 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 and notify the
        Trustee in writing thereof, and the Trustee shall in turn specify the first
        day
        of such period in a statement attached to the Tax Return for each of REMIC
        1,
        REMIC 2, REMIC 3 or REMIC 4, as the case may be, pursuant to Treasury Regulation
        Section 1.860F-1. The Master Servicer and the Trustee also shall satisfy
        all of
        the requirements of a qualified liquidation for REMIC 1, REMIC 2, REMIC 3
        or
        REMIC 4, as the case may be, under Section 860F of the Code and regulations
        thereunder, as evidenced by an Opinion of Counsel obtained at the expense
        of the
        Master Servicer, as applicable;
        

       

      (ii) During
        such 90-day liquidation period, and at or prior to the time of making the
        final
        payment on the related Certificates, the Trustee shall sell all of the assets
        of
        REMIC 1 or REMIC 2, as the case may be, for cash; and

       

      
        
          
          

        

        
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      (iii) At
        the
        time of the making of the final payment on the related Certificates, the
        Trustee
        shall distribute or credit, or cause to be distributed or credited, to the
        Holders of the Class R Certificates all cash on hand (other than cash retained
        to meet claims), and REMIC 1, REMIC 2, REMIC 3 or REMIC 4, as the case may
        be,
        shall terminate at that time.

       

      (b) By
        their
        acceptance of the Certificates, the Holders thereof hereby authorize the
        adoption of a 90-day liquidation period and the adoption of a plan of complete
        liquidation for the related REMICs, which authorization shall be binding
        upon
        all successor Certificateholders.

       

      (c) The
        Trustee as agent for each REMIC hereby agrees to adopt and sign such a plan
        of
        complete liquidation meeting the requirements for a qualified liquidation
        under
        Section 860F of the Code and any regulations thereunder upon the written
        request
        of the Master Servicer and the receipt of the Opinion of Counsel referred
        to in
        clause (a)(i) above and to take such other action in connection therewith
        as may
        be reasonably requested by the Master Servicer.

       

       

      
        
          
          

        

        
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      ARTICLE
        X

       

      REMIC
        PROVISIONS

       

      Section
        10.01. REMIC
        Administration.

       

      (a) The
        Trustee shall make an election to treat the Trust Fund as four REMICs under
        the
        Code and, if necessary, under applicable state law. Each 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 the REMIC elections in respect of the Trust Fund,
        (i) the Class R-1 Interest will constitute the sole class of Residual Interests
        in REMIC 1, the REMIC 1 Regular Interests shall be designated as the Regular
        Interests in REMIC 1 (ii) the Class R-2 Interest will constitute the sole
        class
        of Residual Interests in REMIC 2, the REMIC 2 Regular Interests shall be
        designated as the Regular Interests in REMIC 2, (iii) the Class R-3 Interest
        will constitute the sole class of Residual Interests in REMIC 3, the REMIC
        3
        Regular Interests shall be designated as the Regular Interests in REMIC 3,
        (iv)
        the Class R-4 Interest will constitute the sole class of Residual Interests
        in
        REMIC 4, and the REMIC 4 Regular Interests shall be designated as the Regular
        Interests in REMIC 4. The Master Servicer and the Trustee shall not permit
        the
        creation of any “interests” (within the meaning of Section 860G of the Code) in
        REMIC 1, REMIC 2, REMIC 3 or REMIC 4 other than the REMIC 1 Regular Interests,
        REMIC 2 Regular Interests, REMIC 3 Regular Interests, REMIC 4 Regular Interests,
        the Class R-1 Interest, the Class R-2 Interest, the Class R-3 Interest and
        the
        Class R-4 Interest. The Trustee will apply for an Employee Identification
        Number
        from the Internal Revenue Service via Form SS-4 or any other acceptable method
        for each of REMIC 1, REMIC 2, REMIC 3 or REMIC 4.

       

      (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
        Trustee shall pay out of its own funds, without any right of reimbursement,
        any
        and all expenses relating to any tax audit of the REMICs (including, but
        not
        limited to, any professional fees or any administrative or judicial proceedings
        with respect to the REMICs that involve the Internal Revenue Service or state
        tax authorities), other than the expense of obtaining any tax-related Opinion
        of
        Counsel except as specified herein. The Trustee, as agent for the REMICs'
        Tax
        Matters Person, shall (i) act on behalf of the REMICs 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. 

       

      (d) The
        Trustee shall prepare, sign and file all of the Tax Returns (including Form
        8811, which must be filed within 30 days of the Closing Date) in respect
        of the
        REMICs created hereunder. The expenses of preparing and filing such returns
        shall be borne by the Trustee without any right of reimbursement therefor.
        The
        Master Servicer shall provide on a timely basis to the Trustee or its designee
        such information with respect to the assets of the REMICs as is in its
        possession and reasonably required by the Trustee to enable it to perform
        its
        obligations under this Article X.

       

      
        
          
          

        

        
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      (e) The
        Trustee shall perform on behalf of the REMICs all reporting and other tax
        compliance duties that are the responsibility of the REMICs under the Code,
        the
        REMIC Provisions or other compliance guidance issued by the Internal Revenue
        Service or any state or local taxing authority. Among its other duties, as
        required by the Code, the REMIC Provisions or other such compliance guidance,
        the Trustee 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 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 as required) and (iii) to the Internal Revenue Service
        the
        name, title, address and telephone number of the Person who will serve as
        the
        representative of the REMICs. The Master Servicer shall provide on a timely
        basis to the Trustee such information with respect to the assets of the REMICs,
        including, without limitation, the related Mortgage Loans, as is in its
        possession and reasonably required by the Trustee to enable it to perform
        its
        obligations under this subsection. In addition, the Depositor shall provide
        or
        cause to be provided to the Trustee, within ten (10) days after the Closing
        Date, all information or data that the Trustee reasonably determines to be
        relevant for tax purposes as to the valuations and issue prices of the
        Certificates, including, without limitation, the price, yield, Prepayment
        Assumption and projected cash flow of the Certificates.

       

      (f) The
        Trustee shall take such action and shall cause the REMICs created hereunder
        to
        take such action as shall be necessary to create or maintain the status thereof
        as REMICs under the REMIC Provisions (and the Master Servicer shall assist
        it,
        to the extent reasonably requested by it). The Trustee shall not take any
        action
        or cause the Trust Fund to take any action, or fail to take (or fail to cause
        to
        be taken), any action that, under the REMIC Provisions, if taken or not taken,
        as the case may be, could (i) endanger the status of the REMIC 1, REMIC 2,
        REMIC
        3 or REMIC 4 as REMICs or (ii) result in the imposition of a tax upon the
        REMICs
        (including but not limited to the tax on prohibited transactions as defined
        in
        Section 860F(a)(2) of the Code and the tax on contributions to a REMIC set
        forth
        in Section 860G(d) of the Code) (either such event, an “Adverse REMIC Event”)
        unless the Trustee has received an Opinion of Counsel, addressed to the Trustee
        (at the expense of the party seeking to take or not take such action, but
        in no
        event at the expense of the Trustee) to the effect that the contemplated
        action
        or omission will not, with respect to the REMICs created hereunder, endanger
        such status or result in the imposition of such a tax; nor shall the Master
        Servicer take, or fail to take, any action (whether or not authorized hereunder)
        as to which the Trustee 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 the taking, or omission of, such action. In addition, prior to
        taking, or failing to take, any action with respect to the REMICs or the
        assets
        of the REMICs, or causing, or failing to cause, the REMICs to take any action,
        which is not contemplated under the terms of this Agreement, the Master Servicer
        will consult with the Trustee or its designee, in writing, with respect to
        whether the taking, or omission of, such action could cause an Adverse REMIC
        Event to occur with respect to any REMIC, and the Master Servicer shall not
        take, or fail to take, any such action, or cause, or fail to cause, any REMIC
        to
        take, any such action as to which the Trustee has advised it in writing that
        an
        Adverse REMIC Event could occur. The Trustee may consult with counsel to
        provide
        such written advice, and the cost of same shall be borne by the party seeking
        to
        take or not take the action other than as permitted by this Agreement, but
        in no
        event shall such cost be an expense of the Trustee. At all times as may be
        required by the Code, the Trustee will ensure that substantially all of the
        assets of the REMICs created hereunder will consist of “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.

       

      
        
          
          

        

        
          188

          
            

          

        

        
          
          

        

      

      (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 the “net income from
        foreclosure property” of any REMIC as defined in Section 860G(c) of the Code, on
        any contributions to any 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 Trustee pursuant to Section 10.03 hereof, if such tax arises out of
        or
        results from a breach by the Trustee of any of its obligations under this
        Article X, (ii) to the Master Servicer pursuant to Section 10.03 hereof,
        if such
        tax arises out of or results from a breach by the Master Servicer of any
        of its
        obligations under Article III or this Article X or otherwise, (iii) to the
        Master Servicer as provided in Section 3.05 and (iv) against amounts related
        to
        such REMIC and the Loan Group to which such REMIC relates on deposit in the
        Certificate Account and shall be paid by withdrawal therefrom to the extent
        not
        required to be paid by the Master Servicer or the Trustee pursuant to another
        provision of this Agreement.

       

      (h) On
        or
        before April 15 of each calendar year, commencing April 15, 2006, the Trustee
        shall deliver to the Master Servicer and the Rating Agency a Certificate
        from a
        Responsible Officer of the Trustee stating the Trustee’s compliance with this
        Article X.

       

      (i) The
        Trustee shall, for federal income tax purposes, maintain books and records
        with
        respect to the REMICs on a calendar year and on an accrual basis.

       

      (j) Following
        the Startup Day, the Trustee shall not accept any contributions of assets
        to the
        REMICs other than in connection with any Qualified Substitute Mortgage Loan
        delivered in accordance with Section 2.04 unless it shall have received an
        Opinion of Counsel to the effect that the inclusion of such assets in the
        REMICs
        will not cause REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to fail to qualify as
        REMICs
        at any time that any Certificates are outstanding or subject either REMIC
        1,
        REMIC 2, REMIC 3 or REMIC 4 to any tax under the REMIC Provisions or other
        applicable provisions of federal, state and local law or
        ordinances.

       

      
        
          
          

        

        
          189

          
            

          

        

        
          
          

        

      

      (k) Neither
        the Trustee nor the Master Servicer shall enter into any arrangement under
        which
        the REMICs will receive a fee or other compensation for services nor permit
        the
        REMICs 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.

       

      Section
        10.02. Prohibited
        Transactions and Activities.

       

      None
        of
        the Depositor, the Master Servicer or the Trustee shall (except as otherwise
        expressly permitted under the terms of this Agreement) (1) sell, dispose
        of or
        substitute for any of the Mortgage Loans (except in connection with (i) the
        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 the Trust Fund, (iii) the termination of REMIC 1, REMIC 2,
        REMIC 3
        or REMIC 4 pursuant to Article IX of this Agreement, (iv) a substitution
        pursuant to Article II of this Agreement or (v) a purchase of defective or
        defaulted Mortgage Loans pursuant to Article II or III of this Agreement),
        nor
        acquire any assets for the Trust Fund (other than REO Property acquired in
        respect of a defaulted Mortgage Loan), (2) sell or dispose of any investments
        in
        the Custodial Account or the Certificate Account for gain, (3) accept any
        contributions to the REMICs after the Closing Date (other than a Qualified
        Substitute Mortgage Loan delivered in accordance with Section 2.04), in each
        case, unless it has received an Opinion of Counsel, addressed to the Trustee
        (at
        the expense of the party seeking to cause such sale, disposition, substitution,
        acquisition or contribution, but in no event at the expense of the Trustee)
        that
        such sale, disposition, substitution, acquisition or contribution will not
        (a)
        affect adversely the status of REMIC 1, REMIC 2, REMIC 3 or REMIC 4 as REMICs
        or
        (b) cause the Trust Fund to be subject to a tax on “prohibited transactions” or
“contributions” pursuant to the REMIC Provisions.

       

      Section
        10.03. Master
        Servicer and Trustee Indemnification.

       

      (a) The
        Trustee agrees to indemnify the Trust Fund, the Depositor, 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 Depositor or
        the
        Master Servicer, as a result of a breach of the Trustee’s covenants set forth in
        this Article X.

       

      (b) The
        Master Servicer agrees to indemnify the Trust Fund, the Depositor and the
        Trustee for any taxes and costs including, without limitation, any reasonable
        attorneys' fees imposed on or incurred by the Trust Fund, the Certificate
        Insurer, the Depositor or the Trustee, as a result of a breach of the Master
        Servicer's covenants set forth in Article III or this Article X, in each
        case
        with respect to compliance with the REMIC Provisions.

       

      
        
          
          

        

        
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      ARTICLE
        XI

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        11.01. Amendment.

       

      This
        Agreement may be amended from time to time by the Depositor, the Master Servicer
        and the Trustee, with the consent of the Certificate Insurer (so long as
        no
        Insurer Default has occurred and is continuing) without the consent of any
        of
        the Certificateholders or the Swap Provider, (i) to cure any ambiguity, (ii)
        to
        correct or supplement any provisions herein which may be defective or
        inconsistent with any other provisions herein or to correct any error, (iii)
        to
        amend this Agreement in any respect subject to the provisions in clauses
        (A) and
        (B) below, or (iv) if such amendment, as evidenced by an Opinion of Counsel
        (provided by the Person requesting such amendment) delivered to the Trustee,
        is
        reasonably necessary to comply with any requirements imposed by the Code
        or any
        successor or amendatory statute or any temporary or final regulation, revenue
        ruling, revenue procedure or other written official announcement or
        interpretation relating to federal income tax laws or any proposed such action
        which, if made effective, would apply retroactively to the Trust Fund at
        least
        from the effective date of such amendment; provided
        that
        such action (except any amendment described in (iv) above) shall not adversely
        affect in any material respect the interests of any Certificateholder (other
        than Certificateholders who shall consent to such amendment), the Certificate
        Insurer (if an Insurer Default has occurred and is continuing) and the Swap
        Provider, as evidenced by (A) an Opinion of Counsel (provided by the Person
        requesting such amendment) delivered to the Trustee, the Swap Provider and
        the
        Certificate Insurer and (B) a letter from each Rating Agency, confirming
        that
        such amendment shall not cause it to lower its rating on any of the Certificates
        without taking the Certificate Guaranty Insurance Policy into
        account.

       

      This
        Agreement may also be amended from time to time by the Depositor, the Master
        Servicer and the Trustee with the consent of the Certificate Insurer and
        Holders
        of Certificates entitled to at least 66-2/3% of the Voting Rights for the
        purpose of adding any provisions to or changing in any manner or eliminating
        any
        of the provisions of this Agreement or of modifying in any manner the rights
        of
        the Holders of Certificates; provided,
        however,
        that no
        such amendment shall (i) reduce in any manner the amount of, or delay the
        timing
        of, payments received on Mortgage Loans which are required to be distributed
        on
        any Certificate without the consent of the Holder of such Certificate, (ii)
        adversely affect in any material respect the interests of the Holders of
        any
        Class of Certificates in a manner other than as described in (i), without
        the
        consent of the Holders of Certificates of such Class evidencing at least
        66-2/3%
        of the Voting Rights of such Class, or (iii) reduce the aforesaid percentage
        of
        Certificates the Holders of which are required to consent to any such amendment,
        without the consent of the Holders of all Certificates then outstanding.
        Notwithstanding any other provision of this Agreement, for purposes of the
        giving or withholding of consents pursuant to this Section 11.01, Certificates
        registered in the name of the Sponsor or the Master Servicer or any affiliate
        thereof shall be entitled to Voting Rights with respect to matters described
        in
        (i), (ii) and (iii) of this paragraph.

       

      
        
          
          

        

        
          191

          
            

          

        

        
          
          

        

      

      Notwithstanding
        any contrary provision of this Agreement, the Trustee shall not consent to
        any
        amendment to this Agreement unless they shall have first received an Opinion
        of
        Counsel (provided by the Person requesting such amendment) to the effect
        that
        such amendment will not result in the imposition of any tax on either REMIC
        1,
        REMIC 2, REMIC 3 or REMIC 4 pursuant to the REMIC Provisions or cause either
        REMIC 1, REMIC 2, REMIC 3 or REMIC 4 to fail to qualify as a REMIC at any
        time
        that any Certificates are outstanding.

       

      Promptly
        after the execution of any such amendment the Trustee shall furnish a copy
        of
        such amendment or a written statement describing the amendment to each
        Certificateholder, with a copy to the Rating Agencies, the Certificate Insurer
        and the Swap Provider.

       

      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.

       

      Notwithstanding
        any of the other provisions of this Section 11.01, none of the Depositor,
        the
        Master Servicer or the Trustee shall enter into any amendment to Section
        4.09 or
        Section 4.01(l)(vii) or (m)(vii) of this Agreement without the prior written
        consent of the Swap Provider and shall not enter into an amendment as evidenced
        by an officer’s certificate that has a materially adverse effect on the Swap
        Provider without the Swap Provider’s consent (such consent shall not be
        unreasonably withheld, conditioned or delayed).

       

      Prior
        to
        executing any amendment pursuant to this Section, the Trustee shall be entitled
        to receive an Opinion of Counsel (provided by the Person requesting such
        amendment) to the effect that such amendment is authorized or permitted by
        this
        Agreement. The cost of any Opinion of Counsel delivered pursuant to this
        Section
        11.01 shall be an expense of the party requesting such amendment, but in
        any
        case shall not be an expense of the Trustee.

       

      The
        Trustee may, but shall not be obligated to, enter into any amendment pursuant
        to
        this Section that affects its rights, duties and immunities under this Agreement
        or otherwise.

       

      Section
        11.02. Recordation
        of Agreement; Counterparts.

       

      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 at the
        expense of the Certificateholders, but only upon direction of the Depositor
        accompanied by an Opinion of Counsel to the effect that such recordation
        materially and beneficially affects the interests of the
        Certificateholders.

       

      
        
          
          

        

        
          192

          
            

          

        

        
          
          

        

      

      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.

       

      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 the parties hereto
        or any of them.

       

      No
        Certificateholder shall have any right to vote (except as expressly provided
        for
        herein) or in any manner otherwise control the operation and management of
        the
        Trust Fund, or the obligations of the parties hereto, nor shall anything
        herein
        set forth, or contained in the terms of the Certificates, be construed so
        as to
        constitute the Certificateholders from time to time as partners or members
        of an
        association; nor shall any Certificateholder be under any liability to any
        third
        party by reason of any action taken by the parties to this Agreement pursuant
        to
        any provision hereof.

       

      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 notice of an Event of Default, or of a default
        by
        the Sponsor or the Trustee in the performance of any obligation hereunder,
        and
        of the continuance thereof, as hereinbefore provided, and unless also the
        Holders of Certificates entitled to at least 51% of the Voting Rights 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
        is
        understood and intended, and expressly covenanted by each Certificateholder
        with
        every other Certificateholder, the Trustee, that no one or more Holders of
        Certificates 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, 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 equal,
        ratable and common benefit of all Certificateholders. For the protection
        and
        enforcement of the provisions of this Section, each and every Certificateholder
        and the Trustee shall be entitled to such relief as can be given either at
        law
        or in equity.

       

       

      
        
          
          

        

        
          193

          
            

          

        

        
          
          

        

      

      Section
        11.04. Governing
        Law.

       

      This
        Agreement and the Certificates shall be 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.

       

      All
        demands, notices and direction hereunder shall be in writing and shall be
        deemed
        effective upon receipt when delivered to (a) in the case of the Depositor,
        19500
        Jamboree Road, Irvine, California 92612, Attention: General Counsel, or such
        other address as may hereafter be furnished to the other parties hereto in
        writing; (b) in the case of Impac Funding, 19500 Jamboree Road, Irvine,
        California 92612, Attention: General Counsel, or such other address as may
        hereafter be furnished to the other parties hereto in writing; (c) in the
        case
        of the Trustee, to its Corporate Trust Offices, or such other address as
        may
        hereafter be furnished to the other parties hereto in writing; (d) in the
        case
        of the Rating Agencies, Standard & Poor’s, 55 Water Street, 41st
        Floor,
        New York, NY 10041, Attention: Asset Backed Surveillance Department; and
        Moody’s, Moody’s Investors Service, Inc., Residential Mortgage Monitoring
        Department, 99 Church Street, New York, New York 10007; (e) in the case of
        the
        Certificate Insurer, Ambac Assurance Corporation, One State Street Plaza,
        New
        York, New York 10004, Attention: Consumer Asset-Backed Securities Group or
        such
        other address as may be hereafter furnished to the Depositor, the Trustee
        and
        the Master Servicer in writing by the Certificate Insurer; or (f) in the
        case of
        the Swap Provider, Wachovia Bank, N.A., One Wachovia Center, 301 South College
        Street, Mailcode NC0600, Charlotte, North Carolina 28288 or such other address
        as may be hereafter furnished to the Depositor, the Trustee and the Master
        Servicer in writing by the Swap Provider. Any notice required or permitted
        to be
        mailed to a Certificateholder shall be given by first class mail, postage
        prepaid, at the address of such Holder as shown in the Certificate Register.
        Any
        notice so mailed within the time prescribed in this Agreement shall be
        conclusively presumed to have been duly given, whether or not the
        Certificateholder receives such notice.

       

      Section
        11.06. 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
        11.07. Successors
        and Assigns.

       

      The
        provisions of this Agreement shall be binding upon and inure to the benefit
        of
        the respective successors and assigns of the parties hereto, and all such
        provisions shall inure to the benefit of the Trustee, the Certificate Insurer
        and the Certificateholders.

       

       

      
        
          
          

        

        
          194

          
            

          

        

        
          
          

        

      

      Section
        11.08. Article
        and Section Headings.

       

      The
        article and Section headings herein are for convenience of reference only,
        and
        shall not limit or otherwise affect the meaning hereof.

       

      Section
        11.09. Notice
        to
        Rating Agencies.

       

      The
        Trustee shall use its best efforts to promptly provide notice to each Rating
        Agency and the Certificate Insurer referred to below with respect to each
        of the
        following of which it has actual knowledge:

       

      1. Any
        material change or amendment to this Agreement;

       

      2. The
        occurrence of any Event of Default that has not been cured;

       

      3. The
        resignation or termination of the Master Servicer or the Trustee;

       

      4. The
        repurchase or substitution of Mortgage Loans pursuant to Section
        2.04;

       

      5. The
        final
        payment to Certificateholders; and

       

      6. Any
        change in the location of the Custodial Account or the Certificate
        Account.

       

      In
        addition, the Trustee shall promptly furnish to each Rating Agency copies
        of
        each report to Certificateholders described in Section 4.02; and the Master
        Servicer shall promptly furnish to each Rating Agency copies of each annual
        independent public accountants' servicing report received as described in
        Section 3.20.

       

      Any
        such
        notice pursuant to this Section 11.09 shall be in writing and shall be deemed
        to
        have been duly given if personally delivered or mailed by first class mail,
        postage prepaid, or by express delivery service to (i) in the case of Standard
        & Poor's, 55 Water Street, 41st
        Floor,
        New York, New York 10041, Attention: Asset Backed Surveillance Department
        and
        (ii) in the case of Moody's, Residential Mortgage Monitoring Department,
        99
        Church Street, New York, New York 10007, or, in each case, such other address
        as
        either such Rating Agency may designate in writing to the parties
        thereto.

       

      Section
        11.10. Rights
        of
        the Certificate Insurer.

       

      (a) The
        Certificate Insurer is an express third-party beneficiary of this
        Agreement.

       

      (b) On
        each
        Distribution Date the Trustee shall make available to the Certificate Insurer
        a
        copy of the reports made available to the Certificateholders and the Depositor
        on such Distribution Date.

       

      
        
          
          

        

        
          195

          
            

          

        

        
          
          

        

      

      (c) The
        Trustee shall provide to the Certificate Insurer copies of any report, notice,
        Opinion of Counsel, Officers’ Certificate, request for consent or request for
        amendment to any document related hereto promptly upon the Trustee’s production
        or receipt thereof.

       

      (d) Unless
        an
        Insurer Default exists, the Trustee, the Depositor and the Master Servicer
        shall
        not agree to any amendment to this Agreement without first having obtained
        the
        prior written consent of the Certificate Insurer, which consent shall not
        be
        unreasonably withheld.

       

      (e) So
        long
        as there does not exist a failure by the Certificate Insurer to make a required
        payment under the Certificate Guaranty Insurance Policy, the Certificate
        Insurer
        will have the right to exercise all rights of the Holders of the Class 2-A
        Certificates under this Agreement (including voting rights) without the consent
        of the Holders.

       

      Section
        11.11. Control
        by the Certificate Insurer. 

       

      With
        respect to the Class 2-A Certificates only, the Certificate Insurer, or,
        if an
        Insurer Default exists, the Holders of a majority of the Class 2-A Certificates
        shall have the right (subject to the provisions of Section 11.03) to direct
        the
        time, method and place of conducting any proceeding for any remedy available
        to
        the Trustee with respect to the Class 2-A Certificates or exercising any
        trust
        or power conferred on the Trustee; provided that:

       

      (i) such
        direction shall not be in conflict with any rule of law or with this
        Agreement:

       

      (ii) if
        an
        Insurer Default exists, any direction to the Trustee to sell or liquidate
        the
        Trust Fund shall be by Holders of Certificates representing not less than
        100%
        of the Certificate Principal Balance of the Certificates;

       

      (iii) the
        Trustee may take any other action deemed proper by the Trustee that is not
        inconsistent with such direction of the Holders of Certificates representing
        a
        majority of the Certificate Principal Balance of the Certificates.

       

      Notwithstanding
        the rights of Certificateholders set forth in this Section 11.11 the Trustee
        need not take any action that it determines might involve it in liability
        unless
        such Holders of Certificates or the Certificate Insurer shall have offered
        security or indemnity satisfactory to the Trustee, against the costs, expenses
        and liabilities which might be incurred by it in compliance with such request,
        order or direction. 

       

      The
        Trustee shall not be deemed to have knowledge of an Insurer Default unless
        a
        Responsible Officer of the Trustee has actual knowledge thereof or unless
        the
        Trustee received written notice of such Insurer Default.

       

       

      
        
          
          

        

        
          196

          
            

          

        

        
          
          

        

      

      Section
        11.12. Third
        Party Rights.

       

      The
        Swap
        Provider and the Cap Counterparties shall be express third-party beneficiaries
        of this Agreement to the extent of their express rights to receive payments
        under this Agreement or any other express rights of the Swap Provider and
        the
        Cap Counterparties explicitly stated in this Agreement, and shall have the
        right
        to enforce such rights under this Agreement as if the Swap Provider and the
        Cap
        Counterparties were parties hereto.

      
        
          
          

        

        
          197

          
            

          

        

        
          
          

        

      

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

       

      IMPAC
        SECURED ASSETS CORP.,

      Depositor

       

      By:
        /s/ Richard J. Johnson        

      Name:
         Richard
        J. Johnson

      Title: EVP,
        COO

       

      IMPAC
        FUNDING CORPORATION,

      Master
        Servicer

       

      By:
        /s/ Nancy Pollard        

      Name:
         Nancy
        Pollard

      Title:
        EVP

       

      DEUTSCHE
        BANK NATIONAL TRUST COMPANY,

      Trustee

       

      By:
        /s/ Marion Hogan        

      Name:
        Marion Hogan

      Title:
        Associate

       

      By:
        /s/ Barbara Campbell        

      Name:
        Barbara Campbell

      Title:
        Vice President

      
        
          
          

        

        
          198

          
            

          

        

        
          
          

        

      

      Agreed
        and accepted to with respect to 

      its
        obligations under Section 9.01(a)

      

      IMPAC
        MORTGAGE HOLDINGS, INC.

      (solely
        with respect to its obligations under 

      Section
        9.01(a))

      

      By:
        /s/ Richard J. Johnson        

      Name:
        Richard J. Johnson

      Title:
        EVP, COO

      
        
          
          

        

        
          199

          
            

          

        

        
          
          

        

      

      

        

        
          	
                  STATE
                    OF CALIFORNIA

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF ORANGE

                	
                  )

                

        

         

        On
          the
          21st
          day of
          December, 2006, before me, a notary public in and for said State, personally
          appeared Richard J. Johnson, known to me to be an Executive Vice President
          and
          the Chief Operating Officer of Impac Secured Assets Corp., 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]

         

        
          
            
            

          

          
            200

            
              

            

          

          
            
            

          

        

        

        
          	
                  STATE
                    OF CALIFORNIA

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF ORANGE

                	
                  )

                
	 	 

        

        On
          the
          21st
          day of
          December, 2006, before me, a notary public in and for said State, personally
          appeared Nancy Pollard, known to me to be an Executive Vice President of
          Impac
          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]

         

        
          
            
            

          

          
            201

            
              

            

          

          
            
            

          

        

        

        
          	
                  STATE
                    OF CALIFORNIA

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF ORANGE

                	
                  )

                
	 	 

        

        On
          the
          21st
          day of
          December, 2006, before me, a notary public in and for said State, personally
          appeared _________________, known to me to be a(n) ________________ of
          Deutsche
          Bank National Trust Company, one of the entities that executed the within
          instrument, and also known to me to be the person who executed it on behalf
          of
          said entity, 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]

         

         

        
          
            
            

          

          
            202

            
              

            

          

          
            
            

          

        

        

        
          	
                  STATE
                    OF CALIFORNIA

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF ORANGE

                	
                  )

                

        

        On
          the
          21st
          day of
          December, 2006, before me, a notary public in and for said State, personally
          appeared ____________________, known to me to be a(n)____________________
          of
          Deutsche Bank National Trust Company, one of the entities that executed
          the
          within instrument, and also known to me to be the person who executed it
          on
          behalf of said entity, 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]

         

        
          
            
            

          

          
            203

            
              

            

          

          
            
            

          

        

         

        
          	
                  STATE
                    OF CALIFORNIA

                	
                  )

                
	 	
                  )
                    ss.:

                
	
                  COUNTY
                    OF ORANGE

                	
                  )

                

        

         

        On
          the
          21st
          day of
          December, 2006, before me, a notary public in and for said State, personally
          appeared Richard J. Johnson, known to me to be an Executive Vice President
          and
          the Chief Operating Officer of Impac Mortgage Holdings, 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]

           

          
            
              
              

            

            
              204

              
                

              

            

            
              
              

            

          

        

      

    

     

    EXHIBIT
      A

     

    FORM
      OF
      CLASS A CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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”).

     

    THIS
      CERTIFICATE SHALL INITIALLY BE ISSUED AS ONE OR MORE CERTIFICATES REGISTERED
      IN
      THE NAME OF THE DEPOSITORY OR ITS NOMINEE AND, EXCEPT AS PROVIDED BELOW,
      REGISTRATION OF SUCH 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 CERTIFICATE OWNERS
      SHALL HOLD THEIR RESPECTIVE OWNERSHIP INTERESTS IN AND TO EACH OF SUCH
      BOOK-ENTRY 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 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 SHALL
      NOT BE REQUIRED TO MONITOR, DETERMINE OR INQUIRE AS TO COMPLIANCE WITH THE
      TRANSFER RESTRICTIONS WITH RESPECT TO THE BOOK-ENTRY CERTIFICATES, AND THE
      TRUSTEE SHALL HAVE NO LIABILITY FOR TRANSFERS OF OWNERSHIP INTERESTS IN THE
      BOOK-ENTRY CERTIFICATES MADE THROUGH THE BOOK-ENTRY FACILITIES OF THE DEPOSITORY
      OR BETWEEN OR AMONG DEPOSITORY PARTICIPANTS OR CERTIFICATE OWNERS, MADE IN
      VIOLATION OF THE APPLICABLE RESTRICTIONS.

     

    [For
      the Class 1-A1-[A][B][C] [1-AM] Certificates] [PRIOR
      TO THE TERMINATION OF THE GROUP
      1
      SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE SHALL BE DEEMED TO HAVE MADE THE
      REPRESENTATIONS IN SECTION 5.02(c) OF THE AGREEMENT (AS DEFINED BELOW).]

     

    [For
      the Class 2-A Certificates] [PRIOR
      TO THE TERMINATION OF THE GROUP 2 SUPPLEMENTAL INTEREST TRUST, ANY TRANSFEREE
      SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS IN SECTION 5.02(c) OF THE
      AGREEMENT (AS DEFINED BELOW).] 

     

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

     

    
      	
              Certificate
                No. 1

            	
              Adjustable
                Pass-Through Rate

            
	 	 
	
              Class
                [1-A1-[A][B][C]]
                [1-AM] [2-A]
                Senior

            	 
	 	 
	
              Date
                of Pooling and Servicing Agreement and 

              Cut-off
                Date: December 1, 2006

            	
              Percentage
                Interest: [_]%

            
	 	 
	
              First
                Distribution Date: January 25, 2007

            	
              Aggregate
                Initial [Certificate Principal] [Notional] Balance of the Class
                [1-A1-[A][B][C]] [1-AM] [2-A] Certificates:
                $[_____________]

            
	 	 
	
              Master
                Servicer:

            	
              Initial
                [Certificate Principal] [Notional]

            
	 	 
	
              Impac
                Funding Corporation

            	
              Balance
                of this Certificate:

            
	 	 
	 	
              $[____________]

            
	 	 
	
              Assumed
                Final

            	
              CUSIP:
                [_________]

            
	 	 
	
              Distribution
                Date: [_____________], 20__

            	 
	 	 

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    SERIES
      2006-5

     

    evidencing
      a percentage interest in the distributions allocable to the Class
      [1-A1-[A][B][C]] [1-AM] [2-A] Certificates with respect to a Trust Fund
      consisting primarily of a pool of adjustable-rate and fixed-rate, first and
      second lien, one-to-four family residential mortgage loans and adjustable-rate
      and fixed-rate, first lien multifamily, commercial and mixed-use mortgage loans
      formed and sold by IMPAC SECURED ASSETS CORP.

     

    [For
      the
      Class 1-A1-[A][B][C] [1-AM] Certificates] [This Certificate is payable solely
      from the assets of the Trust Fund, and does not represent an obligation of
      or
      interest in Impac Secured Assets Corp., the Master Servicer, the Trustee
      referred to below 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 Impac Secured Assets Corp., the Master Servicer, the
      Trustee or any of their affiliates. None of the Company, the Master Servicer
      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.]

     

    [For
      the
      Class 2-A Certificates] [This Certificate is payable solely from the assets
      of
      the Trust Fund and the Certificate Guaranty Insurance Policy, and does not
      represent an obligation of or interest in Impac Secured Assets Corp., the Master
      Servicer, the Trustee referred to below 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 Impac Secured Assets Corp., the
      Master Servicer, the Trustee or any of their affiliates. None of the Company,
      the Master Servicer 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.]

     

    
      
        
        

      

      
        A-2

        
          

        

      

      
        
        

      

    

    This
      certifies that Cede & Co. 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 [1-A1-[A][B][C]] [1-AM] [2-A] Certificates,
      both
      as specified above) in certain distributions with respect to the Trust Fund
      consisting primarily of an interest in a pool of adjustable-rate and fixed-rate,
      first and second lien, one-to-four family residential mortgage loans and
      adjustable-rate and fixed-rate, first lien multifamily, commercial and mixed-use
      mortgage loans (the “Mortgage Loans”), formed and sold by Impac Secured Assets
      Corp. (hereinafter called the “Company,” which term includes any successor
      entity under the Agreement referred to below). The Trust Fund was created
      pursuant to a Pooling and Servicing Agreement dated as specified above (the
      “Agreement”) among the Company, the Master Servicer and Deutsche Bank National
      Trust Company, 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 on the
      Business Day immediately preceding such Distribution Date (the “Record Date”),
      from the Available Funds 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 [1-A1-[A][B][C]] [1-AM]
      [2-A] Certificates on such Distribution Date.

     

    Distributions
      on this Certificate will be made either by the Trustee or by a Paying Agent
      appointed by the Trustee either 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 Trustee or such Paying Agent at least 5 Business
      Days
      prior to the related Record Date, 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 distributions
      allocable to principal.

     

    
      
        
        

      

      
        A-3

        
          

        

      

      
        
        

      

    

    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”).

     

    [For
      the
      Class 2-A Certificates] [Ambac Assurance Corporation, in consideration of the
      payment of the premium and subject to the terms of the Certificate Guaranty
      Insurance Policy, has unconditionally and irrevocably guaranteed the payment
      of
      an amount equal to the Insured Amount (as defined in the Certificate Guaranty
      Insurance Policy) with respect to the Class 2-A Certificates with respect to
      each Distribution Date.]

     

    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 the Master Servicer advances funds
      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 Trustee, 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 66-2/3% of the Percentage Interests of each Class of
      Certificates affected thereby and with the consent of the Certificate Insurer.
      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 Certificate Insurer and the Holders
      of
      any of the Certificates and, in certain additional circumstances, without the
      consent of the Holders of certain Classes of Certificates. 

     

    [For
      the
      Class 1-A1-[A][B][C] [1-AM] Certificates] [Prior to the termination of the
      Group
      1 Supplemental Interest Trust, any transferee shall be deemed to have made
      the
      representations in Section 5.02(c) of the Agreement.]

     

    [For
      the
      Class 2-A Certificates] [Prior to the termination of the Group 2 Supplemental
      Interest Trust, any transferee shall be deemed to have made the representations
      in Section 5.02(c) of the Agreement.]

     

    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, duly endorsed by, or accompanied by an
      assignment in the form below or other written instrument of transfer in form
      satisfactory to the Trustee 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.

     

    
      
        
        

      

      
        A-4

        
          

        

      

      
        
        

      

    

    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 and the Trustee and any agent of the Company,
      the
      Master Servicer or the Trustee 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
      Group
      1 Certificates are subject to termination in whole, but not in part, by the
      Master Servicer, on or after the Distribution Date on which the aggregate Stated
      Principal Balance of the Group 1 Mortgage Loans as of the end of the related
      Due
      Period is less than or equal to 10% of the aggregate Stated Principal Balance
      of
      the Group 1 Mortgage Loans as of the Cut-off Date. The Group 2 Certificates
      are
      subject to termination in whole, but not in part, by the Master Servicer, on
      or
      after the Distribution Date on which the aggregate Stated Principal Balance
      of
      the Group 2 Mortgage Loans as of the end of the related Due Period is less
      than
      or equal to 10% of the aggregate Stated Principal Balance of the Group 2
      Mortgage Loans as of the Cut-off Date; provided,
      however, that
      no
      such purchase will be permitted if it would result in a draw on the Certificate
      Guaranty Insurance Policy, unless the Certificate Insurer consents in writing
      to
      such purchase.

     

    Unless
      the certificate of authentication hereon has been executed by the Trustee,
      by
      manual signature, this Certificate shall not be entitled to any benefit under
      the Agreement or be valid for any purpose.

    
      
        
        

      

      
        A-5

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:
                December 21, 2006

            	
              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY

              as
                Trustee

               

               

              By:______________________________

                 Authorized
                Signatory

            

    

    
 

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class [1-A1-[A][B][C]] [1-AM] [2-A] Certificates referred to in
      the
      within-mentioned Agreement.

     

    
      	 	 
	 	
              DEUTSCHE
                BANK NATIONAL 

              TRUST
                COMPANY

              as
                Trustee

               

               

              By:______________________________

              Authorized
                Signatory

            

    

    
      
        
        

      

      
        A-6

        
          

        

      

      
        
        

      

    

    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 Trustee 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

            

    

    
      
        
        

      

      
        A-7

        
          

        

      

      
        
        

      

    

    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.

            	 	 

    

    

      
        
          
          

        

        
          A-8

          
            

          

        

        
          
          

        

      

    EXHIBIT
      B-1

     

    FORM
      OF
      CLASS M CERTIFICATE

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES
      [,]
      [AND] [THE CLASS 1-M-1 CERTIFICATES] [,] [AND] [THE CLASS 1-M-2 CERTIFICATES]
      [,] [AND] [THE CLASS 1-M-3 CERTIFICATES] [,] [AND] [THE CLASS 1-M-4
      CERTIFICATES] [,] [AND] [THE CLASS 1-M-5 CERTIFICATES] [,] [AND] [THE CLASS
      1-M-6 CERTIFICATES] [,] [AND] [THE CLASS 1-M-7 CERTIFICATES] [,] [AND] [THE
      CLASS 1-M-8 CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED
      BELOW).

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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”).

     

    THIS
      CERTIFICATE SHALL INITIALLY BE ISSUED AS ONE OR MORE CERTIFICATES REGISTERED
      IN
      THE NAME OF THE DEPOSITORY OR ITS NOMINEE AND, EXCEPT AS PROVIDED BELOW,
      REGISTRATION OF SUCH 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 CERTIFICATE OWNERS
      SHALL HOLD THEIR RESPECTIVE OWNERSHIP INTERESTS IN AND TO EACH OF SUCH
      BOOK-ENTRY 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 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 SHALL
      NOT BE REQUIRED TO MONITOR, DETERMINE OR INQUIRE AS TO COMPLIANCE WITH THE
      TRANSFER RESTRICTIONS WITH RESPECT TO THE BOOK-ENTRY CERTIFICATES, AND THE
      TRUSTEE SHALL HAVE NO LIABILITY FOR TRANSFERS OF OWNERSHIP INTERESTS IN THE
      BOOK-ENTRY CERTIFICATES MADE THROUGH THE BOOK-ENTRY FACILITIES OF THE DEPOSITORY
      OR BETWEEN OR AMONG DEPOSITORY PARTICIPANTS OR CERTIFICATE OWNERS, MADE IN
      VIOLATION OF THE APPLICABLE RESTRICTIONS.

     

    
      
        
        

      

      
        B-1-1

        
          

        

      

      
        
        

      

    

    ANY
      TRANSFEREE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION
      5.02(c) OF THE AGREEMENT (AS DEFINED BELOW).

     

    
      	
              Certificate
                No. 1

            	
              Adjustable
                Pass-Through Rate

            
	 	 
	
              Class
                [1]-M-[1][2][3][4][5][6][7][8] 

            	
              Aggregate
                Initial Certificate Principal

            
	 	 
	 	
              Balance
                of the Class [1]-M-[1][2][3][4][5][6][7][8]
                Certificates:

            
	 	 
	 	
              $[____________]

            
	 	 
	
              Date
                of Pooling and Servicing

            	
              Initial
                Certificate Principal Balance of this Certificate:

            
	 	 
	
              Agreement
                and Cut-off Date: 

              December
                1, 2006

            	
              $[____________]

            
	 	 
	
              First
                Distribution Date:

            	
              CUSIP:
                [________]

            
	 	 
	
              January
                25, 2007

            	 
	 	 
	
              Master
                Servicer:

            	 
	 	 
	
              Impac
                Funding Corporation

            	 
	 	 
	
              Assumed
                Final Distribution Date:

            	 
	 	 
	
              [________
                __], 20__

            	 
	 	 

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    SERIES
      2006-5

     

    evidencing
      a percentage interest in any distributions allocable to the Class
      [1]-M-[1][2][3][4][5][6][7][8] Certificates with respect to a Trust Fund
      consisting primarily of a pool of adjustable-rate and fixed-rate, first and
      second lien, one-to-four family residential mortgage loans and adjustable-rate
      and fixed-rate, first lien multifamily, commercial and mixed-use mortgage loans
      formed and sold by IMPAC SECURED ASSETS CORP.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Impac Secured Assets Corp., the Master
      Servicer, the Trustee referred to below 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 Impac Secured Assets Corp., the
      Master Servicer, the Trustee or any of their affiliates. None of the Company,
      the Master Servicer 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.

     

    
      
        
        

      

      
        B-1-2

        
          

        

      

      
        
        

      

    

    This
      certifies that Cede & Co. 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 [1]-M-[1][2][3][4][5][6][7][8] Certificates,
      both
      as specified above) in certain distributions with respect to a Trust Fund
      consisting primarily of a pool of adjustable-rate and fixed-rate, first and
      second lien, one-to-four family residential mortgage loans and adjustable-rate
      and fixed-rate, first lien multifamily, commercial and mixed-use mortgage loans
      (the “Mortgage Loans”), formed and sold by Impac Secured Assets Corp.
      (hereinafter called the “Company,” which term includes any successor entity
      under the Agreement referred to below). The Trust Fund was created pursuant
      to a
      Pooling and Servicing Agreement dated as specified above (the “Agreement”) among
      the Company, the Master Servicer and Deutsche Bank National Trust Company,
      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 on the
      Business Day immediately preceding such Distribution Date (the “Record Date”),
      from the Available Funds 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
      [1]-M-[1][2][3][4][5][6][7][8] Certificates on such Distribution
      Date.

     

    Distributions
      on this Certificate will be made either by the Trustee or by a Paying Agent
      appointed by the Trustee either 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 Trustee or such Paying Agent at least 5 Business
      Days
      prior to the related Record Date, or by check mailed to the address of the
      Person entitled thereto, as such name and address shall appear on the
      Certificate Register.

     

    Any
      transferee shall be deemed to have made the representations set forth in Section
      5.02(c) of the Agreement.

     

    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.

     

    
      
        
        

      

      
        B-1-3

        
          

        

      

      
        
        

      

    

    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 the Master Servicer advances funds
      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 Trustee, 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 66-2/3% of the Percentage Interests of each Class of
      Certificates affected thereby and with the consent of the Certificate Insurer.
      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 Certificate Insurer and 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, duly endorsed by, or accompanied by an
      assignment in the form below or other written instrument of transfer in form
      satisfactory to the Trustee 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.

     

    
      
        
        

      

      
        B-1-4

        
          

        

      

      
        
        

      

    

    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 and the Trustee and any agent of the Company,
      the
      Master Servicer or the Trustee 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
      Group
      1 Certificates are subject to termination in whole, but not in part, by the
      Master Servicer, on or after the Distribution Date on which the aggregate Stated
      Principal Balance of the Group 1 Mortgage Loans as of the end of the related
      Due
      Period is less than or equal to 10% of the aggregate Stated Principal Balance
      of
      the Group 1 Mortgage Loans as of the Cut-off Date. The Group 2 Certificates
      are
      subject to termination in whole, but not in part, by the Master Servicer, on
      or
      after the Distribution Date on which the aggregate Stated Principal Balance
      of
      the Group 2 Mortgage Loans as of the end of the related Due Period is less
      than
      or equal to 10% of the aggregate Stated Principal Balance of the Group 2
      Mortgage Loans as of the Cut-off Date; provided,
      however, that
      no
      such purchase will be permitted if it would result in a draw on the Certificate
      Guaranty Insurance Policy, unless the Certificate Insurer consents in writing
      to
      such purchase.

     

    Unless
      the certificate of authentication hereon has been executed by the Trustee,
      by
      manual signature, this Certificate shall not be entitled to any benefit under
      the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        B-1-5

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:
                December 21, 2006

            	
              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY

               

              as
                Trustee

               

               

               

              By:______________________________

               Authorized
                Signatory

            

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class [1]-M-[1][2][3][4][5][6][7][8] Certificates referred to in
      the
      within-mentioned Agreement.

     

    
      	 	 
	 	
              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY

              Trustee
                

               

               

               

              By:______________________________

              Authorized
                Signatory

            

    

    
      
        
        

      

      
        B-1-6

        
          

        

      

      
        
        

      

    

    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 Trustee 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

            

    

    
      
        
        

      

      
        B-1-7

        
          

        

      

      
        
        

      

    

    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.

            	 	 

    

    

      
        
          
          

        

        
          B-1-8

          
            

          

        

        
          
          

        

      

    EXHIBIT
      B-1

     

    CLASS
      B
      CERTIFICATE

     

    THIS
      CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES
      [,]
      [AND] [THE CLASS 1-M-1 CERTIFICATES] [,] [AND] [THE CLASS 1-M-2 CERTIFICATES]
      [,] [AND] [THE CLASS 1-M-3 CERTIFICATES] [,] [AND] [THE CLASS 1-M-4
      CERTIFICATES] [,] [AND] [THE CLASS 1-M-5 CERTIFICATES] [,] [AND] [THE CLASS
      1-M-6 CERTIFICATES] [,] [AND] [THE CLASS 1-M-7 CERTIFICATES] [,] [AND] [THE
      CLASS 1-M-8 CERTIFICATES] AS DESCRIBED IN THE AGREEMENT (AS DEFINED
      BELOW).

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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”).

     

    THIS
      CERTIFICATE SHALL INITIALLY BE ISSUED AS ONE OR MORE CERTIFICATES REGISTERED
      IN
      THE NAME OF THE DEPOSITORY OR ITS NOMINEE AND, EXCEPT AS PROVIDED BELOW,
      REGISTRATION OF SUCH 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 CERTIFICATE OWNERS
      SHALL HOLD THEIR RESPECTIVE OWNERSHIP INTERESTS IN AND TO EACH OF SUCH
      BOOK-ENTRY 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 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 SHALL
      NOT BE REQUIRED TO MONITOR, DETERMINE OR INQUIRE AS TO COMPLIANCE WITH THE
      TRANSFER RESTRICTIONS WITH RESPECT TO THE BOOK-ENTRY CERTIFICATES, AND THE
      TRUSTEE SHALL HAVE NO LIABILITY FOR TRANSFERS OF OWNERSHIP INTERESTS IN THE
      BOOK-ENTRY CERTIFICATES MADE THROUGH THE BOOK-ENTRY FACILITIES OF THE DEPOSITORY
      OR BETWEEN OR AMONG DEPOSITORY PARTICIPANTS OR CERTIFICATE OWNERS, MADE IN
      VIOLATION OF THE APPLICABLE RESTRICTIONS.

     

    
      
        
        

      

      
        B-2-1

        
          

        

      

      
        
        

      

    

    ANY
      TRANSFEREE SHALL BE DEEMED TO HAVE MADE THE REPRESENTATIONS SET FORTH IN SECTION
      5.02(c) OF THE AGREEMENT (AS DEFINED BELOW).

     

    
      
        
        

      

      
        B-2-2

        
          

        

      

      
        
        

      

    

     

    
      	
              Certificate
                No. 1

            	
              Adjustable
                Pass-Through Rate

            
	 	 
	
              Class
                1-B 

            	
              Aggregate
                Initial Certificate Principal

            
	 	 
	 	
              Balance
                of the Class 1-B Certificates:

            
	 	 
	 	
              $[____________]

            
	 	 
	
              Date
                of Pooling and Servicing

            	
              Initial
                Certificate Principal Balance of this Certificate:

            
	 	 
	
              Agreement
                and Cut-off Date: 

              December
                1, 2006

            	
              $[____________]

            
	 	 
	 	 
	
              First
                Distribution Date:

            	
              CUSIP:
                [________]

            
	 	 
	
              January
                25, 2007

            	 
	 	 
	
              Master
                Servicer:

            	 
	 	 
	
              Impac
                Funding Corporation

            	 
	 	 
	
              Assumed
                Final Distribution Date:

            	 
	 	 
	
              [________
                __], 20__

            	 

    

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

    SERIES
      2006-5

     

    evidencing
      a percentage interest in any distributions allocable to the Class 1-B
      Certificates with respect to a Trust Fund consisting primarily of a pool of
      adjustable-rate and fixed-rate, first and second lien, one-to-four family
      residential mortgage loans and adjustable-rate and fixed-rate, first lien
      multifamily, commercial and mixed-use mortgage loans formed and sold by IMPAC
      SECURED ASSETS CORP.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Impac Secured Assets Corp., the Master
      Servicer, the Trustee referred to below 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 Impac Secured Assets Corp., the
      Master Servicer, the Trustee or any of their affiliates. None of the Company,
      the Master Servicer 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.

     

    
      
        
        

      

      
        B-2-3

        
          

        

      

      
        
        

      

    

    This
      certifies that Cede & Co. 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 1-B Certificates, both as specified above) in
      certain distributions with respect to a Trust Fund consisting primarily of
      a
      pool of adjustable-rate and fixed-rate, first and second lien, one-to-four
      family residential mortgage loans and adjustable-rate and fixed-rate, first
      lien
      multifamily, commercial and mixed-use mortgage loans (the “Mortgage Loans”),
      formed and sold by Impac Secured Assets Corp. (hereinafter called the “Company,”
which term includes any successor entity under the Agreement referred to below).
      The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated
      as specified above (the “Agreement”) among the Company, the Master Servicer and
      Deutsche Bank National Trust Company, 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 on the
      Business Day immediately preceding such Distribution Date (the “Record Date”),
      from the Available Funds 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 1-B Certificates on
      such
      Distribution Date.

     

    Distributions
      on this Certificate will be made either by the Trustee or by a Paying Agent
      appointed by the Trustee either 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 Trustee or such Paying Agent at least 5 Business
      Days
      prior to the related Record Date, 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.

     

    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 the Master Servicer advances funds
      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.

     

    
      
        
        

      

      
        B-2-4

        
          

        

      

      
        
        

      

    

    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 Trustee, 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 66-2/3% of the Percentage Interests of each Class of
      Certificates affected thereby and with the consent of the Certificate Insurer.
      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 Certificate Insurer and the Holders
      of
      any of the Certificates and, in certain additional circumstances, without the
      consent of the Holders of certain Classes of Certificates.

     

    Any
      transferee shall be deemed to have made the representations set forth in Section
      5.02(c) of the Agreement.

     

    No
      transfer of this Class 1-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 shall require an opinion of counsel acceptable to and in form and
      substance satisfactory to the Trustee 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 and transferor
      shall execute a representation letter in the form described by the Agreement.
      The Holder hereof desiring to effect such transfer shall, and does hereby agree
      to, indemnify the Trustee, the Company and the Master Servicer 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. 

     

    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, duly endorsed by, or accompanied by an
      assignment in the form below or other written instrument of transfer in form
      satisfactory to the Trustee 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.

     

    
      
        
        

      

      
        B-2-5

        
          

        

      

      
        
        

      

    

    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 and the Trustee and any agent of the Company,
      the
      Master Servicer or the Trustee 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
      Group
      1 Certificates are subject to termination in whole, but not in part, by the
      Master Servicer, on or after the Distribution Date on which the aggregate Stated
      Principal Balance of the Group 1 Mortgage Loans as of the end of the related
      Due
      Period is less than or equal to 10% of the aggregate Stated Principal Balance
      of
      the Group 1 Mortgage Loans as of the Cut off Date. The Group 2 Certificates
      are
      subject to termination in whole, but not in part, by the Master Servicer, on
      or
      after the Distribution Date on which the aggregate Stated Principal Balance
      of
      the Group 2 Mortgage Loans as of the end of the related Due Period is less
      than
      or equal to 10% of the aggregate Stated Principal Balance of the Group 2
      Mortgage Loans as of the Cut off Date; provided,
      however, that
      no
      such purchase will be permitted if it would result in a draw on the Certificate
      Guaranty Insurance Policy, unless the Certificate Insurer consents in writing
      to
      such purchase.

     

    Unless
      the certificate of authentication hereon has been executed by the Trustee,
      by
      manual signature, this Certificate shall not be entitled to any benefit under
      the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        B-2-6

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:
                December 21, 2006

            	
              DEUTSCHE
                BANK NATIONAL 

              TRUST
                COMPANY

               

              as
                Trustee

               

               

               

              By:______________________________

              Authorized
                Signatory

            

    

    

    
 

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class 1-B Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 
	 	
              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY

               

              as
                Trustee

               

               

               

              By:______________________________

              Authorized
                Signatory

            

    

    

     

    
      
        
        

      

      
        B-2-7

        
          

        

      

      
        
        

      

    

    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 Trustee 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

            

    

     

    
      
        
        

      

      
        B-2-8

        
          

        

      

      
        
        

      

    

    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.

     

    
      
        
        

      

      
        B-2-9

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B-3

     

    FORM
      OF
      CLASS C CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
      THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE SHALL BE MADE
      EXCEPT IN COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

     

    
      
        
        

      

      
        B-3-1

        
          

        

      

      
        
        

      

    

    NO
      TRANSFER OF ANY CLASS C CERTIFICATE SHALL BE MADE UNLESS THE PROPOSED TRANSFEREE
      OF SUCH CLASS C CERTIFICATE (1) PROVIDES TO THE TRUSTEE THE APPROPRIATE TAX
      CERTIFICATION FORM THAT WOULD ELIMINATE ANY WITHHOLDING OR DEDUCTION FOR TAXES
      FROM AMOUNTS PAYABLE TO THE TRUSTEE, ON BEHALF OF THE SUPPLEMENTAL INTEREST
      TRUST, PURSUANT TO THE RELATED INTEREST RATE SWAP AGREEMENT BY THE RELATED
      SWAP
      PROVIDER (I.E., IRS FORM W-9 OR IRS FORM W-8BEN, W-8IMY, W-8EXP OR W-8ECI,
      AS
      APPLICABLE (OR ANY SUCCESSOR FORM THERETO)) AND (2) AGREES TO UPDATE SUCH FORMS
      (I) UPON EXPIRATION OF ANY SUCH FORM, (II) AS REQUIRED UNDER THEN APPLICABLE
      U.S. TREASURY REGULATIONS AND (III) PROMPTLY UPON LEARNING THAT SUCH FORM HAS
      BECOME OBSOLETE OR INCORRECT, EACH AS A CONDITION TO SUCH TRANSFER. UNDER THE
      AGREEMENT, UPON RECEIPT OF ANY SUCH TAX CERTIFICATION FORM FROM A PROPOSED
      TRANSFEREE OF ANY CLASS C CERTIFICATE, THE TRUSTEE SHALL FORWARD SUCH TAX
      CERTIFICATION FORM PROVIDED TO IT TO THE RELATED SWAP PROVIDER AND THE RELATED
      CAP COUNTERPARTIES. EACH HOLDER OF A CLASS C CERTIFICATE AND EACH TRANSFEREE
      THEREOF SHALL BE DEEMED TO HAVE CONSENTED TO THE TRUSTEE FORWARDING TO THE
      RELATED SWAP PROVIDER AND THE RELATED CAP COUNTERPARTIES ANY TAX CERTIFICATION
      FORM IT HAS PROVIDED AND UPDATED IN ACCORDANCE WITH THESE TRANSFER RESTRICTIONS.
      ANY PURPORTED SALES OR TRANSFERS OF ANY CLASS C CERTIFICATE TO A TRANSFEREE
      WHICH DOES NOT COMPLY WITH THESE REQUIREMENTS SHALL BE DEEMED NULL AND VOID
      UNDER THE AGREEMENT.

    
      
        
        

      

      
        B-3-2

        
          

        

      

      
        
        

      

    

    

    
      	
              Certificate
                No. [ ]

            	 
	 	 
	
              Class
                [1][2]-C

            	
              Aggregate
                Initial Notional Amount of the Class [1][2]-C
                Certificates:

            
	 	 
	 	
              $_____________]

            
	 	 
	
              Date
                of Pooling and Servicing

            	
              Initial
                Notional Amount of this Certificate:

            
	 	 
	
              Agreement
                and Cut-off Date: 

              December
                1, 2006

            	
              $[_____________]

            
	 	 
	
              First
                Distribution Date:

            	
              Initial
                Certificate Principal Balance

            
	 	 
	
              January
                25, 2007

            	
              of
                this Certificate $[_________]

            
	 	 
	
              Master
                Servicer:

            	
              Percentage
                Interest of this 

            
	 	 
	
              Impac
                Funding Corporation

            	
              Certificate:
                [___]%

            
	 	 
	
              Assumed
                Final Distribution Date:

            	
              CUSIP:
                [_________]

            
	 	 
	
              [_______
                ___], 20--

            	 
	 	 

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    SERIES
      2006-5

     

    evidencing
      percentage interest in the distributions allocable to the Class [1][2]-C
      Certificates with respect to a Trust Fund consisting primarily of a pool of
      adjustable-rate and fixed-rate, first and second lien, one-to-four family
      residential mortgage loans and adjustable-rate and fixed-rate, first lien
      multifamily, commercial and mixed-use mortgage loans formed and sold by IMPAC
      SECURED ASSETS CORP.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Impac Secured Assets Corp., the Master
      Servicer, the Trustee referred to below 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 Impac Secured Assets Corp., the
      Master Servicer, the Trustee or any of their affiliates. None of the Company,
      the Master Servicer or any of their affiliates will have any obligation with
      respect to any certificate or other or obligation secured by or payable from
      payments on the Certificates.

     

    
      
        
        

      

      
        B-3-3

        
          

        

      

      
        
        

      

    

    This
      certifies that Deutsche Bank National Trust Company is the registered owner
      of
      the Percentage Interest evidenced by this Class [1][2]-C Certificate (obtained
      by dividing the Original Class [1][2]-C Certificate by the Original Class
      Certificate Principal Balance) in certain distributions with respect to a Trust
      consisting primarily of the Mortgage Loans deposited by Impac Secured Assets
      Corp. (the “Company”). The Trust was created pursuant to a Pooling and Servicing
      Agreement dated as of December 1, 2006 (the “Agreement”) among the Company, as
      depositor, Impac Funding Corporation, as master servicer (the “Master Servicer”)
      and Deutsche Bank National Trust Company, as trustee (the “Trustee”). To the
      extent not defined herein, the capitalized terms used herein have the meanings
      assigned in the Agreement. This Class [1][2]-C Certificate is issued under
      and
      is subject to the terms, provisions and conditions of the Agreement, to which
      Agreement the Holder of this Class [1][2]-C 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 Business Day of the month immediately preceding
      the month of such Distribution Date (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 [1][2]-C Certificates on such
      Distribution Date.

     

    Distributions
      on this Certificate will be made either by the Trustee or by a Paying Agent
      appointed by the Trustee either 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 Trustee or such Paying Agent at least 5 Business
      Days
      prior to the related Record Date, 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.

     

    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 the Master Servicer advances funds
      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.

     

    
      
        
        

      

      
        B-3-4

        
          

        

      

      
        
        

      

    

    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 Trustee, the Company and the Master Servicer of advances made, or certain
      expenses incurred, by either of them.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder's prospective transferee shall each
      certify to the Trustee and the Company in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the act, there shall be delivered to the Trustee and the Company of
      an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Master Servicer or the Company; or there shall be delivered to
      the
      Trustee and the Company a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Company 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.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(c) of the Agreement.

     

    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 66-2/3% of the Percentage Interests of each Class of
      Certificates affected thereby and with the consent of the Certificate Insurer.
      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 Certificate Insurer and 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, duly endorsed by, or accompanied by an
      assignment in the form below or other written instrument of transfer in form
      satisfactory to the Trustee 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.

     

    
      
        
        

      

      
        B-3-5

        
          

        

      

      
        
        

      

    

    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 and the Trustee and any agent of the Company,
      the
      Master Servicer or the Trustee 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
      Group
      1 Certificates are subject to termination in whole, but not in part, by the
      Master Servicer, on or after the Distribution Date on which the aggregate Stated
      Principal Balance of the Group 1 Mortgage Loans as of the end of the related
      Due
      Period is less than or equal to 10% of the aggregate Stated Principal Balance
      of
      the Group 1 Mortgage Loans as of the Cut-off Date. The Group 2 Certificates
      are
      subject to termination in whole, but not in part, by the Master Servicer, on
      or
      after the Distribution Date on which the aggregate Stated Principal Balance
      of
      the Group 2 Mortgage Loans as of the end of the related Due Period is less
      than
      or equal to 10% of the aggregate Stated Principal Balance of the Group 2
      Mortgage Loans as of the Cut-off Date; provided,
      however, that
      no
      such purchase will be permitted if it would result in a draw on the Certificate
      Guaranty Insurance Policy, unless the Certificate Insurer consents in writing
      to
      such purchase.

     

    Unless
      the certificate of authentication hereon has been executed by the Trustee,
      by
      manual signature, this Certificate shall not be entitled to any benefit under
      the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        B-3-6

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:
                December 21, 2006

            	
              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY

               

              as
                Trustee

               

               

               

              By:______________________________

              Authorized
                Signatory

            

    

    
 

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class [1][2]-C Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 
	 	
              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY

               

              as
                Trustee

               

               

               

              By:______________________________

              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        B-3-7

        
          

        

      

      
        
        

      

    

    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 Trustee 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

            

    

    

    
      
        
        

      

      
        B-3-8

        
          

        

      

      
        
        

      

    

    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.

      
        
          
          

        

        
          B-3-9

          
            

          

        

        
          
          

        

      

    EXHIBIT
      B-4

     

    FORM
      OF
      CLASS P CERTIFICATE

     

    SOLELY
      FOR U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS 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, AS AMENDED (THE “CODE”).

     

    THIS
      CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
      (THE “ACT”). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT REGISTRATION
      THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED FROM THE
      REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE PROVISIONS
      OF
      THE AGREEMENT REFERRED TO HEREIN.

     

    NO
      TRANSFER OF THIS CERTIFICATE TO AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
      ARRANGEMENT (EACH A “PLAN”) SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY
      ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE SHALL BE MADE
      EXCEPT IN COMPLIANCE WITH THE PROCEDURES DESCRIBED HEREIN.

     

    
      
        
        

      

      
        B-4-1

        
          

        

      

      
        
        

      

    

    

    
      	
              Certificate
                No. []

            	 
	 	 
	
              Class
                [1][2]-P

            	
              Aggregate
                Initial Certificate Principal

            
	 	 
	 	
              Balance
                of the Class [1][2]-P Certificates:

            
	 	 
	 	
              $[_________]

            
	 	 
	
              Date
                of Pooling and Servicing

            	
              Initial
                Certificate Principal Balance

            
	 	 
	
              Agreement
                and Cut-off Date:

              December
                1, 2006

            	
              of
                this Certificate Denomination:

            
	 	 
	 	
              $[_________]

            
	 	 
	
              First
                Distribution Date

            	
              Percentage
                Interest of this Certificate:

            
	 	 
	
              January
                25, 2007

            	
              [___]%

            
	 	 
	
              Master
                Servicer

            	
              CUSIP:
                [_________]

            
	 	 
	
              Impac
                Funding Corporation

            	 
	 	 
	
              Assumed
                Final Distribution Date:

            	 
	 	 
	
              [________
                ___], 20__

            	 
	 	 

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE

     

    SERIES
      2006-5

     

    evidencing
      a percentage interest in any distributions allocable to the Class [1][2]-P
      Certificates with respect to a Trust Fund consisting primarily of a pool of
      adjustable-rate and fixed-rate, first and second lien, one-to-four family
      residential mortgage loans and adjustable-rate and fixed-rate, first lien
      multifamily, commercial and mixed-use mortgage loans formed and sold by IMPAC
      SECURED ASSETS CORP.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Impac Secured Assets Corp., the Master
      Servicer, the Trustee referred to below 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 Impac Secured Assets Corp., the
      Master Servicer, the Trustee or any of their affiliates. None of the Company,
      the Master Servicer 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.

     

    
      
        
        

      

      
        B-4-2

        
          

        

      

      
        
        

      

    

    This
      certifies that Deutsche Bank National Trust Company is the registered owner
      of
      the Percentage Interest evidenced by this Class [1][2]-P Certificate (obtained
      by dividing the Denomination of this Class [1][2]-P Certificate by the Original
      Class Certificate Principal Balance) in certain distributions with respect
      to a
      Trust Fund consisting primarily of a pool adjustable-rate and fixed-rate, first
      and second lien, one-to-four family residential mortgage loans and
      adjustable-rate and fixed-rate, first lien multifamily, commercial and mixed-use
      mortgage loans (the “Mortgage Loans”), formed and sold by Impac Secured Assets
      Corp. (hereinafter called the “Company,” which term includes any successor
      entity under the Agreement referred to below). The Trust Fund was created
      pursuant to a Pooling and Servicing Agreement dated as specified above (the
      “Agreement”) among the Company, the Master Servicer, Deutsche Bank National
      Trust Company, 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 Business Day of the month immediately preceding
      the month of such Distribution Date (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 Prepayment Charges and
      principal, if any) required to be distributed to Holders of Class [1][2]-P
      Certificates on such Distribution Date.

     

    Distributions
      on this Certificate will be made either by the Trustee or by a Paying Agent
      appointed by the Trustee either 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 Trustee or such Paying Agent at least 5 Business
      Days
      prior to the related Record Date, 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 allocable hereto.

     

    
      
        
        

      

      
        B-4-3

        
          

        

      

      
        
        

      

    

    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 the Master Servicer advances funds
      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 Trustee, the Company and the Master Servicer of advances made, or certain
      expenses incurred, by either of them.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder's prospective transferee shall each
      certify to the Trustee and the Company in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the Act, there shall be delivered to the Trustee and the Company of
      an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Master Servicer or the Company; or there shall be delivered to
      the
      Trustee and the Company a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Company 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.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(c) of the Agreement.

     

    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 66-2/3% of the Percentage Interests of each Class of
      Certificates affected thereby and with the consent of the Certificate Insurer.
      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 Certificate Insurer and the Holders
      of
      any of the Certificates and, in certain additional circumstances, without the
      consent of the Holders of certain Classes of Certificates.

     

    
      
        
        

      

      
        B-4-4

        
          

        

      

      
        
        

      

    

    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, duly endorsed by, or accompanied by an
      assignment in the form below or other written instrument of transfer in form
      satisfactory to the Trustee 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 and the Trustee and any agent of the Company,
      the
      Master Servicer or the Trustee 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
      Group
      1 Certificates are subject to termination in whole, but not in part, by the
      Master Servicer, on or after the Distribution Date on which the aggregate Stated
      Principal Balance of the Group 1 Mortgage Loans as of the end of the related
      Due
      Period is less than or equal to 10% of the aggregate Stated Principal Balance
      of
      the Group 1 Mortgage Loans as of the Cut-off Date. The Group 2 Certificates
      are
      subject to termination in whole, but not in part, by the Master Servicer, on
      or
      after the Distribution Date on which the aggregate Stated Principal Balance
      of
      the Group 2 Mortgage Loans as of the end of the related Due Period is less
      than
      or equal to 10% of the aggregate Stated Principal Balance of the Group 2
      Mortgage Loans as of the Cut-off Date; provided,
      however, that
      no
      such purchase will be permitted if it would result in a draw on the Certificate
      Guaranty Insurance Policy, unless the Certificate Insurer consents in writing
      to
      such purchase.

     

    
      
        
        

      

      
        B-4-5

        
          

        

      

      
        
        

      

    

    Unless
      the certificate of authentication hereon has been executed by the Trustee,
      by
      manual signature, this Certificate shall not be entitled to any benefit under
      the Agreement or be valid for any purpose.

     

    
      
        
        

      

      
        B-4-6

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:
                December 21, 2006

            	
              DEUTSCHE
                BANK NATIONAL 

              TRUST
                COMPANY

              as
                Trustee

               

               

               

              By:______________________________

              Authorized
                Signatory

            

    

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class [1][2]-P Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 
	 	
              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY

              as
                Trustee

               

               

               

              By:______________________________

              Authorized
                Signatory

            

    

    

    
      
        
        

      

      
        B-4-7

        
          

        

      

      
        
        

      

    

    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)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee 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

            

    

    

    
      
        
          
          

        

        
          B-4-8

          
            

          

        

        
          
          

        

      

    

    

    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.

     

    

    
      
        
          
          

        

        
          B-4-9

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      B-5

     

    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 REPRESENTS 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(c) OF THE AGREEMENT
      OR
      AN OPINION OF COUNSEL AS PROVIDED IN SECTION 5.02(c) THAT THE PURCHASE OF THIS
      CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, 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 POOLING
      AND
      SERVICING AGREEMENT (THE “AGREEMENT”).

     

    THIS
      CLASS R CERTIFICATE HAS NO PRINCIPAL BALANCE, DOES NOT BEAR INTEREST AND WILL
      NOT RECEIVE ANY DISTRIBUTIONS EXCEPT AS PROVIDED HEREIN.

     

    

    
      
        
          
          

        

        
          B-5-1

          
            

          

        

        
          
          

        

      

    

    

    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 FOREIGN GOVERNMENT, ANY INTERNATIONAL
      ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B)
      ANY
      ORGANIZATION (OTHER THAN A COOPERATIVE 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, (C)
      ANY
      ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C) OF THE CODE, (D) ANY ELECTING
      LARGE PARTNERSHIP WITHIN THE MEANING OF SECTION 775(a) OF THE CODE (ANY SUCH
      PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B), (C) OR (D) BEING HEREIN
      REFERRED TO AS A “DISQUALIFIED ORGANIZATION”) OR (D) AN AGENT OF A DISQUALIFIED
      ORGANIZATION, (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT OR
      COLLECTION OF TAX, (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS
      RELATING TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND (4) SUCH
      TRANSFEREE IS NOT A NON-UNITED STATES PERSON. NOTWITHSTANDING THE REGISTRATION
      IN THE CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF THIS
      CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR NON-UNITED STATE PERSON OR AN
      AGENT OF A DISQUALIFIED ORGANIZATION OR NON-UNITED STATES PERSON, 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.

    

    
      
        
          
          

        

        
          B-5-2

          
            

          

        

        
          
          

        

      

    

    

    

    
      	
              Certificate
                No. 1

            	 
	 	 
	
              Class
                R 

            	 
	 	 
	
              Date
                of Pooling and Servicing

            	
              Percentage
                Interest: 100%

            
	 	 
	
              Agreement
                and Cut-off Date: December 1, 2006

            	 
	 	 
	
              First
                Distribution Date: January 25, 2007

            	 
	 	 
	
              Master
                Servicer:

            	 
	 	 
	
              Impac
                Funding Corporation

            	 
	 	 
	
              Assumed
                Final Distribution Date: [_________], 20__

            	
              CUSIP:
                [_________]

            
	 	 

    

    MORTGAGE
      PASS-THROUGH CERTIFICATE,

     

    SERIES
      2006-5

     

    evidencing
      a percentage interest in any distributions allocable to the Class R Certificates
      with respect to a Trust Fund consisting primarily of a pool of adjustable-rate
      and fixed-rate, first and second lien, one-to-four family residential mortgage
      loans and adjustable-rate and fixed-rate, first lien multifamily, commercial
      and
      mixed-use mortgage loans formed and sold by IMPAC SECURED ASSETS
      CORP.

     

    This
      Certificate is payable solely from the assets of the Trust Fund, and does not
      represent an obligation of or interest in Impac Secured Assets Corp., the Master
      Servicer, the Trustee referred to below 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 Impac Secured Assets Corp., the
      Master Servicer, the Trustee or any of their affiliates. None of the Company,
      the Master Servicer 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 Impac Funding Corporation is the registered owner of the
      Percentage Interest evidenced by this Certificate stated above in certain
      distributions with respect to a Trust Fund, consisting primarily of a pool
      of
      adjustable-rate and fixed-rate, first and second lien, one-to-four family
      residential mortgage loans and adjustable-rate and fixed-rate, first lien
      multifamily, commercial and mixed-use mortgage loans (the “Mortgage Loans”),
      formed and sold by Impac Secured Assets Corp. (hereinafter called the “Company,”
which term includes any successor entity under the Agreement referred to below).
      The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated
      as specified above (the “Agreement”) among the Company, the Master Servicer,
      Deutsche Bank National Trust Company, 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.

     

    

    
      
        
          
          

        

        
          B-5-3

          
            

          

        

        
          
          

        

      

    

    

    This
      Certificate does not have a principal balance or pass-through rate and will
      be
      entitled to distributions only to the Patent set forth in the Agreement. In
      addition, any distribution of the proceeds of any remaining assets of the Trust
      will be made only upon presentment and surrender of this Certificate at the
      office or agency maintained by the Trustee.

     

    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”).

     

    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 Trustee, the Company and the Master Servicer of advances made, or certain
      expenses incurred, by either of them.

     

    No
      transfer of a Certificate of this Class shall be made unless such transfer
      is
      made pursuant to an effective registration statement under the Act and any
      applicable state securities laws or is exempt from the registration requirements
      under said Act and such laws. In the event that a transfer is to be made in
      reliance upon an exemption from the Act and such laws, in order to assure
      compliance with the Act and such laws, the Certificateholder desiring to effect
      such transfer and such Certificateholder's prospective transferee shall each
      certify to the Trustee and the Company in writing the facts surrounding the
      transfer. In the event that such a transfer is not to be made pursuant to Rule
      144A of the Act, there shall be delivered to the Trustee and the Company of
      an
      Opinion of Counsel that such transfer may be made pursuant to an exemption
      from
      the Act, which Opinion of Counsel shall not be obtained at the expense of the
      Trustee, the Master Servicer or the Company; or there shall be delivered to
      the
      Trustee and the Company a transferor certificate by the transferor and an
      investment letter shall be executed by the transferee. The Holder hereof
      desiring to effect such transfer shall, and does hereby agree to, indemnify
      the
      Trustee and the Company 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.

     

    No
      transfer of this Certificate to a Plan subject to ERISA or Section 4975 of
      the
      Code, any Person acting, directly or indirectly, on behalf of any such Plan
      or
      any person using Plan Assets to acquire this Certificate shall be made except
      in
      accordance with Section 5.02(c) of the Agreement.

     

    Each
      Holder of this Certificate will be deemed to have agreed to be bound by the
      restrictions of the Agreement, including but not limited to the restrictions
      that (i) each person holding or acquiring any Ownership Interest in this
      Certificate must be a Permitted Transferee, (ii) no Ownership Interest, in
      this
      Certificate may be transferred without delivery to the Trustee of (a) a transfer
      affidavit of the proposed transferee and (b) a transfer certificate of the
      transferor, each of such documents to be in the form described in the Agreement,
      (iii) each person holding or acquiring any Ownership Interest in this
      Certificate must agree to require a transfer affidavit and to deliver a transfer
      certificate to the Trustee as required pursuant to the Agreement, (iv) each
      person holding or acquiring an Ownership Interest in this Certificate must
      agree
      not to transfer an Ownership Interest in this Certificate if it has actual
      knowledge that the proposed transferee is not a Permitted Transferee and (v)
      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. Pursuant to the Agreement, the Trustee
      will
      provide the Internal Revenue Service and any pertinent persons with the
      information needed to compute the tax imposed under the applicable tax laws
      on
      transfers of residual interests to disqualified organizations, if any person
      other than a Permitted Transferee acquires an Ownership Interest on a Class
      [R]
      Certificate in violation of the restrictions mentioned above.

     

    

    
      
        
          
          

        

        
          B-5-4

          
            

          

        

        
          
          

        

      

    

    

    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 66-2/3% of the Percentage Interests of each Class of
      Certificates affected thereby and with the consent of the Certificate Insurer.
      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 Certificate Insurer and 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, duly endorsed by, or accompanied by an,
      assignment in the form below or other written instrument of transfer in form
      satisfactory to the Trustee 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.

     

    

    
      
        
          
          

        

        
          B-5-5

          
            

          

        

        
          
          

        

      

    

    

    The
      Company, the Master Servicer and the Trustee and any agent of the Company,
      the
      Master Servicer or the Trustee 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
      Group
      1 Certificates are subject to termination in whole, but not in part, by the
      Master Servicer, on or after the Distribution Date on which the aggregate Stated
      Principal Balance of the Group 1 Mortgage Loans as of the end of the related
      Due
      Period is less than or equal to 10% of the aggregate Stated Principal Balance
      of
      the Group 1 Mortgage Loans as of the Cut-off Date. The Group 2 Certificates
      are
      subject to termination in whole, but not in part, by the Master Servicer, on
      or
      after the Distribution Date on which the aggregate Stated Principal Balance
      of
      the Group 2 Mortgage Loans as of the end of the related Due Period is less
      than
      or equal to 10% of the aggregate Stated Principal Balance of the Group 2
      Mortgage Loans as of the Cut-off Date; provided,
      however, that
      no
      such purchase will be permitted if it would result in a draw on the Certificate
      Guaranty Insurance Policy, unless the Certificate Insurer consents in writing
      to
      such purchase.

     

    Unless
      the certificate of authentication hereon has been executed by the Trustee,
      by
      manual signature, this Certificate shall not be entitled to any benefit under
      the Agreement or be valid for any purpose.

    

    
      
        
          
          

        

        
          B-5-6

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    
      	
              Dated:
                December 21, 2006

            	
              DEUTSCHE
                BANK NATIONAL 

              TRUST
                COMPANY

              as
                Trustee

               

               

              By:______________________________

              Authorized
                Signatory

            

    

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    This
      is
      one of the Class [R] Certificates referred to in the within-mentioned
      Agreement.

     

    
      	 	 
	 	
              DEUTSCHE
                BANK NATIONAL

              TRUST
                COMPANY

              as
                Trustee

               

               

              By:______________________________

              Authorized
                Signatory

            

    

     

    

    
      
        
          
          

        

        
          B-5-7

          
            

          

        

        
          
          

        

      

    

    

    

    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)

     

    the
      Percentage Interest evidenced by the within Certificate and hereby authorizes
      the transfer of registration of such Percentage Interest to assignee on the
      Certificate Register of the Trust.

     

    I
      (We)
      further direct the Trustee 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

            

    

    

    
      
        
          
          

        

        
          B-5-8

          
            

          

        

        
          
          

        

      

    

    

    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.

    

    
      
        
          
          

        

        
          B-5-9

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      C

     

    FORM
      OF
      CUSTODIAN'S INITIAL CERTIFICATION

     

    _______________,
      20___

     

    Impac
      Funding Corporation

    19500
      Jamboree Road

    
      
        Irvine,
          California 92612

        

          
            	 	
                    Re:

                  	
                    Pooling
                      and Servicing Agreement, dated as of December 1, 2006 among
                      Impac
                      

                  
	 	 	
                    Secured
                      Assets Corp., Impac Funding Corporation and Deutsche Bank
                      National

                  
	 	 	
                    Trust
                      Company, Mortgage Pass-Through Certificates, Series
                      2006-5

                  

          

        

         

        Ladies
          and Gentlemen:

         

        In
          accordance with Section 2.02 of the above-captioned Pooling and Servicing
          Agreement, the undersigned, as Custodian, hereby certifies that as to each
          Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
          Loan
          paid in full or listed on the attachment hereto) it has reviewed the Mortgage
          File and the Mortgage Loan Schedule and has determined that: (i) all documents
          required to be included in the Mortgage File are in its possession; (ii)
          such
          documents have reviewed by it and appear regular on their face and relate
          to
          such Mortgage Loan; and (iii) based on examination by it, and only as to
          such
          documents, the information set forth in items (iii) and (iv) of the definition
          or description of “Mortgage Loan Schedule” is correct.

         

        The
          Custodian has made no independent examination of any documents contained
          in each
          Mortgage File beyond the review specifically required in the above-referenced
          Pooling and Servicing Agreement. The Custodian makes no representation
          that any
          documents specified in clause (vi) of Section 2.01 should be included in
          any
          Mortgage File. The Custodian makes no representations as to and shall not
          be
          responsible to verify: (i) the validity, legality, sufficiency, enforceability,
          due authorization, recordability or genuineness of any of the documents
          contained in each Mortgage File of any of the Mortgage Loans identified
          on the
          Mortgage Loan Schedule, (ii) the collectability, insurability, effectiveness
          or
          suitability of any such Mortgage Loan, or (iii) the existence of any assumption,
          modification, written assurance or substitution agreement with respect
          to any
          Mortgage File if no such documents appear in the Mortgage File delivered
          to the
          Custodian.

         

        

        
          
            
              
              

            

            
              C-1

              
                

              

            

            
              
              

            

          

        

        

        Capitalized
          words and phrases used herein shall have the respective meanings assigned
          to
          them in the above-captioned Pooling and Servicing Agreement.

         

        
          	 	
                  [_______________________________]

                
	 	 
	 	
                  By:
                    ________________________________

                
	 	 
	 	
                  Name:

                
	 	 
	 	
                  Title:

                
	 	 

        

        

          
            
              
              

            

            
              C-2

              
                

              

            

            
              
              

            

          

        EXHIBIT
          D

         

        FORM
          OF
          CUSTODIAN FINAL CERTIFICATION

         

        ______________,
          20__

         

        Impac
          Funding Corporation

        19500
          Jamboree Road

        Irvine,
          California 92612

         

        Ambac
          Assurance Corporation

        
          	 	
                  Re:

                	
                  Pooling
                    and Servicing Agreement, dated as of December 1, 2006 among Impac
                    

                
	 	 	
                  Secured
                    Assets Corp., Impac Funding Corporation and Deutsche Bank National
                    

                
	 	 	
                  Trust
                    Company, Mortgage Pass-Through
                    Certificates, Series
                    2006-5

                

        

      

        

    

    Ladies
      and Gentlemen:

     

    In
      accordance with Section 2.02 of the above-captioned Pooling and Servicing
      Agreement, the undersigned, as Custodian, hereby certifies that as to each
      Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage
      Loan
      paid in full or listed on the attachment hereto) it has received the documents
      set forth in Section 2.01.

     

    The
      Custodian has made no independent examination of any documents contained in
      each
      Mortgage File beyond the review specifically required in the above-referenced
      Pooling and Servicing Agreement. The Custodian makes no representation that
      any
      documents specified in clause (vi) of Section 2.01 should be included in any
      Mortgage File. The Custodian makes no representations as to and shall not be
      responsible to verify: (i) the validity, legality, sufficiency, enforceability,
      due authorization, recordability or genuineness of any of the documents
      contained in each Mortgage File of any of the Mortgage Loans identified on
      the
      Mortgage Loan Schedule, (ii) the collectability, insurability, effectiveness
      or
      suitability of any such Mortgage Loan or (iii) the existence of any assumption,
      modification, written assurance or substitution agreement with respect to any
      Mortgage File if no such documents appear in the Mortgage File delivered to
      the
      Custodian.

    

      
        
          
          

        

        
          D-1

          
            

          

        

        
          
          

        

      

    Capitalized
      words and phrases used herein shall have the respective meanings assigned to
      them in the above-captioned Pooling and Servicing Agreement.

     

    
      	 	
              [_______________________________]

            
	 	 
	 	
              By:
                ________________________________

            
	 	 
	 	
              Name:

            
	 	 
	 	
              Title:

            
	 	 

    

    

      
        
          
          

        

        
          D-2

          
            

          

        

        
          
          

        

      

    EXHIBIT
      E

     

    FORM
      OF
      REMITTANCE REPORT

     

    (Provided
      Upon Request)

    

    
      
        
          
          

        

        
          E-1

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      F-1

     

    REQUEST
      FOR RELEASE

     

    (for
      Custodian)

     

    
      	
              Loan
                Information

            	 	 
	 	
              Name
                of Mortgagor:

            	
              ___________________________

            
	 	 	 
	 	
              Master
                Servicer

            	 
	 	 	 
	 	
              Loan
                No.:

            	
              ___________________________

            
	 	 	 
	
              Trustee

            	 	 
	 	
              Name:

            	
              ___________________________

            
	 	 	 
	 	
              Address:

            	
              ___________________________

            
	 	 	 
	 	 	
              ___________________________

            
	 	 	 
	 	
              Trustee

            	 
	 	 	 
	 	
              Mortgage
                File No.:

            	
              ___________________________

            

    

    

    
      
        
          
          

        

        
          F-1-1

          
            

          

        

        
          
          

        

      

    

    

    Request
      for Requesting Documents (check one):

     

    
      	
              1.

            	 	
              Mortgage
                Loan Liquidated.

            

    

     

    (The
      Master Servicer hereby certifies that all proceeds of foreclosure, insurance
      or
      other liquidation have been finally received and deposited into the Custodial
      Account to the extent required pursuant to the Pooling and Servicing
      Agreement.)

     

    
      	
              2.

            	 	
              Mortgage
                Loan in Foreclosure.

            

    

     

    
      	
              3.

            	 	
              Mortgage
                Loan Repurchased Pursuant to Section 9.01 of the Pooling and Servicing
                Agreement.

            

    

     

    
      	
              4.

            	 	
              Mortgage
                Loan Repurchased Pursuant to Article II of the Pooling and Servicing
                Agreement.

            

    

     

    (The
      Master Servicer hereby certifies that the repurchase price has been deposited
      into the Custodial Account pursuant to the Pooling and Servicing
      Agreement.)

     

    
      	
              5.

            	 	
              Other
                (explain).

            

    

     

    
      	
              _________________________________________________________________________

            
	 
	
              _________________________________________________________________________

            
	 
	
              _________________________________________________________________________

            
	 
	
              _________________________________________________________________________

            
	 
	
              _________________________________________________________________________

            
	 
	
              _________________________________________________________________________

            
	 
	 

    

     

    

    
      
        
          
          

        

        
          F-1-2

          
            

          

        

        
          
          

        

      

    

    

    The
      undersigned Master Servicer hereby acknowledges that it has received from the
      Trustee for the Holders of Mortgage Pass-Through Certificates, Series 2006-5,
      the documents referred to below (the “Documents”). All capitalized terms not
      otherwise defined in this Request for Release shall have the meanings given
      them
      in the Pooling and Servicing Agreement, dated as of December 1, 2006 (the
“Pooling and Servicing Agreement”), among Impac Secured Assets Corp., Impac
      Funding Corporation and the Trustee.

    

      
        	
                (
                  )

              	
                Promissory
                  Note dated _________________, 200_, in the original principal sum
                  of
                  $__________, made by __________________, payable to, or endorsed
                  to the
                  order of, the Trustee.

              
	 	 
	
                (
                  )

              	
                Mortgage
                  recorded on _________________________ as instrument no. ___________
                  in the
                  County Recorders Office of the County of ______________________,
                  State of
                  _____________________ in book/reel/docket of official records at
                  page/image _______________.

              
	 	 
	
                (
                  )

              	
                Deed
                  of Trust recorded on ____________________ as instrument no._____________
                  in the County Recorder's Office of the County of ______________________,
                  State of _____________________in book/reel/docket __________________
                  of
                  official records at page/image ________________.

              
	 	 
	
                (
                  )

              	
                Assignment
                  of Mortgage or Deed of Trust to the Trustee, recorded on _______________
                  as instrument no. ______________ in the County Recorder's Office
                  of the
                  County of ________________, State of ___________________ in
                  book/reel/docket ____________ of official records at page/image
                  ___________.

              
	 	 
	
                (
                  )

              	
                Other
                  documents, including any amendments, assignments or other assumptions
                  of
                  the Mortgage Note or Mortgage.

              
	 	 	 
	 	
                (
                  )

              	
                _________________________

              
	 	 	 
	 	
                (
                  )

              	
                _________________________

              
	 	 	 
	 	
                (
                  )

              	
                _________________________

              
	 	 	 
	 	
                (
                  )

              	
                _________________________

              

      

     

    

    
      
        
          
          

        

        
          F-1-3

          
            

          

        

        
          
          

        

      

    

    

    The
      undersigned Master Servicer hereby acknowledges and agrees as
      follows:

     

    (1) The
      Master Servicer shall hold and retain possession of the Documents in trust
      for
      the benefit of the Trustee, solely for the purposes provided in the
      Agreement.

     

    (2) The
      Master Servicer shall not cause or knowingly permit the Documents to become
      subject to, or encumbered by, any claim, liens, security interest, charges,
      writs of attachment or other impositions nor shall the Master Servicer assert
      or
      seek to assert any claims or rights of setoff to or against the Documents or
      any
      proceeds thereof.

     

    (3) The
      Master Servicer shall return each and every Document previously requested from
      the Mortgage File to the Custodian when the need therefor no longer exists,
      unless the Mortgage Loan relating to the Documents has been liquidated and
      the
      proceeds thereof have been remitted to the Custodial Account and except as
      expressly provided in the Agreement.

     

    (4) The
      Documents and any proceeds thereof, including any proceeds of proceeds, coming
      into the possession or control of the Master Servicer shall at all times be
      earmarked for the account of the Trustee, and the Master Servicer shall keep
      the
      Documents and any proceeds separate and distinct from all other property in
      the
      Master Servicer's possession, custody or control.

     

    
      	 	
              IMPAC
                FUNDING CORPORATION

            
	 	
               

               

              By:
                ___________________________

               

              Title:
                ___________________________

            

    

     

    Date:
      _________________, 200_

     

    

     

    

    
      
        
          
          

        

        
          F-1-4

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      F-2

     

    REQUEST
      FOR RELEASE

     

    [Mortgage
      Loans Paid in Full]

     

    

     

    OFFICER'S
      CERTIFICATE AND TRUST RECEIPT

     

    MORTGAGE
      PASS-THROUGH CERTIFICATES

     

    SERIES
      2006-5

     

    _____________________________________
      HEREBY CERTIFIES THAT HE/SHE IS AN OFFICER OF THE MASTER SERVICER, HOLDING
      THE
      OFFICE SET FORTH BENEATH HIS/HER SIGNATURE, AND HEREBY FURTHER CERTIFIES AS
      FOLLOWS:

     

    WITH
      RESPECT TO THE MORTGAGE LOANS, AS THE TERM IS DEFINED IN THE POOLING AND
      SERVICING AGREEMENT DESCRIBED IN THE ATTACHED SCHEDULE:

     

    ALL
      PAYMENTS OF PRINCIPAL, PREMIUM (IF ANY), AND INTEREST HAVE BEEN
      MADE.

     

    
      	
              LOAN
                NUMBER: _____________________

            	
              BORROWER'S
                NAME: ________________

            
	 	 
	
              COUNTY:
                ___________________________

            	 

    

    

    

    
      
        
          
          

        

        
          F-2-1

          
            

          

        

        
          
          

        

      

    

    

    WE
      HEREBY
      CERTIFY THAT ALL AMOUNTS RECEIVED IN CONNECTION WITH SUCH PAYMENTS, WHICH ARE
      REQUIRED TO BE DEPOSITED IN THE CUSTODIAL ACCOUNT PURSUANT TO SECTION 3.10
      OF
      THE POOLING AND SERVICING AGREEMENT, HAVE BEEN OR WILL BE CREDITED.

     

    
      	
              _________
                ____________

            	
              DATED:
                _____________________

            

    

    

    // VICE
      PRESIDENT

     

    

    // ASSISTANT
      VICE PRESIDENT

     

    

      
        
          
          

        

        
          F-2-2

          
            

          

        

        
          
          

        

      

    EXHIBIT
      G-1

     

    FORM
      OF
      INVESTOR REPRESENTATION LETTER

     

    ___________,200__

     

    Impac
      Secured Assets Corp.

    19500
      Jamboree Road

    Irvine,
      California 92612

     

    DB
      Services Tennessee

    648
      Grassmere Park Road

    Nashville,
      Tennessee 37211-3658

    Attention:
      Transfer Unit

     

    
      	 	
              Re:

            	
              Impac
                Secured Assets Corp.

            

      	 	 	
              Mortgage
                Pass-Through Certificates Series 2006-5, Class [_]
                Certificates

            

    

     

    Ladies
      and Gentlemen:

     

    ______________
      (the “Purchaser”) intends to purchase from ______________ (the “Seller”)
      $_________ Initial Certificate Principal Balance of Mortgage Pass-Through
      Certificates, Series 2006-5, Class _____ (the “Certificates”), issued pursuant
      to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”),
      dated as of December 1, 2006 among Impac Secured Assets Corp., as depositor
      (the
“Company”), Impac Funding Corporation, as master servicer, Deutsche Bank
      National Trust Company, 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 and the Trustee 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.

     

    

    
      
        
          
          

        

        
          G-1-1

          
            

          

        

        
          
          

        

      

    

    

    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 Pooling and Servicing Agreement and (b) 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.

     

    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.

     

    
      	 	
              Very
                truly yours,

            
	 	 
	 	
              (Purchaser)

            

    

    

    
      
        
          
          

        

        
          G-1-2

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              By:                

               

              Name:                

               

              Title:                

            

    

    

    

    
      
        
          
          

        

        
          G-1-3

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G-2

     

    FORM
      OF
      TRANSFEROR REPRESENTATION LETTER

     

    ______________,200___

     

    Impac
      Secured Assets Corp.

    19500
      Jamboree Road

    Irvine,
      California 92612

     

    DB
      Services Tennessee

    648
      Grassmere Park Road

    Nashville,
      Tennessee 37211-3658

    Attention:
      Transfer Unit

     

    
      	 	
              Re:

            	
              Impac
                Secured Assets Corp.

            

      	 	 	
              Mortgage
                Pass-Through Certificates, Series 2006-5, Class []
                Certificates

            

    

     

    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 2006-5, Class _____ (the “Certificates”),
      issued pursuant to the Pooling and Servicing Agreement (the “Pooling and
      Servicing Agreement”), dated as of December 1, 2006 among Impac Secured Assets
      Corp., as depositor (the “Company”), Impac Funding Corporation, as master
      servicer, Deutsche Bank National Trust Company, 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.

     

    

    
      
        
          
          

        

        
          G-2-1

          
            

          

        

        
          
          

        

      

    

    

    

    
      	 	
              Very
                truly yours,

              _____________________
                

              (Seller)

            
	 	 
	 	
              By:
                _____________________

               

              Name:
                ___________________

               

              Title:
                _____________________

            

    

    

      
        
          
          

        

        
          G-2-2

          
            

          

        

        
          
          

        

      

    EXHIBIT
      G-3

     

    FORM
      OF
      RULE 144A INVESTMENT REPRESENTATION

     

    Description
      of Rule 144A Securities, including numbers:

     

    Impac
      Secured Assets Corp.

     

    Mortgage
      Pass-Through Certificates

     

    Series
      2006-5, Class ____, No. ____

     

    The
      undersigned seller, as registered holder (the “Transferor”), 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 Transferor hereby certifies
      the
      following facts: Neither the Transferor 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, 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, which would constitute a distribution of the Rule
      144A Securities under the Securities Act of 1933, as amended (the “1933 Act”),
      or which 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
      Transferor 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 Transferor, the
      Trustee and the Master Servicer pursuant to Section 5.02 of the Pooling and
      Servicing Agreement 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 Transferor, the Trustee or the Master
      Servicer.

     

    

    
      
        
          
          

        

        
          G-3-1

          
            

          

        

        
          
          

        

      

    

    

    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 144
      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 account of other qualified
      institutional buyers, understands that such Rule 144 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 warrants and represents to, and covenants with, the Transferor, the
      Servicer and the Company that either (1) the Buyer is not an employee benefit
      plan within the meaning of Section 3(3) of the Employee Retirement Income
      Security Act of 1974, as amended (“ERISA”) (“Plan”), or a plan within the
      meaning of Section 4975(e)(1) of the Internal Revenue Code of 1986 (the “Code”)
      (also a “Plan”), and the Buyer is not directly or indirectly purchasing the Rule
      144A Securities on behalf of, as investment manager of, as named fiduciary
      of,
      as trustee of, or with assets of a Plan, or (2) the Buyer has provided the
      Trustee with the opinion letter required by section 5.02(c) of 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.

    
      
        
          
          

        

        
          G-3-2

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, each of the parties has executed this document as of the date
      set forth below.

     

    

    
      	
              ________________________________

              Print
                Name of Transferor

            	
              ________________________________

              Print
                Name of Buyer

            
	 	 
	
              By:
                ________________________________

               

              Name:

               

              Title:

            	
              By:
                ________________________________

               

              Name:

               

              Title:

            
	 	 
	
              Taxpayer
                Identification:

               

              No.
                ________________________________

               

              Date:     

            	
              Taxpayer
                Identification:

               

              No.
                ________________________________

               

              Date:     

            

    

     

     

    

    
      
        
          
          

        

        
          G-3-3

          
            

          

        

        
          
          

        

      

    

    

    ANNEX
      1 TO EXHIBIT G-

     

    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 $____________________1 
      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
                    statement, 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.

                

        

         

        ___________

          1 Buyer
            must own and/or invest on a discretionary basis at least $100,000,000
            in
            securities unless Buyer is a dealer, and, in that case, Buyer must own
            and/or
            invest on a discretionary basis at least $10,000,000 in securities.

           

        

        
          
            
            

          

          
            G-3-4

            
              

            

          

          
            
            

          

        

         

        
          	
                  ____

                   

                	
                  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,
                    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.

                   

                
	
                  ____

                   

                	
                  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.

     

    

    
      
        
          
          

        

        
          G-3-5

          
            

          

        

        
          
          

        

      

    

    

    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 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:
                ________________________________

            

    

    

     

    

    
      
        
          
          

        

        
          G-3-6

          
            

          

        

        
          
          

        

      

    

    

    ANNEX
      2 TO EXHIBIT G-3

     

    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.

     

    

    
      
        
          
          

        

        
          G-3-7

          
            

          

        

        
          
          

        

      

    

     

    

    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.

     

    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 ADVISER:

               

            
	 	
              ________________________________

              Print
                Name of Buyer

               

            
	 	 
	 	
              Date:
                ________________________________

               

            

    

    

    

    
      
        
          
          

        

        
          G-3-8

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G-4

     

    FORM
      OF
      TRANSFEROR CERTIFICATE

     

    ______________,
      200__

     

    Impac
      Secured Assets Corp.

    19500
      Jamboree Road

    Irvine,
      California 92612

     

    DB
      Services Tennessee

    648
      Grassmere Park Road

    Nashville,
      Tennessee 37211-3658

    Attention:
      Transfer Unit

     

    
      	 	
              Re:

            	
              Impac
                Secured Assets Corp.

            

      	 	 	
              Mortgage
                Pass-Through Certificates

              Series
                2006-5, Class [R]_________

            

    

     

    Ladies
      and Gentlemen:

     

    This
      letter is delivered to you in connection with the sale by
      ________________________ (the “Seller”) to
      _______________________________________ (the “Purchaser”) of a ____% Percentage
      Interest in the Mortgage Pass-Through Certificates, Series 2006-5, Class [R]
      “Certificates”), issued pursuant to Section 5.02 of the Pooling and Servicing
      Agreement (the “Pooling and Servicing Agreement”), dated as of December 1, 2006,
      among Impac Secured Assets Corp., as depositor (the “Company”), Impac Funding
      Corporation, as master servicer and Deutsche Bank National Trust Company, as
      trustee (the “Trustee”). All terms used herein and not otherwise defined shall
      have the meaning 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 sale of the Certificates 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-5. 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 have
      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 the Certificates may not be respected for
      United States income tax purposes (and the Seller may continue to be liable
      for
      United States income taxes associated therewith) unless the Seller has conducted
      such an investigation.

     

    

    
      
        
          
          

        

        
          G-4-1

          
            

          

        

        
          
          

        

      

    

    

    4. The
      Seller has no actual knowledge that the proposed Transferee is a Disqualified
      Organization, an agent of a Disqualified Organization or a Non-United States
      Person.

    

    
      	 	
              Very
                truly yours,

               

              ________________________________

              (Seller)

            
	 	 
	 	
              By:
                ________________________________

               

              Name________________________________

               

              Title:
                ________________________________

               

            

    

    

    
      
        
          
          

        

        
          G-4-2

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      G-5

     

    FORM
      OF
      TRANSFER AFFIDAVIT AND AGREEMENT

     

    
      	
              STATE
                OF

            	
              )

            
	 	
              :ss.

            
	
              COUNTY
                OF

            	
              )

            
	 	 

    

    

    ___________________,
      being first duly sworn, deposes, represents and warrants:

     

    1. That
      he/she is [Title of Officer] of [Name of Owner], a [savings institution]
      [corporation] duly organized and existing under the laws of [the State of
      __________] [the United States], (the “Owner”), (record or beneficial owner of
      the Class [R] Certificates (the “Class [R] Certificates”) on behalf of which
      he/she makes this affidavit and agreement). This Class [R] Certificates were
      issued pursuant to the Pooling and Servicing Agreement (the “Pooling and
      Servicing Agreement”) dated as of December 1, 2006 among Impac Secured Assets
      Corp., as depositor, Impac Funding Corporation, as master servicer (the “Master
      Servicer”) and Deutsche Bank National Trust Company, as trustee (the
“Trustee”).

     

    2. That
      the
      Owner (i) is not and will not be a “disqualified organization” as of
      _____________ [date of transfer] within the meaning of Section 860E(e)(5) of
      the
      Internal Revenue Code of 1986, as amended (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 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 Freddie Mac, 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 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, 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 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.

     

    

    
      
        
          
          

        

        
          G-5-1

          
            

          

        

        
          
          

        

      

    

    

    4. That
      the
      Owner is aware of the tax imposed on a “pass-through entity” holding Class [R]
      Certificates 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. 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.

     

    6. That
      the
      Owner has reviewed the restrictions set forth on the face of the Class [R]
      Certificates and the provisions of Section 5.02(e) 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(e) 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(e)). The Owner expressly agrees to be bound by and to comply with
      such restrictions and provisions.

     

    7. 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.

     

    8. The
      Owner's Taxpayer Identification Number is ____________________ and the Owner
      has
      provided to the Trustee a correct, complete and duly executed Internal Revenue
      Service Form W-9 (or successor thereto), together with appropriate
      attachments.

     

    9. 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.

     

    10. 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.

     

    11. That
      the
      Owner has no present knowledge or expectation that it will be unable to pay
      any
      United States taxes owed by it so long as any of the Certificates remain
      outstanding. In this regard, the Owner hereby represents to and for the benefit
      of the person from whom it acquired the Class [R] Certificate that the Owner
      intends to pay taxes associated with holding such Class [R] Certificate as
      they
      become due, fully understanding that it may incur tax liabilities in excess
      of
      any cash flows generated by the Class [R] Certificate.

     

    

    
      
        
          
          

        

        
          G-5-2

          
            

          

        

        
          
          

        

      

    

    

    12. 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.

     

    13. 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, provided that with respect to any partnership
      or other entity treated as a partnership for United States federal income tax
      purposes, 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 operative agreement to be United
      States Persons, or an estate or trust whose income from sources without the
      United States is includible in gross income for United States federal income
      tax
      purposes regardless of its connection with the conduct of a trade or business
      within the United States.

     

    14. (a)
      The
      Certificates (i) are not being acquired by, and will not be transferred to,
      any
      employee benefit plan within the meaning of section 3(3) of the Employee
      Retirement Income Security Act of 1974, as amended (“ERISA”), or other
      retirement arrangement, including individual retirement accounts and annuities,
      Keogh plans and bank collective investment funds and insurance company general
      or separate accounts in which such plans, accounts or arrangements are invested,
      that is subject to ERISA or Section 4975 of the Internal Revenue Code of 1986
      (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being acquired with
“plan assets” of a Plan within the meaning of the Department of Labor (“DOL”)
      regulation, 29 C.F.R. § 2510.3-101 or otherwise under ERISA, and (iii) will not
      be transferred to any entity that is deemed to be investing in plan assets
      of a
      plan within the meaning of the DOL regulation, 29 C.F.R. § 2510.3-101 or
      otherwise under ERISA; or

     

    (b)
      The
      Owner will provide the Trustee with an opinion of counsel, as specified in
      Section 5.02(c) of the Pooling and Servicing Agreement, acceptable to and in
      form and substance satisfactory to the Trustee 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 Owner hereby certifies, represents and warrants to, and covenants
      with, the Company, the Trustee and the Master Servicer that the Owner 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.

      
        
          
          

        

        
          G-5-3

          
            

          

        

        
          
          

        

      

    IN
      WITNESS WHEREOF, the Owner has caused this instrument to be executed on its
      behalf, by its [Title of Officer] and its corporate seal to be hereunto
      attached, attested by its [Assistant] Secretary, this ______ day of
      _____________, _____.

    
      	 	
               

              ________________________________

              [NAME
                OF OWNER]

               

              By:
                ________________________________

              [Name
                of Officer]

              [Title
                of Officer]

               

            
	
              [Corporate
                Seal]

               

              ATTEST:

               

              ________________________________

              [Assistant]
                Secretary

               

            	 

    

    

    

    
      
        
          
          

        

        
          G-5-4

          
            

          

        

        
          
          

        

      

    

    

    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 such person executed the
      same
      as such person's 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 __________, 200__.

               

            

    

    

    

    
      
        
          
          

        

        
          G-5-5

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      H

     

    MORTGAGE
      LOAN SCHEDULE

     

    (Provided
      Upon Request)

     

    

    

    
      
        
          
          

        

        
          H-1

          
            

          

        

        
          
          

        

      

    

     

    CITY                                                    STATE                  ZIPCODE              ORIGINAL_TERM                 ORIGINAL_BALANCE              CURRENT_RATE               FIRST_PAY_DATE   PROPERTY_TYPE                              CURRENT_PAYMENT                 CURRENT_BALANCE              CURRENT_RATE    OCCUPANCY              LOAN_PURPOSE                                 ORIGINAL_APPRAISAL_VALUE                REMAINING_TERM   IPTD                     SERVICING_FEE               SERVICING_FEE_2           NET_RATE           LPMI_FEE    INSURER                                        MI_PERCENT   DOCUMENTATION_CODE                                      PREPAY_PENALTY_TERM    PREPAY_PENALTY_DESC                               GROSS_MARGIN    INDEX                 Rate Adj Freq
SACRAMENTO                                              CA                       34934                        240                        71,300.00                    11.100                     20051101   SFR                                                 740.81                       70,047.79                    11.100    Owner Occupied         Purchase                                                   366,000.00                           226      20061201                      0.500                         0.030             10.570                                                                                   Express Non-Verified Assets                                              36    H                                                            0    FIXED
SANFORD                                                 FL                       32771                        360                       159,600.00                     8.000                     20060510   SFR                                               1,171.09                      158,835.21                     8.000    Investment             Purchase                                                   285,000.00                           352      20061110                      0.375                         0.030              7.595                                                                                   Stated                                                                                                                                    4.5    LIBOR                             6
HOUSTON                                                 TX                       77009                        360                       288,750.00                     8.000                     20060601   SFR                                               1,925.00                      288,750.00                     8.000    Owner Occupied         Purchase                                                   390,000.00                           353      20061201                      0.250                         0.030              7.720                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
RIVERSIDE                                               CA                       33733                        180                        63,000.00                    11.875                     20060701   SFR                                                 623.44                       63,000.00                    11.875    Owner Occupied         Purchase                                                   315,000.00                           174      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                   24    H                                                            0    FIXED
NEWARK                                                  DE                       43648                        360                        93,555.00                    10.900                     20061001   D-PUDS                                              883.88                       93,451.80                    10.900    Investment             Purchase                                                   105,000.00                           357      20061201                      0.375                         0.030             10.495                                                                                   SISA                                                                                                                                        3    LIBOR                             6
BERNARDSVILLE                                           NJ                       39349                        180                       184,000.00                    14.750                     20060801   SFR                                               2,289.84                      183,855.63                    14.750    Investment             Purchase                                                 1,125,000.00                           175      20061201                      0.500                         0.030             14.220                                                                                   Stated                                                                                                                                      0    FIXED
RESEDA                                                  CA                       91335                        180                       156,800.00                    12.975                     20061001   4-FAMILY                                          1,731.46                      156,690.65                    12.975    Owner Occupied         Purchase                                                   784,000.00                           177      20061201                      0.500                         0.030             12.445                                                                                   Stated                                                                   24    H                                                            0    FIXED
INDIO                                                   CA                       33635                        180                        31,000.00                    12.550                     20061001   SFR                                                 324.21                       31,000.00                    12.550    Owner Occupied         CashOut Refi                                               310,000.00                           177      20061201                      0.500                         0.030             12.020                                                                                   Stated                                                                   36    H                                                            0    FIXED
MIAMI                                                   FL                       33176                        180                       116,390.00                    13.000                     20060801   SFR                                               1,287.51                      116,253.99                    13.000    Owner Occupied         Purchase                                                   581,950.00                           175      20061201                      0.500                         0.030             12.470                                                                                   Stated                                                                                                                                      0    FIXED
OXNARD                                                  CA                       93030                        180                       130,000.00                    10.250                     20061001   SFR                                               1,110.42                      130,000.00                    10.250    Owner Occupied         Purchase                                                   650,000.00                           177      20061201                      0.500                         0.030              9.720                                                                                   Stated                                                                   36    H                                                            0    FIXED
SORRENTO                                                FL                       32776                        360                       172,900.00                     8.625                     20060801   SFR                                               1,242.72                      172,900.00                     8.625    Owner Occupied         Purchase                                                   185,000.00                           355      20061201                      0.375                         0.030              7.040               1.18    RADIAN - LENDER PAID                                   30   Express No Doc                                                                                                                          5.125    LIBOR                             1
GALLATIN                                                TN                       37066                        360                       114,373.00                     7.000                     20061101   SFR                                                 667.18                      114,373.00                     7.000    2nd Home               Purchase                                                   163,500.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
SAN DIEGO                                               CA                       33605                        180                        45,000.00                    10.500                     20061001   SFR                                                 411.63                       44,945.89                    10.500    Owner Occupied         CashOut Refi                                               450,000.00                           177      20061201                      0.500                         0.030              9.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
SANTA ANA                                               CA                       33792                        360                       327,000.00                     7.250                     20061201   SFR                                               1,975.63                      327,000.00                     7.250    Owner Occupied         CashOut Refi                                               650,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
PLACERVILLE                                             CO                       29706                        180                        32,500.00                    12.500                     20061001   D-PUDS                                              346.86                       32,474.79                    12.500    Owner Occupied         CashOut Refi                                               975,000.00                           177      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
CHICAGO                                                 IL                       60637                        180                        45,000.00                    12.000                     20060901   CONDO                                               462.88                       44,947.70                    12.000    Investment             Purchase                                                   225,000.00                           176      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                                                                                      0    FIXED
GRANADA HILLS AREA                                      CA                       91344                        360                       296,000.00                     7.125                     20060901   CONDO                                             1,757.50                      296,000.00                     7.125    Owner Occupied         Purchase                                                   370,000.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                             6
RANCHO SANTA MARGARITA                                  CA                       92688                        360                       334,800.00                     6.000                     20061201   CONDO                                             1,674.00                      334,800.00                     6.000    Owner Occupied         Rate Refi                                                  430,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
CERES                                                   CA                       34765                        180                        97,065.00                    12.125                     20060701   SFR                                               1,007.77                       96,870.06                    12.125    Owner Occupied         CashOut Refi                                               485,500.00                           174      20070101                      0.250                         0.030             11.845                                                                                   Stated                                                                   24    H                                                                 FIXED
REDDING                                                 CA                       96003                        180                        62,900.00                    14.350                     20061001   D-PUDS                                              752.18                       62,900.00                    14.350    Investment             Purchase                                                   314,950.00                           177      20061201                      0.500                         0.030             13.820                                                                                   Stated                                                                                                                                      0    FIXED
MINNEAPOLIS                                             MN                       20190                        180                        37,980.00                    13.100                     20061001   SFR                                                 423.11                       37,954.23                    13.100    Investment             Purchase                                                   190,000.00                           177      20061201                      0.500                         0.030             12.570                                                                                   Stated                                                                                                                                      0    FIXED
CHARLOTTE                                               NC                       46798                        360                        97,420.00                     8.250                     20061001   SFR                                                 669.76                       95,901.88                     8.250    Investment             Purchase                                                   130,000.00                           357      20061201                      0.375                         0.030              7.845                                                                                   Stated                                                                                                                                      3    LIBOR                             6
MIAMI                                                   FL                       33032                        180                       120,000.00                    13.500                     20061001   D-PUDS                                            1,350.00                      120,000.00                    13.500    Owner Occupied         Purchase                                                   480,000.00                           177      20061201                      0.500                         0.030             12.970                                                                                   Stated                                                                                                                                      0    FIXED
FORT LAUDERDALE                                         FL                       12114                        180                        79,900.00                    12.625                     20061101   SFR                                                  860.5                       79,860.02                    12.625    Owner Occupied         Purchase                                                   810,000.00                           178      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                   12    H                                                            0    FIXED
ADELANTO                                                CA                       33664                        180                        26,500.00                    11.750                     20061001   SFR                                                 267.49                       26,475.73                    11.750    Owner Occupied         CashOut Refi                                               265,000.00                           177      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                                                                                      0    FIXED
DOS PALOS                                               CA                       34140                        360                       297,400.00                     6.500                     20061201   SFR                                               1,610.92                      297,400.00                     6.500    Owner Occupied         Purchase                                                   382,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
DOS PALOS                                               CA                       34140                        180                        74,350.00                    12.000                     20061201   SFR                                                 764.77                       74,328.73                    12.000    Owner Occupied         Purchase                                                   382,000.00                           179      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   36    H                                                            0    FIXED
SAN DIEGO                                               CA                       33604                        360                       373,950.00                     6.625                     20061101   HI-RISE                                           2,064.52                      373,950.00                     6.625    2nd Home               Purchase                                                   418,000.00                           358      20061201                      0.375                         0.030              6.220                       RADIAN - BORROWER PAID                                 25   Express Non-Verified Assets                                              24    H                                                            3    LIBOR                             6
LANCASTER                                               CA                       93536                        180                       112,000.00                    11.850                     20061101   SFR                                               1,139.13                      111,933.41                    11.850    Owner Occupied         Purchase                                                   560,000.00                           178      20061201                      0.500                         0.030             11.320                                                                                   Stated                                                                   36    H                                                            0    FIXED
SYLMAR                                                  CA                       91342                        180                       119,000.00                    12.750                     20061101   CONDO                                             1,293.16                      118,942.13                    12.750    Owner Occupied         Purchase                                                   595,000.00                           178      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
BLUFFTON                                                SC                       47371                        240                        57,900.00                    13.650                     20061001   D-PUDS                                              705.33                       57,758.24                    13.650    Owner Occupied         CashOut Refi                                               193,000.00                           237      20061201                      0.500                         0.030             13.120                                                                                   Stated                                                                                                                                      0    FIXED
LONG BEACH                                              CA                       33089                        180                       110,000.00                    12.000                     20061001   SFR                                               1,131.47                      109,904.65                    12.000    Owner Occupied         CashOut Refi                                               550,000.00                           177      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   24    H                                                            0    FIXED
CLERMONT                                                FL                       12614                        180                        82,500.00                    13.650                     20061001   D-PUDS                                              954.71                       82,450.63                    13.650    Owner Occupied         Purchase                                                   278,000.00                           177      20061201                      0.500                         0.030             13.120                                                                                   Stated                                                                                                                                      0    FIXED
REDDING                                                 CA                       96001                        180                        63,000.00                    14.500                     20061001   SFR                                                 761.25                       63,000.00                    14.500    Investment             Purchase                                                   330,000.00                           177      20061201                      0.500                         0.030             13.970                                                                                   Stated                                                                                                                                      0    FIXED
OSSEO                                                   MN                       55369                        180                        32,250.00                    14.500                     20061101   SFR                                                 394.92                       32,239.47                    14.500    Investment             CashOut Refi                                               215,000.00                           178      20061201                      0.500                         0.030             13.970                                                                                   Stated                                                                                                                                      0    FIXED
CARLSBAD                                                CA                       92009                        360                       480,000.00                     5.875                     20061201   D-PUDS                                            2,350.00                      480,000.00                     5.875    Owner Occupied         Purchase                                                   745,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Express Non-Verified Assets                                              36    S                                                            3    LIBOR                             6
BROWN DEER                                              WI                       19413                        360                       163,300.00                     7.875                     20061101   SFR                                               1,184.04                      163,074.50                     7.875    Owner Occupied         Purchase                                                   172,000.00                           358      20061201                      0.375                         0.030              7.470                       RADIAN - BORROWER PAID                                 30   Express No Doc                                                                                                                              3    LIBOR                             6
NAPLES                                                  FL                       12428                        180                        27,135.00                    14.400                     20061101   CONDO                                               330.12                       27,125.95                    14.400    Investment             Purchase                                                   195,000.00                           178      20061201                      0.500                         0.030             13.870                                                                                   Stated                                                                   24    H                                                            0    FIXED
WEST BABYLON                                            NY                       40728                        360                       314,250.00                     7.000                     20061001   SFR                                               1,952.85                      313,888.72                     7.000    Investment             Purchase                                                   413,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
DUARTE                                                  CA                       91010                        180                        65,000.00                    12.750                     20061101   SFR                                                 706.35                       64,968.39                    12.750    2nd Home               Purchase                                                   410,000.00                           178      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
PORT CHARLOTTE                                          FL                       33952                        180                        31,000.00                    12.375                     20061101   SFR                                                 327.85                       30,983.59                    12.375    Owner Occupied         CashOut Refi                                               315,000.00                           178      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                   24    H                                                            0    FIXED
MIAMI                                                   FL                       12084                        180                        32,800.00                    14.255                     20061201   CONDO                                               395.27                       32,794.37                    14.255    Owner Occupied         Purchase                                                   175,000.00                           179      20061201                      0.500                         0.030             13.725                                                                                   Stated                                                                   24    H                                                            0    FIXED
LAS VEGAS                                               NV                       89139                        180                        37,000.00                    12.550                     20061001   D-PUDS                                              386.96                       37,000.00                    12.550    Owner Occupied         Rate Refi                                                  370,000.00                           177      20061201                      0.500                         0.030             12.020                                                                                   Stated                                                                   24    H                                                            0    FIXED
SANTA ANA                                               CA                       33791                        360                       469,000.00                     6.625                     20061201   SFR                                               2,589.27                      469,000.00                     6.625    Investment             CashOut Refi                                               670,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
RICHMOND                                                VA                       44984                        360                       400,000.00                     8.875                     20070101   D-PUDS                                            2,958.33                      400,000.00                     8.875    Owner Occupied         Rate Refi                                                  500,000.00                           360      20061201                      0.375                         0.030              8.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
TAMPA                                                   FL                       33635                        180                        28,500.00                    11.500                     20061101   D-PUDS                                              282.23                       28,481.71                    11.500    Owner Occupied         CashOut Refi                                               290,000.00                           178      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
PETALUMA                                                CA                       94954                        360                       460,000.00                     6.875                     20061201   SFR                                               2,635.42                      460,000.00                     6.875    Owner Occupied         Purchase                                                   575,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    H                                                          2.5    LIBOR                             6
VENTNOR CITY                                            NJ                       39544                        180                        50,100.00                    12.750                     20061101   SFR                                                 544.43                       50,070.00                    12.750    2nd Home               Purchase                                                   335,000.00                           178      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                                                                                      0    FIXED
HOLLYWOOD                                               FL                       33023                        360                       110,000.00                     6.125                     20061101   SFR                                                 561.46                      110,000.00                     6.125    Owner Occupied         Rate Refi                                                  315,000.00                           358      20061201                      0.375                         0.030              5.720                                                                                   Full                                                                     36    S                                                            3    LIBOR                             6
HEWLETT BAY PARK                                        NY                       11557                        360                       500,000.00                     5.750                     20061201   SFR                                               2,917.86                      499,477.97                     5.750    Owner Occupied         Purchase                                                 1,750,000.00                           359      20061201                      0.250                         0.030              5.470                                                                                   Full                                                                     12    H                                                                 FIXED
LOS ANGELES                                             CA                       90002                        180                        98,400.00                    11.375                     20061101   SFR                                                 965.07                       98,335.05                    11.375    Owner Occupied         Purchase                                                   492,000.00                           178      20061201                      0.500                         0.030             10.845                                                                                   Stated                                                                   36    H                                                            0    FIXED
POMPANO BEACH                                           FL                       33065                        180                        44,000.00                    10.650                     20061001   D-PUDS                                              407.43                       43,948.76                    10.650    Owner Occupied         CashOut Refi                                               440,000.00                           177      20061201                      0.500                         0.030             10.120                                                                                   Stated                                                                   36    H                                                            0    FIXED
WEYMOUTH                                                MA                        2190                        360                       226,000.00                     7.875                     20061101   SFR                                               1,483.13                      226,000.00                     7.875    Owner Occupied         CashOut Refi                                               515,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
NAPLES                                                  FL                       12439                        360                       417,000.00                     9.750                     20061001   D-PUDS                                            3,388.13                      417,000.00                     9.750    Investment             Purchase                                                   505,000.00                           357      20061201                      0.375                         0.030              8.405               0.94    PMI - LENDER PAID                                      22   SISA                                                                     60    S                                                          8.5    LIBOR                             6
MIAMI                                                   FL                       12085                        360                       324,000.00                     9.000                     20061001   CONDO                                             2,430.00                      324,000.00                     9.000    Investment             Purchase                                                   432,000.00                           357      20061201                      0.375                         0.030              8.595                                                                                   Stated                                                                                                                                      3    LIBOR                             6
MIAMI LAKES                                             FL                       33018                        180                       126,000.00                    13.350                     20061101   SFR                                               1,428.36                      125,946.48                    13.350    Owner Occupied         Purchase                                                   425,000.00                           178      20061201                      0.500                         0.030             12.820                                                                                   Stated                                                                   24    H                                                            0    FIXED
LIVINGSTON MANOR                                        NY                       12758                        360                       127,680.00                     7.875                     20061101   SFR                                                 925.77                      127,503.68                     7.875    Owner Occupied         Purchase                                                   160,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   12    H                                                                 FIXED
WAUKEGAN                                                IL                       60085                        180                        42,250.00                    12.275                     20061001   2-FAMILY                                            443.56                       42,215.52                    12.275    Investment             Purchase                                                   169,000.00                           177      20061201                      0.500                         0.030             11.745                                                                                   Stated                                                                                                                                      0    FIXED
YUCCA VALLEY                                            CA                       92284                        180                        22,700.00                    12.750                     20061101   SFR                                                 241.19                       22,700.00                    12.750    Owner Occupied         CashOut Refi                                               227,000.00                           178      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                                                                                      0    FIXED
BALDWIN PARK                                            CA                       33425                        180                       110,000.00                    11.350                     20061101   D-PUDS                                            1,076.75                      109,926.99                    11.350    Investment             Purchase                                                   440,000.00                           178      20061201                      0.500                         0.030             10.820                                                                                   Stated                                                                   36    H                                                            0    FIXED
CHULA VISTA                                             CA                       33496                        180                       144,500.00                    12.875                     20061001   SFR                                               1,584.35                      142,023.62                    12.875    Owner Occupied         Purchase                                                   578,000.00                           177      20061201                      0.500                         0.030             12.345                                                                                   Stated                                                                   24    H                                                            0    FIXED
SAN DIEGO                                               CA                       92139                        360                       348,750.00                     6.750                     20061101   SFR                                               1,961.72                      348,750.00                     6.750    Investment             CashOut Refi                                               465,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                      3    LIBOR                             6
RANCHO CORDOVA                                          CA                       95670                        180                        36,000.00                    12.800                     20061101   SFR                                                 392.61                       35,982.69                    12.800    Owner Occupied         CashOut Refi                                               360,000.00                           178      20061201                      0.500                         0.030             12.270                                                                                   Stated                                                                   36    H                                                            0    FIXED
LAKE WALES                                              FL                       33898                        360                       120,000.00                     8.000                     20070101   SFR                                                    800                      120,000.00                     8.000    Investment             Purchase                                                   164,000.00                           360      20061201                      0.375                         0.030              7.595                                                                                   Stated                                                                                                                                      3    LIBOR                             6
PUEBLO                                                  CO                       81001                        180                        26,250.00                    12.500                     20061101   SFR                                                 280.16                       26,236.49                    12.500    Investment             CashOut Refi                                               105,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
INVERNESS                                               FL                       34452                        360                       126,500.00                     7.125                     20061201   SFR                                                 852.25                      126,398.84                     7.125    Investment             CashOut Refi                                               181,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   12    H                                                                 FIXED
PALM COAST                                              FL                       32164                        180                        25,500.00                    12.500                     20061101   SFR                                                 272.15                       25,486.89                    12.500    Owner Occupied         Rate Refi                                                  255,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   24    H                                                            0    FIXED
MOUNDS VIEW                                             MN                       20101                        360                       186,600.00                     6.500                     20061101   SFR                                               1,179.44                      186,261.71                     6.500    Investment             Purchase                                                   249,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
PORTERVILLE                                             CA                       93257                        180                        48,750.00                    13.475                     20061101   SFR                                                 557.43                       48,729.87                    13.475    Investment             Purchase                                                   195,000.00                           178      20061201                      0.500                         0.030             12.945                                                                                   Stated                                                                                                                                      0    FIXED
PHOENIX                                                 AZ                       85041                        180                        20,000.00                    12.375                     20061101   D-PUDS                                              211.51                       19,950.94                    12.375    Owner Occupied         CashOut Refi                                               342,000.00                           178      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                   36    H                                                            0    FIXED
LAS VEGAS                                               NV                       32512                        360                        26,800.00                    11.500                     20061001   SFR                                                 256.83                       26,791.35                    11.500    Owner Occupied         Purchase                                                   268,000.00                           357      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
BAKERSFIELD                                             CA                       34032                        180                        26,000.00                    11.350                     20061101   SFR                                                  254.5                       25,982.76                    11.350    Owner Occupied         CashOut Refi                                               260,000.00                           178      20061201                      0.500                         0.030             10.820                                                                                   Stated                                                                   24    H                                                            0    FIXED
MIAMI                                                   FL                       33177                        180                        57,000.00                    11.875                     20061001   SFR                                                 580.83                       56,949.20                    11.875    Owner Occupied         CashOut Refi                                               570,000.00                           177      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                                                                                      0    FIXED
BAKERSFIELD                                             CA                       34035                        360                       200,000.00                     6.500                     20061101   SFR                                               1,083.33                      200,000.00                     6.500    Owner Occupied         CashOut Refi                                               270,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                          4.5    LIBOR                             6
NICEVILLE                                               FL                       32578                        360                       112,450.00                     6.875                     20060801   SFR                                                 644.24                      112,450.00                     6.875    Investment             Purchase                                                   174,700.00                           355      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                           36    S                                                         2.25    LIBOR                             6
NANTUCKET                                               MA                        2554                        360                       720,000.00                     7.875                     20061001   2-FAMILY                                          5,220.50                      717,998.41                     7.875    Investment             CashOut Refi                                             1,200,000.00                           357      20061201                      0.375                         0.030              7.470                                                                                   Express No Doc                                                                                                                           2.75    LIBOR                             6
WEATHERFORD                                             TX                       76086                        360                       140,600.00                     7.500                     20061101   SFR                                                 878.75                      140,600.00                     7.500    Investment             Purchase                                                   205,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
SAN JACINTO                                             CA                       92582                        180                        68,000.00                    12.625                     20061001   SFR                                                 732.34                       67,948.70                    12.625    Owner Occupied         Purchase                                                   377,000.00                           177      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                                                                                      0    FIXED
NORFOLK                                                 VA                       45048                        180                        55,500.00                    11.975                     20061001   SFR                                                 569.82                       55,451.58                    11.975    Owner Occupied         CashOut Refi                                               185,000.00                           177      20061201                      0.500                         0.030             11.445                                                                                   Stated                                                                   36    H                                                            0    FIXED
WEATHERFORD                                             TX                       76087                        180                        50,200.00                    14.000                     20061101   SFR                                                 594.81                       50,181.61                    14.000    Investment             Purchase                                                   205,000.00                           178      20061201                      0.500                         0.030             13.470                                                                                   Stated                                                                                                                                      0    FIXED
LADY LAKE                                               FL                       32159                        180                        33,900.00                    11.975                     20061001   SFR                                                 348.05                       33,870.44                    11.975    Owner Occupied         Purchase                                                   115,000.00                           177      20061201                      0.500                         0.030             11.445                                                                                   Stated                                                                   24    H                                                            0    FIXED
MENLO PARK                                              CA                       94025                        180                        78,000.00                    11.250                     20061101   SFR                                                 757.58                       77,846.16                    11.250    Owner Occupied         CashOut Refi                                               780,000.00                           178      20061201                      0.500                         0.030             10.720                                                                                   Stated                                                                   36    H                                                            0    FIXED
TUCSON                                                  AZ                       85757                        180                        42,400.00                    12.175                     20061101   D-PUDS                                              441.85                       42,376.54                    12.175    Owner Occupied         CashOut Refi                                               420,000.00                           178      20061201                      0.500                         0.030             11.645                                                                                   Stated                                                                   36    H                                                            0    FIXED
LAS VEGAS                                               NV                       32525                        360                        32,000.00                    12.450                     20061001   D-PUDS                                              340.28                       31,974.90                    12.450    Owner Occupied         CashOut Refi                                               320,000.00                           357      20061201                      0.500                         0.030             11.920                                                                                   Stated                                                                   36    H                                                            0    FIXED
PORTLAND                                                OR                       97230                        180                        37,472.00                    13.750                     20060901   CONDO                                               436.59                       37,420.66                    13.750    Investment             Purchase                                                   149,890.00                           176      20061201                      0.500                         0.030             13.220                                                                                   Stated                                                                   12    H                                                            0    FIXED
BOWIE                                                   MD                       44033                        180                        93,750.00                    12.525                     20061101   SFR                                               1,002.38                       93,702.03                    12.525    Investment             Purchase                                                   625,000.00                           178      20061201                      0.500                         0.030             11.995                                                                                   Stated                                                                   12    H                                                            0    FIXED
BAKERSFIELD                                             CA                       34032                        180                        42,000.00                    12.375                     20061101   SFR                                                 444.18                       41,977.78                    12.375    Investment             CashOut Refi                                               210,000.00                           178      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                   24    H                                                            0    FIXED
PENDLETON                                               OR                       35643                        180                        25,600.00                    11.975                     20061101   SFR                                                 262.83                       25,585.20                    11.975    Investment             Purchase                                                   128,000.00                           178      20061201                      0.500                         0.030             11.445                                                                                   Stated                                                                   12    H                                                            0    FIXED
LA MESA                                                 CA                       91942                        360                       264,000.00                     6.125                     20061101   PUD                                               1,347.50                      264,000.00                     6.125    Owner Occupied         Purchase                                                   380,000.00                           358      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                                                                                    3.5    LIBOR                             6
HEBER CITY                                              UT                       84032                        180                        43,000.00                    12.225                     20061101   SFR                                                 438.06                       43,000.00                    12.225    Owner Occupied         CashOut Refi                                               430,000.00                           178      20061201                      0.500                         0.030             11.695                                                                                   Stated                                                                                                                                      0    FIXED
FRUITA                                                  CO                       29727                        180                        34,100.00                    11.725                     20061101   SFR                                                 343.56                       34,079.15                    11.725    Investment             Purchase                                                   171,000.00                           178      20061201                      0.500                         0.030             11.195                                                                                   Stated                                                                   24    H                                                            0    FIXED
FONTANA                                                 CA                       92336                        360                       489,150.00                     7.750                     20061201   SFR                                               3,504.33                      488,804.76                     7.750    Owner Occupied         Purchase                                                   611,480.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   12    H                                                                 FIXED
STANTON                                                 CA                       90680                        180                        58,500.00                    10.375                     20061001   SFR                                                 529.66                       58,417.31                    10.375    Owner Occupied         Rate Refi                                                  585,000.00                           177      20061201                      0.500                         0.030              9.845                                                                                   Stated                                                                   36    H                                                            0    FIXED
SILVER SPRING                                           MD                       44076                        180                        47,000.00                    12.750                     20061101   SFR                                                 510.75                       46,886.94                    12.750    Owner Occupied         CashOut Refi                                               470,000.00                           178      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                   12    H                                                            0    FIXED
LAS VEGAS                                               NV                       32537                        180                        87,000.00                    11.975                     20061001   SFR                                                 893.22                       86,924.16                    11.975    Owner Occupied         Purchase                                                   290,000.00                           177      20061201                      0.500                         0.030             11.445                                                                                   Stated                                                                   36    H                                                            0    FIXED
WESLEY CHAPEL                                           FL                  33543-4757                        360                       136,500.00                     6.625                     20061201   SFR                                                 874.02                      136,379.57                     6.625    Owner Occupied         Purchase                                                   200,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc Verified Assets                                           24    H                                                                 FIXED
WEST BLOOMFIELD                                         MI                       17614                        180                        52,000.00                    12.475                     20061012   SFR                                                 553.97                       51,973.08                    12.475    Owner Occupied         Purchase                                                   260,000.00                           177      20061112                      0.500                         0.030             11.945                                                                                   Stated                                                                   36    H                                                            0    FIXED
INDIO                                                   CA                       33635                        180                        42,000.00                    12.860                     20061101   CONDO                                               460.02                       41,980.05                    12.860    Owner Occupied         Purchase                                                   168,000.00                           178      20061201                      0.500                         0.030             12.330                                                                                   Stated                                                                   36    H                                                            0    FIXED
LOS ANGELES                                             CA                       90291                        360                       280,000.00                     6.750                     20061201   SFR                                               1,575.00                      280,000.00                     6.750    Investment             CashOut Refi                                             1,050,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
FRESNO                                                  CA                       34152                        180                        67,500.00                     9.900                     20061001   SFR                                                 587.38                       67,407.73                     9.900    Owner Occupied         Purchase                                                   225,000.00                           177      20061201                      0.500                         0.030              9.370                                                                                   Stated                                                                   36    H                                                            0    FIXED
LAKE ELSINORE                                           CA                       92532                        180                       140,000.00                    10.325                     20061101   D-PUDS                                            1,262.36                      139,883.95                    10.325    Owner Occupied         CashOut Refi                                               560,000.00                           178      20061201                      0.500                         0.030              9.795                                                                                   Stated                                                                   36    H                                                            0    FIXED
IRVINGTON                                               NJ                       39093                        360                       165,600.00                     7.500                     20061101   SFR                                               1,157.90                      165,353.43                     7.500    Owner Occupied         Purchase                                                   223,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
IRVINGTON                                               NJ                       39093                        180                        41,400.00                    12.375                     20061101   SFR                                                 437.83                       41,378.11                    12.375    Owner Occupied         Purchase                                                   223,000.00                           178      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                                                                                      0    FIXED
ANTIOCH                                                 CA                       34485                        360                        56,240.00                    12.875                     20061101   SFR                                                 616.64                       56,213.40                    12.875    Owner Occupied         Rate Refi                                                  562,400.00                           358      20061201                      0.500                         0.030             12.345                                                                                   Stated                                                                                                                                      0    FIXED
LANCASTER                                               CA                       93536                        180                        47,000.00                    11.500                     20061101   SFR                                                 465.44                       46,969.81                    11.500    Owner Occupied         CashOut Refi                                               470,000.00                           178      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   12    H                                                            0    FIXED
MERCED                                                  CA                       34759                        180                        72,400.00                    13.275                     20061101   D-PUDS                                              816.48                       72,368.71                    13.275    Investment             CashOut Refi                                               362,000.00                           178      20061201                      0.500                         0.030             12.745                                                                                   Stated                                                                   12    H                                                            0    FIXED
FRANKLIN TWP                                            NJ                        8873                        180                        76,000.00                    11.875                     20061101   2-FAMILY                                            774.44                       75,955.06                    11.875    Owner Occupied         Purchase                                                   380,000.00                           178      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                                                                                      0    FIXED
FRESNO                                                  CA                       34172                        180                        41,400.00                    14.125                     20061101   D-PUDS                                              494.64                       41,385.26                    14.125    Investment             Purchase                                                   221,000.00                           178      20061201                      0.500                         0.030             13.595                                                                                   Stated                                                                                                                                      0    FIXED
FONTANA                                                 CA                       92336                        180                        59,000.00                    11.875                     20061101   SFR                                                 601.21                       58,927.35                    11.875    Owner Occupied         Rate Refi                                                  652,000.00                           178      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                   24    H                                                            0    FIXED
MARICOPA                                                AZ                       85239                        180                        58,569.00                    14.000                     20061101   SFR                                                 693.97                       58,547.55                    14.000    Investment             Purchase                                                   235,000.00                           178      20061201                      0.500                         0.030             13.470                                                                                   Stated                                                                                                                                      0    FIXED
POMPANO BEACH                                           FL                       33060                        180                        60,000.00                    12.875                     20061101   SFR                                                 657.86                       59,971.63                    12.875    Owner Occupied         CashOut Refi                                               600,000.00                           178      20061201                      0.500                         0.030             12.345                                                                                   Stated                                                                   24    H                                                            0    FIXED
TRENTON                                                 NJ                       39610                        180                        36,500.00                    11.780                     20061101   SFR                                                 369.28                       36,427.94                    11.780    Investment             Purchase                                                   147,000.00                           178      20061201                      0.500                         0.030             11.250                                                                                   Stated                                                                                                                                      0    FIXED
HENDERSON                                               NV                       89052                        180                        62,500.00                    11.375                     20061001   D-PUDS                                              592.45                       62,500.00                    11.375    Owner Occupied         Purchase                                                   731,000.00                           177      20061201                      0.500                         0.030             10.845                                                                                   Stated                                                                   12    H                                                            0    FIXED
HOMESTEAD                                               FL                       33032                        180                        69,998.00                    12.290                     20061101   SFR                                                 735.67                       69,960.26                    12.290    Owner Occupied         Purchase                                                   350,000.00                           178      20061201                      0.500                         0.030             11.760                                                                                   Stated                                                                   24    H                                                            0    FIXED
MIAMI                                                   FL                       33157                        180                        29,000.00                    12.625                     20061101   SFR                                                 312.32                       28,985.49                    12.625    Owner Occupied         CashOut Refi                                               290,000.00                           178      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                   36    H                                                            0    FIXED
NEWARK                                                  NJ                       39089                        180                        64,000.00                    13.125                     20061201   2-FAMILY                                            714.23                       63,985.77                    13.125    Owner Occupied         Purchase                                                   340,000.00                           179      20061201                      0.500                         0.030             12.595                                                                                   Stated                                                                                                                                      0    FIXED
POMPANO BEACH                                           FL                       33063                        180                        42,475.00                    13.980                     20061101   CONDO                                               502.61                       42,459.35                    13.980    Investment             Purchase                                                   170,000.00                           178      20061201                      0.500                         0.030             13.450                                                                                   Stated                                                                                                                                      0    FIXED
BANNING                                                 CA                       33654                        180                        28,500.00                    12.550                     20061101   SFR                                                 298.06                       28,500.00                    12.550    Owner Occupied         CashOut Refi                                               285,000.00                           178      20061201                      0.500                         0.030             12.020                                                                                   Stated                                                                   36    H                                                            0    FIXED
SAN JOSE                                                CA                       95133                        180                       127,790.00                    11.325                     20061101   CONDO                                             1,478.64                      127,242.19                    11.325    Owner Occupied         Purchase                                                   639,000.00                           178      20061201                      0.500                         0.030             10.795                                                                                   Stated                                                                   36    H                                                            0    FIXED
SAN LEANDRO                                             CA                       94578                        180                        61,000.00                    12.835                     20061101   SFR                                                 652.45                       61,000.00                    12.835    Owner Occupied         Rate Refi                                                  610,000.00                           178      20061201                      0.500                         0.030             12.305                                                                                   Stated                                                                                                                                      0    FIXED
BRAWLEY                                                 CA                       33661                        360                       176,250.00                     6.500                     20061101   SFR                                                 954.69                      176,250.00                     6.500    Owner Occupied         CashOut Refi                                               235,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
POMONA                                                  CA                       91766                        360                        52,000.00                    10.100                     20061101   SFR                                                 460.18                       51,954.79                    10.100    Owner Occupied         CashOut Refi                                               520,000.00                           358      20061201                      0.500                         0.030              9.570                                                                                   Stated                                                                   36    H                                                            0    FIXED
MARGATE                                                 FL                       33063                        360                       142,425.00                     8.500                     20061201   CONDO                                             1,008.84                      142,425.00                     8.500    Investment             Purchase                                                   190,000.00                           359      20061201                      0.375                         0.030              8.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MAITLAND                                                FL                       32751                        180                        27,780.00                    14.340                     20061101   CONDO                                               336.65                       27,770.59                    14.340    Owner Occupied         Purchase                                                   139,000.00                           178      20061201                      0.500                         0.030             13.810                                                                                   Stated                                                                                                                                      0    FIXED
ROSEDALE                                                MD                       21237                        180                       108,000.00                    12.725                     20061101   SFR                                               1,171.53                      107,941.63                    12.725    Owner Occupied         CashOut Refi                                               360,000.00                           178      20061201                      0.500                         0.030             12.195                                                                                   Stated                                                                   36    H                                                            0    FIXED
MANCHESTER                                              NH                       37624                        180                        47,000.00                    13.900                     20061101   SFR                                                 553.17                       46,982.40                    13.900    Owner Occupied         Purchase                                                   242,000.00                           178      20061201                      0.500                         0.030             13.370                                                                                   Stated                                                                                                                                      0    FIXED
ELK GROVE                                               CA                       95757                        360                       298,000.00                     5.990                     20070101   SFR                                               1,487.52                      298,000.00                     5.990    Investment             Rate Refi                                                  478,000.00                           360      20061201                      0.375                         0.030              5.585                                                                                   Express Verified Assets                                                  24    H                                                            3    LIBOR                             6
LOS ANGELES                                             CA                       90003                        360                       105,000.00                    11.950                     20061101   SFR                                               1,076.00                      104,938.95                    11.950    Owner Occupied         Purchase                                                   525,000.00                           358      20061201                      0.500                         0.030             11.420                                                                                   Stated                                                                   12    H                                                            0    FIXED
LAKE ELSINORE                                           CA                       92532                        180                       140,000.00                    12.000                     20061201   SFR                                               1,440.06                      139,959.94                    12.000    Owner Occupied         Purchase                                                   700,000.00                           179      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                                                                                      0    FIXED
FERNDALE                                                WA                       98248                        180                        39,500.00                    10.875                     20061101   SFR                                                 372.44                       39,470.93                    10.875    Owner Occupied         CashOut Refi                                               395,000.00                           178      20061201                      0.500                         0.030             10.345                                                                                   Stated                                                                                                                                      0    FIXED
EL CAJON                                                CA                       92021                        360                       499,999.00                     7.125                     20061201   SFR                                               3,152.65                      499,815.09                     7.125    Owner Occupied         CashOut Refi                                               640,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
AREA OF AZUSA                                           CA                       33421                        180                        47,500.00                    11.675                     20061101   SFR                                                 476.74                       47,470.65                    11.675    Owner Occupied         CashOut Refi                                               475,000.00                           178      20061201                      0.500                         0.030             11.145                                                                                   Stated                                                                   36    H                                                            0    FIXED
CLINTON                                                 MD                       20735                        240                        66,500.00                    11.900                     20061101   SFR                                                  727.6                       66,363.04                    11.900    Investment             Purchase                                                   290,000.00                           238      20061201                      0.500                         0.030             11.370                                                                                   Stated                                                                                                                                      0    FIXED
POMONA                                                  CA                       91766                        180                       110,000.00                    12.100                     20061101   SFR                                               1,109.17                      110,000.00                    12.100    Owner Occupied         Purchase                                                   550,000.00                           178      20061201                      0.500                         0.030             11.570                                                                                   Stated                                                                   36    H                                                            0    FIXED
WESTMINSTER                                             CA                       92683                        360                       628,800.00                     6.625                     20061201   SFR                                               3,471.50                      628,800.00                     6.625    Owner Occupied         Purchase                                                   795,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
CALDWELL                                                ID                       30472                        180                        45,105.00                    10.375                     20061101   D-PUDS                                              408.38                       45,068.02                    10.375    Investment             Purchase                                                   182,000.00                           178      20061201                      0.500                         0.030              9.845                                                                                   Stated                                                                   36    H                                                            0    FIXED
PHOENIX                                                 AZ                       85024                        180                        35,475.00                    13.250                     20061101   SFR                                                 399.37                       35,459.58                    13.250    Investment             Purchase                                                   236,500.00                           178      20061201                      0.500                         0.030             12.720                                                                                   Full                                                                                                                                        0    FIXED
PENSACOLA                                               FL                       11816                        360                       185,500.00                     6.875                     20061201   PUD                                               1,062.76                      185,500.00                     6.875    2nd Home               Purchase                                                   274,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   SISA                                                                     60    S                                                            3    LIBOR                             6
SANTA MARIA                                             CA                       93455                        180                        53,000.00                    10.750                     20061101   PUD                                                 494.75                       52,853.71                    10.750    Owner Occupied         CashOut Refi                                               530,000.00                           178      20061201                      0.500                         0.030             10.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
SANTA ANA                                               CA                       33789                        360                       486,500.00                     7.000                     20061201   SFR                                               2,837.95                      486,500.00                     7.000    Owner Occupied         CashOut Refi                                               695,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   36    H                                                                 FIXED
WILMINGTON                                              CA                       90744                        180                       117,000.00                    11.500                     20061201   3-FAMILY                                          1,158.64                      116,962.61                    11.500    Owner Occupied         Purchase                                                   585,000.00                           179      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
MISSION VIEJO                                           CA                       92692                        360                       421,600.00                     5.990                     20061201   CONDO                                             2,104.49                      421,600.00                     5.990    Owner Occupied         Rate Refi                                                  555,000.00                           359      20061201                      0.375                         0.030              5.585                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
COLUMBIA                                                MD                       21046                        360                       315,000.00                     7.000                     20061201   D-PUDS                                            2,095.71                      314,741.79                     7.000    Investment             Purchase                                                   460,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SACRAMENTO                                              CA                       34925                        180                       159,500.00                    14.750                     20061101   2-FAMILY                                          1,984.94                      159,450.86                    14.750    Investment             CashOut Refi                                               638,000.00                           178      20061201                      0.500                         0.030             14.220                                                                                   Stated                                                                                                                                      0    FIXED
LITTLEROCK                                              CA                       93543                        360                       212,000.00                     9.250                     20061201   SFR                                               1,744.07                      211,890.10                     9.250    Investment             Purchase                                                   265,000.00                           359      20061201                      0.375                         0.030              8.845                                                                                   Express Non-Verified Assets                                              24    H                                                            3    LIBOR                             6
HOLMEN                                                  WI                       54636                        360                       165,000.00                     6.500                     20061101   SFR                                               1,042.91                      164,700.87                     6.500    Investment             Purchase                                                   220,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
PEYTON                                                  CO                       29464                        360                       178,766.00                     6.750                     20061101   D-PUDS                                            1,005.56                      178,766.00                     6.750    Investment             Purchase                                                   239,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    6H/30S                                                       3    LIBOR                             6
SAN BERNARDINO                                          CA                       33704                        180                        29,000.00                    12.675                     20061101   SFR                                                 306.31                       29,000.00                    12.675    Owner Occupied         CashOut Refi                                               290,000.00                           178      20061201                      0.500                         0.030             12.145                                                                                   Stated                                                                   36    H                                                            0    FIXED
CONIFER                                                 CO                       80433                        180                        54,000.00                    14.125                     20061101   SFR                                                 645.18                       53,980.78                    14.125    Owner Occupied         CashOut Refi                                               360,000.00                           178      20061201                      0.500                         0.030             13.595                                                                                   Stated                                                                                                                                      0    FIXED
DUNELLEN                                                NJ                       39672                        180                        87,000.00                    13.790                     20061101   2-FAMILY                                          1,016.40                       86,966.56                    13.790    Owner Occupied         Purchase                                                   435,000.00                           178      20061201                      0.500                         0.030             13.260                                                                                   Stated                                                                                                                                      0    FIXED
WEST JORDAN                                             UT                       84084                        180                        52,000.00                    12.950                     20061101   SFR                                                 573.19                       51,975.83                    12.950    Owner Occupied         CashOut Refi                                               260,000.00                           178      20061201                      0.500                         0.030             12.420                                                                                   Stated                                                                   12    H                                                            0    FIXED
STREET #1-#2 LOS ANGELES                                CA                       90007                        360                       250,000.00                     6.650                     20061201   3-FAMILY                                          1,385.42                      250,000.00                     6.650    Investment             CashOut Refi                                               670,000.00                           359      20061201                      0.375                         0.030              6.245                                                                                   SISA                                                                     36    H                                                            3    LIBOR                             6
YONKERS                                                 NY                       40362                        360                       172,525.00                    12.875                     20061001   4-FAMILY                                          1,891.63                      172,401.94                    12.875    Owner Occupied         Purchase                                                   695,000.00                           357      20061201                      0.500                         0.030             12.345                                                                                   Stated                                                                                                                                      0    FIXED
WESTBURY                                                NY                       11590                        180                        55,500.00                    10.750                     20061001   SFR                                                 518.08                       55,436.75                    10.750    Owner Occupied         Purchase                                                   380,000.00                           177      20061201                      0.500                         0.030             10.220                                                                                   SISA                                                                                                                                        0    FIXED
GUTTENBERG                                              NJ                        7093                        360                        84,750.00                    12.250                     20061001   SFR                                                 888.09                       84,680.48                    12.250    Owner Occupied         Purchase                                                   565,000.00                           357      20061201                      0.500                         0.030             11.720                                                                                   Express Verified Assets                                                                                                                     0    FIXED
FORT LAUDERDALE                                         FL                       12117                        180                       103,400.00                     9.125                     20061001   SFR                                                  841.3                      103,233.65                     9.125    Investment             CashOut Refi                                               517,000.00                           177      20061201                      0.500                         0.030              8.595                                                                                   Stated                                                                                                                                      0    FIXED
LAKE HIAWATHA                                           NJ                        7034                        360                        62,000.00                    13.625                     20061001   SFR                                                 716.26                       61,962.68                    13.625    Owner Occupied         Purchase                                                   320,000.00                           357      20061201                      0.500                         0.030             13.095                                                                                   SISA                                                                                                                                        0    FIXED
HIALEAH                                                 FL                       33015                        360                       247,500.00                     8.625                     20061101   D-PUDS                                            1,778.91                      247,500.00                     8.625    Owner Occupied         CashOut Refi                                               330,000.00                           358      20061201                      0.375                         0.030              8.220                                                                                   SISA                                                                     12    H                                                          4.5    LIBOR                             6
PARKER                                                  CO                       80134                        180                        40,400.00                    12.875                     20061101   SFR                                                 442.96                       40,380.90                    12.875    Investment             Purchase                                                   214,900.00                           178      20061201                      0.500                         0.030             12.345                                                                                   Stated                                                                                                                                      0    FIXED
PASSAIC                                                 NJ                        7055                        360                       344,000.00                     9.625                     20061101   2-FAMILY                                          2,923.97                      343,669.07                     9.625    Investment             Purchase                                                   430,000.00                           358      20061201                      0.375                         0.030              9.220                                                                                   Stated                                                                                                                                      8    LIBOR                             6
PASSAIC                                                 NJ                        7055                        180                        64,500.00                    14.250                     20061101   2-FAMILY                                            777.03                       64,477.69                    14.250    Investment             Purchase                                                   430,000.00                           178      20061201                      0.500                         0.030             13.720                                                                                   Stated                                                                                                                                      0    FIXED
DORCHESTER                                              MA                       37278                        360                       238,000.00                     8.070                     20061201   2-FAMILY                                          1,600.55                      238,000.00                     8.070    Owner Occupied         CashOut Refi                                               430,000.00                           359      20061201                      0.250                         0.030              7.790                                                                                   Express Non-Verified Assets                                                                                                                      FIXED
BRAWLEY                                                 CA                       33661                        360                       192,000.00                     6.125                     20061201   SFR                                                    980                      192,000.00                     6.125    Owner Occupied         CashOut Refi                                               240,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Full                                                                     24    H                                                            3    LIBOR                             6
ORLANDO                                                 FL                       11929                        180                        67,800.00                    14.000                     20061101   D-PUDS                                              803.34                       67,775.18                    14.000    Investment             CashOut Refi                                               452,000.00                           178      20061201                      0.500                         0.030             13.470                                                                                   Stated                                                                   12    H                                                            0    FIXED
LAFAYETTE                                               OR                       35457                        180                        22,850.00                    13.050                     20061101   SFR                                                 253.66                       22,826.80                    13.050    Owner Occupied         CashOut Refi                                               228,500.00                           178      20061201                      0.500                         0.030             12.520                                                                                   Stated                                                                                                                                      0    FIXED
VICTORVILLE                                             CA                       92392                        180                        35,600.00                    11.950                     20061101   SFR                                                 364.82                       35,579.29                    11.950    Owner Occupied         CashOut Refi                                               356,000.00                           178      20061201                      0.500                         0.030             11.420                                                                                   Stated                                                                                                                                      0    FIXED
LOS ANGELES (WOODLAND HILLS)                            CA                       33300                        180                        68,000.00                    12.500                     20061101   SFR                                                 708.33                       68,000.00                    12.500    Owner Occupied         CashOut Refi                                               680,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   24    H                                                            0    FIXED
BEVERLY HILLS                                           FL                       12538                        360                       196,750.00                     7.250                     20061201   SFR                                               1,342.18                      196,596.52                     7.250    Owner Occupied         Rate Refi                                                  348,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
BURBANK                                                 CA                       33364                        180                        80,000.00                    12.000                     20061101   SFR                                                 822.89                       79,953.99                    12.000    Owner Occupied         CashOut Refi                                               800,000.00                           178      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   36    H                                                            0    FIXED
PALMDALE                                                CA                       93552                        360                       296,000.00                     7.875                     20061201   SFR                                               1,942.50                      296,000.00                     7.875    Owner Occupied         CashOut Refi                                               370,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Express Verified Assets                                                  12    H                                                            3    LIBOR                             6
LOS ANGELES                                             CA                       90744                        180                        84,000.00                    11.625                     20061101   SFR                                                 839.87                       83,947.51                    11.625    Owner Occupied         Purchase                                                   460,000.00                           178      20061201                      0.500                         0.030             11.095                                                                                   Stated                                                                   36    H                                                            0    FIXED
FIRESTONE                                               CO                       29345                        180                        77,000.00                    13.250                     20061101   D-PUDS                                              866.85                       76,966.53                    13.250    Investment             Purchase                                                   385,000.00                           178      20061201                      0.500                         0.030             12.720                                                                                   Stated                                                                                                                                      0    FIXED
CLERMONT                                                FL                       12611                        180                        38,250.00                    14.000                     20061101   D-PUDS                                              453.21                       38,236.00                    14.000    Investment             CashOut Refi                                               255,000.00                           178      20061201                      0.500                         0.030             13.470                                                                                   Stated                                                                   12    H                                                            0    FIXED
MIAMI                                                   FL                       33168                        180                        99,500.00                    12.000                     20061101   SFR                                               1,023.47                       99,442.78                    12.000    Owner Occupied         Purchase                                                   512,000.00                           178      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   12    H                                                            0    FIXED
FONTANA                                                 CA                       92336                        360                       125,000.00                     5.625                     20061101   SFR                                                 585.94                      125,000.00                     5.625    Owner Occupied         CashOut Refi                                               480,000.00                           358      20061201                      0.375                         0.030              5.220                                                                                   Full                                                                     36    H                                                          2.5    LIBOR                             6
NORTH LAS VEGAS                                         NV                       89031                        180                        42,000.00                    12.125                     20061101   SFR                                                 436.06                       41,972.54                    12.125    Investment             Rate Refi                                                  280,000.00                           178      20061201                      0.500                         0.030             11.595                                                                                   Stated                                                                                                                                      0    FIXED
WHEAT RIDGE                                             CO                       80033                        180                        62,500.00                    14.275                     20061101   2-FAMILY                                            754.17                       62,478.51                    14.275    Investment             CashOut Refi                                               250,000.00                           178      20061201                      0.500                         0.030             13.745                                                                                   Stated                                                                                                                                      0    FIXED
NATIONAL CITY                                           CA                       91950                        360                       364,000.00                     6.500                     20061101   SFR                                               1,971.67                      363,913.38                     6.500    Investment             CashOut Refi                                               520,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
ANAHEIM HILLS                                           CA                       33824                        180                        68,000.00                    11.000                     20061101   D-PUDS                                              647.58                       67,951.28                    11.000    Owner Occupied         Purchase                                                   725,000.00                           178      20061201                      0.500                         0.030             10.470                                                                                   Stated                                                                   36    H                                                            0    FIXED
SACRAMENTO                                              CA                       34931                        180                        36,000.00                    12.025                     20061101   SFR                                                    371                       35,979.40                    12.025    Investment             Purchase                                                   240,000.00                           178      20061201                      0.500                         0.030             11.495                                                                                   Stated                                                                                                                                      0    FIXED
EDGEWATER                                               FL                       32141                        360                       159,140.00                     7.375                     20061101   SFR                                               1,099.14                      158,897.07                     7.375    Owner Occupied         CashOut Refi                                               278,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                     12    H                                                                 FIXED
LINWOOD                                                 NJ                       39499                        180                       180,400.00                    11.250                     20061101   SFR                                               1,752.16                      180,277.61                    11.250    Owner Occupied         CashOut Refi                                               902,000.00                           178      20061201                      0.500                         0.030             10.720                                                                                   Stated                                                                                                                                      0    FIXED
SAN JACINTO                                             CA                       92582                        360                       296,400.00                     7.125                     20061201   SFR                                               1,759.88                      296,400.00                     7.125    Owner Occupied         Purchase                                                   377,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                  12    H                                                            3    LIBOR                             6
CALIFORNIA                                              CA                       34094                        360                       146,250.00                     7.000                     20061201   SFR                                                 853.13                      146,250.00                     7.000    Investment             Rate Refi                                                  225,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   SISA                                                                     12    H                                                            3    LIBOR                             6
SAN JACINTO                                             CA                       92582                        360                       305,800.00                     6.875                     20061101   SFR                                               1,751.98                      305,800.00                     6.875    Owner Occupied         Purchase                                                   383,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
BELTSVILLE                                              MD                       44017                        180                       122,000.00                    13.625                     20061101   SFR                                               1,409.41                      121,951.32                    13.625    Owner Occupied         Purchase                                                   610,000.00                           178      20061201                      0.500                         0.030             13.095                                                                                   Stated                                                                                                                                      0    FIXED
ORLANDO                                                 FL                       11923                        180                        30,100.00                    12.800                     20061101   CONDO                                               328.27                       30,085.52                    12.800    2nd Home               Purchase                                                   128,000.00                           178      20061201                      0.500                         0.030             12.270                                                                                   Stated                                                                                                                                      0    FIXED
RIVERSIDE                                               CA                       33732                        180                       103,998.00                    12.600                     20061101   SFR                                               1,091.98                      103,998.00                    12.600    Owner Occupied         Purchase                                                   520,000.00                           178      20061201                      0.500                         0.030             12.070                                                                                   Stated                                                                   36    H                                                            0    FIXED
BLOOMINGTON                                             IL                       22463                        180                        42,400.00                    13.750                     20061101   SFR                                                 494.01                       42,383.55                    13.750    Investment             CashOut Refi                                               212,000.00                           178      20061201                      0.500                         0.030             13.220                                                                                   Stated                                                                                                                                      0    FIXED
FONTANA                                                 CA                       92336                        180                        76,000.00                    12.775                     20061101   SFR                                                 827.37                       75,963.23                    12.775    Owner Occupied         Purchase                                                   380,000.00                           178      20061201                      0.500                         0.030             12.245                                                                                   Stated                                                                                                                                      0    FIXED
VANCOUVER                                               WA                       98684                        360                       300,000.00                     6.375                     20061201   SFR                                               1,593.75                      300,000.00                     6.375    Owner Occupied         CashOut Refi                                               455,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
SACRAMENTO                                              CA                       95835                        180                        63,000.00                    11.500                     20061101   SFR                                                 603.75                       63,000.00                    11.500    Owner Occupied         CashOut Refi                                               630,000.00                           178      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
LAS VEGAS                                               NV                       89156                        360                       220,500.00                     6.375                     20061101   D-PUDS                                            1,171.41                      220,500.00                     6.375    2nd Home               Purchase                                                   295,000.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
TULARE                                                  CA                       93274                        360                       162,750.00                     7.625                     20061201   SFR                                               1,034.14                      162,750.00                     7.625    Owner Occupied         Purchase                                                   235,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
ROSEDALE                                                MD                       21237                        180                        52,000.00                    13.625                     20061101   SFR                                                 600.74                       51,979.24                    13.625    Investment             Purchase                                                   235,000.00                           178      20061201                      0.500                         0.030             13.095                                                                                   Stated                                                                                                                                      0    FIXED
LYNWOOD                                                 CA                       90262                        360                       378,400.00                     7.625                     20061201   SFR                                               2,404.42                      378,400.00                     7.625    Owner Occupied         CashOut Refi                                               473,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                             6
ROGUE RIVER                                             OR                       97537                        360                       232,500.00                     6.750                     20061101   SFR                                               1,307.81                      232,500.00                     6.750    Owner Occupied         CashOut Refi                                               310,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
PEMBROKE PINES                                          FL                       33025                        180                        74,000.00                    13.030                     20061101   SFR                                                 820.33                       73,966.19                    13.030    Owner Occupied         Purchase                                                   376,000.00                           178      20061201                      0.500                         0.030             12.500                                                                                   Stated                                                                                                                                      0    FIXED
ANAHEIM                                                 CA                  92804-2503                        360                       455,000.00                     7.125                     20070101   SFR                                               2,701.56                      455,000.00                     7.125    Owner Occupied         Rate Refi                                                  650,000.00                           360      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LAKE FOREST                                             CA                       33785                        360                       736,000.00                     6.625                     20061101   SFR                                               4,063.33                      736,000.00                     6.625    Owner Occupied         Rate Refi                                                  920,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   12    H                                                          4.5    LIBOR                             6
LANCASTER                                               CA                       93534                        180                        53,600.00                    11.500                     20061101   SFR                                                  530.8                       53,565.57                    11.500    Owner Occupied         Purchase                                                   270,000.00                           178      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
HILLSBORO                                               OR                       35454                        180                        33,219.00                    12.150                     20061201   D-PUDS                                              345.54                       33,209.80                    12.150    Investment             Purchase                                                   225,000.00                           179      20061201                      0.500                         0.030             11.620                                                                                   Stated                                                                   36    H                                                            0    FIXED
ESCONDIDO                                               CA                       92027                        360                       345,600.00                     6.750                     20061101   SFR                                               1,944.00                      345,600.00                     6.750    Owner Occupied         Purchase                                                   432,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
MADERA                                                  CA                       93637                        180                        93,000.00                    12.700                     20061201   SFR                                               1,007.01                       92,977.24                    12.700    Owner Occupied         Purchase                                                   310,000.00                           179      20061201                      0.500                         0.030             12.170                                                                                   Stated                                                                   36    H                                                            0    FIXED
LAS VEGAS                                               NV                       89156                        180                        59,400.00                    13.350                     20061101   SFR                                                 673.37                       59,374.78                    13.350    Owner Occupied         Purchase                                                   310,000.00                           178      20061201                      0.500                         0.030             12.820                                                                                   Stated                                                                   24    H                                                            0    FIXED
SAN ANTONIO                                             TX                       28522                        360                        79,000.00                     7.000                     20061201   2-FAMILY                                            525.59                       78,935.24                     7.000    Investment             Rate Refi                                                  120,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                     36    H                                                                 FIXED
SAN JACINTO                                             CA                       92582                        360                       278,650.00                     6.875                     20061101   SFR                                               1,596.43                      278,650.00                     6.875    Investment             Purchase                                                   388,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
SAN JACINTO                                             CA                       92583                        180                        43,000.00                    10.650                     20061101   SFR                                                 398.17                       42,966.77                    10.650    Owner Occupied         Purchase                                                   215,000.00                           178      20061201                      0.500                         0.030             10.120                                                                                   Stated                                                                   36    H                                                            0    FIXED
PHOENIX                                                 AZ                       85029                        360                       115,500.00                     7.625                     20061201   CONDO                                               733.91                      115,500.00                     7.625    Investment             Rate Refi                                                  165,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
RIVERSIDE                                               CA                       33729                        180                        55,000.00                    11.750                     20061101   SFR                                                 555.18                       54,966.56                    11.750    Owner Occupied         Purchase                                                   550,000.00                           178      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
LAS VEGAS                                               NV                       89144                        180                        78,112.00                    12.300                     20061101   D-PUDS                                              821.56                       78,069.52                    12.300    Investment             Purchase                                                   313,000.00                           178      20061201                      0.500                         0.030             11.770                                                                                   Stated                                                                   24    H                                                            0    FIXED
LOS ANGELES                                             CA                       90047                        180                        92,000.00                    12.850                     20061101   SFR                                                 985.17                       92,000.00                    12.850    Owner Occupied         CashOut Refi                                               460,000.00                           178      20061201                      0.500                         0.030             12.320                                                                                   Stated                                                                   36    H                                                            0    FIXED
ALBUQUERQUE                                             NM                       31791                        180                        24,700.00                    12.500                     20061201   SFR                                                 263.61                       24,693.68                    12.500    Investment             Purchase                                                   165,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
VENTURA                                                 CA                       93003                        180                        85,000.00                    11.750                     20061201   CONDO                                                  858                       84,974.29                    11.750    Owner Occupied         CashOut Refi                                               425,000.00                           179      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                                                                                      0    FIXED
OMAHA                                                   NE                       68182                        360                       267,200.00                     5.625                     20061101   SFR                                               1,538.15                      266,627.36                     5.625    Owner Occupied         Purchase                                                   340,000.00                           358      20061201                      0.250                         0.030              5.345                                                                                   Full                                                                     36    H                                                                 FIXED
FORT WHITE                                              FL                       32038                        180                        65,250.00                    13.875                     20061101   SFR                                                 766.68                       65,225.40                    13.875    2nd Home               Purchase                                                   440,000.00                           178      20061201                      0.500                         0.030             13.345                                                                                   Stated                                                                   24    H                                                            0    FIXED
LAGUNA BEACH                                            CA                       92651                        360                       463,200.00                     6.250                     20070101   CONDO                                             2,852.00                      463,200.00                     6.250    Owner Occupied         Rate Refi                                                  579,000.00                           360      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                     24    H                                                                 FIXED
STOCKTON                                                CA                       34739                        360                       265,200.00                     5.875                     20061201   SFR                                               1,298.37                      265,200.00                     5.875    Owner Occupied         Purchase                                                   351,500.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                     24    H                                                            3    LIBOR                             6
STOCKTON                                                CA                       34739                        180                        66,300.00                    12.375                     20061201   SFR                                                 701.17                       66,282.55                    12.375    Owner Occupied         Purchase                                                   351,500.00                           179      20061201                      0.500                         0.030             11.845                                                                                   Full                                                                                                                                        0    FIXED
WILDWOOD                                                NJ                        8260                        360                       329,600.00                     8.750                     20061201   3-FAMILY                                          2,592.97                      329,410.36                     8.750    Owner Occupied         Purchase                                                   535,000.00                           359      20061201                      0.375                         0.030              8.345                                                                                   Stated                                                                                                                                      3    LIBOR                             6
CORAL SPRINGS                                           FL                       33076                        360                       206,720.00                     6.875                     20061101   CONDO                                             1,184.33                      206,720.00                     6.875    Owner Occupied         Purchase                                                   278,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
COLUMBUS                                                OH                       43232                        360                        94,400.00                     7.000                     20061001   SFR                                                 550.67                       94,400.00                     7.000    Owner Occupied         Purchase                                                   118,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
CHICAGO                                                 IL                       22073                        360                       156,100.00                     7.125                     20061001   CONDO                                               926.84                      156,100.00                     7.125    Investment             Rate Refi                                                  223,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
WOODSTOCK                                               IL                       60098                        360                       172,000.00                     8.250                     20061001   SFR                                               1,182.50                      172,000.00                     8.250    Owner Occupied         Rate Refi                                                  215,000.00                           357      20061201                      0.375                         0.030              7.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
FARMINGTON                                              UT                       84025                        360                       315,000.00                     6.625                     20061001   SFR                                               1,739.06                      315,000.00                     6.625    Owner Occupied         Purchase                                                   450,000.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
PHOENIX                                                 AZ                       85087                        360                       347,920.00                     7.375                     20061001   PUD                                               2,138.26                      347,920.00                     7.375    Owner Occupied         Purchase                                                   434,900.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SAN DIEGO                                               CA                       92154                        360                       376,800.00                     6.750                     20061001   SFR                                               2,119.50                      376,800.00                     6.750    Investment             Rate Refi                                                  540,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Express Verified Assets                                                  36    H                                                         2.25    LIBOR                             6
LAWRENCE                                                MA                        1841                        360                       273,000.00                     6.875                     20061001   3-FAMILY                                          1,564.06                      273,000.00                     6.875    Owner Occupied         CashOut Refi                                               390,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
FARMERSVILLE                                            CA                       34023                        180                        22,200.00                    12.500                     20061101   SFR                                                 236.93                       22,188.58                    12.500    Owner Occupied         CashOut Refi                                               222,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
LOS ANGELES                                             CA                       90292                        180                       150,000.00                    11.125                     20061101   SFR                                               1,442.67                      149,895.43                    11.125    Owner Occupied         CashOut Refi                                             1,000,000.00                           178      20061201                      0.500                         0.030             10.595                                                                                   Stated                                                                                                                                      0    FIXED
MIAMI                                                   FL                       33137                        180                        51,840.00                    14.875                     20061201   HI-RISE                                             650.31                       51,832.29                    14.875    Owner Occupied         Purchase                                                   278,000.00                           179      20061201                      0.500                         0.030             14.345                                                                                   Stated                                                                                                                                      0    FIXED
MIAMI                                                   FL                       33143                        360                       126,000.00                    11.700                     20061101   SFR                                               1,267.03                      125,922.56                    11.700    Owner Occupied         Purchase                                                   665,000.00                           358      20061201                      0.500                         0.030             11.170                                                                                   Stated                                                                                                                                      0    FIXED
MORENO VALLEY                                           CA                       92557                        360                       298,500.00                     6.500                     20061101   SFR                                               1,616.88                      298,500.00                     6.500    Owner Occupied         CashOut Refi                                               398,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                     36    H                                                          3.5    LIBOR                             6
PATTERSON                                               CA                       95363                        180                       158,384.00                    12.500                     20061101   SFR                                               1,690.37                      158,302.50                    12.500    Owner Occupied         Purchase                                                   530,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   24    H                                                            0    FIXED
FULLERTON                                               CA                       92833                        360                       504,000.00                     6.250                     20061201   SFR                                               2,625.00                      504,000.00                     6.250    Owner Occupied         CashOut Refi                                               720,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   36    H                                                                 FIXED
HOLLYWOOD                                               FL                       33024                        360                       244,000.00                     7.625                     20061201   SFR                                               1,550.42                      244,000.00                     7.625    Owner Occupied         Purchase                                                   305,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   60    H                                                            3    LIBOR                             6
ESCONDIDO                                               CA                       92026                        360                       287,992.00                     6.250                     20061101   CONDO                                             1,499.96                      287,992.00                     6.250    Owner Occupied         Purchase                                                   360,000.00                           358      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
ESCONDIDO                                               CA                       92026                        180                        71,998.00                    12.500                     20061101   CONDO                                                768.4                       71,960.97                    12.500    Owner Occupied         Purchase                                                   360,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
ORANGE                                                  NJ                        7050                        180                        61,600.00                    11.375                     20061101   SFR                                                 604.15                       61,559.34                    11.375    Owner Occupied         Purchase                                                   313,000.00                           178      20061201                      0.500                         0.030             10.845                                                                                   Stated                                                                                                                                      0    FIXED
WINNETKA                                                CA                       33303                        180                        66,000.00                    12.250                     20061101   SFR                                                 691.61                       65,964.10                    12.250    Owner Occupied         CashOut Refi                                               660,000.00                           178      20061201                      0.500                         0.030             11.720                                                                                   Stated                                                                                                                                      0    FIXED
GULF SHORES                                             AL                       36542                        360                       107,900.00                    15.375                     20061101   HI-RISE                                           1,382.47                      107,900.00                    15.375    Owner Occupied         Purchase                                                   530,000.00                           358      20061201                      0.500                         0.030             14.845                                                                                   Stated                                                                                                                                      0    FIXED
MIAMI                                                   FL                       33133                        180                       165,000.00                    12.775                     20061201   SFR                                               1,796.26                      164,960.30                    12.775    Owner Occupied         Purchase                                                   555,000.00                           179      20061201                      0.500                         0.030             12.245                                                                                   Stated                                                                                                                                      0    FIXED
ESCONDIDO                                               CA                       92026                        360                       301,600.00                     5.875                     20061101   CONDO                                             1,476.58                      301,600.00                     5.875    Owner Occupied         Purchase                                                   380,000.00                           358      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
ESCONDIDO                                               CA                       92026                        180                        75,400.00                    12.500                     20061101   CONDO                                               804.71                       75,361.22                    12.500    Owner Occupied         Purchase                                                   380,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
BENICIA                                                 CA                       34464                        360                       372,000.00                     5.750                     20061101   SFR                                               1,782.50                      372,000.00                     5.750    Owner Occupied         Rate Refi                                                  615,000.00                           358      20061201                      0.250                         0.030              5.470                                                                                   Stated                                                                   36    H                                                                 FIXED
LANCASTER                                               CA                       93536                        180                        50,000.00                    11.525                     20061101   SFR                                                  496.1                       49,968.07                    11.525    Owner Occupied         Purchase                                                   527,080.00                           178      20061201                      0.500                         0.030             10.995                                                                                   Stated                                                                                                                                      0    FIXED
GLENDALE                                                CA                       33274                        180                        44,000.00                    12.000                     20061101   SFR                                                 452.59                       43,974.69                    12.000    Owner Occupied         CashOut Refi                                               680,000.00                           178      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   36    H                                                            0    FIXED
BAKERSFIELD                                             CA                       34037                        180                        43,800.00                    12.375                     20061101   SFR                                                 451.69                       43,800.00                    12.375    Investment             Purchase                                                   295,000.00                           178      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                                                                                      0    FIXED
ELKRIDGE                                                MD                       21075                        360                       243,000.00                     6.990                     20061201   D-PUDS                                            1,615.05                      242,800.43                     6.990    Investment             CashOut Refi                                               355,000.00                           359      20061201                      0.250                         0.030              6.710                                                                                   Full                                                                     12    H                                                                 FIXED
ESCONDIDO                                               CA                       92026                        360                       276,000.00                     6.250                     20061201   CONDO                                             1,437.50                      276,000.00                     6.250    Owner Occupied         Purchase                                                   345,000.00                           359      20070101                      0.375                         0.030              5.845                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
NAPLES                                                  FL                       12439                        180                        80,600.00                    13.875                     20061101   SFR                                                 947.04                       80,569.62                    13.875    Owner Occupied         Purchase                                                   403,000.00                           178      20061201                      0.500                         0.030             13.345                                                                                   Stated                                                                                                                                      0    FIXED
EWA BEACH                                               HI                       35252                        360                       323,200.00                     6.750                     20061201   CONDO                                             1,818.00                      323,200.00                     6.750    Owner Occupied         Rate Refi                                                  404,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
TUCSON                                                  AZ                       31243                        360                        30,500.00                    12.625                     20061201   SFR                                                 320.89                       30,500.00                    12.625    Owner Occupied         CashOut Refi                                               305,000.00                           359      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                                                                                      0    FIXED
STATEN ISLAND                                           NY                       40249                        360                       305,000.00                    12.500                     20061101   SFR                                               3,255.14                      304,843.07                    12.500    Owner Occupied         Rate Refi                                                1,400,000.00                           358      20061201                      0.500                         0.030             11.970                                                                                   Express No Doc                                                                                                                              0    FIXED
CAPE CORAL                                              FL                       33990                        180                        32,800.00                    13.000                     20060801   CONDO                                               362.83                       32,761.66                    13.000    2nd Home               Purchase                                                   226,500.00                           175      20061201                      0.500                         0.030             12.470                                                                                   Stated                                                                                                                                      0    FIXED
LAS VEGAS                                               NV                       32525                        180                        39,500.00                    12.000                     20061101   D-PUDS                                               406.3                       39,477.29                    12.000    Owner Occupied         Purchase                                                   395,000.00                           178      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   36    H                                                            0    FIXED
PHOENIX                                                 AZ                       85048                        360                       225,000.00                     7.375                     20061201   D-PUDS                                            1,382.81                      225,000.00                     7.375    Owner Occupied         CashOut Refi                                               300,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
ESCONDIDO                                               CA                       92025                        360                       417,000.00                     6.875                     20061101   2-FAMILY                                          2,389.06                      417,000.00                     6.875    Owner Occupied         Purchase                                                   560,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HUNTINGTON BEACH                                        CA                       92646                        360                       504,750.00                     6.250                     20061201   SFR                                               2,628.91                      504,750.00                     6.250    Owner Occupied         Purchase                                                   680,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
FRESNO                                                  CA                       34178                        180                        29,550.00                    12.375                     20061101   CONDO                                               312.51                       29,534.36                    12.375    Owner Occupied         CashOut Refi                                               197,000.00                           178      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                   36    H                                                            0    FIXED
OCEANSIDE                                               CA                       92057                        360                       353,000.00                     5.875                     20061101   D-PUDS                                            1,728.23                      353,000.00                     5.875    Owner Occupied         Rate Refi                                                  560,000.00                           358      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
HUNTINGTON BEACH                                        CA                       92647                        360                       615,000.00                     6.125                     20061101   SFR                                               3,139.06                      615,000.00                     6.125    Owner Occupied         Purchase                                                   820,000.00                           358      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
OCEAN CITY                                              NJ                       39504                        360                       553,150.00                     7.375                     20061101   CONDO                                             3,820.47                      552,305.61                     7.375    Investment             CashOut Refi                                               800,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
PHOENIX                                                 AZ                       85037                        360                       184,000.00                     9.125                     20061101   SFR                                               1,399.17                      184,000.00                     9.125    Investment             Purchase                                                   250,000.00                           358      20061201                      0.375                         0.030              8.720                                                                                   Stated                                                                                                                                      3    LIBOR                             6
INGLEWOOD                                               CA                       32937                        360                       277,000.00                     5.500                     20061101   SFR                                               1,269.58                      277,000.00                     5.500    Owner Occupied         Rate Refi                                                  625,000.00                           358      20061201                      0.375                         0.030              5.095                                                                                   Full                                                                     36    H                                                          2.5    LIBOR                             6
HAMPTON                                                 VA                       22669                        360                       156,600.00                     8.500                     20061201   SFR                                               1,109.25                      156,600.00                     8.500    Investment             Purchase                                                   174,000.00                           359      20061201                      0.375                         0.030              8.095                                                                                   SISA                                                                     24    H                                                        3.625    LIBOR                             6
BOYNTON BEACH                                           FL                       33435                        180                        35,400.00                    13.475                     20061101   CONDO                                               404.78                       35,385.38                    13.475    Owner Occupied         Purchase                                                   177,000.00                           178      20061201                      0.500                         0.030             12.945                                                                                   Stated                                                                   36    H                                                            0    FIXED
ODENTON                                                 MD                       44209                        180                        33,000.00                    11.675                     20061101   SFR                                                 331.21                       32,979.60                    11.675    Investment             Purchase                                                   230,000.00                           178      20061201                      0.500                         0.030             11.145                                                                                   Stated                                                                                                                                      0    FIXED
CONCORD                                                 CA                       34472                        360                       500,000.00                     6.250                     20061101   SFR                                               3,078.59                      499,048.69                     6.250    Owner Occupied         CashOut Refi                                               900,000.00                           358      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                     36    S                                                                 FIXED
CAPE CORAL                                              FL                       12311                        360                       390,000.00                     7.250                     20061201   SFR                                               2,356.25                      390,000.00                     7.250    Owner Occupied         CashOut Refi                                               790,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                     36    H                                                                 FIXED
EWA BEACH                                               HI                       35252                        360                       252,000.00                     7.750                     20061201   CONDO                                             1,627.50                      252,000.00                     7.750    Owner Occupied         CashOut Refi                                               315,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   SISA                                                                     24    H                                                            3    LIBOR                             6
TULARE                                                  CA                       93274                        360                       126,000.00                     8.125                     20061201   SFR                                                 935.55                      125,917.58                     8.125    Investment             CashOut Refi                                               180,000.00                           359      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                   36    H                                                                 FIXED
SAN BERNARDINO                                          CA                       33698                        180                        60,800.00                    11.375                     20061101   CONDO                                               596.31                       60,759.85                    11.375    Owner Occupied         Purchase                                                   244,000.00                           178      20061201                      0.500                         0.030             10.845                                                                                   Stated                                                                   12    H                                                            0    FIXED
LA JOLLA                                                CA                       92037                        360                     2,000,000.00                     5.750                     20061201   SFR                                               9,583.33                    2,000,000.00                     5.750    Owner Occupied         Rate Refi                                                3,000,000.00                           359      20061201                      0.375                         0.030              5.345                                                                                   Stated                                                                                                                                      3    LIBOR                             6
ALLENTOWN                                               PA                       43102                        360                        85,855.00                    10.000                     20061201   SFR                                                 753.44                       85,817.02                    10.000    Investment             Purchase                                                   112,000.00                           359      20061201                      0.375                         0.030              9.595                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
NEWARK                                                  NJ                       39087                        360                       272,000.00                     8.875                     20061201   2-FAMILY                                          2,164.15                      271,847.52                     8.875    Owner Occupied         Purchase                                                   340,000.00                           359      20061201                      0.375                         0.030              8.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
THORNTON                                                CO                       80260                        180                        45,000.00                    14.375                     20061101   CONDO                                               546.58                       44,984.87                    14.375    Owner Occupied         CashOut Refi                                               150,000.00                           178      20061201                      0.500                         0.030             13.845                                                                                   Stated                                                                                                                                      0    FIXED
HESPERIA                                                CA                       92345                        180                        51,800.00                    12.725                     20061101   SFR                                                  561.9                       51,774.66                    12.725    Owner Occupied         Purchase                                                   265,000.00                           178      20061201                      0.500                         0.030             12.195                                                                                   Stated                                                                   36    H                                                            0    FIXED
LOS ANGELES                                             CA                       90003                        360                       382,500.00                     6.875                     20061201   SFR                                               2,191.41                      382,500.00                     6.875    Owner Occupied         CashOut Refi                                               425,000.00                           359      20061201                      0.375                         0.030              5.380               1.09    RADIAN - LENDER PAID                                   25   Stated                                                                   36    H                                                        3.625    LIBOR                             6
YUCAIPA                                                 CA                       92399                        180                        59,700.00                    12.075                     20061101   SFR                                                 617.53                       59,666.23                    12.075    Investment             Purchase                                                   300,000.00                           178      20061201                      0.500                         0.030             11.545                                                                                   Stated                                                                   12    H                                                            0    FIXED
CHINO                                                   CA                       33429                        360                       198,000.00                     6.625                     20061201   SFR                                               1,093.13                      198,000.00                     6.625    Owner Occupied         Rate Refi                                                  475,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LANCASTER                                               CA                       93552                        180                        67,000.00                    12.500                     20061101   SFR                                                 715.06                       66,965.54                    12.500    Owner Occupied         Purchase                                                   350,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
VISALIA                                                 CA                       93277                        360                       188,000.00                     6.500                     20061101   SFR                                               1,018.33                      188,000.00                     6.500    Owner Occupied         Rate Refi                                                  235,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     36    S                                                         3.25    LIBOR                            12
NARROWS                                                 VA                       45315                        360                       300,000.00                     6.500                     20061101   SFR                                               1,625.00                      300,000.00                     6.500    Owner Occupied         Rate Refi                                                  375,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                                                                                     3.25    LIBOR                            12
LOS ANGELES                                             CA                       90002                        180                        73,000.00                    12.725                     20061101   SFR                                                  774.1                       73,000.00                    12.725    Owner Occupied         Purchase                                                   371,000.00                           178      20061201                      0.500                         0.030             12.195                                                                                   Stated                                                                   36    H                                                            0    FIXED
CUPERTINO                                               CA                       95014                        360                       485,000.00                     6.750                     20061201   SFR                                               2,728.13                      485,000.00                     6.750    Owner Occupied         CashOut Refi                                               755,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Express Non-Verified Assets                                              24    H                                                            3    LIBOR                             6
CORONA                                                  CA                       92880                        180                        77,000.00                    11.875                     20061101   SFR                                                 784.63                       76,954.48                    11.875    Owner Occupied         CashOut Refi                                               770,000.00                           178      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                   36    H                                                            0    FIXED
LAKELAND                                                FL                       12276                        360                        49,000.00                    11.750                     20061101   D-PUDS                                              494.61                       48,964.83                    11.750    Owner Occupied         Purchase                                                   248,000.00                           358      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
VANCOUVER                                               WA                       98661                        360                       165,750.00                     7.000                     20070101   TOWNHOUSE                                         1,102.74                      165,750.00                     7.000    Investment             Rate Refi                                                  221,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
BALTIMORE                                               MD                       44251                        180                        36,975.00                    11.825                     20061101   TOWNHOUSE                                           375.36                       36,952.89                    11.825    Investment             Purchase                                                   155,000.00                           178      20061201                      0.500                         0.030             11.295                                                                                   Stated                                                                   12    H                                                            0    FIXED
HENDERSON                                               NV                       89015                        360                       247,600.00                     6.000                     20061101   D-PUDS                                            1,238.00                      247,600.00                     6.000    Owner Occupied         Purchase                                                   310,000.00                           358      20061201                      0.375                         0.030              5.595                                                                                   Full                                                                     24    H                                                            3    LIBOR                             6
ANAHEIM                                                 CA                       33818                        180                       100,000.00                    12.550                     20061201   CONDO                                             1,071.14                       99,974.69                    12.550    Investment             Purchase                                                   500,000.00                           179      20061201                      0.500                         0.030             12.020                                                                                   Stated                                                                                                                                      0    FIXED
AUSTIN                                                  TX                       78758                        360                       144,750.00                     6.000                     20061101   2-FAMILY                                            867.85                      144,461.08                     6.000    Investment             Purchase                                                   193,000.00                           358      20061201                      0.250                         0.030              5.720                                                                                   Stated                                                                   36    H                                                                 FIXED
CORONA                                                  CA                       92880                        360                       464,000.00                     5.375                     20061201   SFR                                               2,078.33                      464,000.00                     5.375    Owner Occupied         Rate Refi                                                  625,000.00                           359      20061201                      0.375                         0.030              4.970                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
CHINO                                                   CA                       33429                        180                        61,980.00                    11.875                     20061101   CONDO                                               631.58                       61,943.34                    11.875    Owner Occupied         Purchase                                                   309,900.00                           178      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                   36    H                                                            0    FIXED
CONCORD                                                 CA                       34475                        360                       518,000.00                     5.750                     20061201   SFR                                               2,482.08                      518,000.00                     5.750    Owner Occupied         CashOut Refi                                               740,000.00                           359      20061201                      0.250                         0.030              5.470                                                                                   Full                                                                     60    H                                                                 FIXED
MILPITAS                                                CA                       95035                        360                       300,000.00                     6.000                     20061201   SFR                                               1,500.00                      300,000.00                     6.000    Investment             CashOut Refi                                               600,000.00                           359      20061201                      0.250                         0.030              5.720                                                                                   SISA                                                                     60    H                                                                 FIXED
LONG BEACH                                              CA                       33089                        180                        20,000.00                    12.750                     20061101   SFR                                                 217.34                       19,990.27                    12.750    Owner Occupied         Rate Refi                                                  452,000.00                           178      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
EAGLE MOUNTAIN                                          FL                  84005-5887                        360                       162,450.00                     7.000                     20061201   D-PUDS                                              947.63                      162,450.00                     7.000    Investment             Purchase                                                   218,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
GLENDALE                                                AZ                       31110                        180                        57,500.00                    11.950                     20061101   SFR                                                 589.24                       57,466.56                    11.950    Investment             Purchase                                                   235,000.00                           178      20061201                      0.500                         0.030             11.420                                                                                   Stated                                                                   12    H                                                            0    FIXED
EVANSTON                                                IL                       21948                        360                       457,100.00                     5.875                     20061201   2-FAMILY                                          2,703.92                      456,633.97                     5.875    Owner Occupied         CashOut Refi                                               653,000.00                           359      20061201                      0.250                         0.030              5.595                                                                                   Stated                                                                                                                                           FIXED
MESA                                                    AZ                       31083                        180                        69,300.00                    13.275                     20061101   SFR                                                 781.52                       69,270.06                    13.275    Owner Occupied         Purchase                                                   231,000.00                           178      20061201                      0.500                         0.030             12.745                                                                                   Stated                                                                                                                                      0    FIXED
COLTON                                                  CA                       33687                        360                       210,000.00                     6.000                     20061201   SFR                                               1,050.00                      210,000.00                     6.000    Investment             CashOut Refi                                               310,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
ORLANDO                                                 FL                       11923                        360                       112,980.00                     7.455                     20061201   CONDO                                               701.89                      112,980.00                     7.455    2nd Home               Purchase                                                   176,000.00                           359      20061201                      0.375                         0.030              7.050                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
WHEELING                                                IL                       60090                        360                        80,000.00                     7.250                     20061101   CONDO                                               545.74                       79,874.81                     7.250    Investment             CashOut Refi                                               187,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
ANTIOCH                                                 CA                       34485                        360                       405,000.00                     7.500                     20061201   SFR                                               2,531.25                      405,000.00                     7.500    Investment             CashOut Refi                                               540,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
RIVERSIDE                                               CA                       33727                        360                       448,000.00                     6.000                     20061201   D-PUDS                                            2,240.00                      448,000.00                     6.000    Owner Occupied         CashOut Refi                                               560,000.00                           359      20061201                      0.250                         0.030              5.720                                                                                   SISA                                                                                                                                             FIXED
EL MIRAGE                                               AZ                       85335                        180                        90,000.00                    14.150                     20061101   SFR                                               1,077.08                       89,968.15                    14.150    Investment             Purchase                                                   392,000.00                           178      20061201                      0.500                         0.030             13.620                                                                                   Stated                                                                   24    H                                                            0    FIXED
RICHMOND                                                CA                       34547                        360                       372,000.00                     6.750                     20061201   SFR                                               2,092.50                      372,000.00                     6.750    Owner Occupied         Rate Refi                                                  465,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
FONTANA                                                 CA                       92336                        360                       378,000.00                     6.625                     20061101   SFR                                               2,086.88                      378,000.00                     6.625    Investment             Purchase                                                   540,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
FONTANA                                                 CA                       92336                        180                       135,000.00                    11.675                     20061101   SFR                                               1,354.95                      134,916.57                    11.675    Investment             Purchase                                                   540,000.00                           178      20061201                      0.500                         0.030             11.145                                                                                   Stated                                                                   36    H                                                            0    FIXED
MORENO VALLEY                                           CA                       92553                        360                       218,000.00                     7.375                     20061201   SFR                                               1,414.50                      217,925.29                     7.375    Owner Occupied         CashOut Refi                                               372,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
SAN BERNARDINO                                          CA                       33698                        360                       262,500.00                     6.250                     20070101   SFR                                               1,367.19                      262,500.00                     6.250    Investment             CashOut Refi                                               375,000.00                           360      20061201                      0.375                         0.030              5.845                                                                                   SISA                                                                     12    H                                                            3    LIBOR                             6
LAS VEGAS                                               NV                       89183                        180                       100,000.00                    11.875                     20061101   D-PUDS                                              989.58                      100,000.00                    11.875    Owner Occupied         Purchase                                                   500,000.00                           178      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                   36    H                                                            0    FIXED
LOS ANGELES                                             CA                       90059                        360                       288,000.00                     6.375                     20061201   2-FAMILY                                          1,796.75                      287,733.25                     6.375    Owner Occupied         Rate Refi                                                  515,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    12H/24S                                                           FIXED
LAS VEGAS                                               NV                       32515                        360                       181,000.00                     6.375                     20061201   SFR                                               1,129.21                      180,832.35                     6.375    Owner Occupied         Rate Refi                                                  282,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   60    H                                                                 FIXED
ORLANDO                                                 FL                       11920                        360                       108,750.00                     7.250                     20061001   SFR                                                 741.87                      108,493.94                     7.250    Investment             Purchase                                                   145,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
FREDERICKSBURG                                          VA                       44658                        360                       640,000.00                     6.500                     20061001   SFR                                               4,045.24                      638,254.86                     6.500    Owner Occupied         CashOut Refi                                               800,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                      5    LIBOR                             6
WOODBRIDGE                                              VA                       22193                        360                       241,600.00                     7.125                     20060801   PUD                                               1,434.50                      241,600.00                     7.125    Owner Occupied         Purchase                                                   304,000.00                           355      20061201                      0.375                         0.030              6.720                                                                                   SISA                                                                                                                                     2.75    LIBOR                             6
PALM COAST                                              FL                       32137                        360                       228,000.00                     8.500                     20060901   SFR                                               1,615.00                      228,000.00                     8.500    Investment             Purchase                                                   299,000.00                           356      20061201                      0.375                         0.030              8.095                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
LAWRENCE                                                MA                        1841                        360                       301,000.00                     8.000                     20060901   4-FAMILY                                          2,208.63                      300,117.33                     8.000    Owner Occupied         Purchase                                                   430,000.00                           356      20061201                      0.375                         0.030              7.595                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
KITTERY POINT                                           ME                       37869                        360                       325,000.00                     8.000                     20060901   SFR                                               2,384.73                      324,118.99                     8.000    Owner Occupied         Purchase                                                   325,000.00                           356      20061201                      0.375                         0.030              7.595                       RADIAN - BORROWER PAID                                 35   Express Verified Assets                                                                                                                     5    LIBOR                             6
TAMPA                                                   FL                       12215                        360                       160,000.00                     8.250                     20060901   SFR                                               1,202.03                      159,567.56                     8.250    Investment             Purchase                                                   200,000.00                           356      20061201                      0.375                         0.030              7.845                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
ONTARIO                                                 NY                       41778                        360                       112,000.00                     8.000                     20061101   SFR                                                 821.82                      111,849.20                     8.000    Owner Occupied         Purchase                                                   140,000.00                           358      20061201                      0.375                         0.030              7.595                                                                                   Express No Doc                                                                                                                              5    LIBOR                             6
MARBLEHEAD                                              MA                        1945                        360                       420,000.00                     7.375                     20061101   SFR                                               2,581.25                      419,950.00                     7.375    Owner Occupied         Rate Refi                                                  600,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
DRUMS                                                   PA                       43153                        360                       245,332.00                     8.000                     20061101   PUD                                               1,800.16                      245,001.68                     8.000    2nd Home               Purchase                                                   310,000.00                           358      20061201                      0.375                         0.030              7.595                                                                                   Express No Doc                                                                                                                              5    LIBOR                             6
SAUGUS                                                  CA                       91350                        360                       622,392.00                     6.875                     20061201   D-PUDS                                            3,565.79                      622,392.00                     6.875    Owner Occupied         Purchase                                                   778,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MORENO VALLEY                                           CA                       92555                        360                       375,200.00                     6.500                     20061201   SFR                                               2,032.33                      375,200.00                     6.500    Owner Occupied         Purchase                                                   482,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
EGREMONT                                                MA                        1252                        360                       206,000.00                     6.750                     20061001   SFR                                               1,336.11                      205,452.95                     6.750    Owner Occupied         CashOut Refi                                               396,154.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
BOISE                                                   ID                       30502                        360                       150,000.00                     6.750                     20061001   SFR                                                 843.75                      149,988.46                     6.750    Owner Occupied         CashOut Refi                                               194,805.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
HUNTINGTON BEACH                                        CA                       92648                        360                       532,000.00                     6.375                     20061001   SFR                                               3,067.38                      529,786.70                     6.375    Owner Occupied         Purchase                                                   665,000.00                           357      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                     36    S                                                         3.25    LIBOR                            12
EL PASO                                                 TX                       79932                        360                       156,400.00                     6.875                     20061001   SFR                                                 896.04                      156,400.00                     6.875    Owner Occupied         Purchase                                                   195,500.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
CULPEPER                                                VA                       44743                        360                       339,000.00                     6.750                     20060901   D-PUDS                                            1,906.88                      339,000.00                     6.750    Owner Occupied         Purchase                                                   525,000.00                           356      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
HERNDON                                                 VA                       20170                        360                       191,900.00                     6.875                     20061001   PUD                                               1,099.43                      191,900.00                     6.875    Investment             Purchase                                                   239,875.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
WOODSIDE                                                NY                       11377                        360                       580,000.00                     7.375                     20061101   2-FAMILY                                          3,564.58                      580,000.00                     7.375    Owner Occupied         Purchase                                                   725,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
FT. LAUDERDALE                                          FL                       12114                        360                       163,120.00                     7.500                     20061001   CONDO                                             1,019.50                      163,120.00                     7.500    Investment             Purchase                                                   203,900.00                           357      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
TAMPA                                                   FL                       12211                        360                       143,920.00                     7.500                     20061001   CONDO                                                899.5                      143,920.00                     7.500    Investment             Purchase                                                   179,900.00                           357      20061201                      0.375                         0.030              7.095                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
DENVER                                                  CO                       29254                        360                       192,000.00                     7.500                     20061101   CONDO                                             1,200.00                      192,000.00                     7.500    Investment             Rate Refi                                                  240,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
BOULDER                                                 CO                       29281                        360                       146,000.00                     7.500                     20060901   CONDO                                                912.5                      146,000.00                     7.500    Investment             Rate Refi                                                  184,810.00                           356      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
FORT LAUDERDALE                                         FL                       12124                        360                       171,000.00                     6.750                     20060801   SFR                                               1,109.10                      170,255.51                     6.750    Investment             CashOut Refi                                               259,091.00                           355      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
RIPON                                                   CA                       95366                        360                       208,000.00                     6.875                     20060801   SFR                                               1,191.67                      208,000.00                     6.875    Investment             CashOut Refi                                               717,241.00                           355      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
GOOSE CREEK                                             SC                       29445                        360                       137,068.00                     7.500                     20060801   D-PUDS                                              856.68                      137,068.00                     7.500    Investment             Purchase                                                   171,335.00                           355      20061201                      0.375                         0.030              7.095                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
PHOENIX                                                 AZ                       85042                        360                       120,000.00                     7.750                     20060901   SFR                                                    775                      120,000.00                     7.750    Investment             Purchase                                                   150,000.00                           356      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
PHOENIX                                                 AZ                       85042                        360                       120,000.00                     7.750                     20060901   SFR                                                    775                      120,000.00                     7.750    Investment             Purchase                                                   150,000.00                           356      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
MAPLE HEIGHTS                                           OH                       44137                        360                        93,750.00                     7.375                     20061001   SFR                                                 576.17                       93,750.00                     7.375    Investment             Purchase                                                   125,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SAINT CLOUD                                             MN                       20518                        360                       144,000.00                     7.875                     20060901   PUD                                                    945                      144,000.00                     7.875    Investment             Purchase                                                   180,000.00                           356      20061201                      0.375                         0.030              7.470                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
MOUNT VERNON                                            WA                       98273                        360                       193,500.00                     7.375                     20060901   PUD                                               1,189.22                      193,500.00                     7.375    Investment             Purchase                                                   215,000.00                           356      20061201                      0.375                         0.030              6.970                       RADIAN - BORROWER PAID                                 25   Stated                                                                                                                                   2.25    LIBOR                            12
REDLANDS                                                CA                       92374                        360                       240,000.00                     6.625                     20060801   SFR                                               1,325.00                      240,000.00                     6.625    Owner Occupied         Purchase                                                   300,000.00                           355      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
KERMAN                                                  CA                       34150                        360                       176,000.00                     6.500                     20060801   SFR                                                 953.33                      176,000.00                     6.500    Owner Occupied         Purchase                                                   220,000.00                           355      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
LOS ANGELES                                             CA                       33334                        360                       371,250.00                     6.625                     20060801   CONDO                                             2,049.61                      371,250.00                     6.625    Owner Occupied         Rate Refi                                                  495,000.00                           355      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
ORLANDO                                                 FL                       11912                        360                       125,600.00                     7.000                     20060801   CONDO                                               732.67                      125,600.00                     7.000    Owner Occupied         Purchase                                                   157,000.00                           355      20061201                      0.375                         0.030              6.595                                                                                   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
ORLANDO                                                 FL                       11913                        360                       132,000.00                     6.875                     20061001   SFR                                                 756.25                      131,900.00                     6.875    Owner Occupied         Purchase                                                   188,571.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
PARKER                                                  CO                       80134                        360                       409,500.00                     8.125                     20061001   D-PUDS                                            2,772.66                      409,500.00                     8.125    Investment             Rate Refi                                                  525,000.00                           357      20061201                      0.375                         0.030              7.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
BUFFALO GROVE                                           IL                       60089                        360                       311,250.00                     7.500                     20061001   SFR                                               1,945.31                      311,250.00                     7.500    Owner Occupied         CashOut Refi                                               415,000.00                           357      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
LEHIGH ACRES                                            FL                       33936                        360                       181,657.00                     6.999                     20060901   SFR                                               1,059.51                      181,657.00                     6.999    Owner Occupied         Purchase                                                   227,071.00                           356      20061201                      0.375                         0.030              6.594                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
DENVER                                                  CO                       29270                        360                       160,000.00                     6.875                     20060901   SFR                                                 916.67                      160,000.00                     6.875    Owner Occupied         Rate Refi                                                  200,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
ALEXANDRIA                                              VA                       44626                        360                       417,000.00                     7.000                     20060801   SFR                                               2,432.50                      417,000.00                     7.000    Owner Occupied         CashOut Refi                                               571,233.00                           355      20061201                      0.375                         0.030              6.595                                                                                   Express No Doc                                                           36    S                                                          3.5    LIBOR                             6
SILVER SPRING                                           MD                       44076                        360                       356,000.00                     6.625                     20060901   SFR                                               1,965.42                      355,700.00                     6.625    Owner Occupied         Purchase                                                   445,000.00                           356      20061201                      0.375                         0.030              6.220                                                                                   Express Verified Assets                                                  36    S                                                          3.5    LIBOR                             6
MONTEBELLO                                              CA                       90640                        360                       152,000.00                     7.000                     20060901   CONDO                                               886.67                      151,937.82                     7.000    Owner Occupied         Purchase                                                   190,000.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Express Verified Assets                                                  36    S                                                          3.5    LIBOR                             6
SAN DIEGO                                               CA                       33604                        360                       405,920.00                     6.625                     20060801   HI-RISE                                           2,241.02                      405,920.00                     6.625    Owner Occupied         Purchase                                                   507,400.00                           355      20061201                      0.375                         0.030              6.220                                                                                   Express Verified Assets                                                  36    S                                                          3.5    LIBOR                             6
KEY WEST                                                FL                       33040                        360                       650,000.00                     7.250                     20060901   SFR                                               3,927.08                      649,999.80                     7.250    Investment             CashOut Refi                                             1,181,818.00                           356      20061201                      0.375                         0.030              6.845                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
PHOENIX                                                 AZ                       85041                        360                       177,600.00                     6.750                     20060901   D-PUDS                                                 999                      177,600.00                     6.750    Owner Occupied         CashOut Refi                                               222,000.00                           356      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
ST AUGUSTINE                                            FL                       32084                        360                       315,000.00                     7.000                     20060901   SFR                                               1,837.50                      315,000.00                     7.000    Owner Occupied         CashOut Refi                                               450,000.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   12    S                                                         2.25    LIBOR                             6
REDLANDS                                                CA                       92374                        360                       170,000.00                     6.625                     20060901   SFR                                                 938.54                      170,000.00                     6.625    Owner Occupied         Rate Refi                                                  283,333.00                           356      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
SUN CITY                                                CA                       92586                        360                       308,000.00                     6.875                     20060901   SFR                                               1,764.58                      308,000.00                     6.875    Owner Occupied         Rate Refi                                                  385,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
WINDSOR                                                 CO                       80550                        360                       263,650.00                     7.250                     20060901   SFR                                               1,798.56                      262,819.81                     7.250    Owner Occupied         Rate Refi                                                  330,000.00                           356      20061201                      0.375                         0.030              6.845                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
LONGMONT                                                CO                       29342                        360                       173,600.00                     7.000                     20061001   SFR                                               1,012.67                      173,600.00                     7.000    Owner Occupied         Rate Refi                                                  217,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
DESERT HOT SPRINGS                                      CA                       92240                        360                       170,000.00                     6.500                     20060901   2-FAMILY                                            920.83                      170,000.00                     6.500    Investment             CashOut Refi                                               361,702.00                           356      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
NAPLES                                                  FL                       12439                        360                       300,000.00                     6.750                     20060901   D-PUDS                                            1,687.50                      300,000.00                     6.750    Owner Occupied         Purchase                                                   789,474.00                           356      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                           36    S                                                         2.25    LIBOR                             6
JACKSONVILLE                                            FL                       32259                        360                       315,744.00                     6.750                     20060901   D-PUDS                                            1,776.06                      315,744.00                     6.750    Owner Occupied         Purchase                                                   394,680.00                           356      20061201                      0.375                         0.030              6.345                                                                                   SISA                                                                     36    S                                                         2.25    LIBOR                             6
ONTARIO                                                 CA                       91762                        360                       209,520.00                     6.625                     20061001   CONDO                                             1,156.73                      209,520.00                     6.625    Owner Occupied         Purchase                                                   261,900.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
SCOTTSDALE                                              AZ                       85262                        360                       468,000.00                     7.250                     20061001   D-PUDS                                            2,827.50                      468,000.00                     7.250    Investment             Purchase                                                   806,897.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
WALLED LAKE                                             MI                       48390                        360                        89,200.00                     7.375                     20061001   CONDO                                               616.08                       88,995.13                     7.375    Owner Occupied         Purchase                                                   111,500.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
VAIL                                                    AZ                       85641                        360                       217,200.00                     7.625                     20061001   D-PUDS                                            1,537.33                      216,725.39                     7.625    Owner Occupied         Purchase                                                   271,500.00                           357      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
BEALETON                                                VA                       44754                        360                       417,000.00                     6.375                     20061001   D-PUDS                                            2,215.31                      416,830.17                     6.375    Owner Occupied         Rate Refi                                                  548,684.00                           357      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
WEST ORANGE TOWNSHIP                                    NJ                        7052                        360                       292,000.00                     7.500                     20060901   SFR                                               1,825.00                      292,000.00                     7.500    Owner Occupied         Purchase                                                   324,444.00                           356      20061201                      0.375                         0.030              7.095                       RADIAN - BORROWER PAID                                 25   Stated                                                                                                                                   2.25    LIBOR                             6
MECHANICSVILLE                                          MD                       20659                        360                       158,400.00                     6.500                     20061001   SFR                                                    858                      158,400.00                     6.500    Owner Occupied         Purchase                                                   198,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
NORTH HOLLYWOOD AREA                                    CA                       33390                        360                       500,000.00                     6.750                     20061001   SFR                                               3,242.99                      498,701.25                     6.750    Owner Occupied         CashOut Refi                                               684,932.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
TACOMA                                                  WA                       98446                        360                       468,000.00                     7.000                     20061001   SFR                                               2,730.00                      468,000.00                     7.000    Owner Occupied         Purchase                                                   585,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
CHANDLER                                                AZ                       31104                        360                       176,400.00                     7.500                     20061001   CONDO                                             1,233.41                      176,004.81                     7.500    Investment             Purchase                                                   252,000.00                           357      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
LOGANVILLE                                              GA                       30052                        360                       202,720.00                     7.000                     20061001   D-PUDS                                            1,182.53                      202,720.00                     7.000    Owner Occupied         Purchase                                                   253,400.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
MACOMB                                                  MI                       48042                        360                       240,000.00                     6.875                     20060901   D-PUDS                                            1,375.00                      240,000.00                     6.875    Owner Occupied         Rate Refi                                                  303,797.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
ST CROIX BEACH                                          MN                       55043                        360                       212,000.00                     7.000                     20061001   SFR                                               1,236.67                      211,967.05                     7.000    Owner Occupied         Rate Refi                                                  265,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
YUCAIPA                                                 CA                       92399                        360                       396,091.00                     6.875                     20061001   SFR                                               2,269.27                      395,091.00                     6.875    Owner Occupied         Purchase                                                   495,114.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
OXNARD                                                  CA                       93033                        360                       341,250.00                     7.375                     20061001   SFR                                               2,097.27                      341,250.00                     7.375    Owner Occupied         CashOut Refi                                               525,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
ROSEBURG                                                OR                       97470                        360                       188,800.00                     6.875                     20061001   SFR                                               1,240.28                      188,321.43                     6.875    Owner Occupied         Purchase                                                   236,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
PRAIRIEVILLE                                            LA                       70769                        360                       207,920.00                     7.375                     20061001   CONDO                                             1,277.84                      207,907.64                     7.375    Owner Occupied         Purchase                                                   259,900.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
MOUNT PLEASANT                                          SC                       29466                        360                       152,750.00                     6.750                     20061001   D-PUDS                                              859.22                      152,750.00                     6.750    Investment             Purchase                                                   235,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
SPRINGFIELD                                             OR                       97477                        360                       203,700.00                     6.875                     20061001   2-FAMILY                                          1,167.03                      203,699.03                     6.875    Investment             Rate Refi                                                  291,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
TUCSON                                                  AZ                       31234                        360                       125,600.00                     7.375                     20061001   SFR                                                 771.92                      125,600.00                     7.375    Owner Occupied         CashOut Refi                                               157,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
LOS ANGELES                                             CA                       90018                        360                       320,000.00                     7.000                     20061001   SFR                                               1,866.67                      320,000.00                     7.000    Owner Occupied         Purchase                                                   400,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
PEEPLES VALLEY                                          AZ                       86332                        360                       380,000.00                     6.625                     20061001   SFR                                               2,097.92                      380,000.00                     6.625    Owner Occupied         CashOut Refi                                               475,000.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
CORNELIUS                                               OR                       35443                        360                       176,800.00                     7.000                     20061001   SFR                                               1,031.33                      176,800.00                     7.000    Owner Occupied         Purchase                                                   221,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
DAVENPORT                                               FL                       33897                        360                       180,000.00                     6.875                     20061001   D-PUDS                                            1,031.25                      180,000.00                     6.875    Owner Occupied         Purchase                                                   225,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  36    S                                                         2.75    LIBOR                             6
SEATTLE                                                 WA                       35820                        360                       331,600.00                     7.375                     20061001   SFR                                               2,037.96                      331,600.00                     7.375    Owner Occupied         Purchase                                                   414,500.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
PALMDALE                                                CA                       93550                        360                       244,000.00                     6.875                     20061001   SFR                                               1,397.92                      244,000.00                     6.875    Investment             CashOut Refi                                               348,571.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  36    S                                                         2.25    LIBOR                             6
CULVER                                                  OR                       97734                        360                       156,000.00                     6.750                     20061001   SFR                                                  877.5                      156,000.00                     6.750    Owner Occupied         Purchase                                                   195,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                     36    S                                                         2.25    LIBOR                            12
WILMINGTON                                              DE                       43679                        360                       152,000.00                     7.000                     20061001   TOWNHOUSE                                           886.67                      151,998.58                     7.000    Owner Occupied         Purchase                                                   190,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
QUEEN CREEK                                             AZ                       85243                        360                       176,000.00                     7.375                     20061001   D-PUDS                                            1,081.67                      175,973.92                     7.375    Owner Occupied         Purchase                                                   220,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
PHOENIX                                                 AZ                       85024                        360                       190,000.00                     6.750                     20061001   D-PUDS                                            1,068.75                      190,000.00                     6.750    Investment             CashOut Refi                                               380,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
CHINO HILLS                                             CA                       33428                        360                       285,000.00                     6.625                     20061001   CONDO                                             1,573.44                      285,000.00                     6.625    Owner Occupied         CashOut Refi                                               445,313.00                           357      20061201                      0.375                         0.030              6.220                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
NEWBURG                                                 MD                       20664                        360                       266,000.00                     6.875                     20061001   SFR                                               1,523.96                      266,000.00                     6.875    Owner Occupied         Purchase                                                   332,500.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                        3    LIBOR                             6
DENVER                                                  CO                       29261                        360                       252,000.00                     7.375                     20061001   SFR                                               1,548.75                      252,000.00                     7.375    Investment             Purchase                                                   315,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
TRACY                                                   CA                       95376                        360                       380,000.00                     6.750                     20061001   SFR                                               2,137.50                      380,000.00                     6.750    Owner Occupied         Rate Refi                                                  475,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
OAKLEY                                                  CA                       94561                        360                       336,000.00                     6.500                     20061001   SFR                                               1,820.00                      336,000.00                     6.500    Owner Occupied         Purchase                                                   420,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Express Verified Assets                                                  36    S                                                         3.25    LIBOR                            12
CITRUS HEIGHTS                                          CA                       34860                        360                       252,000.00                     6.875                     20061001   SFR                                               1,443.75                      252,000.00                     6.875    Owner Occupied         Purchase                                                   315,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
GILROY                                                  CA                       95020                        360                       673,375.00                     6.875                     20061001   SFR                                               3,857.88                      673,375.00                     6.875    Owner Occupied         CashOut Refi                                             1,496,389.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
FRUITA                                                  CO                       29727                        360                       400,000.00                     6.625                     20061001   SFR                                               2,208.33                      400,000.00                     6.625    Owner Occupied         CashOut Refi                                               579,710.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
MONMOUTH                                                OR                       97361                        360                       155,520.00                     6.875                     20061001   SFR                                                    891                      155,520.00                     6.875    Owner Occupied         Purchase                                                   194,400.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
MURRAY                                                  UT                       30704                        360                       132,000.00                     6.750                     20061001   PUD                                                  742.5                      132,000.00                     6.750    Owner Occupied         CashOut Refi                                               165,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
PHOENIX                                                 AZ                       85033                        360                       175,900.00                     6.750                     20061001   SFR                                                 989.44                      175,900.00                     6.750    Owner Occupied         Purchase                                                   219,875.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                      6    S                                                         2.25    LIBOR                            12
AVONDALE                                                AZ                       31129                        360                       222,800.00                     6.875                     20061001   D-PUDS                                            1,276.46                      222,800.00                     6.875    Owner Occupied         Rate Refi                                                  278,500.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
SPOKANE VALLEY                                          WA                       99016                        360                       154,950.00                     7.375                     20061001   SFR                                                  952.3                      154,950.00                     7.375    Owner Occupied         Purchase                                                   193,688.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
TROY                                                    NH                        3465                        360                       145,900.00                     6.750                     20061001   SFR                                                 820.69                      145,900.00                     6.750    Owner Occupied         Purchase                                                   270,185.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
KINGMAN                                                 AZ                       31503                        360                       147,750.00                     7.250                     20061001   SFR                                                 892.66                      147,750.00                     7.250    Investment             Purchase                                                   197,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
ROCKAWAY TOWNSHIP                                       NJ                       39295                        360                       417,000.00                     6.990                     20061001   SFR                                               2,429.03                      417,000.00                     6.990    Owner Occupied         Purchase                                                   530,000.00                           357      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
DENVER                                                  CO                       29274                        360                       136,000.00                     6.750                     20061001   SFR                                                    765                      136,000.00                     6.750    Owner Occupied         Rate Refi                                                  170,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
BEND                                                    OR                       35612                        360                       258,750.00                     7.125                     20061001   SFR                                               1,536.33                      258,750.00                     7.125    Investment             CashOut Refi                                               345,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
ALLEN                                                   TX                       75002                        360                       183,100.00                     6.750                     20061001   D-PUDS                                            1,187.58                      182,624.39                     6.750    Owner Occupied         Purchase                                                   228,875.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
NOTTINGHAM                                              MD                       21236                        360                       182,700.00                     6.500                     20061001   PUD                                                 989.63                      182,700.00                     6.500    Owner Occupied         CashOut Refi                                               261,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
ALEXANDRIA                                              VA                       44624                        360                       320,900.00                     6.625                     20060901   CONDO                                             1,771.64                      320,900.00                     6.625    Owner Occupied         Purchase                                                   471,912.00                           356      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
GARDENDALE                                              AL                       35071                        360                       152,000.00                     6.625                     20061001   SFR                                                 839.17                      151,978.28                     6.625    Owner Occupied         Rate Refi                                                  190,000.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
PANORAMA CITY                                           CA                       33330                        360                       377,000.00                     6.500                     20061001   SFR                                               2,042.08                      376,800.00                     6.500    Owner Occupied         CashOut Refi                                               554,412.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
DENVER                                                  CO                       29260                        360                       390,000.00                     6.500                     20061001   SFR                                               2,112.50                      389,850.00                     6.500    Owner Occupied         CashOut Refi                                               780,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
CLEWISTON                                               FL                       33440                        360                       140,400.00                     7.250                     20061001   SFR                                                 848.25                      140,400.00                     7.250    Owner Occupied         Purchase                                                   175,500.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
MODESTO                                                 CA                       95358                        360                       292,000.00                     6.625                     20061001   SFR                                               1,612.08                      292,000.00                     6.625    Owner Occupied         Purchase                                                   365,000.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
PHOENIX                                                 AZ                       85068                        360                       361,600.00                     7.750                     20061001   D-PUDS                                            2,335.33                      361,600.00                     7.750    Owner Occupied         Purchase                                                   452,000.00                           357      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
TROY                                                    MO                       63379                        360                       134,400.00                     6.875                     20061101   SFR                                                 882.91                      134,173.53                     6.875    Owner Occupied         Purchase                                                   168,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
NORTH BERGEN                                            NJ                        7047                        360                       385,000.00                     7.000                     20061001   CONDO                                             2,245.83                      385,000.00                     7.000    Owner Occupied         CashOut Refi                                               550,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SUMMERVILLE                                             SC                       29485                        360                       179,584.00                     6.750                     20061001   D-PUDS                                            1,164.78                      179,117.53                     6.750    Owner Occupied         Purchase                                                   224,480.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
BLOOMFIELD                                              WI                       19387                        360                       103,600.00                     7.250                     20061101   SFR                                                 625.92                      103,600.00                     7.250    Owner Occupied         Purchase                                                   129,500.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
LAKEHEAD                                                CA                       96051                        360                       107,500.00                     6.750                     20061101   SFR                                                 697.24                      107,314.38                     6.750    Owner Occupied         CashOut Refi                                               383,929.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
PHILOMATH                                               OR                       97370                        360                       180,000.00                     6.750                     20061001   2-FAMILY                                          1,012.50                      180,000.00                     6.750    Investment             Purchase                                                   225,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                     36    S                                                         2.25    LIBOR                            12
LA MIRADA                                               CA                       90638                        360                       460,000.00                     7.000                     20061101   SFR                                               2,683.33                      459,998.33                     7.000    Owner Occupied         Purchase                                                   575,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
QUEEN CREEK                                             AZ                       85243                        360                       228,225.00                     7.125                     20061001   D-PUDS                                            1,355.09                      228,225.00                     7.125    Owner Occupied         Purchase                                                   285,281.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SCOTTSDALE                                              AZ                       85262                        360                       975,000.00                     7.125                     20061101   D-PUDS                                            5,789.06                      975,000.00                     7.125    Owner Occupied         CashOut Refi                                             1,300,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
LIVERMORE                                               CA                       94551                        360                       468,000.00                     6.875                     20061101   D-PUDS                                            2,681.25                      468,000.00                     6.875    Owner Occupied         Rate Refi                                                  585,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
NAPERVILLE                                              IL                       60564                        360                       618,750.00                     7.375                     20061101   SFR                                               3,802.73                      618,750.00                     7.375    Owner Occupied         Rate Refi                                                  825,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
MAPLEWOOD                                               MN                       20108                        360                        80,000.00                     6.750                     20061101   SFR                                                 518.88                       79,861.85                     6.750    Owner Occupied         CashOut Refi                                               296,296.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                           36    S                                                         2.25    LIBOR                            12
REDMOND                                                 OR                       97756                        360                       372,000.00                     6.750                     20061101   SFR                                               2,092.50                      371,900.00                     6.750    Owner Occupied         Purchase                                                   465,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
PHOENIX                                                 AZ                       85019                        360                       164,000.00                     6.875                     20061101   SFR                                                 939.58                      164,000.00                     6.875    Owner Occupied         Purchase                                                   205,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
NEW CARROLLTON                                          MD                       20784                        360                       308,000.00                     6.875                     20060901   SFR                                               1,764.58                      308,000.00                     6.875    Investment             CashOut Refi                                               385,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     3.25    LIBOR                             6
MONTICELLO                                              MN                       55362                        360                       217,748.00                     6.875                     20060901   SFR                                               1,247.51                      217,748.00                     6.875    Investment             Purchase                                                   272,185.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
NAPLES                                                  FL                       12435                        360                       164,800.00                     6.999                     20060901   CONDO                                                961.2                      164,800.00                     6.999    Owner Occupied         Purchase                                                   206,000.00                           356      20061201                      0.375                         0.030              6.594                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SCOTTSDALE                                              AZ                       85260                        360                       379,900.00                     7.125                     20061001   CONDO                                             2,255.66                      379,900.00                     7.125    Investment             Purchase                                                   474,875.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
SALT LAKE CITY                                          UT                       30700                        360                        95,900.00                     7.250                     20061001   CONDO                                                579.4                       95,880.00                     7.250    Owner Occupied         Purchase                                                   119,875.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SARASOTA                                                FL                       34232                        360                       199,500.00                     7.250                     20061001   2-FAMILY                                          1,205.31                      199,500.00                     7.250    Investment             Purchase                                                   285,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
COLUMBIA                                                MD                       21044                        360                       236,000.00                     7.375                     20061001   CONDO                                             1,450.42                      236,000.00                     7.375    Owner Occupied         Purchase                                                   295,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
CHICAGO                                                 IL                       22083                        360                       209,250.00                     7.125                     20061001   CONDO                                             1,242.42                      209,250.00                     7.125    Investment             Purchase                                                   279,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
GREEN BAY                                               WI                       19787                        360                       103,200.00                     6.750                     20061001   2-FAMILY                                            669.35                      102,931.95                     6.750    Owner Occupied         Purchase                                                   129,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
TOWN OF DOVER                                           NJ                       39295                        360                       276,000.00                     6.875                     20060901   SFR                                               1,581.25                      276,000.00                     6.875    Owner Occupied         Purchase                                                   345,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
NETHER PROVIDENCE TO                                    PA                       19086                        360                       288,000.00                     7.500                     20060901   SFR                                               1,800.00                      288,000.00                     7.500    Owner Occupied         Purchase                                                   360,000.00                           356      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
WAYNE  TOWNSHIP                                         NJ                        7470                        360                       123,200.00                     8.000                     20061001   CONDO                                               821.33                      123,200.00                     8.000    Owner Occupied         Purchase                                                   154,000.00                           357      20061201                      0.375                         0.030              7.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
GARFIELD CITY                                           NJ                        7026                        360                       336,000.00                     7.875                     20060901   2-FAMILY                                          2,205.00                      335,470.83                     7.875    Owner Occupied         Purchase                                                   420,000.00                           356      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
WINCHESTER                                              VA                       44713                        360                       384,800.00                     7.625                     20060901   D-PUDS                                            2,445.08                      384,799.98                     7.625    Owner Occupied         Purchase                                                   481,000.00                           356      20061201                      0.375                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
LINDEN                                                  VA                       22642                        360                       240,000.00                     7.750                     20061001   SFR                                               1,719.39                      239,488.55                     7.750    Owner Occupied         Purchase                                                   300,000.00                           357      20061201                      0.375                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
SPRINGFIELD                                             VA                       22152                        360                       352,000.00                     7.500                     20060901   D-PUDS                                            2,200.00                      352,000.00                     7.500    Owner Occupied         Purchase                                                   440,000.00                           356      20061201                      0.375                         0.030              7.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                             6
WEST CALDWELL TOWNSH                                    NJ                        7006                        360                       404,000.00                     7.500                     20060901   SFR                                               2,525.00                      404,000.00                     7.500    Owner Occupied         Purchase                                                   505,000.00                           356      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
FREDERICK                                               MD                       44380                        360                       218,400.00                     7.125                     20060901   D-PUDS                                            1,296.75                      218,326.62                     7.125    Owner Occupied         Purchase                                                   273,000.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
GREENWICH TOWNSHIP                                      NJ                        8886                        360                       388,000.00                     7.875                     20061001   SFR                                               2,546.25                      387,999.26                     7.875    Owner Occupied         Purchase                                                   485,000.00                           357      20061201                      0.375                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
GLOUCESTER CITY                                         NJ                        8030                        360                        91,600.00                     9.440                     20060901   SFR                                                 766.18                       91,351.66                     9.440    Owner Occupied         Purchase                                                   130,000.00                           356      20061201                      0.375                         0.030              9.035                                                                                   SISA                                                                                                                                     2.25    LIBOR                             6
UPPER HANOVER TOWNSH                                    PA                       18073                        360                       164,000.00                     7.250                     20060901   SFR                                               1,118.77                      163,482.14                     7.250    Owner Occupied         Purchase                                                   205,000.00                           356      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
PORTLAND                                                OR                       97239                        360                       743,250.00                     7.125                     20060901   HI-RISE                                           4,413.05                      743,250.00                     7.125    Owner Occupied         Purchase                                                   991,000.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SACRAMENTO                                              CA                       95838                        360                       178,400.00                     6.875                     20061001   SFR                                               1,022.08                      178,322.58                     6.875    Owner Occupied         Rate Refi                                                  198,222.00                           357      20061201                      0.375                         0.030              6.470                       MGIC                                                   25   Full                                                                                                                                     2.25    LIBOR                             6
CHINO VALLEY                                            AZ                       31494                        360                       291,600.00                     6.875                     20061001   SFR                                               1,670.63                      291,600.00                     6.875    Owner Occupied         Purchase                                                   324,000.00                           357      20061201                      0.375                         0.030              6.470                       MGIC                                                   25   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
ARLINGTON HEIGHTS                                       IL                       60004                        360                        93,100.00                     8.125                     20061001   CONDO                                               630.36                       93,100.00                     8.125    Owner Occupied         Purchase                                                    98,000.00                           357      20061201                      0.375                         0.030              7.720                       MGIC                                                   30   Express No Doc                                                                                                                           2.25    LIBOR                            12
MONROE                                                  NC                       46764                        360                       182,148.00                     7.625                     20061001   D-PUDS                                            1,157.40                      182,148.00                     7.625    Owner Occupied         Purchase                                                   191,735.00                           357      20061201                      0.375                         0.030              7.220                       MGIC                                                   30   Express No Doc                                                                                                                           2.25    LIBOR                            12
LOCHBUIE                                                CO                       29375                        360                       205,641.00                     7.625                     20061001   SFR                                               1,306.68                      205,641.00                     7.625    Investment             Purchase                                                   228,490.00                           357      20061201                      0.375                         0.030              7.220                       MGIC                                                   25   Stated                                                                                                                                   2.25    LIBOR                            12
CALDWELL                                                ID                       30472                        360                       141,550.00                     8.000                     20061001   D-PUDS                                            1,038.64                      141,263.18                     8.000    Owner Occupied         Purchase                                                   149,000.00                           357      20061201                      0.375                         0.030              7.595                       MGIC                                                   30   Express No Doc                                                                                                                           2.25    LIBOR                            12
NEWPORT NEWS                                            VA                       45078                        360                       176,850.00                     7.125                     20061001   SFR                                               1,050.05                      176,850.00                     7.125    Investment             Purchase                                                   196,500.00                           357      20061201                      0.375                         0.030              6.720                       MGIC                                                   25   Full                                                                                                                                     2.25    LIBOR                            12
PROVIDENCE                                              RI                       37506                        360                       263,250.00                     7.625                     20061101   SFR                                               1,672.73                      263,250.00                     7.625    Owner Occupied         CashOut Refi                                               292,500.00                           358      20061201                      0.375                         0.030              7.220                       MGIC                                                   25   Stated                                                                                                                                   2.25    LIBOR                            12
MOSCOW                                                  ID                       83843                        360                       153,611.00                     7.125                     20061101   CONDO                                             1,034.91                      153,364.59                     7.125    Owner Occupied         Purchase                                                   161,696.00                           358      20061201                      0.375                         0.030              6.720                       MGIC                                                   30   Express No Doc                                                                                                                           2.25    LIBOR                            12
LAUDERDALE LAKES                                        FL                       12126                        360                        96,300.00                     7.500                     20060901   CONDO                                               673.34                       96,011.46                     7.500    Owner Occupied         Purchase                                                   109,432.00                           356      20061201                      0.375                         0.030              7.095                       MGIC                                                   25   Stated                                                                                                                                   2.25    LIBOR                             6
NEWTON                                                  MA                        2459                        360                       300,000.00                     6.500                     20061001   SFR                                               1,625.00                      300,000.00                     6.500    Owner Occupied         CashOut Refi                                               415,000.00                           357      20061201                      0.250                         0.030              6.220                                                                                   Express Verified Assets                                                  36    S                                                                 FIXED
UPPER MARLBORO                                          MD                       20772                        360                       447,960.00                     6.625                     20061001   PUD                                               2,868.34                      446,767.76                     6.625    Owner Occupied         Purchase                                                   560,000.00                           357      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                  12    S                                                                 FIXED
GERMANTOWN                                              MD                       20874                        360                       389,000.00                     6.625                     20061001   SFR                                               2,312.16                      388,313.68                     6.625    Owner Occupied         CashOut Refi                                               725,000.00                           357      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                  12    S                                                                 FIXED
RIVERSIDE                                               CA                       33730                        360                       436,000.00                     6.500                     20061101   SFR                                               2,755.82                      435,209.56                     6.500    Owner Occupied         Purchase                                                   545,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Express Verified Assets                                                                                                                          FIXED
SUISUN CITY                                             CA                       94585                        360                       306,500.00                     6.500                     20061101   SFR                                               1,794.43                      306,218.11                     6.500    Investment             Rate Refi                                                  530,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Express Verified Assets                                                  36    12H/24S                                                           FIXED
STEAMBOAT SPRINGS                                       CO                       80487                        180                        75,000.00                    12.500                     20061101   SFR                                                 800.44                       74,961.41                    12.500    Owner Occupied         Purchase                                                   500,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Express No Doc Verified Assets                                                                                                              0    FIXED
SAINT CLOUD                                             FL                       34772                        360                       147,000.00                     6.875                     20061201   SFR                                                 965.69                      146,876.50                     6.875    Owner Occupied         CashOut Refi                                               210,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
LA PORTE                                                CA                       95981                        360                       175,000.00                     7.500                     20061201   SFR                                               1,093.75                      175,000.00                     7.500    2nd Home               Purchase                                                   299,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                    2.5    LIBOR                             6
SIMI VALLEY                                             CA                       93065                        180                       114,400.00                    10.450                     20061101   SFR                                               1,042.19                      114,307.68                    10.450    Owner Occupied         Rate Refi                                                  572,000.00                           178      20061201                      0.500                         0.030              9.920                                                                                   Stated                                                                   36    H                                                            0    FIXED
CALEXICO                                                CA                       92231                        360                       183,350.00                     6.990                     20061201   SFR                                               1,068.01                      183,350.00                     6.990    Owner Occupied         CashOut Refi                                               262,000.00                           359      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
COLUMBUS                                                OH                       43230                        360                       103,250.00                    11.375                     20061101   SFR                                               1,012.64                      103,181.84                    11.375    Investment             Purchase                                                   155,000.00                           358      20061201                      0.250                         0.030             11.095                                                                                   Stated                                                                   36    H                                                                 FIXED
COLUMBUS                                                OH                       43230                        180                        25,000.00                    13.475                     20061101   TOWNHOUSE                                           285.87                       24,989.36                    13.475    Investment             Purchase                                                   155,000.00                           178      20061201                      0.500                         0.030             12.945                                                                                   Stated                                                                   36    H                                                            0    FIXED
ORLANDO                                                 FL                       32836                        360                       497,000.00                     7.250                     20061101   D-PUDS                                            3,002.71                      497,000.00                     7.250    Investment             Purchase                                                   725,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
CHICAGO                                                 IL                       60647                        360                        95,500.00                     6.875                     20061201   SFR                                                 627.37                       95,419.77                     6.875    Owner Occupied         CashOut Refi                                               280,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
JERSEY CITY                                             NJ                       39147                        360                       440,000.00                     7.875                     20061101   4-FAMILY                                          3,190.31                      439,050.87                     7.875    Investment             Purchase                                                   550,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Full                                                                                                                                             FIXED
MONROE TOWNSHIP                                         NJ                       39691                        360                       170,000.00                     7.125                     20061101   SFR                                               1,145.32                      169,370.52                     7.125    Owner Occupied         CashOut Refi                                               325,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                                                                                                   FIXED
HAVERHILL                                               MA                        1832                        360                       204,800.00                     8.000                     20061001   CONDO                                             1,502.75                      204,385.00                     8.000    Owner Occupied         Purchase                                                   257,000.00                           357      20061201                      0.250                         0.030              7.720                                                                                   Express Verified Assets                                                                                                                          FIXED
EXETER                                                  RI                       37490                        360                       400,000.00                     9.250                     20061101   4-FAMILY                                          3,290.70                      399,583.66                     9.250    Investment             CashOut Refi                                               500,000.00                           358      20061201                      0.250                         0.030              8.970                                                                                   SISA                                                                                                                                             FIXED
IRVINGTON                                               NJ                       39093                        360                       192,000.00                     7.125                     20061101   SFR                                               1,140.00                      191,999.82                     7.125    Owner Occupied         CashOut Refi                                               240,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
GARDEN GROVE                                            CA                       92841                        360                       300,000.00                     6.500                     20061101   SFR                                               1,625.00                      300,000.00                     6.500    Owner Occupied         CashOut Refi                                               630,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                     36    S                                                            3    LIBOR                             6
SENECA                                                  SC                       29672                        360                       248,000.00                     5.750                     20060801   PUD                                               1,321.56                      245,615.60                     5.750    Owner Occupied         Rate Refi                                                  440,000.00                           355      20061201                      0.375                         0.030              5.345                                                                                   Full                                                                     36    S                                                         2.25    LIBOR                            12
COVINGTON                                               GA                       30014                        360                       368,000.00                     7.000                     20060901   SFR                                               2,146.67                      368,000.00                     7.000    Owner Occupied         Rate Refi                                                  480,000.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
CHULA VISTA                                             CA                       33492                        360                       228,000.00                     6.625                     20061001   SFR                                               1,258.75                      228,000.00                     6.625    Owner Occupied         CashOut Refi                                               498,500.00                           357      20061201                      0.375                         0.030              6.220                                                                                   SISA                                                                     12    S                                                         2.25    LIBOR                            12
CLEARWATER                                              FL                       33756                        360                        80,000.00                     7.500                     20060901   SFR                                                 559.37                       79,760.25                     7.500    Investment             CashOut Refi                                               100,000.00                           356      20061201                      0.375                         0.030              7.095                                                                                   SISA                                                                     12    S                                                         2.25    LIBOR                             6
SANTA ANA                                               CA                       33786                        360                       319,920.00                     6.500                     20060801   CONDO                                             1,732.90                      319,920.00                     6.500    Owner Occupied         Purchase                                                   399,900.00                           355      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
FAIRFAX                                                 VA                       22033                        360                       415,000.00                     6.500                     20060801   PUD                                               2,247.92                      414,999.98                     6.500    Owner Occupied         CashOut Refi                                               810,000.00                           355      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                     12    S                                                         2.25    LIBOR                            12
LEHIGH ACRES                                            FL                       33971                        360                       162,838.00                     6.875                     20060601   SFR                                                 866.29                      151,207.08                     6.875    Owner Occupied         Rate Refi                                                  204,000.00                           353      20061201                      0.375                         0.030              6.470                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
GERMANTOWN                                              MD                       20874                        360                       685,000.00                     6.500                     20060901   PUD                                               3,710.42                      684,900.00                     6.500    Owner Occupied         CashOut Refi                                               900,000.00                           356      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     60    S                                                         2.25    LIBOR                            12
GLENDALE                                                AZ                       31114                        360                       680,000.00                     6.875                     20060801   SFR                                               4,467.12                      675,249.43                     6.875    Owner Occupied         Purchase                                                   850,000.00                           355      20061201                      0.375                         0.030              6.470                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
FORT WASHINGTON                                         MD                       20744                        360                       202,000.00                     5.875                     20060801   SFR                                                 988.96                      202,000.00                     5.875    Owner Occupied         CashOut Refi                                               425,000.00                           355      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
ATLANTA                                                 GA                       11026                        360                       328,000.00                     6.375                     20060901   CONDO                                             1,742.50                      328,000.00                     6.375    Owner Occupied         Rate Refi                                                  500,000.00                           356      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
GILROY                                                  CA                       95020                        360                       723,000.00                     6.500                     20061001   SFR                                               3,916.25                      718,917.05                     6.500    Owner Occupied         Rate Refi                                                  920,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
GOLDEN                                                  CO                       29314                        360                       680,000.00                     6.125                     20061001   SFR                                               3,470.83                      680,000.00                     6.125    Owner Occupied         Rate Refi                                                  945,000.00                           357      20061201                      0.375                         0.030              5.720                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
NAMPA                                                   ID                       83686                        360                       172,000.00                     6.750                     20060901   SFR                                               1,115.59                      171,402.63                     6.750    Owner Occupied         Rate Refi                                                  215,000.00                           356      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                     36    S                                                        4.125    LIBOR                             6
ARCADIA                                                 CA                       91006                        360                       520,000.00                     6.500                     20060901   CONDO                                             3,286.75                      518,104.34                     6.500    Owner Occupied         Purchase                                                   680,000.00                           356      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
SAN DIMAS                                               CA                       91773                        360                       448,000.00                     7.250                     20060901   SFR                                               2,706.67                      447,998.83                     7.250    Owner Occupied         CashOut Refi                                               560,000.00                           356      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                  36    S                                                          3.5    LIBOR                             6
HUNTINGTON BEACH                                        CA                       92649                        360                       808,000.00                     5.375                     20060901   2-4FAMILY                                         3,619.17                      807,997.74                     5.375    Owner Occupied         Purchase                                                 1,010,000.00                           356      20061201                      0.375                         0.030              4.970                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
SEATTLE                                                 WA                       35803                        360                       270,000.00                     6.250                     20060801   SFR                                               1,406.25                      270,000.00                     6.250    Owner Occupied         Purchase                                                   365,000.00                           355      20061201                      0.375                         0.030              5.845                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
TRACY                                                   CA                       34762                        360                       468,000.00                     6.625                     20060901   PUD                                               2,583.75                      468,000.00                     6.625    Owner Occupied         CashOut Refi                                               735,000.00                           356      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                        4    LIBOR                             6
REDMOND                                                 WA                       98053                        360                       524,000.00                     7.125                     20060901   PUD                                               3,111.25                      524,000.00                     7.125    Owner Occupied         CashOut Refi                                               690,000.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
HIGHLAND PARK                                           IL                       60035                        360                       417,000.00                     6.000                     20060801   SFR                                               2,085.00                      416,791.53                     6.000    Owner Occupied         Rate Refi                                                  530,000.00                           355      20061201                      0.375                         0.030              5.595                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
SALT LAKE CITY                                          UT                       30705                        360                       700,000.00                     6.375                     20061001   SFR                                               3,718.75                      700,000.00                     6.375    Owner Occupied         Purchase                                                   885,000.00                           357      20061201                      0.375                         0.030              5.970                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
CHINO HILLS                                             CA                       33428                        360                       560,000.00                     7.375                     20060901   SFR                                               3,441.67                      560,000.00                     7.375    Owner Occupied         CashOut Refi                                               700,000.00                           356      20061201                      0.375                         0.030              6.970                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
FONTANA                                                 CA                       92336                        360                       487,992.00                     6.750                     20060901   SFR                                               2,744.96                      487,992.00                     6.750    Owner Occupied         Purchase                                                   612,000.00                           356      20061201                      0.375                         0.030              6.345                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
SAN RAFAEL                                              CA                       34580                        360                       457,500.00                     6.500                     20060901   CONDO                                             2,478.13                      457,500.00                     6.500    Owner Occupied         Purchase                                                   610,000.00                           356      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
PLAYA VISTA                                             CA                       90094                        360                       650,000.00                     6.625                     20061001   CONDO                                             3,588.54                      650,000.00                     6.625    Owner Occupied         Purchase                                                   814,500.00                           357      20061201                      0.375                         0.030              6.220                                                                                   SISA                                                                     12    S                                                         2.25    LIBOR                            12
LIVERMORE                                               CA                       94550                        360                       680,000.00                     5.500                     20060901   SFR                                               3,116.67                      680,000.00                     5.500    Owner Occupied         Purchase                                                   870,000.00                           356      20061201                      0.375                         0.030              5.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
SALT LAKE CITY                                          UT                       30705                        360                       576,800.00                     6.250                     20061001   SFR                                               3,004.17                      576,800.00                     6.250    Owner Occupied         Purchase                                                   721,000.00                           357      20061201                      0.375                         0.030              5.845                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
MCKINNEY                                                TX                       75070                        360                       524,000.00                     6.000                     20061001   PUD                                               2,620.00                      524,000.00                     6.000    Owner Occupied         Purchase                                                   720,000.00                           357      20061201                      0.375                         0.030              5.595                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
LONG BEACH                                              CA                       33093                        360                       307,000.00                     6.500                     20060901   SFR                                               1,662.92                      306,947.84                     6.500    Owner Occupied         CashOut Refi                                               675,000.00                           356      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
SILVER SPRING                                           MD                       44075                        360                       360,000.00                     5.750                     20060901   SFR                                               1,725.00                      360,000.00                     5.750    Owner Occupied         Purchase                                                   480,000.00                           356      20061201                      0.375                         0.030              5.345                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
FREDERICKSBURG                                          VA                       44657                        360                       231,900.00                     6.500                     20060801   PUD                                               1,256.13                      231,900.00                     6.500    Owner Occupied         Purchase                                                   290,000.00                           355      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
SAN JOSE                                                CA                       34724                        360                       479,089.00                     6.750                     20060901   CONDO                                             2,694.88                      479,089.00                     6.750    Owner Occupied         Purchase                                                   598,862.00                           356      20061201                      0.375                         0.030              6.345                                                                                   SISA                                                                     12    S                                                         2.25    LIBOR                            12
ORLANDO                                                 FL                       11923                        360                       131,600.00                     7.500                     20060901   CONDO                                                822.5                      131,469.52                     7.500    Owner Occupied         Purchase                                                   164,500.00                           356      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
EWA BEACH                                               HI                       35252                        360                       332,000.00                     5.875                     20060901   PUD                                               1,625.42                      331,879.72                     5.875    Owner Occupied         Purchase                                                   415,000.00                           356      20061201                      0.375                         0.030              5.470                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
CENTREVILLE                                             VA                       43850                        360                     1,031,250.00                     6.250                     20060601   PUD                                               5,371.09                    1,031,250.00                     6.250    Owner Occupied         CashOut Refi                                             1,375,000.00                           353      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
ANAHEIM                                                 CA                       33820                        360                       402,000.00                     6.625                     20060801   SFR                                               2,389.43                      399,320.30                     6.625    Owner Occupied         CashOut Refi                                               675,000.00                           355      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
MORENO VALLEY                                           CA                       92555                        360                       417,000.00                     6.250                     20060901   PUD                                               2,171.87                      416,999.99                     6.250    Owner Occupied         CashOut Refi                                               552,500.00                           356      20061201                      0.375                         0.030              5.845                                                                                   SISA                                                                     24    S                                                         2.25    LIBOR                             6
NORTH HOLLYWOOD                                         CA                       33395                        360                       235,000.00                     6.000                     20060801   SFR                                               1,175.00                      235,000.00                     6.000    Owner Occupied         CashOut Refi                                               660,000.00                           355      20061201                      0.375                         0.030              5.595                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
DUBLIN                                                  CA                       94568                        360                       524,000.00                     6.375                     20060901   CONDO                                             2,783.75                      524,000.00                     6.375    Owner Occupied         Rate Refi                                                  655,000.00                           356      20061201                      0.375                         0.030              5.970                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
SIMI VALLEY                                             CA                       93065                        360                       480,000.00                     6.125                     20060701   CONDO                                             2,450.00                      478,737.51                     6.125    Owner Occupied         Purchase                                                   600,000.00                           354      20061201                      0.375                         0.030              5.720                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
ALBANY                                                  OR                       35511                        360                       110,400.00                     6.500                     20060901   SFR                                                    598                      110,400.00                     6.500    Owner Occupied         Rate Refi                                                  138,000.00                           356      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
RANCHO MIRAGE                                           CA                       92270                        360                     1,285,500.00                     6.625                     20061001   PUD                                               7,097.03                    1,285,500.00                     6.625    Owner Occupied         CashOut Refi                                             1,714,000.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                     36    S                                                         2.25    LIBOR                            12
GEORGETOWN                                              TX                       28669                        360                       215,600.00                     6.750                     20060801   PUD                                               1,212.75                      215,600.00                     6.750    Owner Occupied         Rate Refi                                                  270,000.00                           355      20070101                      0.375                         0.030              6.345                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
MCDONOUGH                                               GA                       30252                        360                       385,000.00                     5.875                     20060801   PUD                                               1,884.90                      384,905.65                     5.875    Owner Occupied         CashOut Refi                                               600,000.00                           355      20061201                      0.375                         0.030              5.470                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
MERCER ISLAND                                           WA                       98040                        360                       495,000.00                     6.500                     20061001   SFR                                               2,681.25                      495,000.00                     6.500    Owner Occupied         CashOut Refi                                               705,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     60    S                                                         2.25    LIBOR                            12
NOVATO                                                  CA                       94947                        360                       335,000.00                     6.625                     20060901   PUD                                               1,849.48                      332,090.01                     6.625    Owner Occupied         Rate Refi                                                  540,000.00                           356      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
LAS VEGAS                                               NV                       89149                        360                       274,511.00                     6.375                     20060801   PUD                                               1,712.59                      273,226.17                     6.375    2nd Home               Purchase                                                   344,000.00                           355      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                                                                                     2.75    CMT                              12
MIAMI                                                   FL                       33168                        360                       102,400.00                     7.250                     20060901   SFR                                                 618.67                      102,398.23                     7.250    Owner Occupied         Purchase                                                   129,000.00                           356      20061201                      0.375                         0.030              6.845                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
LONG BEACH                                              CA                       33098                        360                       397,000.00                     6.250                     20061001   SFR                                               2,067.71                      396,940.25                     6.250    Owner Occupied         Rate Refi                                                3,970,000.00                           357      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                     12    S                                                         2.25    LIBOR                            12
MANAKIN SABOT                                           VA                       44929                        360                       480,000.00                     5.875                     20060901   PUD                                               2,839.38                      478,028.06                     5.875    Owner Occupied         Rate Refi                                                  600,000.00                           356      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
BELLEVUE                                                WA                       98004                        360                       937,500.00                     8.125                     20060901   SFR                                               6,347.65                      937,499.64                     8.125    Owner Occupied         Purchase                                                 1,350,000.00                           356      20061201                      0.375                         0.030              7.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SUNLAND                                                 CA                       91040                        360                       400,000.00                     7.125                     20061001   SFR                                               2,375.00                      400,000.00                     7.125    Owner Occupied         CashOut Refi                                               540,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
SCOTTSDALE                                              AZ                       85251                        360                       320,000.00                     7.250                     20061001   SFR                                               1,933.33                      319,877.25                     7.250    Owner Occupied         Rate Refi                                                  400,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
GIG HARBOR                                              WA                       98335                        360                       324,000.00                     6.750                     20060801   SFR                                               1,822.50                      324,000.00                     6.750    Owner Occupied         CashOut Refi                                               405,000.00                           355      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
FAIRFAX                                                 VA                       22032                        360                       424,500.00                     6.750                     20060901   SFR                                               2,387.81                      424,500.00                     6.750    Owner Occupied         CashOut Refi                                               560,000.00                           356      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
LAS VEGAS                                               NV                       32537                        360                       324,000.00                     6.625                     20061001   SFR                                               1,788.75                      324,000.00                     6.625    Owner Occupied         CashOut Refi                                               405,000.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
KAPOLEI                                                 HI                       35253                        360                     1,330,000.00                     7.375                     20060801   CONDO                                             8,173.95                    1,330,000.00                     7.375    Owner Occupied         Rate Refi                                                1,900,000.00                           355      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
EWING                                                   NJ                       22003                        360                       880,000.00                     6.875                     20060801   SFR                                               5,041.67                      874,985.33                     6.875    Owner Occupied         Purchase                                                 1,146,000.00                           355      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
SAN DIEGO                                               CA                       33630                        360                       319,950.00                     6.375                     20061201   CONDO                                             1,699.73                      319,950.00                     6.375    Owner Occupied         Purchase                                                   410,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
BRISTOL                                                 CT                        6010                        360                       112,500.00                     9.500                     20061201   SFR                                                 890.63                      112,500.00                     9.500    Investment             Purchase                                                   155,000.00                           359      20061201                      0.375                         0.030              9.095                                                                                   SISA                                                                     36    S                                                          6.5    LIBOR                             6
MILPITAS                                                CA                       95035                        360                       300,000.00                     5.875                     20061201   SFR                                               1,468.75                      300,000.00                     5.875    Investment             CashOut Refi                                               610,000.00                           359      20061201                      0.250                         0.030              5.595                                                                                   SISA                                                                     60    H                                                                 FIXED
STOCKTON                                                CA                       34749                        360                       209,300.00                     7.250                     20061201   SFR                                               1,264.52                      209,300.00                     7.250    Investment             CashOut Refi                                               299,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    H                                                         6.25    LIBOR                             6
LAKE FOREST                                             CA                       33785                        180                        67,500.00                    12.600                     20061201   CONDO                                               725.64                       67,483.11                    12.600    Owner Occupied         Purchase                                                   270,000.00                           179      20061201                      0.500                         0.030             12.070                                                                                   Stated                                                                   36    H                                                            0    FIXED
BALTIMORE                                               MD                       44245                        360                       169,400.00                     6.875                     20061201   3-FAMILY                                            970.52                      169,400.00                     6.875    Investment             CashOut Refi                                               242,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     36    H                                                                 FIXED
TAMARAC                                                 FL                       12134                        360                       216,000.00                     7.625                     20061201   D-PUDS                                            1,372.50                      216,000.00                     7.625    Investment             Purchase                                                   270,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
OGDEN                                                   UT                       30777                        360                       120,750.00                     7.000                     20061201   SFR                                                 704.38                      120,750.00                     7.000    Investment             Rate Refi                                                  162,500.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                     12    H                                                                 FIXED
WACONIA                                                 MN                       55387                        360                        90,000.00                     9.125                     20061201   PUD                                                 732.27                       89,952.11                     9.125    Investment             Purchase                                                   148,000.00                           359      20061201                      0.375                         0.030              8.720                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HESPERIA                                                CA                       92345                        360                       238,500.00                     6.875                     20061201   SFR                                               1,366.41                      238,500.00                     6.875    Investment             CashOut Refi                                               318,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
CHINO VALLEY                                            AZ                       31494                        360                       153,600.00                     8.375                     20061201   SFR                                               1,072.00                      153,599.18                     8.375    Owner Occupied         Purchase                                                   224,000.00                           359      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SANTA ANA                                               CA                       33788                        360                       278,500.00                     6.500                     20061201   SFR                                               1,508.54                      278,500.00                     6.500    Owner Occupied         CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
WALDORF                                                 MD                       43984                        360                       448,000.00                     8.875                     20061201   D-PUDS                                            3,313.33                      448,000.00                     8.875    Owner Occupied         Purchase                                                   569,000.00                           359      20061201                      0.375                         0.030              8.470                                                                                   Stated                                                                   36    12H/24S                                                      3    LIBOR                             6
BAKERSFIELD                                             CA                       34041                        360                       257,000.00                     6.500                     20061201   SFR                                               1,392.08                      257,000.00                     6.500    Investment             Purchase                                                   375,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
EL CAJON                                                CA                       92020                        360                       712,500.00                     9.375                     20061201   SFR                                               5,566.41                      712,500.00                     9.375    Owner Occupied         Purchase                                                   950,000.00                           359      20061201                      0.375                         0.030              8.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LONG BEACH                                              CA                       33095                        180                        88,000.00                    12.250                     20061201   SFR                                                 922.15                       87,976.18                    12.250    Owner Occupied         Purchase                                                   455,000.00                           179      20061201                      0.500                         0.030             11.720                                                                                   Stated                                                                   36    H                                                            0    FIXED
HOLLYWOOD                                               FL                       33024                        180                        58,000.00                    12.480                     20061101   SFR                                                 618.11                       57,970.02                    12.480    Owner Occupied         Purchase                                                   295,000.00                           178      20061201                      0.500                         0.030             11.950                                                                                   Stated                                                                   36    H                                                            0    FIXED
HESPERIA                                                CA                       92345                        180                        60,000.00                    11.850                     20061201   SFR                                                  592.5                       60,000.00                    11.850    Investment             CashOut Refi                                               318,000.00                           179      20061201                      0.500                         0.030             11.320                                                                                   Stated                                                                   36    H                                                            0    FIXED
BELLEVIEW                                               FL                       12529                        360                       162,050.00                     6.875                     20061201   SFR                                                 928.41                      162,050.00                     6.875    Investment             Purchase                                                   228,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
BALTIMORE                                               MD                  21244-2038                        360                       137,350.00                     6.250                     20061201   SFR                                                 779.79                      137,285.57                     6.250    Owner Occupied         Rate Refi                                                  330,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   36    H                                                                 FIXED
COMPTON                                                 CA                       32924                        360                       250,000.00                     6.500                     20061201   SFR                                               1,580.17                      249,774.00                     6.500    Owner Occupied         CashOut Refi                                               415,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   SISA                                                                     36    H                                                                 FIXED
BAKERSFIELD                                             CA                       34036                        360                       144,750.00                     7.000                     20061201   SFR                                                 844.38                      144,750.00                     7.000    Investment             CashOut Refi                                               193,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
ROCKFORD                                                IL                       22289                        360                       100,999.00                     7.875                     20061201   SFR                                                 732.31                      100,929.50                     7.875    Owner Occupied         Rate Refi                                                  140,000.00                           359      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
MIRAMAR BEACH                                           FL                       32550                        360                       248,400.00                     6.250                     20061201   HI-RISE                                           1,293.75                      248,400.00                     6.250    2nd Home               Purchase                                                   430,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
RICHMOND                                                VA                       44984                        180                       177,000.00                    11.875                     20061201   SFR                                               1,751.56                      177,000.00                    11.875    Owner Occupied         Purchase                                                   900,000.00                           179      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                                                                                      0    FIXED
ALISO VIEJO                                             CA                       92656                        360                       294,000.00                     5.990                     20061201   CONDO                                             1,467.55                      294,000.00                     5.990    Investment             CashOut Refi                                               460,000.00                           359      20061201                      0.375                         0.030              5.585                                                                                   Stated                                                                   36    12H/24S                                                      3    LIBOR                             6
PENSACOLA                                               FL                       11816                        360                       552,000.00                     6.500                     20061201   SFR                                               2,990.00                      552,000.00                     6.500    Owner Occupied         CashOut Refi                                             1,100,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     60    S                                                            3    LIBOR                             6
SACRAMENTO                                              CA                       34938                        360                       240,000.00                     6.750                     20061201   SFR                                               1,350.00                      239,937.83                     6.750    Investment             CashOut Refi                                               324,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MIAMI                                                   FL                       33150                        180                        66,000.00                    12.670                     20061101   SFR                                                 713.11                       65,967.31                    12.670    Owner Occupied         Purchase                                                   220,000.00                           178      20061201                      0.500                         0.030             12.140                                                                                   Stated                                                                                                                                      0    FIXED
HOLLYWOOD                                               FL                       33027                        180                       165,000.00                    12.450                     20061201   D-PUDS                                            1,754.58                      164,957.30                    12.450    Owner Occupied         Purchase                                                   600,000.00                           179      20061201                      0.500                         0.030             11.920                                                                                   Stated                                                                   12    H                                                            0    FIXED
BOWIE                                                   MD                       44033                        360                       457,774.00                     6.750                     20061201   SFR                                               2,574.98                      457,774.00                     6.750    Owner Occupied         CashOut Refi                                               750,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
CAMARILLO                                               CA                       93012                        360                       436,400.00                     5.625                     20061201   SFR                                               2,045.63                      436,400.00                     5.625    Investment             Rate Refi                                                  645,000.00                           359      20061201                      0.375                         0.030              5.220                                                                                   Full                                                                                                                                        3    LIBOR                             6
BAKERSFIELD                                             CA                       34036                        360                       232,000.00                     6.875                     20061201   SFR                                               1,329.17                      232,000.00                     6.875    Investment             Rate Refi                                                  332,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Non-Verified Assets                                                                                                                 3    LIBOR                             6
NORTHRIDGE                                              CA                       33322                        360                       672,000.00                     7.500                     20061201   SFR                                               4,200.00                      672,000.00                     7.500    Owner Occupied         Rate Refi                                                  850,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BUNNELL                                                 FL                       11698                        360                       195,000.00                     7.125                     20061201   SFR                                               1,157.81                      195,000.00                     7.125    Investment             CashOut Refi                                               325,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
PRESCOTT                                                AZ                       31476                        360                       205,000.00                     7.750                     20061201   SFR                                               1,323.96                      205,000.00                     7.750    Owner Occupied         CashOut Refi                                               365,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
KIHEI                                                   HI                       96753                        360                       623,000.00                     6.375                     20061201   SFR                                               3,309.69                      623,000.00                     6.375    Investment             CashOut Refi                                               890,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    12H/24S                                                      3    LIBOR                             6
POMONA                                                  CA                       91766                        180                        76,400.00                    10.575                     20061101   SFR                                                 703.15                       76,338.14                    10.575    Owner Occupied         Purchase                                                   395,000.00                           178      20061201                      0.500                         0.030             10.045                                                                                   Stated                                                                                                                                      0    FIXED
HOUSTON                                                 TX                       77072                        360                       198,000.00                     8.875                     20061201   4-FAMILY                                          1,575.38                      197,889.00                     8.875    Investment             Purchase                                                   265,000.00                           359      20061201                      0.250                         0.030              8.595                                                                                   Stated                                                                   36    S                                                                 FIXED
PALMDALE                                                CA                       93550                        360                       190,000.00                     6.500                     20061201   SFR                                               1,200.93                      189,828.24                     6.500    Owner Occupied         CashOut Refi                                               309,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
EL CAJON                                                CA                       92020                        180                       461,250.00                     6.990                     20061101   SFR                                               2,686.78                      461,250.00                     6.990    Owner Occupied         Purchase                                                   515,000.00                           178      20061201                      0.250                         0.030              6.710                                                                                   Stated                                                                   36    H                                                                 FIXED
AURORA                                                  CO                       80013                        360                       115,520.00                     7.750                     20061101   SFR                                                  827.6                      115,356.41                     7.750    Owner Occupied         Purchase                                                   145,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Full                                                                     36    S                                                                 FIXED
STALLINGS                                               NC                       46756                        180                       213,600.00                     7.875                     20061101   D-PUDS                                            1,401.75                      213,600.00                     7.875    Investment             Purchase                                                   285,000.00                           178      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  36    S                                                                 FIXED
SAN LORENZO AREA                                        CA                       94580                        180                       528,000.00                     7.750                     20061101   SFR                                               3,410.00                      528,000.00                     7.750    Owner Occupied         Purchase                                                   660,000.00                           178      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   36    H                                                                 FIXED
ALSIP                                                   IL                       22131                        360                       335,920.00                     9.250                     20061101   4-FAMILY                                          2,589.38                      335,920.00                     9.250    Investment             Purchase                                                   420,000.00                           358      20061201                      0.250                         0.030              8.970                                                                                   Stated                                                                                                                                           FIXED
SALINAS                                                 CA                       34217                        360                       310,000.00                     6.500                     20061101   SFR                                               1,959.41                      309,438.00                     6.500    Owner Occupied         CashOut Refi                                               636,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Express No Doc                                                           36    H                                                                 FIXED
HESPERIA                                                CA                       92345                        360                       189,600.00                     7.875                     20061101   SFR                                               1,244.25                      189,600.00                     7.875    Owner Occupied         Purchase                                                   270,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
LAS VEGAS                                               NV                       32514                        180                        57,200.00                     8.625                     20060901   CONDO                                               411.13                       57,200.00                     8.625    Investment             Purchase                                                    80,000.00                           176      20061201                      0.250                         0.030              8.345                                                                                   Full                                                                     36    H                                                                 FIXED
CORNISH                                                 ME                        4020                        360                       190,000.00                     7.750                     20061001   SFR                                               1,361.18                      189,595.11                     7.750    Owner Occupied         CashOut Refi                                               218,391.00                           357      20061201                      0.250                         0.030              6.950               0.52    PMI - LENDER PAID                                      25   Express Verified Assets                                                                                                                          FIXED
DAYTONA BEACH                                           FL                       11702                        360                       204,800.00                     8.000                     20061101   SFR                                               1,502.75                      204,524.25                     8.000    Owner Occupied         Purchase                                                   256,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   SISA                                                                                                                                             FIXED
NORTH PORT                                              FL                       34287                        360                       207,850.00                     7.750                     20061001   SFR                                               1,489.06                      207,407.06                     7.750    Investment             Purchase                                                   259,855.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
PAW PAW                                                 MI                       49079                        180                        38,800.00                     8.375                     20061101   SFR                                                 379.24                       38,582.34                     8.375    Investment             Purchase                                                    48,500.00                           178      20061201                      0.250                         0.030              8.095                                                                                   Express No Doc                                                                                                                                   FIXED
FORT MEADE                                              FL                       33841                        180                        52,250.00                     7.625                     20061101   SFR                                                 488.08                       51,936.86                     7.625    Owner Occupied         Purchase                                                    55,000.00                           178      20061201                      0.250                         0.030              6.465               0.88    PMI - LENDER PAID                                      30   Express No Doc                                                           36    H                                                                 FIXED
VISALIA                                                 CA                       93291                        180                       130,000.00                     7.125                     20061101   SFR                                               1,177.58                      129,186.19                     7.125    Owner Occupied         CashOut Refi                                               224,138.00                           178      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                     60    H                                                                 FIXED
NORTH MIAMI                                             FL                       33161                        180                       190,000.00                     6.125                     20061101   2-FAMILY                                          1,616.19                      188,703.90                     6.125    Owner Occupied         CashOut Refi                                               340,000.00                           178      20061201                      0.250                         0.030              5.845                                                                                   Express No Doc                                                           60    H                                                                 FIXED
STRUTHERS                                               OH                       44471                        360                        40,800.00                     8.375                     20061101   SFR                                                 310.11                       40,749.10                     8.375    Investment             CashOut Refi                                                51,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
BIRMINGHAM                                              AL                       12826                        360                        44,000.00                     6.875                     20061101   SFR                                                 289.05                       43,925.85                     6.875    Investment             CashOut Refi                                                55,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
ALLIANCE                                                OH                       16224                        360                        45,600.00                     7.750                     20061101   SFR                                                 326.68                       45,535.43                     7.750    Investment             Purchase                                                    57,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
DAYTON                                                  OH                       16533                        360                        46,400.00                     8.375                     20061101   SFR                                                 352.67                       46,342.12                     8.375    Investment             CashOut Refi                                                58,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                   60    H                                                                 FIXED
HURT                                                    VA                       24563                        360                        48,000.00                     7.375                     20061101   SFR                                                 331.52                       47,926.74                     7.375    Investment             CashOut Refi                                                87,273.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
YOUNGSTOWN                                              OH                       16196                        360                        49,600.00                     8.375                     20061101   SFR                                                    377                       49,538.12                     8.375    Investment             CashOut Refi                                                62,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
BENTON HARBOR                                           MI                       49022                        360                        50,000.00                     8.250                     20061101   SFR                                                 375.63                       49,936.02                     8.250    Investment             CashOut Refi                                                69,444.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
MONROE                                                  NC                       46762                        360                        50,000.00                     8.875                     20061101   SFR                                                 397.82                       49,941.54                     8.875    Investment             CashOut Refi                                                66,667.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Express No Doc                                                                                                                                   FIXED
SOUTH BEND                                              IN                       16972                        360                        54,400.00                     8.125                     20061101   SFR                                                 403.92                       54,328.58                     8.125    Investment             Purchase                                                    68,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express No Doc                                                           60    H                                                                 FIXED
DETROIT                                                 MI                       17576                        360                        54,400.00                     7.750                     20061101   SFR                                                 389.73                       54,322.96                     7.750    Investment             CashOut Refi                                                68,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
JACKSON                                                 MS                       14285                        360                        54,400.00                     8.125                     20061101   SFR                                                 403.92                       54,328.58                     8.125    Investment             CashOut Refi                                                74,521.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
BENTON HARBOR                                           MI                       49022                        360                        55,000.00                     8.250                     20061101   SFR                                                  413.2                       54,929.61                     8.250    Investment             CashOut Refi                                                74,324.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
SAINT LOUIS                                             MO                       63136                        360                        55,000.00                     8.000                     20060901   SFR                                                 403.57                       54,850.78                     8.000    Investment             CashOut Refi                                                84,615.00                           356      20061201                      0.250                         0.030              7.720                                                                                   Express No Doc                                                                                                                                   FIXED
BIG SANDY                                               TN                       13932                        360                        55,000.00                     8.000                     20061101   SFR                                                 403.57                       54,925.95                     8.000    Owner Occupied         CashOut Refi                                                80,882.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Express No Doc                                                                                                                                   FIXED
MEMPHIS                                                 TN                       13898                        360                        55,800.00                     7.875                     20061101   SFR                                                 404.59                       55,722.95                     7.875    Investment             Rate Refi                                                   71,538.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
BALTIMORE                                               MD                       44244                        360                        56,800.00                     8.250                     20061101   SFR                                                 426.72                       56,727.31                     8.250    Investment             CashOut Refi                                                71,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   SISA                                                                                                                                             FIXED
DAYTON                                                  OH                       16530                        360                        56,800.00                     7.750                     20061001   SFR                                                 406.92                       56,678.95                     7.750    Investment             CashOut Refi                                                71,000.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
SAINT LOUIS                                             MO                       23027                        360                        57,400.00                     8.375                     20061101   SFR                                                 436.28                       57,328.40                     8.375    Owner Occupied         Purchase                                                    82,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
CLINTON                                                 MS                       39056                        360                        58,400.00                     7.750                     20061101   SFR                                                 418.38                       58,317.31                     7.750    Investment             CashOut Refi                                                73,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
CLINTON                                                 MS                       39056                        360                        59,600.00                     7.750                     20061101   SFR                                                 426.98                       59,515.61                     7.750    Investment             CashOut Refi                                                74,500.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
DETROIT                                                 MI                       48235                        360                        60,000.00                     8.625                     20061101   SFR                                                 466.67                       59,928.91                     8.625    Investment             CashOut Refi                                                75,000.00                           358      20061201                      0.250                         0.030              8.345                                                                                   Stated                                                                                                                                           FIXED
BENTON HARBOR                                           MI                       49022                        360                        60,000.00                     7.625                     20061101   SFR                                                 424.68                       59,912.86                     7.625    Investment             CashOut Refi                                                85,714.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
AKRON                                                   OH                       16138                        360                        60,000.00                     8.750                     20060901   SFR                                                 472.02                       59,860.40                     8.750    Investment             CashOut Refi                                                75,000.00                           356      20061201                      0.250                         0.030              8.470                                                                                   Stated                                                                   36    H                                                                 FIXED
PHILADELPHIA                                            PA                       43488                        360                        64,000.00                     7.625                     20061101   SFR                                                 452.99                       63,907.06                     7.625    Owner Occupied         Purchase                                                    80,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
PHILADELPHIA                                            PA                       19142                        360                        65,550.00                     8.875                     20061101   SFR                                                 521.55                       65,469.76                     8.875    Owner Occupied         Purchase                                                    69,000.00                           358      20061201                      0.250                         0.030              7.185               1.41    PMI - LENDER PAID                                      30   SISA                                                                                                                                             FIXED
PHILADELPHIA                                            PA                       43486                        360                        67,600.00                     7.875                     20061101   SFR                                                 490.15                       67,506.65                     7.875    Investment             CashOut Refi                                                84,500.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
WHITING                                                 IN                       46394                        360                        69,600.00                     6.625                     20061101   SFR                                                 445.66                       69,476.84                     6.625    Owner Occupied         Purchase                                                    87,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
SAINT LOUIS                                             MO                       63137                        360                        69,600.00                     7.875                     20061101   SFR                                                 504.65                       69,503.89                     7.875    Investment             CashOut Refi                                                87,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
INDEPENDENCE                                            MO                       64053                        360                        74,900.00                     7.375                     20061101   SFR                                                 517.32                       74,785.65                     7.375    Owner Occupied         CashOut Refi                                                84,157.00                           358      20061201                      0.250                         0.030              6.205               0.89    PMI - LENDER PAID                                      25   Full                                                                                                                                             FIXED
SAINT LOUIS                                             MO                       63137                        360                        76,000.00                     7.875                     20061101   SFR                                                 551.05                       75,895.06                     7.875    Investment             CashOut Refi                                                95,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
PITTSBURGH                                              PA                       42048                        360                        76,000.00                     7.000                     20061101   SFR                                                 505.63                       75,874.23                     7.000    Owner Occupied         CashOut Refi                                                95,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
BROWNSVILLE                                             TX                       28636                        360                        77,400.00                     7.000                     20061101   SFR                                                 514.94                       77,272.75                     7.000    2nd Home               Purchase                                                    86,000.00                           358      20061201                      0.250                         0.030              6.000               0.72    PMI - LENDER PAID                                      25   Stated                                                                                                                                           FIXED
SOUTH BEND                                              IN                       16967                        360                        78,400.00                     8.125                     20061001   SFR                                                 582.12                       78,245.10                     8.125    Investment             Purchase                                                    98,000.00                           357      20061201                      0.250                         0.030              7.845                                                                                   Express No Doc                                                           36    H                                                                 FIXED
SPARTA                                                  MO                       65753                        360                        83,340.00                     6.375                     20061101   SFR                                                 519.93                       83,185.21                     6.375    Investment             Rate Refi                                                  141,254.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Express Verified Assets                                                                                                                          FIXED
BARTOW                                                  FL                       12296                        360                        84,500.00                     7.125                     20061101   SFR                                                 569.29                       84,364.46                     7.125    Investment             CashOut Refi                                               130,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   12    H                                                                 FIXED
WAYNESBORO                                              PA                       17268                        360                        86,000.00                     8.250                     20061001   SFR                                                 646.09                       85,834.10                     8.250    Owner Occupied         Purchase                                                   150,000.00                           357      20061201                      0.250                         0.030              7.970                                                                                   Express No Doc                                                           36    H                                                                 FIXED
SUGAR LAND                                              TX                       77479                        360                        87,200.00                     7.625                     20061101   PUD                                                  617.2                       87,073.56                     7.625    Owner Occupied         CashOut Refi                                               109,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
MOUNT PROSPECT                                          IL                       60056                        360                        87,600.00                     8.000                     20061101   CONDO                                               642.78                       87,482.05                     8.000    Investment             Purchase                                                   109,500.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                   36    H                                                                 FIXED
SAINT AUGUSTINE                                         FL                       32080                        360                        88,400.00                     7.375                     20061101   CONDO                                               610.56                       88,265.05                     7.375    Investment             CashOut Refi                                               136,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
RIO RICO                                                AZ                       85648                        360                        91,500.00                     7.000                     20061101   SFR                                                 608.75                       91,349.56                     7.000    Owner Occupied         Rate Refi                                                  155,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
COLUMBUS                                                OH                       15749                        360                        92,000.00                     7.875                     20061001   CONDO                                               667.06                       91,808.82                     7.875    Owner Occupied         Purchase                                                   115,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
SPRING                                                  TX                       77373                        360                        92,800.00                     7.250                     20061101   PUD                                                 633.06                       92,654.78                     7.250    Investment             Rate Refi                                                  116,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
STONE MOUNTAIN                                          GA                       30083                        360                        93,200.00                     7.750                     20061101   SFR                                                  667.7                       93,068.01                     7.750    Owner Occupied         Purchase                                                   116,500.00                           358      20061201                      0.250                         0.030              7.470                                                                                   FISA                                                                                                                                             FIXED
WHITESTOWN                                              IN                       46075                        360                        93,800.00                     7.500                     20061101   PUD                                                 655.86                       93,660.34                     7.500    Investment             Purchase                                                   134,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
PHILADELPHIA                                            PA                       43489                        360                        97,600.00                     7.125                     20061101   SFR                                                 657.55                       96,707.14                     7.125    Owner Occupied         CashOut Refi                                               122,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   12    H                                                                 FIXED
ROCK HILL                                               SC                       47329                        360                        98,000.00                     7.625                     20061001   SFR                                                 693.64                       97,785.85                     7.625    Owner Occupied         Rate Refi                                                  124,051.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Full                                                                                                                                             FIXED
ARLINGTON                                               TX                       76016                        360                        98,080.00                     6.500                     20061101   SFR                                                 619.93                       97,902.20                     6.500    Owner Occupied         Purchase                                                   122,600.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                     36    H                                                                 FIXED
BATON ROUGE                                             LA                       25800                        360                        98,100.00                     7.375                     20061001   SFR                                                 677.55                       97,874.70                     7.375    Owner Occupied         CashOut Refi                                               125,769.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
LYNCHBURG                                               VA                       45414                        360                        98,300.00                     7.375                     20061001   SFR                                                 678.93                       98,074.22                     7.375    Owner Occupied         Purchase                                                   125,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
LEXINGTON                                               SC                       29072                        360                        99,200.00                     7.375                     20061001   PUD                                                 685.15                       98,972.16                     7.375    Owner Occupied         Purchase                                                   124,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
CRESTWOOD                                               KY                       40014                        360                       100,000.00                     7.250                     20061001   SFR                                                 682.18                       99,714.25                     7.250    Owner Occupied         CashOut Refi                                               125,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
KINNELON                                                NJ                       39177                        360                       100,000.00                     7.875                     20061101   SFR                                                 725.07                       99,861.91                     7.875    Owner Occupied         CashOut Refi                                               950,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
JACKSONVILLE                                            FL                       11737                        360                       102,400.00                     8.375                     20061101   SFR                                                 778.31                      102,272.27                     8.375    Investment             CashOut Refi                                               128,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Express No Doc                                                                                                                                   FIXED
MINT HILL                                               NC                       46810                        360                       103,600.00                     6.875                     20061101   SFR                                                 680.58                      103,425.42                     6.875    Investment             Rate Refi                                                  148,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     36    H                                                                 FIXED
SALISBURY                                               NC                       28146                        360                       103,920.00                     7.625                     20061001   SFR                                                 735.54                      103,692.93                     7.625    Owner Occupied         Purchase                                                   129,900.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
GEORGETOWN                                              TX                       28667                        360                       104,000.00                     8.375                     20061101   SFR                                                 790.48                      103,870.25                     8.375    Investment             CashOut Refi                                               130,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Express No Doc                                                                                                                                   FIXED
LEHIGH ACRES                                            FL                       33971                        360                       104,500.00                     6.875                     20061101   SFR                                                 686.49                      104,323.91                     6.875    Owner Occupied         Purchase                                                   183,333.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                                                                                                   FIXED
KENNEWICK                                               WA                       99336                        360                       105,000.00                     7.375                     20061101   SFR                                                 725.21                      104,839.71                     7.375    Investment             CashOut Refi                                               150,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
FERNDALE                                                MI                       17583                        360                       108,000.00                     7.750                     20061101   SFR                                                 773.73                      107,847.05                     7.750    Owner Occupied         CashOut Refi                                               135,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
CYPRESS                                                 TX                       77433                        360                       108,439.00                     7.250                     20061101   PUD                                                 739.75                      108,007.47                     7.250    Investment             Purchase                                                   154,913.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
HARRISBURG                                              NC                       28075                        360                       109,600.00                     6.750                     20061101   SFR                                                 710.86                      109,410.75                     6.750    Owner Occupied         CashOut Refi                                               138,734.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
SPRINGFIELD                                             OR                       97478                        360                       110,000.00                     6.750                     20061001   SFR                                                 713.46                      109,714.27                     6.750    Owner Occupied         Purchase                                                   137,500.00                           357      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
EAST LYNNE                                              MO                       64743                        360                       116,000.00                     7.250                     20061101   SFR                                                 791.32                      115,818.48                     7.250    Owner Occupied         Rate Refi                                                  145,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
ASHLEY                                                  OH                       43003                        360                       116,000.00                     7.750                     20061101   SFR                                                 831.04                      115,835.73                     7.750    Investment             CashOut Refi                                               145,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   60    H                                                                 FIXED
SAN ANTONIO                                             TX                       78250                        360                       116,000.00                     7.750                     20061001   2-FAMILY                                            831.04                      115,752.80                     7.750    Investment             Purchase                                                   145,000.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
HASTINGS                                                FL                       32145                        360                       120,000.00                     6.875                     20061101   SFR                                                 788.31                      119,697.23                     6.875    Owner Occupied         Purchase                                                   190,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                           36    H                                                                 FIXED
CLEMSON                                                 SC                       29634                        360                       120,000.00                     7.250                     20061001   4-FAMILY                                            818.61                      119,717.47                     7.250    Owner Occupied         CashOut Refi                                               150,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
LYNCHBURG                                               VA                       45414                        360                       120,400.00                     7.500                     20061101   SFR                                                 841.85                      120,220.74                     7.500    Owner Occupied         Purchase                                                   154,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                           36    H                                                                 FIXED
CONCORD                                                 NC                       28025                        360                       123,500.00                     8.375                     20061101   SFR                                                 938.69                      123,345.94                     8.375    Owner Occupied         Purchase                                                   130,000.00                           358      20061201                      0.250                         0.030              7.345               0.75    PMI - LENDER PAID                                      30   Express No Doc                                                                                                                                   FIXED
ALEXANDRIA                                              LA                       25993                        360                       126,000.00                     8.000                     20061101   4-FAMILY                                            924.54                      125,820.36                     8.000    Investment             Purchase                                                   157,500.00                           358      20061201                      0.250                         0.030              7.720                                                                                   SISA                                                                     36    H                                                                 FIXED
DINGMANS FERRY                                          PA                       43187                        360                       130,000.00                     7.125                     20061101   PUD                                                 875.83                      129,791.48                     7.125    Owner Occupied         Rate Refi                                                  205,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    H                                                                 FIXED
DORCHESTER                                              MA                       37278                        360                       130,400.00                     7.625                     20061101   CONDO                                               922.96                      130,210.64                     7.625    Owner Occupied         Purchase                                                   183,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
REDFORD                                                 MI                       48239                        360                       130,400.00                     7.000                     20061101   SFR                                                 867.55                      130,185.61                     7.000    Owner Occupied         Rate Refi                                                  163,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
BELVIDERE                                               IL                       61008                        360                       130,500.00                     8.375                     20061101   SFR                                                 991.89                      130,337.22                     8.375    Owner Occupied         Purchase                                                   145,000.00                           358      20061201                      0.250                         0.030              7.325               0.77    PMI - LENDER PAID                                      25   Express No Doc                                                                                                                                   FIXED
HOUSTON                                                 TX                       77007                        360                       130,500.00                     7.500                     20061001   SFR                                                 912.47                      130,207.65                     7.500    Investment             CashOut Refi                                               174,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                                                                                             FIXED
FRESNO                                                  TX                       77545                        360                       130,560.00                     7.500                     20061001   PUD                                                 912.89                      130,267.51                     7.500    Investment             Purchase                                                   163,200.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                                                                                             FIXED
BATON ROUGE                                             LA                       25800                        360                       132,000.00                     8.125                     20061101   4-FAMILY                                             980.1                      131,826.72                     8.125    Investment             Purchase                                                   165,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   SISA                                                                                                                                             FIXED
CHARLOTTE                                               NC                       46810                        360                       135,012.00                     6.875                     20061101   PUD                                                 886.93                      134,784.51                     6.875    Owner Occupied         Purchase                                                   168,765.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
SOUTHPORT                                               ME                        4576                        360                       135,850.00                     6.750                     20061101   SFR                                                 881.12                      135,615.42                     6.750    Owner Occupied         CashOut Refi                                               209,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                           36    H                                                                 FIXED
BAY CITY                                                TX                       28229                        360                       136,000.00                     7.500                     20061101   SFR                                                 950.93                      135,797.44                     7.500    Owner Occupied         CashOut Refi                                               170,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
HOUSTON                                                 TX                       77014                        360                       136,000.00                     6.875                     20061101   SFR                                                 893.42                      135,770.84                     6.875    Investment             Purchase                                                   170,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
FUQUAY VARINA                                           NC                       46533                        360                       139,920.00                     7.500                     20061101   SFR                                                 978.34                      139,711.67                     7.500    Owner Occupied         Purchase                                                   174,900.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
ABSECON                                                 NJ                       39479                        360                       142,500.00                     8.875                     20061101   CONDO                                             1,133.79                      142,339.65                     8.875    Owner Occupied         Purchase                                                   150,000.00                           358      20061201                      0.250                         0.030              7.595                  1    PMI - LENDER PAID                                      30   Express No Doc                                                                                                                                   FIXED
WILLIS                                                  TX                       28202                        360                       143,500.00                     7.500                     20061001   SFR                                               1,003.37                      143,178.52                     7.500    2nd Home               CashOut Refi                                               205,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
BEL AIR                                                 MD                       21014                        360                       145,600.00                     6.750                     20061101   SFR                                                 944.36                      145,348.57                     6.750    Owner Occupied         Purchase                                                   186,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
GREENVILLE                                              OH                       16527                        360                       145,600.00                     7.250                     20061101   SFR                                                 993.25                      145,372.15                     7.250    Owner Occupied         Purchase                                                   182,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
WEST SACRAMENTO                                         CA                       95691                        360                       147,200.00                     6.500                     20061001   SFR                                                  930.4                      146,798.63                     6.500    Owner Occupied         Purchase                                                   206,000.00                           357      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
PHILADELPHIA                                            PA                       19149                        360                       147,200.00                     7.500                     20061001   2-FAMILY                                          1,029.24                      146,870.23                     7.500    Investment             Purchase                                                   184,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
WEBB                                                    AL                       36376                        360                       147,600.00                     7.125                     20061101   SFR                                                 994.41                      147,363.23                     7.125    Owner Occupied         Purchase                                                   184,500.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                                                                                             FIXED
SALEM                                                   OR                       35490                        360                       147,600.00                     7.375                     20061101   3-FAMILY                                          1,019.44                      147,350.69                     7.375    Investment             Purchase                                                   190,500.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
MIDDLETOWN                                              MD                       21769                        360                       148,000.00                     7.250                     20061101   SFR                                               1,009.62                      147,768.40                     7.250    Investment             Purchase                                                   195,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
TRAVELERS REST                                          SC                       29690                        360                       148,200.00                     7.875                     20061101   SFR                                               1,074.55                      147,909.91                     7.875    Owner Occupied         Purchase                                                   156,000.00                           358      20061201                      0.250                         0.030              7.085               0.51    PMI - LENDER PAID                                      30   Express No Doc                                                                                                                                   FIXED
ACWORTH                                                 GA                       10960                        360                       148,500.00                     7.250                     20061101   SFR                                               1,013.03                      147,704.21                     7.250    Owner Occupied         Rate Refi                                                  178,916.00                           358      20061201                      0.250                         0.030              6.440               0.53    PMI - LENDER PAID                                      22   SISA                                                                                                                                             FIXED
BALTIMORE                                               MD                       21234                        360                       150,000.00                     6.875                     20061101   SFR                                                 985.39                      149,747.25                     6.875    Owner Occupied         CashOut Refi                                               197,500.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
CHARLOTTE                                               NC                       28269                        360                       150,400.00                     7.375                     20061101   PUD                                               1,038.78                      150,170.40                     7.375    Investment             Rate Refi                                                  188,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
PORTLAND                                                OR                       97233                        360                       152,000.00                     6.750                     20061101   SFR                                                 985.87                      151,737.52                     6.750    Owner Occupied         CashOut Refi                                               190,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
GASTONIA                                                NC                       28056                        360                       153,800.00                     7.000                     20061101   PUD                                               1,023.24                      153,420.30                     7.000    Investment             Purchase                                                   192,250.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
QUEEN CREEK                                             AZ                       85242                        360                       155,000.00                     7.250                     20061101   PUD                                               1,057.37                      154,757.45                     7.250    Owner Occupied         CashOut Refi                                               292,453.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
NORTH PORT                                              FL                       34286                        360                       155,000.00                     7.375                     20061101   SFR                                               1,070.55                      154,763.38                     7.375    Owner Occupied         Rate Refi                                                  195,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
LYONS                                                   IL                       60534                        360                       156,800.00                     7.125                     20061101   SFR                                               1,056.39                      156,548.48                     7.125    Owner Occupied         Purchase                                                   200,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    H                                                                 FIXED
MINNEAPOLIS                                             MN                       20197                        360                       158,200.00                     6.750                     20061101   2-FAMILY                                          1,026.08                      157,926.83                     6.750    Owner Occupied         Rate Refi                                                  262,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                                                                                                   FIXED
LA PLACE                                                LA                       70068                        360                       158,400.00                     7.875                     20061101   4-FAMILY                                          1,148.51                      158,181.26                     7.875    Owner Occupied         CashOut Refi                                               198,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
WAUKEGAN                                                IL                       60087                        360                       160,000.00                     7.500                     20061101   SFR                                               1,118.74                      159,661.15                     7.500    Owner Occupied         Purchase                                                   168,421.00                           358      20061201                      0.250                         0.030              5.570               1.65    PMI - LENDER PAID                                      30   Express Verified Assets                                                                                                                          FIXED
DELAWARE                                                OH                       43015                        360                       160,000.00                     7.250                     20061001   4-FAMILY                                          1,091.48                      159,623.29                     7.250    Investment             Purchase                                                   200,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
PLANTATION                                              FL                       12137                        360                       164,000.00                     7.500                     20061101   CONDO                                             1,146.71                      159,730.82                     7.500    Owner Occupied         Purchase                                                   205,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                           36    H                                                                 FIXED
APEX                                                    NC                       46509                        360                       164,000.00                     7.625                     20061101   SFR                                               1,160.78                      163,761.85                     7.625    Owner Occupied         Purchase                                                   205,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
TAMPA                                                   FL                       12221                        360                       164,400.00                     7.750                     20061101   SFR                                               1,177.78                      164,167.19                     7.750    Owner Occupied         CashOut Refi                                               205,500.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                     36    H                                                                 FIXED
CALEXICO                                                CA                       92231                        360                       165,000.00                     6.750                     20061001   SFR                                               1,070.19                      164,570.14                     6.750    Owner Occupied         CashOut Refi                                               225,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
GEORGETOWN                                              KY                       14694                        360                       166,540.00                     6.500                     20061101   PUD                                               1,052.65                      166,238.07                     6.500    Owner Occupied         Purchase                                                   208,175.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
PHOENIX                                                 AZ                       85042                        360                       168,000.00                     7.000                     20061101   SFR                                               1,117.71                      167,723.78                     7.000    Owner Occupied         Purchase                                                   220,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
LOVELAND                                                CO                       80538                        360                       168,000.00                     6.750                     20061101   SFR                                               1,089.64                      167,709.91                     6.750    Owner Occupied         Rate Refi                                                  210,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
PHILADELPHIA                                            PA                       43495                        360                       168,000.00                     8.125                     20061101   4-FAMILY                                          1,247.40                      167,779.46                     8.125    Investment             CashOut Refi                                               218,182.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
WEST COLUMBIA                                           SC                       29170                        360                       170,000.00                     7.250                     20061101   SFR                                               1,159.70                      169,721.60                     7.250    Owner Occupied         CashOut Refi                                               188,889.00                           358      20061201                      0.250                         0.030              6.380               0.59    PMI - LENDER PAID                                      25   SISA                                                                                                                                             FIXED
SAINT PETERSBURG                                        FL                       12243                        360                       172,000.00                     8.000                     20061101   3-FAMILY                                          1,262.08                      171,768.41                     8.000    Investment             Purchase                                                   225,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
STOUGHTON                                               MA                        2072                        360                       174,000.00                     6.750                     20061001   SFR                                               1,128.56                      173,548.04                     6.750    Owner Occupied         Rate Refi                                                  305,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
VISALIA                                                 CA                       93277                        360                       175,000.00                     7.500                     20061101   SFR                                               1,223.63                      174,737.88                     7.500    Owner Occupied         Purchase                                                   223,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
ORLAND                                                  CA                       95963                        360                       176,000.00                     7.750                     20061101   SFR                                               1,260.89                      175,750.75                     7.750    Owner Occupied         CashOut Refi                                               220,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
TINLEY PARK                                             IL                       60477                        360                       176,000.00                     8.000                     20061101   SFR                                               1,291.43                      175,763.02                     8.000    Investment             Purchase                                                   220,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
SUPERIOR TWP                                            MI                       48198                        360                       176,000.00                     7.500                     20061001   SFR                                               1,230.62                      175,403.81                     7.500    Owner Occupied         Purchase                                                   220,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
YAKIMA                                                  WA                       36046                        360                       178,400.00                     7.875                     20061001   SFR                                               1,293.52                      178,029.26                     7.875    Owner Occupied         CashOut Refi                                               223,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    H                                                                 FIXED
OAKDALE                                                 MN                       20117                        360                       183,200.00                     6.750                     20061101   SFR                                               1,188.23                      182,883.65                     6.750    Owner Occupied         CashOut Refi                                               229,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
FRUITLAND PARK                                          FL                       12631                        360                       186,400.00                     8.000                     20061001   SFR                                               1,367.74                      186,017.74                     8.000    Investment             CashOut Refi                                               233,000.00                           357      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
JUPITER                                                 FL                       33458                        360                       188,000.00                     8.375                     20061101   SFR                                               1,428.94                      187,765.47                     8.375    Investment             Purchase                                                   235,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Express No Doc                                                                                                                                   FIXED
NORTH LAS VEGAS                                         NV                       89030                        360                       188,000.00                     7.750                     20061001   2-FAMILY                                          1,346.86                      187,599.35                     7.750    Investment             CashOut Refi                                               235,000.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
MATTHEWS                                                NC                       46757                        360                       192,000.00                     7.375                     20061101   PUD                                               1,326.10                      191,706.90                     7.375    Owner Occupied         Purchase                                                   240,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
COLBERT                                                 WA                       99005                        360                       192,000.00                     6.875                     20061101   SFR                                               1,261.30                      191,639.57                     6.875    Owner Occupied         Purchase                                                   240,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
PARKVILLE                                               MO                       64152                        360                       210,000.00                     7.000                     20061101   SFR                                               1,397.14                      209,654.72                     7.000    Owner Occupied         CashOut Refi                                               300,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
LAKE HAVASU CITY                                        AZ                       31508                        360                       212,000.00                     6.875                     20061001   SFR                                               1,392.69                      211,462.61                     6.875    Owner Occupied         CashOut Refi                                               275,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                     36    H                                                                 FIXED
MOUNT HOLLY SPRINGS                                     PA                       17065                        360                       216,800.00                     6.500                     20061001   SFR                                               1,370.32                      216,208.84                     6.500    Owner Occupied         CashOut Refi                                               271,000.00                           357      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
FLORIDA CITY                                            FL                       33034                        360                       225,600.00                     7.625                     20061101   SFR                                               1,596.78                      225,272.40                     7.625    Owner Occupied         Purchase                                                   282,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   36    H                                                                 FIXED
SLIDELL                                                 LA                       70458                        360                       226,880.00                     7.500                     20061001   4-FAMILY                                          1,586.38                      226,371.70                     7.500    Investment             Purchase                                                   283,600.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                                                                                             FIXED
PHOENIX                                                 AZ                       85040                        360                       228,550.00                     7.750                     20061101   PUD                                               1,637.36                      228,226.34                     7.750    Owner Occupied         Purchase                                                   253,944.00                           358      20061201                      0.250                         0.030              6.630               0.84    PMI - LENDER PAID                                      30   Express No Doc                                                                                                                                   FIXED
HAGERSTOWN                                              MD                       21742                        360                       236,000.00                     6.750                     20061101   SFR                                               1,530.69                      235,592.48                     6.750    Owner Occupied         Purchase                                                   295,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
LAUREL                                                  DE                       19956                        360                       236,700.00                     7.875                     20061101   SFR                                               1,716.24                      236,373.13                     7.875    Owner Occupied         CashOut Refi                                               263,000.00                           358      20061201                      0.250                         0.030              6.405               1.19    PMI - LENDER PAID                                      25   SISA                                                                     36    H                                                                 FIXED
PAWTUCKET                                               RI                        2860                        360                       240,000.00                     7.250                     20061101   3-FAMILY                                          1,637.22                      239,624.43                     7.250    Owner Occupied         CashOut Refi                                               307,692.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
LYLE                                                    WA                       98635                        360                       246,000.00                     7.000                     20061101   4-FAMILY                                          1,636.64                      245,595.54                     7.000    Investment             Purchase                                                   330,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
HICKORY HILLS                                           IL                       60457                        360                       251,750.00                     6.625                     20061001   SFR                                               1,611.98                      251,079.96                     6.625    Owner Occupied         Purchase                                                   336,000.00                           357      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                                                                                             FIXED
NAPERVILLE                                              IL                       60564                        360                       254,400.00                     7.375                     20061101   SFR                                               1,757.08                      254,011.65                     7.375    Owner Occupied         Purchase                                                   318,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
MADISON                                                 KS                       66860                        360                       258,000.00                     7.625                     20061001   SFR                                               1,826.11                      257,436.23                     7.625    Owner Occupied         CashOut Refi                                               322,500.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
SANTA ANA                                               CA                       33790                        360                       260,000.00                     7.500                     20061101   CONDO                                             1,817.96                      259,613.67                     7.500    Owner Occupied         Purchase                                                   325,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
HOUSTON                                                 TX                       77006                        360                       260,000.00                     7.500                     20061001   SFR                                               1,817.96                      259,417.49                     7.500    Owner Occupied         CashOut Refi                                               325,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
MORRISVILLE                                             NC                       27560                        360                       260,700.00                     7.250                     20061101   PUD                                               1,778.43                      260,292.03                     7.250    Investment             Purchase                                                   325,875.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
MESA                                                    AZ                       31081                        360                       268,000.00                     6.500                     20061101   SFR                                               1,693.94                      267,514.14                     6.500    Owner Occupied         Purchase                                                   335,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
LAKEMOOR                                                IL                       60051                        360                       272,000.00                     7.750                     20061101   PUD                                               1,948.64                      271,614.82                     7.750    Owner Occupied         CashOut Refi                                               340,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
SKOKIE                                                  IL                       60076                        360                       275,200.00                     6.875                     20061001   SFR                                               1,807.87                      273,870.61                     6.875    Owner Occupied         Purchase                                                   345,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
ORLANDO                                                 FL                       11915                        360                       278,000.00                     7.250                     20061101   PUD                                               1,896.45                      277,564.95                     7.250    Owner Occupied         Purchase                                                   413,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
BOSTON                                                  MA                       37280                        360                       285,000.00                     7.750                     20061101   3-FAMILY                                          2,041.77                      284,596.41                     7.750    Owner Occupied         CashOut Refi                                               498,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
PUYALLUP                                                WA                       98374                        360                       285,600.00                     7.250                     20061101   2-FAMILY                                          1,948.30                      285,153.05                     7.250    Investment             Purchase                                                   357,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
PHILADELPHIA                                            PA                       19146                        360                       288,000.00                     8.125                     20061001   2-FAMILY                                          2,138.39                      287,430.11                     8.125    Investment             CashOut Refi                                               369,231.00                           357      20061201                      0.250                         0.030              7.845                                                                                   Express Verified Assets                                                                                                                          FIXED
PAWLEYS ISLAND                                          SC                       29585                        360                       308,000.00                     7.500                     20061101   PUD                                               2,153.58                      307,541.41                     7.500    Investment             Purchase                                                   385,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                                                                                             FIXED
MANTECA                                                 CA                       95336                        360                       312,000.00                     6.500                     20061001   SFR                                               1,972.05                      311,149.26                     6.500    Owner Occupied         CashOut Refi                                               390,000.00                           357      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
MINNEOLA                                                FL                       12615                        360                       315,811.00                     8.125                     20061101   PUD                                               2,344.89                      315,396.42                     8.125    Owner Occupied         Purchase                                                   332,433.00                           358      20061201                      0.250                         0.030              6.245                1.6    PMI - LENDER PAID                                      30   SISA                                                                     12    H                                                                 FIXED
BRIGANTINE                                              NJ                       39481                        360                       318,000.00                     7.375                     20061001   SFR                                               2,196.35                      317,269.60                     7.375    Owner Occupied         CashOut Refi                                               425,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   NINA                                                                                                                                             FIXED
E FALLOWFIELD                                           PA                       43544                        360                       328,250.00                     8.250                     20061101   PUD                                               2,466.03                      327,829.94                     8.250    Owner Occupied         Purchase                                                   345,526.00                           358      20061201                      0.250                         0.030              7.970                       RADIAN - BORROWER PAID                                 30   Express No Doc                                                                                                                                   FIXED
RANCHO CORDOVA                                          CA                       95670                        360                       332,000.00                     7.375                     20061001   2-FAMILY                                          2,293.04                      331,237.46                     7.375    Owner Occupied         CashOut Refi                                               415,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
HALLANDALE                                              FL                       33009                        360                       332,500.00                     7.500                     20061101   CONDO                                             2,324.89                      331,864.20                     7.500    Owner Occupied         Purchase                                                   350,000.00                           358      20061201                      0.250                         0.030              5.560               1.66    PMI - LENDER PAID                                      30   Express Verified Assets                                                                                                                          FIXED
CASCADE                                                 CO                       29442                        360                       340,000.00                     7.000                     20061101   SFR                                               2,262.03                      339,369.90                     7.000    Owner Occupied         CashOut Refi                                               425,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
MONROE                                                  LA                       25967                        360                       357,000.00                     6.875                     20061101   SFR                                               2,345.24                      356,398.42                     6.875    Owner Occupied         Rate Refi                                                  410,345.00                           358      20061201                      0.250                         0.030              5.825               0.77    PMI - LENDER PAID                                      25   Express No Doc                                                                                                                                   FIXED
WEST PALM BEACH                                         FL                       12157                        360                       360,000.00                     6.875                     20061101   PUD                                               2,364.94                      359,393.39                     6.875    Owner Occupied         CashOut Refi                                               450,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
CHICAGO                                                 IL                       60656                        360                       364,000.00                     7.250                     20061101   SFR                                               2,483.12                      363,430.36                     7.250    Owner Occupied         CashOut Refi                                               520,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
ALLSTON                                                 MA                        2134                        360                       378,000.00                     7.250                     20061001   2-FAMILY                                          2,578.63                      377,110.01                     7.250    Investment             CashOut Refi                                               540,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
LAS VEGAS                                               NV                       89139                        360                       380,000.00                     6.875                     20061001   PUD                                               2,496.33                      378,835.86                     6.875    Owner Occupied         Purchase                                                   542,857.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
SUFFERN                                                 NY                       40422                        360                       380,000.00                     7.250                     20061101   SFR                                               2,592.27                      379,405.33                     7.250    Owner Occupied         CashOut Refi                                               567,164.00                           358      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
MIDDLE VILLAGE                                          NY                       11379                        360                       384,000.00                     8.125                     20061101   2-FAMILY                                          2,851.19                      383,495.92                     8.125    Investment             Purchase                                                   750,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   SISA                                                                                                                                             FIXED
GLENMOORE                                               PA                       19343                        360                       405,000.00                     7.000                     20061101   SFR                                               2,694.48                      404,334.10                     7.000    Owner Occupied         CashOut Refi                                               547,297.00                           358      20061201                      0.250                         0.030              6.720                                                                                   SISA                                                                                                                                             FIXED
WAHIAWA                                                 HI                       96786                        360                       408,000.00                     7.250                     20061001   SFR                                               2,783.28                      407,039.38                     7.250    2nd Home               CashOut Refi                                               510,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
JERSEY CITY                                             NJ                       39146                        360                       416,000.00                     6.750                     20061001   2-FAMILY                                          2,698.17                      414,919.44                     6.750    Owner Occupied         CashOut Refi                                               520,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
LAS VEGAS                                               NV                       32510                        360                       417,000.00                     8.375                     20061001   SFR                                               3,169.50                      416,216.99                     8.375    2nd Home               CashOut Refi                                               680,000.00                           357      20061201                      0.250                         0.030              8.095                                                                                   Express Verified Assets                                                                                                                          FIXED
SAN ANTONIO                                             TX                       28540                        360                        51,800.00                     8.875                     20060901   SFR                                                  383.1                       51,800.00                     8.875    Investment             Rate Refi                                                   74,000.00                           356      20061201                      0.250                         0.030              8.595                                                                                   Express No Doc                                                           60    H                                                                 FIXED
JEFFERSONVILLE                                          IN                       17197                        360                        54,000.00                     7.875                     20061101   SFR                                                 354.38                       54,000.00                     7.875    Investment             CashOut Refi                                                90,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
PARK HILLS                                              MO                       23163                        360                        56,000.00                     8.875                     20061101   SFR                                                 414.17                       56,000.00                     8.875    Investment             Rate Refi                                                   70,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Express No Doc                                                                                                                                   FIXED
COLUMBIA                                                SC                       47152                        360                        56,000.00                     7.375                     20061101   SFR                                                 344.17                       55,999.46                     7.375    Investment             CashOut Refi                                                70,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
GARY                                                    IN                       16901                        360                        56,250.00                     8.375                     20061101   SFR                                                 392.58                       56,250.00                     8.375    Investment             CashOut Refi                                                75,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
VICTORIA                                                TX                       28369                        360                        63,800.00                     7.875                     20061001   4-FAMILY                                            418.69                       63,800.00                     7.875    Investment             Purchase                                                    81,795.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
GARY                                                    IN                       16901                        360                        64,000.00                     7.625                     20061101   SFR                                                 406.67                       63,999.79                     7.625    Investment             CashOut Refi                                                80,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
HIBBING                                                 MN                       55746                        360                        67,200.00                     7.000                     20061101   SFR                                                    392                       67,200.00                     7.000    Owner Occupied         Purchase                                                    90,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
CHARLOTTE                                               NC                       46796                        360                        68,000.00                     7.500                     20061001   SFR                                                    425                       67,894.66                     7.500    Investment             CashOut Refi                                                85,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
ECORSE                                                  MI                       17592                        360                        72,000.00                     8.875                     20061101   SFR                                                  532.5                       71,964.87                     8.875    Investment             CashOut Refi                                                90,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Stated                                                                                                                                           FIXED
CHANDLER                                                AZ                       85248                        360                        75,000.00                     8.375                     20061001   PUD                                                 523.44                       75,000.00                     8.375    Owner Occupied         CashOut Refi                                               340,000.00                           357      20061201                      0.250                         0.030              8.095                                                                                   Express No Doc                                                                                                                                   FIXED
KIRBY                                                   TX                       28540                        360                        75,000.00                     7.875                     20061001   SFR                                                 492.19                       75,000.00                     7.875    Investment             CashOut Refi                                                94,937.00                           357      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
MINNEOLA                                                FL                       34755                        360                        85,000.00                     6.750                     20061101   PUD                                                 478.13                       85,000.00                     6.750    Owner Occupied         Purchase                                                   235,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                           36    H                                                                 FIXED
TAMPA                                                   FL                       12224                        360                        87,500.00                     7.875                     20061101   SFR                                                 574.22                       87,500.00                     7.875    Investment             CashOut Refi                                               130,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
WILLOW SPRING                                           NC                       27592                        360                        88,000.00                     7.875                     20061101   SFR                                                  577.5                       88,000.00                     7.875    Investment             CashOut Refi                                               112,821.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
KENNEDALE                                               TX                       76060                        360                        88,000.00                     8.125                     20061101   SFR                                                 595.83                       88,000.00                     8.125    Investment             CashOut Refi                                               110,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                   36    H                                                                 FIXED
GAINESVILLE                                             GA                       11085                        360                        89,600.00                     8.875                     20061101   SFR                                                 662.67                       89,600.00                     8.875    Owner Occupied         Purchase                                                   112,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Stated                                                                                                                                           FIXED
BEDFORD HEIGHTS                                         OH                       16099                        360                        92,000.00                     6.750                     20061001   SFR                                                  517.5                       92,000.00                     6.750    Owner Occupied         CashOut Refi                                               115,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
WORTH                                                   IL                       60482                        360                        93,000.00                     8.875                     20061101   CONDO                                               687.81                       93,000.00                     8.875    Owner Occupied         CashOut Refi                                               136,765.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Stated                                                                                                                                           FIXED
DETROIT                                                 MI                       48235                        360                        94,400.00                     9.000                     20061101   SFR                                                    708                       94,400.00                     9.000    Investment             CashOut Refi                                               118,000.00                           358      20061201                      0.250                         0.030              8.720                                                                                   SISA                                                                     24    H                                                                 FIXED
TAMPA                                                   FL                       12211                        360                        94,500.00                     7.875                     20061101   SFR                                                 620.16                       94,500.00                     7.875    Investment             CashOut Refi                                               150,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
BALTIMORE                                               MD                       44243                        360                        94,500.00                     8.000                     20061101   SFR                                                    630                       94,500.00                     8.000    Owner Occupied         CashOut Refi                                               105,000.00                           358      20061201                      0.250                         0.030              6.210               1.51    PMI - LENDER PAID                                      25   Stated                                                                                                                                           FIXED
GREENVILLE                                              SC                       47274                        360                        94,800.00                     8.250                     20061101   SFR                                                 651.75                       94,800.00                     8.250    Owner Occupied         Purchase                                                   118,500.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                                                                                           FIXED
NASHVILLE                                               TN                       13555                        360                        95,000.00                     7.625                     20061101   SFR                                                 603.65                       94,998.49                     7.625    Owner Occupied         CashOut Refi                                               128,378.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                     12    H                                                                 FIXED
TWIN FALLS                                              ID                       30376                        360                        95,900.00                     6.875                     20061101   SFR                                                 549.43                       95,900.00                     6.875    Investment             Purchase                                                   119,875.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     12    H                                                                 FIXED
GREENVILLE                                              SC                       47280                        360                        97,340.00                     8.125                     20061001   SFR                                                 659.07                       97,324.21                     8.125    Owner Occupied         Purchase                                                   121,675.00                           357      20061201                      0.250                         0.030              7.845                                                                                   Express No Doc                                                                                                                                   FIXED
DENVER                                                  CO                       29271                        360                        97,600.00                     7.500                     20061101   SFR                                                    610                       97,600.00                     7.500    Owner Occupied         Purchase                                                   122,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
PHOENIX                                                 AZ                       85023                        360                       103,200.00                     7.250                     20061101   CONDO                                                623.5                      103,200.00                     7.250    Owner Occupied         CashOut Refi                                               129,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
MADISON                                                 NC                       27025                        360                       104,800.00                     7.250                     20061101   SFR                                                 633.17                      104,800.00                     7.250    Owner Occupied         Rate Refi                                                  131,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
CHARLOTTE                                               NC                       28269                        360                       109,050.00                     7.750                     20061001   PUD                                                 704.28                      109,050.00                     7.750    Owner Occupied         Purchase                                                   155,786.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
IDAHO FALLS                                             ID                       30408                        360                       110,000.00                     7.500                     20061101   SFR                                                  687.5                      110,000.00                     7.500    Investment             Purchase                                                   137,500.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
CANONSBURG                                              PA                       42080                        360                       115,200.00                     7.500                     20061001   SFR                                                    720                      115,200.00                     7.500    Investment             CashOut Refi                                               144,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   FISA                                                                                                                                             FIXED
LAWRENCEVILLE                                           GA                       30045                        360                       116,000.00                     7.500                     20061101   SFR                                                    725                      116,000.00                     7.500    2nd Home               Purchase                                                   145,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
DALLAS                                                  TX                       75249                        360                       116,720.00                     6.875                     20061001   PUD                                                 668.71                      116,720.00                     6.875    Owner Occupied         Purchase                                                   145,900.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
DECATUR                                                 GA                       30034                        360                       119,200.00                     7.250                     20061101   SFR                                                 720.17                      119,200.00                     7.250    Owner Occupied         CashOut Refi                                               149,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
WEST JORDAN                                             UT                       84084                        360                       120,000.00                     7.250                     20061101   CONDO                                                  725                      120,000.00                     7.250    Investment             Purchase                                                   150,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
SPRINGVILLE                                             UT                       84663                        360                       121,793.00                     7.375                     20061101   SFR                                                 748.52                      121,674.66                     7.375    Investment             Purchase                                                   173,990.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
SOMERSET                                                WI                       54025                        360                       123,900.00                     7.500                     20061101   PUD                                                 774.38                      123,900.00                     7.500    Owner Occupied         Purchase                                                   154,875.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
LAKELAND                                                FL                       12275                        360                       128,000.00                     6.875                     20061001   SFR                                                 733.33                      128,000.00                     6.875    Owner Occupied         CashOut Refi                                               160,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
SPRINGFIELD                                             MO                       23958                        360                       130,400.00                     7.625                     20061101   SFR                                                 828.58                      130,400.00                     7.625    Owner Occupied         Purchase                                                   163,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
SARASOTA                                                FL                       34239                        360                       132,500.00                     7.000                     20061101   SFR                                                 772.92                      132,500.00                     7.000    Owner Occupied         CashOut Refi                                               283,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   FISA                                                                     24    H                                                                 FIXED
COLORADO SPRINGS                                        CO                       29480                        360                       134,000.00                     7.125                     20061001   SFR                                                 795.63                      134,000.00                     7.125    Owner Occupied         CashOut Refi                                               167,500.00                           357      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
CHARLOTTE                                               NC                       46799                        360                       134,091.00                     7.250                     20061001   PUD                                                 810.13                      134,091.00                     7.250    Owner Occupied         Purchase                                                   167,614.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
COLLEGE PLACE                                           WA                       36243                        360                       135,920.00                     7.375                     20061101   3-FAMILY                                            835.34                      135,920.00                     7.375    Investment             Purchase                                                   180,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
AURORA                                                  CO                       80012                        360                       136,000.00                     6.875                     20061101   PUD                                                 779.17                      136,000.00                     6.875    Owner Occupied         CashOut Refi                                               170,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
PORTSMOUTH                                              VA                       45114                        360                       136,000.00                     7.375                     20061101   SFR                                                 835.83                      136,000.00                     7.375    Owner Occupied         Purchase                                                   170,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                                                                                             FIXED
CHARLOTTE                                               NC                       46810                        360                       136,288.00                     7.500                     20061001   PUD                                                  851.8                      136,288.00                     7.500    Owner Occupied         Purchase                                                   170,360.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
WEST VALLEY CITY                                        UT                       30709                        360                       139,584.00                     7.250                     20061101   CONDO                                               843.32                      139,584.00                     7.250    Investment             Purchase                                                   174,480.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
TUCSON                                                  AZ                       31242                        360                       140,000.00                     7.375                     20061001   SFR                                                 860.42                      140,000.00                     7.375    Owner Occupied         CashOut Refi                                               175,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
DENVER                                                  CO                       29262                        360                       140,000.00                     7.875                     20061101   SFR                                                 918.75                      140,000.00                     7.875    Owner Occupied         CashOut Refi                                               177,215.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
NAUGATUCK                                               CT                        6770                        360                       141,500.00                     7.000                     20061101   CONDO                                               825.42                      141,230.73                     7.000    Owner Occupied         Purchase                                                   148,947.00                           358      20061201                      0.250                         0.030              5.360               1.36    PMI - LENDER PAID                                      35   Full                                                                                                                                             FIXED
FORT MYERS                                              FL                       12302                        360                       148,000.00                     8.125                     20061101   SFR                                               1,002.08                      148,000.00                     8.125    Investment             Rate Refi                                                  185,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                   24    H                                                                 FIXED
HARRISBURG                                              NC                       28075                        360                       150,256.00                     7.250                     20061001   PUD                                                  907.8                      150,256.00                     7.250    2nd Home               Purchase                                                   188,100.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
GWYNN OAK                                               MD                       44234                        360                       152,000.00                     7.250                     20061101   SFR                                                 918.33                      152,000.00                     7.250    Owner Occupied         Purchase                                                   193,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
MATAWAN                                                 NJ                        7747                        360                       152,000.00                     7.750                     20061101   SFR                                                 981.67                      151,681.67                     7.750    Investment             Purchase                                                   200,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
LITTLETON                                               CO                       29247                        360                       152,250.00                     7.250                     20061101   CONDO                                               919.84                      152,250.00                     7.250    Investment             Purchase                                                   217,500.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
CHARLOTTE                                               NC                       28278                        360                       153,232.00                     7.250                     20061001   PUD                                                 925.78                      153,232.00                     7.250    Owner Occupied         Purchase                                                   191,540.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
WESTMINSTER                                             CO                       80031                        360                       155,920.00                     6.875                     20061101   SFR                                                 893.29                      155,881.00                     6.875    Owner Occupied         Purchase                                                   194,900.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
MYRTLE BEACH                                            SC                       29588                        360                       157,520.00                     7.500                     20061001   PUD                                                  984.5                      157,520.00                     7.500    2nd Home               Purchase                                                   196,900.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
SALT LAKE CITY                                          UT                       30696                        360                       159,120.00                     6.750                     20061101   SFR                                                 895.05                      159,120.00                     6.750    Owner Occupied         Purchase                                                   198,900.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
HARRISBURG                                              NC                       28075                        360                       159,300.00                     7.250                     20061101   PUD                                                 962.44                      159,300.00                     7.250    Investment             Purchase                                                   199,125.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
PALM BAY                                                FL                       11939                        360                       160,800.00                     7.875                     20061101   SFR                                               1,055.25                      160,762.90                     7.875    Investment             CashOut Refi                                               201,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
OCEAN CITY                                              MD                       21842                        360                       161,250.00                     7.875                     20061001   CONDO                                             1,058.20                      161,250.00                     7.875    Investment             CashOut Refi                                               215,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
LAUDERDALE LAKES                                        FL                       12124                        360                       161,500.00                     8.375                     20061101   CONDO                                             1,127.14                      161,500.00                     8.375    Owner Occupied         Rate Refi                                                  170,000.00                           358      20061201                      0.250                         0.030              5.995                2.1    PMI - LENDER PAID                                      30   SISA                                                                     24    H                                                                 FIXED
BAKERSFIELD                                             CA                       34033                        360                       168,000.00                     7.250                     20061001   SFR                                               1,015.00                      168,000.00                     7.250    Investment             CashOut Refi                                               210,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                     60    H                                                                 FIXED
DEERFIELD BEACH                                         FL                       33441                        360                       168,000.00                     8.375                     20061101   SFR                                               1,172.50                      168,000.00                     8.375    Owner Occupied         Purchase                                                   210,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   SISA                                                                                                                                             FIXED
RICHMOND                                                VA                       23235                        360                       169,000.00                     8.000                     20061101   SFR                                               1,126.67                      169,000.00                     8.000    Investment             Purchase                                                   227,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Express Verified Assets                                                                                                                          FIXED
TOLLESON                                                AZ                       85353                        360                       171,200.00                     7.125                     20061101   PUD                                               1,016.50                      171,200.00                     7.125    Owner Occupied         CashOut Refi                                               225,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
N LAUDERDALE                                            FL                       33068                        360                       172,500.00                     6.750                     20061101   SFR                                                 970.31                      172,500.00                     6.750    Owner Occupied         CashOut Refi                                               230,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
MARIETTA                                                GA                       30060                        360                       172,980.00                     6.875                     20061101   PUD                                                 991.03                      172,980.00                     6.875    Owner Occupied         Purchase                                                   216,225.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
SILVERTHORNE                                            CO                       80498                        360                       173,100.00                     6.500                     20061101   CONDO                                               937.63                      173,100.00                     6.500    Owner Occupied         Purchase                                                   216,375.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
RED BLUFF                                               CA                       96080                        360                       176,000.00                     7.750                     20061001   SFR                                               1,136.67                      176,000.00                     7.750    2nd Home               Purchase                                                   220,000.00                           357      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
ROSEBURG                                                OR                       97470                        360                       176,000.00                     7.125                     20061101   SFR                                               1,045.00                      175,876.00                     7.125    Owner Occupied         Purchase                                                   228,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
VANCOUVER                                               WA                       98662                        360                       182,300.00                     6.750                     20061101   SFR                                               1,025.44                      182,300.00                     6.750    Owner Occupied         Purchase                                                   227,900.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   60    H                                                                 FIXED
SURPRISE                                                AZ                       85374                        360                       183,200.00                     7.375                     20061101   PUD                                               1,125.92                      183,071.95                     7.375    Owner Occupied         Purchase                                                   240,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
MIDWAY                                                  FL                       32343                        360                       184,000.00                     7.000                     20061101   2-FAMILY                                          1,073.33                      183,434.22                     7.000    Investment             Rate Refi                                                  230,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
PEORIA                                                  AZ                       85345                        360                       185,600.00                     7.000                     20061001   PUD                                               1,082.67                      185,600.00                     7.000    Owner Occupied         Purchase                                                   232,000.00                           357      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
BOCA RATON                                              FL                       33496                        360                       187,500.00                     7.625                     20061101   CONDO                                             1,191.41                      187,500.00                     7.625    Investment             Purchase                                                   255,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
MANASSAS                                                VA                       43841                        360                       190,000.00                     6.750                     20061101   SFR                                               1,068.75                      190,000.00                     6.750    Owner Occupied         CashOut Refi                                               330,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                                                                                                   FIXED
PITTSFORD                                               NY                       14534                        360                       190,400.00                     7.500                     20061101   SFR                                               1,190.00                      190,400.00                     7.500    Owner Occupied         CashOut Refi                                               238,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
PHOENIX                                                 AZ                       85027                        360                       192,000.00                     8.250                     20061101   SFR                                               1,320.00                      192,000.00                     8.250    Investment             Purchase                                                   244,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   SISA                                                                                                                                             FIXED
HILLSBORO                                               OR                       35454                        360                       192,500.00                     6.500                     20061101   PUD                                               1,042.71                      192,288.79                     6.500    Owner Occupied         Purchase                                                   277,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
MONCKS CORNER                                           SC                       29461                        360                       195,200.00                     6.875                     20061101   PUD                                               1,118.33                      195,200.00                     6.875    Owner Occupied         Purchase                                                   244,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
TAUNTON                                                 MA                        2780                        360                       197,000.00                     6.625                     20061001   SFR                                               1,087.60                      197,000.00                     6.625    Owner Occupied         CashOut Refi                                               322,000.00                           357      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                     36    H                                                                 FIXED
ZEBULON                                                 NC                       27597                        360                       199,920.00                     7.375                     20061001   SFR                                               1,228.68                      199,660.33                     7.375    Owner Occupied         Purchase                                                   249,900.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                                                                                             FIXED
SACRAMENTO                                              CA                       34939                        360                       200,000.00                     7.625                     20061001   PUD                                               1,270.83                      200,000.00                     7.625    Owner Occupied         CashOut Refi                                               250,000.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
NORTH PALM BEACH                                        FL                       12152                        360                       200,000.00                     7.875                     20061101   CONDO                                             1,312.50                      200,000.00                     7.875    Investment             CashOut Refi                                               250,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
ATLANTA                                                 GA                       11035                        360                       200,000.00                     8.125                     20061001   SFR                                               1,354.17                      200,000.00                     8.125    Owner Occupied         CashOut Refi                                               250,000.00                           357      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
DENVER                                                  CO                       80236                        360                       204,000.00                     6.875                     20061101   SFR                                               1,168.75                      203,768.75                     6.875    Owner Occupied         Rate Refi                                                  255,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
WELLINGTON                                              FL                       12158                        360                       204,000.00                     7.250                     20061101   CONDO                                             1,232.50                      204,000.00                     7.250    Owner Occupied         Purchase                                                   275,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
PINE HILL                                               NJ                        8021                        360                       204,500.00                     6.875                     20061101   SFR                                               1,171.61                      204,500.00                     6.875    Owner Occupied         Rate Refi                                                  215,263.00                           358      20061201                      0.250                         0.030              5.715               0.88    PMI - LENDER PAID                                      30   FISA                                                                                                                                             FIXED
MESA                                                    AZ                       31090                        360                       205,600.00                     7.125                     20061101   PUD                                               1,220.75                      205,600.00                     7.125    Owner Occupied         Purchase                                                   268,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
MIAMI                                                   FL                       33173                        360                       205,600.00                     7.250                     20061101   PUD                                               1,242.17                      205,600.00                     7.250    Owner Occupied         Purchase                                                   262,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
POWELL                                                  OH                       43065                        360                       207,200.00                     7.500                     20061101   SFR                                               1,295.00                      207,200.00                     7.500    Owner Occupied         Purchase                                                   259,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
RANCHO CORDOVA                                          CA                       95670                        360                       212,000.00                     7.125                     20061101   SFR                                               1,258.75                      211,638.75                     7.125    Investment             Purchase                                                   265,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
WEST PALM BEACH                                         FL                       12159                        360                       212,000.00                     7.250                     20061101   SFR                                               1,280.83                      212,000.00                     7.250    Investment             Purchase                                                   275,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
NORTH LAS VEGAS                                         NV                       89081                        360                       212,000.00                     6.750                     20061101   SFR                                               1,192.50                      212,000.00                     6.750    Owner Occupied         Purchase                                                   265,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                  60    H                                                                 FIXED
ANNVILLE                                                PA                       17003                        360                       212,000.00                     7.375                     20061001   4-FAMILY                                          1,302.92                      212,000.00                     7.375    Investment             Purchase                                                   265,000.00                           357      20070101                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
DEBARY                                                  FL                       11883                        360                       216,000.00                     7.375                     20061101   SFR                                               1,327.50                      215,719.78                     7.375    Owner Occupied         CashOut Refi                                               270,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
KENT                                                    WA                       98032                        360                       216,000.00                     7.875                     20061001   SFR                                               1,417.50                      216,000.00                     7.875    Owner Occupied         Purchase                                                   275,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
SACRAMENTO                                              CA                       34935                        360                       220,000.00                     7.500                     20061101   SFR                                               1,375.00                      219,661.88                     7.500    Owner Occupied         Purchase                                                   275,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
LONGMONT                                                CO                       29342                        360                       220,000.00                     6.875                     20061101   SFR                                               1,260.42                      220,000.00                     6.875    Owner Occupied         Rate Refi                                                  278,481.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     36    H                                                                 FIXED
PORTLAND                                                OR                       35479                        360                       220,000.00                     7.125                     20061001   SFR                                               1,306.25                      219,469.07                     7.125    Owner Occupied         Purchase                                                   277,000.00                           357      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
PERRIS                                                  CA                       92570                        360                       222,000.00                     7.375                     20061001   SFR                                               1,364.38                      222,000.00                     7.375    Owner Occupied         CashOut Refi                                               340,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
HOLLYWOOD                                               FL                       33023                        360                       222,400.00                     7.625                     20061101   SFR                                               1,413.17                      222,400.00                     7.625    Owner Occupied         CashOut Refi                                               278,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                  60    H                                                                 FIXED
BEND                                                    OR                       35612                        360                       225,000.00                     8.000                     20061001   PUD                                               1,500.00                      225,000.00                     8.000    Investment             Purchase                                                   300,000.00                           357      20061201                      0.250                         0.030              7.720                                                                                   Express No Doc                                                                                                                                   FIXED
SUMMERVILLE                                             SC                       29483                        360                       228,000.00                     7.750                     20061101   PUD                                               1,472.50                      228,000.00                     7.750    Owner Occupied         CashOut Refi                                               285,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Full                                                                                                                                             FIXED
DELAWARE                                                OH                       43015                        360                       228,200.00                     7.125                     20061101   SFR                                               1,354.94                      224,942.10                     7.125    Owner Occupied         CashOut Refi                                               326,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                  60    H                                                                 FIXED
BOYNTON BEACH                                           FL                       33436                        360                       228,800.00                     6.875                     20061001   PUD                                               1,310.83                      228,800.00                     6.875    Owner Occupied         Rate Refi                                                  286,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                     36    H                                                                 FIXED
COLLINSVILLE                                            MS                       14329                        360                       229,500.00                     7.750                     20060801   SFR                                               1,482.19                      229,500.00                     7.750    Owner Occupied         CashOut Refi                                               255,000.00                           355      20061201                      0.250                         0.030              6.030               1.44    PMI - LENDER PAID                                      25   Express Verified Assets                                                  60    H                                                                 FIXED
PORTLAND                                                OR                       35480                        360                       230,850.00                     7.625                     20061101   SFR                                               1,466.86                      230,849.90                     7.625    Owner Occupied         Purchase                                                   243,000.00                           358      20061201                      0.250                         0.030              6.615               0.73    PMI - LENDER PAID                                      30   Express No Doc                                                                                                                                   FIXED
TEMPE                                                   AZ                       85282                        360                       231,200.00                     7.000                     20061101   SFR                                               1,348.67                      231,200.00                     7.000    Owner Occupied         Purchase                                                   289,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
POWDER SPRINGS                                          GA                       10985                        360                       232,000.00                     6.875                     20061101   PUD                                               1,329.17                      232,000.00                     6.875    Owner Occupied         Purchase                                                   290,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
LAS VEGAS                                               NV                       89148                        360                       232,000.00                     7.625                     20061101   PUD                                               1,474.17                      232,000.00                     7.625    Investment             Rate Refi                                                  290,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
STERLING                                                VA                       20164                        360                       232,000.00                     7.250                     20061101   CONDO                                             1,401.67                      232,000.00                     7.250    Owner Occupied         Rate Refi                                                  290,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
MARGATE                                                 FL                       33063                        360                       234,400.00                     7.625                     20061101   PUD                                               1,489.42                      234,400.00                     7.625    Owner Occupied         Purchase                                                   293,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                           36    H                                                                 FIXED
WASHINGTON                                              UT                       84780                        360                       235,200.00                     7.750                     20061001   SFR                                               1,519.00                      235,200.00                     7.750    Investment             Purchase                                                   294,000.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
CARMICHAEL                                              CA                       34858                        360                       237,200.00                     7.250                     20061101   SFR                                               1,433.08                      237,200.00                     7.250    Owner Occupied         Purchase                                                   296,500.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
SPRAGUE                                                 CT                       38806                        360                       238,000.00                     7.500                     20061101   SFR                                               1,487.50                      238,000.00                     7.500    Owner Occupied         Purchase                                                   297,500.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
FARMINGTON                                              UT                       84025                        360                       240,000.00                     7.125                     20061001   SFR                                               1,425.00                      239,831.26                     7.125    Owner Occupied         CashOut Refi                                               311,688.00                           357      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
MARYSVILLE                                              WA                       98270                        360                       240,000.00                     6.625                     20061101   SFR                                               1,325.00                      240,000.00                     6.625    Owner Occupied         CashOut Refi                                               300,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                          FIXED
WILSONVILLE                                             OR                       97070                        360                       243,000.00                     7.500                     20061101   CONDO                                             1,518.75                      243,000.00                     7.500    Owner Occupied         Purchase                                                   270,000.00                           358      20061201                      0.250                         0.030              6.450               0.77    PMI - LENDER PAID                                      25   Express No Doc                                                                                                                                   FIXED
EATONVILLE                                              WA                       35882                        360                       244,000.00                     7.375                     20061101   SFR                                               1,499.58                      243,655.92                     7.375    Owner Occupied         CashOut Refi                                               305,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
CHARLOTTE                                               NC                       28277                        360                       247,900.00                     7.125                     20061001   SFR                                               1,471.91                      247,899.40                     7.125    Owner Occupied         Purchase                                                   309,875.00                           357      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
LEHIGH ACRES                                            FL                       33936                        360                       248,000.00                     7.000                     20061001   SFR                                               1,446.67                      248,000.00                     7.000    Owner Occupied         Purchase                                                   315,000.00                           357      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
WOODBRIDGE                                              VA                       22192                        360                       248,000.00                     7.000                     20061001   CONDO                                             1,446.67                      248,000.00                     7.000    Owner Occupied         Purchase                                                   310,000.00                           357      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
CICERO                                                  IL                       22132                        360                       249,600.00                     7.250                     20061101   2-FAMILY                                          1,508.00                      249,600.00                     7.250    Owner Occupied         Purchase                                                   312,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
WOODINVILLE                                             WA                       98077                        360                       250,000.00                     6.750                     20061101   SFR                                               1,406.25                      250,000.00                     6.750    Owner Occupied         Purchase                                                   542,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
HOLLYWOOD                                               FL                       33020                        360                       255,550.00                     7.625                     20061101   SFR                                               1,623.81                      255,400.54                     7.625    Owner Occupied         Purchase                                                   269,000.00                           358      20061201                      0.250                         0.030              6.585               0.76    PMI - LENDER PAID                                      30   Express No Doc                                                           36    H                                                                 FIXED
SAN BERNARDINO                                          CA                       33701                        360                       258,000.00                     6.875                     20061001   SFR                                               1,478.13                      258,000.00                     6.875    Owner Occupied         Purchase                                                   322,500.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
GRASS VALLEY                                            CA                       95949                        360                       258,400.00                     7.250                     20061001   SFR                                               1,561.17                      258,400.00                     7.250    Owner Occupied         Purchase                                                   323,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
VISALIA                                                 CA                       93292                        360                       259,000.00                     7.500                     20061001   SFR                                               1,618.75                      259,000.00                     7.500    Owner Occupied         Rate Refi                                                  602,326.00                           357      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
TOWNSEND                                                MA                        1469                        360                       260,000.00                     8.625                     20061101   SFR                                               1,868.75                      259,650.69                     8.625    Owner Occupied         Rate Refi                                                  325,000.00                           358      20061201                      0.250                         0.030              8.345                                                                                   Stated                                                                                                                                           FIXED
CHESAPEAKE                                              VA                       45010                        360                       260,000.00                     6.875                     20061001   SFR                                               1,489.58                      260,000.00                     6.875    Owner Occupied         Purchase                                                   327,500.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
WOODBRIDGE                                              VA                       22191                        360                       262,400.00                     7.500                     20061101   PUD                                               1,640.00                      262,400.00                     7.500    Owner Occupied         Purchase                                                   328,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
STAMFORD                                                CT                       38962                        360                       264,000.00                     6.875                     20061101   CONDO                                             1,512.50                      264,000.00                     6.875    Owner Occupied         Purchase                                                   330,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
PROSPECT                                                KY                       40059                        360                       267,300.00                     8.125                     20061101   CONDO                                             1,809.84                      267,299.15                     8.125    Owner Occupied         Purchase                                                   297,000.00                           358      20061201                      0.250                         0.030              6.605               1.24    PMI - LENDER PAID                                      25   Stated                                                                                                                                           FIXED
HIALEAH                                                 FL                       33016                        360                       267,500.00                     7.250                     20061001   PUD                                               1,616.15                      247,500.00                     7.250    Owner Occupied         CashOut Refi                                               725,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                                                                                                   FIXED
FRANKLIN PARK                                           IL                       21946                        360                       268,000.00                     8.250                     20061101   SFR                                               1,842.50                      267,997.50                     8.250    Owner Occupied         Purchase                                                   340,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express Verified Assets                                                                                                                          FIXED
UPPER MARLBORO                                          MD                       20772                        360                       272,800.00                     6.875                     20061101   PUD                                               1,562.92                      272,800.00                     6.875    Owner Occupied         CashOut Refi                                               342,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
PHOENIX                                                 AZ                       85032                        360                       280,000.00                     6.750                     20061101   PUD                                               1,575.00                      280,000.00                     6.750    Owner Occupied         CashOut Refi                                               350,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
FORT COLLINS                                            CO                       29366                        360                       280,000.00                     6.625                     20061101   SFR                                               1,545.83                      280,000.00                     6.625    Owner Occupied         Rate Refi                                                  350,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
EAST ISLIP                                              NY                       40754                        360                       280,000.00                     6.875                     20061101   SFR                                               1,604.17                      278,817.19                     6.875    Owner Occupied         CashOut Refi                                               518,519.00                           358      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
MONTVILLE                                               OH                       44064                        360                       284,000.00                     7.000                     20061101   SFR                                               1,656.67                      284,000.00                     7.000    Owner Occupied         Purchase                                                   355,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
MODESTO                                                 CA                       95350                        360                       287,200.00                     7.250                     20061101   SFR                                               1,735.17                      287,200.00                     7.250    Owner Occupied         CashOut Refi                                               359,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
CHAMBLEE                                                GA                       30341                        360                       300,000.00                     7.375                     20061101   PUD                                               1,843.75                      300,000.00                     7.375    Investment             Rate Refi                                                  375,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
COARSEGOLD                                              CA                       34134                        360                       301,700.00                     7.625                     20061001   PUD                                               1,917.05                      301,700.00                     7.625    Owner Occupied         CashOut Refi                                               431,000.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
SCOTTSDALE                                              AZ                       85250                        360                       305,000.00                     7.000                     20061101   PUD                                               1,779.17                      305,000.00                     7.000    Owner Occupied         CashOut Refi                                               389,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
BROWNSTOWN                                              MI                       48193                        360                       305,600.00                     7.875                     20061001   SFR                                               2,005.50                      305,600.00                     7.875    Investment             Purchase                                                   382,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                           36    H                                                                 FIXED
CORNING                                                 CA                       96021                        360                       312,000.00                     7.125                     20061001   SFR                                               1,852.50                      312,000.00                     7.125    Owner Occupied         Purchase                                                   390,000.00                           357      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
KEY WEST                                                FL                       33040                        360                       313,000.00                     7.375                     20061101   SFR                                               1,923.65                      313,000.00                     7.375    Owner Occupied         Rate Refi                                                  638,776.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
METHUEN                                                 MA                        1844                        360                       316,000.00                     7.750                     20061101   2-FAMILY                                          2,040.83                      316,000.00                     7.750    Owner Occupied         Rate Refi                                                  395,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
ALISO VIEJO                                             CA                       92656                        360                       320,000.00                     6.875                     20061101   CONDO                                             1,833.33                      320,000.00                     6.875    Owner Occupied         CashOut Refi                                               605,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
ALBERTON                                                MT                       21782                        360                       322,000.00                     6.875                     20061101   SFR                                               1,844.79                      322,000.00                     6.875    Owner Occupied         CashOut Refi                                               402,500.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
OAKLAND                                                 CA                       34488                        360                       325,000.00                     7.500                     20061101   SFR                                               2,031.25                      325,000.00                     7.500    Owner Occupied         Purchase                                                   525,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
WATERTOWN                                               MA                        2472                        360                       325,000.00                     6.625                     20061001   3-FAMILY                                          1,794.27                      323,209.00                     6.625    Investment             CashOut Refi                                               637,255.00                           357      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                                                                                                   FIXED
MESA                                                    AZ                       31084                        360                       327,200.00                     8.125                     20061101   SFR                                               2,215.42                      327,200.00                     8.125    Investment             Purchase                                                   409,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   SISA                                                                                                                                             FIXED
NORTH AURORA                                            IL                       60542                        360                       328,000.00                     7.875                     20061101   PUD                                               2,152.50                      328,000.00                     7.875    Owner Occupied         Purchase                                                   411,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
SIMI VALLEY                                             CA                       93065                        360                       330,000.00                     6.500                     20061101   SFR                                               1,787.50                      329,540.74                     6.500    Owner Occupied         CashOut Refi                                               520,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   60    H                                                                 FIXED
LITCHFIELD PARK                                         AZ                       85340                        360                       332,000.00                     7.875                     20061001   PUD                                               2,178.75                      332,000.00                     7.875    Owner Occupied         Purchase                                                   510,769.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
KINGSTON                                                MA                        2364                        360                       335,000.00                     7.625                     20061101   SFR                                               2,128.65                      334,285.46                     7.625    Owner Occupied         Purchase                                                   380,682.00                           358      20070101                      0.250                         0.030              6.155               1.19    PMI - LENDER PAID                                      25   Express Verified Assets                                                                                                                          FIXED
MADERA                                                  CA                       93638                        360                       336,000.00                     7.000                     20061101   2-FAMILY                                          1,960.00                      336,000.00                     7.000    Owner Occupied         Purchase                                                   420,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   60    H                                                                 FIXED
MILL CREEK                                              WA                       98012                        360                       338,140.00                     7.250                     20061101   PUD                                               2,042.93                      338,140.00                     7.250    Owner Occupied         Purchase                                                   422,675.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
CAREFREE                                                AZ                       85377                        360                       345,900.00                     6.750                     20061101   PUD                                               1,945.69                      345,900.00                     6.750    Owner Occupied         Purchase                                                   465,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
GILBERT                                                 AZ                       85233                        360                       348,500.00                     6.750                     20061001   PUD                                               1,960.31                      348,499.94                     6.750    Owner Occupied         CashOut Refi                                               410,000.00                           357      20061201                      0.250                         0.030              5.930               0.54    PMI - LENDER PAID                                      22   Stated                                                                                                                                           FIXED
LORTON                                                  VA                       22079                        360                       350,000.00                     6.875                     20061001   SFR                                               2,005.21                      349,379.06                     6.875    Owner Occupied         CashOut Refi                                               500,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
EVERETT                                                 MA                        2149                        360                       352,000.00                     8.125                     20061101   2-FAMILY                                          2,383.33                      352,000.00                     8.125    Investment             CashOut Refi                                               440,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express No Doc                                                                                                                                   FIXED
LANHAM                                                  MD                       44018                        360                       352,000.00                     6.500                     20061101   SFR                                               1,906.67                      352,000.00                     6.500    Owner Occupied         CashOut Refi                                               498,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
PLUMAS LAKE                                             CA                       95961                        360                       359,200.00                     8.125                     20061001   SFR                                               2,432.08                      359,200.00                     8.125    Owner Occupied         Purchase                                                   449,000.00                           357      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
SANTA ROSA BEACH                                        FL                       32459                        360                       359,200.00                     7.875                     20061101   PUD                                               2,357.25                      359,200.00                     7.875    Investment             CashOut Refi                                               449,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
JACKSON                                                 CA                       95642                        360                       360,000.00                     6.875                     20061101   SFR                                               2,062.50                      359,562.50                     6.875    Owner Occupied         CashOut Refi                                               450,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
DALLAS                                                  TX                       75230                        360                       360,080.00                     7.875                     20061101   SFR                                               2,363.03                      360,080.00                     7.875    Investment             Purchase                                                   450,100.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
RODEO                                                   CA                       94572                        360                       372,000.00                     6.875                     20061101   SFR                                               2,131.25                      372,000.00                     6.875    Owner Occupied         Purchase                                                   465,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
KIRKLAND                                                WA                       98033                        360                       376,000.00                     7.875                     20061001   SFR                                               2,467.50                      376,000.00                     7.875    Owner Occupied         CashOut Refi                                               470,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
RANCHO CORDOVA                                          CA                       95742                        360                       380,000.00                     6.875                     20061101   PUD                                               2,177.08                      379,527.81                     6.875    Owner Occupied         Rate Refi                                                  475,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     60    H                                                                 FIXED
CLAYTON                                                 NC                       46527                        360                       388,000.00                     7.375                     20061001   PUD                                               2,384.58                      387,997.95                     7.375    Owner Occupied         Purchase                                                   485,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
MANASSAS                                                VA                       43840                        360                       388,000.00                     7.375                     20061101   SFR                                               2,384.58                      388,000.00                     7.375    Owner Occupied         CashOut Refi                                               485,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
EAGLE                                                   CO                       81631                        360                       394,552.00                     7.375                     20061001   PUD                                               2,424.85                      394,552.00                     7.375    Investment             Purchase                                                   493,190.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
LIVINGSTON                                              NJ                        7039                        360                       395,000.00                     7.250                     20061101   SFR                                               2,386.46                      394,999.52                     7.250    Owner Occupied         CashOut Refi                                               438,889.00                           358      20061201                      0.250                         0.030              6.030               0.94    PMI - LENDER PAID                                      25   Express Verified Assets                                                                                                                          FIXED
APOPKA                                                  FL                       11882                        360                       400,000.00                     7.125                     20061101   PUD                                               2,375.00                      400,000.00                     7.125    Owner Occupied         CashOut Refi                                               506,329.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
MECHANICSVILLE                                          MD                       20659                        360                       400,000.00                     6.750                     20061001   SFR                                               2,250.00                      399,998.80                     6.750    Owner Occupied         Rate Refi                                                  500,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
ROSEVILLE                                               CA                       95678                        360                       404,000.00                     6.875                     20061101   SFR                                               2,314.58                      404,000.00                     6.875    Owner Occupied         Rate Refi                                                  505,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
SEATTLE                                                 WA                       35802                        360                       404,000.00                     7.375                     20061001   SFR                                               2,482.92                      404,000.00                     7.375    Owner Occupied         CashOut Refi                                               505,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
PEYTON                                                  CO                       29464                        360                       410,400.00                     6.625                     20061101   PUD                                               2,265.75                      410,400.00                     6.625    Owner Occupied         Purchase                                                   586,286.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                           36    H                                                                 FIXED
HOMESTEAD                                               FL                       33031                        360                       412,000.00                     7.625                     20061001   SFR                                               2,617.92                      411,999.92                     7.625    Owner Occupied         Purchase                                                   528,000.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   36    H                                                                 FIXED
NORWALK                                                 CT                        6854                        360                       414,000.00                     7.500                     20061101   SFR                                               2,587.50                      414,000.00                     7.500    Owner Occupied         Purchase                                                   460,000.00                           358      20061201                      0.250                         0.030              5.860               1.36    PMI - LENDER PAID                                      25   Express Verified Assets                                                                                                                          FIXED
AUBURN                                                  CA                       34853                        360                       416,000.00                     7.000                     20061101   PUD                                               2,426.67                      415,426.67                     7.000    Owner Occupied         Rate Refi                                                  520,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
UNION CITY                                              CA                       94587                        360                       416,000.00                     7.250                     20061101   PUD                                               2,513.33                      416,000.00                     7.250    Owner Occupied         CashOut Refi                                               520,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
REDDING                                                 CA                       96001                        360                       417,000.00                     7.250                     20061001   SFR                                               2,519.38                      417,000.00                     7.250    Owner Occupied         Purchase                                                   613,235.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
PASADENA                                                CA                       33245                        360                       417,000.00                     7.375                     20061101   SFR                                               2,562.81                      417,000.00                     7.375    Owner Occupied         CashOut Refi                                               556,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
CALIENTE                                                CA                       34107                        360                       417,000.00                     8.125                     20061101   SFR                                               2,823.44                      417,000.00                     8.125    Investment             Purchase                                                   548,684.00                           358      20061201                      0.250                         0.030              7.845                                                                                   SISA                                                                                                                                             FIXED
STOCKTON                                                CA                       34742                        360                       417,000.00                     8.125                     20061101   PUD                                               2,823.44                      417,000.00                     8.125    Owner Occupied         Purchase                                                   563,514.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
SKOKIE                                                  IL                       60077                        360                       417,000.00                     8.375                     20061101   3-FAMILY                                          2,910.31                      417,000.00                     8.375    Owner Occupied         Purchase                                                   534,615.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Express Verified Assets                                                                                                                          FIXED
SELLERSVILLE                                            PA                       18960                        360                       417,000.00                     7.500                     20061101   SFR                                               2,606.25                      417,000.00                     7.500    Owner Occupied         CashOut Refi                                               521,250.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
SAN DIMAS                                               CA                       91773                        360                       438,000.00                     7.125                     20061101   SFR                                               2,950.89                      437,297.40                     7.125    Owner Occupied         CashOut Refi                                               655,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
CYPRESS                                                 TX                       28244                        360                       476,000.00                     8.125                     20061101   SFR                                               3,534.29                      475,375.15                     8.125    Owner Occupied         CashOut Refi                                               595,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express No Doc                                                                                                                                   FIXED
POTOMAC                                                 MD                       20854                        360                       502,400.00                     6.750                     20061001   SFR                                               3,258.56                      501,095.01                     6.750    Owner Occupied         Purchase                                                   650,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
LAKE OZARK                                              MO                       65049                        360                       990,800.00                     8.375                     20061101   SFR                                               7,530.80                      984,432.48                     8.375    2nd Home               Purchase                                                 1,238,500.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
BALDWIN                                                 NY                       40673                        360                       424,746.00                     7.375                     20061101   SFR                                               2,610.42                      424,020.26                     7.375    Owner Occupied         CashOut Refi                                               530,933.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
SILVER SPRING                                           MD                       44078                        360                       428,000.00                     7.750                     20061101   PUD                                               2,764.17                      428,000.00                     7.750    Owner Occupied         CashOut Refi                                               535,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
ASHBURN                                                 VA                       20147                        360                       449,750.00                     7.500                     20061001   PUD                                               2,810.94                      449,750.00                     7.500    Owner Occupied         CashOut Refi                                               576,603.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
SURPRISE                                                AZ                       85379                        360                       460,480.00                     7.750                     20061101   PUD                                               2,973.93                      460,480.00                     7.750    Owner Occupied         CashOut Refi                                               575,500.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
SAN LORENZO                                             CA                       94580                        360                       472,000.00                     7.125                     20061101   SFR                                               2,802.50                      472,000.00                     7.125    Owner Occupied         Purchase                                                   590,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
AUBURN                                                  CA                       34853                        360                       473,600.00                     7.250                     20061001   SFR                                               2,861.33                      473,600.00                     7.250    Owner Occupied         Rate Refi                                                  592,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
SCOTTSDALE                                              AZ                       85259                        360                       476,000.00                     8.000                     20061101   CONDO                                             3,173.33                      476,000.00                     8.000    Investment             Purchase                                                   596,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Full                                                                                                                                             FIXED
BEAVERTON                                               OR                       97007                        360                       480,000.00                     6.875                     20061101   PUD                                               2,750.00                      479,489.68                     6.875    Owner Occupied         CashOut Refi                                               600,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   60    H                                                                 FIXED
MEDFORD                                                 MA                        2155                        360                       496,000.00                     7.250                     20061101   SFR                                               2,996.67                      495,696.67                     7.250    Owner Occupied         CashOut Refi                                               620,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
ASHEVILLE                                               NC                       46968                        360                       504,000.00                     7.750                     20061101   SFR                                               3,255.00                      504,000.00                     7.750    Investment             Purchase                                                   720,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
PHOENIX                                                 AZ                       85086                        360                       520,000.00                     7.000                     20061001   PUD                                               3,033.33                      520,000.00                     7.000    Owner Occupied         CashOut Refi                                               650,000.00                           357      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   12    H                                                                 FIXED
FORT WASHINGTON                                         MD                       20744                        360                       524,250.00                     7.750                     20061101   SFR                                               3,385.78                      524,250.00                     7.750    Owner Occupied         Purchase                                                   725,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
VC HIGHLANDS                                            NV                       32649                        360                       536,000.00                     7.375                     20061101   PUD                                               3,294.17                      536,000.00                     7.375    Owner Occupied         CashOut Refi                                               670,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
MILLERSVILLE                                            MD                       44204                        360                       650,000.00                     7.625                     20061101   PUD                                               4,130.21                      650,000.00                     7.625    Owner Occupied         Purchase                                                   840,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
SCARSDALE                                               NY                       10583                        360                       732,000.00                     7.375                     20061101   SFR                                               4,498.75                      732,000.00                     7.375    Owner Occupied         Purchase                                                   975,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
MORGANVILLE                                             NJ                        7751                        360                       762,000.00                     7.625                     20061101   SFR                                               4,841.88                      762,000.00                     7.625    Owner Occupied         CashOut Refi                                             1,016,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
MARCO ISLAND                                            FL                       34145                        360                       915,500.00                     8.125                     20061101   SFR                                               6,198.70                      915,500.00                     8.125    Investment             CashOut Refi                                             1,450,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
NORTH OAKS                                              MN                       20116                        360                       945,000.00                     7.750                     20061101   PUD                                               6,103.13                      945,000.00                     7.750    Owner Occupied         CashOut Refi                                             1,260,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
BURR RIDGE                                              IL                       22063                        360                       995,800.00                     7.875                     20061101   SFR                                               6,534.94                      995,800.00                     7.875    Owner Occupied         Purchase                                                 1,550,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
SCOTTSDALE                                              AZ                       85259                        360                     1,000,000.00                     8.125                     20061101   PUD                                               6,770.83                    1,000,000.00                     8.125    Owner Occupied         Purchase                                                 1,298,701.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
WEAVERVILLE                                             NC                       28787                        360                     1,000,000.00                     7.500                     20061101   SFR                                               6,250.00                    1,000,000.00                     7.500    Owner Occupied         CashOut Refi                                             3,565,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
ROUND HILL                                              VA                       20141                        360                     1,000,000.00                     8.750                     20061101   PUD                                               7,291.67                    1,000,000.00                     8.750    Investment             CashOut Refi                                             1,298,701.00                           358      20061201                      0.250                         0.030              8.470                                                                                   Stated                                                                                                                                           FIXED
LA PUENTE AREA                                          CA                       91744                        360                       304,000.00                     7.500                     20061201   SFR                                               1,900.00                      304,000.00                     7.500    Investment             Purchase                                                   400,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   60    H                                                            7    LIBOR                             6
ESSEX                                                   MD                       44248                        360                       140,000.00                     7.750                     20061201   SFR                                                 904.17                      140,000.00                     7.750    Owner Occupied         CashOut Refi                                               200,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
ORANGE BEACH                                            AL                       36561                        360                       581,000.00                     7.375                     20061201   HI-RISE                                           3,570.73                      581,000.00                     7.375    2nd Home               Rate Refi                                                  775,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                      3    LIBOR                             6
CLOSTER                                                 NJ                       39257                        360                       300,000.00                     6.750                     20061201   SFR                                               1,687.50                      300,000.00                     6.750    Owner Occupied         CashOut Refi                                               750,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                                                                                              3    LIBOR                             6
SAN JACINTO                                             CA                       92583                        360                       300,000.00                     7.500                     20061101   SFR                                               2,097.64                      299,553.33                     7.500    Owner Occupied         Purchase                                                   399,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   24    H                                                                 FIXED
FAIRFIELD                                               CA                       94533                        360                       290,000.00                     6.750                     20061201   SFR                                               1,880.93                      289,750.32                     6.750    Owner Occupied         CashOut Refi                                               420,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   12    H                                                                 FIXED
WILMINGTON                                              CA                       90744                        360                       300,000.00                     6.750                     20061201   SFR                                               1,687.50                      300,000.00                     6.750    Owner Occupied         CashOut Refi                                               480,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
TEMECULA                                                CA                       92591                        360                       421,000.00                     6.625                     20061201   SFR                                               2,695.71                      420,628.56                     6.625    Owner Occupied         CashOut Refi                                               550,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Express Verified Assets                                                  36    H                                                            3    LIBOR                             6
LEHIGH ACRES                                            FL                       33972                        360                       205,550.00                     6.750                     20061201   SFR                                               1,156.22                      205,550.00                     6.750    Investment             Purchase                                                   276,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
FONTANA                                                 CA                       92335                        360                       360,000.00                     7.750                     20061201   SFR                                               2,325.00                      360,000.00                     7.750    Owner Occupied         CashOut Refi                                               450,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Express Non-Verified Assets                                              24    H                                                            3    LIBOR                             6
HOBOKEN                                                 NJ                        7030                        360                       196,000.00                     7.750                     20061201   CONDO                                             1,265.83                      195,997.25                     7.750    Owner Occupied         Purchase                                                   285,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   6.75    LIBOR                             6
ALISO VIEJO                                             CA                       92656                        360                       506,250.00                     6.875                     20061201   D-PUDS                                            2,900.39                      506,250.00                     6.875    Owner Occupied         CashOut Refi                                               675,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BREA                                                    CA                       33837                        180                        59,500.00                    12.800                     20061201   SFR                                                  648.9                       59,485.77                    12.800    Owner Occupied         Purchase                                                   595,000.00                           179      20061201                      0.500                         0.030             12.270                                                                                   Stated                                                                   12    H                                                            0    FIXED
MURRIETA                                                CA                       92563                        360                       386,500.00                     5.250                     20061201   SFR                                               1,690.94                      386,500.00                     5.250    Owner Occupied         CashOut Refi                                               540,000.00                           359      20061201                      0.375                         0.030              4.845                                                                                   Full                                                                                                                                      2.5    LIBOR                             6
SAN PEDRO                                               CA                       33085                        360                       356,000.00                     7.625                     20070101   SFR                                               2,262.08                      356,000.00                     7.625    Investment             Purchase                                                   455,000.00                           360      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LAS VEGAS                                               NV                       32537                        360                       238,500.00                     7.875                     20061101   D-PUDS                                            1,635.99                      238,357.87                     7.875    Investment             CashOut Refi                                               318,000.00                           358      20061201                      0.375                         0.030              7.470                                                                                   Express Non-Verified Assets                                              36    H                                                          3.5    LIBOR                             6
LA QUINTA                                               CA                       92253                        360                       425,600.00                     7.375                     20061201   D-PUDS                                            2,615.67                      425,600.00                     7.375    Investment             CashOut Refi                                               608,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   SISA                                                                                                                                        3    LIBOR                             6
ROANOKE                                                 VA                       24015                        360                       105,560.00                     7.000                     20061201   SFR                                                 615.77                      105,560.00                     7.000    Investment             Purchase                                                   160,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                      3    LIBOR                             6
TEMECULA                                                CA                       92591                        360                       372,000.00                     6.625                     20061201   SFR                                               2,053.75                      372,000.00                     6.625    Owner Occupied         CashOut Refi                                               465,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
NORWALK                                                 CA                       90650                        180                        84,000.00                    11.000                     20061201   SFR                                                 799.95                       83,970.05                    11.000    Owner Occupied         Purchase                                                   430,000.00                           179      20061201                      0.500                         0.030             10.470                                                                                   Stated                                                                   36    H                                                            0    FIXED
ALTADENA                                                CA                       91001                        360                       727,500.00                     7.625                     20061201   SFR                                               4,622.66                      727,500.00                     7.625    Owner Occupied         CashOut Refi                                               970,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Full                                                                     12    H                                                            3    LIBOR                             6
LANCASTER                                               CA                       93535                        360                       260,000.00                     6.500                     20061201   SFR                                               1,408.33                      260,000.00                     6.500    Owner Occupied         CashOut Refi                                               325,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
RIALTO                                                  CA                       92376                        360                       215,000.00                     6.500                     20061201   SFR                                               1,164.58                      215,000.00                     6.500    Owner Occupied         CashOut Refi                                               375,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express Non-Verified Assets                                              24    H                                                            3    LIBOR                             6
WHITTIER                                                CA                       33026                        360                       564,000.00                     9.000                     20061201   3-FAMILY                                          4,230.00                      564,000.00                     9.000    Owner Occupied         Purchase                                                   705,000.00                           359      20061201                      0.375                         0.030              8.595                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
PALM HARBOR                                             FL                       34683                        180                        38,625.00                    14.125                     20061201   CONDO                                               461.49                       38,618.16                    14.125    2nd Home               Purchase                                                   174,000.00                           179      20061201                      0.500                         0.030             13.595                                                                                   Stated                                                                   24    H                                                            0    FIXED
HIALEAH                                                 FL                       33012                        360                       150,000.00                     7.625                     20061201   CONDO                                               953.13                      150,000.00                     7.625    Investment             CashOut Refi                                               200,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LA CRESCENTA                                            CA                       33283                        360                       715,000.00                     6.500                     20061201   SFR                                               3,872.92                      715,000.00                     6.500    Owner Occupied         CashOut Refi                                             1,100,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express Non-Verified Assets                                              36    H                                                            3    LIBOR                             6
JACKSON HEIGHTS                                         NY                       11369                        360                        93,015.00                    13.375                     20061101   SFR                                               1,056.26                       92,975.71                    13.375    Owner Occupied         Purchase                                                   621,000.00                           358      20061201                      0.500                         0.030             12.845                                                                                   Stated                                                                                                                                      0    FIXED
TARZANA                                                 CA                       91356                        360                       542,000.00                     5.500                     20061201   SFR                                               2,484.17                      542,000.00                     5.500    Owner Occupied         Rate Refi                                                1,300,000.00                           359      20061201                      0.375                         0.030              5.095                                                                                   Full                                                                     36    S                                                            3    LIBOR                             6
JOPPA                                                   MD                       21085                        360                       156,000.00                     7.450                     20061201   SFR                                               1,085.44                      155,883.06                     7.450    Owner Occupied         CashOut Refi                                               297,000.00                           359      20061201                      0.250                         0.030              7.170                                                                                   FISA                                                                                                                                             FIXED
KISSIMMEE                                               FL                       34741                        360                       147,000.00                     8.375                     20061201   CONDO                                             1,025.94                      147,000.00                     8.375    2nd Home               Purchase                                                   210,000.00                           359      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
CHULA VISTA                                             CA                       33495                        360                       495,000.00                     6.250                     20061201   D-PUDS                                            2,578.13                      495,000.00                     6.250    Owner Occupied         Purchase                                                   680,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
EASLEY                                                  SC                       29642                        360                        77,000.00                     7.500                     20061116   SFR                                                  538.4                       76,942.85                     7.500    Investment             Purchase                                                   110,000.00                           359      20061116                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
CLAREMONT                                               CA                       33430                        360                       391,400.00                     6.750                     20061201   CONDO                                             2,201.63                      391,400.00                     6.750    Investment             Purchase                                                   550,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Express Non-Verified Assets                                                                                                                 3    LIBOR                             6
GARDENA                                                 CA                       90247                        360                       340,000.00                     6.625                     20061201   SFR                                               1,877.08                      340,000.00                     6.625    Owner Occupied         CashOut Refi                                               635,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                     36    H                                                                 FIXED
GREENSBORO                                              NC                       46483                        360                        82,000.00                     6.125                     20061201   D-PUDS                                              418.54                       82,000.00                     6.125    Owner Occupied         Purchase                                                   274,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Express No Doc                                                                                                                              3    LIBOR                             6
FILLMORE                                                CA                       93015                        360                       431,000.00                     6.375                     20061101   SFR                                               2,688.88                      430,199.50                     6.375    Owner Occupied         CashOut Refi                                               575,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
ANTIOCH                                                 CA                       34485                        360                       473,000.00                     6.500                     20061101   SFR                                               2,989.69                      472,142.48                     6.500    Owner Occupied         CashOut Refi                                               610,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
ALBUQUERQUE                                             NM                       31784                        360                       485,000.00                     6.625                     20061101   SFR                                               3,105.51                      484,141.83                     6.625    Owner Occupied         Rate Refi                                                  700,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
TUSTIN                                                  CA                       92780                        360                       540,000.00                     6.125                     20061101   SFR                                               3,281.10                      538,947.62                     6.125    Owner Occupied         CashOut Refi                                               760,000.00                           358      20061201                      0.250                         0.030              5.845                                                                                   Stated                                                                   36    S                                                                 FIXED
NEWPORT BEACH                                           CA                       92660                        360                       622,500.00                     6.250                     20061101   SFR                                               3,832.84                      621,247.90                     6.250    Owner Occupied         CashOut Refi                                             1,310,000.00                           358      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
SAN JOSE                                                CA                       95148                        360                       685,000.00                     6.375                     20061101   SFR                                               4,273.51                      683,721.24                     6.375    Owner Occupied         CashOut Refi                                               900,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
ANTIOCH                                                 CA                       34463                        360                       449,250.00                     6.500                     20061101   SFR                                               2,433.44                      449,183.44                     6.500    Owner Occupied         CashOut Refi                                               590,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
RAMONA                                                  CA                       92065                        360                       541,000.00                     6.250                     20061101   SFR                                               2,817.71                      540,000.00                     6.250    Owner Occupied         Purchase                                                   755,000.00                           358      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
TOWN OF SMITHTOWN                                       NY                       11780                        360                       660,000.00                     6.125                     20061101   SFR                                               3,368.75                      660,000.00                     6.125    Owner Occupied         CashOut Refi                                             1,084,066.00                           358      20061201                      0.250                         0.030              5.845                                                                                   Stated                                                                                                                                           FIXED
LONG BEACH                                              CA                       33090                        180                        50,000.00                    11.875                     20061101   SFR                                                  509.5                       49,970.44                    11.875    Owner Occupied         CashOut Refi                                               500,000.00                           178      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                   24    H                                                            0    FIXED
OCALA                                                   FL                       34476                        360                       105,000.00                     7.750                     20061201   2-FAMILY                                            678.13                      105,000.00                     7.750    Investment             Purchase                                                   150,600.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
RANCHO CUCAMONGA                                        CA                       91739                        360                       513,400.00                     6.500                     20061201   SFR                                               3,245.04                      512,935.88                     6.500    Owner Occupied         CashOut Refi                                               940,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
FONTANA                                                 CA                       92336                        360                       484,000.00                     6.625                     20061201   SFR                                               2,672.08                      484,000.00                     6.625    Owner Occupied         CashOut Refi                                               605,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
OAKLAND                                                 CA                  94608-1246                        360                       560,000.00                     7.375                     20061201   4-FAMILY                                          3,441.67                      560,000.00                     7.375    Investment             Rate Refi                                                  867,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Express Non-Verified Assets                                                                                                                 3    LIBOR                             6
COSTA MESA                                              CA                       33781                        360                       532,000.00                     7.000                     20061201   SFR                                               3,539.41                      531,563.92                     7.000    Investment             CashOut Refi                                               760,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Express Verified Assets                                                  12    H                                                            3    LIBOR                             6
SAN DIEGO                                               CA                       33617                        360                       292,000.00                     7.125                     20061201   SFR                                               1,733.75                      292,000.00                     7.125    Owner Occupied         Purchase                                                   390,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
KANSAS CITY                                             MO                       64139                        360                       317,520.00                     8.375                     20061201   D-PUDS                                            2,413.39                      317,322.64                     8.375    Owner Occupied         Purchase                                                   405,000.00                           359      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                   36    H                                                        7.375    LIBOR                             6
SEATTLE                                                 WA                       35821                        360                       447,200.00                     6.875                     20061201   SFR                                               2,562.08                      447,200.00                     6.875    Owner Occupied         Purchase                                                   560,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   60    12H/48S                                                      3    LIBOR                             6
LOS ANGELES                                             CA                       90043                        360                       384,000.00                     6.000                     20061201   SFR                                               1,920.00                      384,000.00                     6.000    Owner Occupied         CashOut Refi                                               480,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   SISA                                                                     36    H                                                            3    LIBOR                             6
LONG BEACH                                              CA                       33090                        360                       328,000.00                     6.875                     20061201   SFR                                               2,008.58                      327,870.59                     6.875    Owner Occupied         Purchase                                                   417,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
ONTARIO                                                 CA                       91761                        360                       235,000.00                     5.500                     20061201   SFR                                               1,334.30                      234,742.78                     5.500    Owner Occupied         CashOut Refi                                               475,000.00                           359      20061201                      0.375                         0.030              5.095                                                                                   Full                                                                     24    H                                                            3    LIBOR                             6
SCOTTSDALE                                              AZ                       85255                        360                       468,000.00                     7.250                     20061201   D-PUDS                                            2,827.50                      468,000.00                     7.250    Owner Occupied         Purchase                                                   595,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SAN BRUNO                                               CA                       94066                        360                       633,750.00                     6.375                     20061201   SFR                                               3,366.80                      633,750.00                     6.375    Owner Occupied         CashOut Refi                                               845,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                     36    S                                                                 FIXED
LAS VEGAS                                               NV                       32529                        360                       103,000.00                     7.435                     20061201   SFR                                                 638.17                      103,000.00                     7.435    Owner Occupied         CashOut Refi                                               230,500.00                           359      20061201                      0.250                         0.030              7.155                                                                                   FISA                                                                     36    H                                                                 FIXED
SAUSALITO                                               CA                       94965                        360                       550,000.00                     6.375                     20061101   SFR                                               2,921.88                      550,000.00                     6.375    Owner Occupied         CashOut Refi                                             1,700,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
NEWARK                                                  CA                       94560                        360                       430,000.00                     6.375                     20061101   SFR                                               2,682.64                      429,201.36                     6.375    Owner Occupied         CashOut Refi                                               665,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
SANTA CRUZ                                              CA                       95060                        360                       725,000.00                     6.625                     20061101   SFR                                               4,002.60                      725,000.00                     6.625    Owner Occupied         Rate Refi                                                1,148,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
SAN RAMON                                               CA                       94582                        360                       642,750.00                     6.500                     20061101   SFR                                               4,062.62                      641,584.74                     6.500    Owner Occupied         Purchase                                                   832,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
NOVATO                                                  CA                       94947                        360                       249,000.00                     6.375                     20061101   SFR                                               1,553.44                      248,537.52                     6.375    Owner Occupied         CashOut Refi                                               810,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
NOVATO                                                  CA                       94945                        360                       444,000.00                     6.500                     20061101   PUD                                               2,405.00                      444,000.00                     6.500    Owner Occupied         Purchase                                                   555,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
SONOMA                                                  CA                       95476                        360                       440,000.00                     6.500                     20061101   SFR                                               2,383.33                      440,000.00                     6.500    Owner Occupied         CashOut Refi                                               700,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
FOSTER CITY                                             CA                       34428                        360                       736,000.00                     6.500                     20061101   SFR                                               3,986.67                      736,000.00                     6.500    Owner Occupied         Purchase                                                   920,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
PLEASANTON                                              CA                       94566                        360                       525,000.00                     6.375                     20061101   PUD                                               2,789.06                      525,000.00                     6.375    Owner Occupied         Purchase                                                 1,650,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                                                                                             FIXED
SAN RAFAEL                                              CA                       34580                        360                       800,000.00                     6.500                     20061101   SFR                                               5,056.54                      798,549.67                     6.500    Owner Occupied         Rate Refi                                                1,100,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
APTOS                                                   CA                       95003                        360                       620,000.00                     6.375                     20061101   SFR                                               3,867.99                      618,848.47                     6.375    Owner Occupied         Purchase                                                   775,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
PARADISE                                                CA                       95969                        360                       189,600.00                     6.500                     20061101   SFR                                               1,027.00                      189,600.00                     6.500    Owner Occupied         Purchase                                                   245,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
EL CERRITO                                              CA                       34484                        360                       527,000.00                     6.625                     20061101   SFR                                               2,909.48                      527,000.00                     6.625    Owner Occupied         Purchase                                                   720,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
PLEASANTON                                              CA                       94566                        360                       624,700.00                     6.250                     20061101   SFR                                               3,846.39                      623,511.43                     6.250    Owner Occupied         Purchase                                                   828,500.00                           358      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
MILL VALLEY                                             CA                       94941                        360                       518,000.00                     6.500                     20061101   SFR                                               2,805.83                      516,860.91                     6.500    Owner Occupied         Rate Refi                                                  904,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
SANTA ROSA                                              CA                       34793                        360                       800,000.00                     6.500                     20061101   SFR                                               5,056.54                      798,549.67                     6.500    Owner Occupied         Purchase                                                 1,065,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
CONCORD                                                 CA                       34475                        360                       480,000.00                     6.500                     20061101   SFR                                               2,600.00                      480,000.00                     6.500    Owner Occupied         Purchase                                                   600,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
STOCKTON                                                CA                       34737                        360                       100,000.00                     6.500                     20061101   SFR                                                 632.07                       99,818.71                     6.500    Owner Occupied         Rate Refi                                                  375,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
ROCKLIN                                                 CA                       95677                        360                       448,000.00                     6.375                     20061101   PUD                                               2,380.00                      448,000.00                     6.375    Owner Occupied         CashOut Refi                                               575,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                                                                                             FIXED
SAN FRANCISCO                                           CA                       34356                        360                       636,000.00                     6.250                     20061101   SFR                                               3,915.96                      634,705.90                     6.250    Owner Occupied         Rate Refi                                                  795,000.00                           358      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
FAIRFAX                                                 CA                       34607                        360                       530,000.00                     6.500                     20061101   SFR                                               2,870.83                      530,000.00                     6.500    Owner Occupied         Purchase                                                   875,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
FREDERICK                                               MD                       44381                        360                       463,400.00                     7.150                     20061201   D-PUDS                                            2,761.09                      463,400.00                     7.150    Investment             CashOut Refi                                               662,000.00                           359      20061201                      0.375                         0.030              6.745                                                                                   Stated                                                                                                                                      3    LIBOR                             6
VALLEJO                                                 CA                       94591                        360                       256,000.00                     6.875                     20061101   SFR                                               1,466.67                      256,000.00                     6.875    Investment             Purchase                                                   320,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                     12    H                                                         3.25    LIBOR                             6
KELSEYVILLE                                             CA                       95451                        360                       255,000.00                     6.990                     20061201   D-PUDS                                            1,485.38                      255,000.00                     6.990    Owner Occupied         CashOut Refi                                               300,000.00                           359      20061201                      0.375                         0.030              5.945               0.64    PMI - LENDER PAID                                      22   Full                                                                     36    H                                                        3.625    LIBOR                             6
LOS ANGELES                                             CA                       90022                        360                       409,865.00                     6.125                     20061201   2-FAMILY                                          2,290.95                      409,666.07                     6.125    Owner Occupied         CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MIAMI                                                   FL                       33167                        360                       162,500.00                     7.000                     20061201   SFR                                                 947.92                      162,500.00                     7.000    Investment             CashOut Refi                                               250,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SAN JOSE                                                CA                       34723                        360                       566,250.00                     7.990                     20061201   SFR                                               3,770.28                      566,250.00                     7.990    Owner Occupied         CashOut Refi                                               755,000.00                           359      20061201                      0.375                         0.030              7.585                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SILVERADO                                               CA                       92676                        360                       985,000.00                     5.500                     20070101   SFR                                               4,514.58                      985,000.00                     5.500    Owner Occupied         Rate Refi                                                1,619,000.00                           360      20061201                      0.375                         0.030              5.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
BELLFLOWER                                              CA                       33060                        180                        55,500.00                    12.875                     20061101   HI-RISE                                             608.52                       55,473.76                    12.875    Owner Occupied         Rate Refi                                                  555,000.00                           178      20061201                      0.500                         0.030             12.345                                                                                   Stated                                                                   36    H                                                            0    FIXED
LOS ANGELES                                             CA                       90016                        180                       139,000.00                     6.625                     20061201   SFR                                               1,220.41                      138,546.99                     6.625    Owner Occupied         CashOut Refi                                               510,000.00                           179      20061201                      0.250                         0.030              6.345                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
LONG BEACH                                              CA                       33098                        360                       256,000.00                     6.500                     20061201   SFR                                               1,386.67                      256,000.00                     6.500    Investment             Rate Refi                                                  410,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
QUINCY                                                  FL                       32351                        360                       190,000.00                     8.825                     20061201   SFR                                               1,504.92                      189,892.37                     8.825    Owner Occupied         Purchase                                                   238,000.00                           359      20061201                      0.375                         0.030              8.420                                                                                   Stated                                                                   24    H                                                         2.75    LIBOR                             6
PASADENA                                                CA                       33241                        360                       519,500.00                     7.500                     20070101   SFR                                               3,246.88                      519,500.00                     7.500    Owner Occupied         CashOut Refi                                               810,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                  36    H                                                            3    LIBOR                             6
AVONDALE                                                AZ                       31129                        360                       192,500.00                     6.875                     20061201   D-PUDS                                            1,102.86                      192,500.00                     6.875    Investment             Purchase                                                   276,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
WESTMINSTER                                             CA                       92683                        360                       410,000.00                     6.375                     20061201   SFR                                               2,178.13                      410,000.00                     6.375    Owner Occupied         CashOut Refi                                               618,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   24    H                                                                 FIXED
FORT LAUDERDALE                                         FL                       12126                        360                       140,000.00                     7.750                     20070101   CONDO                                               904.17                      140,000.00                     7.750    Owner Occupied         Purchase                                                   175,000.00                           360      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
COROLLA                                                 NC                       46657                        360                       565,000.00                     6.750                     20061201   D-PUDS                                            3,664.58                      564,513.55                     6.750    Investment             CashOut Refi                                             1,200,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
FONTANA                                                 CA                       92336                        360                       255,500.00                     6.250                     20061201   SFR                                               1,330.73                      255,500.00                     6.250    Owner Occupied         Purchase                                                   380,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
HILO                                                    HI                       35266                        360                       236,000.00                     7.750                     20070101   SFR                                               1,524.17                      236,000.00                     7.750    Owner Occupied         Purchase                                                   295,000.00                           360      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
MARANA                                                  AZ                       85653                        360                       217,000.00                     5.625                     20061201   D-PUDS                                            1,017.19                      217,000.00                     5.625    2nd Home               Purchase                                                   315,000.00                           359      20061201                      0.375                         0.030              5.220                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
CHESAPEAKE                                              VA                       45010                        360                       100,000.00                     7.800                     20061201   SFR                                                    650                      100,000.00                     7.800    Owner Occupied         CashOut Refi                                               248,000.00                           359      20061201                      0.250                         0.030              7.520                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
SANTA ANA                                               CA                       33792                        360                       496,000.00                     5.875                     20061201   SFR                                               2,428.33                      496,000.00                     5.875    Owner Occupied         Purchase                                                   625,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
ATASCADERO                                              CA                       34081                        360                       464,400.00                     5.500                     20061201   SFR                                               2,128.50                      464,400.00                     5.500    Owner Occupied         Purchase                                                   635,000.00                           359      20061201                      0.375                         0.030              5.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
ATASCADERO                                              CA                       34081                        180                       116,100.00                    12.500                     20061201   SFR                                               1,209.38                      116,100.00                    12.500    Owner Occupied         Purchase                                                   635,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
DUARTE                                                  CA                       91010                        360                       300,000.00                     7.750                     20061201   SFR                                               1,937.50                      300,000.00                     7.750    Owner Occupied         Purchase                                                   400,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SEATTLE                                                 WA                       98188                        360                       226,500.00                     6.750                     20061201   SFR                                               1,274.06                      226,500.00                     6.750    Investment             CashOut Refi                                               302,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
MIAMI                                                   FL                       33183                        360                       206,250.00                     7.750                     20061201   CONDO                                             1,332.03                      206,250.00                     7.750    Investment             Purchase                                                   275,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   24    S                                                            3    LIBOR                             6
GWYNN OAK                                               MD                       44234                        360                       147,000.00                     6.750                     20061201   SFR                                                 826.88                      147,000.00                     6.750    Investment             Purchase                                                   230,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
FALLS CHURCH                                            VA                       22043                        360                       236,500.00                     7.150                     20061201   SFR                                               1,409.15                      236,500.00                     7.150    Owner Occupied         CashOut Refi                                               440,000.00                           359      20061201                      0.250                         0.030              6.870                                                                                   FISA                                                                     36    H                                                                 FIXED
IMPERIAL                                                CA                       92251                        360                       133,600.00                     7.250                     20061201   SFR                                                 807.17                      133,597.17                     7.250    Owner Occupied         Purchase                                                   172,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
COMPTON                                                 CA                       32926                        360                       292,000.00                     6.875                     20061201   SFR                                               1,918.23                      291,754.69                     6.875    Investment             CashOut Refi                                               450,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                     12    H                                                                 FIXED
PHOENIX                                                 AZ                       85041                        360                       120,000.00                     7.375                     20061201   SFR                                                 828.82                      119,908.68                     7.375    Owner Occupied         CashOut Refi                                               192,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
NATIONAL CITY                                           CA                       91950                        360                       360,000.00                     6.500                     20061201   SFR                                               1,950.00                      360,000.00                     6.500    Owner Occupied         CashOut Refi                                               450,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   60    H                                                                 FIXED
SHAFTER                                                 CA                  93263-1902                        360                       171,900.00                     7.000                     20061201   SFR                                               1,002.75                      171,900.00                     7.000    Owner Occupied         Purchase                                                   225,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
ROSAMOND                                                CA                       93560                        360                       210,000.00                     8.000                     20061201   SFR                                               1,400.00                      210,000.00                     8.000    Owner Occupied         CashOut Refi                                               300,000.00                           359      20061201                      0.375                         0.030              7.595                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
MIAMI                                                   FL                       33196                        360                       333,750.00                     8.250                     20061201   SFR                                               2,294.53                      333,750.00                     8.250    Owner Occupied         CashOut Refi                                               445,000.00                           359      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   24    H                                                                 FIXED
BERKELEY                                                NJ                       39650                        360                       351,920.00                     9.125                     20061201   SFR                                               2,676.06                      351,920.00                     9.125    Owner Occupied         Purchase                                                   440,000.00                           359      20061201                      0.375                         0.030              8.720                                                                                   Stated                                                                                                                                      3    LIBOR                             6
COTTAGE GROVE                                           MN                       55016                        360                       342,000.00                     6.875                     20061101   SFR                                               1,959.38                      342,000.00                     6.875    Investment             Rate Refi                                                  460,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
DORCHESTER                                              MA                       37278                        360                       220,000.00                     8.375                     20061101   CONDO                                             1,535.42                      220,000.00                     8.375    Owner Occupied         Purchase                                                   275,000.00                           358      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
NASHVILLE                                               TN                       13555                        360                       193,600.00                     7.250                     20061101   SFR                                               1,320.69                      193,297.03                     7.250    Owner Occupied         Purchase                                                   242,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                  2.75    LIBOR                             6
PACOIMA                                                 CA                       33328                        360                       335,400.00                     6.500                     20061101   CONDO                                             1,963.62                      335,105.46                     6.500    Owner Occupied         CashOut Refi                                               430,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     36    H                                                         2.75    LIBOR                             6
WESTLAKE                                                OH                       44145                        360                       196,232.00                     6.375                     20061101   CONDO                                             1,042.48                      196,232.00                     6.375    Owner Occupied         Purchase                                                   247,000.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                     36    H                                                         2.75    LIBOR                             6
CORNELIUS                                               NC                       28031                        360                       111,920.00                     6.875                     20061101   CONDO                                               641.21                      111,920.00                     6.875    Owner Occupied         Purchase                                                   141,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
MESA                                                    AZ                       31085                        360                       228,500.00                     6.375                     20061201   SFR                                               1,213.91                      228,500.00                     6.375    Investment             Rate Refi                                                  650,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
AVENTURA                                                FL                       33180                        360                       294,000.00                     6.750                     20061001   HI-RISE                                           1,653.75                      294,000.00                     6.750    Investment             Purchase                                                   475,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
BOWIE                                                   MD                       44033                        360                       248,000.00                     6.500                     20061101   CONDO                                             1,343.33                      248,000.00                     6.500    Investment             Purchase                                                   312,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
ENGLEWOOD CLIFFS                                        NJ                        7632                        360                       238,400.00                     6.250                     20061101   CONDO                                             1,241.67                      238,400.00                     6.250    Owner Occupied         Purchase                                                   300,000.00                           358      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SAN JOSE                                                CA                       95135                        360                       880,000.00                     6.375                     20061101   SFR                                               4,675.00                      880,000.00                     6.375    Owner Occupied         Purchase                                                 1,100,000.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
EDISON                                                  NJ                       39680                        360                       321,500.00                     6.500                     20061101   SFR                                               1,741.46                      321,500.00                     6.500    Owner Occupied         Rate Refi                                                  525,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                             6
WEST ORANGE                                             NJ                        7052                        360                       360,000.00                     7.250                     20061101   SFR                                               2,175.00                      360,000.00                     7.250    Owner Occupied         CashOut Refi                                               450,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
WEST HAVERSTRAW                                         NY                       10993                        360                       308,000.00                     6.875                     20061201   SFR                                               2,023.34                      307,741.24                     6.875    Owner Occupied         CashOut Refi                                               385,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
JERSEY CITY                                             NJ                       39145                        360                       244,000.00                     7.250                     20061101   SFR                                               1,474.17                      244,000.00                     7.250    Owner Occupied         Purchase                                                   305,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
HOLLISTER                                               CA                       95023                        360                       480,000.00                     6.875                     20061101   SFR                                               2,750.00                      480,000.00                     6.875    Owner Occupied         Purchase                                                   610,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
JAMAICA                                                 NY                       11434                        360                       425,000.00                     6.750                     20061101   SFR                                               2,390.63                      425,000.00                     6.750    Investment             CashOut Refi                                               670,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                  2.75    LIBOR                             6
NEW MILFORD                                             NJ                        7646                        360                       351,200.00                     7.125                     20061101   SFR                                               2,366.10                      350,636.63                     7.125    Investment             Purchase                                                   439,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
MERRICK                                                 NY                       11566                        360                       499,344.00                     7.375                     20061101   SFR                                               3,068.89                      499,344.00                     7.375    Owner Occupied         Purchase                                                   625,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                      5    LIBOR                             6
SAN JOSE                                                CA                       34715                        360                       385,000.00                     6.250                     20061101   SFR                                               2,005.21                      385,000.00                     6.250    Owner Occupied         Rate Refi                                                  550,000.00                           358      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
PISCATAWAY                                              NJ                        8854                        360                       268,000.00                     7.250                     20061101   SFR                                               1,619.17                      268,000.00                     7.250    Owner Occupied         Purchase                                                   335,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                  2.75    LIBOR                             6
CUPERTINO                                               CA                       95014                        360                       637,000.00                     6.500                     20061101   SFR                                               3,450.42                      637,000.00                     6.500    Owner Occupied         Purchase                                                   980,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
SAN JOSE                                                CA                       95135                        360                       465,300.00                     6.750                     20061101   SFR                                               2,617.31                      465,300.00                     6.750    Owner Occupied         Purchase                                                   732,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                                                                                           2.75    LIBOR                             6
HOLTSVILLE                                              NY                       11742                        360                       283,500.00                     7.250                     20061101   SFR                                               1,712.81                      283,500.00                     7.250    Owner Occupied         CashOut Refi                                               378,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Alternative                                                              12    H                                                                 FIXED
FRANKLIN SQUARE                                         NY                       11010                        360                       350,000.00                     7.250                     20061101   SFR                                               2,387.62                      349,452.27                     7.250    Investment             Purchase                                                   515,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
CAPE CORAL                                              FL                       33990                        360                       206,250.00                     7.250                     20061101   SFR                                               1,406.99                      205,927.23                     7.250    Owner Occupied         CashOut Refi                                               279,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
JAMAICA                                                 NY                       11434                        360                       352,000.00                     7.250                     20061101   SFR                                               2,126.67                      352,000.00                     7.250    Owner Occupied         CashOut Refi                                               440,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
WEST BABYLON                                            NY                       40728                        360                       362,400.00                     7.250                     20061101   SFR                                               2,189.50                      362,400.00                     7.250    Owner Occupied         Purchase                                                   455,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
GREENWICH                                               CT                       38959                        360                       900,000.00                     7.250                     20061101   SFR                                               6,139.59                      898,591.58                     7.250    Owner Occupied         CashOut Refi                                             1,500,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
MERIDEN                                                 CT                        6450                        360                       148,000.00                     7.125                     20061101   PUD                                                  997.1                      147,762.60                     7.125    Owner Occupied         CashOut Refi                                               185,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                     12    H                                                                 FIXED
STATEN ISLAND                                           NY                       40241                        360                       210,000.00                     7.250                     20061101   SFR                                               1,432.57                      209,671.37                     7.250    Owner Occupied         CashOut Refi                                               750,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
JACKSON HEIGHTS                                         NY                       11370                        360                       600,000.00                     8.250                     20061101   2-FAMILY                                          4,507.60                      599,232.17                     8.250    Investment             CashOut Refi                                               860,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
GRANITE SPRINGS                                         NY                       40325                        360                       645,000.00                     7.500                     20061101   SFR                                               4,031.25                      645,000.00                     7.500    Owner Occupied         CashOut Refi                                               860,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                     12    H                                                                 FIXED
MIAMI                                                   FL                       33180                        360                       335,000.00                     6.875                     20061101   CONDO                                             1,919.27                      335,000.00                     6.875    Investment             CashOut Refi                                               587,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
BRIGHTWATERS                                            NY                       40742                        360                       525,000.00                     6.875                     20061101   SFR                                               3,007.81                      525,000.00                     6.875    Owner Occupied         CashOut Refi                                               700,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
SHIRLEY                                                 NY                       11967                        360                       100,000.00                     6.875                     20061101   SFR                                                 656.93                       99,831.50                     6.875    Owner Occupied         CashOut Refi                                               270,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
MARATHON                                                FL                       33050                        360                       219,000.00                     7.125                     20061101   CONDO                                             1,300.31                      219,000.00                     7.125    Investment             CashOut Refi                                               365,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
SEAFORD                                                 NY                       11783                        360                       378,750.00                     7.250                     20061101   SFR                                               2,583.74                      378,157.30                     7.250    Owner Occupied         CashOut Refi                                               505,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
NEW ROCHELLE                                            NY                       40395                        360                       450,000.00                     7.500                     20061101   SFR                                               2,812.50                      450,000.00                     7.500    Owner Occupied         Rate Refi                                                  600,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
IRVINGTON                                               NY                       10533                        360                       513,000.00                     7.250                     20061101   CONDO                                             3,099.38                      513,000.00                     7.250    Owner Occupied         CashOut Refi                                               700,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
MASSAPEQUA                                              NY                       11758                        360                       325,000.00                     6.750                     20061101   SFR                                               2,107.94                      324,438.80                     6.750    Owner Occupied         CashOut Refi                                               860,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
MONTVALE                                                NJ                        7645                        360                       645,000.00                     7.250                     20061101   SFR                                               4,400.04                      643,990.64                     7.250    Owner Occupied         CashOut Refi                                               860,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
LONG POND                                               PA                       18334                        360                        63,000.00                     7.875                     20061101   PUD                                                 456.79                       62,913.01                     7.875    Owner Occupied         CashOut Refi                                               214,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
STATEN ISLAND                                           NY                       40243                        180                       150,000.00                     6.375                     20061101   SFR                                               1,296.38                      148,998.33                     6.375    Owner Occupied         CashOut Refi                                               335,000.00                           178      20061201                      0.250                         0.030              6.095                                                                                   Alternative                                                              12    H                                                                 FIXED
STONY POINT                                             NY                       10980                        360                       650,000.00                     7.000                     20061101   SFR                                               3,791.67                      650,000.00                     7.000    Owner Occupied         Rate Refi                                                  875,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                    2.5    LIBOR                             6
JACKSONVILLE                                            FL                       11730                        360                       118,400.00                     9.725                     20061201   SFR                                                 959.53                      118,400.00                     9.725    Investment             Purchase                                                   148,000.00                           359      20061201                      0.375                         0.030              9.320                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                             6
REDONDO BEACH                                           CA                       90278                        360                       720,000.00                     6.999                     20061101   SFR                                               4,199.40                      720,000.00                     6.999    Investment             Rate Refi                                                  960,000.00                           358      20061201                      0.375                         0.030              6.594                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
CRESTLINE AREA                                          CA                       33688                        360                       280,000.00                     6.125                     20061101   SFR                                               1,429.17                      280,000.00                     6.125    Owner Occupied         Rate Refi                                                  350,000.00                           358      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
LA MESA                                                 CA                       91942                        360                       452,000.00                     6.500                     20061101   SFR                                               2,448.33                      452,000.00                     6.500    Owner Occupied         Rate Refi                                                  565,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   24    H                                                         2.75    LIBOR                             6
ORANGE                                                  CA                       92867                        360                       559,200.00                     5.875                     20061201   SFR                                               2,737.75                      559,200.00                     5.875    Owner Occupied         Purchase                                                   699,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
NORTH BRUNSWICK                                         NJ                       39693                        360                       348,000.00                     6.875                     20061101   SFR                                               2,286.11                      347,413.61                     6.875    Owner Occupied         Rate Refi                                                  440,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
STAFFORD TWP                                            NJ                        8050                        360                       300,000.00                     7.000                     20061101   SFR                                               1,995.91                      299,506.75                     7.000    Owner Occupied         CashOut Refi                                               440,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   36    H                                                                 FIXED
RARITAN                                                 NJ                        8869                        360                       275,000.00                     6.625                     20061201   SFR                                               1,760.86                      274,757.37                     6.625    Owner Occupied         Purchase                                                   505,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                                                                                             FIXED
LONG BEACH TOWNSHIP                                     NJ                        8008                        360                       980,000.00                     7.125                     20061101   SFR                                               6,602.44                      978,427.97                     7.125    2nd Home               CashOut Refi                                             1,400,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    H                                                                 FIXED
MAPLEWOOD                                               NJ                        7040                        360                       435,000.00                     6.875                     20061101   SFR                                               2,857.64                      434,123.31                     6.875    Owner Occupied         CashOut Refi                                               670,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
BRONX                                                   NY                       10467                        360                       312,000.00                     6.250                     20061201   SFR                                               1,921.04                      311,703.96                     6.250    Owner Occupied         Purchase                                                   390,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   24    H                                                                 FIXED
STAFFORD TOWNSHIP                                       NJ                        8050                        180                       398,000.00                     6.750                     20061101   SFR                                               3,521.94                      395,426.40                     6.750    Owner Occupied         Rate Refi                                                  820,000.00                           178      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
MORENO VALLEY                                           CA                       92557                        180                       176,000.00                     6.500                     20061101   SFR                                               1,533.15                      174,837.22                     6.500    Owner Occupied         CashOut Refi                                               360,000.00                           178      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    H                                                                 FIXED
EL CAJON                                                CA                       92020                        360                       525,000.00                     6.125                     20061101   SFR                                               3,189.96                      523,976.85                     6.125    Owner Occupied         CashOut Refi                                               800,000.00                           358      20061201                      0.250                         0.030              5.845                                                                                   Stated                                                                   12    H                                                                 FIXED
COEUR D'ALENE                                           ID                       30543                        360                       183,000.00                     6.250                     20061101   SFR                                               1,126.76                      182,476.38                     6.250    Owner Occupied         CashOut Refi                                               270,000.00                           358      20070101                      0.250                         0.030              5.970                                                                                   SISA                                                                     36    H                                                                 FIXED
GARDNERVILLE                                            NV                       32608                        360                       380,000.00                     6.500                     20061101   SFR                                               2,058.33                      380,000.00                     6.500    Owner Occupied         CashOut Refi                                               475,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    H                                                                 FIXED
SAN DIEGO                                               CA                       33613                        360                       121,000.00                     6.375                     20061101   SFR                                                 754.88                      120,775.27                     6.375    Investment             Rate Refi                                                  520,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   12    H                                                                 FIXED
SAN DIEGO                                               CA                       92037                        360                       611,000.00                     6.500                     20061101   CONDO                                             3,309.58                      601,309.58                     6.500    Investment             Rate Refi                                                1,050,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    H                                                                 FIXED
BRENTWOOD                                               CA                       34467                        360                       406,900.00                     6.000                     20061101   SFR                                               2,439.57                      406,087.83                     6.000    Owner Occupied         CashOut Refi                                               911,500.00                           358      20061201                      0.250                         0.030              5.720                                                                                   Stated                                                                   36    H                                                                 FIXED
LIVERMORE                                               CA                       94551                        360                       440,000.00                     6.625                     20061101   SFR                                               2,817.37                      439,221.45                     6.625    Owner Occupied         CashOut Refi                                               550,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
SCOTTSDALE                                              AZ                       85259                        360                       311,500.00                     6.625                     20061101   SFR                                               1,719.74                      311,500.00                     6.625    2nd Home               CashOut Refi                                               445,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   36    H                                                                 FIXED
MESA                                                    AZ                       31091                        360                       305,000.00                     6.375                     20061101   SFR                                               1,902.80                      304,232.46                     6.375    Owner Occupied         CashOut Refi                                               480,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   SISA                                                                     36    H                                                                 FIXED
SAN DIEGO                                               CA                       33620                        360                       260,000.00                     6.375                     20061101   SFR                                               1,381.25                      260,000.00                     6.375    Owner Occupied         CashOut Refi                                               510,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    H                                                                 FIXED
LITTLETON                                               CO                       29243                        360                       171,200.00                     6.125                     20061101   SFR                                               1,040.23                      170,866.35                     6.125    Owner Occupied         Rate Refi                                                  214,000.00                           358      20061201                      0.250                         0.030              5.845                                                                                   Full                                                                     36    H                                                                 FIXED
FLAGSTAFF                                               AZ                       86004                        360                       581,000.00                     6.500                     20061101   SFR                                               3,147.08                      580,000.00                     6.500    Owner Occupied         CashOut Refi                                               890,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    H                                                                 FIXED
PORT RICHEY                                             FL                  34668-3769                        360                       126,750.00                     7.875                     20061201   SFR                                                  831.8                      126,750.00                     7.875    Owner Occupied         CashOut Refi                                               169,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
HAMPTON                                                 VA                       23669                        360                       220,000.00                     8.500                     20061201   SFR                                               1,691.61                      219,866.72                     8.500    Investment             CashOut Refi                                               275,000.00                           359      20061201                      0.250                         0.030              8.220                                                                                   Express Verified Assets                                                  24    H                                                                 FIXED
TEMECULA                                                CA                       92592                        360                       487,500.00                     6.250                     20061201   SFR                                               2,539.06                      487,500.00                     6.250    Owner Occupied         Purchase                                                   750,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                      3    LIBOR                             6
WEST COVINA                                             CA                       91792                        360                       470,400.00                     6.000                     20061201   SFR                                               2,352.00                      470,400.00                     6.000    Owner Occupied         Purchase                                                   590,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
CLOVIS                                                  CA                       34131                        360                       320,000.00                     6.375                     20061201   SFR                                               1,700.00                      320,000.00                     6.375    Owner Occupied         CashOut Refi                                               535,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                                                                                        3    LIBOR                             6
BRADENTON                                               FL                       12460                        360                       130,000.00                     7.150                     20061201   D-PUDS                                              774.58                      130,000.00                     7.150    Owner Occupied         CashOut Refi                                               325,000.00                           359      20061201                      0.250                         0.030              6.870                                                                                   FISA                                                                     36    H                                                                 FIXED
RIVERSIDE                                               CA                       33727                        360                       232,000.00                     6.125                     20061201   SFR                                               1,184.17                      232,000.00                     6.125    Owner Occupied         CashOut Refi                                               410,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   SISA                                                                     36    H                                                            3    LIBOR                             6
LEESBURG                                                FL                       34748                        360                        76,500.00                     9.750                     20061201   SFR                                                 621.56                       76,500.00                     9.750    Investment             Purchase                                                    88,000.00                           359      20061201                      0.375                         0.030              8.725               0.62    PMI - LENDER PAID                                      25   SISA                                                                     24    H                                                        3.625    LIBOR                             6
FRISCO                                                  TX                       75034                        360                       414,418.00                     6.875                     20061201   D-PUDS                                            2,374.27                      414,418.00                     6.875    2nd Home               Purchase                                                   436,500.00                           359      20061201                      0.375                         0.030              6.470                       RADIAN - BORROWER PAID                                 30   Stated                                                                   12    H                                                            3    LIBOR                             6
SAN DIEGO                                               CA                       33608                        360                       411,450.00                     6.500                     20061201   2-FAMILY                                          2,228.69                      411,450.00                     6.500    Investment             CashOut Refi                                               633,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express Non-Verified Assets                                              24    H                                                            3    LIBOR                             6
WHITTIER                                                CA                       33028                        360                       440,000.00                     7.125                     20061201   SFR                                               2,964.36                      439,648.14                     7.125    Owner Occupied         CashOut Refi                                               550,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    H                                                                 FIXED
LAS VEGAS                                               NV                       89145                        360                       213,000.00                     7.750                     20061201   SFR                                               1,375.63                      213,000.00                     7.750    Owner Occupied         CashOut Refi                                               325,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
PICO RIVERA                                             CA                       90660                        360                       420,000.00                     6.375                     20061201   SFR                                               2,620.25                      419,611.00                     6.375    Owner Occupied         CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
MORENO VALLEY                                           CA                  92557-5610                        360                       261,550.00                     6.875                     20061201   SFR                                               1,498.46                      261,550.00                     6.875    Owner Occupied         Purchase                                                   366,900.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
GULF SHORES                                             AL                       36542                        360                       267,700.00                     6.875                     20061201   CONDO                                             1,758.60                      267,475.10                     6.875    2nd Home               Purchase                                                   475,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   SISA                                                                                                                                        3    LIBOR                             6
BALDWIN PARK                                            CA                       33425                        360                       368,000.00                     6.625                     20061201   SFR                                               2,031.67                      368,000.00                     6.625    Owner Occupied         Purchase                                                   463,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LOS ANGELES                                             CA                       90044                        360                       324,000.00                     6.750                     20061201   4-FAMILY                                          1,822.50                      324,000.00                     6.750    Investment             CashOut Refi                                               650,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
PERRIS                                                  CA                       92571                        360                       318,750.00                     7.750                     20061201   SFR                                               2,058.59                      318,750.00                     7.750    Owner Occupied         CashOut Refi                                               425,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   12    H                                                          2.5    LIBOR                             6
JOSHUA TREE                                             CA                       92252                        360                       158,000.00                     6.750                     20061201   SFR                                               1,024.78                      157,763.97                     6.750    Owner Occupied         CashOut Refi                                               205,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                           60    H                                                                 FIXED
SAN JACINTO                                             CA                       92582                        360                       272,000.00                     6.500                     20061201   SFR                                               1,473.33                      272,000.00                     6.500    Owner Occupied         Purchase                                                   364,500.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
SAN JACINTO                                             CA                       92582                        360                       335,200.00                     6.500                     20061201   SFR                                               1,815.67                      335,200.00                     6.500    Owner Occupied         Purchase                                                   445,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
VAN NUYS                                                CA                       33339                        360                       500,000.00                     6.250                     20061201   SFR                                               2,604.17                      500,000.00                     6.250    Owner Occupied         CashOut Refi                                               685,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                     12    H                                                            3    LIBOR                             6
RIVERSIDE                                               CA                       33728                        360                       547,500.00                     7.125                     20070101   SFR                                               3,250.78                      547,500.00                     7.125    Investment             CashOut Refi                                               730,000.00                           360      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                      3    LIBOR                             6
GULFPORT                                                MS                       14372                        360                       209,200.00                     6.500                     20061201   2-FAMILY                                          1,133.17                      209,200.00                     6.500    Investment             Purchase                                                   280,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HANFORD                                                 CA                       93230                        360                       281,250.00                     6.375                     20061201   SFR                                               1,494.14                      281,250.00                     6.375    Owner Occupied         Rate Refi                                                  375,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                     36    S                                                                 FIXED
VIRGINIA BEACH                                          VA                       23464                        360                       157,500.00                     7.600                     20061201   PUD                                               1,112.07                      157,385.43                     7.600    Owner Occupied         CashOut Refi                                               235,000.00                           359      20061201                      0.250                         0.030              7.320                                                                                   FISA                                                                     36    H                                                                 FIXED
BAKERSFIELD                                             CA                       34035                        360                       172,000.00                     7.250                     20061201   SFR                                               1,039.17                      171,960.00                     7.250    Owner Occupied         Purchase                                                   220,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   24    H                                                         6.25    LIBOR                             6
KISSIMMEE                                               FL                       34743                        360                       148,000.00                     7.700                     20061201   D-PUDS                                            1,055.18                      147,894.49                     7.700    Owner Occupied         CashOut Refi                                               231,000.00                           359      20061201                      0.250                         0.030              7.420                                                                                   Express No Doc                                                           36    H                                                                 FIXED
INGLEWOOD                                               CA                       32934                        360                       581,000.00                     7.875                     20061201   4-FAMILY                                          3,812.81                      581,000.00                     7.875    Owner Occupied         Purchase                                                   835,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
PALM CITY                                               FL                       34990                        360                       125,000.00                     7.000                     20061201   D-PUDS                                              831.63                      124,897.54                     7.000    Owner Occupied         CashOut Refi                                               355,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                     36    H                                                                 FIXED
FREDERICKSBURG                                          VA                       44656                        360                       236,000.00                     8.375                     20061001   D-PUDS                                            1,793.77                      235,556.86                     8.375    Investment             Purchase                                                   305,000.00                           357      20061201                      0.250                         0.030              8.095                                                                                   Express Verified Assets                                                                                                                          FIXED
BRECKENRIDGE                                            CO                       29335                        360                     1,500,000.00                     7.000                     20061001   SFR                                               9,979.54                    1,496,289.82                     7.000    Owner Occupied         CashOut Refi                                             4,660,000.00                           357      20061201                      0.250                         0.030              6.720                                                                                   Express Non-Verified Assets                                              24    6H/18S                                                            FIXED
QUEEN CREEK                                             AZ                       85242                        360                       280,000.00                     7.625                     20061001   D-PUDS                                            1,779.17                      280,000.00                     7.625    Investment             Purchase                                                   413,000.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
LAYTON                                                  UT                       84040                        360                       391,756.00                     8.250                     20061001   SFR                                               2,943.13                      391,001.42                     8.250    Owner Occupied         Purchase                                                   491,000.00                           357      20061201                      0.250                         0.030              7.970                                                                                   Full                                                                     12    6H/6S                                                             FIXED
LAYTON                                                  UT                       84041                        360                       248,000.00                     8.500                     20061001   4-FAMILY                                          1,906.91                      247,546.07                     8.500    Investment             Purchase                                                   326,000.00                           357      20061201                      0.250                         0.030              8.220                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
ROCKFORD                                                IL                       22285                        360                        35,600.00                     8.000                     20061001   SFR                                                 261.22                       35,527.85                     8.000    Investment             CashOut Refi                                                44,500.00                           357      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
ROCKFORD                                                IL                       22284                        360                        57,600.00                     8.000                     20061001   SFR                                                 422.65                       57,483.27                     8.000    Investment             CashOut Refi                                                72,000.00                           357      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
LAND O LAKES                                            FL                       34639                        360                       105,500.00                     9.125                     20061001   CONDO                                               858.39                      105,330.28                     9.125    2nd Home               Purchase                                                   132,000.00                           357      20061201                      0.250                         0.030              8.845                                                                                   Stated                                                                                                                                           FIXED
AURORA                                                  IL                       22042                        360                       116,580.00                     7.375                     20061001   SFR                                                 716.48                      116,580.00                     7.375    Investment             Purchase                                                   146,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                                                                                             FIXED
JACKSONVILLE                                            FL                       32244                        360                        92,000.00                     9.000                     20061001   2-FAMILY                                            740.25                       91,848.11                     9.000    Investment             Purchase                                                   115,000.00                           357      20061201                      0.250                         0.030              8.720                                                                                   Stated                                                                                                                                           FIXED
JACKSONVILLE                                            FL                       32244                        360                        92,000.00                     9.000                     20061001   2-FAMILY                                            740.26                       91,848.10                     9.000    Investment             Purchase                                                   115,000.00                           357      20061201                      0.250                         0.030              8.720                                                                                   Stated                                                                                                                                           FIXED
JACKSONVILLE                                            FL                       32244                        360                        92,000.00                     9.000                     20061001   2-FAMILY                                            740.26                       91,848.10                     9.000    Investment             Purchase                                                   115,000.00                           357      20061201                      0.250                         0.030              8.720                                                                                   Stated                                                                                                                                           FIXED
OLDSMAR                                                 FL                       34677                        360                       178,000.00                     7.875                     20061001   SFR                                               1,168.13                      178,000.00                     7.875    Owner Occupied         Purchase                                                   224,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    6H/30S                                                            FIXED
MIAMI                                                   FL                       12079                        360                       312,000.00                     7.750                     20061001   2-FAMILY                                          2,235.21                      311,335.10                     7.750    Owner Occupied         Purchase                                                   390,000.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   36    6H/30S                                                            FIXED
SAINT CLOUD                                             FL                       34769                        360                       217,750.00                     7.500                     20061001   SFR                                               1,522.54                      217,262.16                     7.500    2nd Home               Purchase                                                   335,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Express Non-Verified Assets                                              24    6H/18S                                                            FIXED
FOSTER CITY                                             CA                       34428                        360                       980,000.00                     6.625                     20061101   D-PUDS                                            5,410.42                      980,000.00                     6.625    Owner Occupied         Purchase                                                 1,400,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                            6    H                                                                 FIXED
BAKERSFIELD                                             CA                       34036                        360                       201,500.00                     6.990                     20061101   3-FAMILY                                          1,339.23                      201,168.05                     6.990    Investment             CashOut Refi                                               310,000.00                           358      20061201                      0.250                         0.030              6.710                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
LONGMONT                                                CO                       29342                        360                       172,800.00                     7.250                     20061101   SFR                                               1,105.35                      172,676.96                     7.250    Owner Occupied         CashOut Refi                                               216,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                      6    H                                                                 FIXED
SAINT LOUIS                                             MO                       23031                        360                        61,600.00                     8.250                     20060801   SFR                                                  423.5                       61,600.00                     8.250    Investment             Rate Refi                                                   77,000.00                           355      20061201                      0.250                         0.030              7.970                                                                                   Express Verified Assets                                                                                                                          FIXED
SAINT LOUIS                                             MO                       23039                        360                        63,750.00                     7.875                     20060801   SFR                                                 438.28                       63,750.00                     7.875    Investment             CashOut Refi                                                85,000.00                           355      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
LOVELL                                                  WY                       82431                        360                        86,240.00                     7.375                     20060801   SFR                                                 595.64                       85,907.83                     7.375    Owner Occupied         Purchase                                                   115,000.00                           355      20061201                      0.250                         0.030              7.095                                                                                   Express Non-Verified Assets                                              24    6H/18S                                                            FIXED
PLANTATION                                              FL                       12130                        360                       648,000.00                     6.750                     20060801   SFR                                               4,202.92                      645,178.84                     6.750    Owner Occupied         Purchase                                                   720,000.00                           355      20061201                      0.250                         0.030              6.470                       PMI                                                    25   Full                                                                                                                                             FIXED
COMPTON                                                 CA                       32924                        360                       173,000.00                     7.000                     20060901   SFR                                               1,150.98                      172,427.80                     7.000    Owner Occupied         Rate Refi                                                  437,000.00                           356      20061201                      0.250                         0.030              6.720                                                                                   Express Non-Verified Assets                                              24    S                                                                 FIXED
VIRGINIA BEACH                                          VA                       23456                        360                        80,000.00                     7.250                     20060801   SFR                                                 545.74                       79,684.18                     7.250    Investment             CashOut Refi                                               140,000.00                           355      20061201                      0.250                         0.030              6.970                                                                                   Express Non-Verified Assets                                              36    6H/30S                                                            FIXED
ADDY                                                    WA                       36161                        360                        66,800.00                     7.750                     20060901   SFR                                                 478.57                       66,609.59                     7.750    Owner Occupied         CashOut Refi                                                83,500.00                           356      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                  36    6H/30S                                                            FIXED
ISSAQUAH                                                WA                       98029                        180                        50,000.00                     7.125                     20060901   D-PUDS                                              452.92                       49,370.25                     7.125    Owner Occupied         CashOut Refi                                               555,000.00                           176      20061201                      0.250                         0.030              6.845                                                                                   Express Non-Verified Assets                                              36    6H/30S                                                            FIXED
SAN ANTONIO                                             TX                       78247                        360                       158,156.00                     8.875                     20060901   D-PUDS                                            1,258.37                      157,797.38                     8.875    Investment             Purchase                                                   167,000.00                           356      20061201                      0.250                         0.030              8.595                       PMI                                                    30   Express Verified Assets                                                  36    6H/30S                                                            FIXED
LAWTON                                                  OK                       26789                        360                        61,200.00                     8.500                     20060901   SFR                                                 470.58                       61,050.10                     8.500    Investment             Rate Refi                                                   68,000.00                           356      20061201                      0.250                         0.030              8.220                       PMI                                                    25   Stated                                                                   12    6H/6S                                                             FIXED
ATLANTA                                                 GA                       11033                        360                       110,600.00                     8.500                     20060901   SFR                                                 850.42                      110,329.12                     8.500    Owner Occupied         Purchase                                                   160,000.00                           356      20061201                      0.250                         0.030              8.220                                                                                   Express No Doc                                                            6    H                                                                 FIXED
FORT LAUDERDALE                                         FL                       12130                        360                       257,600.00                     7.500                     20060901   2-FAMILY                                          1,801.18                      256,828.08                     7.500    Investment             Purchase                                                   322,000.00                           356      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
HONOLULU                                                HI                       35292                        180                       214,500.00                     7.125                     20060901   HI-RISE                                           1,943.01                      211,798.39                     7.125    Owner Occupied         CashOut Refi                                               330,000.00                           176      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                                                                                                   FIXED
PENSACOLA                                               FL                       11823                        360                       125,600.00                     7.125                     20060901   SFR                                                  846.2                      125,194.63                     7.125    2nd Home               Purchase                                                   165,500.00                           356      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    6H/30S                                                            FIXED
ATLANTA                                                 GA                       30349                        360                       245,000.00                     8.125                     20060901   SFR                                               1,819.12                      244,352.40                     8.125    Investment             Purchase                                                   415,000.00                           356      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
TACOMA                                                  WA                       35893                        360                       177,075.00                     7.125                     20061001   SFR                                               1,051.38                      177,075.00                     7.125    Investment             Rate Refi                                                  225,000.00                           357      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
TACOMA                                                  WA                       35889                        360                       187,500.00                     7.125                     20061001   SFR                                               1,113.28                      187,500.00                     7.125    Investment             Rate Refi                                                  245,002.00                           357      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
SUFFOLK                                                 VA                       23434                        360                        87,500.00                     7.625                     20060901   SFR                                                 619.32                       87,244.25                     7.625    Owner Occupied         Rate Refi                                                  146,000.00                           356      20061201                      0.250                         0.030              7.345                                                                                   Express Non-Verified Assets                                              36    6H/30S                                                            FIXED
DENVER                                                  CO                       29261                        360                       236,800.00                     8.250                     20060901   SFR                                               1,779.00                      236,189.74                     8.250    Investment             Purchase                                                   299,000.00                           356      20061201                      0.250                         0.030              7.970                                                                                   SISA                                                                                                                                             FIXED
MIAMI                                                   FL                       33193                        360                       147,200.00                     8.250                     20060901   HI-RISE                                           1,012.00                      147,200.00                     8.250    2nd Home               Purchase                                                   184,000.00                           356      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   36    6H/30S                                                            FIXED
TULSA                                                   OK                       27043                        360                       169,400.00                     8.250                     20061001   SFR                                               1,164.63                      169,400.00                     8.250    Owner Occupied         Purchase                                                   290,000.00                           357      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                    6    H                                                                 FIXED
DOWNEY                                                  CA                       90242                        360                       413,000.00                     7.250                     20061001   SFR                                               2,495.21                      412,933.97                     7.250    Investment             CashOut Refi                                               590,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  24    6H/18S                                                            FIXED
SUN VALLEY AREA                                         CA                       91352                        360                       275,000.00                     7.000                     20060901   4-FAMILY                                          1,829.58                      274,090.43                     7.000    Owner Occupied         CashOut Refi                                               815,000.00                           356      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
BESSEMER CITY                                           NC                       28016                        360                        81,600.00                     8.000                     20060901   SFR                                                 598.75                       81,378.81                     8.000    Investment             Purchase                                                   102,000.00                           356      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
PHOENIX                                                 AZ                       85023                        360                       298,900.00                     7.500                     20060901   D-PUDS                                            1,868.12                      298,900.00                     7.500    Owner Occupied         Purchase                                                   479,000.00                           356      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                           12    6H/6S                                                             FIXED
JACKSONVILLE                                            FL                       11723                        360                        97,500.00                     8.500                     20060901   2-FAMILY                                            749.69                       97,261.23                     8.500    Investment             CashOut Refi                                               151,000.00                           356      20061201                      0.250                         0.030              8.220                                                                                   SISA                                                                                                                                             FIXED
PHOENIX                                                 AZ                       85035                        360                       154,400.00                     7.500                     20061001   SFR                                               1,079.59                      154,054.07                     7.500    Owner Occupied         CashOut Refi                                               193,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
HESPERIA                                                CA                       92345                        360                       288,000.00                     8.500                     20061001   SFR                                               2,040.00                      288,000.00                     8.500    Owner Occupied         CashOut Refi                                               360,000.00                           357      20061201                      0.250                         0.030              8.220                                                                                   Stated                                                                                                                                           FIXED
MESA                                                    AZ                       31084                        360                       149,500.00                     6.750                     20061001   D-PUDS                                              969.65                      149,111.69                     6.750    Investment             CashOut Refi                                               230,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
ROCKFORD                                                IL                       22285                        360                        79,150.00                     8.000                     20061001   2-FAMILY                                            580.77                       78,989.63                     8.000    Investment             Rate Refi                                                   90,000.00                           357      20061201                      0.250                         0.030              7.720                       MGIC                                                   25   Full                                                                                                                                             FIXED
FLORENCE                                                AZ                       85232                        360                       172,800.00                     7.250                     20061001   SFR                                               1,178.80                      172,393.16                     7.250    Owner Occupied         CashOut Refi                                               217,000.00                           357      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                     36    6H/30S                                                            FIXED
ROCKFORD                                                IL                       22290                        360                       105,600.00                     7.875                     20061001   SFR                                                 765.67                      105,380.55                     7.875    Owner Occupied         Purchase                                                   132,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
ATLANTA                                                 GA                       11027                        360                       176,000.00                     8.250                     20061001   SFR                                               1,322.23                      175,660.99                     8.250    Investment             Purchase                                                   220,000.00                           357      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
SILVER SPRING                                           MD                       44078                        360                       388,000.00                     7.500                     20061001   SFR                                               2,712.95                      387,130.74                     7.500    Owner Occupied         Purchase                                                   485,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
HONOLULU                                                HI                       35296                        360                       612,000.00                     7.375                     20061001   SFR                                               3,970.97                      611,366.96                     7.375    Owner Occupied         CashOut Refi                                               765,000.00                           357      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
KAILUA-KONA                                             HI                       96740                        360                        75,300.00                     6.875                     20061101   CONDO                                               494.67                       75,173.11                     6.875    Owner Occupied         CashOut Refi                                               449,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
MILILANI                                                HI                       96789                        360                       568,550.00                     6.500                     20061101   D-PUDS                                            3,593.62                      567,519.27                     6.500    Owner Occupied         Purchase                                                   730,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
MILILANI                                                HI                       96789                        360                       336,000.00                     7.500                     20061101   PUD                                               2,100.00                      336,000.00                     7.500    Owner Occupied         Purchase                                                   420,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                  24    6H/18S                                                            FIXED
HONOLULU                                                HI                       35291                        360                     1,000,000.00                     7.375                     20061101   HI-RISE                                           6,906.75                      998,473.49                     7.375    Owner Occupied         CashOut Refi                                             1,700,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
WAIPAHU                                                 HI                       96797                        360                       484,250.00                     6.875                     20061101   SFR                                               3,181.18                      483,434.01                     6.875    Owner Occupied         Purchase                                                   745,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Non-Verified Assets                                              24    6H/18S                                                            FIXED
HALEIWA                                                 HI                       35258                        360                       485,000.00                     6.750                     20061101   SFR                                               3,145.70                      484,162.51                     6.750    Owner Occupied         CashOut Refi                                               950,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Non-Verified Assets                                              24    6H/18S                                                            FIXED
EWA BEACH                                               HI                       35252                        360                       168,350.00                     8.500                     20061101   CONDO                                             1,294.47                      168,145.30                     8.500    Owner Occupied         Purchase                                                   295,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
RIDGECREST                                              CA                       93555                        360                       130,000.00                     6.990                     20061101   SFR                                                 864.02                      129,785.84                     6.990    Investment             CashOut Refi                                               200,000.00                           358      20061201                      0.250                         0.030              6.710                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
LOS ANGELES                                             CA                       90016                        360                       310,000.00                     6.875                     20061101   SFR                                               1,776.04                      310,000.00                     6.875    Owner Occupied         CashOut Refi                                               520,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
WEST COVINA                                             CA                       91792                        360                       427,500.00                     6.625                     20061101   SFR                                               2,360.16                      427,500.00                     6.625    Owner Occupied         CashOut Refi                                               570,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
DELANO                                                  CA                       34015                        360                       146,000.00                     6.625                     20061101   SFR                                                 934.85                      145,741.67                     6.625    Owner Occupied         CashOut Refi                                               230,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
SOUTH JORDAN                                            UT                       84095                        360                       255,000.00                     6.625                     20061101   D-PUDS                                            1,632.79                      254,548.80                     6.625    Owner Occupied         Purchase                                                   339,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                                                                                             FIXED
SACRAMENTO                                              CA                       34935                        360                       206,000.00                     6.750                     20061101   SFR                                               1,336.11                      205,644.28                     6.750    Investment             CashOut Refi                                               317,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
SOUTH GATE                                              CA                       90280                        360                       227,000.00                     6.500                     20061101   SFR                                               1,434.79                      226,588.47                     6.500    Owner Occupied         CashOut Refi                                               485,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   SISA                                                                                                                                             FIXED
PHELAN                                                  CA                       92371                        360                       280,000.00                     6.375                     20061101   SFR                                               1,746.84                      279,479.94                     6.375    Owner Occupied         CashOut Refi                                               380,022.00                           358      20061201                      0.250                         0.030              6.095                                                                                   SISA                                                                                                                                             FIXED
NEWPORT BEACH                                           CA                       92662                        360                       550,000.00                     6.875                     20061101   2-FAMILY                                          3,151.04                      550,000.00                     6.875    Investment             CashOut Refi                                             1,522,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
LOS ANGELES                                             CA                       90043                        360                       315,600.00                     6.875                     20061101   SFR                                               2,073.27                      315,068.20                     6.875    Owner Occupied         CashOut Refi                                               526,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                            6    H                                                                 FIXED
MORENO VALLEY                                           CA                       92555                        360                       407,200.00                     7.125                     20061101   D-PUDS                                            2,743.38                      406,546.81                     7.125    Owner Occupied         Purchase                                                   509,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
SACRAMENTO                                              CA                       34939                        360                       254,000.00                     6.375                     20061001   SFR                                               1,349.38                      254,000.00                     6.375    Owner Occupied         Rate Refi                                                  380,000.00                           357      20061201                      0.250                         0.030              6.095                                                                                   SISA                                                                                                                                             FIXED
TUJUNGA AREA                                            CA                       91042                        360                       254,650.00                     7.500                     20061001   SFR                                               1,591.56                      254,650.00                     7.500    Owner Occupied         Rate Refi                                                  375,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
LOS ANGELES                                             CA                       90065                        360                       175,000.00                     6.990                     20061101   4-FAMILY                                          1,163.10                      174,711.72                     6.990    Investment             CashOut Refi                                               690,000.00                           358      20061201                      0.250                         0.030              6.710                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
NORCO                                                   CA                       92860                        360                       660,000.00                     6.250                     20061101   SFR                                               4,063.73                      658,744.28                     6.250    Owner Occupied         CashOut Refi                                               826,000.00                           358      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
GRANADA HILLS                                           CA                       91344                        360                       400,000.00                     6.990                     20061101   SFR                                               2,658.52                      399,338.05                     6.990    Owner Occupied         CashOut Refi                                               850,000.00                           358      20061201                      0.250                         0.030              6.710                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
LAKEWOOD                                                CA                       33067                        360                       379,200.00                     6.750                     20061101   SFR                                               2,133.00                      379,200.00                     6.750    Investment             Purchase                                                   485,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
VICTORVILLE                                             CA                       92395                        360                       228,000.00                     6.875                     20061101   SFR                                               1,306.25                      228,000.00                     6.875    Owner Occupied         CashOut Refi                                               285,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
BURIEN                                                  WA                       98148                        360                       201,000.00                     6.750                     20061101   SFR                                               1,303.68                      200,652.92                     6.750    Owner Occupied         CashOut Refi                                               400,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
REXBURG                                                 ID                       83440                        360                        97,500.00                     7.250                     20061101   2-FAMILY                                            665.12                       97,347.42                     7.250    Investment             CashOut Refi                                               150,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
REXBURG                                                 ID                       83440                        360                       215,200.00                     8.250                     20061101   3-FAMILY                                          1,616.73                      214,924.60                     8.250    Investment             Purchase                                                   269,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express No Doc                                                           24    6H/18S                                                            FIXED
MADISON                                                 AL                       35758                        360                       214,400.00                     8.500                     20061101   SFR                                               1,648.55                      214,139.32                     8.500    Owner Occupied         Purchase                                                   268,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   SISA                                                                                                                                             FIXED
KENNESAW                                                GA                       30144                        360                       131,600.00                     7.500                     20061101   SFR                                                 920.17                      131,404.05                     7.500    Owner Occupied         Purchase                                                   171,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                            6    H                                                                 FIXED
TAMPA                                                   FL                       12211                        360                       300,000.00                     6.625                     20061101   4-FAMILY                                          1,920.93                      299,469.18                     6.625    Owner Occupied         CashOut Refi                                               510,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
SAINT PETERSBURG                                        FL                       12245                        360                       175,000.00                     6.500                     20061101   SFR                                               1,106.12                      174,682.74                     6.500    Owner Occupied         CashOut Refi                                               345,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   SISA                                                                                                                                             FIXED
MELBOURNE                                               FL                       11933                        360                       163,200.00                     6.375                     20061101   D-PUDS                                            1,018.16                      162,896.88                     6.375    Owner Occupied         Rate Refi                                                  285,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Express Verified Assets                                                                                                                          FIXED
MIAMI                                                   FL                       33194                        360                       280,000.00                     7.250                     20061101   D-PUDS                                            1,910.09                      279,561.84                     7.250    Investment             CashOut Refi                                               350,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   24    6H/18S                                                            FIXED
TAMPA                                                   FL                       12216                        360                       130,000.00                     6.875                     20061101   SFR                                                 744.79                      130,000.00                     6.875    Investment             CashOut Refi                                               210,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Non-Verified Assets                                                                                                                      FIXED
SAN FERNANDO                                            CA                       91340                        360                       300,000.00                     6.500                     20061201   SFR                                               1,625.00                      300,000.00                     6.500    Owner Occupied         CashOut Refi                                               527,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
OXFORD                                                  MA                        1540                        360                       179,200.00                     8.125                     20061101   SFR                                               1,330.55                      178,964.76                     8.125    Owner Occupied         Purchase                                                   226,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express Verified Assets                                                                                                                          FIXED
JACKSONVILLE                                            FL                       11728                        360                        62,856.00                     9.250                     20061101   SFR                                                  517.1                       62,789.69                     9.250    Investment             CashOut Refi                                                98,000.00                           358      20061201                      0.250                         0.030              8.970                                                                                   Stated                                                                                                                                           FIXED
CATHEDRAL CITY                                          CA                       92234                        180                       380,000.00                     8.000                     20061101   SFR                                               2,533.33                      379,993.33                     8.000    Owner Occupied         Purchase                                                   475,000.00                           178      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                   36    H                                                                 FIXED
SAN ANTONIO                                             TX                       78239                        360                        60,000.00                     9.625                     20061101   SFR                                                 509.99                       59,942.28                     9.625    Investment             Purchase                                                    75,000.00                           358      20061201                      0.250                         0.030              9.345                                                                                   Stated                                                                   36    S                                                                 FIXED
LAS VEGAS                                               NV                       32529                        360                        65,880.00                     8.375                     20061101   PUD                                                 500.74                       65,797.82                     8.375    Owner Occupied         CashOut Refi                                               244,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
LA HABRA                                                CA                       90631                        360                       370,000.00                     7.625                     20060901   SFR                                               2,351.04                      370,000.00                     7.625    Owner Occupied         CashOut Refi                                               539,000.00                           356      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                     36    H                                                                 FIXED
LINCOLN CITY                                            OR                       97367                        360                       196,000.00                     7.750                     20061101   CONDO                                             1,404.17                      195,722.44                     7.750    2nd Home               Purchase                                                   245,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   36    H                                                                 FIXED
(PANORAMA CITY AREA) LOS ANGEL                          CA                       33330                        180                       488,000.00                     8.250                     20060801   SFR                                               3,355.00                      488,000.00                     8.250    Owner Occupied         CashOut Refi                                               610,000.00                           175      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   12    H                                                                 FIXED
APPLE VALLEY                                            CA                       33670                        360                       192,000.00                     8.000                     20061101   SFR                                               1,280.00                      192,000.00                     8.000    Owner Occupied         Purchase                                                   246,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                   36    H                                                                 FIXED
STOCKTON                                                CA                       34745                        360                       171,000.00                     7.750                     20061101   SFR                                               1,225.06                      170,757.84                     7.750    Investment             Purchase                                                   285,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   12    H                                                                 FIXED
JACKSONVILLE                                            FL                       32244                        360                       119,200.00                     9.000                     20061101   CONDO                                                  894                      119,200.00                     9.000    Investment             Purchase                                                   163,000.00                           358      20061201                      0.250                         0.030              8.720                                                                                   Stated                                                                   12    H                                                                 FIXED
MIAMI                                                   FL                       33193                        360                       135,920.00                     8.250                     20061101   CONDO                                               934.45                      135,920.00                     8.250    Owner Occupied         Purchase                                                   171,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   12    H                                                                 FIXED
TUSCON                                                  AZ                       85745                        360                       188,000.00                     8.500                     20061101   PUD                                               1,331.67                      188,000.00                     8.500    Investment             CashOut Refi                                               235,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Stated                                                                   36    S                                                                 FIXED
SAN DIEGO                                               CA                       92139                        360                       223,000.00                     6.625                     20061101   SFR                                               1,427.89                      222,605.43                     6.625    Investment             CashOut Refi                                               550,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
VICTORVILLE                                             CA                       92392                        360                       291,182.00                     7.990                     20061101   SFR                                               1,938.79                      291,182.00                     7.990    Owner Occupied         Purchase                                                   445,000.00                           358      20061201                      0.250                         0.030              7.170               0.54    PMI - LENDER PAID                                      22   Stated                                                                                                                                           FIXED
NORTH LAS VEGAS                                         NV                       89084                        360                       328,000.00                     7.875                     20061101   PUD                                               2,152.50                      328,000.00                     7.875    Owner Occupied         Purchase                                                   506,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
PASADENA                                                CA                       33244                        180                       472,000.00                     8.625                     20061101   CONDO                                             3,392.50                      472,000.00                     8.625    Owner Occupied         CashOut Refi                                               590,000.00                           178      20061201                      0.250                         0.030              8.345                                                                                   Stated                                                                   12    H                                                                 FIXED
AUBREY                                                  TX                       27817                        180                       112,800.00                     7.625                     20061101   PUD                                                 716.75                      112,800.00                     7.625    Investment             Purchase                                                   141,000.00                           178      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   36    H                                                                 FIXED
RIVERSIDE                                               CA                       33733                        180                       295,200.00                     6.990                     20061101   SFR                                               1,719.54                      295,200.00                     6.990    Owner Occupied         Purchase                                                   380,000.00                           178      20061201                      0.250                         0.030              6.710                                                                                   Stated                                                                   36    H                                                                 FIXED
FREMONT                                                 CA                       94538                        180                       524,000.00                     8.125                     20061101   SFR                                               3,547.92                      524,000.00                     8.125    Owner Occupied         CashOut Refi                                               682,000.00                           178      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                   12    H                                                                 FIXED
LA PUENTE                                               CA                       91746                        180                       380,800.00                     5.750                     20061101   SFR                                               1,824.67                      380,800.00                     5.750    Owner Occupied         CashOut Refi                                               476,000.00                           178      20061201                      0.250                         0.030              5.470                                                                                   Stated                                                                   36    H                                                                 FIXED
BAKERSFIELD                                             CA                       34032                        180                       140,000.00                     6.625                     20061101   SFR                                                 772.92                      140,000.00                     6.625    Owner Occupied         CashOut Refi                                               175,000.00                           178      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                     36    H                                                                 FIXED
SAN BERNARDINO                                          CA                       33701                        180                       272,000.00                     7.500                     20061101   SFR                                               1,700.00                      272,000.00                     7.500    Owner Occupied         Purchase                                                   370,000.00                           178      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
LOS ANGELES                                             CA                       90003                        180                       304,000.00                     6.250                     20061101   SFR                                               1,583.33                      304,000.00                     6.250    Owner Occupied         Purchase                                                   380,000.00                           178      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   36    H                                                                 FIXED
LITTLEROCK                                              CA                       93543                        180                       316,000.00                     7.500                     20061101   SFR                                               1,975.00                      316,000.00                     7.500    Owner Occupied         Purchase                                                   400,000.00                           178      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   12    H                                                                 FIXED
WILDOMAR                                                CA                       92595                        180                       488,000.00                     7.500                     20061101   PUD                                               3,050.00                      488,000.00                     7.500    Owner Occupied         Purchase                                                   610,000.00                           178      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   36    H                                                                 FIXED
CARLSBAD                                                CA                       92010                        180                       352,000.00                     7.625                     20061101   PUD                                               2,236.67                      352,000.00                     7.625    Owner Occupied         Purchase                                                   440,000.00                           178      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   36    H                                                                 FIXED
LOS ANGELES                                             CA                       90003                        180                       308,000.00                     6.875                     20061101   SFR                                               1,764.58                      308,000.00                     6.875    Owner Occupied         Purchase                                                   385,000.00                           178      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
NORWALK                                                 CA                       90650                        180                       422,400.00                     7.875                     20061101   SFR                                               2,772.00                      422,400.00                     7.875    Owner Occupied         Purchase                                                   528,000.00                           178      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    H                                                                 FIXED
HESPERIA                                                CA                       92345                        180                       244,000.00                     7.500                     20061101   SFR                                               1,525.00                      244,000.00                     7.500    Owner Occupied         CashOut Refi                                               305,000.00                           178      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   12    H                                                                 FIXED
LOS ANGELES                                             CA                       90042                        180                       392,000.00                     7.625                     20061101   SFR                                               2,490.83                      392,000.00                     7.625    Owner Occupied         Purchase                                                   490,000.00                           178      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
LOS ANGELES                                             CA                       33330                        360                       315,000.00                     6.625                     20061201   SFR                                               2,016.98                      314,722.08                     6.625    Owner Occupied         CashOut Refi                                               535,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                     24    H                                                                 FIXED
HACIENDA HEIGHTS                                        CA                       91745                        360                       380,000.00                     6.125                     20061201   SFR                                               1,939.58                      380,000.00                     6.125    Owner Occupied         CashOut Refi                                               475,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   36    H                                                        5.125    LIBOR                             6
WEST HAVEN                                              UT                       30773                        360                       139,500.00                     7.500                     20061101   SFR                                                  975.4                      139,292.31                     7.500    Investment             Purchase                                                   186,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   24    H                                                                 FIXED
AREA OF ENCINO                                          CA                       33313                        360                       444,000.00                     7.250                     20061201   SFR                                               2,682.50                      444,000.00                     7.250    Owner Occupied         Purchase                                                   576,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MIRAMAR BEACH                                           FL                       32550                        360                       552,900.00                     7.000                     20070101   HI-RISE                                           3,225.25                      552,900.00                     7.000    Investment             Purchase                                                 1,150,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   SISA                                                                     60    S                                                            3    LIBOR                             6
SAN JACINTO                                             CA                       92582                        360                       324,800.00                     6.750                     20061201   SFR                                               1,827.00                      324,800.00                     6.750    Owner Occupied         Purchase                                                   406,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
SAN PABLO                                               CA                       34552                        360                       336,000.00                     8.250                     20061201   SFR                                               2,310.00                      336,000.00                     8.250    Investment             CashOut Refi                                               420,000.00                           359      20061201                      0.375                         0.030              7.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
CERRITOS                                                CA                       33057                        360                       430,500.00                     6.500                     20061201   SFR                                               2,331.88                      430,500.00                     6.500    Investment             Purchase                                                   630,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
DUARTE                                                  CA                       91010                        360                       343,200.00                     7.750                     20061201   SFR                                               2,216.50                      343,200.00                     7.750    Owner Occupied         Purchase                                                   429,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LOS ANGELES                                             CA                       90044                        360                       480,000.00                     7.000                     20061201   SFR                                               2,800.00                      480,000.00                     7.000    Owner Occupied         CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LAWNDALE                                                CA                       90260                        360                       411,000.00                     6.000                     20061201   2-FAMILY                                          2,055.00                      411,000.00                     6.000    Owner Occupied         CashOut Refi                                               660,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                             6
WASHINGTON                                              DC                       20010                        360                       126,000.00                     7.500                     20061201   TOWNHOUSE                                            787.5                      126,000.00                     7.500    Investment             Purchase                                                   206,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Full                                                                                                                                        3    LIBOR                             6
BURTONSVILLE                                            MD                       20866                        360                       252,000.00                     6.375                     20061201   PUD                                               1,338.75                      252,000.00                     6.375    Investment             Purchase                                                   360,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
SAN JOSE                                                CA                       34728                        360                       554,000.00                     5.875                     20060101   SFR                                               2,712.29                      554,000.00                     5.875    Owner Occupied         Rate Refi                                                  821,000.00                           348      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                                                                                      2.5    LIBOR                             6
CHAMPLIN                                                MN                       20164                        360                       106,400.00                     7.125                     20061201   CONDO                                               716.84                      106,314.91                     7.125    Investment             CashOut Refi                                               152,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    H                                                                 FIXED
ORLANDO                                                 FL                       32835                        360                       256,000.00                     6.000                     20070101   D-PUDS                                            1,534.85                      255,745.15                     6.000    Owner Occupied         CashOut Refi                                               320,000.00                           360      20070101                      0.250                         0.030              5.720                                                                                   Stated                                                                                                                                           FIXED
GRANITE BAY                                             CA                       95746                        360                       659,500.00                     5.875                     20070101   SFR                                               3,901.19                      659,500.00                     5.875    Owner Occupied         Rate Refi                                                  900,000.00                           360      20061201                      0.250                         0.030              5.595                                                                                   Full                                                                     36    H                                                                 FIXED
CAMARILLO                                               CA                       93012                        180                     1,625,000.00                     6.250                     20070101   D-PUDS                                           13,933.12                    1,625,000.00                     6.250    Owner Occupied         CashOut Refi                                             2,500,000.00                           180      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   36    H                                                                 FIXED
PALM BEACH GARDENS                                      FL                       12162                        360                     1,365,000.00                     7.625                     20061101   PUD                                               8,673.44                    1,365,000.00                     7.625    Investment             CashOut Refi                                             1,950,000.00                           358      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
PORT CHESTER                                            NY                       10573                        360                       460,000.00                     6.875                     20061201   SFR                                               2,635.42                      460,000.00                     6.875    Owner Occupied         CashOut Refi                                               575,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BOCA RATON                                              FL                       12172                        360                       168,000.00                     6.875                     20061201   CONDO                                                962.5                      168,000.00                     6.875    Owner Occupied         CashOut Refi                                               215,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
STRATFORD                                               CT                       38883                        360                       440,250.00                     6.375                     20061201   SFR                                               2,338.83                      440,250.00                     6.375    Owner Occupied         Purchase                                                   600,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                                                                                        3    LIBOR                             6
BROOKLYN                                                NY                       40582                        360                       437,250.00                     7.875                     20061201   3-FAMILY                                          2,869.45                      437,250.00                     7.875    Owner Occupied         Purchase                                                   585,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
NEWARK                                                  NJ                       39089                        360                       264,000.00                     8.000                     20061201   3-FAMILY                                          1,937.14                      263,822.86                     8.000    Owner Occupied         Purchase                                                   350,000.00                           359      20061201                      0.375                         0.030              7.595                                                                                   Stated                                                                                                                                   4.25    LIBOR                             6
PORT SAINT LUCIE                                        FL                       34952                        360                       172,000.00                     7.500                     20061101   SFR                                               1,839.19                      172,000.00                     7.500    Owner Occupied         Purchase                                                   227,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    S                                                          2.5    LIBOR                             6
SUN VALLEY AREA                                         CA                       91352                        360                       275,000.00                     6.875                     20061201   SFR                                               1,575.52                      275,000.00                     6.875    Owner Occupied         CashOut Refi                                               500,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
CARMICHAEL                                              CA                       34858                        360                       444,000.00                     6.375                     20061201   SFR                                               2,769.98                      443,588.77                     6.375    Owner Occupied         CashOut Refi                                               705,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                                                                                             FIXED
RICHMOND                                                TX                       77469                        360                       172,000.00                     7.000                     20061101   PUD                                               1,144.32                      171,717.20                     7.000    Owner Occupied         Purchase                                                   222,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
PALM BAY                                                FL                       11937                        360                       179,920.00                     7.875                     20061101   SFR                                               1,304.54                      179,605.89                     7.875    Owner Occupied         Purchase                                                   235,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
CUMMING                                                 GA                       30040                        360                       246,850.00                     6.750                     20061101   PUD                                               1,601.06                      246,423.75                     6.750    Owner Occupied         Purchase                                                   318,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
RICHMOND                                                TX                       77469                        360                       172,643.00                     6.500                     20061101   PUD                                               1,091.22                      172,330.01                     6.500    2nd Home               Purchase                                                   236,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    H                                                                 FIXED
THE COLONY                                              TX                       75056                        360                       166,400.00                     7.500                     20061101   PUD                                               1,163.49                      166,152.25                     7.500    Owner Occupied         Purchase                                                   208,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   12    H                                                                 FIXED
HOUSTON                                                 TX                       77083                        360                       140,000.00                     7.000                     20061101   PUD                                                 931.42                      139,769.83                     7.000    Owner Occupied         Purchase                                                   176,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   12    H                                                                 FIXED
KATY                                                    TX                       77450                        360                       160,000.00                     7.250                     20061101   PUD                                               1,091.48                      159,749.62                     7.250    Owner Occupied         Purchase                                                   207,500.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
BRONX                                                   NY                       10469                        360                       420,000.00                     7.125                     20061201   2-FAMILY                                          2,829.62                      419,664.13                     7.125    Owner Occupied         Purchase                                                   550,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                                                                                                   FIXED
NORTH LAS VEGAS                                         NV                       89031                        360                       120,000.00                     6.625                     20061201   PUD                                                 768.37                      119,894.13                     6.625    Investment             CashOut Refi                                               299,500.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
HOUSTON                                                 TX                       77083                        360                       116,000.00                     7.625                     20061201   PUD                                                 821.04                      115,907.08                     7.625    Owner Occupied         Purchase                                                   151,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   12    H                                                                 FIXED
ROME                                                    GA                       30161                        360                       435,000.00                     6.875                     20061201   SFR                                               2,857.64                      434,634.55                     6.875    Owner Occupied         Rate Refi                                                  600,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
MONROVIA                                                CA                       91016                        360                       530,000.00                     6.875                     20061201   PUD                                               3,481.72                      529,554.74                     6.875    Owner Occupied         Purchase                                                   663,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
PHOENIX                                                 AZ                       85009                        360                       123,200.00                     7.250                     20061201   SFR                                                 840.44                      123,103.89                     7.250    Owner Occupied         CashOut Refi                                               154,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   12    H                                                                 FIXED
LAWRENCEVILLE                                           GA                       30044                        360                       159,900.00                     7.750                     20061201   SFR                                               1,145.54                      159,581.73                     7.750    Investment             Purchase                                                   205,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   12    H                                                                 FIXED
SARASOTA                                                FL                       34241                        360                       466,400.00                     5.875                     20061201   D-PUDS                                            2,283.42                      466,400.00                     5.875    Owner Occupied         Purchase                                                   720,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                                                                                        3    LIBOR                             6
LOS BANOS                                               CA                       93635                        360                       338,000.00                     6.375                     20061201   SFR                                               2,108.68                      337,686.95                     6.375    Owner Occupied         Rate Refi                                                  520,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    H                                                                 FIXED
GULF SHORES                                             AL                       36562                        360                       508,400.00                     6.375                     20061201   HI-RISE                                           2,700.88                      508,400.00                     6.375    2nd Home               Purchase                                                   680,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                      3    LIBOR                             6
LOS ANGELES                                             CA                       90016                        360                       290,000.00                     6.750                     20061201   SFR                                               1,631.25                      290,000.00                     6.750    Owner Occupied         CashOut Refi                                               437,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
ORANGE BEACH                                            AL                       36561                        360                       182,000.00                     6.500                     20061201   CONDO                                               985.83                      182,000.00                     6.500    2nd Home               Purchase                                                   260,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                        3    LIBOR                             6
L.A (NORTH HOLLYWOOD AREA)                              CA                       33395                        360                       373,500.00                     6.750                     20061201   SFR                                               2,422.51                      373,178.43                     6.750    Owner Occupied         CashOut Refi                                               586,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express Non-Verified Assets                                                                                                                      FIXED
LAS VEGAS                                               NV                       32515                        360                       169,400.00                     7.000                     20061201   SFR                                                 988.17                      169,400.00                     7.000    Owner Occupied         CashOut Refi                                               242,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
INDIO                                                   CA                       33635                        360                       225,000.00                     6.750                     20061201   SFR                                               1,265.63                      225,000.00                     6.750    Investment             CashOut Refi                                               325,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   SISA                                                                     12    H                                                            3    LIBOR                             6
SAN BERNARDINO                                          CA                       33701                        360                       224,700.00                     7.500                     20061201   SFR                                               1,404.37                      224,700.00                     7.500    Owner Occupied         CashOut Refi                                               321,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
ALGONQUIN                                               IL                       21917                        360                       196,000.00                     7.250                     20061201   CONDO                                             1,337.07                      195,847.10                     7.250    Investment             Rate Refi                                                  245,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
CARSON                                                  CA                       90745                        360                       320,000.00                     8.375                     20061201   SFR                                               2,233.33                      320,000.00                     8.375    Investment             Purchase                                                   400,000.00                           359      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
ORANGE                                                  CA                       92867                        360                       603,750.00                     7.375                     20061201   SFR                                               4,169.95                      603,290.60                     7.375    Owner Occupied         CashOut Refi                                               805,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                   36    H                                                                 FIXED
LOS ANGELES                                             CA                       90043                        360                       605,000.00                     7.000                     20061201   SFR                                               3,529.17                      605,000.00                     7.000    Owner Occupied         CashOut Refi                                               865,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   SISA                                                                                                                                        3    LIBOR                             6
BRICK                                                   NJ                       39652                        360                       490,000.00                     8.375                     20061201   SFR                                               3,724.35                      489,695.44                     8.375    Owner Occupied         CashOut Refi                                               755,000.00                           359      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SAN DIEGO                                               CA                       92173                        360                       417,750.00                     6.125                     20061201   SFR                                               2,132.27                      417,750.00                     6.125    Owner Occupied         Purchase                                                   560,000.00                           359      20061201                      0.250                         0.030              5.845                                                                                   Stated                                                                   36    H                                                                 FIXED
HIGLEY                                                  AZ                       85236                        360                       181,200.00                     6.625                     20061201   D-PUDS                                            1,000.38                      181,200.00                     6.625    Owner Occupied         Purchase                                                   232,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                      3    LIBOR                             6
DENVER                                                  CO                       29273                        360                       238,125.00                     6.875                     20061201   SFR                                               1,364.26                      238,125.00                     6.875    Investment             Purchase                                                   353,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
SAN JOSE  AREA                                          CA                       34726                        360                       450,000.00                     6.000                     20061201   SFR                                               2,697.98                      449,552.02                     6.000    Owner Occupied         Rate Refi                                                  660,000.00                           359      20061201                      0.250                         0.030              5.720                                                                                   SISA                                                                                                                                             FIXED
CAMARILLO                                               CA                       93012                        360                       490,000.00                     5.750                     20061201   SFR                                               2,347.92                      490,000.00                     5.750    Owner Occupied         CashOut Refi                                               700,000.00                           359      20061201                      0.375                         0.030              5.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LONG ISLAND CITY                                        NY                       40549                        360                       572,000.00                     8.625                     20061201   2-FAMILY                                          4,448.96                      571,606.35                     8.625    Investment             CashOut Refi                                               715,000.00                           359      20061201                      0.250                         0.030              8.345                                                                                   Express Verified Assets                                                                                                                          FIXED
TRENTON                                                 NJ                        8638                        360                        84,000.00                     8.625                     20061101   TOWNHOUSE                                           653.34                       83,500.41                     8.625    Investment             CashOut Refi                                               105,000.00                           358      20061201                      0.250                         0.030              8.345                                                                                   Express No Doc                                                                                                                                   FIXED
BRONX                                                   NY                       10462                        360                        88,800.00                     7.875                     20061101   HI-RISE                                             643.86                       88,677.38                     7.875    Owner Occupied         Purchase                                                   111,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
CORONA                                                  NY                       11368                        360                       680,000.00                     8.750                     20061201   2-FAMILY                                          4,958.33                      680,000.00                     8.750    Owner Occupied         CashOut Refi                                               850,000.00                           359      20061201                      0.250                         0.030              8.470                                                                                   SISA                                                                                                                                             FIXED
SOUTH OZONE PARK                                        NY                       40653                        360                       513,750.00                     6.875                     20061201   2-FAMILY                                          3,374.97                      513,318.39                     6.875    Owner Occupied         CashOut Refi                                               685,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
PHILADELPHIA                                            PA                       19145                        360                        55,000.00                     8.250                     20061101   SFR                                                  413.2                       54,894.53                     8.250    Investment             CashOut Refi                                                74,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                                                                                           FIXED
HAMPTON BAYS                                            NY                       11946                        360                       165,000.00                     7.250                     20061201   SFR                                               1,125.59                      164,871.29                     7.250    Owner Occupied         CashOut Refi                                               535,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
PHILADELPHIA                                            PA                       19139                        360                        60,000.00                     8.250                     20061201   SFR                                                 450.76                       59,961.74                     8.250    Investment             CashOut Refi                                                75,000.00                           359      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   36    S                                                                 FIXED
COLUMBIA                                                SC                       47172                        360                       279,000.00                     7.875                     20061201   SFR                                               2,022.94                      278,808.00                     7.875    Owner Occupied         Purchase                                                   320,000.00                           359      20061201                      0.250                         0.030              7.595                       RMIC                                                   25   Express No Doc                                                                                                                                   FIXED
SAN ANTONIO                                             TX                       78245                        360                       110,200.00                     7.875                     20061201   SFR                                                 723.19                      110,200.00                     7.875    2nd Home               Purchase                                                   116,000.00                           359      20061201                      0.250                         0.030              7.595                       RMIC                                                   30   Stated                                                                                                                                           FIXED
MONTICELLO                                              NY                       41091                        360                       113,850.00                     7.375                     20061101   CONDO                                               786.33                      113,676.21                     7.375    2nd Home               Purchase                                                   126,500.00                           358      20061201                      0.250                         0.030              7.095                       RMIC                                                   25   Stated                                                                                                                                           FIXED
ONTARIO                                                 CA                       91762                        360                       380,000.00                     5.990                     20061101   SFR                                               1,896.83                      380,000.00                     5.990    Owner Occupied         CashOut Refi                                               475,000.00                           358      20061201                      0.375                         0.030              5.585                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
OGDEN                                                   UT                       30773                        360                        51,750.00                     9.625                     20061101   SFR                                                 415.08                       51,750.00                     9.625    Investment             Rate Refi                                                   71,000.00                           358      20061201                      0.375                         0.030              9.220                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
DALY CITY                                               CA                       94014                        360                       600,000.00                     9.000                     20061101   SFR                                               6,570.81                      600,000.00                     9.000    Investment             CashOut Refi                                               750,000.00                           358      20061201                      0.375                         0.030              8.595                                                                                   Express Verified Assets                                                  12    H                                                         2.75    LIBOR                             6
GARDENA                                                 CA                       90249                        360                       447,200.00                     7.750                     20061101   SFR                                               2,888.17                      447,200.00                     7.750    Owner Occupied         Purchase                                                   565,000.00                           358      20061201                      0.375                         0.030              7.345                                                                                   Express Verified Assets                                                  12    H                                                         2.75    LIBOR                             6
CHINO HILLS                                             CA                       33428                        360                       312,000.00                     6.875                     20061101   SFR                                               1,787.50                      312,000.00                     6.875    Owner Occupied         CashOut Refi                                               390,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
ESCONDIDO                                               CA                       92026                        360                       272,000.00                     8.250                     20061101   CONDO                                             1,870.00                      272,000.00                     8.250    Owner Occupied         CashOut Refi                                               340,000.00                           358      20061201                      0.375                         0.030              7.845                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
SAN DIEGO                                               CA                       33617                        360                       384,000.00                     5.990                     20061101   SFR                                               1,916.80                      384,000.00                     5.990    Owner Occupied         Rate Refi                                                  480,000.00                           358      20061201                      0.375                         0.030              5.585                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
POMPANO BEACH                                           FL                       33064                        360                       188,000.00                     7.750                     20061101   SFR                                               1,214.17                      188,000.00                     7.750    Investment             Purchase                                                   270,000.00                           358      20061201                      0.375                         0.030              7.345                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
OAKLAND                                                 CA                       34486                        360                       360,000.00                     5.875                     20061101   SFR                                               1,762.50                      360,000.00                     5.875    Owner Occupied         CashOut Refi                                               450,000.00                           358      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
APPLE VALLEY                                            CA                       33671                        360                       348,000.00                     7.125                     20061101   3-FAMILY                                          2,066.25                      348,000.00                     7.125    Owner Occupied         Purchase                                                   435,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
MURRIETA AREA                                           CA                       92563                        360                       345,600.00                     5.875                     20061101   PUD                                               1,692.00                      345,600.00                     5.875    Owner Occupied         CashOut Refi                                               432,000.00                           358      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                     36    H                                                         2.75    LIBOR                             6
(WHITTIER AREA)                                         CA                       33030                        360                       368,000.00                     7.375                     20061101   SFR                                               2,261.67                      368,000.00                     7.375    Owner Occupied         Purchase                                                   470,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
VICTORVILLE                                             CA                       92395                        360                       298,022.00                     6.875                     20061101   SFR                                               1,707.42                      298,022.00                     6.875    Owner Occupied         Purchase                                                   373,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
ORLANDO                                                 FL                       11926                        360                       185,600.00                     6.875                     20061101   PUD                                               1,063.33                      185,600.00                     6.875    Owner Occupied         Purchase                                                   239,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
ORLANDO                                                 FL                       11912                        360                       105,520.00                     7.750                     20061201   CONDO                                             1,189.10                      105,445.53                     7.750    2nd Home               Purchase                                                   132,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
HOUSTON                                                 TX                       77064                        360                        78,800.00                     7.250                     20061101   PUD                                                 476.08                       78,736.95                     7.250    Investment             Rate Refi                                                   99,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
LA MIRADA                                               CA                       90638                        360                       496,000.00                     7.375                     20061101   SFR                                               3,048.33                      496,000.00                     7.375    Owner Occupied         CashOut Refi                                               620,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
PALMDALE                                                CA                       93550                        360                       241,500.00                     6.875                     20061101   SFR                                               1,383.59                      241,500.00                     6.875    Owner Occupied         CashOut Refi                                               317,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                           36    S                                                         2.75    LIBOR                             6
COMPTON                                                 CA                       32924                        360                       332,000.00                     6.750                     20061101   SFR                                               1,867.50                      332,000.00                     6.750    Owner Occupied         Purchase                                                   420,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
LOS ANGELES                                             CA                       90002                        360                       287,000.00                     6.990                     20061101   SFR                                               1,671.78                      287,000.00                     6.990    Owner Occupied         CashOut Refi                                               435,000.00                           358      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
GARDEN GROVE                                            CA                       92843                        360                       462,150.00                     7.500                     20061101   SFR                                               2,888.44                      462,150.00                     7.500    Owner Occupied         CashOut Refi                                               585,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
LOS ANGELES (NORTH HOLLYWOOD A                          CA                       33394                        360                       356,400.00                     5.625                     20061101   SFR                                               1,670.63                      356,400.00                     5.625    Owner Occupied         CashOut Refi                                               540,000.00                           358      20061201                      0.375                         0.030              5.220                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
DOWNEY                                                  CA                       90242                        360                       381,500.00                     7.375                     20061101   SFR                                               2,344.64                      381,500.00                     7.375    Investment             CashOut Refi                                               560,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Express No Doc                                                           36    H                                                         2.75    LIBOR                             6
SAN ANTONIO                                             TX                       78244                        360                        81,000.00                     6.875                     20061101   PUD                                                 532.11                       80,863.51                     6.875    Investment             Rate Refi                                                  112,300.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
ROCKDALE                                                IL                       60436                        360                       121,600.00                     7.875                     20061201   SFR                                                 881.68                      121,516.32                     7.875    Investment             CashOut Refi                                               152,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
LOS BANOS                                               CA                       93635                        360                       266,250.00                     6.375                     20061101   SFR                                               1,414.45                      266,250.00                     6.375    Owner Occupied         Rate Refi                                                  355,000.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
BELL GARDENS                                            CA                       32905                        360                       335,000.00                     6.625                     20061101   2-FAMILY                                          2,145.04                      334,389.99                     6.625    Owner Occupied         CashOut Refi                                               670,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
HERNANDO BEACH                                          FL                       12577                        360                       150,000.00                     7.750                     20061101   SFR                                                 968.75                      150,000.00                     7.750    Owner Occupied         CashOut Refi                                               290,000.00                           358      20061201                      0.375                         0.030              7.345                                                                                   Express No Doc                                                           36    H                                                         2.75    LIBOR                             6
PICO RIVERA                                             CA                       90660                        360                       320,000.00                     6.250                     20061101   SFR                                               1,666.67                      320,000.00                     6.250    Owner Occupied         CashOut Refi                                               440,000.00                           358      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
CAPE CORAL                                              FL                       12311                        360                       252,800.00                     8.125                     20061101   SFR                                               1,711.67                      252,800.00                     8.125    Investment             CashOut Refi                                               316,000.00                           358      20061201                      0.375                         0.030              7.720                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
SAN ANTONIO                                             TX                       78244                        360                        86,400.00                     6.750                     20061101   SFR                                                 560.39                       86,250.80                     6.750    Investment             Rate Refi                                                  134,700.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
ALBUQUERQUE                                             NM                       31791                        360                       116,000.00                     7.000                     20061101   PUD                                                 676.67                      116,000.00                     7.000    2nd Home               Purchase                                                   145,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
RIVERSIDE                                               CA                       33733                        360                       274,400.00                     8.500                     20061101   SFR                                               2,109.90                      274,066.36                     8.500    Owner Occupied         Purchase                                                   343,000.00                           358      20061201                      0.375                         0.030              8.095                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
WEST COVINA                                             CA                       91792                        360                       339,200.00                     7.500                     20061101   SFR                                               2,120.00                      339,200.00                     7.500    Investment             Purchase                                                   430,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
LOS ANGELES                                             CA                       90006                        360                       732,000.00                     7.875                     20061101   3-FAMILY                                          4,803.75                      732,000.00                     7.875    Owner Occupied         Purchase                                                   925,000.00                           358      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
TEMECULA                                                CA                       92592                        360                       400,000.00                     7.375                     20061101   PUD                                               2,458.33                      400,000.00                     7.375    Owner Occupied         Purchase                                                   500,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
VALENCIA                                                CA                       91354                        360                       768,000.00                     7.750                     20061201   PUD                                               4,960.00                      768,000.00                     7.750    Owner Occupied         CashOut Refi                                               960,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
ALTADENA AREA                                           CA                       91001                        360                       840,000.00                     7.875                     20061101   PUD                                               6,090.58                      838,840.04                     7.875    Owner Occupied         Purchase                                                 1,050,000.00                           358      20061201                      0.375                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                  2.75    LIBOR                             6
BELLFLOWER                                              CA                       33060                        360                       420,000.00                     7.125                     20061201   SFR                                               2,493.75                      420,000.00                     7.125    Owner Occupied         Purchase                                                   525,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
AGOURA HILLS                                            CA                       33298                        360                       348,800.00                     7.125                     20061101   CONDO                                             2,071.00                      348,800.00                     7.125    Owner Occupied         CashOut Refi                                               436,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
MORENO VALLEY                                           CA                       92553                        360                       288,000.00                     6.625                     20061101   SFR                                               1,590.00                      288,000.00                     6.625    Owner Occupied         CashOut Refi                                               360,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
RANCHO CUCAMONGA                                        CA                       33420                        360                       455,200.00                     7.375                     20061101   SFR                                               2,797.58                      455,200.00                     7.375    Owner Occupied         Purchase                                                   570,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                  2.75    LIBOR                             6
SAN DIMAS                                               CA                       91773                        360                       452,000.00                     7.500                     20061101   SFR                                               2,825.00                      452,000.00                     7.500    Owner Occupied         Purchase                                                   590,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
COLTON                                                  CA                       33687                        360                       384,000.00                     7.250                     20061101   SFR                                               2,320.00                      384,000.00                     7.250    Owner Occupied         CashOut Refi                                               480,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
PASADENA                                                CA                       33246                        360                       422,000.00                     6.990                     20061101   CONDO                                             2,458.15                      422,000.00                     6.990    Owner Occupied         Purchase                                                   529,000.00                           358      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
MADERA                                                  CA                       93638                        360                       237,500.00                     6.625                     20061101   SFR                                               1,311.20                      237,500.00                     6.625    Owner Occupied         CashOut Refi                                               330,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   SISA                                                                     36    H                                                         2.75    LIBOR                             6
HOUSTON                                                 TX                       77070                        360                        79,000.00                     7.250                     20061101   PUD                                                 477.29                       78,939.82                     7.250    Investment             Rate Refi                                                  101,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
LOS ANGELES                                             CA                       90063                        360                       412,000.00                     8.000                     20061101   2-FAMILY                                          2,746.67                      412,000.00                     8.000    Owner Occupied         Purchase                                                   515,000.00                           358      20061201                      0.375                         0.030              7.595                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
SOUTH GATE                                              CA                       90280                        360                       395,000.00                     6.750                     20061101   SFR                                               2,221.88                      395,000.00                     6.750    Owner Occupied         CashOut Refi                                               510,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
PALMETTO                                                FL                       12471                        360                       239,200.00                     7.500                     20061201   PUD                                               2,387.83                      239,200.00                     7.500    Owner Occupied         Purchase                                                   300,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
LOS ANGELES                                             CA                       90047                        360                       348,000.00                     6.875                     20061101   SFR                                               1,993.75                      348,000.00                     6.875    Owner Occupied         Purchase                                                   440,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
LOS ANGELES                                             CA                       90003                        360                       380,000.00                     6.625                     20061201   SFR                                               2,097.92                      380,000.00                     6.625    Owner Occupied         Purchase                                                   475,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
CORONA AREA                                             CA                       92882                        360                       384,000.00                     6.375                     20061101   SFR                                               2,040.00                      384,000.00                     6.375    Owner Occupied         CashOut Refi                                               480,000.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Express Verified Assets                                                  12    H                                                            3    LIBOR                             6
CHINO                                                   CA                       33429                        360                       504,000.00                     6.990                     20061101   SFR                                               2,935.80                      504,000.00                     6.990    Owner Occupied         Purchase                                                   640,000.00                           358      20061201                      0.375                         0.030              6.585                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
CHICOPEE                                                MA                        1020                        360                       163,200.00                     7.875                     20061201   2-FAMILY                                          1,183.31                      163,087.69                     7.875    Owner Occupied         Purchase                                                   206,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
ANAHEIM                                                 CA                       33820                        360                       540,000.00                     6.125                     20061201   SFR                                               3,281.10                      540,000.00                     6.125    Owner Occupied         CashOut Refi                                               675,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
WALDORF                                                 MD                       43983                        360                       184,000.00                     7.750                     20061101   PUD                                               1,188.33                      184,000.00                     7.750    Owner Occupied         Purchase                                                   234,000.00                           358      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
LOS ANGELES                                             CA                       90002                        360                       309,600.00                     6.375                     20061101   SFR                                               1,644.75                      309,600.00                     6.375    Owner Occupied         Purchase                                                   387,000.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
FREDERICKSBURG                                          VA                       44652                        360                       146,400.00                     7.500                     20061201   PUD                                                    915                      146,400.00                     7.500    Investment             CashOut Refi                                               183,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
LAMONT                                                  CA                       93241                        360                       176,250.00                     6.250                     20061101   SFR                                                 917.97                      176,250.00                     6.250    Owner Occupied         CashOut Refi                                               235,000.00                           358      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
FREDERICKSBURG                                          VA                       44652                        360                       144,000.00                     7.500                     20061201   PUD                                                    900                      144,000.00                     7.500    Investment             CashOut Refi                                               180,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
SAN DIEGO                                               CA                       33627                        360                       570,000.00                     6.500                     20061101   D-PUDS                                            3,087.50                      570,000.00                     6.500    Owner Occupied         Rate Refi                                                  771,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BARSTOW                                                 CA                       33674                        360                       168,000.00                     7.000                     20061101   SFR                                                    980                      168,000.00                     7.000    Owner Occupied         Purchase                                                   210,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LANCASTER                                               CA                       93534                        360                       228,000.00                     6.625                     20061101   SFR                                               1,258.75                      228,000.00                     6.625    Owner Occupied         Purchase                                                   288,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   60    H                                                            3    LIBOR                             6
VICTORVILLE                                             CA                       92392                        360                       256,000.00                     5.875                     20061101   SFR                                               1,514.34                      255,476.71                     5.875    Owner Occupied         CashOut Refi                                               320,000.00                           358      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
FULLERTON                                               CA                       33847                        360                       408,000.00                     6.375                     20061201   SFR                                               2,352.43                      407,815.07                     6.375    Owner Occupied         CashOut Refi                                               610,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
ONTARIO                                                 CA                       91761                        360                       229,400.00                     5.875                     20061101   SFR                                               1,123.10                      229,400.00                     5.875    Owner Occupied         CashOut Refi                                               310,000.00                           358      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
DOWNEY                                                  CA                       90240                        360                       492,000.00                     6.875                     20061101   SFR                                               3,012.87                      491,610.65                     6.875    Owner Occupied         CashOut Refi                                               615,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                   3.5    LIBOR                             6
LOS ANGELES                                             CA                       90057                        180                       656,000.00                     9.250                     20061101   4-FAMILY                                          5,056.67                      656,000.00                     9.250    Investment             Purchase                                                   900,000.00                           178      20061201                      0.250                         0.030              8.970                                                                                   Express Verified Assets                                                                                                                          FIXED
SAN DIEGO                                               CA                       33607                        180                       488,000.00                     8.000                     20061101   4-FAMILY                                          3,253.33                      488,000.00                     8.000    Owner Occupied         Purchase                                                   610,000.00                           178      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
MIAMI                                                   FL                       33186                        180                       296,000.00                     7.875                     20061201   PUD                                               1,942.50                      296,000.00                     7.875    Owner Occupied         CashOut Refi                                               370,000.00                           179      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    H                                                                 FIXED
SAN PEDRO                                               CA                       33085                        180                       576,000.00                     7.375                     20061101   3-FAMILY                                          3,540.00                      576,000.00                     7.375    Owner Occupied         Purchase                                                   720,000.00                           178      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                   36    H                                                                 FIXED
LOS ANGELES                                             CA                       90018                        180                       480,000.00                     7.875                     20061101   3-FAMILY                                          3,150.00                      480,000.00                     7.875    Owner Occupied         Purchase                                                   600,000.00                           178      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    H                                                                 FIXED
LOS ANGELES                                             CA                       90011                        180                       552,000.00                     7.750                     20061101   4-FAMILY                                          3,565.00                      552,000.00                     7.750    Owner Occupied         Purchase                                                   690,000.00                           178      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
(VAN NUYS AREA) LOS ANGELES                             CA                       33333                        180                       448,000.00                     7.125                     20060801   SFR                                               2,660.00                      448,000.00                     7.125    Owner Occupied         Purchase                                                   570,000.00                           175      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    H                                                                 FIXED
(TUJUNGA AREA) LOS ANGELES                              CA                       91042                        180                       564,000.00                     7.125                     20060901   SFR                                               3,348.75                      564,000.00                     7.125    Owner Occupied         Purchase                                                   708,000.00                           176      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    H                                                                 FIXED
LOS ANGELES                                             CA                       90011                        360                       472,000.00                     7.875                     20060901   3-FAMILY                                          3,097.50                      472,000.00                     7.875    Owner Occupied         Purchase                                                   590,000.00                           356      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    H                                                                 FIXED
SAN DIEGO                                               CA                       33626                        180                       760,000.00                     9.250                     20061001   4-FAMILY                                          5,858.33                      760,000.00                     9.250    Owner Occupied         Purchase                                                   950,000.00                           177      20061201                      0.250                         0.030              8.970                                                                                   Express Verified Assets                                                                                                                          FIXED
HEMET                                                   CA                       92543                        180                       408,000.00                     7.000                     20061101   3-FAMILY                                          2,380.00                      408,000.00                     7.000    Investment             Rate Refi                                                  510,000.00                           178      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   36    H                                                                 FIXED
MIAMI                                                   FL                       33150                        360                       115,500.00                     9.000                     20061001   SFR                                                 929.34                      115,309.31                     9.000    Owner Occupied         CashOut Refi                                               165,000.00                           357      20061201                      0.250                         0.030              8.720                                                                                   Stated                                                                   36    H                                                                 FIXED
BRANDON                                                 MS                       39047                        360                       142,000.00                     8.500                     20061001   SFR                                               1,005.83                      142,000.00                     8.500    Investment             Purchase                                                   177,500.00                           357      20061201                      0.250                         0.030              8.220                                                                                   Full                                                                     12    H                                                                 FIXED
BRANDON                                                 MS                       39047                        360                       150,000.00                     8.500                     20061001   SFR                                               1,062.50                      150,000.00                     8.500    Investment             Purchase                                                   187,500.00                           357      20061201                      0.250                         0.030              8.220                                                                                   Full                                                                     12    H                                                                 FIXED
DENVER                                                  CO                       29270                        360                       264,000.00                     8.375                     20061101   2-FAMILY                                          1,842.50                      264,000.00                     8.375    Investment             Purchase                                                   335,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
CHICAGO                                                 IL                       22088                        180                       228,000.00                     8.990                     20061101   3-FAMILY                                          1,708.10                      228,000.00                     8.990    Investment             Purchase                                                   285,000.00                           178      20061201                      0.250                         0.030              8.710                                                                                   Full                                                                                                                                             FIXED
BROOKSVILLE                                             FL                       12574                        360                       235,920.00                     8.250                     20061101   PUD                                               1,772.39                      235,618.09                     8.250    Investment             Purchase                                                   302,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   36    S                                                                 FIXED
LYNN                                                    MA                       37138                        360                       312,000.00                     8.750                     20061201   3-FAMILY                                          2,454.51                      311,820.49                     8.750    Investment             Purchase                                                   391,000.00                           359      20061201                      0.250                         0.030              8.470                                                                                   Full                                                                     36    S                                                                 FIXED
FITCHBURG                                               MA                       37001                        360                       280,000.00                     8.500                     20061101   4-FAMILY                                          2,152.96                      279,659.54                     8.500    Investment             Purchase                                                   365,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
DORCHESTER                                              MA                       37281                        180                       295,200.00                     9.250                     20061201   CONDO                                             2,275.50                      295,200.00                     9.250    Investment             Purchase                                                   389,000.00                           179      20061201                      0.250                         0.030              8.970                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
LATHROP                                                 CA                       34788                        360                       383,200.00                     7.750                     20061101   SFR                                               2,474.83                      383,200.00                     7.750    Owner Occupied         Purchase                                                   479,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
CHINO HILLS                                             CA                       33428                        360                       432,000.00                     6.875                     20061101   PUD                                               2,475.00                      432,000.00                     6.875    Owner Occupied         CashOut Refi                                               540,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    S                                                                 FIXED
INGLEWOOD                                               CA                       32933                        360                       172,250.00                     6.750                     20061101   CONDO                                               968.91                      172,250.00                     6.750    Investment             CashOut Refi                                               265,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
BAKERSFIELD                                             CA                       34041                        360                       136,000.00                     6.375                     20061201   SFR                                                 848.46                      135,874.04                     6.375    Owner Occupied         CashOut Refi                                               265,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
DOWNEY                                                  CA                       90240                        360                       475,000.00                     6.625                     20061101   SFR                                               3,041.48                      474,159.52                     6.625    Owner Occupied         Rate Refi                                                  650,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
LOS ANGELES ( VAN NUYS AREA )                           CA                       33334                        360                       684,000.00                     6.750                     20061101   SFR                                               4,436.41                      682,818.87                     6.750    Owner Occupied         Purchase                                                   855,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
CLOVIS                                                  CA                       34131                        360                       297,000.00                     6.500                     20061101   SFR                                               1,877.24                      296,461.57                     6.500    Owner Occupied         CashOut Refi                                               396,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
SAN BERNARDINO                                          CA                       92346                        360                       120,000.00                     7.000                     20061101   CONDO                                               798.36                      119,802.71                     7.000    Owner Occupied         Purchase                                                   150,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
BEAUMONT                                                CA                       33657                        240                       160,000.00                     6.375                     20061201   SFR                                               1,181.17                      159,668.83                     6.375    Owner Occupied         CashOut Refi                                               325,000.00                           239      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
LAS VEGAS                                               NV                       32521                        360                       208,000.00                     6.625                     20061101   PUD                                               1,331.85                      207,631.95                     6.625    2nd Home               CashOut Refi                                               260,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
INGLEWOOD                                               CA                       32935                        360                       319,000.00                     6.500                     20061101   SFR                                               2,016.30                      318,420.97                     6.500    Owner Occupied         CashOut Refi                                               420,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
DOWNEY                                                  CA                       90240                        360                       568,000.00                     7.000                     20061101   SFR                                               3,313.33                      568,000.00                     7.000    Owner Occupied         CashOut Refi                                               710,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
RIALTO                                                  CA                       92377                        360                       300,000.00                     6.750                     20061201   SFR                                               1,945.79                      299,741.71                     6.750    Owner Occupied         CashOut Refi                                               440,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
HUNTINGTON PARK AREA                                    CA                       90255                        360                       345,000.00                     6.250                     20061201   2-FAMILY                                          2,124.22                      344,672.66                     6.250    Owner Occupied         CashOut Refi                                               590,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   SISA                                                                                                                                             FIXED
LOS ANGELES                                             CA                       90003                        360                       397,000.00                     6.500                     20061101   2-FAMILY                                          2,509.31                      396,280.27                     6.500    Owner Occupied         CashOut Refi                                               530,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
LOS ANGELES                                             CA                       90045                        360                       388,000.00                     6.875                     20061101   SFR                                               2,548.88                      387,346.21                     6.875    Investment             CashOut Refi                                               850,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
DAVIS                                                   CA                       34866                        360                       285,000.00                     6.625                     20061101   SFR                                               1,824.89                      284,495.71                     6.625    Investment             Purchase                                                   550,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
LONG BEACH                                              CA                       33095                        360                       428,500.00                     6.375                     20061101   SFR                                               2,673.28                      427,704.15                     6.375    Owner Occupied         Rate Refi                                                  565,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   SISA                                                                                                                                             FIXED
COSTA MESA                                              CA                       33781                        360                       571,000.00                     6.750                     20061101   SFR                                               3,211.88                      571,000.00                     6.750    Owner Occupied         CashOut Refi                                               717,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                                                                                                   FIXED
LYNWOOD                                                 CA                       90262                        360                       340,000.00                     6.250                     20061101   SFR                                               2,093.44                      339,353.10                     6.250    Owner Occupied         CashOut Refi                                               425,000.00                           358      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                                                                                           FIXED
LONG BEACH                                              CA                       33090                        360                       286,000.00                     6.500                     20061101   SFR                                               1,807.71                      285,481.52                     6.500    Investment             CashOut Refi                                               505,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
AZUSA AREA                                              CA                       33421                        360                       381,000.00                     6.750                     20061101   SFR                                               2,471.16                      380,342.09                     6.750    Owner Occupied         CashOut Refi                                               485,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
GARDEN GROVE                                            CA                       92843                        360                       468,000.00                     6.875                     20061101   SFR                                               2,681.25                      468,000.00                     6.875    Owner Occupied         Purchase                                                   585,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
AGOURA HILLS                                            CA                       33298                        360                       331,200.00                     6.750                     20061201   CONDO                                             1,863.00                      331,200.00                     6.750    Owner Occupied         Purchase                                                   415,250.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
LONG BEACH                                              CA                       33100                        360                       417,000.00                     6.250                     20061101   SFR                                               2,567.54                      416,206.61                     6.250    Owner Occupied         CashOut Refi                                               730,000.00                           358      20061201                      0.250                         0.030              5.970                                                                                   SISA                                                                                                                                             FIXED
GARDEN GROVE                                            CA                       92840                        360                       450,000.00                     6.625                     20061101   SFR                                               2,881.40                      449,203.76                     6.625    Owner Occupied         CashOut Refi                                               695,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                                                                                             FIXED
RIVERSIDE                                               CA                       33727                        360                       292,000.00                     6.500                     20061101   SFR                                               1,845.64                      291,470.63                     6.500    Owner Occupied         CashOut Refi                                               470,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   SISA                                                                                                                                             FIXED
SAN DIEGO                                               CA                       33632                        360                       367,500.00                     6.875                     20061101   SFR                                               2,414.21                      366,880.75                     6.875    Owner Occupied         Purchase                                                   597,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
RIVERSIDE                                               CA                       33729                        360                       273,000.00                     5.875                     20061201   SFR                                               1,336.56                      273,000.00                     5.875    Investment             Rate Refi                                                  470,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Express Non-Verified Assets                                              36    H                                                            3    LIBOR                             6
LA PUENTE AREA                                          CA                       91744                        360                       317,000.00                     6.875                     20061101   SFR                                               2,082.46                      316,465.85                     6.875    Owner Occupied         CashOut Refi                                               529,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
EL MONTE                                                CA                       91732                        360                       417,000.00                     6.750                     20061101   PUD                                               2,704.65                      415,569.00                     6.750    Investment             CashOut Refi                                               690,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
LOS ANGELES                                             CA                       90061                        360                       273,000.00                     6.875                     20061101   SFR                                               1,793.42                      272,539.97                     6.875    Owner Occupied         CashOut Refi                                               390,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
ROSAMOND                                                CA                       93560                        360                       240,000.00                     6.750                     20061101   SFR                                               1,556.64                      239,585.56                     6.750    Owner Occupied         Purchase                                                   305,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
HAWTHORNE                                               CA                       90250                        360                       456,000.00                     6.750                     20061101   2-FAMILY                                          2,957.61                      455,212.57                     6.750    Owner Occupied         CashOut Refi                                               570,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
HANFORD                                                 CA                       93230                        360                       210,000.00                     6.500                     20061101   SFR                                               1,327.34                      209,619.29                     6.500    Owner Occupied         CashOut Refi                                               310,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
HUNTINGTON PARK                                         CA                       90255                        360                       213,000.00                     6.625                     20061101   SFR                                               1,363.86                      212,623.12                     6.625    Owner Occupied         CashOut Refi                                               465,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                                                                                                   FIXED
LOS ANGELES                                             CA                       90022                        360                       370,000.00                     6.750                     20061101   2-FAMILY                                          2,399.81                      369,361.09                     6.750    Owner Occupied         CashOut Refi                                               540,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
MIDWAY CITY AREA                                        CA                       92655                        360                       342,000.00                     6.625                     20061101   SFR                                               2,189.86                      341,394.87                     6.625    Owner Occupied         Rate Refi                                                  600,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                                                                                             FIXED
RANCHO CUCAMONGA                                        CA                       91739                        360                       465,500.00                     7.125                     20061101   SFR                                               3,136.16                      464,753.29                     7.125    Owner Occupied         CashOut Refi                                               665,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
LONG BEACH                                              CA                       33090                        360                       446,000.00                     6.250                     20061101   2-FAMILY                                          2,746.10                      445,151.43                     6.250    Owner Occupied         CashOut Refi                                               590,000.00                           358      20061201                      0.250                         0.030              5.970                                                                                   Express Verified Assets                                                                                                                          FIXED
SANTA ANA                                               CA                       33789                        360                       505,750.00                     6.625                     20061101   PUD                                               3,238.37                      504,855.12                     6.625    Owner Occupied         Purchase                                                   595,000.00                           358      20061201                      0.250                         0.030              6.345                       UGI                                                    12   Full                                                                                                                                             FIXED
SAN BERNARDINO                                          CA                       33699                        360                       250,000.00                     6.750                     20061101   3-FAMILY                                          1,406.25                      250,000.00                     6.750    Owner Occupied         CashOut Refi                                               435,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
WESTMINSTER                                             CA                       92683                        360                       423,000.00                     6.375                     20061101   SFR                                               2,638.97                      422,214.36                     6.375    Owner Occupied         Rate Refi                                                  652,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
LOS ANGELES                                             CA                       90033                        360                       210,000.00                     6.750                     20061101   SFR                                               1,362.06                      209,637.36                     6.750    Owner Occupied         CashOut Refi                                               440,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
NORTH HOLLYWOOD AREA                                    CA                       33394                        360                       437,250.00                     6.500                     20061201   SFR                                               2,763.72                      436,848.44                     6.500    Owner Occupied         CashOut Refi                                               590,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
WEST COVINA                                             CA                       91792                        360                       150,000.00                     6.750                     20061101   SFR                                                  972.9                      149,740.97                     6.750    Owner Occupied         CashOut Refi                                               570,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
LAS VEGAS                                               NV                       32512                        360                       213,000.00                     7.250                     20061201   SFR                                               1,286.88                      213,000.00                     7.250    Owner Occupied         Purchase                                                   284,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
MOUNT LAUREL                                            NJ                        8054                        360                       184,000.00                     9.625                     20061201   CONDO                                             1,563.98                      183,911.85                     9.625    Investment             Purchase                                                   244,000.00                           359      20061201                      0.375                         0.030              9.220                                                                                   Stated                                                                                                                                      3    LIBOR                             6
MINNEAPOLIS                                             MN                       20190                        360                       300,000.00                     7.125                     20061201   PUD                                               1,781.25                      300,000.00                     7.125    Investment             Rate Refi                                                  410,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
INGLEWOOD                                               CA                  90301-6326                        360                       248,000.00                     7.750                     20070101   CONDO                                             1,776.70                      248,000.00                     7.750    Investment             CashOut Refi                                               380,000.00                           360      20061201                      0.250                         0.030              7.470                                                                                   Express Non-Verified Assets                                                                                                                      FIXED
LAKE MARY                                               FL                       32746                        360                       110,000.00                    10.400                     20061201   PUD                                                    998                      109,955.33                    10.400    Owner Occupied         CashOut Refi                                               127,000.00                           359      20061201                      0.375                         0.030              8.985               1.01    RADIAN - LENDER PAID                                   25   Express Non-Verified Assets                                              24    H                                                         3.75    LIBOR                             6
VISTA                                                   CA                       92083                        360                       392,000.00                     5.875                     20061201   SFR                                               1,919.17                      392,000.00                     5.875    Owner Occupied         Rate Refi                                                  490,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LITTLE ELM                                              TX                       75068                        360                       168,150.00                     7.875                     20061201   D-PUDS                                            1,103.48                      168,150.00                     7.875    2nd Home               Purchase                                                   178,000.00                           359      20061201                      0.375                         0.030              6.430               1.04    RADIAN - LENDER PAID                                   30   Stated                                                                   36    H                                                         3.75    LIBOR                             6
HUNTINGTON BEACH                                        CA                       92649                        360                       750,000.00                     7.750                     20061201   PUD                                               4,843.75                      750,000.00                     7.750    Investment             Purchase                                                 1,225,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
CARLSBAD                                                CA                       92011                        360                       289,000.00                     6.375                     20061201   PUD                                               1,535.31                      289,000.00                     6.375    Investment             CashOut Refi                                               489,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   SISA                                                                     24    H                                                            3    LIBOR                             6
APPLE VALLEY                                            CA                       33670                        360                       152,750.00                     6.250                     20070101   SFR                                                 867.22                      152,750.00                     6.250    Owner Occupied         CashOut Refi                                               335,000.00                           360      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   36    H                                                                 FIXED
RIVERSIDE                                               CA                       33728                        360                       225,000.00                     7.125                     20061201   SFR                                               1,335.94                      225,000.00                     7.125    Investment             CashOut Refi                                               430,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                    3.5    LIBOR                             6
SANTA ANA                                               CA                       33792                        360                       232,500.00                     6.625                     20061201   CONDO                                             1,283.59                      232,500.00                     6.625    Investment             Rate Refi                                                  370,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LAS VEGAS                                               NV                       32516                        360                       213,600.00                     7.625                     20061201   SFR                                               1,357.25                      213,600.00                     7.625    Owner Occupied         Purchase                                                   267,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
AVENTURA                                                FL                       33180                        360                       247,500.00                     8.500                     20070101   HI-RISE                                           1,753.13                      247,500.00                     8.500    Owner Occupied         Purchase                                                   475,000.00                           360      20061201                      0.375                         0.030              8.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
IRVINE                                                  CA                       33759                        360                       577,500.00                     6.750                     20061201   SFR                                               3,248.44                      577,500.00                     6.750    Owner Occupied         Purchase                                                   770,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
PALM DESERT                                             CA                       33645                        360                       142,500.00                     6.375                     20061201   D-PUDS                                              757.03                      142,500.00                     6.375    Investment             CashOut Refi                                               290,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
HOLLYWOOD                                               FL                       33024                        360                       196,000.00                     6.625                     20061201   SFR                                               1,082.08                      196,000.00                     6.625    Investment             CashOut Refi                                               280,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
ARROYO GRANDE                                           CA                       34079                        360                       655,000.00                     5.375                     20070101   SFR                                               2,933.85                      655,000.00                     5.375    Owner Occupied         Rate Refi                                                  940,000.00                           360      20061201                      0.375                         0.030              4.970                                                                                   SISA                                                                                                                                        3    LIBOR                             6
PASADENA                                                CA                       33245                        360                       490,264.00                     6.750                     20061201   SFR                                               2,757.74                      490,264.00                     6.750    Owner Occupied         CashOut Refi                                             1,000,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                      3    LIBOR                             6
WINFIELD                                                MO                       63389                        360                       140,000.00                     7.875                     20061201   SFR                                                 918.75                      140,000.00                     7.875    Owner Occupied         CashOut Refi                                               216,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                                                                                    2.5    LIBOR                             6
LANTANA                                                 FL                       33462                        360                       132,750.00                     7.750                     20061201   SFR                                                 951.04                      132,656.30                     7.750    Investment             CashOut Refi                                               177,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Express Non-Verified Assets                                              36    H                                                            3    LIBOR                             6
SANTA BARBARA                                           CA                       33970                        360                       385,000.00                     6.500                     20061201   SFR                                               2,085.42                      385,000.00                     6.500    Owner Occupied         CashOut Refi                                               735,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc Verified Assets                                           36    H                                                            3    LIBOR                             6
LONG BEACH                                              CA                       33100                        360                       500,000.00                     6.750                     20061201   SFR                                               2,812.50                      500,000.00                     6.750    Owner Occupied         Purchase                                                   625,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
SIMI VALLEY                                             CA                       93065                        360                       492,000.00                     6.750                     20061201   SFR                                               2,767.50                      492,000.00                     6.750    Owner Occupied         CashOut Refi                                               615,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
PHOENIX                                                 AZ                       85016                        360                       160,000.00                     7.000                     20061201   SFR                                                 933.33                      160,000.00                     7.000    Owner Occupied         CashOut Refi                                               200,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
MESA                                                    AZ                       31082                        360                       160,000.00                     7.000                     20061201   SFR                                                 933.33                      160,000.00                     7.000    Owner Occupied         CashOut Refi                                               200,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
QUEEN CREEK                                             AZ                       85242                        360                       165,000.00                     6.500                     20061201   PUD                                                 893.75                      165,000.00                     6.500    Owner Occupied         CashOut Refi                                               215,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
CONCORD                                                 CA                       34474                        360                       373,600.00                     6.625                     20061201   SFR                                               2,062.58                      373,600.00                     6.625    Owner Occupied         Purchase                                                   467,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
CORTEZ                                                  CO                       29666                        360                       179,200.00                     5.875                     20061201   SFR                                                 877.33                      179,200.00                     5.875    Owner Occupied         Purchase                                                   224,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
LAKE FOREST                                             CA                       33785                        360                       494,000.00                     7.000                     20061201   SFR                                               3,286.59                      493,595.08                     7.000    Owner Occupied         CashOut Refi                                               660,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
DAYVILLE                                                CT                        6241                        360                       173,250.00                     6.750                     20061101   SFR                                                 974.53                      173,224.53                     6.750    Owner Occupied         Purchase                                                   235,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                                                                                     3.25    LIBOR                            12
CASTRO VALLEY                                           CA                       94552                        360                       382,400.00                     6.750                     20061201   CONDO                                             2,151.00                      382,300.00                     6.750    Owner Occupied         Purchase                                                   478,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
ROHNERT PARK                                            CA                       34605                        360                       222,400.00                     6.875                     20061201   CONDO                                             1,274.17                      222,400.00                     6.875    Owner Occupied         Purchase                                                   280,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     3.25    LIBOR                            12
ROHNERT PARK                                            CA                       34605                        360                       600,000.00                     6.625                     20061201   SFR                                               3,312.50                      600,000.00                     6.625    Owner Occupied         Rate Refi                                                  750,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     3.25    LIBOR                            12
NORWALK                                                 CA                       90650                        360                       412,000.00                     6.750                     20061201   SFR                                               2,317.50                      412,000.00                     6.750    Owner Occupied         Rate Refi                                                  515,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                          4.5    LIBOR                             6
LOS ANGELES                                             CA                       90043                        360                       243,000.00                     6.500                     20061201   SFR                                               1,316.25                      243,000.00                     6.500    Owner Occupied         CashOut Refi                                               473,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
CHICAGO                                                 IL                       60649                        360                       119,000.00                     7.000                     20061201   2-FAMILY                                            694.17                      119,000.00                     7.000    Investment             Purchase                                                   245,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                        3    LIBOR                             6
AURORA                                                  CO                       80013                        360                       133,650.00                     7.875                     20070101   SFR                                                 877.08                      133,650.00                     7.875    Investment             Purchase                                                   181,000.00                           360      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
TAMPA                                                   FL                       12212                        360                       256,500.00                     7.750                     20061101   3-FAMILY                                          1,837.60                      256,136.75                     7.750    Owner Occupied         Purchase                                                   300,000.00                           358      20061201                      0.250                         0.030              7.470                       PMI                                                    25   Stated                                                                                                                                           FIXED
WILLINGBORO                                             NJ                        8046                        360                       257,500.00                     7.000                     20061101   SFR                                               1,713.15                      257,076.63                     7.000    Owner Occupied         CashOut Refi                                               323,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
SHOREWOOD                                               IL                       60431                        360                       258,000.00                     7.875                     20061101   SFR                                               1,870.68                      257,643.73                     7.875    Owner Occupied         Rate Refi                                                  410,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
KANAB                                                   UT                       84741                        360                       258,000.00                     7.250                     20061201   SFR                                               1,760.01                      257,798.74                     7.250    Owner Occupied         Rate Refi                                                  287,418.00                           359      20061201                      0.250                         0.030              6.970                       PMI                                                    25   SISA                                                                                                                                             FIXED
ROSEBURG                                                OR                       97470                        360                       260,000.00                     7.750                     20061101   2-FAMILY                                          1,862.67                      259,631.81                     7.750    Investment             CashOut Refi                                               325,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
LANHAM                                                  MD                       44018                        360                       260,000.00                     6.500                     20061201   SFR                                               1,643.38                      259,764.95                     6.500    Owner Occupied         CashOut Refi                                               337,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
ROSEVILLE                                               CA                       95678                        360                       260,000.00                     6.750                     20061101   SFR                                               1,686.36                      259,235.62                     6.750    Owner Occupied         CashOut Refi                                               325,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
TAUNTON                                                 MA                        2780                        360                       264,000.00                     7.500                     20061101   3-FAMILY                                          1,845.93                      263,606.92                     7.500    Investment             CashOut Refi                                               330,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
AKRON                                                   OH                       16151                        180                        53,600.00                     7.750                     20061101   2-FAMILY                                            504.52                       53,181.95                     7.750    Investment             CashOut Refi                                                67,000.00                           178      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
MARIETTA                                                GA                       30060                        180                        98,800.00                     7.125                     20061101   SFR                                                 894.96                       98,181.50                     7.125    Investment             Purchase                                                   123,500.00                           178      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                  60    H                                                                 FIXED
CHARLOTTE                                               NC                       28270                        180                       120,000.00                     7.750                     20061101   SFR                                               1,129.53                      119,288.65                     7.750    Investment             CashOut Refi                                               150,000.00                           178      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
BLUE ISLAND                                             IL                       22012                        180                       128,000.00                     7.125                     20061101   SFR                                               1,159.46                      127,157.12                     7.125    Owner Occupied         CashOut Refi                                               185,000.00                           178      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                                                                                                   FIXED
CONCAN                                                  TX                       78838                        180                       143,920.00                     7.500                     20061101   PUD                                               1,334.16                      142,715.25                     7.500    2nd Home               Purchase                                                   180,000.00                           178      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
BLAIRSVILLE                                             GA                       11090                        180                       220,000.00                     7.500                     20061101   SFR                                               2,039.43                      218,666.99                     7.500    Owner Occupied         CashOut Refi                                               275,000.00                           178      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
MESQUITE                                                TX                       75150                        180                       224,000.00                     7.250                     20061101   SFR                                               2,044.81                      222,612.87                     7.250    Owner Occupied         CashOut Refi                                               280,000.00                           178      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
EXETER                                                  CA                       34021                        360                        40,000.00                     7.875                     20061101   SFR                                                 290.03                       39,944.76                     7.875    Investment             CashOut Refi                                               395,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
HORNBROOK                                               CA                       96044                        360                        48,500.00                     7.750                     20061101   SFR                                                 347.46                       48,431.32                     7.750    Investment             CashOut Refi                                               160,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
JACKSONVILLE                                            FL                       11725                        360                        50,000.00                     7.250                     20061101   SFR                                                 341.09                       49,921.75                     7.250    Investment             CashOut Refi                                                76,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
GRANTS PASS                                             OR                       35577                        360                        50,000.00                     7.000                     20061201   SFR                                                 332.65                       49,959.02                     7.000    Owner Occupied         Purchase                                                   265,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
DAYTON                                                  OH                       16529                        360                        50,300.00                     7.000                     20061101   SFR                                                 334.65                       50,217.30                     7.000    Owner Occupied         Rate Refi                                                   63,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                           60    H                                                                 FIXED
COPPERAS COVE                                           TX                       27902                        360                        50,800.00                     8.000                     20061101   SFR                                                 372.75                       50,731.36                     8.000    2nd Home               Purchase                                                    68,900.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Express No Doc                                                           36    H                                                                 FIXED
DETROIT                                                 MI                       17566                        360                        52,100.00                     7.875                     20061101   SFR                                                 377.76                       52,028.06                     7.875    Investment             CashOut Refi                                                69,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
SPRINGFIELD                                             OH                       16563                        360                        52,800.00                     8.125                     20061101   2-FAMILY                                            392.04                       52,730.69                     8.125    Investment             CashOut Refi                                                66,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                   36    H                                                                 FIXED
ALEXANDRIA                                              LA                       25993                        360                        52,910.00                     7.750                     20061101   SFR                                                 379.05                       52,835.08                     7.750    Investment             Purchase                                                    85,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
MACON                                                   GA                       11358                        360                        54,400.00                     7.625                     20061101   SFR                                                 385.04                       54,321.01                     7.625    Owner Occupied         Purchase                                                    68,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
BLADENSBURG                                             MD                       44022                        360                        54,950.00                     7.375                     20061101   CONDO                                               379.53                       54,866.11                     7.375    Investment             CashOut Refi                                                78,500.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
KALAMAZOO                                               MI                       49001                        360                        55,100.00                     8.500                     20061101   SFR                                                 423.67                       54,972.93                     8.500    Owner Occupied         Purchase                                                    58,000.00                           358      20061201                      0.250                         0.030              8.220                       PMI                                                    30   Express No Doc                                                                                                                                   FIXED
BALTIMORE                                               MD                       44252                        360                        55,920.00                     7.500                     20061101   SFR                                                    391                       55,836.74                     7.500    Owner Occupied         Purchase                                                    70,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                                                                                             FIXED
JACKSONVILLE                                            FL                       32277                        360                        56,000.00                     7.125                     20061101   SFR                                                 377.28                       55,910.17                     7.125    2nd Home               Rate Refi                                                   70,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                     36    H                                                                 FIXED
PITTSBURGH                                              PA                       42055                        360                        56,000.00                     7.625                     20061101   SFR                                                 396.36                       55,917.60                     7.625    Investment             CashOut Refi                                                70,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
DETROIT                                                 MI                       17568                        360                        57,600.00                     8.000                     20061101   SFR                                                 422.65                       57,522.44                     8.000    Investment             CashOut Refi                                                72,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
ANDERSON                                                IN                       46016                        360                        57,600.00                     7.500                     20061201   SFR                                                 402.75                       57,557.25                     7.500    Investment             CashOut Refi                                                72,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
PHILADELPHIA                                            PA                       19145                        360                        58,500.00                     7.625                     20061101   SFR                                                 414.06                       58,415.05                     7.625    Investment             CashOut Refi                                                75,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   60    H                                                                 FIXED
KINGS MOUNTAIN                                          NC                       28086                        360                        59,600.00                     7.125                     20061101   SFR                                                 401.54                       59,504.29                     7.125    Investment             CashOut Refi                                                75,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
TAYLORSVILLE                                            NC                       28681                        360                        60,000.00                     8.000                     20061101   SFR                                                 440.26                       59,919.21                     8.000    Investment             CashOut Refi                                                80,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Express Verified Assets                                                                                                                          FIXED
AUGUSTA                                                 GA                       11205                        360                        60,000.00                     7.750                     20061101   SFR                                                 429.85                       59,915.03                     7.750    Investment             Rate Refi                                                   75,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
BURLINGTON                                              NC                       46435                        360                        60,000.00                     7.750                     20061101   SFR                                                 429.85                       59,915.03                     7.750    Investment             CashOut Refi                                                75,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
JACKSON                                                 MS                       14280                        360                        60,000.00                     7.875                     20061201   SFR                                                 435.04                       59,958.71                     7.875    Investment             Purchase                                                    75,000.00                           359      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
DAYTON                                                  OH                       16532                        360                        60,800.00                     8.000                     20061101   SFR                                                 446.13                       60,718.13                     8.000    Investment             CashOut Refi                                                76,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Express No Doc                                                                                                                                   FIXED
LOUISVILLE                                              KY                       14651                        360                        62,400.00                     8.125                     20061101   SFR                                                 463.32                       62,318.08                     8.125    Investment             CashOut Refi                                                78,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   SISA                                                                                                                                             FIXED
OCALA                                                   FL                       34472                        360                        63,000.00                     7.375                     20061101   SFR                                                 435.13                       62,903.82                     7.375    Owner Occupied         Purchase                                                   130,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
DES MOINES                                              IA                       18335                        360                        63,000.00                     7.250                     20061101   SFR                                                 429.77                       62,901.42                     7.250    Investment             CashOut Refi                                                92,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
KANNAPOLIS                                              NC                       28081                        360                        63,000.00                     6.750                     20061101   SFR                                                 408.62                       62,785.20                     6.750    Investment             CashOut Refi                                                90,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
CLOVIS                                                  NM                       32143                        360                        64,000.00                     7.000                     20061101   SFR                                                 425.79                       63,894.78                     7.000    Investment             CashOut Refi                                                81,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
DETROIT                                                 MI                       17576                        360                        64,000.00                     8.500                     20061101   SFR                                                  492.1                       63,922.19                     8.500    Investment             CashOut Refi                                                80,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
JACKSONVILLE                                            FL                       32254                        360                        64,000.00                     7.500                     20061201   SFR                                                  447.5                       63,844.09                     7.500    Owner Occupied         Purchase                                                    88,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
GARY                                                    IN                       16896                        360                        64,000.00                     8.125                     20061101   SFR                                                  475.2                       63,915.98                     8.125    Investment             CashOut Refi                                                80,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express Verified Assets                                                                                                                          FIXED
HOUSTON                                                 TX                       77028                        360                        64,000.00                     8.875                     20061101   SFR                                                 509.21                       63,927.98                     8.875    Investment             CashOut Refi                                                80,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Express No Doc                                                                                                                                   FIXED
UPPER DARBY                                             PA                       19082                        360                        65,000.00                     7.625                     20061201   SFR                                                 460.07                       64,952.95                     7.625    Investment             CashOut Refi                                                99,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
LANSING                                                 MI                       17782                        360                        65,250.00                     7.750                     20061101   SFR                                                 467.46                       65,157.60                     7.750    Investment             Rate Refi                                                   87,500.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                           36    H                                                                 FIXED
KANSAS CITY                                             MO                       23399                        360                        66,400.00                     8.375                     20061101   SFR                                                 504.69                       66,181.23                     8.375    Investment             CashOut Refi                                                83,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
SEBRING                                                 OH                       44672                        360                        67,200.00                     8.500                     20061201   SFR                                                 516.71                       67,159.29                     8.500    Owner Occupied         CashOut Refi                                                84,000.00                           359      20061201                      0.250                         0.030              8.220                                                                                   Express No Doc                                                           60    H                                                                 FIXED
CHARLOTTE                                               NC                       28262                        360                        68,000.00                     7.500                     20061001   SFR                                                 475.47                       67,847.64                     7.500    Investment             Purchase                                                    85,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
GARLAND                                                 TX                       75043                        360                        68,000.00                     7.875                     20061001   SFR                                                 493.05                       67,858.67                     7.875    Owner Occupied         CashOut Refi                                                85,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
WASCO                                                   OR                       97065                        360                        68,000.00                     7.250                     20061101   SFR                                                 463.88                       67,893.58                     7.250    Owner Occupied         Purchase                                                    85,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                                                                                                   FIXED
INDIANAPOLIS                                            IN                       16852                        360                        68,800.00                     7.250                     20061101   2-FAMILY                                            469.34                       68,692.33                     7.250    Investment             CashOut Refi                                                86,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
AMBRIDGE                                                PA                       15003                        360                        69,600.00                     8.500                     20061101   3-FAMILY                                            535.16                       69,515.38                     8.500    Investment             CashOut Refi                                                87,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Express No Doc                                                           36    H                                                                 FIXED
EASLEY                                                  SC                       29642                        360                        70,000.00                     6.500                     20061101   SFR                                                 442.44                       69,873.11                     6.500    Owner Occupied         Purchase                                                   107,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Express No Doc                                                                                                                                   FIXED
MONTGOMERY                                              MI                       49255                        360                        70,400.00                     7.875                     20061101   SFR                                                 510.45                       70,302.78                     7.875    Owner Occupied         CashOut Refi                                                88,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Full                                                                                                                                             FIXED
PHILADELPHIA                                            PA                       19145                        360                        70,400.00                     7.625                     20061201   SFR                                                 498.29                       70,349.04                     7.625    Investment             CashOut Refi                                                88,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   60    H                                                                 FIXED
SAN ANTONIO                                             TX                       78244                        360                        70,910.00                     8.875                     20061101   PUD                                                 564.19                       70,830.20                     8.875    Investment             Purchase                                                    95,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Express No Doc                                                                                                                                   FIXED
ANGLETON                                                TX                       28260                        360                        71,200.00                     7.625                     20061101   SFR                                                 503.95                       71,096.61                     7.625    Investment             Rate Refi                                                   89,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   36    H                                                                 FIXED
DETROIT                                                 MI                       17582                        360                        71,250.00                     7.875                     20061101   SFR                                                 516.61                       71,122.54                     7.875    Owner Occupied         Purchase                                                    75,000.00                           358      20061201                      0.250                         0.030              7.595                       PMI                                                    30   SISA                                                                     36    H                                                                 FIXED
BIRMINGHAM                                              AL                       12820                        360                        71,600.00                     6.875                     20061101   SFR                                                 470.36                       71,479.35                     6.875    Investment             Purchase                                                   109,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
SHERIDAN                                                AR                       72150                        360                        72,000.00                     7.625                     20061101   SFR                                                 509.61                       71,895.45                     7.625    Investment             CashOut Refi                                                90,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
KANSAS CITY                                             KS                       24111                        360                        72,000.00                     8.250                     20061201   SFR                                                 540.91                       71,954.09                     8.250    Investment             CashOut Refi                                                90,000.00                           359      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                                                                                           FIXED
COLORADO SPRINGS                                        CO                       29468                        360                        74,000.00                     7.750                     20061201   PUD                                                 530.15                       73,947.77                     7.750    Owner Occupied         Purchase                                                    93,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
KINGS MOUNTAIN                                          NC                       28086                        360                        74,800.00                     7.125                     20061101   SFR                                                 503.94                       74,680.02                     7.125    Investment             CashOut Refi                                                94,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
JACKSONVILLE                                            AR                       72076                        360                        74,800.00                     7.250                     20061101   SFR                                                 510.27                       74,631.07                     7.250    Owner Occupied         CashOut Refi                                                93,500.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
LYNCHBURG                                               VA                       45413                        360                        75,000.00                     8.750                     20061201   SFR                                                 590.03                       74,856.85                     8.750    Investment             CashOut Refi                                               100,000.00                           359      20061201                      0.250                         0.030              8.470                                                                                   Express Verified Assets                                                                                                                          FIXED
JOHNSON CITY                                            NY                       13790                        360                        75,000.00                     7.125                     20061101   SFR                                                 505.29                       74,884.30                     7.125    Investment             CashOut Refi                                               125,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
PITTSFIELD                                              MA                       36923                        360                        75,000.00                     7.125                     20061201   SFR                                                 505.29                       74,940.02                     7.125    Owner Occupied         CashOut Refi                                               127,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
READSBORO                                               VT                        5350                        360                        75,050.00                     8.375                     20061101   SFR                                                 570.43                       74,956.39                     8.375    Owner Occupied         Purchase                                                    95,000.00                           358      20061201                      0.250                         0.030              8.095                       PMI                                                    30   SISA                                                                                                                                             FIXED
DETROIT                                                 MI                       17590                        360                        76,000.00                     8.500                     20061101   SFR                                                 584.37                       75,907.60                     8.500    Investment             CashOut Refi                                                95,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   SISA                                                                     36    H                                                                 FIXED
MARKHAM                                                 IL                       22034                        360                        78,200.00                     8.000                     20061101   SFR                                                  573.8                       78,094.71                     8.000    Owner Occupied         Purchase                                                   105,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Express No Doc                                                                                                                                   FIXED
NEW HAVEN                                               CT                       38855                        360                        79,920.00                     8.625                     20061201   CONDO                                               621.61                       79,872.82                     8.625    Investment             Purchase                                                    99,900.00                           359      20061201                      0.250                         0.030              8.345                                                                                   SISA                                                                                                                                             FIXED
NEW HAVEN                                               CT                       38855                        360                        79,920.00                     8.625                     20061201   CONDO                                               621.61                       79,872.82                     8.625    Investment             Purchase                                                    99,900.00                           359      20061201                      0.250                         0.030              8.345                                                                                   SISA                                                                                                                                             FIXED
OMAHA                                                   NE                       68144                        360                        80,000.00                     8.375                     20061101   SFR                                                 608.06                       79,900.20                     8.375    Owner Occupied         Purchase                                                   109,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
RAYTOWN                                                 MO                       64133                        360                        80,000.00                     7.875                     20061101   SFR                                                 580.06                       79,889.52                     7.875    Investment             Purchase                                                   106,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
SAINT LOUIS                                             MO                       63138                        360                        80,000.00                     7.625                     20061101   SFR                                                 566.23                       79,883.84                     7.625    Investment             CashOut Refi                                               104,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
SAINT PETERSBURG                                        FL                       12236                        360                        80,000.00                     7.250                     20061101   SFR                                                 545.74                       79,874.81                     7.250    Investment             CashOut Refi                                               170,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
OSHKOSH                                                 WI                       19968                        360                        80,000.00                     8.500                     20061101   2-FAMILY                                            615.13                       79,902.73                     8.500    Investment             CashOut Refi                                               100,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Stated                                                                   12    H                                                                 FIXED
PERRINE                                                 FL                       33157                        360                        80,000.00                     7.625                     20061201   SFR                                                 566.23                       79,942.10                     7.625    Owner Occupied         CashOut Refi                                               156,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
ROME                                                    GA                       30161                        360                        80,200.00                     7.250                     20061201   SFR                                                 547.11                       80,137.43                     7.250    Investment             Rate Refi                                                  105,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
TULSA                                                   OK                       27057                        360                        80,400.00                     6.375                     20061101   SFR                                                 501.59                       80,250.68                     6.375    Investment             Rate Refi                                                  100,500.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    H                                                                 FIXED
IONIA                                                   MI                       48846                        360                        82,400.00                     7.250                     20061101   SFR                                                 562.11                       82,271.06                     7.250    Investment             CashOut Refi                                               103,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
IDAHO FALLS                                             ID                       30407                        360                        82,400.00                     7.250                     20061201   SFR                                                 562.11                       82,335.72                     7.250    Owner Occupied         Purchase                                                   104,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                           36    H                                                                 FIXED
READING                                                 PA                       43618                        360                        84,000.00                     8.250                     20061101   4-FAMILY                                            631.06                       83,892.51                     8.250    Investment             Purchase                                                   105,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                                                                                           FIXED
AURORA                                                  CO                       80015                        360                        84,000.00                     6.875                     20061101   SFR                                                 551.82                       83,858.46                     6.875    Owner Occupied         Purchase                                                   171,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
SAN ANTONIO                                             TX                       78250                        360                        84,000.00                     8.000                     20061101   SFR                                                 616.36                       83,886.90                     8.000    Investment             CashOut Refi                                               105,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                   36    H                                                                 FIXED
FARMERSVILLE                                            CA                       34023                        360                        84,000.00                     7.750                     20061201   SFR                                                 601.79                       83,940.71                     7.750    Investment             Purchase                                                   105,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
GOLDENDALE                                              WA                       35966                        360                        84,400.00                     7.750                     20061201   SFR                                                 604.65                       84,340.43                     7.750    Investment             CashOut Refi                                               105,500.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   12    H                                                                 FIXED
BIG ISLAND                                              VA                       45438                        360                        85,000.00                     6.875                     20061101   SFR                                                 558.39                       84,856.77                     6.875    Owner Occupied         CashOut Refi                                               143,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                                                                                                   FIXED
PHILADELPHIA                                            PA                       19148                        360                        85,000.00                     7.000                     20061201   SFR                                                 565.51                       84,925.86                     7.000    Owner Occupied         CashOut Refi                                               122,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   12    H                                                                 FIXED
THE DALLES                                              OR                       97058                        360                        85,000.00                     7.250                     20061101   CONDO                                               579.85                       84,826.56                     7.250    Owner Occupied         CashOut Refi                                               200,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                                                                                                   FIXED
HOUSTON                                                 TX                       77082                        360                        86,250.00                     7.500                     20061101   SFR                                                 603.07                       85,316.56                     7.500    Investment             Purchase                                                   128,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
BRIDGEVILLE                                             DE                       19933                        360                        87,075.00                     8.125                     20061101   SFR                                                 646.53                       86,960.69                     8.125    Investment             Purchase                                                   107,000.00                           358      20061201                      0.250                         0.030              7.845                       RADIAN - BORROWER PAID                                 25   Full                                                                     60    H                                                                 FIXED
ROANOKE                                                 VA                       24014                        360                        88,000.00                     7.375                     20061101   SFR                                                 607.79                       87,865.67                     7.375    Owner Occupied         Purchase                                                   115,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                     36    H                                                                 FIXED
ROWLETT                                                 TX                       75088                        360                        88,000.00                     7.500                     20061201   SFR                                                 615.31                       87,934.69                     7.500    Investment             Purchase                                                   110,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                                                                                             FIXED
EASTON                                                  PA                       18042                        360                        88,800.00                     7.750                     20061101   SFR                                                 636.17                       88,674.26                     7.750    Investment             CashOut Refi                                               111,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
GALION                                                  OH                       44833                        360                        88,800.00                     8.125                     20061101   SFR                                                 659.34                       88,683.43                     8.125    Investment             CashOut Refi                                               111,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Full                                                                     12    H                                                                 FIXED
MIAMI                                                   FL                       33157                        360                        88,900.00                     6.875                     20061201   CONDO                                               584.01                       88,825.31                     6.875    Owner Occupied         Purchase                                                   127,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
SALT LAKE CITY                                          UT                       30696                        360                        89,600.00                     7.000                     20061101   SFR                                                 596.11                       89,452.69                     7.000    Investment             Rate Refi                                                  112,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   36    H                                                                 FIXED
GRAND RAPIDS                                            MI                       18021                        360                        90,000.00                     7.500                     20061001   SFR                                                 629.29                       89,798.37                     7.500    Investment             CashOut Refi                                               120,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
DICKINSON                                               TX                       77539                        360                        90,000.00                     7.500                     20061101   SFR                                                 629.29                       89,866.00                     7.500    Investment             Rate Refi                                                  112,500.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                                                                                             FIXED
SALT LAKE CITY                                          UT                       30696                        360                        90,000.00                     7.000                     20061101   SFR                                                 598.77                       89,852.03                     7.000    Investment             Rate Refi                                                  112,500.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
GASTONIA                                                NC                       28054                        360                        90,400.00                     7.875                     20061101   CONDO                                               655.46                       90,275.17                     7.875    Owner Occupied         CashOut Refi                                               113,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Full                                                                                                                                             FIXED
HANOVER PARK                                            IL                       60133                        360                        90,500.00                     7.125                     20061101   PUD                                                 609.72                       90,354.81                     7.125    Investment             CashOut Refi                                               172,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
SOUTH EUCLID                                            OH                       16092                        360                        91,000.00                     7.500                     20061201   SFR                                                 636.29                       90,932.46                     7.500    Investment             CashOut Refi                                               130,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
GRETNA                                                  LA                       70056                        360                        91,600.00                     7.625                     20061101   CONDO                                               648.34                       91,466.98                     7.625    Owner Occupied         Purchase                                                   117,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
DETROIT                                                 MI                       17582                        360                        92,800.00                     7.750                     20061101   SFR                                                 664.83                       92,668.58                     7.750    Investment             CashOut Refi                                               116,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
LAUDERHILL                                              FL                       12126                        360                        93,000.00                     7.250                     20061201   CONDO                                               634.42                       92,927.46                     7.250    Owner Occupied         CashOut Refi                                               163,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
EAU CLAIRE                                              WI                       19908                        360                        94,000.00                     7.625                     20061101   SFR                                                 665.33                       93,863.49                     7.625    Investment             CashOut Refi                                               192,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
WARNER ROBINS                                           GA                       31088                        360                        94,000.00                     7.750                     20061101   SFR                                                 673.43                       93,866.87                     7.750    Owner Occupied         Purchase                                                   118,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
WAUKEGAN                                                IL                       60085                        360                        94,800.00                     7.375                     20061101   2-FAMILY                                            654.76                       94,358.85                     7.375    Owner Occupied         Purchase                                                   120,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                                                                                             FIXED
CYPRESS                                                 TX                       77433                        360                        94,948.00                     7.625                     20061101   SFR                                                 672.04                       94,810.12                     7.625    Investment             Purchase                                                   118,685.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
CLOVIS                                                  CA                       34132                        360                        95,000.00                     7.500                     20061101   SFR                                                 664.25                       94,858.56                     7.500    Investment             CashOut Refi                                               215,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                     60    H                                                                 FIXED
VENICE                                                  FL                       34292                        360                        95,000.00                     7.125                     20061101   PUD                                                 640.03                       94,847.61                     7.125    Owner Occupied         CashOut Refi                                               200,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
WATERBURY                                               CT                       38904                        360                        96,000.00                     7.875                     20061101   3-FAMILY                                            696.07                       95,867.43                     7.875    Owner Occupied         Purchase                                                   142,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
CARTERSVILLE                                            GA                       10978                        360                        96,800.00                     7.750                     20061101   SFR                                                 693.49                       96,662.92                     7.750    Investment             Purchase                                                   121,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
SPRING                                                  TX                       77373                        360                        96,800.00                     7.375                     20061101   PUD                                                 668.57                       96,652.24                     7.375    Investment             Rate Refi                                                  121,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                                                                                             FIXED
PHENIX CITY                                             AL                       36867                        360                        97,600.00                     7.500                     20061101   SFR                                                 682.43                       97,454.69                     7.500    Investment             Purchase                                                   140,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
ATLANTA                                                 GA                       11032                        360                        98,000.00                     6.875                     20061101   SFR                                                 643.79                       97,834.87                     6.875    Owner Occupied         CashOut Refi                                               140,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
GRAND RAPIDS                                            MI                       18024                        360                        99,000.00                     7.500                     20061001   SFR                                                 692.22                       98,778.21                     7.500    Investment             CashOut Refi                                               132,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
PENSACOLA                                               FL                       11815                        360                       100,000.00                     6.875                     20061101   SFR                                                 656.93                       99,831.50                     6.875    Owner Occupied         CashOut Refi                                               140,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
DALLAS                                                  TX                       75237                        360                       100,000.00                     7.750                     20061101   SFR                                                 716.41                       99,858.39                     7.750    Investment             CashOut Refi                                               125,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Full                                                                     12    H                                                                 FIXED
RICHTON PARK                                            IL                       60471                        360                       100,000.00                     8.375                     20061101   SFR                                                 760.07                       99,875.26                     8.375    Investment             CashOut Refi                                               125,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
CARTERSVILLE                                            GA                       10978                        360                       100,240.00                     7.750                     20061101   SFR                                                 718.13                      100,098.05                     7.750    Investment             Purchase                                                   125,500.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
SALISBURY                                               NC                       28144                        360                       102,400.00                     8.125                     20061101   3-FAMILY                                            760.32                      102,265.57                     8.125    Investment             Rate Refi                                                  128,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
PLANO                                                   TX                       75074                        360                       102,400.00                     7.250                     20061101   SFR                                                 698.55                      102,239.75                     7.250    Investment             Rate Refi                                                  128,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
AUBURN                                                  CA                       34852                        360                       103,000.00                     6.875                     20061101   CONDO                                               676.64                      102,826.43                     6.875    Investment             Rate Refi                                                  165,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
RINER                                                   VA                       24149                        360                       103,200.00                     8.500                     20061101   SFR                                                 793.52                      103,074.52                     8.500    Owner Occupied         Purchase                                                   129,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Express Verified Assets                                                                                                                          FIXED
HITCHCOCK                                               TX                       77563                        360                       103,200.00                     8.000                     20061101   SFR                                                 757.25                      103,061.04                     8.000    Investment             CashOut Refi                                               129,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Express Verified Assets                                                  60    H                                                                 FIXED
WAXHAW                                                  NC                       28173                        360                       104,000.00                     7.500                     20061101   SFR                                                 727.18                      103,845.16                     7.500    Investment             Rate Refi                                                  142,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
ELMIRA                                                  NY                       41885                        360                       104,500.00                     7.750                     20061101   SFR                                                 748.65                      104,352.02                     7.750    Investment             CashOut Refi                                               171,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
MELBOURNE                                               FL                       32935                        360                       105,000.00                     7.125                     20061101   SFR                                                  707.4                      104,831.58                     7.125    Owner Occupied         CashOut Refi                                               200,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                           36    H                                                                 FIXED
DESTREHAN                                               LA                       70047                        360                       105,400.00                     7.875                     20061201   SFR                                                 764.22                      105,327.47                     7.875    Owner Occupied         Rate Refi                                                  124,000.00                           359      20061201                      0.250                         0.030              7.595                       MGIC                                                   20   Stated                                                                   36    H                                                                 FIXED
RIDGELAND                                               MS                       39157                        360                       105,600.00                     7.000                     20061101   SFR                                                 702.56                      105,426.38                     7.000    Investment             CashOut Refi                                               132,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
HARTSVILLE                                              TN                       37074                        360                       105,600.00                     8.625                     20061101   SFR                                                 821.35                      105,474.85                     8.625    Owner Occupied         Purchase                                                   132,000.00                           358      20061201                      0.250                         0.030              8.345                                                                                   Stated                                                                   36    H                                                                 FIXED
PORT RICHEY                                             FL                       34668                        360                       107,000.00                     7.625                     20061101   SFR                                                 757.34                      106,844.62                     7.625    Investment             CashOut Refi                                               145,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
CEDAR HILL                                              TX                       27398                        360                       107,200.00                     7.750                     20061101   SFR                                                 767.99                      107,048.19                     7.750    Investment             CashOut Refi                                               134,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
HOUSTON                                                 TX                       77064                        360                       107,670.00                     6.875                     20061101   PUD                                                 707.32                      107,488.56                     6.875    Owner Occupied         Purchase                                                   137,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
HURST                                                   TX                       76053                        360                       108,000.00                     7.250                     20061101   SFR                                                 736.75                      107,830.99                     7.250    Owner Occupied         CashOut Refi                                               135,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
TAYLORS                                                 SC                       29687                        360                       108,000.00                     7.125                     20061101   SFR                                                 727.62                      107,826.75                     7.125    Owner Occupied         Rate Refi                                                  135,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
ATLANTA                                                 GA                       30360                        360                       108,750.00                     7.625                     20061201   SFR                                                 769.73                      108,671.29                     7.625    Investment             CashOut Refi                                               145,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
FLAGSTAFF                                               AZ                       86001                        360                       110,000.00                     7.500                     20061101   SFR                                                 769.14                      109,836.21                     7.500    Owner Occupied         CashOut Refi                                               900,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   NINA                                                                                                                                             FIXED
PIEDMONT                                                OK                       73078                        360                       111,000.00                     7.250                     20061101   SFR                                                 757.22                      110,826.29                     7.250    Investment             Rate Refi                                                  148,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
BATON ROUGE                                             LA                       25797                        360                       111,140.00                     7.375                     20061101   SFR                                                 767.62                      110,970.34                     7.375    Investment             Purchase                                                   139,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
GLADSTONE                                               MO                       23394                        360                       111,400.00                     8.500                     20061101   2-FAMILY                                            856.57                      111,264.55                     8.500    Investment             Purchase                                                   155,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Express Verified Assets                                                                                                                          FIXED
GLADSTONE                                               MO                       23394                        360                       111,425.00                     8.500                     20061101   2-FAMILY                                            856.76                      111,289.52                     8.500    Investment             Purchase                                                   154,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Express Verified Assets                                                                                                                          FIXED
RICHMOND                                                TX                       77469                        360                       111,600.00                     7.625                     20061101   SFR                                                  789.9                      111,437.94                     7.625    Owner Occupied         Purchase                                                   143,500.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
CONYERS                                                 GA                       30094                        360                       112,000.00                     6.625                     20061101   SFR                                                 717.15                      111,801.82                     6.625    Owner Occupied         Rate Refi                                                  140,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
CHICAGO                                                 IL                       22076                        360                       112,000.00                     7.750                     20061201   SFR                                                 802.38                      111,920.95                     7.750    Owner Occupied         CashOut Refi                                               170,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
POCATELLO                                               ID                       30351                        360                       112,000.00                     6.750                     20061201   SFR                                                 726.43                      111,898.00                     6.750    Owner Occupied         Purchase                                                   140,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
OMAHA                                                   NE                       24841                        360                       112,500.00                     6.625                     20061101   SFR                                                 720.35                      112,300.94                     6.625    Owner Occupied         Rate Refi                                                  150,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
SAN ANTONIO                                             TX                       78249                        360                       113,600.00                     6.875                     20061101   SFR                                                 746.27                      113,330.33                     6.875    Investment             Purchase                                                   142,500.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
RICHMOND                                                VA                       44979                        360                       113,600.00                     7.375                     20061101   SFR                                                 784.61                      113,426.59                     7.375    Investment             CashOut Refi                                               142,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                           36    H                                                                 FIXED
RICHLAND                                                WA                       99352                        360                       113,600.00                     7.500                     20061201   SFR                                                 794.31                      113,515.44                     7.500    Investment             CashOut Refi                                               142,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
HARRISVILLE                                             UT                       30776                        360                       114,000.00                     7.000                     20061101   SFR                                                 758.44                      113,812.57                     7.000    Owner Occupied         Rate Refi                                                  142,500.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
HATTIESBURG                                             MS                       14337                        360                       115,000.00                     7.500                     20061101   SFR                                                  804.1                      114,828.77                     7.500    Owner Occupied         CashOut Refi                                               145,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
WAXHAW                                                  NC                       28173                        360                       115,200.00                     7.250                     20061101   SFR                                                 785.87                      114,919.11                     7.250    Owner Occupied         Rate Refi                                                  145,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
LITTLE ROCK                                             AR                       26331                        360                       115,200.00                     8.375                     20061101   SFR                                                  875.6                      115,056.90                     8.375    Investment             CashOut Refi                                               144,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
TUCSON                                                  AZ                       31247                        360                       116,000.00                     7.375                     20061101   SFR                                                 801.18                      115,822.93                     7.375    Owner Occupied         Rate Refi                                                  145,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                                                                                             FIXED
GREENVILLE                                              SC                       47278                        360                       116,800.00                     7.000                     20061101   SFR                                                 777.07                      116,607.96                     7.000    Owner Occupied         Purchase                                                   150,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   SISA                                                                                                                                             FIXED
MIAMI GARDENS                                           FL                       33015                        360                       117,520.00                     7.750                     20061101   CONDO                                               841.93                      117,353.57                     7.750    Owner Occupied         Purchase                                                   155,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
WEST CHESTER                                            PA                       19382                        360                       117,600.00                     6.875                     20061101   CONDO                                               772.55                      117,387.63                     6.875    Owner Occupied         Purchase                                                   147,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
RIDGE                                                   NY                       11961                        360                       118,400.00                     8.000                     20060801   CONDO                                               868.78                      117,997.42                     8.000    Owner Occupied         Purchase                                                   148,000.00                           355      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
PALATINE                                                IL                       60074                        360                       118,400.00                     7.875                     20061101   CONDO                                               858.48                      118,236.51                     7.875    Owner Occupied         Purchase                                                   148,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
JACKSONVILLE                                            FL                       32246                        360                       118,400.00                     7.750                     20061101   2-FAMILY                                            848.23                      118,232.34                     7.750    Investment             Purchase                                                   148,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                     36    H                                                                 FIXED
LAKE WORTH                                              FL                       33467                        360                       119,200.00                     7.500                     20061101   CONDO                                               833.46                      119,022.53                     7.500    Investment             Purchase                                                   154,900.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
OCEAN SPRINGS                                           MS                       39564                        360                       120,000.00                     7.875                     20061101   SFR                                                 870.08                      119,834.30                     7.875    Investment             Purchase                                                   164,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
CINCINNATI                                              OH                       45246                        360                       120,000.00                     7.000                     20061101   SFR                                                 798.36                      119,802.71                     7.000    Owner Occupied         Rate Refi                                                  135,000.00                           358      20061201                      0.250                         0.030              6.720                       PMI                                                    25   Stated                                                                   12    H                                                                 FIXED
SHERWOOD                                                OR                       97140                        360                       123,000.00                     6.750                     20061101   CONDO                                               797.78                      122,787.60                     6.750    Investment             CashOut Refi                                               240,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
BARSTOW                                                 CA                       33674                        360                       124,000.00                     8.000                     20061101   SFR                                                 909.87                      123,833.04                     8.000    Investment             CashOut Refi                                               155,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   SISA                                                                     36    H                                                                 FIXED
CHICAGO                                                 IL                       22076                        360                       124,000.00                     8.125                     20061201   SFR                                                  920.7                      123,918.88                     8.125    Investment             CashOut Refi                                               155,000.00                           359      20061201                      0.250                         0.030              7.845                                                                                   SISA                                                                                                                                             FIXED
MIAMI                                                   FL                       33176                        360                       124,600.00                     6.875                     20061201   CONDO                                               818.53                      124,495.32                     6.875    Owner Occupied         CashOut Refi                                               178,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                     36    H                                                                 FIXED
MOBILE                                                  AL                       36695                        360                       124,800.00                     7.250                     20061101   SFR                                                 851.36                      124,604.69                     7.250    Investment             Purchase                                                   157,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
CANDLER                                                 NC                       46949                        360                       124,800.00                     7.125                     20061101   PUD                                                  840.8                      124,599.81                     7.125    Investment             Purchase                                                   158,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
ROCHESTER                                               MN                       20336                        360                       125,000.00                     7.250                     20061101   SFR                                                 852.72                      124,804.39                     7.250    Owner Occupied         Rate Refi                                                  160,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
RIVIERA BEACH                                           FL                       12148                        360                       125,000.00                     7.375                     20061201   SFR                                                 863.34                      124,868.23                     7.375    Owner Occupied         CashOut Refi                                               200,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
TAMARAC                                                 FL                       12134                        360                       125,500.00                     6.750                     20061101   CONDO                                               813.99                      124,453.20                     6.750    Owner Occupied         Rate Refi                                                  170,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   12    H                                                                 FIXED
GREENVILLE                                              SC                       47286                        360                       125,600.00                     6.625                     20061101   SFR                                                 804.23                      125,377.76                     6.625    Owner Occupied         Rate Refi                                                  157,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
GASTONIA                                                NC                       28054                        360                       125,600.00                     7.000                     20061101   SFR                                                 835.62                      125,393.50                     7.000    Investment             CashOut Refi                                               157,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
ROUND ROCK                                              TX                       78664                        360                       126,400.00                     8.375                     20061101   SFR                                                 960.73                      126,242.33                     8.375    Investment             CashOut Refi                                               158,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Express No Doc                                                           36    H                                                                 FIXED
SKAMOKAWA                                               WA                       98647                        360                       126,400.00                     7.125                     20061201   SFR                                                 851.58                      126,298.92                     7.125    Owner Occupied         Purchase                                                   158,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
HARTFORD                                                CT                       38723                        360                       128,000.00                     7.250                     20061101   SFR                                                 873.19                      127,799.68                     7.250    Owner Occupied         Purchase                                                   160,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
ATLANTA                                                 GA                       11035                        360                       128,000.00                     7.250                     20061101   CONDO                                               873.19                      127,799.68                     7.250    Investment             Purchase                                                   172,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                                                                                                   FIXED
JOHNSTON                                                IA                       18294                        360                       128,300.00                     8.000                     20061101   SFR                                                 941.42                      128,108.55                     8.000    Investment             Purchase                                                   166,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Express No Doc                                                                                                                                   FIXED
MESA                                                    AZ                       31090                        360                       129,000.00                     7.375                     20061101   PUD                                                 890.97                      128,803.08                     7.375    Investment             Rate Refi                                                  270,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
POST FALLS                                              ID                       83854                        360                       129,500.00                     7.875                     20061101   SFR                                                 938.96                      129,321.18                     7.875    Owner Occupied         Purchase                                                   185,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
NEW CASTLE                                              PA                       42374                        360                       129,600.00                     7.375                     20061101   SFR                                                 895.11                      129,402.17                     7.375    Owner Occupied         Rate Refi                                                  162,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                                                                                             FIXED
SHOREWOOD                                               IL                       60431                        360                       130,000.00                     6.750                     20061201   PUD                                                 843.18                      129,888.07                     6.750    Owner Occupied         Purchase                                                   162,500.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
BOLINGBROOK                                             IL                       60440                        360                       130,000.00                     7.375                     20061201   SFR                                                 897.88                      129,901.08                     7.375    Investment             CashOut Refi                                               220,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
FRESNO                                                  CA                       34152                        360                       131,950.00                     7.125                     20061101   SFR                                                 888.97                      131,738.34                     7.125    Owner Occupied         CashOut Refi                                               203,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
BUFORD                                                  GA                       11097                        360                       132,000.00                     7.375                     20061101   SFR                                                 911.69                      131,798.50                     7.375    Investment             CashOut Refi                                               165,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
LUCEDALE                                                MS                       39452                        360                       132,000.00                     7.250                     20061101   SFR                                                 900.47                      131,793.44                     7.250    Owner Occupied         Purchase                                                   169,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                                                                                                   FIXED
JOHNSTON                                                RI                       37518                        360                       132,900.00                     6.750                     20061101   SFR                                                 861.99                      132,670.06                     6.750    Owner Occupied         Purchase                                                   190,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   12    H                                                                 FIXED
ORLANDO                                                 FL                       11902                        360                       133,000.00                     7.375                     20061101   CONDO                                                918.6                      132,796.97                     7.375    Investment             CashOut Refi                                               214,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
WYNANTSKILL                                             NY                       12198                        360                       133,600.00                     7.625                     20061001   2-FAMILY                                            945.61                      133,308.07                     7.625    Investment             CashOut Refi                                               167,000.00                           357      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
BRIDGEPORT                                              CT                       38875                        360                       135,000.00                     8.125                     20061101   3-FAMILY                                          1,002.37                      134,822.78                     8.125    Investment             Purchase                                                   235,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                   36    H                                                                 FIXED
SANGER                                                  CA                       93657                        360                       135,000.00                     8.250                     20061101   SFR                                               1,014.21                      134,827.24                     8.250    Owner Occupied         CashOut Refi                                               399,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express Verified Assets                                                                                                                          FIXED
PHOENIX                                                 AZ                       85037                        360                       135,000.00                     7.375                     20061201   SFR                                                 932.41                      134,897.18                     7.375    2nd Home               CashOut Refi                                               220,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
LYMAN                                                   SC                       29365                        360                       135,920.00                     7.500                     20061101   SFR                                                 950.37                      135,717.63                     7.500    Owner Occupied         Purchase                                                   170,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
GREENBELT                                               MD                       20770                        360                       136,000.00                     7.625                     20061101   CONDO                                                962.6                      135,802.51                     7.625    Investment             Purchase                                                   170,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
SANDSTON                                                VA                       23150                        360                       137,000.00                     6.500                     20061101   SFR                                                 865.93                      136,751.63                     6.500    Owner Occupied         CashOut Refi                                               211,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                     60    H                                                                 FIXED
BRANDON                                                 MS                       39042                        360                       137,600.00                     6.875                     20061101   SFR                                                 903.93                      137,368.14                     6.875    Investment             Purchase                                                   190,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
SALEM                                                   OR                       35494                        360                       137,900.00                     7.500                     20061101   SFR                                                 964.22                      137,694.68                     7.500    Owner Occupied         Purchase                                                   174,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
POUGHKEEPSIE                                            NY                       41061                        360                       139,000.00                     7.375                     20061101   SFR                                                 960.04                      138,786.84                     7.375    Owner Occupied         Rate Refi                                                  180,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
MIDDLEBURG                                              FL                       32068                        360                       140,000.00                     6.750                     20061101   PUD                                                 908.04                      139,758.24                     6.750    Owner Occupied         CashOut Refi                                               175,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   60    H                                                                 FIXED
SARASOTA                                                FL                       34231                        360                       140,000.00                     6.750                     20061101   SFR                                                 908.04                      139,758.24                     6.750    Investment             Purchase                                                   230,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                     36    H                                                                 FIXED
TULARE                                                  CA                       93274                        360                       140,000.00                     7.000                     20061101   SFR                                                 931.42                      139,669.24                     7.000    Owner Occupied         Purchase                                                   256,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
SEBRING                                                 FL                       33870                        360                       140,000.00                     7.500                     20061201   SFR                                                  978.9                      139,896.10                     7.500    Investment             Purchase                                                   175,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
MONROE                                                  MI                       48161                        360                       142,400.00                     8.250                     20061101   4-FAMILY                                          1,069.80                      142,217.78                     8.250    Investment             CashOut Refi                                               178,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express Verified Assets                                                                                                                          FIXED
BAKER                                                   LA                       25763                        360                       143,200.00                     8.000                     20061101   4-FAMILY                                          1,050.75                      143,007.20                     8.000    Investment             CashOut Refi                                               179,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
BAKER                                                   LA                       25763                        360                       143,200.00                     8.000                     20061101   4-FAMILY                                          1,050.75                      143,007.20                     8.000    Investment             CashOut Refi                                               179,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
FORT COLLINS                                            CO                       29367                        360                       144,000.00                     6.750                     20061101   SFR                                                 933.98                      143,751.34                     6.750    Investment             Purchase                                                   192,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
ELLIJAY                                                 GA                       30536                        360                       144,000.00                     7.000                     20061101   SFR                                                 958.04                      143,763.23                     7.000    Owner Occupied         CashOut Refi                                               180,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                          FIXED
STATE ROAD                                              NC                       28676                        360                       147,200.00                     6.875                     20061101   SFR                                                    967                      146,951.95                     6.875    Owner Occupied         CashOut Refi                                               184,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
ELGIN                                                   IL                       21939                        360                       147,650.00                     8.375                     20061101   CONDO                                             1,122.25                      147,465.80                     8.375    Owner Occupied         Purchase                                                   229,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
HARRISBURG                                              NC                       28075                        360                       147,784.00                     7.250                     20061101   PUD                                               1,008.15                      147,552.73                     7.250    Owner Occupied         Purchase                                                   195,700.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
WESTBURY                                                NY                       11590                        360                       150,000.00                     7.500                     20061101   CONDO                                             1,048.82                      149,776.66                     7.500    Owner Occupied         Purchase                                                   450,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
ESSEX                                                   MD                       44248                        360                       152,000.00                     7.375                     20061101   SFR                                               1,049.83                      151,767.97                     7.375    Owner Occupied         CashOut Refi                                               190,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
KEIZER                                                  OR                       35492                        360                       152,000.00                     6.625                     20061101   SFR                                                 973.27                      151,731.06                     6.625    Owner Occupied         CashOut Refi                                               190,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
MIAMI                                                   FL                       33161                        360                       152,000.00                     7.000                     20061201   CONDO                                             1,011.26                      151,875.41                     7.000    Owner Occupied         CashOut Refi                                               185,000.00                           359      20061201                      0.250                         0.030              6.720                       TRIAD - BORROWER PAID                                  20   SISA                                                                     36    H                                                                 FIXED
HALSEY                                                  OR                       97348                        360                       152,000.00                     7.250                     20061101   SFR                                               1,036.91                      151,762.13                     7.250    Owner Occupied         Purchase                                                   190,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
ARVADA                                                  CO                       80004                        360                       152,000.00                     7.250                     20061101   PUD                                               1,036.91                      151,762.13                     7.250    Owner Occupied         Rate Refi                                                  190,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
CAPE CORAL                                              FL                       33993                        360                       152,500.00                     6.375                     20061101   SFR                                                  951.4                      152,216.77                     6.375    Owner Occupied         Rate Refi                                                  600,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Express Verified Assets                                                                                                                          FIXED
EUGENE                                                  OR                       35524                        360                       154,000.00                     6.875                     20061201   SFR                                               1,011.67                      153,870.62                     6.875    Owner Occupied         Purchase                                                   195,900.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
ARMONA                                                  CA                       34002                        360                       156,400.00                     7.250                     20061101   SFR                                               1,066.92                      156,155.26                     7.250    Owner Occupied         Purchase                                                   195,500.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
HAMPTON                                                 CT                        6247                        360                       157,000.00                     8.875                     20061201   SFR                                               1,249.16                      156,911.99                     8.875    Investment             CashOut Refi                                               230,000.00                           359      20061201                      0.250                         0.030              8.595                                                                                   Stated                                                                                                                                           FIXED
PARKVILLE                                               MD                       21234                        360                       158,000.00                     6.875                     20061201   SFR                                               1,037.95                      157,867.26                     6.875    Owner Occupied         CashOut Refi                                               200,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
NORTH PORT                                              FL                       34286                        360                       158,350.00                     7.000                     20061101   SFR                                               1,053.51                      158,089.64                     7.000    Owner Occupied         Purchase                                                   270,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
CEDAR LAKE                                              IN                       16864                        360                       158,400.00                     7.125                     20061201   SFR                                               1,067.17                      158,273.33                     7.125    Owner Occupied         Rate Refi                                                  198,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
HOMER GLEN                                              IL                       60491                        360                       158,500.00                     6.875                     20061001   SFR                                               1,041.23                      158,098.22                     6.875    Owner Occupied         CashOut Refi                                               810,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                           36    H                                                                 FIXED
STATEN ISLAND                                           NY                       40243                        360                       160,000.00                     6.750                     20061101   SFR                                               1,037.76                      159,723.07                     6.750    Owner Occupied         CashOut Refi                                               200,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
SOMERSWORTH                                             NH                        3878                        360                       160,000.00                     7.625                     20061101   SFR                                               1,132.47                      159,767.66                     7.625    Investment             CashOut Refi                                               200,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
PALM BEACH GARDENS                                      FL                       12154                        360                       160,000.00                     7.875                     20061101   PUD                                               1,160.11                      159,779.06                     7.875    Investment             CashOut Refi                                               204,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
MARSHALL                                                MN                       56258                        360                       161,200.00                     7.000                     20061201   3-FAMILY                                          1,072.47                      161,067.86                     7.000    Owner Occupied         Purchase                                                   202,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   SISA                                                                                                                                             FIXED
BOISE                                                   ID                       30506                        360                       161,500.00                     7.875                     20061101   SFR                                               1,170.99                      161,276.97                     7.875    Owner Occupied         Purchase                                                   195,000.00                           358      20061201                      0.250                         0.030              7.595                       PMI                                                    22   Express Verified Assets                                                                                                                          FIXED
BARTOW                                                  FL                       12296                        360                       162,000.00                     6.875                     20061101   SFR                                               1,064.22                      161,727.04                     6.875    Owner Occupied         CashOut Refi                                               205,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
RENO                                                    NV                       32634                        360                       162,400.00                     7.375                     20061101   SFR                                               1,121.66                      162,152.08                     7.375    Investment             Purchase                                                   218,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
CHICAGO                                                 IL                       60639                        360                       164,000.00                     7.500                     20061101   2-FAMILY                                          1,146.71                      163,755.82                     7.500    Owner Occupied         CashOut Refi                                               300,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
GLENDALE                                                AZ                       31114                        360                       164,000.00                     7.125                     20061101   SFR                                               1,104.90                      163,736.92                     7.125    Owner Occupied         CashOut Refi                                               205,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                     12    H                                                                 FIXED
WENATCHEE                                               WA                       36008                        360                       164,800.00                     7.000                     20061101   SFR                                               1,096.42                      164,529.04                     7.000    Owner Occupied         CashOut Refi                                               207,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
BRIDGEPORT                                              CT                       38875                        360                       165,000.00                     8.125                     20061101   3-FAMILY                                          1,225.12                      164,783.41                     8.125    Investment             Purchase                                                   275,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                   36    H                                                                 FIXED
SALEM                                                   OR                       35491                        360                       165,000.00                     7.375                     20061101   SFR                                               1,139.61                      164,525.56                     7.375    Owner Occupied         Purchase                                                   216,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
OREM                                                    UT                       84057                        360                       165,700.00                     7.625                     20061101   PUD                                               1,172.81                      165,459.39                     7.625    Owner Occupied         Purchase                                                   208,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
WESTMINSTER                                             CO                       80021                        360                       166,400.00                     6.750                     20061101   SFR                                               1,079.27                      166,112.65                     6.750    Owner Occupied         Rate Refi                                                  208,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
DES MOINES                                              IA                       18342                        360                       166,500.00                     6.625                     20061101   SFR                                               1,066.12                      166,103.95                     6.625    Owner Occupied         CashOut Refi                                               264,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
ROCKLAND                                                ID                       83271                        360                       167,200.00                     7.625                     20061101   SFR                                               1,183.43                      166,957.21                     7.625    Owner Occupied         CashOut Refi                                               209,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
BOLIVIA                                                 NC                       46865                        360                       167,600.00                     6.500                     20061101   SFR                                               1,059.35                      167,296.14                     6.500    2nd Home               Rate Refi                                                  209,500.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
KUNA                                                    ID                       83634                        360                       168,000.00                     6.875                     20061001   SFR                                               1,103.64                      167,574.15                     6.875    Owner Occupied         CashOut Refi                                               320,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
HENDERSONVILLE                                          NC                       28792                        360                       168,000.00                     7.125                     20061101   PUD                                               1,131.85                      167,730.50                     7.125    Owner Occupied         CashOut Refi                                               210,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                                                                                             FIXED
PALM BAY                                                FL                       11937                        360                       168,000.00                     7.625                     20061101   SFR                                               1,189.09                      167,756.05                     7.625    Owner Occupied         CashOut Refi                                               210,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
JACKSONVILLE                                            FL                       32246                        360                       168,000.00                     7.250                     20061101   PUD                                               1,146.06                      167,737.09                     7.250    Owner Occupied         CashOut Refi                                               210,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
BAKERSFIELD                                             CA                       34041                        360                       168,000.00                     6.875                     20061201   SFR                                               1,103.64                      167,858.66                     6.875    Owner Occupied         CashOut Refi                                               210,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
PORT SAINT LUCIE                                        FL                       34984                        360                       170,500.00                     7.000                     20061001   SFR                                               1,134.34                      170,078.28                     7.000    2nd Home               Rate Refi                                                  270,000.00                           357      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                          FIXED
LYNDHURST                                               OH                       16095                        360                       171,000.00                     6.875                     20061101   SFR                                               1,123.35                      170,711.85                     6.875    Owner Occupied         Rate Refi                                                  190,000.00                           358      20061201                      0.250                         0.030              6.595                       PMI                                                    25   Express Verified Assets                                                  36    H                                                                 FIXED
ENGLEWOOD                                               CO                       29233                        360                       172,000.00                     6.625                     20061101   SFR                                               1,101.33                      171,695.67                     6.625    Owner Occupied         CashOut Refi                                               215,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
CHICAGO                                                 IL                       22076                        360                       172,000.00                     7.500                     20061101   2-FAMILY                                          1,202.65                      171,743.90                     7.500    Owner Occupied         CashOut Refi                                               215,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
LUSBY                                                   MD                       20657                        360                       172,000.00                     7.250                     20061101   PUD                                               1,173.34                      171,704.58                     7.250    Owner Occupied         CashOut Refi                                               218,500.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
ANTONIA                                                 MO                       63052                        360                       172,900.00                     8.375                     20061201   SFR                                               1,314.16                      172,792.54                     8.375    Owner Occupied         Purchase                                                   183,000.00                           359      20061201                      0.250                         0.030              8.095                       PMI                                                    30   SISA                                                                                                                                             FIXED
FAYETTEVILLE                                            GA                       11004                        360                       173,280.00                     6.875                     20061101   PUD                                               1,138.33                      172,988.01                     6.875    Owner Occupied         Purchase                                                   217,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
AVON                                                    MN                       20524                        360                       174,400.00                     6.750                     20061101   SFR                                               1,131.16                      174,098.84                     6.750    Owner Occupied         CashOut Refi                                               218,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
ATLANTA                                                 GA                       11036                        360                       175,000.00                     7.250                     20061201   SFR                                               1,193.81                      174,863.48                     7.250    Investment             CashOut Refi                                               258,400.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
MARGATE                                                 FL                       33063                        360                       175,920.00                     8.875                     20061101   PUD                                               1,399.70                      175,722.02                     8.875    2nd Home               Purchase                                                   227,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Full                                                                                                                                             FIXED
OCEAN CITY                                              MD                       21842                        360                       176,000.00                     6.875                     20061001   CONDO                                             1,156.19                      175,553.88                     6.875    2nd Home               Purchase                                                   220,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
PITTSFIELD                                              NH                        3263                        360                       176,000.00                     7.250                     20061101   SFR                                               1,200.63                      175,523.97                     7.250    Owner Occupied         Purchase                                                   225,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
ALEXANDRIA                                              IN                       46001                        360                       176,000.00                     7.750                     20061101   SFR                                               1,260.89                      175,750.75                     7.750    Owner Occupied         Purchase                                                   220,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
COON RAPIDS                                             MN                       55433                        360                       176,000.00                     7.500                     20061101   SFR                                               1,230.62                      175,737.94                     7.500    Owner Occupied         Rate Refi                                                  220,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   36    H                                                                 FIXED
VERSAILLES                                              KY                       40383                        360                       176,250.00                     8.750                     20061101   SFR                                               1,386.56                      176,046.46                     8.750    Owner Occupied         CashOut Refi                                               235,000.00                           358      20061201                      0.250                         0.030              8.470                                                                                   Stated                                                                                                                                           FIXED
SALEM                                                   OR                       35490                        360                       177,250.00                     6.875                     20061101   2-FAMILY                                          1,164.41                      176,865.82                     6.875    Owner Occupied         Purchase                                                   223,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
HAWTHORNE                                               FL                       32640                        360                       178,000.00                     7.500                     20061101   SFR                                               1,244.60                      177,734.97                     7.500    Owner Occupied         CashOut Refi                                               255,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
BRANDON                                                 FL                       12185                        360                       178,400.00                     7.125                     20061101   PUD                                               1,201.91                      178,113.83                     7.125    Owner Occupied         CashOut Refi                                               223,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
DERRY                                                   NH                        3038                        360                       178,500.00                     6.625                     20061201   SFR                                               1,142.96                      178,342.51                     6.625    Owner Occupied         CashOut Refi                                               255,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                                                                                                   FIXED
HAMPTON                                                 GA                       11017                        360                       179,100.00                     6.750                     20061101   SFR                                               1,161.64                      178,790.73                     6.750    Owner Occupied         Purchase                                                   199,000.00                           358      20061201                      0.250                         0.030              6.470                       PMI                                                    25   Stated                                                                                                                                           FIXED
NORTH ADAMS                                             MA                        1247                        360                       180,000.00                     6.875                     20061101   SFR                                               1,182.47                      179,696.69                     6.875    Owner Occupied         CashOut Refi                                               230,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
OKARCHE                                                 OK                       73762                        360                       180,000.00                     7.875                     20061101   SFR                                               1,305.12                      179,751.45                     7.875    Owner Occupied         CashOut Refi                                               225,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
WEST WARWICK                                            RI                        2893                        360                       180,000.00                     6.875                     20061201   SFR                                               1,182.47                      179,848.78                     6.875    Owner Occupied         CashOut Refi                                               240,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                                                                                                   FIXED
BOYNTON BEACH                                           FL                       33437                        360                       181,500.00                     6.875                     20061101   PUD                                               1,192.33                      181,194.15                     6.875    Owner Occupied         CashOut Refi                                               312,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
HILLSBORO                                               OR                       35453                        360                       181,600.00                     7.000                     20061101   PUD                                               1,208.19                      181,301.41                     7.000    Owner Occupied         CashOut Refi                                               227,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                          FIXED
BIDDEFORD                                               ME                        4005                        360                       183,000.00                     7.125                     20061201   SFR                                               1,232.90                      182,853.66                     7.125    Owner Occupied         CashOut Refi                                               230,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
ELGIN                                                   IL                       21935                        360                       183,200.00                     7.125                     20061201   2-FAMILY                                          1,234.25                      183,053.50                     7.125    Owner Occupied         Purchase                                                   234,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
LEHIGH ACRES                                            FL                       33971                        360                       184,000.00                     7.500                     20061201   SFR                                               1,286.55                      183,863.45                     7.500    Owner Occupied         Purchase                                                   260,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
PINELLAS PARK                                           FL                       33781                        360                       185,100.00                     8.125                     20061101   PUD                                               1,374.36                      184,857.02                     8.125    Owner Occupied         Purchase                                                   241,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   SISA                                                                                                                                             FIXED
JACKSONVILLE                                            FL                       11724                        360                       186,400.00                     6.625                     20061101   SFR                                               1,193.54                      186,070.18                     6.625    Owner Occupied         Purchase                                                   233,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   36    H                                                                 FIXED
CASA GRANDE                                             AZ                       31100                        360                       186,700.00                     7.500                     20061101   PUD                                               1,305.43                      186,422.03                     7.500    Owner Occupied         Purchase                                                   240,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
FRESNO                                                  CA                       34155                        360                       187,200.00                     6.875                     20061101   SFR                                               1,229.77                      186,884.56                     6.875    Owner Occupied         Purchase                                                   240,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
OAK LAWN                                                IL                       60453                        360                       188,000.00                     7.000                     20061101   SFR                                               1,250.77                      187,690.90                     7.000    Owner Occupied         Rate Refi                                                  235,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                          FIXED
HIGHLAND                                                MI                       48356                        360                       188,000.00                     7.750                     20061201   SFR                                               1,346.86                      187,867.31                     7.750    Owner Occupied         Purchase                                                   236,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
WEST PALM BEACH                                         FL                       12145                        360                       188,394.00                     7.375                     20061101   CONDO                                             1,301.19                      188,106.42                     7.375    Investment             Purchase                                                   406,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
CHICAGO                                                 IL                       22075                        360                       191,200.00                     7.500                     20061201   2-FAMILY                                          1,336.90                      191,058.10                     7.500    Owner Occupied         CashOut Refi                                               250,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
ARVADA                                                  CO                       80004                        360                       192,000.00                     6.750                     20061101   SFR                                               1,245.31                      191,668.45                     6.750    Owner Occupied         CashOut Refi                                               240,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
PHOENIX                                                 AZ                       85053                        360                       192,500.00                     7.500                     20061101   SFR                                               1,345.99                      192,213.38                     7.500    Owner Occupied         CashOut Refi                                               250,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
BOILING SPRINGS LAKE                                    NC                       28461                        360                       194,000.00                     7.250                     20061201   SFR                                               1,323.42                      193,848.66                     7.250    Owner Occupied         Purchase                                                   253,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
YUBA CITY                                               CA                       95991                        360                       194,300.00                     6.750                     20061101   SFR                                               1,260.23                      193,964.48                     6.750    Owner Occupied         Purchase                                                   243,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
YARMOUTH                                                ME                        4096                        360                       195,000.00                     7.750                     20061101   SFR                                               1,397.00                      194,623.21                     7.750    Owner Occupied         CashOut Refi                                               340,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
YUKON                                                   OK                       73099                        360                       195,192.00                     7.625                     20061101   PUD                                               1,381.56                      194,908.54                     7.625    Owner Occupied         Purchase                                                   244,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
BLAIRSVILLE                                             GA                       11090                        360                       197,000.00                     6.500                     20061101   SFR                                               1,245.17                      196,642.86                     6.500    Owner Occupied         CashOut Refi                                               250,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
HIALEAH                                                 FL                       33015                        360                       198,400.00                     7.625                     20061101   PUD                                               1,404.26                      198,111.90                     7.625    Owner Occupied         Purchase                                                   248,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Full                                                                                                                                             FIXED
APOPKA                                                  FL                       11873                        360                       198,400.00                     7.125                     20061201   SFR                                               1,336.66                      198,241.34                     7.125    Investment             CashOut Refi                                               248,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                           12    H                                                                 FIXED
APOPKA                                                  FL                       11873                        360                       198,400.00                     7.125                     20061201   SFR                                               1,336.66                      198,241.34                     7.125    Investment             CashOut Refi                                               248,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                           12    H                                                                 FIXED
BUCKEYE                                                 AZ                       31132                        360                       198,749.00                     7.750                     20061101   PUD                                               1,423.86                      198,467.55                     7.750    Owner Occupied         Purchase                                                   261,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
BESSEMER                                                AL                       35022                        360                       199,200.00                     7.375                     20061201   SFR                                               1,375.82                      199,048.43                     7.375    Owner Occupied         Purchase                                                   255,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
BLUFFTON                                                SC                       47371                        360                       199,450.00                     7.125                     20061101   PUD                                               1,343.73                      199,130.06                     7.125    Owner Occupied         Purchase                                                   249,313.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
NEW HOPE                                                PA                       18938                        360                       200,000.00                     7.250                     20061101   PUD                                               1,364.35                      199,687.02                     7.250    Owner Occupied         CashOut Refi                                               585,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                           12    H                                                                 FIXED
WATERBURY                                               CT                       38906                        360                       200,000.00                     8.125                     20061201   3-FAMILY                                          1,484.99                      199,869.18                     8.125    Investment             CashOut Refi                                               250,000.00                           359      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
WEST PALM BEACH                                         FL                       12153                        360                       200,000.00                     7.375                     20061201   SFR                                               1,381.35                      199,847.82                     7.375    Owner Occupied         CashOut Refi                                               250,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
SCAPPOOSE                                               OR                       97056                        360                       200,000.00                     6.500                     20061101   SFR                                               1,264.14                      199,637.40                     6.500    Owner Occupied         CashOut Refi                                               325,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Express No Doc                                                           12    H                                                                 FIXED
HOUSTON                                                 TX                       77027                        360                       202,000.00                     7.750                     20061101   CONDO                                             1,447.15                      201,713.94                     7.750    Owner Occupied         Purchase                                                   260,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
BELLINGHAM                                              MA                        2019                        360                       204,800.00                     7.375                     20061101   SFR                                               1,414.50                      204,487.38                     7.375    Owner Occupied         Purchase                                                   267,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
FORT GIBSON                                             OK                       74434                        360                       204,800.00                     6.875                     20061101   SFR                                               1,345.39                      204,454.90                     6.875    Owner Occupied         Purchase                                                   259,500.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
NEWTON                                                  NC                       28658                        360                       205,000.00                     7.000                     20061201   SFR                                               1,363.87                      204,831.96                     7.000    Owner Occupied         CashOut Refi                                               270,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
CHESTERFIELD                                            MO                       63017                        360                       205,200.00                     7.875                     20061101   PUD                                               1,487.84                      204,916.65                     7.875    Owner Occupied         Purchase                                                   260,000.00                           358      20061201                      0.250                         0.030              7.595                       PMI                                                    30   Stated                                                                                                                                           FIXED
GLEN BURNIE                                             MD                       21061                        360                       208,000.00                     7.750                     20061101   CONDO                                             1,490.14                      207,705.44                     7.750    Investment             CashOut Refi                                               260,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
ROSEDALE                                                MD                       21237                        360                       208,000.00                     6.375                     20061101   SFR                                               1,297.65                      207,613.68                     6.375    Owner Occupied         Rate Refi                                                  260,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                     36    H                                                                 FIXED
MYRTLE BEACH                                            SC                       29579                        360                       208,300.00                     7.875                     20061101   PUD                                               1,510.32                      208,012.36                     7.875    Owner Occupied         Purchase                                                   223,500.00                           358      20061201                      0.250                         0.030              7.595                       PMI                                                    30   Express No Doc                                                                                                                                   FIXED
HOLLYWOOD                                               FL                       33025                        360                       211,120.00                     7.500                     20061201   CONDO                                             1,476.18                      210,963.32                     7.500    Owner Occupied         Purchase                                                   264,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                     12    H                                                                 FIXED
MIDDLETOWN                                              CT                        6457                        360                       211,600.00                     7.500                     20061101   3-FAMILY                                          1,479.54                      211,284.94                     7.500    Investment             CashOut Refi                                               285,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
NASHUA                                                  NH                        3062                        360                       212,000.00                     6.750                     20061101   CONDO                                             1,375.03                      211,633.91                     6.750    Owner Occupied         Purchase                                                   265,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                                                                                                   FIXED
SHELTER ISLAND                                          NY                       11964                        360                       212,000.00                     7.250                     20061101   SFR                                               1,446.21                      206,098.02                     7.250    Investment             CashOut Refi                                               550,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
LAKE WORTH                                              FL                       33463                        360                       212,000.00                     7.625                     20061101   3-FAMILY                                          1,500.52                      211,491.51                     7.625    Investment             CashOut Refi                                               375,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   NINA                                                                                                                                             FIXED
NEW BEDFORD                                             MA                        2740                        360                       212,000.00                     6.875                     20061101   2-FAMILY                                          1,392.69                      211,642.76                     6.875    Owner Occupied         CashOut Refi                                               265,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
OLATHE                                                  KS                       66062                        360                       216,000.00                     6.875                     20061101   SFR                                               1,418.97                      215,636.02                     6.875    Owner Occupied         CashOut Refi                                               270,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
TOLEDO                                                  WA                       98591                        360                       216,000.00                     7.125                     20061101   SFR                                               1,455.23                      215,653.51                     7.125    Owner Occupied         CashOut Refi                                               270,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
CHICAGO                                                 IL                       60644                        360                       216,000.00                     7.375                     20061201   SFR                                               1,491.86                      215,835.64                     7.375    Investment             Purchase                                                   270,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
LEHIGH ACRES                                            FL                       33971                        360                       216,200.00                     8.000                     20061101   PUD                                               1,586.40                      215,908.90                     8.000    Investment             Purchase                                                   341,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Express Verified Assets                                                                                                                          FIXED
JACKSONVILLE                                            FL                       11740                        360                       218,120.00                     7.750                     20061101   PUD                                               1,562.64                      217,811.11                     7.750    Owner Occupied         Purchase                                                   280,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                     36    H                                                                 FIXED
BUCKEYE                                                 AZ                       31132                        360                       219,150.00                     7.250                     20061101   PUD                                               1,494.99                      218,807.05                     7.250    Owner Occupied         Purchase                                                   286,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
MORRISVILLE                                             PA                       19067                        360                       220,000.00                     8.875                     20061101   SFR                                               1,750.42                      219,752.41                     8.875    Owner Occupied         CashOut Refi                                               275,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   SISA                                                                                                                                             FIXED
MATTITUCK                                               NY                       11952                        360                       220,000.00                     7.125                     20061201   SFR                                               1,482.18                      219,824.07                     7.125    Investment             Purchase                                                   285,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
YAKIMA                                                  WA                       36041                        360                       220,000.00                     6.750                     20061101   SFR                                               1,426.92                      219,620.09                     6.750    Owner Occupied         CashOut Refi                                               275,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
GREEN ACRES                                             FL                       12159                        360                       220,800.00                     7.375                     20061101   SFR                                               1,525.01                      220,462.95                     7.375    Owner Occupied         CashOut Refi                                               276,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                   36    H                                                                 FIXED
WEST BOYLSTON                                           MA                        1583                        360                       222,000.00                     7.125                     20061101   SFR                                               1,495.66                      221,643.88                     7.125    Owner Occupied         CashOut Refi                                               296,500.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                                                                                             FIXED
WILLOW GROVE                                            PA                       19090                        360                       223,200.00                     7.375                     20061101   SFR                                               1,541.59                      222,859.28                     7.375    Owner Occupied         CashOut Refi                                               279,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                                                                                             FIXED
SPOKANE VALLEY                                          WA                       36197                        360                       223,880.00                     7.250                     20061101   PUD                                               1,527.26                      223,529.64                     7.250    Owner Occupied         Purchase                                                   280,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
LYNN                                                    MA                       37139                        360                       224,000.00                     7.125                     20061101   SFR                                               1,509.13                      223,640.68                     7.125    Owner Occupied         CashOut Refi                                               285,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
PEARL RIVER                                             LA                       70452                        360                       224,000.00                     7.000                     20061101   SFR                                               1,490.28                      223,631.71                     7.000    Owner Occupied         Purchase                                                   320,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                     36    H                                                                 FIXED
LAND O LAKES                                            FL                       34638                        360                       225,000.00                     6.625                     20061201   PUD                                               1,440.70                      224,801.49                     6.625    Owner Occupied         Rate Refi                                                  290,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
BAKERSFIELD                                             CA                       34029                        360                       226,800.00                     7.000                     20061101   SFR                                               1,508.91                      226,427.10                     7.000    Owner Occupied         Purchase                                                   283,500.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
BEAR                                                    DE                       43647                        360                       228,000.00                     7.750                     20061201   SFR                                               1,633.42                      227,839.08                     7.750    Investment             CashOut Refi                                               285,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
SAN BERNARDINO                                          CA                       33701                        360                       228,000.00                     7.250                     20061101   SFR                                               1,555.36                      227,643.21                     7.250    Owner Occupied         CashOut Refi                                               500,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                                                                                                   FIXED
MANCHESTER                                              NH                       37623                        360                       230,000.00                     7.875                     20061101   2-FAMILY                                          1,667.66                      229,523.75                     7.875    Investment             Rate Refi                                                  304,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
SYCAMORE                                                IL                       60178                        360                       231,000.00                     8.000                     20061101   SFR                                               1,695.00                      230,688.97                     8.000    Owner Occupied         Rate Refi                                                  336,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   SISA                                                                                                                                             FIXED
OAKLAND                                                 MD                       21550                        360                       232,000.00                     6.750                     20061101   CONDO                                             1,504.75                      231,599.38                     6.750    2nd Home               CashOut Refi                                               290,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                     36    H                                                                 FIXED
WEST HARTFORD                                           CT                       38723                        360                       232,000.00                     8.750                     20061201   3-FAMILY                                          1,825.14                      231,866.53                     8.750    Owner Occupied         Purchase                                                   295,000.00                           359      20061201                      0.250                         0.030              8.470                                                                                   Stated                                                                                                                                           FIXED
ORANGE PARK                                             FL                       32065                        360                       232,000.00                     7.125                     20061201   PUD                                               1,563.03                      231,814.47                     7.125    Owner Occupied         Purchase                                                   290,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
CLERMONT                                                FL                       12611                        360                       234,400.00                     7.750                     20061101   PUD                                               1,679.27                      234,068.05                     7.750    Owner Occupied         CashOut Refi                                               293,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
VALRICO                                                 FL                       33594                        360                       234,400.00                     6.625                     20061201   PUD                                               1,500.89                      234,193.19                     6.625    Owner Occupied         CashOut Refi                                               293,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   60    H                                                                 FIXED
CONYERS                                                 GA                       30094                        360                       235,920.00                     6.875                     20061101   PUD                                               1,549.83                      235,522.46                     6.875    Owner Occupied         Purchase                                                   295,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
BRIDGEPORT                                              CT                       38875                        360                       236,000.00                     8.125                     20061101   3-FAMILY                                          1,752.29                      235,690.21                     8.125    Owner Occupied         Purchase                                                   295,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
FARMINGTON                                              NH                        3835                        360                       236,000.00                     7.125                     20061101   SFR                                               1,589.98                      235,621.42                     7.125    Owner Occupied         CashOut Refi                                               300,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
PLAINFIELD                                              IL                       60544                        360                       236,000.00                     7.500                     20061101   SFR                                               1,650.15                      235,648.61                     7.500    Owner Occupied         CashOut Refi                                               295,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
MINNEAPOLIS                                             MN                       20186                        360                       236,000.00                     6.750                     20061101   SFR                                               1,530.69                      235,474.27                     6.750    Owner Occupied         CashOut Refi                                               315,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
DENVER                                                  CO                       29256                        360                       236,000.00                     6.750                     20061101   SFR                                               1,530.69                      235,522.78                     6.750    Owner Occupied         Rate Refi                                                  295,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
HUNTERSVILLE                                            NC                       28078                        360                       236,300.00                     6.875                     20061101   PUD                                               1,552.32                      235,901.82                     6.875    Owner Occupied         Rate Refi                                                  287,000.00                           358      20061201                      0.250                         0.030              6.595                       PMI                                                    22   Express Verified Assets                                                                                                                          FIXED
NORTH MIAMI BEACH                                       FL                       33162                        360                       237,200.00                     6.500                     20061201   SFR                                               1,499.27                      236,985.56                     6.500    Owner Occupied         CashOut Refi                                               325,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Express No Doc                                                           60    H                                                                 FIXED
MONTGOMERY                                              IL                       60538                        360                       238,000.00                     6.625                     20061101   PUD                                               1,523.94                      237,578.88                     6.625    Owner Occupied         Purchase                                                   298,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                          FIXED
LEHIGH ACRES                                            FL                       33971                        360                       238,725.00                     7.250                     20061101   2-FAMILY                                          1,628.53                      238,351.41                     7.250    Investment             Rate Refi                                                  323,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
PEORIA                                                  AZ                       85383                        360                       239,150.00                     7.375                     20061101   PUD                                               1,651.75                      238,784.94                     7.375    Owner Occupied         Purchase                                                   340,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
MOUNT PLEASANT                                          SC                       29464                        360                       240,000.00                     7.750                     20061101   SFR                                               1,719.39                      239,660.13                     7.750    Investment             CashOut Refi                                               300,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
MIAMI                                                   FL                       33193                        360                       240,000.00                     7.875                     20061101   SFR                                               1,740.17                      239,668.58                     7.875    Investment             Purchase                                                   355,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
DOVER                                                   NH                       37853                        360                       240,000.00                     7.125                     20061101   2-FAMILY                                          1,616.92                      239,615.02                     7.125    Investment             Purchase                                                   300,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
FORTUNA                                                 CA                       95540                        360                       240,000.00                     6.875                     20061101   SFR                                               1,576.63                      239,595.58                     6.875    Owner Occupied         Purchase                                                   323,200.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
NEWBURG                                                 MD                       20664                        360                       240,000.00                     7.750                     20061101   SFR                                               1,719.39                      239,660.13                     7.750    Investment             CashOut Refi                                               310,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
BOYNTON BEACH                                           FL                       33436                        360                       240,000.00                     7.250                     20061101   CONDO                                             1,637.22                      239,624.43                     7.250    2nd Home               Purchase                                                   345,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
PIKESVILLE                                              MD                       44235                        360                       240,000.00                     6.875                     20061101   SFR                                               1,576.63                      239,595.58                     6.875    Owner Occupied         CashOut Refi                                               300,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
RANCHO CORDOVA                                          CA                       95670                        360                       240,000.00                     6.875                     20061101   SFR                                               1,576.63                      239,298.14                     6.875    Owner Occupied         CashOut Refi                                               300,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
PEACHTREE CITY                                          GA                       30269                        360                       242,000.00                     6.750                     20061101   PUD                                               1,569.61                      241,582.11                     6.750    Owner Occupied         Purchase                                                   313,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
OREGON CITY                                             OR                       97045                        360                       242,400.00                     6.875                     20061101   PUD                                               1,592.40                      241,991.53                     6.875    Owner Occupied         Purchase                                                   310,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
CANTON                                                  GA                       10973                        360                       244,000.00                     6.875                     20061101   SFR                                               1,602.91                      243,588.84                     6.875    Owner Occupied         Purchase                                                   440,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
BEN WHEELER                                             TX                       75754                        360                       244,125.00                     6.875                     20061201   SFR                                               1,603.73                      243,919.90                     6.875    Owner Occupied         Purchase                                                   360,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                                                                                                   FIXED
LAKELAND                                                FL                       12276                        360                       244,792.00                     7.250                     20061101   PUD                                               1,669.91                      244,408.93                     7.250    2nd Home               Purchase                                                   318,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                                                                                                   FIXED
PHOENIX                                                 AZ                       85048                        360                       244,800.00                     6.875                     20061101   SFR                                               1,608.16                      244,387.50                     6.875    Owner Occupied         CashOut Refi                                               310,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
HIGHLAND VILLAGE                                        TX                       75077                        360                       249,000.00                     6.875                     20061101   PUD                                               1,635.75                      248,537.13                     6.875    Owner Occupied         Rate Refi                                                  314,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
MILLERS                                                 MD                       44198                        360                       249,000.00                     6.875                     20061101   SFR                                               1,635.75                      248,566.09                     6.875    Owner Occupied         Rate Refi                                                  510,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
WHITE SALMON                                            WA                       98672                        360                       250,000.00                     7.500                     20061101   SFR                                               1,748.04                      249,627.76                     7.500    Owner Occupied         CashOut Refi                                               325,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                     12    H                                                                 FIXED
MORTON GROVE                                            IL                       60053                        360                       251,000.00                     7.750                     20061101   SFR                                               1,798.19                      250,644.56                     7.750    Owner Occupied         Rate Refi                                                  450,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
PICKERINGTON                                            OH                       43147                        360                       251,066.00                     6.500                     20061101   PUD                                               1,586.91                      250,610.83                     6.500    Owner Occupied         Purchase                                                   316,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
MOORESTOWN                                              NJ                        8057                        360                       252,000.00                     7.250                     20061101   2-FAMILY                                          1,719.08                      251,605.65                     7.250    Investment             CashOut Refi                                               360,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
MATAWAN                                                 NJ                        7747                        360                       252,000.00                     7.750                     20061201   SFR                                               1,805.36                      251,822.14                     7.750    Investment             CashOut Refi                                               315,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
ASTORIA                                                 NY                       40548                        360                       265,000.00                     6.750                     20061101   4-FAMILY                                          1,718.78                      264,542.41                     6.750    Investment             Purchase                                                   855,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
NORTH FORT MYERS                                        FL                       12300                        360                       265,200.00                     7.250                     20061101   SFR                                               1,809.13                      264,784.99                     7.250    Owner Occupied         CashOut Refi                                               312,000.00                           358      20061201                      0.250                         0.030              6.970                       PMI                                                    22   Stated                                                                   36    H                                                                 FIXED
NASHUA                                                  NH                        3064                        360                       265,600.00                     7.500                     20061201   2-FAMILY                                          1,857.11                      265,402.89                     7.500    Owner Occupied         Rate Refi                                                  332,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
BAKERSFIELD                                             CA                       34040                        360                       265,600.00                     6.875                     20061101   SFR                                               1,744.80                      265,152.46                     6.875    Owner Occupied         CashOut Refi                                               332,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
WESLEY CHAPEL                                           FL                       33544                        360                       267,008.00                     8.000                     20061101   PUD                                               1,959.21                      266,648.49                     8.000    Owner Occupied         Purchase                                                   282,000.00                           358      20061201                      0.250                         0.030              7.720                       PMI                                                    30   Express No Doc                                                                                                                                   FIXED
CHICAGO                                                 IL                       60647                        360                       268,000.00                     6.750                     20061101   2-FAMILY                                          1,738.24                      267,537.22                     6.750    Owner Occupied         CashOut Refi                                               335,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
BRIDGEWATER                                             MA                       37339                        360                       268,800.00                     7.125                     20061101   SFR                                               1,810.96                      268,368.80                     7.125    Investment             CashOut Refi                                               336,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
PORT ST LUCIE                                           FL                       34952                        360                       270,000.00                     8.875                     20061201   SFR                                               2,148.24                      269,837.50                     8.875    Owner Occupied         Purchase                                                   304,000.00                           359      20061201                      0.250                         0.030              8.595                       PMI                                                    25   Stated                                                                   36    H                                                                 FIXED
WEST VALLEY CITY                                        UT                       30700                        360                       273,600.00                     6.625                     20061101   SFR                                               1,751.89                      273,115.89                     6.625    Owner Occupied         Purchase                                                   342,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   36    H                                                                 FIXED
VADNAIS HEIGHTS                                         MN                       20116                        360                       275,000.00                     7.000                     20061101   SFR                                               1,829.58                      274,547.86                     7.000    Owner Occupied         CashOut Refi                                               350,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
CHICAGO                                                 IL                       60651                        360                       276,000.00                     7.125                     20061101   4-FAMILY                                          1,859.46                      275,557.27                     7.125    Owner Occupied         Rate Refi                                                  345,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                                                                                             FIXED
GAITHERSBURG                                            MD                       20879                        360                       276,000.00                     8.000                     20061101   PUD                                               2,025.19                      275,628.39                     8.000    Owner Occupied         CashOut Refi                                               347,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Full                                                                                                                                             FIXED
CHICAGO                                                 IL                       60639                        360                       276,000.00                     7.750                     20061101   2-FAMILY                                          1,977.30                      275,609.14                     7.750    Investment             CashOut Refi                                               345,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
CHANDLER                                                AZ                       31103                        360                       278,400.00                     6.875                     20061101   PUD                                               1,828.89                      277,930.88                     6.875    Owner Occupied         CashOut Refi                                               348,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
CLOVIS                                                  CA                       34131                        360                       280,000.00                     6.875                     20061101   SFR                                               1,839.40                      279,528.19                     6.875    Investment             CashOut Refi                                               435,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   FISA                                                                                                                                             FIXED
PHILADELPHIA                                            PA                       43484                        360                       280,000.00                     7.250                     20061201   SFR                                               1,910.09                      279,781.58                     7.250    Owner Occupied         CashOut Refi                                               460,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
SPRINGVILLE                                             UT                       84663                        360                       284,000.00                     7.375                     20061101   SFR                                               1,961.52                      283,566.47                     7.375    Owner Occupied         CashOut Refi                                               355,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                   12    H                                                                 FIXED
ROBBINSDALE                                             MN                       20201                        360                       284,000.00                     7.500                     20061101   SFR                                               1,985.77                      283,577.14                     7.500    Owner Occupied         CashOut Refi                                               355,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   36    H                                                                 FIXED
SAN ANTONIO                                             TX                       78258                        360                       284,450.00                     7.375                     20061101   PUD                                               1,964.63                      284,015.40                     7.375    Owner Occupied         Purchase                                                   370,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
CHESAPEAKE                                              VA                       45007                        360                       288,000.00                     6.625                     20061101   SFR                                               1,844.10                      287,490.40                     6.625    Owner Occupied         Purchase                                                   374,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                          FIXED
LOVELAND                                                OH                       45140                        360                       288,800.00                     8.375                     20061101   SFR                                               2,195.09                      288,439.73                     8.375    Owner Occupied         Purchase                                                   308,000.00                           358      20061201                      0.250                         0.030              8.095                       PMI                                                    30   Full                                                                                                                                             FIXED
POMFRET                                                 MD                       20675                        360                       288,915.00                     6.625                     20061101   SFR                                               1,849.95                      288,403.79                     6.625    Owner Occupied         Purchase                                                   342,000.00                           358      20061201                      0.250                         0.030              6.345                       MGIC                                                   20   Stated                                                                                                                                           FIXED
SOUTH ELGIN                                             IL                       60177                        360                       292,000.00                     7.250                     20061101   SFR                                               1,991.95                      291,543.06                     7.250    Owner Occupied         CashOut Refi                                               365,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
PORTLAND                                                OR                       97236                        360                       293,000.00                     8.875                     20061101   SFR                                               2,331.24                      292,670.26                     8.875    Owner Occupied         CashOut Refi                                               367,500.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Stated                                                                                                                                           FIXED
CENTRAL ISLIP                                           NY                       40746                        360                       293,000.00                     7.250                     20061101   SFR                                               1,998.78                      292,541.48                     7.250    Owner Occupied         CashOut Refi                                               430,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                                                                                                   FIXED
BOONSBORO                                               MD                       44390                        360                       295,200.00                     7.250                     20061101   SFR                                               2,013.78                      294,738.05                     7.250    Owner Occupied         CashOut Refi                                               369,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
PORTLAND                                                OR                       35463                        360                       296,400.00                     7.000                     20061101   3-FAMILY                                          1,971.96                      295,712.08                     7.000    Owner Occupied         Purchase                                                   372,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
MESA                                                    AZ                       31084                        360                       296,500.00                     7.125                     20061101   SFR                                               1,997.58                      295,635.31                     7.125    Owner Occupied         CashOut Refi                                               590,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
CHICAGO                                                 IL                       22092                        360                       297,000.00                     6.750                     20061101   SFR                                               1,926.34                      296,487.14                     6.750    Owner Occupied         Rate Refi                                                  400,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
ELLIJAY                                                 GA                       30540                        360                       300,000.00                     7.375                     20061101   PUD                                               2,072.03                      299,541.06                     7.375    Owner Occupied         CashOut Refi                                               375,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
ROYAL PALM BEACH                                        FL                       12155                        360                       300,000.00                     6.500                     20061101   SFR                                               1,896.20                      299,456.13                     6.500    Owner Occupied         CashOut Refi                                               470,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
CHICAGO                                                 IL                       22076                        360                       300,000.00                     7.750                     20061101   2-FAMILY                                          2,149.24                      299,574.39                     7.750    Owner Occupied         CashOut Refi                                               375,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   FISA                                                                                                                                             FIXED
GREENACRES                                              FL                       33463                        360                       300,000.00                     7.375                     20061101   PUD                                               2,072.03                      299,542.04                     7.375    Owner Occupied         Purchase                                                   385,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
SUGAR GROVE                                             IL                       60554                        360                       302,400.00                     7.000                     20061201   SFR                                               2,011.87                      302,152.13                     7.000    Owner Occupied         Rate Refi                                                  378,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
IPSWICH                                                 MA                        1938                        360                       304,000.00                     6.625                     20061101   SFR                                               1,946.55                      303,462.08                     6.625    Owner Occupied         Purchase                                                   387,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
BAY SHORE                                               NY                       40730                        360                       304,000.00                     6.750                     20061101   SFR                                               1,971.74                      303,475.05                     6.750    Owner Occupied         CashOut Refi                                               385,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
NORTH SMITHFIELD                                        RI                        2896                        360                       304,000.00                     7.500                     20061201   3-FAMILY                                          2,125.61                      303,774.39                     7.500    Investment             Rate Refi                                                  380,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
BRADENTON                                               FL                       12459                        360                       304,800.00                     6.875                     20061101   SFR                                               2,002.32                      304,117.10                     6.875    Owner Occupied         CashOut Refi                                               381,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
WHITE PLAINS                                            MD                       20695                        360                       305,000.00                     7.500                     20061101   SFR                                               2,132.60                      304,545.89                     7.500    Owner Occupied         CashOut Refi                                               457,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
CHARLOTTE                                               NC                       28262                        360                       307,920.00                     7.500                     20061101   PUD                                               2,153.02                      307,461.53                     7.500    Owner Occupied         Purchase                                                   385,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
HIGHLAND HAVEN                                          TX                       78654                        360                       308,000.00                     7.250                     20061201   SFR                                               2,101.10                      307,759.73                     7.250    Owner Occupied         Purchase                                                   400,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
MANCHESTER                                              NH                       37625                        360                       309,000.00                     7.000                     20061201   4-FAMILY                                          2,055.78                      308,746.72                     7.000    Owner Occupied         Rate Refi                                                  406,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                          FIXED
BLACKSTONE                                              MA                       37015                        360                       310,400.00                     7.250                     20061101   4-FAMILY                                          2,117.48                      309,914.24                     7.250    Investment             Rate Refi                                                  388,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
COPPELL                                                 TX                       75019                        360                       310,400.00                     7.000                     20061101   PUD                                               2,065.10                      309,889.65                     7.000    Owner Occupied         Rate Refi                                                  388,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
PLYMOUTH                                                MA                        2360                        360                       313,000.00                     7.125                     20061101   SFR                                               2,108.74                      312,497.91                     7.125    Owner Occupied         CashOut Refi                                               393,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                           36    H                                                                 FIXED
GRAIN VALLEY                                            MO                       64029                        360                       315,000.00                     7.500                     20061101   PUD                                               2,202.53                      314,530.98                     7.500    Owner Occupied         Purchase                                                   355,000.00                           358      20061201                      0.250                         0.030              7.220                       PMI                                                    25   Express Verified Assets                                                                                                                          FIXED
FAIRFAX                                                 VA                       22032                        360                       319,000.00                     7.000                     20061101   PUD                                               2,122.32                      318,474.72                     7.000    Owner Occupied         CashOut Refi                                               485,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
PATERSON                                                NJ                       39205                        360                       320,000.00                     6.750                     20061101   SFR                                               2,075.51                      319,432.23                     6.750    Owner Occupied         CashOut Refi                                               400,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
LAS VEGAS                                               NV                       32536                        360                       321,600.00                     7.000                     20061101   PUD                                               2,139.61                      321,071.24                     7.000    Owner Occupied         Rate Refi                                                  402,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   SISA                                                                     12    H                                                                 FIXED
FAR ROCKAWAY                                            NY                       11691                        360                       327,000.00                     7.250                     20061101   2-FAMILY                                          2,230.72                      326,488.27                     7.250    Investment             Rate Refi                                                  525,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                                                                                                   FIXED
WEST HAVEN                                              CT                       38853                        360                       329,600.00                     7.875                     20061101   3-FAMILY                                          2,389.83                      329,144.85                     7.875    Owner Occupied         Purchase                                                   412,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                     36    H                                                                 FIXED
ROSWELL                                                 GA                       30076                        360                       336,000.00                     6.750                     20061101   PUD                                               2,179.29                      335,419.79                     6.750    Owner Occupied         Rate Refi                                                  420,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
PATCHOGUE                                               NY                       11772                        360                       336,000.00                     7.625                     20061101   3-FAMILY                                          2,378.19                      335,512.07                     7.625    Owner Occupied         CashOut Refi                                               420,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
CHICAGO                                                 IL                       60660                        360                       336,000.00                     7.625                     20061101   2-FAMILY                                          2,378.19                      335,512.07                     7.625    Investment             Rate Refi                                                  430,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
DEERFIELD BEACH                                         FL                       33441                        360                       339,200.00                     6.875                     20061101   SFR                                               2,228.30                      338,628.43                     6.875    Owner Occupied         CashOut Refi                                               424,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
BETHPAGE                                                NY                       40738                        360                       340,000.00                     7.250                     20061201   2-FAMILY                                          2,319.40                      339,734.77                     7.250    Owner Occupied         Purchase                                                   515,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
DARTMOUTH                                               MA                        2747                        360                       340,000.00                     7.250                     20061101   4-FAMILY                                          2,319.40                      339,467.93                     7.250    Owner Occupied         CashOut Refi                                               425,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
BELLEVUE                                                WA                       98006                        360                       344,000.00                     6.625                     20061101   SFR                                               2,202.67                      343,391.32                     6.625    Owner Occupied         CashOut Refi                                               430,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
WASHINGTONVILLE                                         NY                       10992                        360                       344,000.00                     7.500                     20061101   SFR                                               2,405.30                      343,487.80                     7.500    Owner Occupied         CashOut Refi                                               430,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
ACUSHNET                                                MA                        2743                        360                       348,000.00                     6.875                     20061101   SFR                                               2,286.11                      347,413.61                     6.875    Owner Occupied         CashOut Refi                                               435,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
REVERE                                                  MA                        2151                        360                       352,000.00                     7.125                     20061101   2-FAMILY                                          2,371.49                      351,435.35                     7.125    Owner Occupied         Rate Refi                                                  440,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
PHOENIX                                                 AZ                       85085                        360                       357,320.00                     7.125                     20061101   PUD                                               2,407.33                      356,746.82                     7.125    Investment             Purchase                                                   457,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                                                                                             FIXED
BARTLETT                                                IL                       21918                        360                       359,900.00                     7.000                     20061101   PUD                                               2,394.42                      359,308.28                     7.000    Owner Occupied         Rate Refi                                                  457,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   SISA                                                                                                                                             FIXED
MIAMI                                                   FL                       33187                        360                       360,000.00                     7.875                     20061101   SFR                                               2,610.25                      359,502.87                     7.875    Owner Occupied         Purchase                                                   450,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
BOSTON                                                  MA                       37278                        360                       360,000.00                     7.250                     20061201   4-FAMILY                                          2,455.83                      359,719.13                     7.250    Owner Occupied         CashOut Refi                                               631,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
CHICAGO                                                 IL                       60655                        360                       363,000.00                     7.500                     20061101   SFR                                               2,538.15                      362,459.52                     7.500    Owner Occupied         CashOut Refi                                               520,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
COLLEGE PARK                                            MD                       20740                        360                       364,000.00                     6.875                     20061101   SFR                                               2,391.22                      363,386.64                     6.875    Owner Occupied         CashOut Refi                                               455,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
ELMWOOD PARK                                            IL                       22104                        360                       365,000.00                     7.000                     20061101   2-FAMILY                                          2,428.35                      364,399.89                     7.000    Owner Occupied         CashOut Refi                                               470,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
PORTLAND                                                OR                       35474                        360                       366,500.00                     6.875                     20061101   SFR                                               2,407.64                      365,882.44                     6.875    Owner Occupied         CashOut Refi                                               470,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
TRUMBULL                                                CT                       38879                        360                       369,750.00                     7.250                     20061101   SFR                                               2,522.35                      369,171.37                     7.250    Owner Occupied         CashOut Refi                                               435,000.00                           358      20061201                      0.250                         0.030              6.970                       RADIAN - BORROWER PAID                                 20   Express Verified Assets                                                  12    H                                                                 FIXED
ROCHESTER                                               MI                       17599                        360                       373,500.00                     7.000                     20061201   SFR                                               2,484.90                      373,184.80                     7.000    Owner Occupied         CashOut Refi                                               415,000.00                           359      20061201                      0.250                         0.030              6.720                       PMI                                                    25   Stated                                                                                                                                           FIXED
BROOKLYN                                                NY                       40585                        360                       374,250.00                     7.250                     20061201   CONDO                                             2,553.04                      373,958.05                     7.250    Investment             Purchase                                                   530,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
WEST BLOOMFIELD                                         MI                       17616                        360                       375,000.00                     7.625                     20061101   SFR                                               2,654.23                      374,455.44                     7.625    Owner Occupied         Rate Refi                                                  500,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
ORANGE                                                  NJ                        7050                        360                       376,000.00                     7.875                     20061101   SFR                                               2,726.26                      375,480.78                     7.875    Owner Occupied         CashOut Refi                                               470,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
CHICAGO                                                 IL                       22089                        360                       380,000.00                     8.500                     20061201   4-FAMILY                                          2,921.87                      379,769.80                     8.500    Owner Occupied         CashOut Refi                                               475,000.00                           359      20061201                      0.250                         0.030              8.220                                                                                   Stated                                                                                                                                           FIXED
SANTA MARIA                                             CA                       93455                        360                       384,000.00                     7.000                     20061101   SFR                                               2,554.76                      383,368.64                     7.000    Owner Occupied         Rate Refi                                                  480,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
WOODBURY                                                CT                        6798                        360                       389,000.00                     6.875                     20061201   SFR                                               2,555.45                      388,673.20                     6.875    Owner Occupied         CashOut Refi                                               500,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
ELIZABETH                                               CO                       29227                        360                       390,000.00                     6.625                     20061101   PUD                                               2,497.21                      389,309.93                     6.625    Owner Occupied         CashOut Refi                                               490,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                          FIXED
CORAL SPRINGS                                           FL                       33065                        360                       396,800.00                     6.750                     20061101   SFR                                               2,573.64                      395,769.31                     6.750    Owner Occupied         Purchase                                                   535,000.00                           358      20070101                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
ELLIJAY                                                 GA                       30540                        360                       400,000.00                     7.000                     20061101   SFR                                               2,661.21                      399,342.33                     7.000    Owner Occupied         Rate Refi                                                  500,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                          FIXED
GARFIELD                                                NJ                        7026                        360                       400,000.00                     7.125                     20061101   4-FAMILY                                          2,694.87                      399,358.36                     7.125    Investment             Purchase                                                   500,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
MONTEREY                                                CA                       93940                        360                       400,000.00                     8.250                     20061101   SFR                                               3,005.07                      399,488.11                     8.250    Investment             CashOut Refi                                             1,150,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express No Doc                                                           12    H                                                                 FIXED
WILLOWBROOK                                             IL                       22063                        360                       400,000.00                     6.750                     20061101   SFR                                               2,594.39                      399,309.28                     6.750    Owner Occupied         CashOut Refi                                               670,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
ALEXANDRIA                                              VA                       44626                        360                       404,000.00                     6.875                     20061201   SFR                                               2,653.99                      403,660.59                     6.875    Owner Occupied         CashOut Refi                                               505,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
RICHBORO                                                PA                       18954                        360                       417,000.00                     7.875                     20061101   SFR                                               3,023.54                      416,424.16                     7.875    Owner Occupied         Purchase                                                   640,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
WEST HEMPSTEAD                                          NY                       11552                        360                       417,000.00                     6.750                     20061101   SFR                                               2,704.65                      416,279.94                     6.750    Owner Occupied         CashOut Refi                                               575,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
GREENVILLE                                              SC                       47270                        360                        51,200.00                     8.375                     20061101   SFR                                                 357.33                       51,176.03                     8.375    Investment             CashOut Refi                                                64,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
INMAN                                                   SC                       29349                        360                        52,000.00                     8.125                     20061101   2-FAMILY                                            352.08                       52,000.00                     8.125    Investment             CashOut Refi                                                65,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express Verified Assets                                                                                                                          FIXED
AKRON                                                   OH                       16141                        360                        54,400.00                     7.500                     20061101   SFR                                                    340                       54,400.00                     7.500    Investment             Rate Refi                                                   68,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   36    H                                                                 FIXED
WESTERVILLE                                             OH                       43081                        360                        54,400.00                     7.250                     20061101   CONDO                                               328.67                       54,400.00                     7.250    Owner Occupied         Rate Refi                                                   64,000.00                           358      20061201                      0.250                         0.030              6.970                       TRIAD - BORROWER PAID                                  20   Stated                                                                   60    H                                                                 FIXED
MOBILE                                                  AL                       13307                        360                        56,800.00                     8.250                     20061101   SFR                                                  390.5                       56,800.00                     8.250    Investment             CashOut Refi                                                71,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                                                                                           FIXED
CRYSTAL RIVER                                           FL                       12538                        360                        56,800.00                     8.125                     20061201   SFR                                                 384.58                       56,800.00                     8.125    Investment             Purchase                                                    77,000.00                           359      20061201                      0.250                         0.030              7.845                                                                                   Express No Doc                                                                                                                                   FIXED
GRESHAM                                                 OR                       97080                        360                        59,909.00                     7.875                     20061001   CONDO                                               393.15                       59,868.74                     7.875    Owner Occupied         Purchase                                                    75,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
JACKSONVILLE                                            FL                       11725                        360                        60,000.00                     8.125                     20061101   SFR                                                 406.25                       60,000.00                     8.125    Investment             CashOut Refi                                                75,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express No Doc                                                                                                                                   FIXED
WOODRUFF                                                SC                       29388                        360                        60,200.00                     8.250                     20061101   SFR                                                 413.88                       60,200.00                     8.250    Investment             CashOut Refi                                                78,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express Verified Assets                                                                                                                          FIXED
EAGLE MOUNTAIN                                          UT                       84005                        360                        65,500.00                     8.000                     20061101   CONDO                                               436.67                       65,500.00                     8.000    Investment             CashOut Refi                                               130,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Express No Doc                                                                                                                                   FIXED
DETROIT                                                 MI                       17591                        360                        70,100.00                     8.250                     20061201   SFR                                                 481.94                       70,100.00                     8.250    Investment             CashOut Refi                                                89,000.00                           359      20061201                      0.250                         0.030              7.970                                                                                   FISA                                                                                                                                             FIXED
NEWNAN                                                  GA                       30263                        360                        71,250.00                     8.375                     20061101   SFR                                                 497.27                       71,250.00                     8.375    Investment             Purchase                                                    95,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Express No Doc                                                                                                                                   FIXED
CLOUDCROFT                                              NM                       32219                        360                        71,350.00                     7.500                     20061101   SFR                                                 445.94                       71,348.85                     7.500    Owner Occupied         Purchase                                                    91,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
DUNCANVILLE                                             TX                       27410                        360                        71,920.00                     7.500                     20061101   CONDO                                                449.5                       71,920.00                     7.500    Owner Occupied         Purchase                                                    89,900.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
KANSAS CITY                                             MO                       23399                        360                        72,000.00                     8.375                     20060901   SFR                                                  502.5                       71,994.87                     8.375    Investment             CashOut Refi                                                90,000.00                           356      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
LANSING                                                 MI                       17782                        360                        72,000.00                     7.875                     20061101   SFR                                                  472.5                       72,000.00                     7.875    Owner Occupied         CashOut Refi                                                80,000.00                           358      20061201                      0.250                         0.030              7.595                       PMI                                                    25   Express Verified Assets                                                                                                                          FIXED
COLUMBUS                                                OH                       15743                        360                        72,000.00                     7.000                     20061101   SFR                                                    420                       72,000.00                     7.000    Investment             CashOut Refi                                                93,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   60    H                                                                 FIXED
ORANGE                                                  VA                       22960                        360                        73,500.00                     8.875                     20061101   CONDO                                               543.59                       73,499.71                     8.875    Investment             Purchase                                                   130,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Express No Doc                                                                                                                                   FIXED
COLUMBUS                                                OH                       43232                        360                        74,000.00                     7.500                     20061101   SFR                                                  462.5                       74,000.00                     7.500    Investment             Rate Refi                                                  103,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
LAUDERHILL                                              FL                       12126                        360                        74,320.00                     7.125                     20061201   CONDO                                               441.28                       74,320.00                     7.125    Investment             Purchase                                                   140,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   36    H                                                                 FIXED
ALLIANCE                                                OH                       16224                        360                        74,700.00                     8.625                     20061101   SFR                                                 536.91                       74,700.00                     8.625    Owner Occupied         Purchase                                                    83,000.00                           358      20061201                      0.250                         0.030              8.345                       PMI                                                    25   SISA                                                                     60    H                                                                 FIXED
TRENTON                                                 NJ                       39610                        360                        75,000.00                     6.875                     20061101   SFR                                                 429.69                       75,000.00                     6.875    Investment             CashOut Refi                                               148,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
WINSTON SALEM                                           NC                       46414                        360                        75,200.00                     8.125                     20061101   SFR                                                 509.17                       75,200.00                     8.125    Investment             CashOut Refi                                                94,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                   12    H                                                                 FIXED
KANSAS CITY                                             MO                       23400                        360                        76,000.00                     8.875                     20061101   2-FAMILY                                            562.08                       75,998.92                     8.875    Investment             CashOut Refi                                                95,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Express No Doc                                                                                                                                   FIXED
CINCINNATI                                              OH                       16475                        360                        76,000.00                     7.500                     20061101   SFR                                                    475                       76,000.00                     7.500    Owner Occupied         CashOut Refi                                                95,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                     36    H                                                                 FIXED
YUMA                                                    AZ                       85364                        360                        80,000.00                     6.625                     20061101   SFR                                                 441.67                       80,000.00                     6.625    Owner Occupied         CashOut Refi                                               169,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   FISA                                                                                                                                             FIXED
CHARLOTTE                                               NC                       46795                        360                        81,450.00                     8.000                     20061101   SFR                                                    543                       81,450.00                     8.000    Owner Occupied         Purchase                                                   120,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
PLYMOUTH                                                MN                       55442                        360                        81,760.00                     7.375                     20061101   CONDO                                               502.48                       81,760.00                     7.375    2nd Home               Purchase                                                   102,200.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
CHICAGO                                                 IL                       22076                        360                        83,000.00                     6.875                     20061101   2-FAMILY                                            475.52                       83,000.00                     6.875    Investment             CashOut Refi                                               250,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
KANSAS CITY                                             MO                       23399                        360                        84,000.00                     8.875                     20061101   2-FAMILY                                            621.25                       83,999.76                     8.875    Investment             CashOut Refi                                               105,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Express No Doc                                                                                                                                   FIXED
CLINTON TWP                                             MI                       48038                        360                        85,600.00                     7.000                     20061201   CONDO                                               499.33                       85,600.00                     7.000    Owner Occupied         Purchase                                                   107,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
CALUMET CITY                                            IL                       22015                        360                        86,300.00                     8.875                     20061201   SFR                                                 638.26                       86,300.00                     8.875    Investment             Purchase                                                   110,000.00                           359      20061201                      0.250                         0.030              8.595                                                                                   Express No Doc                                                                                                                                   FIXED
ASHEVILLE                                               NC                       46971                        360                        86,400.00                     7.375                     20061201   CONDO                                                  531                       86,400.00                     7.375    Owner Occupied         CashOut Refi                                               108,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
LAKELAND                                                FL                       12269                        360                        87,200.00                     7.875                     20061101   SFR                                                 572.25                       87,200.00                     7.875    Investment             Rate Refi                                                  109,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
BALTIMORE                                               MD                       44243                        360                        88,000.00                     8.875                     20061101   2-FAMILY                                            650.83                       88,000.00                     8.875    Investment             CashOut Refi                                               110,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Express Verified Assets                                                                                                                          FIXED
INMAN                                                   SC                       29349                        360                        88,000.00                     8.125                     20061101   3-FAMILY                                            595.83                       88,000.00                     8.125    Investment             Rate Refi                                                  110,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express Verified Assets                                                                                                                          FIXED
DULUTH                                                  GA                       30096                        360                        88,000.00                     6.875                     20061101   CONDO                                               504.17                       88,000.00                     6.875    Investment             Purchase                                                   111,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
WARREN                                                  MI                       48089                        360                        88,000.00                     7.750                     20061101   SFR                                                 568.33                       88,000.00                     7.750    Investment             Purchase                                                   110,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
CANTON                                                  GA                       10972                        360                        88,000.00                     7.750                     20061201   SFR                                                 568.33                       88,000.00                     7.750    Investment             CashOut Refi                                               110,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Full                                                                                                                                             FIXED
CHESTER                                                 PA                       19013                        360                        89,600.00                     7.625                     20061101   3-FAMILY                                            569.33                       89,600.00                     7.625    Investment             CashOut Refi                                               112,500.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Full                                                                     36    H                                                                 FIXED
JACKSONVILLE                                            FL                       32257                        360                        90,000.00                     7.625                     20061101   CONDO                                               571.87                       89,984.88                     7.625    Owner Occupied         Purchase                                                   120,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
DELRAY BEACH                                            FL                       33445                        360                        90,000.00                     6.875                     20061101   CONDO                                               515.63                       90,000.00                     6.875    2nd Home               CashOut Refi                                               136,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
LAKELAND                                                FL                       12269                        360                        90,400.00                     7.875                     20061101   SFR                                                 593.25                       90,400.00                     7.875    Investment             Rate Refi                                                  113,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
SUN CITY                                                AZ                       85351                        360                        91,200.00                     7.375                     20061101   PUD                                                  560.5                       91,200.00                     7.375    Owner Occupied         CashOut Refi                                               114,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                                                                                             FIXED
GRIFFIN                                                 GA                       11013                        360                        91,920.00                     7.500                     20061101   PUD                                                  574.5                       91,920.00                     7.500    Investment             Purchase                                                   116,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
BALTIMORE                                               MD                       44245                        360                        94,000.00                     7.375                     20061101   SFR                                                 577.71                       93,999.54                     7.375    Investment             CashOut Refi                                               117,500.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
BALTIMORE                                               MD                       44245                        360                        94,000.00                     7.375                     20061101   SFR                                                 577.71                       93,999.54                     7.375    Investment             CashOut Refi                                               117,500.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
FORT PIERCE                                             FL                       34950                        360                        94,400.00                     7.750                     20061101   PUD                                                 609.67                       94,400.00                     7.750    Investment             Purchase                                                   118,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   12    H                                                                 FIXED
FORT PIERCE                                             FL                       34950                        360                        94,400.00                     7.750                     20061101   PUD                                                 609.67                       94,400.00                     7.750    Investment             Purchase                                                   118,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   12    H                                                                 FIXED
HOUSTON                                                 TX                       77073                        360                        94,400.00                     7.250                     20061101   PUD                                                 570.33                       94,399.33                     7.250    Investment             CashOut Refi                                               118,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
BOONEVILLE                                              MS                       14121                        360                        94,500.00                     6.500                     20061001   SFR                                                 511.88                       94,473.68                     6.500    Investment             Purchase                                                   135,000.00                           357      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                     36    H                                                                 FIXED
THE DALLES                                              OR                       97058                        360                        94,500.00                     7.500                     20061101   SFR                                                 590.63                       94,490.00                     7.500    2nd Home               Purchase                                                   142,100.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
BRIDGEPORT                                              CT                       38878                        360                        95,000.00                     6.875                     20061201   CONDO                                               544.27                       95,000.00                     6.875    Owner Occupied         CashOut Refi                                               148,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                           60    H                                                                 FIXED
PARK FOREST                                             IL                       60466                        360                        95,900.00                     8.875                     20061201   SFR                                                 709.26                       95,900.00                     8.875    Investment             Purchase                                                   124,000.00                           359      20061201                      0.250                         0.030              8.595                                                                                   Express No Doc                                                                                                                                   FIXED
DALLAS                                                  GA                       30132                        360                        96,000.00                     8.125                     20061101   SFR                                                    650                       96,000.00                     8.125    Investment             Purchase                                                   122,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
CHICAGO HEIGHTS                                         IL                       22017                        360                        96,000.00                     8.250                     20061201   SFR                                                    660                       96,000.00                     8.250    Investment             CashOut Refi                                               120,000.00                           359      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                                                                                           FIXED
MORROW                                                  GA                       30260                        360                        98,960.00                     8.625                     20061101   SFR                                                 711.28                       98,960.00                     8.625    Investment             CashOut Refi                                               123,700.00                           358      20061201                      0.250                         0.030              8.345                                                                                   Express No Doc                                                                                                                                   FIXED
GREENVILLE                                              MI                       48838                        360                        99,200.00                     7.500                     20061101   SFR                                                    620                       99,200.00                     7.500    Owner Occupied         Rate Refi                                                  124,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   36    H                                                                 FIXED
BALTIMORE                                               MD                       44240                        360                        99,200.00                     6.875                     20061101   SFR                                                 568.33                       99,200.00                     6.875    Owner Occupied         CashOut Refi                                               124,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
CAPE CORAL                                              FL                       12301                        360                       100,000.00                     7.625                     20061101   CONDO                                               635.42                      100,000.00                     7.625    Investment             CashOut Refi                                               125,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
PARMA                                                   OH                       44134                        360                       100,000.00                     7.250                     20061101   SFR                                                 604.17                      100,000.00                     7.250    Owner Occupied         CashOut Refi                                               125,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                     60    H                                                                 FIXED
LYNCHBURG                                               VA                       45416                        360                       102,000.00                     7.250                     20061101   4-FAMILY                                            616.25                      102,000.00                     7.250    Investment             Purchase                                                   132,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
HOOD RIVER                                              OR                       97031                        360                       103,000.00                     6.875                     20061101   CONDO                                                590.1                      103,000.00                     6.875    Owner Occupied         Purchase                                                   130,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
SPOKANE                                                 WA                       36198                        360                       103,500.00                     7.750                     20061101   SFR                                                 668.44                      103,500.00                     7.750    Owner Occupied         CashOut Refi                                               115,000.00                           358      20061201                      0.250                         0.030              7.470                       PMI                                                    25   Stated                                                                                                                                           FIXED
NOBLESVILLE                                             IN                       46062                        360                       103,530.00                     7.125                     20061201   PUD                                                 614.71                      103,530.00                     7.125    Investment             Purchase                                                   150,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                           36    H                                                                 FIXED
BALTIMORE                                               MD                       44248                        360                       104,000.00                     7.625                     20061101   SFR                                                 660.83                      104,000.00                     7.625    Owner Occupied         CashOut Refi                                               147,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                     36    H                                                                 FIXED
SPRINGFIELD                                             IL                       22838                        360                       104,000.00                     8.875                     20061101   SFR                                                 769.17                      103,980.00                     8.875    Owner Occupied         Purchase                                                   132,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Full                                                                                                                                             FIXED
PAPILLION                                               NE                       68133                        360                       104,150.00                     7.750                     20061101   SFR                                                 672.64                      104,150.00                     7.750    Investment             Purchase                                                   149,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
QUEEN CREEK                                             AZ                       85243                        360                       105,000.00                     7.625                     20061101   PUD                                                 667.19                      105,000.00                     7.625    Owner Occupied         CashOut Refi                                               380,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                     12    H                                                                 FIXED
MISSOULA                                                MT                       21770                        360                       107,000.00                     7.000                     20061101   PUD                                                 624.17                      107,000.00                     7.000    Owner Occupied         Purchase                                                   135,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
CINCINNATI                                              OH                       45238                        360                       107,200.00                     7.500                     20061001   SFR                                                    670                      107,200.00                     7.500    Investment             CashOut Refi                                               134,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   60    H                                                                 FIXED
PLANO                                                   IL                       60545                        360                       107,800.00                     7.500                     20061101   SFR                                                 673.75                      107,800.00                     7.500    Investment             CashOut Refi                                               154,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
EAGAR                                                   AZ                       31315                        360                       108,000.00                     7.125                     20061101   SFR                                                 641.25                      107,454.57                     7.125    Owner Occupied         CashOut Refi                                               135,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                     36    H                                                                 FIXED
PEMBROKE PINES                                          FL                       33027                        360                       108,000.00                     6.875                     20061201   CONDO                                               618.75                      108,000.00                     6.875    Owner Occupied         CashOut Refi                                               135,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                           12    H                                                                 FIXED
POST FALLS                                              ID                       83854                        360                       108,400.00                     8.000                     20061201   PUD                                                 722.67                      108,400.00                     8.000    Investment             Purchase                                                   142,000.00                           359      20061201                      0.250                         0.030              7.720                                                                                   SISA                                                                                                                                             FIXED
SALT LAKE CITY                                          UT                       30685                        360                       108,500.00                     7.250                     20061101   SFR                                                 655.52                      108,500.00                     7.250    Investment             Purchase                                                   155,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                                                                                                   FIXED
OAKLAND                                                 CA                       34494                        360                       110,000.00                     7.625                     20061101   SFR                                                 698.96                      110,000.00                     7.625    Investment             CashOut Refi                                               750,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   NINA                                                                                                                                             FIXED
BALTIMORE                                               MD                       44242                        360                       110,400.00                     7.750                     20061101   SFR                                                    713                      110,399.68                     7.750    Owner Occupied         Purchase                                                   138,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
DURHAM                                                  NC                       46571                        360                       110,711.00                     8.375                     20061101   PUD                                                 772.67                      110,711.00                     8.375    Owner Occupied         Purchase                                                   142,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   SISA                                                                                                                                             FIXED
PENSACOLA                                               FL                       11835                        360                       110,925.00                     7.500                     20061101   PUD                                                 693.28                      110,925.00                     7.500    Owner Occupied         Purchase                                                   148,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
POWDER SPRINGS                                          GA                       10985                        360                       111,200.00                     7.750                     20061101   SFR                                                 718.17                      111,200.00                     7.750    Owner Occupied         Purchase                                                   143,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
WADMALAW ISLAND                                         SC                       29487                        360                       112,000.00                     7.250                     20061101   SFR                                                 676.67                      111,900.00                     7.250    Owner Occupied         Purchase                                                   155,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   NINA                                                                                                                                             FIXED
AUBURN                                                  GA                       30011                        360                       112,000.00                     8.000                     20061101   SFR                                                 746.67                      112,000.00                     8.000    Investment             CashOut Refi                                               140,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
JACKSONVILLE                                            FL                       11726                        360                       112,000.00                     7.750                     20061101   SFR                                                 723.33                      112,000.00                     7.750    Owner Occupied         CashOut Refi                                               140,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                     36    H                                                                 FIXED
PENSACOLA                                               FL                       11835                        360                       112,000.00                     7.250                     20061201   SFR                                                 676.67                      111,999.41                     7.250    Owner Occupied         Rate Refi                                                  140,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                     60    H                                                                 FIXED
TAYLORS                                                 SC                       29687                        360                       112,000.00                     6.625                     20061101   SFR                                                 618.33                      112,000.00                     6.625    Owner Occupied         Purchase                                                   140,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
LARGO                                                   FL                       33770                        360                       112,000.00                     7.250                     20061101   SFR                                                 676.67                      112,000.00                     7.250    Investment             Purchase                                                   140,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
URBANA                                                  IL                       22494                        360                       114,400.00                     8.875                     20061101   CONDO                                               846.08                      114,400.00                     8.875    2nd Home               Purchase                                                   143,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Express Verified Assets                                                                                                                          FIXED
DAYTONA BEACH                                           FL                       11702                        360                       115,200.00                     8.750                     20061101   SFR                                                    840                      115,200.00                     8.750    Investment             CashOut Refi                                               144,000.00                           358      20061201                      0.250                         0.030              8.470                                                                                   Express Verified Assets                                                                                                                          FIXED
SAN LUIS                                                AZ                       85349                        360                       115,500.00                     7.250                     20061201   SFR                                                 697.81                      115,500.00                     7.250    Owner Occupied         Purchase                                                   165,500.00                           359      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
RICHMOND                                                VA                       44979                        360                       116,000.00                     7.750                     20061101   SFR                                                 749.17                      116,000.00                     7.750    Investment             Purchase                                                   145,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
FLORENCE                                                SC                       47244                        360                       116,250.00                     7.500                     20060701   SFR                                                 726.56                      116,250.00                     7.500    Owner Occupied         Rate Refi                                                  155,000.00                           354      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
ARLINGTON                                               MN                       20155                        360                       116,250.00                     7.750                     20061101   SFR                                                 750.78                      116,250.00                     7.750    Owner Occupied         Rate Refi                                                  155,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
DAYTONA BEACH                                           FL                       11702                        360                       117,520.00                     7.875                     20061001   PUD                                                 771.23                      117,520.00                     7.875    Investment             Purchase                                                   157,000.00                           357      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
LADSON                                                  SC                       29456                        360                       118,800.00                     7.500                     20061201   SFR                                                  742.5                      118,800.00                     7.500    Owner Occupied         Purchase                                                   149,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
REIDSVILLE                                              NC                       46466                        360                       120,000.00                     7.375                     20061101   SFR                                                  737.5                      120,000.00                     7.375    Owner Occupied         Purchase                                                   150,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
CINCINNATI                                              OH                       16488                        360                       120,000.00                     8.500                     20061101   SFR                                                    850                      120,000.00                     8.500    Investment             CashOut Refi                                               160,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Stated                                                                                                                                           FIXED
TAUNTON                                                 MA                        2780                        360                       121,500.00                     6.625                     20061101   SFR                                                 670.78                      121,000.00                     6.625    Owner Occupied         CashOut Refi                                               291,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                     36    H                                                                 FIXED
DECATUR                                                 GA                       30032                        360                       121,600.00                     7.500                     20061101   SFR                                                    760                      121,600.00                     7.500    Owner Occupied         Purchase                                                   159,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
MARIETTA                                                GA                       30062                        360                       121,600.00                     7.000                     20061101   SFR                                                 709.33                      121,600.00                     7.000    Owner Occupied         Rate Refi                                                  152,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
PENSACOLA                                               FL                       11810                        360                       122,000.00                     6.750                     20061101   SFR                                                 686.25                      122,000.00                     6.750    Owner Occupied         CashOut Refi                                               176,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   12    H                                                                 FIXED
MIAMI                                                   FL                       33179                        360                       122,850.00                     6.875                     20061101   CONDO                                               703.83                      122,850.00                     6.875    Owner Occupied         CashOut Refi                                               190,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
SALT LAKE CITY                                          UT                       30699                        360                       123,120.00                     7.375                     20061101   SFR                                                 756.67                      123,120.00                     7.375    Investment             Purchase                                                   154,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
SAFFORD                                                 AZ                       85546                        360                       123,200.00                     8.500                     20061101   SFR                                                 872.67                      123,200.00                     8.500    Owner Occupied         Purchase                                                   154,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Stated                                                                                                                                           FIXED
JACKSONVILLE                                            FL                       32244                        360                       123,300.00                     7.375                     20061101   SFR                                                 757.78                      123,300.00                     7.375    Owner Occupied         Purchase                                                   138,000.00                           358      20061201                      0.250                         0.030              7.095                       PMI                                                    25   Express No Doc                                                                                                                                   FIXED
AURORA                                                  CO                       80013                        360                       123,920.00                     7.000                     20061101   SFR                                                 722.87                      123,920.00                     7.000    Owner Occupied         Purchase                                                   158,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
LARAMIE                                                 WY                       82070                        360                       124,000.00                     7.250                     20061101   SFR                                                 749.17                      124,000.00                     7.250    Investment             Rate Refi                                                  155,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
LARAMIE                                                 WY                       82070                        360                       124,000.00                     7.250                     20061101   SFR                                                 749.17                      124,000.00                     7.250    Investment             Rate Refi                                                  155,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
ATLANTA                                                 GA                       11028                        360                       124,000.00                     7.125                     20061101   SFR                                                 736.25                      124,000.00                     7.125    Investment             CashOut Refi                                               155,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
DELANO                                                  CA                       34015                        360                       126,000.00                     7.000                     20061101   SFR                                                    735                      126,000.00                     7.000    Investment             CashOut Refi                                               250,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
MOORESVILLE                                             NC                       46769                        360                       127,100.00                     7.750                     20061101   PUD                                                 820.85                      127,100.00                     7.750    Owner Occupied         Purchase                                                   159,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
RICHTON PARK                                            IL                       60471                        360                       127,200.00                     7.625                     20061101   SFR                                                 808.25                      127,200.00                     7.625    Investment             Purchase                                                   159,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
CENTRAL                                                 SC                       47299                        360                       127,435.00                     7.250                     20061101   PUD                                                 769.92                      127,435.00                     7.250    Investment             Purchase                                                   162,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
ROTTERDAM                                               NY                       40974                        360                       128,000.00                     7.375                     20061101   SFR                                                 786.67                      128,000.00                     7.375    Owner Occupied         CashOut Refi                                               160,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
CENTRAL                                                 SC                       47299                        360                       128,368.00                     7.375                     20061101   PUD                                                 788.93                      128,368.00                     7.375    Investment             Purchase                                                   168,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
CAPE CANAVERAL                                          FL                       11952                        360                       128,900.00                     6.625                     20061201   SFR                                                 711.64                      128,900.00                     6.625    Owner Occupied         CashOut Refi                                               205,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   60    H                                                                 FIXED
ROYAL PALM BEACH                                        FL                       12155                        360                       129,500.00                     7.375                     20061201   PUD                                                 795.89                      129,500.00                     7.375    Owner Occupied         CashOut Refi                                               585,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
NORFOLK                                                 VA                       45059                        360                       129,600.00                     7.875                     20061101   2-FAMILY                                             850.5                      129,600.00                     7.875    Investment             CashOut Refi                                               162,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Full                                                                     24    H                                                                 FIXED
DOUGLASVILLE                                            GA                       30134                        360                       130,305.00                     7.625                     20061101   PUD                                                 827.98                      130,305.00                     7.625    Investment             Purchase                                                   196,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                           24    H                                                                 FIXED
SARASOTA                                                FL                       34231                        360                       131,000.00                     7.735                     20061101   SFR                                                  844.4                      131,000.00                     7.735    Owner Occupied         Rate Refi                                                  225,000.00                           358      20061201                      0.250                         0.030              7.455                                                                                   SISA                                                                                                                                             FIXED
ATLANTA                                                 GA                       11027                        360                       131,200.00                     8.125                     20061101   SFR                                                 888.33                      131,200.00                     8.125    Investment             Purchase                                                   164,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
CHARLOTTE                                               NC                       28273                        360                       131,600.00                     6.750                     20061201   SFR                                                 740.25                      131,600.00                     6.750    Owner Occupied         Purchase                                                   164,500.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
HIALEAH                                                 FL                       33010                        360                       131,600.00                     7.875                     20061101   CONDO                                               863.63                      131,600.00                     7.875    Owner Occupied         Purchase                                                   188,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
POST FALLS                                              ID                       83854                        360                       131,600.00                     8.000                     20061201   PUD                                                 877.33                      131,600.00                     8.000    Investment             Purchase                                                   167,000.00                           359      20061201                      0.250                         0.030              7.720                                                                                   SISA                                                                                                                                             FIXED
COCOA                                                   FL                       11958                        360                       131,900.00                     6.625                     20061101   SFR                                                  728.2                      131,900.00                     6.625    Owner Occupied         CashOut Refi                                               239,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   60    H                                                                 FIXED
SLIDELL                                                 LA                       70458                        360                       132,000.00                     7.625                     20061101   SFR                                                 838.75                      132,000.00                     7.625    Investment             CashOut Refi                                               165,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
HENDERSON                                               NV                       89011                        360                       132,300.00                     7.750                     20061101   CONDO                                               854.44                      132,300.00                     7.750    Owner Occupied         Purchase                                                   197,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
RUSKIN                                                  FL                       33570                        360                       132,650.00                     7.250                     20061101   PUD                                                 801.43                      132,650.00                     7.250    Owner Occupied         Purchase                                                   181,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
LAWRENCE                                                MA                        1843                        360                       132,800.00                     8.125                     20061001   CONDO                                               899.17                      132,800.00                     8.125    Owner Occupied         Purchase                                                   166,000.00                           357      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
RICHMOND                                                VA                       23236                        360                       133,490.00                     6.875                     20061101   SFR                                                 764.79                      133,489.10                     6.875    Owner Occupied         Purchase                                                   194,500.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
PHOENIX                                                 AZ                       85016                        360                       135,000.00                     6.875                     20061101   SFR                                                 773.44                      135,000.00                     6.875    Investment             CashOut Refi                                               225,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
CHICAGO                                                 IL                       22097                        360                       135,000.00                     7.500                     20061201   CONDO                                               843.75                      135,000.00                     7.500    Investment             Purchase                                                   150,000.00                           359      20061201                      0.250                         0.030              7.220                       PMI                                                    25   Full                                                                                                                                             FIXED
TOPEKA                                                  KS                       24267                        360                       135,920.00                     8.250                     20061101   SFR                                                 934.45                      135,916.48                     8.250    Owner Occupied         Purchase                                                   173,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                                                                                           FIXED
ROY                                                     UT                       84067                        360                       136,000.00                     6.875                     20061101   SFR                                                 779.17                      136,000.00                     6.875    Owner Occupied         CashOut Refi                                               170,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
HANAHAN                                                 SC                       47214                        360                       136,000.00                     8.250                     20061201   SFR                                                    935                      135,999.59                     8.250    Investment             CashOut Refi                                               172,000.00                           359      20061201                      0.250                         0.030              7.970                                                                                   Express No Doc                                                                                                                                   FIXED
PHOENIX                                                 AZ                       85017                        360                       136,150.00                     6.875                     20061101   SFR                                                 780.03                      136,123.95                     6.875    Owner Occupied         Purchase                                                   195,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
VANCOUVER                                               WA                       98661                        360                       137,100.00                     7.500                     20061101   PUD                                                 856.88                      137,100.00                     7.500    Investment             Purchase                                                   205,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
RICHMOND                                                VA                       23236                        360                       138,600.00                     7.125                     20061101   SFR                                                 822.94                      138,600.00                     7.125    Owner Occupied         CashOut Refi                                               198,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
WASHINGTON                                              DC                       20020                        360                       139,000.00                     7.125                     20061101   CONDO                                               825.31                      139,000.00                     7.125    Owner Occupied         CashOut Refi                                               179,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
SAN BERNARDINO                                          CA                       33698                        360                       140,000.00                     7.750                     20061101   CONDO                                               904.17                      140,000.00                     7.750    Investment             CashOut Refi                                               190,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
COMMERCE CITY                                           CO                       80022                        360                       140,000.00                     7.625                     20061101   SFR                                                 889.58                      140,000.00                     7.625    Owner Occupied         Rate Refi                                                  175,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   36    H                                                                 FIXED
ARVADA                                                  CO                       80003                        360                       140,000.00                     7.750                     20061101   CONDO                                               904.17                      140,000.00                     7.750    Owner Occupied         Rate Refi                                                  162,000.00                           358      20061201                      0.250                         0.030              7.470                       PMI                                                    25   Stated                                                                                                                                           FIXED
FORT PIERCE                                             FL                       34946                        360                       140,000.00                     7.750                     20061101   2-FAMILY                                            904.17                      140,000.00                     7.750    Investment             CashOut Refi                                               175,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
FORT PIERCE                                             FL                       34946                        360                       140,000.00                     7.750                     20061101   2-FAMILY                                            904.17                      140,000.00                     7.750    Investment             CashOut Refi                                               175,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
FORT PIERCE                                             FL                       34946                        360                       140,000.00                     7.750                     20061101   2-FAMILY                                            904.17                      140,000.00                     7.750    Investment             CashOut Refi                                               175,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
FORT PIERCE                                             FL                       34946                        360                       140,000.00                     7.750                     20061101   2-FAMILY                                            904.17                      140,000.00                     7.750    Investment             CashOut Refi                                               175,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
MCMINNVILLE                                             OR                       35458                        360                       140,000.00                     7.375                     20061101   SFR                                                 860.42                      140,000.00                     7.375    Owner Occupied         CashOut Refi                                               175,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
HOMOSASSA                                               FL                       34446                        360                       141,600.00                     6.875                     20061101   SFR                                                 811.25                      141,600.00                     6.875    Owner Occupied         Rate Refi                                                  177,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                                                                                                   FIXED
O FALLON                                                MO                       63366                        360                       141,600.00                     7.500                     20061101   PUD                                                    885                      141,599.52                     7.500    Owner Occupied         Rate Refi                                                  177,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
SPOKANE                                                 WA                       36194                        360                       143,280.00                     7.500                     20061101   SFR                                                  895.5                      143,280.00                     7.500    Investment             Purchase                                                   205,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   FISA                                                                                                                                             FIXED
DELRAY BEACH                                            FL                       33444                        360                       143,500.00                     7.250                     20061101   SFR                                                 866.98                      143,500.00                     7.250    Owner Occupied         CashOut Refi                                               205,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
MARIETTA                                                GA                       30066                        360                       144,000.00                     6.500                     20061101   PUD                                                    780                      144,000.00                     6.500    Owner Occupied         Purchase                                                   191,500.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
WATERBURY                                               CT                       38902                        360                       144,000.00                     7.625                     20061101   SFR                                                    915                      144,000.00                     7.625    Owner Occupied         CashOut Refi                                               180,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Full                                                                                                                                             FIXED
AURORA                                                  CO                       80011                        360                       144,000.00                     6.750                     20061101   SFR                                                    810                      144,000.00                     6.750    Owner Occupied         Rate Refi                                                  180,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                     36    H                                                                 FIXED
LAS VEGAS                                               NV                       32536                        360                       145,000.00                     6.875                     20061101   SFR                                                 830.73                      145,000.00                     6.875    Owner Occupied         CashOut Refi                                               375,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
MEDWAY                                                  MA                        2053                        360                       145,000.00                     7.375                     20061101   SFR                                                 891.15                      145,000.00                     7.375    Owner Occupied         CashOut Refi                                               346,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
VANCOUVER                                               WA                       98665                        360                       145,920.00                     7.000                     20061001   PUD                                                  851.2                      145,920.00                     7.000    Owner Occupied         Purchase                                                   185,000.00                           357      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
DECATUR                                                 GA                       30034                        360                       146,500.00                     7.500                     20061101   SFR                                                 915.63                      146,500.00                     7.500    Owner Occupied         Rate Refi                                                  160,000.00                           358      20061201                      0.250                         0.030              7.220                       PMI                                                    30   Full                                                                                                                                             FIXED
WINDHAM                                                 ME                        4062                        360                       148,000.00                     6.875                     20061101   2-FAMILY                                            847.92                      148,000.00                     6.875    Owner Occupied         Purchase                                                   188,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
TUCSON                                                  AZ                       85746                        360                       149,600.00                     7.125                     20061101   PUD                                                 888.25                      149,600.00                     7.125    Owner Occupied         CashOut Refi                                               187,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
HAZELWOOD                                               MO                       63042                        360                       150,000.00                     7.375                     20061101   SFR                                                 921.87                      150,000.00                     7.375    Owner Occupied         Purchase                                                   188,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
FAYETTEVILLE                                            GA                       11004                        360                       150,000.00                     7.250                     20061101   SFR                                                 906.25                      149,500.00                     7.250    Investment             CashOut Refi                                               260,400.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
RICHMOND                                                VA                       44981                        360                       150,400.00                     7.750                     20061101   SFR                                                 971.33                      150,400.00                     7.750    Owner Occupied         Purchase                                                   188,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
DENVER                                                  CO                       29270                        360                       150,400.00                     7.000                     20061101   SFR                                                 877.33                      150,400.00                     7.000    Owner Occupied         Rate Refi                                                  188,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   SISA                                                                     60    H                                                                 FIXED
NORTH ANDOVER                                           MA                        1845                        360                       150,800.00                     7.875                     20061101   SFR                                                 989.63                      150,799.04                     7.875    Investment             CashOut Refi                                               232,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
FRESNO                                                  CA                       34175                        360                       151,000.00                     7.375                     20061201   SFR                                                 928.02                      151,000.00                     7.375    Investment             Rate Refi                                                  190,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
AURORA                                                  CO                       80013                        360                       151,920.00                     7.125                     20061101   SFR                                                 902.03                      151,880.00                     7.125    Owner Occupied         Purchase                                                   191,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
WEST RICHLAND                                           WA                       99353                        360                       151,950.00                     6.875                     20061001   SFR                                                 870.55                      151,950.00                     6.875    Owner Occupied         Purchase                                                   195,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
ACWORTH                                                 GA                       10960                        360                       152,000.00                     6.625                     20061101   SFR                                                 839.17                      152,000.00                     6.625    Owner Occupied         Rate Refi                                                  190,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
STERLING HEIGHTS                                        MI                       17604                        360                       152,000.00                     7.500                     20061101   SFR                                                    950                      152,000.00                     7.500    Owner Occupied         Rate Refi                                                  190,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
JASPER                                                  GA                       30143                        360                       152,720.00                     7.625                     20061101   SFR                                                 970.41                      152,720.00                     7.625    Owner Occupied         Purchase                                                   192,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
AURORA                                                  CO                       80013                        360                       153,520.00                     7.250                     20061101   PUD                                                 927.52                      153,520.00                     7.250    Owner Occupied         Purchase                                                   195,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
LAVEEN                                                  AZ                       85339                        360                       154,250.00                     7.375                     20061101   PUD                                                 947.99                      154,250.00                     7.375    Investment             Purchase                                                   220,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
SAINT ALBANS                                            VT                        5478                        360                       155,000.00                     7.000                     20061101   SFR                                                 904.17                      155,000.00                     7.000    Owner Occupied         Rate Refi                                                  198,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   SISA                                                                                                                                             FIXED
DENVER                                                  CO                       29261                        360                       155,600.00                     6.750                     20061101   SFR                                                 875.25                      155,287.88                     6.750    Investment             Purchase                                                   256,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
CHARLOTTE                                               NC                       28269                        360                       156,000.00                     7.625                     20061101   PUD                                                 991.25                      156,000.00                     7.625    Owner Occupied         Rate Refi                                                  195,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
FORT MYERS                                              FL                       12302                        360                       156,000.00                     6.875                     20061101   CONDO                                               893.75                      155,993.75                     6.875    Owner Occupied         CashOut Refi                                               195,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
BAKERSFIELD                                             CA                       34035                        360                       156,000.00                     6.375                     20061101   SFR                                                 828.75                      155,900.00                     6.375    Owner Occupied         CashOut Refi                                               195,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
PHOENIX                                                 AZ                       85008                        360                       156,000.00                     8.250                     20061101   PUD                                               1,072.50                      156,000.00                     8.250    Investment             Purchase                                                   200,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Express No Doc                                                                                                                                   FIXED
TAMPA                                                   FL                       12208                        360                       157,500.00                     7.500                     20061201   SFR                                                 984.38                      157,500.00                     7.500    Investment             CashOut Refi                                               225,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
FORT COLLINS                                            CO                       29365                        360                       158,400.00                     7.000                     20061101   PUD                                                    924                      158,400.00                     7.000    Owner Occupied         Purchase                                                   198,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
SHELBY TOWNSHIP                                         MI                       17608                        360                       160,000.00                     7.125                     20061101   SFR                                                    950                      160,000.00                     7.125    Owner Occupied         Purchase                                                   222,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
CAPE CORAL                                              FL                       33991                        360                       160,000.00                     6.875                     20061101   SFR                                                 916.67                      159,999.00                     6.875    Owner Occupied         Rate Refi                                                  327,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
PAYSON                                                  AZ                       85541                        360                       160,000.00                     7.500                     20061201   PUD                                               1,000.00                      160,000.00                     7.500    Owner Occupied         Purchase                                                   210,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
SAINT PAUL                                              MN                       20095                        360                       160,000.00                     8.875                     20061101   SFR                                               1,183.33                      160,000.00                     8.875    Owner Occupied         Purchase                                                   201,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Stated                                                                                                                                           FIXED
SALTON CITY                                             CA                       92275                        360                       160,800.00                     8.250                     20061101   SFR                                               1,105.50                      160,800.00                     8.250    Owner Occupied         Purchase                                                   203,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   36    H                                                                 FIXED
CUMMING                                                 GA                       30040                        360                       160,800.00                     7.625                     20061201   SFR                                               1,021.75                      160,800.00                     7.625    Investment             Purchase                                                   210,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
SAINT CHARLES                                           IL                       60175                        360                       160,900.00                     7.875                     20061101   CONDO                                             1,055.91                      160,900.00                     7.875    Owner Occupied         Purchase                                                   238,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
TUCSON                                                  AZ                       85747                        360                       164,000.00                     7.375                     20061101   PUD                                               1,007.92                      163,749.60                     7.375    Investment             Rate Refi                                                  205,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
LONGMONT                                                CO                       29342                        360                       164,000.00                     6.875                     20061101   CONDO                                               939.58                      163,994.30                     6.875    Owner Occupied         Rate Refi                                                  205,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
AURORA                                                  CO                       80013                        360                       164,000.00                     7.000                     20061101   SFR                                                 956.67                      164,000.00                     7.000    Owner Occupied         Rate Refi                                                  205,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
CRESCENT                                                OR                       97733                        360                       164,000.00                     7.500                     20061101   SFR                                               1,025.00                      164,000.00                     7.500    2nd Home               Purchase                                                   205,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
BATON ROUGE                                             LA                       25800                        360                       165,000.00                     7.750                     20061101   4-FAMILY                                          1,065.62                      165,000.00                     7.750    Investment             Purchase                                                   220,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
MISSOULA                                                MT                       21763                        360                       165,000.00                     7.625                     20061201   3-FAMILY                                          1,048.44                      165,000.00                     7.625    Investment             Purchase                                                   220,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
SURPRISE                                                AZ                       85388                        360                       165,550.00                     7.125                     20061101   SFR                                                 982.95                      165,549.88                     7.125    Owner Occupied         Purchase                                                   235,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
VIRGINIA BEACH                                          VA                       23454                        360                       165,600.00                     7.000                     20061101   PUD                                                    966                      165,600.00                     7.000    Owner Occupied         Purchase                                                   207,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   60    H                                                                 FIXED
TAMPA                                                   FL                       33635                        360                       165,600.00                     6.625                     20061101   PUD                                                 914.25                      165,600.00                     6.625    Owner Occupied         Rate Refi                                                  207,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
PHOENIX                                                 AZ                       85041                        360                       165,650.00                     7.000                     20061101   PUD                                                 966.29                      165,650.00                     7.000    Owner Occupied         Purchase                                                   212,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
LAVEEN                                                  AZ                       85339                        360                       166,150.00                     7.500                     20061101   PUD                                               1,038.44                      166,150.00                     7.500    Investment             Purchase                                                   235,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
BROOKFIELD                                              WI                       53005                        360                       166,900.00                     6.875                     20061101   SFR                                                  956.2                      166,757.55                     6.875    Owner Occupied         CashOut Refi                                               240,000.00                           358      20070101                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
PHOENIX                                                 AZ                       85043                        360                       167,000.00                     7.125                     20061101   SFR                                                 991.56                      167,000.00                     7.125    Owner Occupied         CashOut Refi                                               232,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                                                                                             FIXED
SURPRISE                                                AZ                       85388                        360                       167,133.00                     7.750                     20061101   PUD                                               1,079.40                      166,377.14                     7.750    Investment             Purchase                                                   237,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
SURPRISE                                                AZ                       85379                        360                       167,200.00                     6.625                     20061101   PUD                                                 923.08                      167,200.00                     6.625    Owner Occupied         Purchase                                                   220,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
RICHMOND                                                VA                       23234                        360                       167,200.00                     8.000                     20061201   SFR                                               1,114.67                      167,200.00                     8.000    Investment             Purchase                                                   209,000.00                           359      20061201                      0.250                         0.030              7.720                                                                                   Express Verified Assets                                                                                                                          FIXED
SEBAGO                                                  ME                        4029                        360                       168,000.00                     7.625                     20061101   SFR                                               1,067.50                      168,000.00                     7.625    Owner Occupied         CashOut Refi                                               245,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
OROVILLE                                                CA                       95966                        360                       168,000.00                     7.375                     20061101   SFR                                               1,032.50                      168,000.00                     7.375    Investment             Purchase                                                   215,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
JACKSONVILLE                                            FL                       32246                        360                       169,200.00                     8.375                     20061101   SFR                                               1,180.87                      169,200.00                     8.375    Owner Occupied         CashOut Refi                                               188,000.00                           358      20061201                      0.250                         0.030              8.095                       PMI                                                    25   SISA                                                                     36    H                                                                 FIXED
POWHATAN                                                VA                       23139                        360                       169,500.00                     7.500                     20061101   SFR                                               1,059.38                      169,500.00                     7.500    Owner Occupied         CashOut Refi                                               212,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
PHOENIX                                                 AZ                       85029                        360                       169,600.00                     7.500                     20061101   SFR                                               1,060.00                      169,600.00                     7.500    Investment             Purchase                                                   220,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                                                                                             FIXED
PHOENIX                                                 AZ                       85009                        360                       169,600.00                     6.875                     20061101   SFR                                                 971.67                      169,600.00                     6.875    Investment             Purchase                                                   215,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
MESA                                                    AZ                       31081                        360                       171,200.00                     7.250                     20061201   2-FAMILY                                          1,034.33                      171,200.00                     7.250    Investment             CashOut Refi                                               214,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
PHOENIX                                                 AZ                       85051                        360                       172,000.00                     7.000                     20061101   SFR                                               1,003.33                      172,000.00                     7.000    Owner Occupied         Purchase                                                   215,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                          FIXED
FLETCHER                                                NC                       28732                        360                       172,000.00                     7.750                     20061101   SFR                                               1,110.83                      172,000.00                     7.750    Owner Occupied         Purchase                                                   220,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
AUSTIN                                                  TX                       78758                        360                       172,000.00                     7.750                     20061001   4-FAMILY                                          1,110.83                      172,000.00                     7.750    Investment             Purchase                                                   218,000.00                           357      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
NAMPA                                                   ID                       83686                        360                       172,000.00                     7.375                     20061101   SFR                                               1,057.08                      172,000.00                     7.375    Investment             Purchase                                                   265,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
OPA LOCKA                                               FL                       33054                        360                       172,000.00                     7.250                     20061201   SFR                                               1,039.17                      172,000.00                     7.250    Owner Occupied         CashOut Refi                                               215,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
ROUND LAKE PARK                                         IL                       60073                        360                       172,300.00                     7.250                     20061101   SFR                                               1,040.98                      172,100.00                     7.250    Owner Occupied         Rate Refi                                                  193,000.00                           358      20061201                      0.250                         0.030              6.970                       PMI                                                    25   Express Verified Assets                                                                                                                          FIXED
MT PLEASANT                                             SC                       29466                        360                       172,576.00                     7.250                     20061101   CONDO                                             1,042.65                      172,576.00                     7.250    Investment             Purchase                                                   216,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
HOOD RIVER                                              OR                       97031                        360                       172,800.00                     6.875                     20061101   SFR                                                    990                      172,800.00                     6.875    Owner Occupied         Purchase                                                   216,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   60    H                                                                 FIXED
JACKSONVILLE                                            FL                       11744                        360                       172,800.00                     7.375                     20061101   PUD                                               1,062.00                      172,800.00                     7.375    Owner Occupied         Purchase                                                   218,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                     36    H                                                                 FIXED
MERIDIAN                                                ID                       83642                        360                       173,305.00                     7.250                     20061101   PUD                                               1,047.05                      173,305.00                     7.250    Investment             Purchase                                                   220,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
SOUTHFIELD                                              MI                       48076                        360                       173,450.00                     8.875                     20061101   SFR                                               1,282.81                      173,450.00                     8.875    Investment             Purchase                                                   217,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   SISA                                                                                                                                             FIXED
LA VERKIN                                               UT                       84745                        360                       173,600.00                     7.375                     20061101   SFR                                               1,066.92                      173,600.00                     7.375    Owner Occupied         CashOut Refi                                               217,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
NOTTINGHAM                                              MD                       21236                        360                       173,600.00                     6.750                     20061101   PUD                                                  976.5                      173,546.57                     6.750    Owner Occupied         Rate Refi                                                  217,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
NEW HAVEN                                               CT                       38848                        360                       174,000.00                     7.625                     20061101   3-FAMILY                                          1,105.63                      174,000.00                     7.625    Owner Occupied         Purchase                                                   245,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
RALEIGH                                                 NC                       46553                        360                       175,200.00                     7.000                     20061101   PUD                                               1,022.00                      175,200.00                     7.000    Investment             CashOut Refi                                               219,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                     36    H                                                                 FIXED
SUWANEE                                                 GA                       30024                        360                       175,520.00                     8.000                     20061101   PUD                                               1,170.13                      175,520.00                     8.000    Owner Occupied         Purchase                                                   240,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
BELLINGHAM                                              WA                       35852                        360                       179,350.00                     6.875                     20061101   SFR                                               1,027.53                      179,346.71                     6.875    Investment             Purchase                                                   225,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
COLLEGE PARK                                            MD                       20740                        360                       180,000.00                     6.875                     20061101   CONDO                                             1,031.25                      180,000.00                     6.875    Owner Occupied         CashOut Refi                                               225,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
CHANDLER                                                AZ                       31102                        360                       180,000.00                     6.750                     20061101   SFR                                               1,012.50                      180,000.00                     6.750    Owner Occupied         CashOut Refi                                               250,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                                                                                                   FIXED
FARMINGTON                                              MI                       48335                        360                       180,000.00                     7.500                     20061101   SFR                                               1,125.00                      180,000.00                     7.500    Investment             Purchase                                                   225,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                           36    H                                                                 FIXED
WINTER HAVEN                                            FL                       33884                        360                       180,000.00                     7.375                     20061201   PUD                                               1,106.25                      180,000.00                     7.375    Owner Occupied         Purchase                                                   250,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
MIAMI                                                   FL                       33168                        360                       180,000.00                     6.625                     20061101   SFR                                                 993.75                      180,000.00                     6.625    Owner Occupied         CashOut Refi                                               235,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                           60    H                                                                 FIXED
CASTLE ROCK                                             CO                       29224                        360                       180,000.00                     7.375                     20061201   PUD                                               1,106.25                      180,000.00                     7.375    Owner Occupied         Rate Refi                                                  225,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                     36    H                                                                 FIXED
MOUNT GILEAD                                            OH                       43338                        360                       180,800.00                     7.250                     20061101   SFR                                               1,092.33                      180,800.00                     7.250    Owner Occupied         CashOut Refi                                               226,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
ORLANDO                                                 FL                       11929                        360                       181,300.00                     7.625                     20061101   PUD                                               1,152.01                      181,300.00                     7.625    2nd Home               Purchase                                                   226,705.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
GREER                                                   SC                       29650                        360                       182,400.00                     8.625                     20061101   PUD                                               1,311.00                      182,400.00                     8.625    Investment             CashOut Refi                                               228,000.00                           358      20061201                      0.250                         0.030              8.345                                                                                   Stated                                                                                                                                           FIXED
PLANT CITY                                              FL                       33566                        360                       183,400.00                     7.000                     20061101   PUD                                               1,069.83                      183,400.00                     7.000    Owner Occupied         Purchase                                                   235,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
SOUTH SAINT PAUL                                        MN                       55075                        360                       184,000.00                     7.125                     20061101   SFR                                               1,092.50                      183,999.41                     7.125    Owner Occupied         Purchase                                                   238,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
PHOENIX                                                 AZ                       85017                        360                       184,000.00                     6.875                     20061101   SFR                                               1,054.17                      184,000.00                     6.875    Owner Occupied         Purchase                                                   230,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
COLORADO SPRINGS                                        CO                       29482                        360                       184,000.00                     7.250                     20061101   SFR                                               1,111.67                      184,000.00                     7.250    Owner Occupied         CashOut Refi                                               232,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
YUBA CITY                                               CA                       95993                        360                       184,000.00                     6.875                     20061201   SFR                                               1,054.17                      184,000.00                     6.875    Owner Occupied         Purchase                                                   240,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                     60    H                                                                 FIXED
MIAMI BEACH                                             FL                       33139                        360                       184,000.00                     7.250                     20061101   CONDO                                             1,111.67                      184,000.00                     7.250    Investment             CashOut Refi                                               230,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
MIDWAY                                                  FL                       32343                        360                       184,000.00                     7.000                     20061101   2-FAMILY                                          1,073.33                      184,000.00                     7.000    Investment             Rate Refi                                                  230,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
MIDWAY                                                  FL                       32343                        360                       184,000.00                     7.000                     20061101   2-FAMILY                                          1,073.33                      184,000.00                     7.000    Investment             Rate Refi                                                  230,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
DENVER                                                  CO                       29270                        360                       184,000.00                     7.000                     20061101   SFR                                               1,073.33                      183,973.33                     7.000    Owner Occupied         Rate Refi                                                  230,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                          FIXED
MINNEAPOLIS                                             MN                       20192                        360                       184,000.00                     6.625                     20061201   SFR                                               1,015.83                      184,000.00                     6.625    Owner Occupied         CashOut Refi                                               236,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                     36    H                                                                 FIXED
ADELANTO                                                CA                       33664                        360                       184,000.00                     7.125                     20061201   SFR                                               1,092.50                      184,000.00                     7.125    Investment             Purchase                                                   265,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
HIGHLANDS RANCH                                         CO                       29250                        360                       184,800.00                     7.000                     20061101   PUD                                               1,078.00                      184,800.00                     7.000    Investment             Purchase                                                   248,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
FRESNO                                                  CA                       34178                        360                       186,164.00                     6.625                     20061101   SFR                                               1,027.78                      186,163.78                     6.625    Owner Occupied         Purchase                                                   232,706.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
VIRGINIA BEACH                                          VA                       23456                        360                       187,000.00                     6.875                     20061101   PUD                                               1,071.35                      187,000.00                     6.875    Owner Occupied         CashOut Refi                                               252,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
AVONDALE                                                AZ                       31129                        360                       187,158.00                     8.125                     20061101   PUD                                               1,267.22                      187,158.00                     8.125    2nd Home               Purchase                                                   262,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   SISA                                                                                                                                             FIXED
NORFOLK                                                 VA                       45050                        360                       187,200.00                     6.375                     20061101   SFR                                                  994.5                      187,200.00                     6.375    Owner Occupied         CashOut Refi                                               234,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                     36    H                                                                 FIXED
JOLIET                                                  IL                       60431                        360                       187,250.00                     7.375                     20061101   SFR                                               1,150.81                      187,250.00                     7.375    Owner Occupied         Purchase                                                   275,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
BELLPORT                                                NY                       40737                        360                       188,000.00                     7.250                     20061101   SFR                                               1,135.83                      188,000.00                     7.250    Owner Occupied         CashOut Refi                                               235,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
SAINT PAUL                                              MN                       20108                        360                       188,000.00                     7.500                     20061201   SFR                                               1,175.00                      188,000.00                     7.500    Owner Occupied         Purchase                                                   235,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   36    H                                                                 FIXED
DELTONA                                                 FL                       11895                        360                       188,000.00                     6.750                     20061201   SFR                                               1,057.50                      187,999.98                     6.750    Owner Occupied         CashOut Refi                                               235,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   24    H                                                                 FIXED
ATLANTA                                                 GA                       30344                        360                       189,000.00                     7.750                     20061101   SFR                                               1,220.62                      189,000.00                     7.750    Owner Occupied         CashOut Refi                                               210,000.00                           358      20061201                      0.250                         0.030              7.470                       RADIAN - BORROWER PAID                                 25   Stated                                                                                                                                           FIXED
WHEELING                                                IL                       60090                        360                       189,500.00                     8.125                     20061101   CONDO                                             1,283.07                      189,500.00                     8.125    Owner Occupied         Rate Refi                                                  237,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
ROCHESTER                                               NH                        3867                        360                       189,600.00                     7.625                     20061101   SFR                                               1,204.75                      189,600.00                     7.625    Owner Occupied         Purchase                                                   240,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
PASADENA                                                MD                       44218                        360                       190,000.00                     7.750                     20061101   SFR                                               1,227.08                      190,000.00                     7.750    Investment             Purchase                                                   271,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Full                                                                                                                                             FIXED
JOHNS ISLAND                                            SC                       29455                        360                       190,400.00                     7.125                     20061101   SFR                                               1,130.50                      190,400.00                     7.125    Owner Occupied         CashOut Refi                                               224,000.00                           358      20061201                      0.250                         0.030              6.845                       RADIAN - BORROWER PAID                                 20   Stated                                                                   36    H                                                                 FIXED
ORLANDO                                                 FL                       11929                        360                       190,400.00                     7.250                     20061101   PUD                                               1,150.33                      190,400.00                     7.250    Owner Occupied         Rate Refi                                                  238,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                                                                                                   FIXED
AVONDALE                                                AZ                       31129                        360                       190,980.00                     7.500                     20061101   PUD                                               1,193.63                      190,980.00                     7.500    Owner Occupied         Purchase                                                   241,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
YPSILANTI                                               MI                       48197                        360                       192,000.00                     7.125                     20061101   SFR                                               1,140.00                      192,000.00                     7.125    Owner Occupied         Rate Refi                                                  240,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                                                                                             FIXED
MADISON                                                 WI                       19558                        360                       192,000.00                     8.000                     20061101   SFR                                               1,280.00                      192,000.00                     8.000    Owner Occupied         Rate Refi                                                  240,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                                                                                           FIXED
LA GRANDE                                               OR                       97850                        360                       192,800.00                     7.125                     20061101   SFR                                               1,144.75                      192,800.00                     7.125    Owner Occupied         CashOut Refi                                               241,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   FISA                                                                     60    H                                                                 FIXED
PETOSKEY                                                MI                       49770                        360                       193,000.00                     7.125                     20061101   SFR                                               1,145.94                      193,000.00                     7.125    Owner Occupied         CashOut Refi                                               276,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
FORT WASHINGTON                                         MD                       20744                        360                       194,000.00                     7.250                     20061101   PUD                                               1,172.08                      194,000.00                     7.250    Investment             Rate Refi                                                  260,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
LOWELL                                                  MA                        1850                        360                       194,400.00                     7.250                     20061101   CONDO                                             1,174.50                      194,400.00                     7.250    Owner Occupied         Rate Refi                                                  243,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
CRANSTON                                                RI                       37509                        360                       195,000.00                     6.750                     20061101   SFR                                               1,096.88                      195,000.00                     6.750    Owner Occupied         Rate Refi                                                  255,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
DEERFIELD                                               NH                        3037                        360                       195,912.00                     7.750                     20061101   SFR                                               1,265.26                      195,912.00                     7.750    Investment             Purchase                                                   278,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
LAVEEN                                                  AZ                       85339                        360                       195,928.00                     7.750                     20061101   PUD                                               1,265.37                      195,928.00                     7.750    Owner Occupied         Purchase                                                   253,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
FOX RIVER GROVE                                         IL                       60021                        360                       196,000.00                     7.750                     20061101   SFR                                               1,265.83                      196,000.00                     7.750    Owner Occupied         CashOut Refi                                               245,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
VERNON HILLS                                            IL                       60061                        360                       196,000.00                     7.750                     20061201   PUD                                               1,265.83                      196,000.00                     7.750    Owner Occupied         CashOut Refi                                               245,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
BRIDGEPORT                                              CT                       38873                        360                       197,000.00                     6.875                     20061101   2-FAMILY                                          1,128.65                      197,000.00                     6.875    Owner Occupied         CashOut Refi                                               250,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   FISA                                                                                                                                             FIXED
BUCKEYE                                                 AZ                       31132                        360                       197,550.00                     7.250                     20061101   SFR                                               1,193.53                      197,550.00                     7.250    Investment             Purchase                                                   265,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
ALPHARETTA                                              GA                       30022                        360                       197,819.00                     7.000                     20061101   PUD                                               1,153.94                      197,819.00                     7.000    Owner Occupied         Purchase                                                   254,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
SKOKIE                                                  IL                       60076                        360                       199,200.00                     7.125                     20061101   CONDO                                             1,182.75                      199,200.00                     7.125    Investment             Purchase                                                   252,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
ROYAL PALM BEACH                                        FL                       12155                        360                       200,000.00                     6.875                     20061101   SFR                                               1,145.83                      200,000.00                     6.875    Owner Occupied         CashOut Refi                                               252,500.00                           358      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
MERIDIAN                                                ID                       83646                        360                       200,000.00                     7.875                     20061101   PUD                                               1,312.50                      200,000.00                     7.875    Owner Occupied         CashOut Refi                                               250,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
CASA GRANDE                                             AZ                       31100                        360                       200,000.00                     7.250                     20061101   PUD                                               1,208.33                      199,999.67                     7.250    Owner Occupied         CashOut Refi                                               250,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                           12    H                                                                 FIXED
BOLINGBROOK                                             IL                       60440                        360                       200,000.00                     7.500                     20061101   SFR                                               1,250.00                      200,000.00                     7.500    Owner Occupied         CashOut Refi                                               250,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
PHOENIX                                                 AZ                       85037                        360                       200,000.00                     7.375                     20061101   PUD                                               1,229.17                      200,000.00                     7.375    Investment             Purchase                                                   290,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
BEAVERTON                                               OR                       97005                        360                       200,000.00                     7.000                     20061201   SFR                                               1,166.67                      200,000.00                     7.000    Owner Occupied         Purchase                                                   250,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                          FIXED
PLAINFIELD                                              NJ                        7060                        360                       200,000.00                     6.875                     20061201   SFR                                               1,145.83                      200,000.00                     6.875    Owner Occupied         CashOut Refi                                               250,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
AVONDALE                                                AZ                       31129                        360                       200,092.00                     8.125                     20061101   PUD                                               1,354.79                      200,092.00                     8.125    Investment             Purchase                                                   266,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express Verified Assets                                                                                                                          FIXED
ORLANDO                                                 FL                       11929                        360                       201,600.00                     7.625                     20061101   PUD                                               1,281.00                      201,600.00                     7.625    2nd Home               Purchase                                                   254,500.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
CANYON CITY                                             OR                       35662                        360                       201,600.00                     7.000                     20061201   SFR                                               1,176.00                      201,600.00                     7.000    2nd Home               Purchase                                                   252,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
SAINT CLOUD                                             FL                       34772                        360                       202,400.00                     7.375                     20060901   PUD                                               1,243.92                      202,400.00                     7.375    Owner Occupied         CashOut Refi                                               253,000.00                           356      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                     36    H                                                                 FIXED
LANTANA                                                 FL                       33462                        360                       202,500.00                     6.625                     20061101   SFR                                               1,117.97                      202,500.00                     6.625    Owner Occupied         CashOut Refi                                               270,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   36    H                                                                 FIXED
TRENTON                                                 NJ                       39617                        360                       203,000.00                     7.500                     20061101   SFR                                               1,268.75                      202,800.00                     7.500    Owner Occupied         Rate Refi                                                  230,000.00                           358      20061201                      0.250                         0.030              7.220                       PMI                                                    25   SISA                                                                                                                                             FIXED
LAS VEGAS                                               NV                       32512                        360                       203,550.00                     7.000                     20061101   SFR                                               1,187.37                      203,550.00                     7.000    Owner Occupied         CashOut Refi                                               276,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
SPRING HILL                                             FL                       12579                        360                       204,000.00                     7.375                     20061101   PUD                                               1,253.75                      204,000.00                     7.375    2nd Home               Purchase                                                   255,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
MILFORD                                                 VA                       44695                        360                       205,200.00                     7.000                     20061101   SFR                                               1,197.00                      205,200.00                     7.000    Owner Occupied         CashOut Refi                                               228,000.00                           358      20061201                      0.250                         0.030              6.720                       PMI                                                    25   SISA                                                                     60    H                                                                 FIXED
UNION                                                   NJ                        7083                        360                       206,000.00                     6.750                     20061101   SFR                                               1,158.75                      206,000.00                     6.750    Owner Occupied         Purchase                                                   280,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
COVINGTON                                               WA                       98042                        360                       206,000.00                     7.500                     20061101   SFR                                               1,287.50                      206,000.00                     7.500    Investment             Purchase                                                   258,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
PLAINFIELD                                              IL                       60544                        360                       207,200.00                     7.875                     20061101   SFR                                               1,359.75                      207,200.00                     7.875    Owner Occupied         Rate Refi                                                  259,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
DURANGO                                                 CO                       29646                        360                       208,000.00                     8.250                     20061101   SFR                                               1,430.00                      208,000.00                     8.250    Investment             CashOut Refi                                               260,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                   12    H                                                                 FIXED
LAKEWOOD                                                CO                       29279                        360                       208,000.00                     7.750                     20061101   SFR                                               1,343.33                      208,000.00                     7.750    Owner Occupied         Rate Refi                                                  260,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
REDMOND                                                 WA                       98052                        360                       208,800.00                     7.125                     20061101   CONDO                                             1,239.75                      208,800.00                     7.125    Owner Occupied         Purchase                                                   270,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                                                                                             FIXED
GLENDALE                                                AZ                       31108                        360                       208,800.00                     6.750                     20061101   PUD                                               1,174.50                      208,800.00                     6.750    Owner Occupied         CashOut Refi                                               261,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
APPLE VALLEY                                            CA                       33670                        360                       208,800.00                     7.375                     20061101   SFR                                               1,283.25                      208,800.00                     7.375    Owner Occupied         Purchase                                                   265,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
BELGRADE                                                MT                       21745                        360                       209,600.00                     7.625                     20061101   PUD                                               1,331.83                      209,600.00                     7.625    Owner Occupied         Purchase                                                   265,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
MARICOPA                                                AZ                       85239                        360                       209,600.00                     7.000                     20061101   PUD                                               1,222.67                      209,600.00                     7.000    Owner Occupied         CashOut Refi                                               262,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
LAUREL                                                  MD                       44019                        360                       210,000.00                     6.750                     20061101   PUD                                               1,181.25                      210,000.00                     6.750    Owner Occupied         CashOut Refi                                               297,500.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
LUTZ                                                    FL                       33558                        360                       210,000.00                     7.125                     20061201   SFR                                               1,246.88                      210,000.00                     7.125    Owner Occupied         CashOut Refi                                               370,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
PHOENIX                                                 AZ                       85027                        360                       211,200.00                     6.750                     20061201   SFR                                               1,188.00                      211,200.00                     6.750    Owner Occupied         Purchase                                                   264,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
SALT LAKE CITY                                          UT                       30702                        360                       211,500.00                     7.625                     20061101   SFR                                               1,343.91                      211,455.96                     7.625    Owner Occupied         CashOut Refi                                               235,000.00                           358      20061201                      0.250                         0.030              7.345                       PMI                                                    25   SISA                                                                                                                                             FIXED
GREAT MILLS                                             MD                       20634                        360                       212,000.00                     7.500                     20061101   SFR                                               1,325.00                      211,959.86                     7.500    Owner Occupied         CashOut Refi                                               265,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                                                                                             FIXED
WOODBRIDGE                                              VA                       22192                        360                       213,840.00                     6.875                     20061101   CONDO                                             1,225.12                      213,840.00                     6.875    Owner Occupied         Rate Refi                                                  267,300.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
PEMBROKE                                                MA                        2359                        360                       214,000.00                     6.500                     20061101   SFR                                               1,159.17                      213,940.27                     6.500    Owner Occupied         CashOut Refi                                               314,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   SISA                                                                     36    H                                                                 FIXED
GRANTS PASS                                             OR                       35577                        360                       215,000.00                     7.125                     20061101   SFR                                               1,276.56                      214,731.72                     7.125    Investment             Purchase                                                   578,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
DENVER                                                  CO                       29254                        360                       215,120.00                     6.875                     20061101   SFR                                               1,232.46                      215,120.00                     6.875    Owner Occupied         Purchase                                                   300,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
SAINT AUGUSTINE                                         FL                       32092                        360                       215,200.00                     7.750                     20061101   SFR                                               1,389.83                      215,200.00                     7.750    Owner Occupied         Purchase                                                   325,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
TUCSON                                                  AZ                       85739                        360                       215,200.00                     7.375                     20061101   PUD                                               1,322.58                      215,200.00                     7.375    Owner Occupied         CashOut Refi                                               269,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
GREELEY                                                 CO                       80634                        360                       215,920.00                     7.625                     20061101   PUD                                               1,371.99                      215,920.00                     7.625    Owner Occupied         Purchase                                                   270,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
HOLLYWOOD                                               MD                       20636                        360                       216,000.00                     6.750                     20061101   SFR                                               1,215.00                      216,000.00                     6.750    Owner Occupied         Purchase                                                   272,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
PHOENIX                                                 AZ                       85037                        360                       216,000.00                     7.375                     20061101   PUD                                               1,327.50                      216,000.00                     7.375    Investment             Purchase                                                   294,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
LAKELAND                                                FL                       12276                        360                       216,650.00                     7.000                     20061101   PUD                                               1,263.79                      216,650.00                     7.000    Owner Occupied         Purchase                                                   275,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                          FIXED
PLANTATION                                              FL                       12135                        360                       217,600.00                     6.375                     20061101   CONDO                                             1,156.00                      217,600.00                     6.375    Owner Occupied         Purchase                                                   275,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
SAINT GEORGE                                            UT                       84790                        360                       218,360.00                     7.000                     20061101   SFR                                               1,273.77                      218,360.00                     7.000    Owner Occupied         Purchase                                                   272,950.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
BELGRADE                                                MT                       21745                        360                       219,600.00                     7.750                     20061201   PUD                                               1,418.25                      219,600.00                     7.750    Owner Occupied         Purchase                                                   277,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
ROSEDALE                                                MD                       21237                        360                       220,000.00                     6.750                     20061101   SFR                                               1,237.50                      220,000.00                     6.750    Owner Occupied         CashOut Refi                                               275,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
PHOENIX                                                 AZ                       85041                        360                       220,000.00                     7.250                     20061101   PUD                                               1,329.17                      220,000.00                     7.250    Owner Occupied         Purchase                                                   305,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
BEND                                                    OR                       35612                        360                       220,000.00                     6.500                     20061101   SFR                                               1,191.67                      220,000.00                     6.500    Owner Occupied         CashOut Refi                                               275,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                     36    H                                                                 FIXED
ATLANTA                                                 GA                       11027                        360                       220,000.00                     8.250                     20061201   SFR                                               1,512.50                      220,000.00                     8.250    Investment             Purchase                                                   275,000.00                           359      20061201                      0.250                         0.030              7.970                                                                                   Express No Doc                                                                                                                                   FIXED
DOUGLASVILLE                                            GA                       30135                        360                       220,000.00                     7.500                     20061201   PUD                                               1,375.00                      220,000.00                     7.500    Owner Occupied         CashOut Refi                                               276,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
ANNAPOLIS                                               MD                       44287                        360                       221,250.00                     7.875                     20061101   PUD                                               1,451.95                      221,250.00                     7.875    Investment             CashOut Refi                                               310,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
HOLLYWOOD                                               FL                       33024                        360                       221,600.00                     6.625                     20061101   SFR                                               1,223.42                      221,600.00                     6.625    Owner Occupied         Purchase                                                   280,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   36    H                                                                 FIXED
LEHIGH ACRES                                            FL                       33971                        360                       221,600.00                     8.500                     20061101   SFR                                               1,569.67                      221,600.00                     8.500    2nd Home               CashOut Refi                                               277,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
PORT SAINT LUCIE                                        FL                       34983                        360                       222,400.00                     8.250                     20061101   SFR                                               1,529.00                      222,400.00                     8.250    Investment             CashOut Refi                                               278,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                                                                                           FIXED
PORTLAND                                                OR                       97236                        360                       222,400.00                     6.750                     20061201   SFR                                               1,251.00                      222,400.00                     6.750    Owner Occupied         Purchase                                                   285,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
TAMPA                                                   FL                       12220                        360                       222,400.00                     6.875                     20061201   SFR                                               1,274.17                      222,400.00                     6.875    Owner Occupied         Purchase                                                   280,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   60    H                                                                 FIXED
WOODLAND                                                CA                       95695                        360                       223,000.00                     7.250                     20061101   2-FAMILY                                          1,347.29                      223,000.00                     7.250    Owner Occupied         CashOut Refi                                               390,000.00                           358      20070101                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
MEDFORD                                                 OR                       35554                        360                       223,200.00                     7.250                     20061101   SFR                                               1,348.50                      223,200.00                     7.250    Owner Occupied         Purchase                                                   279,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
PRINEVILLE                                              OR                       97754                        360                       223,200.00                     7.625                     20061001   SFR                                               1,418.25                      223,200.00                     7.625    Investment             CashOut Refi                                               279,000.00                           357      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
PRESCOTT VALLEY                                         AZ                       31485                        360                       223,920.00                     7.625                     20061201   PUD                                               1,422.83                      223,920.00                     7.625    Owner Occupied         Purchase                                                   280,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
PHOENIX                                                 AZ                       85040                        360                       223,950.00                     7.500                     20061201   PUD                                               1,399.69                      223,950.00                     7.500    Owner Occupied         Purchase                                                   292,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
YUBA CITY                                               CA                       95991                        360                       224,000.00                     7.125                     20061101   SFR                                               1,330.00                      223,924.39                     7.125    Owner Occupied         Rate Refi                                                  280,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
GRASS VALLEY                                            CA                       95945                        360                       224,000.00                     7.125                     20061101   SFR                                               1,330.00                      224,000.00                     7.125    Owner Occupied         Purchase                                                   350,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
PHOENIX                                                 AZ                       85041                        360                       224,000.00                     7.875                     20061201   PUD                                               1,470.00                      223,950.00                     7.875    Owner Occupied         Purchase                                                   280,000.00                           359      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
CLEARWATER                                              FL                       33759                        360                       224,000.00                     7.250                     20061101   SFR                                               1,353.33                      224,000.00                     7.250    Investment             Purchase                                                   284,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
BIG BEAR CITY                                           CA                       33677                        360                       224,000.00                     7.750                     20061101   SFR                                               1,446.67                      224,000.00                     7.750    Investment             CashOut Refi                                               320,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
SACRAMENTO                                              CA                       95838                        360                       224,000.00                     6.875                     20061101   SFR                                               1,283.33                      223,986.63                     6.875    Owner Occupied         CashOut Refi                                               280,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
QUEEN CREEK                                             AZ                       85242                        360                       224,987.00                     8.125                     20061101   PUD                                               1,523.35                      224,987.00                     8.125    Owner Occupied         Purchase                                                   290,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
SEAFORD                                                 DE                       19973                        360                       225,000.00                     7.250                     20061101   SFR                                               1,359.37                      225,000.00                     7.250    2nd Home               CashOut Refi                                               725,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
SPARKS                                                  NV                       89436                        360                       225,000.00                     7.250                     20061201   PUD                                               1,359.37                      225,000.00                     7.250    Investment             CashOut Refi                                               305,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
ONTARIO                                                 CA                       91761                        360                       225,500.00                     6.375                     20061201   SFR                                               1,197.97                      225,171.00                     6.375    Owner Occupied         Purchase                                                   420,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
PRESCOTT                                                AZ                       31474                        360                       225,600.00                     7.000                     20061201   SFR                                               1,316.00                      225,600.00                     7.000    2nd Home               CashOut Refi                                               282,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                                                                                             FIXED
BEND                                                    OR                       35613                        360                       226,500.00                     6.875                     20061101   SFR                                               1,297.66                      226,500.00                     6.875    Owner Occupied         CashOut Refi                                               302,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                                                                                                   FIXED
JUPITER                                                 FL                       33458                        360                       226,800.00                     6.875                     20061101   SFR                                               1,299.38                      226,800.00                     6.875    Owner Occupied         Purchase                                                   355,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
MORENO VALLEY                                           CA                       92551                        360                       227,500.00                     6.875                     20061101   SFR                                               1,303.39                      227,500.00                     6.875    Investment             Purchase                                                   330,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
SAINT CLOUD                                             FL                       34769                        360                       227,992.00                     7.500                     20061001   PUD                                               1,424.95                      227,992.00                     7.500    2nd Home               Purchase                                                   300,000.00                           357      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
SCOTTSDALE                                              AZ                       85258                        360                       228,000.00                     7.500                     20061101   CONDO                                             1,425.00                      228,000.00                     7.500    Owner Occupied         CashOut Refi                                               285,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   12    H                                                                 FIXED
SURPRISE                                                AZ                       85379                        360                       228,000.00                     6.875                     20061101   PUD                                               1,306.25                      228,000.00                     6.875    Owner Occupied         CashOut Refi                                               285,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
FORT LAUDERDALE                                         FL                       12121                        360                       229,600.00                     8.375                     20061101   CONDO                                             1,602.42                      229,600.00                     8.375    Owner Occupied         Purchase                                                   300,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   SISA                                                                                                                                             FIXED
SPOTSYLVANIA                                            VA                       22553                        360                       230,000.00                     8.250                     20061001   SFR                                               1,581.25                      230,000.00                     8.250    Owner Occupied         CashOut Refi                                               265,000.00                           357      20061201                      0.250                         0.030              7.970                       PMI                                                    25   Express Verified Assets                                                  60    H                                                                 FIXED
SCOTTSDALE                                              AZ                       85260                        360                       230,000.00                     7.375                     20061101   PUD                                               1,413.54                      230,000.00                     7.375    Owner Occupied         CashOut Refi                                               475,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
KEIZER                                                  OR                       35492                        360                       230,400.00                     6.875                     20061101   SFR                                               1,320.00                      230,318.77                     6.875    Owner Occupied         Purchase                                                   289,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   FISA                                                                                                                                             FIXED
PHOENIX                                                 AZ                       85053                        360                       230,400.00                     7.250                     20061101   SFR                                               1,392.00                      229,800.00                     7.250    Owner Occupied         CashOut Refi                                               288,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
CHICAGO                                                 IL                       22076                        360                       231,000.00                     7.750                     20061101   4-FAMILY                                          1,491.87                      231,000.00                     7.750    Investment             Rate Refi                                                  296,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
KISSIMMEE                                               FL                       34746                        360                       231,200.00                     7.125                     20061201   PUD                                               1,372.75                      231,200.00                     7.125    2nd Home               Purchase                                                   326,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
DENVER                                                  CO                       29271                        360                       232,000.00                     7.250                     20061101   CONDO                                             1,401.67                      232,000.00                     7.250    Owner Occupied         CashOut Refi                                               290,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
LAVEEN                                                  AZ                       85339                        360                       232,000.00                     8.250                     20061201   PUD                                               1,595.00                      232,000.00                     8.250    Owner Occupied         Purchase                                                   290,000.00                           359      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                                                                                           FIXED
SACRAMENTO                                              CA                       95835                        360                       232,124.00                     7.250                     20061101   CONDO                                             1,402.42                      232,124.00                     7.250    Investment             Purchase                                                   300,500.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
MIAMI                                                   FL                       33010                        360                       236,000.00                     8.500                     20060801   SFR                                               1,671.67                      236,000.00                     8.500    Owner Occupied         Purchase                                                   298,500.00                           355      20061201                      0.250                         0.030              8.220                                                                                   SISA                                                                                                                                             FIXED
SURPRISE                                                AZ                       85379                        360                       236,000.00                     7.750                     20061101   PUD                                               1,524.17                      236,000.00                     7.750    Investment             CashOut Refi                                               295,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
LAND O LAKES                                            FL                       34639                        360                       236,000.00                     7.375                     20061101   PUD                                               1,450.42                      236,000.00                     7.375    Owner Occupied         Purchase                                                   295,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
SEFFNER                                                 FL                       33584                        360                       236,400.00                     7.875                     20061101   PUD                                               1,551.38                      236,400.00                     7.875    Owner Occupied         Purchase                                                   296,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
KENNESAW                                                GA                       30152                        360                       238,000.00                     7.625                     20061101   PUD                                               1,512.29                      238,000.00                     7.625    Owner Occupied         CashOut Refi                                               280,000.00                           358      20061201                      0.250                         0.030              7.345                       PMI                                                    22   Express Verified Assets                                                                                                                          FIXED
FREDERICK                                               MD                       44380                        360                       239,920.00                     7.000                     20061101   PUD                                               1,399.53                      239,920.00                     7.000    Owner Occupied         Rate Refi                                                  299,900.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
NORTHLAKE                                               IL                       60164                        360                       240,000.00                     7.125                     20061101   SFR                                               1,425.00                      240,000.00                     7.125    Owner Occupied         Rate Refi                                                  301,500.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
PHOENIX                                                 AZ                       85042                        360                       240,000.00                     7.125                     20061101   PUD                                               1,425.00                      240,000.00                     7.125    Owner Occupied         CashOut Refi                                               300,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
LONGWOOD                                                FL                       32779                        360                       240,000.00                     6.875                     20061201   SFR                                               1,375.00                      240,000.00                     6.875    Owner Occupied         CashOut Refi                                               300,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
PROSPECT                                                CT                       38910                        360                       240,000.00                     7.500                     20061101   SFR                                               1,500.00                      240,000.00                     7.500    Owner Occupied         Purchase                                                   310,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
SUNRISE                                                 FL                       12136                        360                       240,000.00                     7.750                     20061101   SFR                                               1,550.00                      240,000.00                     7.750    Owner Occupied         Purchase                                                   300,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
OAK HARBOR                                              WA                       98277                        360                       240,000.00                     7.750                     20061201   SFR                                               1,550.00                      240,000.00                     7.750    Investment             CashOut Refi                                               300,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
CHICAGO                                                 IL                       60639                        360                       240,500.00                     7.125                     20061101   2-FAMILY                                          1,427.97                      240,500.00                     7.125    Investment             CashOut Refi                                               370,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
HOLLYWOOD                                               FL                       33020                        360                       241,600.00                     7.875                     20061101   PUD                                               1,585.50                      241,600.00                     7.875    Investment             CashOut Refi                                               302,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
FORT COLLINS                                            CO                       29366                        360                       241,600.00                     7.250                     20061101   SFR                                               1,459.67                      241,600.00                     7.250    Owner Occupied         CashOut Refi                                               302,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
AVONDALE                                                AZ                       31129                        360                       241,600.00                     8.375                     20061101   PUD                                               1,686.17                      241,600.00                     8.375    2nd Home               Purchase                                                   325,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   SISA                                                                                                                                             FIXED
CAMP VERDE                                              AZ                       31493                        360                       242,000.00                     7.375                     20061101   PUD                                               1,487.29                      242,000.00                     7.375    Owner Occupied         Purchase                                                   305,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
BAYVILLE                                                NJ                       39650                        360                       242,070.00                     8.250                     20060901   SFR                                               1,664.23                      242,070.00                     8.250    Investment             Rate Refi                                                  305,000.00                           356      20061201                      0.250                         0.030              7.970                                                                                   Express Verified Assets                                                                                                                          FIXED
CULPEPER                                                VA                       44743                        360                       244,000.00                     7.625                     20061101   PUD                                               1,550.42                      244,000.00                     7.625    Owner Occupied         CashOut Refi                                               305,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   24    H                                                                 FIXED
FORT LAUDERDALE                                         FL                       12122                        360                       244,000.00                     7.625                     20061101   SFR                                               1,550.42                      244,000.00                     7.625    Owner Occupied         CashOut Refi                                               305,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
BRIDGEPORT                                              CT                       38878                        360                       244,000.00                     7.625                     20061101   2-FAMILY                                          1,550.42                      243,999.53                     7.625    Investment             CashOut Refi                                               305,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   36    H                                                                 FIXED
KISSIMMEE                                               FL                       34758                        360                       244,500.00                     7.250                     20061101   PUD                                               1,477.19                      244,500.00                     7.250    Investment             CashOut Refi                                               326,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
WESTLAND                                                MI                       48186                        360                       244,900.00                     7.125                     20061101   SFR                                               1,454.09                      244,900.00                     7.125    Owner Occupied         Purchase                                                   310,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
GOODYEAR                                                AZ                       85338                        360                       247,200.00                     6.875                     20061101   PUD                                               1,416.25                      247,199.75                     6.875    Owner Occupied         CashOut Refi                                               309,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                           60    H                                                                 FIXED
CHICAGO                                                 IL                       60659                        360                       247,900.00                     7.000                     20061101   SFR                                               1,446.08                      247,900.00                     7.000    Owner Occupied         Purchase                                                   310,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
SAINT PAUL                                              MN                       20093                        360                       248,000.00                     7.000                     20061101   SFR                                               1,446.67                      248,000.00                     7.000    Owner Occupied         Purchase                                                   310,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
JACKSONVILLE                                            FL                       32246                        360                       248,000.00                     7.625                     20061201   PUD                                               1,575.83                      248,000.00                     7.625    Owner Occupied         CashOut Refi                                               310,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                     24    H                                                                 FIXED
HENDERSON                                               NV                       89015                        360                       248,000.00                     6.875                     20061101   PUD                                               1,420.83                      248,000.00                     6.875    2nd Home               Purchase                                                   312,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
PARKER                                                  CO                       80134                        360                       248,000.00                     8.500                     20061101   PUD                                               1,756.67                      248,000.00                     8.500    Owner Occupied         Rate Refi                                                  310,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   SISA                                                                                                                                             FIXED
RIALTO                                                  CA                       92377                        360                       250,000.00                     6.375                     20061101   SFR                                               1,328.13                      250,000.00                     6.375    Owner Occupied         CashOut Refi                                               385,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   60    H                                                                 FIXED
FORT LAUDERDALE                                         FL                       12130                        360                       250,000.00                     6.375                     20061201   SFR                                               1,328.13                      250,000.00                     6.375    Owner Occupied         CashOut Refi                                               452,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
ANNAPOLIS                                               MD                       44287                        360                       250,250.00                     7.875                     20061101   PUD                                               1,642.27                      250,250.00                     7.875    Investment             CashOut Refi                                               315,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
WARMINSTER                                              PA                       18974                        360                       250,400.00                     7.500                     20061101   SFR                                               1,565.00                      250,400.00                     7.500    Investment             CashOut Refi                                               313,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
LEHIGH ACRES                                            FL                       33971                        360                       250,400.00                     8.250                     20061201   2-FAMILY                                          1,721.50                      250,400.00                     8.250    Investment             CashOut Refi                                               313,000.00                           359      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                                                                                           FIXED
FORT LAUDERDALE                                         FL                       12128                        360                       252,000.00                     7.625                     20061101   SFR                                               1,601.25                      252,000.00                     7.625    Owner Occupied         CashOut Refi                                               315,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                     36    H                                                                 FIXED
CHULA VISTA                                             CA                       33494                        360                       253,760.00                     7.625                     20061101   CONDO                                             1,612.43                      253,760.00                     7.625    Owner Occupied         Purchase                                                   416,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
DENHAM SPRINGS                                          LA                       25775                        360                       254,000.00                     7.375                     20061101   SFR                                               1,561.04                      254,000.00                     7.375    Owner Occupied         Purchase                                                   318,500.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
PORT SAINT LUCIE                                        FL                       34984                        360                       254,900.00                     7.125                     20061101   D-PUDS                                            1,513.47                      254,900.00                     7.125    Owner Occupied         Purchase                                                   285,000.00                           358      20061201                      0.250                         0.030              6.845                       PMI                                                    25   Stated                                                                   36    H                                                                 FIXED
RIVERSIDE                                               CA                       33733                        360                       255,000.00                     6.875                     20061101   SFR                                               1,460.94                      255,000.00                     6.875    Owner Occupied         CashOut Refi                                               350,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
BRIDGEPORT                                              CT                       38874                        360                       256,000.00                     6.875                     20061101   SFR                                               1,466.67                      256,000.00                     6.875    Owner Occupied         CashOut Refi                                               320,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
HIGHLANDS RANCH                                         CO                       29246                        360                       256,000.00                     7.000                     20061101   PUD                                               1,493.33                      256,000.00                     7.000    Owner Occupied         Purchase                                                   323,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
BELLEVUE                                                WA                       98006                        360                       258,750.00                     7.000                     20061101   SFR                                               1,509.37                      258,750.00                     7.000    Owner Occupied         CashOut Refi                                               350,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
CLERMONT                                                FL                       12611                        360                       258,944.00                     7.375                     20061101   PUD                                               1,591.43                      258,944.00                     7.375    Owner Occupied         Purchase                                                   362,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
LAS VEGAS                                               NV                       89156                        360                       260,000.00                     7.500                     20061101   SFR                                               1,625.00                      259,978.75                     7.500    Owner Occupied         CashOut Refi                                               325,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   36    H                                                                 FIXED
WARMINSTER                                              PA                       18974                        360                       260,000.00                     7.625                     20061101   SFR                                               1,652.08                      260,000.00                     7.625    Investment             CashOut Refi                                               325,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   12    H                                                                 FIXED
LANTANA                                                 FL                       33462                        360                       260,000.00                     7.000                     20061101   SFR                                               1,516.67                      260,000.00                     7.000    Owner Occupied         CashOut Refi                                               325,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                          FIXED
STATEN ISLAND                                           NY                       40241                        360                       260,000.00                     7.250                     20061201   2-FAMILY                                          1,570.83                      260,000.00                     7.250    Owner Occupied         CashOut Refi                                               400,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                                                                                                   FIXED
FALLBROOK                                               CA                       92028                        360                       260,600.00                     7.000                     20061101   SFR                                               1,520.17                      260,600.00                     7.000    Owner Occupied         CashOut Refi                                               469,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
BRIDGEPORT                                              CT                       38876                        360                       262,500.00                     7.875                     20061101   2-FAMILY                                          1,722.66                      262,500.00                     7.875    Investment             Rate Refi                                                  350,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
SACRAMENTO                                              CA                       34934                        360                       263,000.00                     6.875                     20061101   SFR                                               1,506.77                      263,000.00                     6.875    Owner Occupied         Rate Refi                                                  351,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
SEFFNER                                                 FL                       33584                        360                       263,100.00                     7.375                     20061101   PUD                                               1,616.97                      263,100.00                     7.375    Investment             Purchase                                                   351,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                                                                                             FIXED
BRIDGEPORT                                              CT                       38873                        360                       264,000.00                     7.500                     20061101   3-FAMILY                                          1,650.00                      264,000.00                     7.500    Owner Occupied         Purchase                                                   335,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
HAMDEN                                                  CT                       38855                        360                       264,000.00                     8.125                     20061101   SFR                                               1,787.50                      263,999.51                     8.125    Investment             CashOut Refi                                               330,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Express Verified Assets                                                                                                                          FIXED
NORTH PROVIDENCE                                        RI                       37510                        360                       264,000.00                     7.000                     20061101   SFR                                               1,540.00                      264,000.00                     7.000    Owner Occupied         Rate Refi                                                  330,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
UNIVERSITY PLACE                                        WA                       98467                        360                       264,000.00                     7.875                     20061101   SFR                                               1,732.50                      264,000.00                     7.875    Investment             CashOut Refi                                               330,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    H                                                                 FIXED
POWDER SPRINGS                                          GA                       10985                        360                       264,000.00                     7.625                     20061101   PUD                                               1,677.50                      263,400.00                     7.625    Investment             CashOut Refi                                               330,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
CALUMET CITY                                            IL                       22015                        360                       264,000.00                     7.375                     20061201   3-FAMILY                                          1,622.50                      264,000.00                     7.375    Investment             Purchase                                                   330,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
FOLSOM                                                  CA                       34880                        360                       265,000.00                     7.625                     20061101   CONDO                                             1,683.85                      265,000.00                     7.625    Owner Occupied         CashOut Refi                                               360,000.00                           358      20070101                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
MOUNT AIRY                                              MD                       21771                        360                       268,000.00                     6.625                     20061101   SFR                                               1,479.58                      267,960.00                     6.625    Owner Occupied         CashOut Refi                                               365,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                          FIXED
MAPLE VALLEY                                            WA                       98038                        360                       270,000.00                     7.625                     20061101   PUD                                               1,715.62                      270,000.00                     7.625    Owner Occupied         CashOut Refi                                               340,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
LAWRENCEVILLE                                           GA                       30045                        360                       271,660.00                     7.125                     20061101   PUD                                               1,612.98                      271,660.00                     7.125    Owner Occupied         Rate Refi                                                  348,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
PHOENIX                                                 AZ                       85037                        360                       271,812.00                     6.875                     20061101   PUD                                               1,557.26                      271,812.00                     6.875    Owner Occupied         Purchase                                                   350,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
SHORELINE                                               WA                       98133                        360                       272,000.00                     6.875                     20061001   SFR                                               1,558.33                      272,000.00                     6.875    Owner Occupied         Rate Refi                                                  340,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     36    H                                                                 FIXED
DELRAY BEACH                                            FL                       33444                        360                       272,000.00                     6.875                     20061101   SFR                                               1,558.33                      272,000.00                     6.875    Owner Occupied         Rate Refi                                                  365,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
PORT ORANGE                                             FL                       11716                        360                       272,000.00                     7.375                     20061101   PUD                                               1,671.67                      272,000.00                     7.375    Owner Occupied         Purchase                                                   350,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
FRAMINGHAM                                              MA                       37074                        360                       274,500.00                     7.500                     20061101   SFR                                               1,715.63                      274,500.00                     7.500    Owner Occupied         CashOut Refi                                               305,000.00                           358      20061201                      0.250                         0.030              7.220                       PMI                                                    25   Stated                                                                                                                                           FIXED
MIAMI BEACH                                             FL                       33141                        360                       275,000.00                     7.750                     20061101   CONDO                                             1,776.04                      275,000.00                     7.750    Investment             CashOut Refi                                               350,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
TRUMBULL                                                CT                       38879                        360                       275,920.00                     7.500                     20061101   SFR                                               1,724.50                      275,920.00                     7.500    Owner Occupied         Purchase                                                   365,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
WASHINGTON                                              DC                       20017                        360                       276,000.00                     6.750                     20061101   SFR                                               1,552.50                      276,000.00                     6.750    Owner Occupied         Purchase                                                   346,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
MOUNT PLEASANT                                          SC                       29464                        360                       276,000.00                     8.000                     20061101   SFR                                               1,840.00                      276,000.00                     8.000    Investment             CashOut Refi                                               345,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Express Verified Assets                                                                                                                          FIXED
DAVIE                                                   FL                       12127                        360                       277,000.00                     6.625                     20061101   SFR                                               1,529.27                      277,000.00                     6.625    Owner Occupied         CashOut Refi                                               360,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                     36    H                                                                 FIXED
PRESCOTT                                                AZ                       31472                        360                       277,200.00                     7.375                     20061101   SFR                                               1,703.62                      277,200.00                     7.375    Owner Occupied         Purchase                                                   350,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
RIVERTON                                                UT                       84065                        360                       280,000.00                     6.500                     20061101   SFR                                               1,516.67                      280,000.00                     6.500    Owner Occupied         CashOut Refi                                               350,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                     12    H                                                                 FIXED
BRIDGEPORT                                              CT                       38872                        360                       280,000.00                     7.750                     20061101   SFR                                               1,808.33                      279,999.28                     7.750    Investment             CashOut Refi                                               350,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
BAY SHORE                                               NY                       40730                        360                       280,000.00                     7.875                     20061101   2-FAMILY                                          1,837.50                      280,000.00                     7.875    Owner Occupied         CashOut Refi                                               400,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
DENVER                                                  CO                       29263                        360                       281,600.00                     7.750                     20061101   SFR                                               1,818.67                      281,600.00                     7.750    Owner Occupied         CashOut Refi                                               352,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                     12    H                                                                 FIXED
DAVISON                                                 MI                       17646                        360                       284,000.00                     7.875                     20061101   SFR                                               1,863.75                      283,999.75                     7.875    Owner Occupied         Purchase                                                   355,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    H                                                                 FIXED
SUNRISE                                                 FL                       12135                        360                       284,000.00                     7.375                     20061201   SFR                                               1,745.42                      284,000.00                     7.375    Owner Occupied         CashOut Refi                                               355,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
BAKERSFIELD                                             CA                       34041                        360                       284,092.00                     6.875                     20061201   SFR                                               1,627.61                      284,092.00                     6.875    Owner Occupied         Purchase                                                   363,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
CAMPO                                                   CA                       33487                        360                       284,800.00                     7.250                     20061101   SFR                                               1,720.67                      284,800.00                     7.250    Owner Occupied         CashOut Refi                                               356,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
LUTHERSVILLE                                            GA                       30251                        360                       287,920.00                     6.750                     20061101   SFR                                               1,619.55                      287,915.35                     6.750    Owner Occupied         Purchase                                                   360,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
VANCOUVER                                               WA                       98661                        360                       288,000.00                     7.250                     20061101   SFR                                               1,740.00                      288,000.00                     7.250    Owner Occupied         CashOut Refi                                               360,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
FREDERICKSBURG                                          VA                       44659                        360                       288,000.00                     6.875                     20061101   PUD                                               1,650.00                      288,000.00                     6.875    Owner Occupied         CashOut Refi                                               360,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
MIAMI SHORES                                            FL                       33168                        360                       288,000.00                     8.250                     20061201   SFR                                               1,980.00                      288,000.00                     8.250    Owner Occupied         Purchase                                                   550,000.00                           359      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                                                                                           FIXED
FT. PIERCE                                              FL                       34950                        360                       288,000.00                     7.500                     20061101   4-FAMILY                                          1,800.00                      288,000.00                     7.500    Investment             Purchase                                                   360,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                     60    H                                                                 FIXED
MIAMI                                                   FL                       33142                        360                       288,000.00                     8.125                     20061101   2-FAMILY                                          1,950.00                      288,000.00                     8.125    Investment             Purchase                                                   360,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
MIAMI                                                   FL                       33142                        360                       288,000.00                     8.125                     20061101   2-FAMILY                                          1,950.00                      288,000.00                     8.125    Investment             Purchase                                                   360,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
DEERFIELD BEACH                                         FL                       33441                        360                       288,000.00                     6.875                     20061201   SFR                                               1,650.00                      288,000.00                     6.875    Owner Occupied         CashOut Refi                                               360,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
RIVERSIDE                                               CA                       33733                        360                       288,000.00                     8.875                     20061201   SFR                                               2,130.00                      288,000.00                     8.875    Investment             Purchase                                                   390,000.00                           359      20061201                      0.250                         0.030              8.595                                                                                   Express Verified Assets                                                                                                                          FIXED
ROCKLAND                                                MA                        2370                        360                       289,600.00                     7.625                     20061101   SFR                                               1,840.17                      289,600.00                     7.625    Owner Occupied         CashOut Refi                                               362,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
PALM COAST                                              FL                       32164                        360                       290,000.00                     6.875                     20061101   SFR                                               1,661.46                      289,995.46                     6.875    Owner Occupied         Rate Refi                                                  324,000.00                           358      20061201                      0.250                         0.030              6.595                       PMI                                                    25   Stated                                                                   36    H                                                                 FIXED
SACRAMENTO                                              CA                       95835                        360                       291,920.00                     7.125                     20061101   SFR                                               1,733.28                      291,920.00                     7.125    Owner Occupied         Purchase                                                   378,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
PLEASANT GARDEN                                         NC                       46459                        360                       292,000.00                     7.000                     20061101   SFR                                               1,703.33                      292,000.00                     7.000    Owner Occupied         CashOut Refi                                               365,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   36    H                                                                 FIXED
CHESAPEAKE                                              VA                       45008                        360                       292,000.00                     6.875                     20061101   PUD                                               1,672.92                      292,000.00                     6.875    Owner Occupied         Purchase                                                   365,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
LEHIGH ACRES                                            FL                       33971                        360                       293,590.00                     7.500                     20061101   PUD                                               1,834.94                      293,590.00                     7.500    2nd Home               Purchase                                                   380,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
DARIEN                                                  IL                       60561                        360                       295,200.00                     7.625                     20061101   SFR                                               1,875.75                      295,200.00                     7.625    Owner Occupied         Rate Refi                                                  370,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
PORT ORANGE                                             FL                       11717                        360                       297,450.00                     7.500                     20061201   PUD                                               1,859.06                      297,450.00                     7.500    Owner Occupied         Purchase                                                   373,500.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
SURPRISE                                                AZ                       85388                        360                       298,650.00                     6.500                     20061101   SFR                                               1,617.69                      298,650.00                     6.500    Owner Occupied         Purchase                                                   380,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Express Verified Assets                                                                                                                          FIXED
WAYNESBORO                                              PA                       17268                        360                       299,950.00                     7.500                     20061101   SFR                                               1,874.69                      299,950.00                     7.500    Investment             Purchase                                                   500,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                          FIXED
SILVER SPRING                                           MD                       44084                        360                       300,000.00                     7.125                     20061101   SFR                                               1,781.25                      300,000.00                     7.125    Owner Occupied         CashOut Refi                                               615,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
ASHBURN                                                 VA                       20147                        360                       300,000.00                     7.125                     20061101   PUD                                               1,781.25                      300,000.00                     7.125    Owner Occupied         CashOut Refi                                               375,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
CHICAGO                                                 IL                       22081                        360                       300,000.00                     6.875                     20061101   SFR                                               1,718.75                      300,000.00                     6.875    Owner Occupied         Rate Refi                                                  375,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
NEW CASTLE                                              DE                       43666                        360                       302,480.00                     6.625                     20061101   SFR                                               1,669.94                      302,480.00                     6.625    Owner Occupied         Purchase                                                   385,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
WOODBRIDGE                                              CT                       38862                        360                       303,200.00                     7.375                     20061201   SFR                                               1,863.42                      303,005.68                     7.375    Owner Occupied         CashOut Refi                                               379,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
ALEXANDRIA                                              VA                       44629                        360                       303,200.00                     7.375                     20061101   PUD                                               1,863.42                      303,200.00                     7.375    Owner Occupied         Rate Refi                                                  379,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
CHICAGO                                                 IL                       60637                        360                       303,920.00                     7.500                     20061101   3-FAMILY                                          1,899.50                      303,920.00                     7.500    Investment             Purchase                                                   380,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                                                                                             FIXED
STATEN ISLAND                                           NY                       40245                        360                       304,000.00                     7.375                     20061101   SFR                                               1,868.33                      304,000.00                     7.375    Owner Occupied         CashOut Refi                                               380,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
LYNNWOOD                                                WA                       98087                        360                       304,000.00                     6.875                     20061101   SFR                                               1,741.67                      304,000.00                     6.875    Owner Occupied         Purchase                                                   400,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
VANCOUVER                                               WA                       98682                        360                       304,000.00                     7.000                     20061101   SFR                                               1,773.33                      304,000.00                     7.000    Owner Occupied         Purchase                                                   390,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                          FIXED
HEMET                                                   CA                       92545                        360                       304,400.00                     6.875                     20061101   SFR                                               1,743.96                      304,400.00                     6.875    Owner Occupied         CashOut Refi                                               380,500.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
MENTONE                                                 CA                       92359                        360                       305,600.00                     6.875                     20061101   SFR                                               1,750.83                      305,600.00                     6.875    Owner Occupied         CashOut Refi                                               382,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
HIGHLANDS RANCH                                         CO                       29250                        360                       308,000.00                     7.000                     20061101   PUD                                               1,796.67                      308,000.00                     7.000    Owner Occupied         Purchase                                                   385,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   36    H                                                                 FIXED
JOHNSTON                                                RI                       37518                        360                       308,000.00                     7.500                     20061101   SFR                                               1,925.00                      308,000.00                     7.500    Owner Occupied         CashOut Refi                                               385,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
HALLANDALE                                              FL                       33009                        360                       308,000.00                     7.750                     20061101   CONDO                                             1,989.17                      307,345.15                     7.750    Investment             Purchase                                                   385,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
PARKER                                                  CO                       80134                        360                       308,000.00                     6.625                     20061101   SFR                                               1,700.42                      308,000.00                     6.625    Owner Occupied         Purchase                                                   385,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
SANDOWN                                                 NH                        3873                        360                       309,900.00                     7.375                     20061101   SFR                                               1,904.59                      309,900.00                     7.375    Owner Occupied         Purchase                                                   397,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
MAPLE GROVE                                             MN                       20159                        360                       310,000.00                     6.875                     20061101   SFR                                               1,776.04                      310,000.00                     6.875    Owner Occupied         Purchase                                                   390,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
REDDING                                                 CA                       96002                        360                       310,000.00                     6.750                     20061101   SFR                                               1,743.75                      310,000.00                     6.750    Owner Occupied         CashOut Refi                                               390,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
CAMARILLO                                               CA                       93010                        360                       310,000.00                     7.250                     20061101   CONDO                                             1,872.92                      310,000.00                     7.250    Investment             CashOut Refi                                               455,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
CHICAGO                                                 IL                       60639                        360                       311,000.00                     7.500                     20061101   2-FAMILY                                          1,943.75                      311,000.00                     7.500    Owner Occupied         Rate Refi                                                  405,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                                                                                             FIXED
BRONX                                                   NY                       10461                        360                       311,500.00                     7.375                     20061101   SFR                                               1,914.43                      311,500.00                     7.375    Investment             CashOut Refi                                               445,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
PLUMAS LAKE                                             CA                       95961                        360                       312,000.00                     7.125                     20061101   SFR                                               1,852.50                      312,000.00                     7.125    Owner Occupied         CashOut Refi                                               390,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
CLOVIS                                                  CA                       34132                        360                       312,000.00                     6.625                     20061101   SFR                                               1,722.50                      312,000.00                     6.625    Owner Occupied         CashOut Refi                                               390,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                          FIXED
POINCIANA                                               FL                       34759                        360                       312,176.00                     6.750                     20061101   PUD                                               1,755.99                      312,176.00                     6.750    Owner Occupied         Purchase                                                   390,220.00                           358      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
CHICAGO                                                 IL                       60647                        360                       314,500.00                     7.750                     20061101   2-FAMILY                                          2,031.15                      314,500.00                     7.750    Owner Occupied         Purchase                                                   370,000.00                           358      20061201                      0.250                         0.030              7.470                       PMI                                                    22   Express No Doc                                                                                                                                   FIXED
PAYSON                                                  AZ                       85541                        360                       316,000.00                     6.750                     20061101   SFR                                               1,777.50                      316,000.00                     6.750    Owner Occupied         CashOut Refi                                               400,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
FOSTER                                                  RI                       37493                        360                       316,000.00                     6.625                     20061101   SFR                                               1,744.58                      316,000.00                     6.625    Owner Occupied         CashOut Refi                                               395,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   36    H                                                                 FIXED
LAS VEGAS                                               NV                       32511                        360                       320,000.00                     6.625                     20061101   SFR                                               1,766.67                      320,000.00                     6.625    Owner Occupied         Purchase                                                   400,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                          FIXED
ROCKLEDGE                                               FL                       32955                        360                       320,000.00                     7.125                     20061101   PUD                                               1,900.00                      320,000.00                     7.125    Owner Occupied         CashOut Refi                                               400,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
LONG BEACH                                              CA                       33090                        360                       320,000.00                     6.625                     20061101   2-FAMILY                                          1,766.67                      319,781.92                     6.625    Owner Occupied         CashOut Refi                                               600,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                           60    H                                                                 FIXED
SAN DIEGO                                               CA                       33605                        360                       320,000.00                     7.250                     20061101   SFR                                               1,933.33                      318,866.66                     7.250    Investment             Purchase                                                   400,000.00                           358      20070101                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
SAN DIEGO                                               CA                       33618                        360                       320,000.00                     7.250                     20061101   CONDO                                             1,933.33                      320,000.00                     7.250    Owner Occupied         Rate Refi                                                  400,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
ALLISON PARK                                            PA                       42005                        360                       320,000.00                     6.875                     20061201   SFR                                               1,833.33                      320,000.00                     6.875    Owner Occupied         Rate Refi                                                  403,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
PALMDALE                                                CA                       93550                        360                       322,400.00                     6.875                     20061101   SFR                                               1,847.08                      322,400.00                     6.875    Owner Occupied         Purchase                                                   405,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
INGLEWOOD                                               CA                       32937                        360                       325,000.00                     6.500                     20061101   SFR                                               1,760.42                      325,000.00                     6.500    Owner Occupied         CashOut Refi                                               615,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Express No Doc                                                           60    H                                                                 FIXED
UPPER MARLBORO                                          MD                       20772                        360                       328,500.00                     6.750                     20061101   SFR                                               1,847.81                      328,500.00                     6.750    Owner Occupied         CashOut Refi                                               365,000.00                           358      20061201                      0.250                         0.030              6.470                       PMI                                                    25   Full                                                                                                                                             FIXED
WATERFORD                                               CA                       95386                        360                       330,000.00                     7.250                     20061101   SFR                                               1,993.75                      330,000.00                     7.250    Owner Occupied         CashOut Refi                                               509,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
NAPLES                                                  FL                       12436                        360                       331,341.00                     7.625                     20061201   SFR                                               2,105.40                      331,341.00                     7.625    Investment             Purchase                                                   425,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
CAMDEN                                                  SC                       29020                        360                       334,000.00                     7.500                     20061101   SFR                                               2,087.50                      334,000.00                     7.500    Owner Occupied         CashOut Refi                                               425,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
CORNVILLE                                               AZ                       31496                        360                       335,200.00                     7.625                     20061101   SFR                                               2,129.92                      335,200.00                     7.625    Owner Occupied         Purchase                                                   425,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
COLORADO SPRINGS                                        CO                       29472                        360                       336,000.00                     6.625                     20061101   SFR                                               1,855.00                      335,999.00                     6.625    Owner Occupied         Rate Refi                                                  420,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
YAMHILL                                                 OR                       97148                        360                       336,000.00                     6.750                     20061101   SFR                                               1,890.00                      336,000.00                     6.750    Owner Occupied         Purchase                                                   420,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
BEND                                                    OR                       35612                        360                       336,000.00                     6.875                     20061101   PUD                                               1,925.00                      336,000.00                     6.875    Investment             Purchase                                                   430,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
MIAMI                                                   FL                       33165                        360                       336,000.00                     7.125                     20061201   SFR                                               1,995.00                      336,000.00                     7.125    Owner Occupied         CashOut Refi                                               420,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
LAKE PARK                                               MN                       56554                        360                       339,000.00                     6.875                     20061201   SFR                                               1,942.19                      339,000.00                     6.875    Owner Occupied         CashOut Refi                                               465,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
SALT LAKE CITY                                          UT                       30686                        360                       340,000.00                     7.125                     20061101   SFR                                               2,018.75                      340,000.00                     7.125    Owner Occupied         CashOut Refi                                               425,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
DARTMOUTH                                               MA                        2747                        360                       340,000.00                     7.250                     20061201   SFR                                               2,054.17                      339,823.76                     7.250    Owner Occupied         CashOut Refi                                               425,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
PORTLAND                                                OR                       35475                        360                       340,000.00                     7.375                     20061101   SFR                                               2,089.58                      339,989.58                     7.375    Investment             Purchase                                                   425,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   SISA                                                                                                                                             FIXED
CHICAGO                                                 IL                       22092                        360                       340,000.00                     7.250                     20061101   2-FAMILY                                          2,054.17                      340,000.00                     7.250    Owner Occupied         Purchase                                                   450,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
ROSEVILLE                                               CA                       95661                        360                       340,000.00                     7.500                     20061101   SFR                                               2,125.00                      340,000.00                     7.500    Investment             Purchase                                                   426,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
SILVER SPRING                                           MD                       44075                        360                       342,400.00                     6.875                     20061101   SFR                                               1,961.67                      342,400.00                     6.875    Owner Occupied         Purchase                                                   436,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
SAVANNAH                                                GA                       11424                        360                       344,000.00                     7.375                     20061101   PUD                                               2,114.17                      344,000.00                     7.375    Investment             CashOut Refi                                               430,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
TYRONE                                                  GA                       30290                        360                       344,000.00                     7.625                     20061101   PUD                                               2,185.83                      344,000.00                     7.625    Owner Occupied         CashOut Refi                                               430,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
CHICAGO                                                 IL                       60656                        360                       346,750.00                     6.750                     20061101   SFR                                               1,950.47                      346,750.00                     6.750    Owner Occupied         Rate Refi                                                  475,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
PATERSON                                                NJ                       39215                        360                       347,000.00                     6.750                     20061201   2-FAMILY                                          1,951.88                      347,000.00                     6.750    Owner Occupied         CashOut Refi                                               440,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
PORTLAND                                                OR                       35480                        360                       348,000.00                     7.625                     20061101   SFR                                               2,211.25                      348,000.00                     7.625    Owner Occupied         Purchase                                                   448,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
SEASIDE                                                 CA                       93955                        360                       350,000.00                     6.500                     20061101   2-FAMILY                                          1,895.83                      350,000.00                     6.500    Owner Occupied         CashOut Refi                                               540,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
BERWYN                                                  IL                       22008                        360                       350,300.00                     7.125                     20061101   3-FAMILY                                          2,079.91                      350,300.00                     7.125    Owner Occupied         Purchase                                                   438,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
CLINTON                                                 MD                       20735                        360                       352,000.00                     7.375                     20061101   SFR                                               2,163.33                      351,999.94                     7.375    Owner Occupied         CashOut Refi                                               440,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                   12    H                                                                 FIXED
ROSEVILLE                                               CA                       95678                        360                       352,000.00                     7.125                     20061101   SFR                                               2,090.00                      351,990.00                     7.125    Owner Occupied         CashOut Refi                                               440,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                                                                                             FIXED
BERMUDA DUNES                                           CA                       33637                        360                       352,000.00                     7.375                     20061101   PUD                                               2,163.33                      352,000.00                     7.375    2nd Home               Purchase                                                   440,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
LOS ANGELES                                             CA                       90022                        360                       352,227.00                     6.375                     20061101   SFR                                               1,871.21                      352,227.00                     6.375    Owner Occupied         CashOut Refi                                               510,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   SISA                                                                                                                                             FIXED
AIEA                                                    HI                       35247                        360                       358,500.00                     6.375                     20061101   SFR                                               1,904.53                      358,372.92                     6.375    Owner Occupied         CashOut Refi                                               560,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   60    H                                                                 FIXED
NEWBERG                                                 OR                       97132                        360                       359,650.00                     6.875                     20061101   SFR                                               2,060.49                      359,650.00                     6.875    Owner Occupied         CashOut Refi                                               449,600.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
BEDFORD                                                 MA                       37102                        360                       364,000.00                     7.625                     20061101   SFR                                               2,312.92                      364,000.00                     7.625    Owner Occupied         Purchase                                                   455,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
LYNNWOOD                                                WA                       98036                        360                       364,000.00                     6.500                     20061101   PUD                                               1,971.67                      364,000.00                     6.500    Owner Occupied         Rate Refi                                                  455,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
JERSEY CITY                                             NJ                       39146                        360                       364,000.00                     8.500                     20061201   2-FAMILY                                          2,578.33                      364,000.00                     8.500    Owner Occupied         Purchase                                                   460,000.00                           359      20061201                      0.250                         0.030              8.220                                                                                   SISA                                                                                                                                             FIXED
CHICAGO                                                 IL                       22085                        360                       367,200.00                     6.875                     20061201   2-FAMILY                                          2,103.75                      367,200.00                     6.875    Owner Occupied         Rate Refi                                                  459,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
NEDERLAND                                               CO                       80466                        360                       370,000.00                     6.875                     20061101   SFR                                               2,119.79                      369,750.00                     6.875    Owner Occupied         CashOut Refi                                               415,000.00                           358      20061201                      0.250                         0.030              6.595                       PMI                                                    25   Full                                                                                                                                             FIXED
CARDIFF BY THE SEA                                      CA                       92007                        360                       370,000.00                     7.000                     20061201   SFR                                               2,158.33                      370,000.00                     7.000    Owner Occupied         CashOut Refi                                               450,000.00                           359      20061201                      0.250                         0.030              6.720                       TRIAD - BORROWER PAID                                  20   Express Verified Assets                                                                                                                          FIXED
ANNAPOLIS                                               MD                       44289                        360                       372,000.00                     7.250                     20061101   D-PUDS                                            2,247.50                      372,000.00                     7.250    Owner Occupied         CashOut Refi                                               465,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
NEWARK                                                  NJ                       39086                        360                       372,800.00                     7.625                     20061101   3-FAMILY                                          2,368.83                      372,800.00                     7.625    Investment             Purchase                                                   466,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
NESCONSET                                               NY                       11767                        360                       373,120.00                     7.125                     20061101   SFR                                               2,215.40                      373,120.00                     7.125    Owner Occupied         Purchase                                                   470,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
SCOTTSDALE                                              AZ                       85258                        360                       375,000.00                     6.750                     20061101   CONDO                                             2,109.38                      374,451.16                     6.750    Owner Occupied         Rate Refi                                                  595,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                                                                                                   FIXED
LAS VEGAS                                               NV                       89134                        360                       376,000.00                     7.875                     20061101   PUD                                               2,467.50                      376,000.00                     7.875    Owner Occupied         Purchase                                                   470,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
CITRUS HEIGHTS                                          CA                       34860                        360                       376,000.00                     6.875                     20061101   SFR                                               2,154.17                      376,000.00                     6.875    Owner Occupied         CashOut Refi                                               470,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
LOS ANGELES                                             CA                       90001                        360                       380,000.00                     7.750                     20061101   2-FAMILY                                          2,454.17                      380,000.00                     7.750    Investment             CashOut Refi                                               550,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   NINA                                                                     36    H                                                                 FIXED
DULUTH                                                  GA                       30097                        360                       384,800.00                     6.875                     20061101   PUD                                               2,204.58                      384,800.00                     6.875    Owner Occupied         Rate Refi                                                  481,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
EASTHAM                                                 MA                        2642                        360                       390,000.00                     6.875                     20061101   SFR                                               2,234.37                      390,000.00                     6.875    Owner Occupied         CashOut Refi                                               525,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
ROUND HILL                                              VA                       20141                        360                       391,000.00                     7.250                     20061101   PUD                                               2,362.29                      391,000.00                     7.250    Owner Occupied         Purchase                                                   514,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
MADEIRA BEACH                                           FL                       12243                        360                       395,000.00                     7.875                     20061101   CONDO                                             2,592.19                      394,992.19                     7.875    Investment             Rate Refi                                                  495,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
PORTLAND                                                OR                       35482                        360                       399,200.00                     6.750                     20061101   SFR                                               2,245.50                      399,200.00                     6.750    Owner Occupied         Purchase                                                   515,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                                                                                                   FIXED
HOLLYWOOD                                               FL                       33020                        360                       400,000.00                     7.375                     20061101   4-FAMILY                                          2,458.33                      400,000.00                     7.375    Investment             CashOut Refi                                               500,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
TWAIN HARTE                                             CA                       95383                        360                       400,000.00                     7.750                     20061101   SFR                                               2,583.33                      400,000.00                     7.750    Investment             CashOut Refi                                               500,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
MILFORD                                                 MA                        1757                        360                       400,000.00                     7.750                     20061101   SFR                                               2,583.33                      400,000.00                     7.750    Owner Occupied         Purchase                                                   503,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
CARLSBAD                                                CA                       92009                        360                       400,000.00                     7.125                     20061101   SFR                                               2,375.00                      399,348.07                     7.125    Owner Occupied         CashOut Refi                                               725,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
MOUNT PLEASANT                                          SC                       29466                        360                       400,000.00                     7.375                     20061201   PUD                                               2,458.33                      400,000.00                     7.375    Owner Occupied         CashOut Refi                                               500,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
EDGEWATER                                               MD                       21037                        360                       404,000.00                     6.750                     20061001   PUD                                               2,272.50                      404,000.00                     6.750    Owner Occupied         CashOut Refi                                               505,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
BELTSVILLE                                              MD                       44017                        360                       406,000.00                     6.875                     20061101   SFR                                               2,326.04                      406,000.00                     6.875    Owner Occupied         CashOut Refi                                               510,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
CHICAGO                                                 IL                       60634                        360                       412,500.00                     7.375                     20061101   SFR                                               2,535.16                      412,500.00                     7.375    Owner Occupied         Purchase                                                   550,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                                                                                           FIXED
SANTA ANA                                               CA                       33789                        360                       417,000.00                     6.875                     20061101   SFR                                               2,389.06                      416,665.17                     6.875    Owner Occupied         CashOut Refi                                               700,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
UNION                                                   NJ                        7083                        360                       444,000.00                     7.625                     20061101   4-FAMILY                                          2,821.25                      444,000.00                     7.625    Owner Occupied         Rate Refi                                                  556,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
CHICAGO                                                 IL                       22089                        360                       417,000.00                     8.375                     20061101   CONDO                                             2,910.31                      417,000.00                     8.375    Owner Occupied         Purchase                                                   560,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
CHICAGO                                                 IL                       22079                        360                       417,000.00                     7.500                     20061101   2-FAMILY                                          2,606.25                      417,000.00                     7.500    Owner Occupied         Purchase                                                   600,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
MATTAPAN                                                MA                       37282                        360                       417,000.00                     7.750                     20061101   3-FAMILY                                          2,693.12                      417,000.00                     7.750    Investment             Rate Refi                                                  560,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Full                                                                                                                                             FIXED
NEWTOWN                                                 CT                        6470                        360                       562,500.00                     7.375                     20061101   SFR                                               3,885.05                      561,641.33                     7.375    Owner Occupied         Purchase                                                   750,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
WILTON                                                  CT                        6897                        360                       600,000.00                     7.750                     20061101   SFR                                               4,298.47                      599,150.33                     7.750    Owner Occupied         Rate Refi                                                  775,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                          FIXED
LONGBOAT KEY                                            FL                       12478                        360                       495,000.00                     7.750                     20061201   PUD                                               3,546.24                      494,650.64                     7.750    Owner Occupied         CashOut Refi                                               660,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
CHICAGO                                                 IL                       60645                        360                       612,000.00                     8.375                     20061101   SFR                                               4,651.64                      611,236.57                     8.375    Owner Occupied         Purchase                                                   765,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Express Verified Assets                                                                                                                          FIXED
ROCKAWAY PARK                                           NY                       11694                        360                       544,000.00                     7.875                     20061101   CONDO                                             3,944.38                      543,248.78                     7.875    Owner Occupied         Purchase                                                   680,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   SISA                                                                                                                                             FIXED
DOYLESTOWN                                              PA                       43344                        360                       500,000.00                     7.750                     20061101   SFR                                               3,582.06                      499,291.94                     7.750    Owner Occupied         CashOut Refi                                               625,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
SURPRISE                                                AZ                       85388                        360                       447,500.00                     7.250                     20061101   PUD                                               2,703.65                      447,500.00                     7.250    Owner Occupied         Purchase                                                   560,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
GOODYEAR                                                AZ                       85338                        360                       476,800.00                     7.375                     20061101   PUD                                               2,930.33                      476,800.00                     7.375    Owner Occupied         CashOut Refi                                               596,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
PEORIA                                                  AZ                       85383                        360                       543,291.00                     7.250                     20061101   PUD                                               3,282.38                      543,291.00                     7.250    Owner Occupied         Purchase                                                   682,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   SISA                                                                                                                                             FIXED
CHANDLER                                                AZ                       85249                        360                       799,992.00                     7.875                     20061101   PUD                                               5,249.95                      799,992.00                     7.875    Owner Occupied         Purchase                                                 1,000,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
NIPOMO                                                  CA                       93444                        360                       465,500.00                     7.750                     20061201   SFR                                               3,006.35                      465,500.00                     7.750    Investment             Purchase                                                   680,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
NORCO                                                   CA                       92860                        360                       470,000.00                     7.625                     20061101   SFR                                               2,986.46                      470,000.00                     7.625    Owner Occupied         CashOut Refi                                               775,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                           12    H                                                                 FIXED
GRIDLEY                                                 CA                       95948                        360                       561,600.00                     8.875                     20061101   SFR                                               4,153.50                      561,600.00                     8.875    Owner Occupied         Purchase                                                   702,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Stated                                                                                                                                           FIXED
HAYWARD                                                 CA                       94544                        360                       603,500.00                     6.875                     20061101   PUD                                               3,457.55                      603,232.55                     6.875    Owner Occupied         Rate Refi                                                1,000,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
IRVINE                                                  CA                       33761                        360                     1,000,000.00                     8.375                     20061101   PUD                                               6,979.17                    1,000,000.00                     8.375    Owner Occupied         CashOut Refi                                             1,250,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                   12    H                                                                 FIXED
LONGMONT                                                CO                       29345                        360                       680,000.00                     8.125                     20061101   PUD                                               4,604.17                      680,000.00                     8.125    Owner Occupied         CashOut Refi                                               850,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
WASHINGTON                                              DC                       20003                        360                       640,000.00                     7.750                     20061101   SFR                                               4,133.33                      640,000.00                     7.750    Owner Occupied         CashOut Refi                                               800,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
ORLANDO                                                 FL                       11929                        360                       424,000.00                     7.625                     20061101   SFR                                               2,694.17                      424,000.00                     7.625    Owner Occupied         Purchase                                                   550,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
BOCA RATON                                              FL                       12172                        360                       485,600.00                     7.250                     20061101   PUD                                               2,933.83                      485,600.00                     7.250    Owner Occupied         Purchase                                                   610,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   60    H                                                                 FIXED
MIAMI                                                   FL                       33182                        360                       562,500.00                     7.125                     20061101   SFR                                               3,339.84                      562,100.00                     7.125    Owner Occupied         CashOut Refi                                               750,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                     36    H                                                                 FIXED
REDINGTON BEACH                                         FL                       12243                        360                       596,000.00                     8.125                     20061201   SFR                                               4,035.42                      596,000.00                     8.125    2nd Home               CashOut Refi                                               745,000.00                           359      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                                                                                           FIXED
MADEIRA BEACH                                           FL                       12243                        360                       600,000.00                     7.250                     20061101   SFR                                               3,625.00                      600,000.00                     7.250    Owner Occupied         CashOut Refi                                               750,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
MARCO ISLAND                                            FL                       34145                        360                       628,000.00                     8.375                     20061201   CONDO                                             4,382.92                      628,000.00                     8.375    Owner Occupied         Purchase                                                   785,000.00                           359      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
ORLANDO                                                 FL                       11915                        360                       648,000.00                     8.125                     20061101   SFR                                               4,387.50                      648,000.00                     8.125    Owner Occupied         Purchase                                                   810,000.00                           358      20061201                      0.250                         0.030              7.845                                                                                   SISA                                                                                                                                             FIXED
WEST PALM BEACH                                         FL                       12157                        360                       940,000.00                     7.625                     20061101   PUD                                               5,972.92                      940,000.00                     7.625    Owner Occupied         Purchase                                                 1,175,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                                                                                                   FIXED
PARKLAND                                                FL                       33067                        360                       952,000.00                     7.750                     20061101   SFR                                               6,148.33                      952,000.00                     7.750    Owner Occupied         CashOut Refi                                             1,300,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Full                                                                                                                                             FIXED
PARKLAND                                                FL                       33067                        360                       975,000.00                     7.750                     20061101   PUD                                               6,296.87                      975,000.00                     7.750    Owner Occupied         Purchase                                                 1,300,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
WINDERMERE                                              FL                       34786                        360                       999,900.00                     7.750                     20061101   PUD                                               6,457.69                      999,900.00                     7.750    Owner Occupied         CashOut Refi                                             1,625,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express No Doc                                                                                                                                   FIXED
FORT MYERS                                              FL                       12298                        360                     1,120,000.00                     8.250                     20061101   SFR                                               7,700.00                    1,120,000.00                     8.250    Owner Occupied         Purchase                                                 1,400,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                                                                                           FIXED
LONG GROVE                                              IL                       60047                        360                       540,000.00                     7.875                     20061101   SFR                                               3,543.75                      540,000.00                     7.875    Owner Occupied         CashOut Refi                                               675,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
LAKE FOREST                                             IL                       60045                        360                       600,000.00                     8.625                     20061101   SFR                                               4,312.50                      600,000.00                     8.625    Owner Occupied         CashOut Refi                                               790,000.00                           358      20061201                      0.250                         0.030              8.345                                                                                   Express No Doc                                                                                                                                   FIXED
HIGHLAND PARK                                           IL                       60035                        360                       783,120.00                     8.500                     20061101   SFR                                               5,547.10                      783,120.00                     8.500    Owner Occupied         Purchase                                                   980,000.00                           358      20061201                      0.250                         0.030              8.220                                                                                   Stated                                                                                                                                           FIXED
WAYLAND                                                 MA                        1778                        360                       568,000.00                     7.250                     20061101   SFR                                               3,431.67                      568,000.00                     7.250    Owner Occupied         Purchase                                                   715,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
SILVER SPRING                                           MD                       44075                        360                       544,000.00                     7.875                     20061101   SFR                                               3,570.00                      543,999.01                     7.875    Owner Occupied         CashOut Refi                                               680,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
BIRMINGHAM                                              MI                       48009                        360                       440,000.00                     8.375                     20061101   CONDO                                             3,070.83                      440,000.00                     8.375    Owner Occupied         CashOut Refi                                               550,000.00                           358      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
LAS VEGAS                                               NV                       32525                        360                       640,000.00                     7.500                     20061101   SFR                                               4,000.00                      640,000.00                     7.500    Owner Occupied         CashOut Refi                                               800,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
HILLSDALE                                               NY                       41058                        360                       510,000.00                     7.625                     20061201   SFR                                               3,240.63                      510,000.00                     7.625    Owner Occupied         CashOut Refi                                               850,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   Express Verified Assets                                                                                                                          FIXED
PORTLAND                                                OR                       35462                        360                       484,000.00                     7.875                     20061101   SFR                                               3,176.25                      484,000.00                     7.875    Owner Occupied         Purchase                                                   680,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
NEWPORT                                                 RI                        2840                        360                       460,000.00                     7.375                     20061201   SFR                                               2,827.08                      460,000.00                     7.375    Owner Occupied         CashOut Refi                                             1,600,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
STERLING                                                VA                       20166                        360                       694,800.00                     6.875                     20061101   SFR                                               3,980.63                      694,800.00                     6.875    Owner Occupied         CashOut Refi                                               868,500.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
BELLEVUE                                                WA                       98005                        360                       525,000.00                     7.250                     20061101   SFR                                               3,171.88                      525,000.00                     7.250    Owner Occupied         CashOut Refi                                               695,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
SNOHOMISH                                               WA                       98296                        360                       595,000.00                     7.750                     20061101   SFR                                               3,842.71                      594,543.93                     7.750    Owner Occupied         CashOut Refi                                               750,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
EAST ELMHURST                                           NY                       11369                        360                       600,000.00                     8.375                     20061201   2-FAMILY                                          4,187.50                      600,000.00                     8.375    Owner Occupied         CashOut Refi                                               820,000.00                           359      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                                                                                           FIXED
BARSTOW                                                 CA                       33674                        360                       202,500.00                     7.500                     20060801   2-FAMILY                                          1,265.63                      202,500.00                     7.500    Investment             Purchase                                                   225,000.00                           355      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                  3.625    LIBOR                             6
SANTA ANA                                               CA                       33788                        360                       313,000.00                     6.250                     20061201   SFR                                               1,927.20                      312,703.01                     6.250    Investment             CashOut Refi                                               700,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   SISA                                                                     24    H                                                                 FIXED
HEMET                                                   CA                       92544                        360                       232,500.00                     8.500                     20061201   SFR                                               1,646.88                      232,500.00                     8.500    Investment             CashOut Refi                                               310,000.00                           359      20061201                      0.375                         0.030              8.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
SAN JOSE                                                CA                       95132                        360                       412,100.00                     6.750                     20061201   SFR                                               2,318.06                      412,100.00                     6.750    Owner Occupied         Purchase                                                   670,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
SAN DIEGO                                               CA                       92154                        360                       612,000.00                     7.500                     20061201   D-PUDS                                            3,825.00                      612,000.00                     7.500    Owner Occupied         Purchase                                                   765,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   24    H                                                                 FIXED
RIALTO                                                  CA                       92376                        360                       340,000.00                     7.500                     20061201   SFR                                               2,125.00                      340,000.00                     7.500    Owner Occupied         Purchase                                                   425,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LAKELAND                                                FL                       12278                        360                       185,250.00                     6.375                     20070101   D-PUDS                                              984.14                      185,250.00                     6.375    Investment             Purchase                                                   247,000.00                           360      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
SONORA                                                  CA                       95370                        360                       200,000.00                     6.375                     20061101   PUD                                               1,247.74                      199,628.54                     6.375    2nd Home               Purchase                                                   285,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    H                                                                 FIXED
FIREBAUGH                                               CA                       34142                        360                       110,000.00                     6.750                     20061201   SFR                                                 713.46                      109,905.29                     6.750    Investment             Rate Refi                                                  235,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                           36    H                                                                 FIXED
SELMA                                                   CA                       93662                        360                       140,000.00                     7.000                     20061201   SFR                                                 931.42                      139,885.24                     7.000    Owner Occupied         Rate Refi                                                  265,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
SAN DIEGO                                               CA                       33632                        360                       623,200.00                     6.625                     20061101   SFR                                               3,440.58                      623,200.00                     6.625    Owner Occupied         Purchase                                                   779,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
TOLUCA LAKE AREA, LOS ANGELES                           CA                       33391                        360                       476,000.00                     6.500                     20061201   CONDO                                             2,578.33                      476,000.00                     6.500    Owner Occupied         Purchase                                                   620,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
PALMDALE                                                CA                       93551                        360                       390,400.00                     6.375                     20061201   SFR                                               2,074.00                      390,400.00                     6.375    Owner Occupied         Purchase                                                   490,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    H                                                                 FIXED
PLACERVILLE                                             CA                       95667                        360                       295,500.00                     6.375                     20061201   SFR                                               1,569.84                      295,500.00                     6.375    Owner Occupied         Rate Refi                                                  394,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                     36    H                                                                 FIXED
OCEANSIDE                                               CA                       92054                        360                       450,000.00                     6.375                     20061201   SFR                                               2,390.63                      450,000.00                     6.375    Owner Occupied         Rate Refi                                                  600,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                     36    H                                                                 FIXED
LYNWOOD                                                 CA                       90262                        360                       325,000.00                     6.625                     20061201   SFR                                               1,794.27                      325,000.00                     6.625    Owner Occupied         Rate Refi                                                  525,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   SISA                                                                                                                                             FIXED
PALMDALE                                                CA                       93550                        360                       245,000.00                     6.875                     20061201   SFR                                               1,403.65                      245,000.00                     6.875    Owner Occupied         Rate Refi                                                  405,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
NORTH HILLS AREA, LOS ANGELES                           CA                       91343                        360                       280,000.00                     7.000                     20061201   CONDO                                             1,633.33                      280,000.00                     7.000    Owner Occupied         Rate Refi                                                  515,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
MAMMOTH LAKES AREA                                      CA                       93546                        360                       292,000.00                     6.875                     20061201   CONDO                                             1,672.92                      292,000.00                     6.875    Owner Occupied         Rate Refi                                                  365,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
LOS ANGELES (AREA)                                      CA                       90022                        360                       226,000.00                     6.625                     20061201   SFR                                               1,247.71                      226,000.00                     6.625    Owner Occupied         Rate Refi                                                  480,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
LOS ANGELES                                             CA                       90065                        360                       360,000.00                     6.500                     20061201   4-FAMILY                                          1,950.00                      360,000.00                     6.500    Investment             Rate Refi                                                  696,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    S                                                                 FIXED
HAWTHORNE                                               CA                       32936                        360                       280,000.00                     6.500                     20061201   2-FAMILY                                          1,516.67                      280,000.00                     6.500    Owner Occupied         Rate Refi                                                  575,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    S                                                                 FIXED
HICKMAN                                                 CA                       34781                        360                       425,000.00                     6.750                     20061201   SFR                                               2,390.63                      425,000.00                     6.750    Owner Occupied         Rate Refi                                                  700,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
LA PUENTE                                               CA                       91744                        360                       360,000.00                     6.875                     20061201   SFR                                               2,062.50                      360,000.00                     6.875    Owner Occupied         Rate Refi                                                  456,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
TEMECULA                                                CA                       92592                        360                       408,000.00                     6.625                     20061201   PUD                                               2,252.50                      408,000.00                     6.625    Owner Occupied         Rate Refi                                                  510,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   36    S                                                                 FIXED
COMPTON AREA                                            CA                       32926                        360                       184,000.00                     6.875                     20061201   SFR                                               1,054.17                      184,000.00                     6.875    Owner Occupied         Rate Refi                                                  387,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
WINNETKA AREA, LOS ANGELES                              CA                       33303                        360                       250,000.00                     6.875                     20061101   SFR                                               1,432.29                      250,000.00                     6.875    Owner Occupied         Rate Refi                                                  640,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
LOS ANGELES                                             CA                       90018                        360                       500,000.00                     7.250                     20061201   SFR                                               3,020.83                      500,000.00                     7.250    Owner Occupied         Rate Refi                                                  625,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                                                                                           FIXED
BURBANK                                                 CA                       33360                        360                       543,000.00                     6.750                     20061201   3-FAMILY                                          3,276.23                      542,778.15                     6.750    Owner Occupied         Rate Refi                                                  900,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
ALBION                                                  CA                       34799                        360                       795,000.00                     6.625                     20061201   SFR                                               5,090.47                      794,298.58                     6.625    Owner Occupied         CashOut Refi                                             1,300,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                                                                                                   FIXED
AMADOR CITY                                             CA                       34851                        360                       100,000.00                     6.750                     20061201   SFR                                                  648.6                       99,913.90                     6.750    2nd Home               CashOut Refi                                               434,300.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                                                                                                   FIXED
SANGER                                                  CA                       93657                        360                       160,000.00                     7.000                     20061101   SFR                                               1,064.48                      159,736.93                     7.000    Owner Occupied         CashOut Refi                                               235,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
LOS ANGELES                                             CA                       90016                        360                       320,000.00                     6.750                     20061201   2-FAMILY                                          2,075.51                      319,724.48                     6.750    Owner Occupied         CashOut Refi                                               840,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                                                                                                   FIXED
MODESTO                                                 CA                       95355                        360                       140,000.00                     6.875                     20061201   3-FAMILY                                            919.71                      139,882.37                     6.875    Investment             Rate Refi                                                  480,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
TURLOCK                                                 CA                       95380                        360                       467,920.00                     7.125                     20061201   SFR                                               3,152.46                      467,545.81                     7.125    Owner Occupied         Purchase                                                   585,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
LANCASTER                                               CA                       93534                        360                       304,000.00                     6.500                     20061201   SFR                                               1,921.49                      303,725.18                     6.500    Owner Occupied         Purchase                                                   415,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
RIO DELL                                                CA                       95562                        360                       120,000.00                     6.875                     20061101   SFR                                                 788.32                      119,797.78                     6.875    Investment             Rate Refi                                                  221,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
LOS ANGELES                                             CA                       90006                        360                       553,500.00                     6.625                     20061201   4-FAMILY                                          3,544.13                      553,011.65                     6.625    Owner Occupied         Rate Refi                                                  855,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   36    H                                                                 FIXED
COMPTON                                                 CA                       32924                        360                       277,500.00                     7.250                     20061201   SFR                                               1,893.04                      277,283.52                     7.250    Owner Occupied         Rate Refi                                                  375,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
ELK GROVE                                               CA                       34874                        360                       570,000.00                     6.500                     20061201   SFR                                               3,602.79                      569,484.71                     6.500    Owner Occupied         Rate Refi                                                  901,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
MODESTO                                                 CA                       95355                        360                       197,500.00                     6.875                     20061201   4-FAMILY                                          1,297.44                      197,334.07                     6.875    Investment             Rate Refi                                                  648,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
VAN NUYS AREA, LOS ANGELES                              CA                       33333                        360                       470,000.00                     6.625                     20061101   SFR                                               3,009.46                      469,168.35                     6.625    Owner Occupied         Rate Refi                                                  760,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   36    H                                                                 FIXED
SAN DIEG0                                               CA                       33612                        360                       414,000.00                     6.500                     20061201   3-FAMILY                                          2,616.76                      413,625.73                     6.500    Investment             Rate Refi                                                1,250,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
BALDWIN PARK                                            CA                       33425                        360                       180,000.00                     6.625                     20061201   SFR                                               1,152.56                      179,841.19                     6.625    Owner Occupied         Rate Refi                                                  418,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
LA PUENTE                                               CA                       91744                        360                       250,000.00                     6.750                     20061201   SFR                                               1,621.50                      249,784.75                     6.750    Investment             CashOut Refi                                               425,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
TURLOCK                                                 CA                       95382                        360                       181,000.00                     6.875                     20061201   CONDO                                             1,189.05                      180,847.93                     6.875    Owner Occupied         Rate Refi                                                  245,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
BIG BEAR LAKE                                           CA                       33678                        180                        93,000.00                     6.375                     20061201   SFR                                                 803.76                       92,690.30                     6.375    2nd Home               Rate Refi                                                  285,000.00                           179      20061201                      0.250                         0.030              6.095                                                                                   Express No Doc                                                           36    S                                                                 FIXED
CHATSWORTH AREA, LOS ANGELES                            CA                       33308                        180                       374,000.00                     6.375                     20061201   SFR                                               3,232.30                      372,754.58                     6.375    Investment             Rate Refi                                                  900,000.00                           179      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
WOODLAND HILLS AREA, LOS ANGELES                        CA                       91367                        180                       192,000.00                     6.750                     20061201   CONDO                                             1,699.03                      191,380.97                     6.750    Owner Occupied         Rate Refi                                                  275,000.00                           179      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
CHATSWORTH AREA, LOS ANGELES                            CA                       33308                        180                       429,000.00                     6.250                     20061201   SFR                                               3,678.34                      427,556.03                     6.250    Owner Occupied         Rate Refi                                                1,390,000.00                           179      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                                                                                           FIXED
LAKE ELIZABETH AREA                                     CA                       93532                        360                       229,600.00                     6.875                     20061201   SFR                                               1,315.42                      229,600.00                     6.875    Owner Occupied         Purchase                                                   290,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
LOS ANGELES                                             CA                       91342                        360                       342,400.00                     6.625                     20061201   CONDO                                             1,890.33                      342,400.00                     6.625    Owner Occupied         Purchase                                                   430,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
ROY                                                     UT                       84067                        360                       113,600.00                     6.875                     20061101   SFR                                                 650.83                      113,600.00                     6.875    Owner Occupied         CashOut Refi                                               142,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                     36    S                                                         2.75    LIBOR                             6
CENTERTON                                               AR                       26499                        360                       213,120.00                     8.750                     20061101   SFR                                               1,676.62                      212,873.87                     8.750    Investment             Purchase                                                   267,000.00                           358      20061201                      0.375                         0.030              8.345                                                                                   Express No Doc                                                           36    S                                                            5    LIBOR                             6
SANTA MARIA                                             CA                       93458                        360                       381,100.00                     6.375                     20061101   SFR                                               2,024.59                      381,100.00                     6.375    Owner Occupied         Purchase                                                   476,500.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Express No Doc Verified Assets                                                                                                           2.25    LIBOR                             6
EAGLE MOUNTAIN                                          UT                       84005                        360                       237,977.00                     7.000                     20061101   PUD                                               1,388.20                      237,977.00                     7.000    Owner Occupied         Purchase                                                   300,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
SANTA MARIA                                             CA                       93454                        360                       385,000.00                     6.500                     20061101   SFR                                               2,085.42                      385,000.00                     6.500    Owner Occupied         Purchase                                                   585,000.00                           358      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                             6
GLEN ROCK                                               NJ                        7452                        360                       624,000.00                     7.875                     20061101   SFR                                               4,095.00                      624,000.00                     7.875    Owner Occupied         CashOut Refi                                               780,000.00                           358      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
WEST JORDAN                                             UT                       84088                        360                       140,000.00                     7.375                     20061101   CONDO                                               966.95                      139,786.28                     7.375    Owner Occupied         Purchase                                                   175,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
DES MOINES                                              IA                       18332                        360                        53,600.00                     8.375                     20061101   SFR                                                  407.4                       53,533.13                     8.375    Investment             Purchase                                                    67,000.00                           358      20061201                      0.375                         0.030              7.970                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
CALDWELL                                                ID                       30472                        360                       117,750.00                     7.250                     20061101   PUD                                                 711.41                      117,750.00                     7.250    Owner Occupied         Purchase                                                   161,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Express No Doc Verified Assets                                                                                                           2.25    LIBOR                             6
SUWANEE                                                 GA                       30024                        360                       267,180.00                     7.500                     20061101   PUD                                               1,669.87                      267,180.00                     7.500    Investment             Purchase                                                   337,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LANCASTER                                               CA                       93534                        360                       307,200.00                     6.625                     20061101   SFR                                               1,696.00                      307,200.00                     6.625    Owner Occupied         Purchase                                                   400,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   SISA                                                                     36    S                                                         2.75    LIBOR                             6
DENVER                                                  CO                       29255                        360                       148,000.00                     7.625                     20061101   SFR                                                 940.42                      148,000.00                     7.625    Investment             CashOut Refi                                               185,000.00                           358      20061201                      0.375                         0.030              7.220                                                                                   Express No Doc Verified Assets                                           36    S                                                         2.25    LIBOR                             6
LAS VEGAS                                               NV                       89139                        360                       280,792.00                     7.625                     20061201   PUD                                               1,784.20                      280,792.00                     7.625    2nd Home               Purchase                                                   355,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Express No Doc Verified Assets                                                                                                           2.25    LIBOR                             6
SACRAMENTO                                              CA                       34931                        360                       284,000.00                     7.375                     20061101   SFR                                               1,745.42                      284,000.00                     7.375    Owner Occupied         Purchase                                                   357,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
SUWANEE                                                 GA                       30024                        360                       273,248.00                     7.500                     20061101   PUD                                               1,707.80                      273,248.00                     7.500    Investment             Purchase                                                   345,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
BOISE                                                   ID                       30510                        360                       220,000.00                     6.750                     20061101   PUD                                               1,426.92                      219,620.09                     6.750    Owner Occupied         Purchase                                                   287,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc Verified Assets                                           36    S                                                         2.25    LIBOR                             6
CANON CITY                                              CO                       29629                        360                        48,000.00                     7.875                     20061101   SFR                                                    315                       48,000.00                     7.875    2nd Home               CashOut Refi                                                60,000.00                           358      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SOUTH OGDEN                                             UT                       30775                        360                       268,800.00                     6.375                     20061201   SFR                                               1,428.00                      268,800.00                     6.375    Owner Occupied         Purchase                                                   336,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
LOVELAND                                                CO                       80537                        360                       175,120.00                     7.625                     20061201   SFR                                               1,112.74                      175,120.00                     7.625    Owner Occupied         Purchase                                                   220,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
BERTHOUD                                                CO                       29354                        360                       162,000.00                     6.750                     20061201   SFR                                                 911.25                      162,000.00                     6.750    Owner Occupied         Rate Refi                                                  202,500.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
CERES                                                   CA                       34765                        360                       316,000.00                     6.625                     20061201   SFR                                               1,744.58                      316,000.00                     6.625    Owner Occupied         Rate Refi                                                  395,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
BROOKLYN PARK                                           MN                       55445                        360                       194,800.00                     6.875                     20061101   SFR                                               1,116.04                      194,635.40                     6.875    Owner Occupied         Purchase                                                   245,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
BLAINE                                                  MN                       55449                        360                       150,000.00                     8.250                     20061101   CONDO                                             1,031.25                      150,000.00                     8.250    Owner Occupied         Purchase                                                   192,000.00                           358      20061201                      0.375                         0.030              7.845                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
CHINO HILLS                                             CA                       33428                        360                       304,000.00                     7.750                     20061101   SFR                                               1,963.33                      304,000.00                     7.750    Investment             Purchase                                                   390,000.00                           358      20061201                      0.375                         0.030              7.345                                                                                   Express No Doc Verified Assets                                           36    S                                                         2.25    LIBOR                             6
BOON                                                    IA                       50036                        360                        89,404.00                     7.375                     20061201   SFR                                                 617.49                       89,335.97                     7.375    Owner Occupied         Purchase                                                   112,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
WAUKEE                                                  IA                       50263                        360                       117,200.00                     8.000                     20061201   SFR                                                 859.97                      117,121.36                     8.000    Owner Occupied         Purchase                                                   147,500.00                           359      20061201                      0.375                         0.030              7.595                                                                                   SISA                                                                                                                                     2.75    LIBOR                             6
FRESNO                                                  CA                       34170                        360                       268,000.00                     6.125                     20061101   SFR                                               1,367.92                      268,000.00                     6.125    Owner Occupied         CashOut Refi                                               335,000.00                           358      20061201                      0.375                         0.030              5.720                                                                                   Full                                                                     36    S                                                         2.25    LIBOR                             6
DELTONA                                                 FL                       32738                        360                       124,800.00                     6.875                     20061201   SFR                                                    715                      124,800.00                     6.875    Owner Occupied         Purchase                                                   180,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc Verified Assets                                                                                                           2.25    LIBOR                             6
CENTERTON                                               AR                       26499                        360                       213,120.00                     8.750                     20061101   SFR                                               1,676.62                      212,873.87                     8.750    Investment             Purchase                                                   267,000.00                           358      20061201                      0.375                         0.030              8.345                                                                                   Express No Doc                                                           36    S                                                            5    LIBOR                             6
LITHIA SPRINGS                                          GA                       10980                        360                       280,000.00                     7.875                     20061201   SFR                                               1,837.50                      280,000.00                     7.875    Investment             Purchase                                                   350,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Full                                                                     36    S                                                         2.25    LIBOR                             6
LAS VEGAS                                               NV                       33074                        360                       131,250.00                     7.250                     20061101   2-FAMILY                                            792.97                      131,250.00                     7.250    Investment             Purchase                                                   220,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
MATTAPAN                                                MA                       37282                        360                       279,840.00                     7.500                     20061101   SFR                                               1,956.68                      279,423.34                     7.500    Owner Occupied         Purchase                                                   365,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Express No Doc Verified Assets                                                                                                           2.25    LIBOR                             6
SPRING HILL                                             FL                       12579                        360                       160,000.00                     8.250                     20061101   SFR                                               1,100.00                      160,000.00                     8.250    Investment             CashOut Refi                                               200,000.00                           358      20061201                      0.375                         0.030              7.845                                                                                   SISA                                                                                                                                     2.25    LIBOR                             6
ATLANTA                                                 GA                       30349                        360                       168,000.00                     7.125                     20061101   SFR                                                  997.5                      168,000.00                     7.125    2nd Home               Purchase                                                   210,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Full                                                                     36    S                                                         2.25    LIBOR                             6
EVERETT                                                 MA                        2149                        360                       264,800.00                     6.875                     20061101   SFR                                               1,517.08                      264,800.00                     6.875    Owner Occupied         Purchase                                                   352,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc Verified Assets                                                                                                           2.25    LIBOR                             6
MESA                                                    AZ                       31090                        360                       208,000.00                     8.125                     20061101   PUD                                               1,408.33                      208,000.00                     8.125    Investment             CashOut Refi                                               260,000.00                           358      20061201                      0.375                         0.030              7.720                                                                                   SISA                                                                                                                                     2.25    LIBOR                             6
BECKWORTH                                               CA                       35093                        360                       305,000.00                     6.875                     20061201   SFR                                               1,747.40                      305,000.00                     6.875    Owner Occupied         CashOut Refi                                               540,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
EASTON                                                  MA                        2334                        360                       439,920.00                     7.250                     20061101   SFR                                               2,657.85                      439,920.00                     7.250    Owner Occupied         Purchase                                                   560,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Express No Doc Verified Assets                                                                                                           2.25    LIBOR                             6
CHICAGO                                                 IL                       22092                        360                       360,000.00                     6.750                     20061201   2-FAMILY                                          2,025.00                      360,000.00                     6.750    Owner Occupied         Purchase                                                   450,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   SISA                                                                                                                                     2.75    LIBOR                             6
LAS VEGAS                                               NV                       32537                        360                       216,000.00                     8.000                     20061201   PUD                                               1,440.00                      216,000.00                     8.000    Investment             Purchase                                                   284,000.00                           359      20061201                      0.375                         0.030              7.595                                                                                   Express No Doc Verified Assets                                                                                                           2.25    LIBOR                             6
CALEXICO                                                CA                       92231                        360                       146,519.00                     7.375                     20061201   SFR                                               1,011.97                      146,407.51                     7.375    Investment             CashOut Refi                                               240,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                     36    H                                                                 FIXED
WOODLAND HILLS (AREA)                                   CA                       91364                        360                       650,000.00                     6.450                     20061201   SFR                                               3,493.75                      650,000.00                     6.450    Owner Occupied         CashOut Refi                                             1,000,000.00                           359      20061201                      0.375                         0.030              6.045                                                                                   Full                                                                                                                                        3    LIBOR                             6
CAPE CORAL                                              FL                       12301                        360                       388,500.00                     7.500                     20061201   SFR                                               2,428.13                      388,500.00                     7.500    Owner Occupied         Purchase                                                   555,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
NOVATO                                                  CA                       94949                        180                     1,200,000.00                     6.250                     20061201   SFR                                              10,289.07                    1,195,960.93                     6.250    Owner Occupied         CashOut Refi                                             1,635,000.00                           179      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
MILL VALLEY                                             CA                       94941                        180                       400,000.00                     6.000                     20061201   SFR                                               3,375.43                      398,624.57                     6.000    Owner Occupied         Rate Refi                                                  900,000.00                           179      20061201                      0.250                         0.030              5.720                                                                                   Stated                                                                                                                                           FIXED
SANTA ROSA                                              CA                       34793                        360                       356,000.00                     7.000                     20061101   SFR                                               2,076.67                      355,917.41                     7.000    Owner Occupied         CashOut Refi                                               445,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
GONZALES                                                CA                       34238                        360                       431,250.00                     6.875                     20061201   SFR                                               2,833.01                      430,887.69                     6.875    Owner Occupied         Rate Refi                                                  575,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
AUBURN                                                  CA                       34853                        360                       280,000.00                     6.750                     20061201   PUD                                               1,816.07                      279,758.93                     6.750    Investment             Purchase                                                   367,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
BERKELEY                                                CA                       34524                        360                       650,000.00                     6.750                     20061201   4-FAMILY                                          3,656.25                      650,000.00                     6.750    Investment             CashOut Refi                                             1,000,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
BERKELEY                                                CA                       34524                        360                       700,000.00                     6.750                     20061201   2-FAMILY                                          3,937.50                      700,000.00                     6.750    Investment             CashOut Refi                                             1,100,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
SACRAMENTO                                              CA                       95835                        360                       290,400.00                     6.875                     20061201   SFR                                               1,663.75                      288,609.88                     6.875    Owner Occupied         Purchase                                                   380,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
SACRAMENTO                                              CA                       34937                        360                       227,000.00                     7.000                     20061201   SFR                                               1,324.17                      227,000.00                     7.000    Investment             Purchase                                                   315,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
LOMPOC                                                  CA                       93436                        360                       350,000.00                     6.750                     20061201   2-FAMILY                                          1,968.75                      350,000.00                     6.750    Investment             CashOut Refi                                               595,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
NORTH LAS VEGAS                                         NV                       89032                        360                       168,000.00                     7.250                     20061201   PUD                                               1,015.00                      168,000.00                     7.250    Owner Occupied         CashOut Refi                                               245,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                                                                                             FIXED
CHULA VISTA                                             CA                       33496                        360                       860,000.00                     7.000                     20061201   PUD                                               5,016.67                      860,000.00                     7.000    Owner Occupied         CashOut Refi                                             1,075,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
LAS VEGAS                                               NV                       32537                        360                       380,000.00                     6.875                     20061201   PUD                                               2,177.08                      380,000.00                     6.875    Owner Occupied         Rate Refi                                                  487,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    S                                                                 FIXED
MILLBRAE                                                CA                       94030                        360                       700,000.00                     6.750                     20061201   SFR                                               4,540.19                      699,397.31                     6.750    Owner Occupied         CashOut Refi                                             1,300,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                           36    S                                                                 FIXED
PACIFICA                                                CA                       94044                        360                       484,000.00                     6.250                     20061201   SFR                                               2,980.07                      483,540.76                     6.250    Owner Occupied         Purchase                                                   605,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                                                                                           FIXED
LAKEWOOD                                                CA                       33069                        360                       525,000.00                     6.625                     20061201   SFR                                               2,898.44                      525,000.00                     6.625    Owner Occupied         CashOut Refi                                               665,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
SANTA CLARITA                                           CA                       91351                        360                       392,000.00                     5.750                     20061201   CONDO                                             2,287.61                      391,590.72                     5.750    Owner Occupied         Purchase                                                   490,000.00                           359      20061201                      0.250                         0.030              5.470                                                                                   Full                                                                                                                                             FIXED
ORINDA                                                  CA                       94563                        360                       705,000.00                     6.500                     20061201   SFR                                               4,456.08                      704,362.67                     6.500    Owner Occupied         CashOut Refi                                             1,470,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
SEBASTOPOL                                              CA                       95472                        360                       600,000.00                     6.250                     20061201   SFR                                               3,694.30                      599,430.70                     6.250    Owner Occupied         Purchase                                                 1,075,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                                                                                           FIXED
NOVATO                                                  CA                       94947                        360                       665,000.00                     6.500                     20061201   SFR                                               4,203.25                      664,398.83                     6.500    Owner Occupied         Purchase                                                 1,130,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
FREMONT                                                 CA                       94536                        360                       336,000.00                     6.500                     20061201   PUD                                               1,820.00                      336,000.00                     6.500    Owner Occupied         CashOut Refi                                               420,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
MORRO BAY                                               CA                       93442                        360                       169,750.00                     6.500                     20061201   SFR                                               1,072.94                      169,558.24                     6.500    Owner Occupied         Rate Refi                                                  600,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
MIAMI                                                   FL                       33176                        360                       157,000.00                     7.500                     20070101   CONDO                                               981.25                      157,000.00                     7.500    Investment             Purchase                                                   238,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
OPA LOCKA                                               FL                       33054                        360                       180,000.00                     7.000                     20061201   SFR                                               1,050.00                      180,000.00                     7.000    Owner Occupied         Purchase                                                   225,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   24    H                                                                 FIXED
SANTA PAULA                                             CA                       93060                        360                       465,000.00                     6.375                     20061201   SFR                                               2,901.00                      464,569.31                     6.375    Owner Occupied         CashOut Refi                                               620,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
SEATTLE                                                 WA                       35798                        360                       302,300.00                     6.625                     20061201   SFR                                               1,668.95                      302,300.00                     6.625    Investment             Purchase                                                   407,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Express Verified Assets                                                  12    H                                                            3    LIBOR                             6
BELL GARDENS                                            CA                       32905                        360                       400,000.00                     7.250                     20061201   3-FAMILY                                          2,416.67                      400,000.00                     7.250    Investment             CashOut Refi                                               635,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
SAN BERNARDINO                                          CA                       33704                        360                        76,500.00                     6.625                     20061201   SFR                                                 422.34                       76,500.00                     6.625    Owner Occupied         CashOut Refi                                               280,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Express No Doc                                                           36    H                                                         2.75    LIBOR                             6
LAMONT                                                  CA                       93241                        360                       155,000.00                     5.750                     20061201   SFR                                                 742.71                      154,925.18                     5.750    Owner Occupied         CashOut Refi                                               225,000.00                           359      20061201                      0.375                         0.030              5.345                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
ORLANDO                                                 FL                       32835                        360                       202,400.00                     6.875                     20061201   PUD                                               1,159.58                      202,400.00                     6.875    Owner Occupied         Purchase                                                   270,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
APPLE VALLEY                                            CA                       33670                        360                       287,920.00                     7.750                     20061201   SFR                                               1,859.48                      287,920.00                     7.750    Owner Occupied         Purchase                                                   360,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
SAN JOSE                                                CA                       34710                        360                       312,000.00                     7.500                     20061201   PUD                                               1,950.00                      312,000.00                     7.500    Owner Occupied         CashOut Refi                                               390,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
INDEPENDENCE                                            MO                       64053                        360                        63,200.00                     7.875                     20061201   SFR                                                 414.75                       63,200.00                     7.875    Investment             CashOut Refi                                                80,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
SAN BERNARDINO                                          CA                       33705                        360                       187,750.00                     7.990                     20061201   SFR                                               1,250.10                      187,750.00                     7.990    Owner Occupied         CashOut Refi                                               235,000.00                           359      20061201                      0.375                         0.030              7.585                                                                                   Express No Doc                                                           36    H                                                         2.75    LIBOR                             6
MESA                                                    AZ                       31079                        360                       196,000.00                     6.750                     20061201   SFR                                               1,102.50                      196,000.00                     6.750    Owner Occupied         CashOut Refi                                               246,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
MURRIETA                                                CA                       92563                        360                       392,000.00                     7.250                     20061201   SFR                                               2,368.33                      392,000.00                     7.250    Owner Occupied         Purchase                                                   495,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                  2.75    LIBOR                             6
BUENA PARK                                              CA                       33044                        360                       428,000.00                     7.250                     20061201   SFR                                               2,585.83                      428,000.00                     7.250    Owner Occupied         Purchase                                                   535,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
RIVERSIDE                                               CA                       33732                        360                       560,000.00                     7.375                     20061201   SFR                                               3,441.67                      560,000.00                     7.375    Owner Occupied         Purchase                                                   715,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
CORONA                                                  CA                       92882                        360                       586,176.00                     7.625                     20061201   SFR                                               3,724.66                      586,176.00                     7.625    Owner Occupied         Purchase                                                   780,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
BEVERLY HILLS                                           CA                       32914                        360                     1,655,000.00                     6.500                     20061201   SFR                                               8,964.58                    1,655,000.00                     6.500    Owner Occupied         CashOut Refi                                             3,000,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
(PALMDALE AREA)                                         CA                       93550                        360                       284,000.00                     7.875                     20061201   SFR                                               1,863.75                      284,000.00                     7.875    Owner Occupied         Purchase                                                   365,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
ROWLAND HEIGHTS AREA                                    CA                       91748                        360                       348,000.00                     6.990                     20061201   SFR                                               2,027.10                      348,000.00                     6.990    Owner Occupied         Purchase                                                   455,000.00                           359      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
HOUSTON                                                 TX                       77003                        360                       151,200.00                     7.125                     20061201   PUD                                                 897.75                      149,401.17                     7.125    Investment             Purchase                                                   195,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
HOUSTON                                                 TX                       77003                        360                       156,000.00                     7.125                     20061201   PUD                                                 926.25                      156,000.00                     7.125    Investment             Purchase                                                   195,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
TEHACHAPI                                               CA                       93561                        360                       180,000.00                     7.500                     20061201   SFR                                               1,125.00                      180,000.00                     7.500    Owner Occupied         Purchase                                                   250,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
CALIMESA                                                CA                       33683                        360                       228,000.00                     6.750                     20061201   SFR                                               1,478.80                      227,803.70                     6.750    Owner Occupied         Purchase                                                   285,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SPRING                                                  TX                       77388                        360                       161,900.00                     7.775                     20060901   PUD                                               1,048.98                      161,900.00                     7.775    Owner Occupied         Rate Refi                                                  180,000.00                           356      20061201                      0.375                         0.030              5.720               1.65    PMI - LENDER PAID                                      25   Express Verified Assets                                                  24    S                                                          4.3    LIBOR                             6
NORTH LAS VEGAS                                         NV                       89030                        360                       292,500.00                     8.575                     20061001   3-FAMILY                                          2,090.16                      292,500.00                     8.575    Investment             Purchase                                                   325,000.00                           357      20061201                      0.375                         0.030              6.220               1.95    PMI - LENDER PAID                                      25   Express Verified Assets                                                  24    S                                                        6.775    LIBOR                             6
HENDERSON                                               NV                       89052                        360                       397,000.00                     8.200                     20061101   PUD                                               2,968.59                      396,651.02                     8.200    Investment             CashOut Refi                                               418,000.00                           358      20061201                      0.375                         0.030              5.945               1.85    PMI - LENDER PAID                                      30   SISA                                                                     24    S                                                        2.875    LIBOR                             6
PORTLAND                                                TX                       78374                        360                       158,550.00                     8.260                     20061101   SFR                                               1,091.35                      158,550.00                     8.260    Investment             Purchase                                                   177,000.00                           358      20061201                      0.375                         0.030              7.265               0.59    PMI - LENDER PAID                                      25   Express Verified Assets                                                  24    S                                                        2.875    LIBOR                             6
BARSTOW                                                 CA                       33674                        360                       126,000.00                     9.775                     20060901   SFR                                               1,026.38                      125,763.23                     9.775    Investment             Purchase                                                   140,000.00                           356      20061201                      0.375                         0.030              8.780               0.59    PMI - LENDER PAID                                      25   SISA                                                                     24    S                                                        5.275    LIBOR                             6
BROOKSVILLE                                             FL                       12572                        360                       112,500.00                     8.680                     20060901   SFR                                                 879.42                      112,294.14                     8.680    Investment             Purchase                                                   128,000.00                           356      20061201                      0.375                         0.030              7.055               1.22    PMI - LENDER PAID                                      25   Express No Doc                                                            6    H                                                         4.65    LIBOR                             6
NEWNAN                                                  GA                       30265                        360                       207,100.00                     7.400                     20061001   PUD                                               1,433.92                      206,739.92                     7.400    Investment             CashOut Refi                                               218,000.00                           357      20061201                      0.375                         0.030              5.645               1.35    PMI - LENDER PAID                                      30   Stated                                                                   24    S                                                        5.125    LIBOR                             6
RIVERDALE                                               GA                       30274                        360                        98,800.00                     7.580                     20061001   SFR                                                 696.24                       98,667.78                     7.580    Investment             Purchase                                                   105,000.00                           357      20061201                      0.375                         0.030              4.755               2.42    PMI - LENDER PAID                                      30   Stated                                                                   12    S                                                        6.125    LIBOR                             6
RICHMOND                                                VA                       44984                        360                       106,162.00                     8.175                     20060901   SFR                                                 791.97                      105,984.52                     8.175    Investment             Purchase                                                   117,000.00                           356      20061201                      0.375                         0.030              5.620               2.15    PMI - LENDER PAID                                      30   Express Verified Assets                                                   6    H                                                        6.075    LIBOR                             6
SPRING HILL                                             FL                       12579                        360                       248,900.00                     8.740                     20061001   SFR                                               1,956.32                      248,533.68                     8.740    Investment             Purchase                                                   295,000.00                           357      20061201                      0.375                         0.030              7.525               0.81    PMI - LENDER PAID                                      30   Express Verified Assets                                                  12    S                                                        2.875    LIBOR                             6
DECATUR                                                 GA                       30035                        360                        88,350.00                    10.450                     20061101   SFR                                                 769.38                       88,350.00                    10.450    Investment             Purchase                                                    99,000.00                           358      20061201                      0.375                         0.030              7.415               2.63    PMI - LENDER PAID                                      30   Stated                                                                   24    S                                                        6.575    LIBOR                             6
WEST SACRMENTO                                          CA                       34855                        360                       279,000.00                     8.900                     20061101   SFR                                               2,069.25                      279,000.00                     8.900    Investment             Rate Refi                                                  310,000.00                           358      20061201                      0.375                         0.030              7.245               1.25    PMI - LENDER PAID                                      25   SISA                                                                     12    S                                                        5.275    LIBOR                             6
MINT HILL                                               NC                       46810                        360                       113,050.00                     7.290                     20061101   SFR                                                 774.27                      112,920.79                     7.290    Investment             Purchase                                                   119,000.00                           358      20061201                      0.375                         0.030              5.375               1.51    PMI - LENDER PAID                                      30   Stated                                                                   36    S                                                        5.425    LIBOR                             6
PALMETTO                                                FL                       12471                        360                       153,900.00                     8.440                     20061101   SFR                                               1,176.82                      153,710.56                     8.440    Owner Occupied         Purchase                                                   220,000.00                           358      20061201                      0.375                         0.030              6.905               1.13    PMI - LENDER PAID                                      25   Stated                                                                   24    S                                                        4.325    LIBOR                             6
GRANADA HILLS AREA                                      CA                       91344                        360                       504,000.00                     9.950                     20061101   SFR                                               4,404.35                      503,547.43                     9.950    Investment             CashOut Refi                                               560,000.00                           358      20061201                      0.375                         0.030              7.505               2.04    PMI - LENDER PAID                                      25   SISA                                                                     24    S                                                         5.95    LIBOR                             6
VISALIA                                                 CA                       93291                        360                       802,750.00                     8.665                     20061001   SFR                                               6,266.57                      801,681.43                     8.665    2nd Home               Purchase                                                   850,000.00                           357      20061201                      0.375                         0.030              6.900               1.36    PMI - LENDER PAID                                      30   Express Non-Verified Assets                                               6    H                                                        5.775    LIBOR                             6
LOS ANGELES                                             CA                       90034                        360                       665,000.00                     9.600                     20061001   2-FAMILY                                          5,640.26                      664,031.52                     9.600    Investment             Purchase                                                   700,000.00                           357      20061201                      0.375                         0.030              8.335               0.86    PMI - LENDER PAID                                      30   SISA                                                                     24    S                                                         5.35    LIBOR                             6
LONG BEACH                                              CA                       33089                        360                       522,500.00                    10.925                     20061101   2-FAMILY                                          4,946.30                      522,119.53                    10.925    Investment             Purchase                                                   574,000.00                           358      20061201                      0.375                         0.030              8.100               2.42    PMI - LENDER PAID                                      30   Stated                                                                    6    H                                                            6    LIBOR                             6
PASADENA                                                CA                       33242                        360                       335,000.00                     7.375                     20070101   SFR                                               2,173.65                      335,000.00                     7.375    Owner Occupied         CashOut Refi                                               575,000.00                           360      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
MIAMI                                                   FL                       33157                        360                       112,000.00                     8.750                     20070101   CONDO                                               816.67                      112,000.00                     8.750    Owner Occupied         Purchase                                                   140,000.00                           360      20061201                      0.250                         0.030              8.470                                                                                   Stated                                                                   24    H                                                                 FIXED
SACRAMENTO                                              CA                       34929                        360                       275,000.00                     6.375                     20061201   SFR                                               1,460.94                      275,000.00                     6.375    Owner Occupied         CashOut Refi                                               530,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SAN BERNARDINO                                          CA                  92407-2814                        360                       208,000.00                     7.500                     20061201   SFR                                               1,300.00                      208,000.00                     7.500    Investment             Purchase                                                   336,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
VAIL                                                    AZ                       85641                        360                       157,500.00                     5.875                     20061201   PUD                                                 771.09                      157,500.00                     5.875    Investment             CashOut Refi                                               230,000.00                           359      20061201                      0.250                         0.030              5.595                                                                                   Full                                                                                                                                             FIXED
GRANADA HILLS                                           CA                       91344                        360                       555,000.00                     6.625                     20061201   SFR                                               3,064.06                      555,000.00                     6.625    Owner Occupied         Purchase                                                   740,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MORENO VALLEY                                           CA                       92557                        360                       360,000.00                     8.750                     20061201   SFR                                               2,625.00                      360,000.00                     8.750    Owner Occupied         CashOut Refi                                               450,000.00                           359      20061201                      0.375                         0.030              8.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LINDSAY                                                 CA                       93247                        360                       140,000.00                     6.375                     20061201   SFR                                                 873.42                      139,870.33                     6.375    Owner Occupied         CashOut Refi                                               175,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Express No Doc                                                           36    H                                                                 FIXED
JERSEY CITY                                             NJ                       39148                        360                       309,000.00                     8.875                     20061201   2-FAMILY                                          2,458.54                      308,826.77                     8.875    Investment             CashOut Refi                                               412,000.00                           359      20061201                      0.375                         0.030              8.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
CLERMONT                                                FL                  34711-7164                        360                       260,000.00                     6.500                     20070101   D-PUDS                                            1,408.33                      260,000.00                     6.500    Owner Occupied         Purchase                                                   335,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     24    H                                                            3    LIBOR                             6
LOS ANGELES                                             CA                        9004                        360                       376,000.00                     6.750                     20061201   2-FAMILY                                          2,115.00                      376,000.00                     6.750    Owner Occupied         Purchase                                                   470,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SEATTLE                                                 WA                       40036                        360                       372,000.00                     6.750                     20061201   SFR                                               2,092.50                      372,000.00                     6.750    Owner Occupied         Purchase                                                   465,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
YORBA LINDA                                             CA                        9288                        360                       665,000.00                     5.750                     20061201   SFR                                               3,186.46                      665,000.00                     5.750    Owner Occupied         Purchase                                                   950,000.00                           359      20061201                      0.375                         0.030              5.345                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
CORONA                                                  CA                       92879                        360                       252,000.00                     6.250                     20061201   CONDO                                             1,312.50                      252,000.00                     6.250    Owner Occupied         CashOut Refi                                               318,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                      3    LIBOR                             6
LA PUENTE AREA                                          CA                       91745                        360                       384,000.00                     6.500                     20061201   SFR                                               2,080.00                      384,000.00                     6.500    Owner Occupied         CashOut Refi                                               480,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
SOUTH GATE                                              CA                        9028                        360                       400,000.00                     5.500                     20061201   SFR                                               1,833.33                      400,000.00                     5.500    Owner Occupied         Purchase                                                   545,000.00                           359      20061201                      0.375                         0.030              5.095                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
GLENDORA                                                CA                       91740                        360                       468,000.00                     5.750                     20061201   SFR                                               2,242.50                      468,000.00                     5.750    Owner Occupied         Purchase                                                   585,000.00                           359      20061201                      0.375                         0.030              5.345                                                                                   SISA                                                                                                                                     2.75    LIBOR                             6
ANAHEIM                                                 CA                       33823                        360                       650,000.00                     6.500                     20061201   PUD                                               3,520.83                      650,000.00                     6.500    Owner Occupied         CashOut Refi                                               870,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
FONTANA                                                 CA                        9233                        360                       256,000.00                     6.375                     20061201   SFR                                               1,360.00                      256,000.00                     6.375    Owner Occupied         Purchase                                                   322,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
STANTON                                                 CA                        9068                        360                       371,200.00                     6.250                     20061201   PUD                                               1,933.33                      371,200.00                     6.250    Owner Occupied         CashOut Refi                                               464,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
ALHAMBRA                                                CA                        9180                        360                       328,000.00                     6.875                     20061201   PUD                                               1,879.17                      328,000.00                     6.875    Owner Occupied         Purchase                                                   410,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
LOS ANGELES                                             CA                       90023                        360                       470,800.00                     6.875                     20061201   2-FAMILY                                          2,697.29                      470,800.00                     6.875    Owner Occupied         Purchase                                                   588,500.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
ARLETA AREA, LOS ANGELES                                CA                        9133                        360                       439,200.00                     6.750                     20061201   SFR                                               2,470.50                      439,200.00                     6.750    Owner Occupied         Purchase                                                   549,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
PICO RIVERA                                             CA                        9066                        360                       572,800.00                     6.750                     20061201   3-FAMILY                                          3,222.00                      572,800.00                     6.750    Owner Occupied         CashOut Refi                                               716,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
GLENDALE                                                CA                       33274                        360                       400,000.00                     6.375                     20061201   SFR                                               2,125.00                      400,000.00                     6.375    Owner Occupied         Purchase                                                   555,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
(NORTH HOLLYWOOD AREA)LOS ANGE                          CA                       33395                        360                       370,825.00                     6.875                     20061201   SFR                                               2,124.52                      370,825.00                     6.875    Investment             CashOut Refi                                               570,500.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  36    S                                                         2.25    LIBOR                            12
VACAVILLE                                               CA                       95687                        360                       326,250.00                     5.750                     20061201   PUD                                               1,563.28                      326,250.00                     5.750    Owner Occupied         Purchase                                                   435,000.00                           359      20061201                      0.375                         0.030              5.345                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HUNTINGTON BEACH                                        CA                       92649                        360                       392,000.00                     5.875                     20061201   CONDO                                             1,919.17                      392,000.00                     5.875    Owner Occupied         Purchase                                                   490,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   12    S                                                         2.75    LIBOR                             6
NORTH HOLLYWOOD AREA                                    CA                        9160                        360                       252,000.00                     6.875                     20061201   CONDO                                             1,443.75                      252,000.00                     6.875    Owner Occupied         Purchase                                                   345,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BELLEVUE                                                WA                        9800                        360                       160,000.00                     6.125                     20061201   CONDO                                               816.67                      160,000.00                     6.125    Investment             Purchase                                                   235,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   SISA                                                                     36    S                                                         2.75    LIBOR                             6
HAYWARD                                                 CA                       94541                        360                       412,462.00                     6.500                     20061201   SFR                                               2,234.17                      412,462.00                     6.500    Owner Occupied         Purchase                                                   549,950.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express Verified Assets                                                  24    S                                                         2.75    LIBOR                             6
SANTA CLARITA (VALENCIA AREA )                          CA                       91355                        360                       610,000.00                     5.875                     20061201   PUD                                               2,986.46                      610,000.00                     5.875    Owner Occupied         Rate Refi                                                  785,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
CYPRESS                                                 CA                        9063                        360                       460,000.00                     6.125                     20061201   SFR                                               2,347.92                      460,000.00                     6.125    Owner Occupied         Rate Refi                                                  575,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   SISA                                                                     12    S                                                         2.75    LIBOR                             6
SAN FRANCISCO                                           CA                       34361                        360                       850,000.00                     5.625                     20061201   SFR                                               4,893.08                      849,091.30                     5.625    Owner Occupied         CashOut Refi                                             1,250,000.00                           359      20061201                      0.375                         0.030              5.220                                                                                   Full                                                                                                                                        3    LIBOR                             6
CLAREMONT                                               CA                        9171                        360                       471,200.00                     5.625                     20061201   SFR                                               2,208.75                      471,200.00                     5.625    Owner Occupied         Purchase                                                   589,000.00                           359      20061201                      0.375                         0.030              5.220                                                                                   SISA                                                                     36    S                                                         2.75    LIBOR                             6
BUENA PARK                                              CA                        9062                        360                       485,200.00                     6.125                     20061201   SFR                                               2,476.54                      485,200.00                     6.125    Owner Occupied         CashOut Refi                                               606,500.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Full                                                                     12    S                                                         2.75    LIBOR                             6
LOS ANGELES                                             CA                       33331                        360                       633,500.00                     5.875                     20061201   SFR                                               3,101.51                      633,500.00                     5.875    Owner Occupied         CashOut Refi                                               905,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                     36    S                                                         2.75    LIBOR                             6
WESTMINSTER                                             CA                        9268                        360                       498,500.00                     6.000                     20061201   SFR                                               2,492.50                      498,500.00                     6.000    Owner Occupied         CashOut Refi                                               625,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Stated                                                                   12    S                                                         2.75    LIBOR                             6
RESEDA AREA  LOS ANGELES                                CA                       91335                        360                       335,000.00                     5.950                     20070101   SFR                                               1,661.04                      335,000.00                     5.950    Owner Occupied         CashOut Refi                                               700,000.00                           360      20061201                      0.375                         0.030              5.545                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
(CANYON COUNTRY AREA) SANTA CL                          CA                       91387                        360                       496,000.00                     6.625                     20061201   SFR                                               2,738.33                      496,000.00                     6.625    Owner Occupied         Purchase                                                   635,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Express Verified Assets                                                  36    H                                                          3.5    LIBOR                            12
MOORPARK                                                CA                       93021                        360                       468,000.00                     6.875                     20061101   SFR                                               2,681.25                      468,000.00                     6.875    Owner Occupied         Purchase                                                   645,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   SISA                                                                     36    H                                                          3.5    LIBOR                            12
BOLIVAR                                                 MO                       23906                        360                       108,750.00                     7.750                     20061201   SFR                                                 702.34                      108,750.00                     7.750    Investment             CashOut Refi                                               145,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                            12
WEST VALLEY CITY                                        UT                       30709                        360                       155,500.00                     7.125                     20061101   SFR                                                 923.28                      155,500.00                     7.125    Investment             Purchase                                                   196,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                  12    H                                                         2.25    LIBOR                             6
GRAPEVINE                                               TX                       76051                        360                       160,800.00                     8.750                     20061101   SFR                                               1,172.50                      160,800.00                     8.750    Investment             Purchase                                                   210,000.00                           358      20061201                      0.375                         0.030              8.345                                                                                   Stated                                                                   12    H                                                          3.5    LIBOR                            12
ESCONDIDO                                               CA                       92027                        360                       405,600.00                     6.625                     20061201   SFR                                               2,239.25                      405,600.00                     6.625    Owner Occupied         Purchase                                                   515,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                     36    H                                                          3.5    LIBOR                            12
NOGALES                                                 AZ                       31219                        360                       140,600.00                     7.375                     20061201   SFR                                                  864.1                      140,600.00                     7.375    Owner Occupied         Purchase                                                   176,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Express No Doc                                                           12    H                                                          3.5    LIBOR                            12
GLENDALE                                                CA                       33274                        360                       630,000.00                     7.500                     20061101   4-FAMILY                                          3,937.50                      630,000.00                     7.500    Owner Occupied         CashOut Refi                                               850,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   SISA                                                                     36    H                                                          3.5    LIBOR                            12
LAS VEGAS                                               NV                       32515                        360                       201,600.00                     6.875                     20061201   SFR                                               1,324.37                      201,430.63                     6.875    Owner Occupied         Purchase                                                   253,500.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                           36    H                                                          3.5    LIBOR                            12
GAINESVILLE                                             GA                       11084                        360                       139,200.00                     7.125                     20061101   SFR                                                  826.5                      139,200.00                     7.125    Owner Occupied         Rate Refi                                                  174,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   24    H                                                          3.5    LIBOR                            12
CHINO                                                   CA                       33429                        360                       347,900.00                     6.625                     20061101   SFR                                               1,920.70                      347,900.00                     6.625    Owner Occupied         Purchase                                                   435,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   SISA                                                                     36    H                                                          3.5    LIBOR                            12
MOORESVILLE                                             NC                       46769                        360                       160,300.00                     7.375                     20061201   SFR                                                 985.18                      160,300.00                     7.375    Investment             Purchase                                                   230,100.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                    3.5    LIBOR                            12
GLENDALE                                                AZ                       31116                        360                       121,000.00                     6.250                     20061101   SFR                                                 630.21                      121,000.00                     6.250    Owner Occupied         Rate Refi                                                  395,000.00                           358      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   12    H                                                          3.5    LIBOR                            12
LAS VEGAS                                               NV                       89146                        360                       400,000.00                     6.875                     20061201   SFR                                               2,627.72                      399,663.95                     6.875    Owner Occupied         CashOut Refi                                               550,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   SISA                                                                     36    H                                                          3.5    LIBOR                            12
REDLANDS                                                CA                       92374                        360                       432,000.00                     6.875                     20061101   SFR                                               2,475.00                      432,000.00                     6.875    Owner Occupied         Purchase                                                   570,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                            12
LOS ANGELES AREA                                        CA                       90063                        360                       132,000.00                     6.625                     20061101   SFR                                                 728.75                      132,000.00                     6.625    Owner Occupied         CashOut Refi                                               475,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                            12
LAS VEGAS                                               NV                       32518                        360                       196,800.00                     8.625                     20061101   SFR                                               1,414.50                      196,800.00                     8.625    Investment             Purchase                                                   248,000.00                           358      20061201                      0.375                         0.030              8.220                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                            12
SAN FERNANDO                                            CA                       91340                        360                       360,000.00                     7.375                     20061101   SFR                                               2,212.50                      360,000.00                     7.375    Owner Occupied         Purchase                                                   450,000.00                           358      20070101                      0.375                         0.030              6.970                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                            12
RADCLIFF                                                KY                       40160                        360                       217,000.00                     7.375                     20061101   4-FAMILY                                          1,333.65                      217,000.00                     7.375    Investment             Purchase                                                   310,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   24    H                                                          3.5    LIBOR                            12
LAS VEGAS                                               NV                       89149                        360                       368,900.00                     7.125                     20061201   SFR                                               2,190.34                      368,900.00                     7.125    Owner Occupied         Purchase                                                   463,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                  36    H                                                          3.5    LIBOR                            12
BEAUMONT                                                CA                       33657                        360                       316,950.00                     7.500                     20061101   SFR                                               1,980.94                      316,950.00                     7.500    Owner Occupied         Purchase                                                   397,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   12    H                                                          3.5    LIBOR                            12
MISSION VIEJO                                           CA                       92691                        360                       504,000.00                     7.000                     20061201   SFR                                               2,940.00                      504,000.00                     7.000    Owner Occupied         Purchase                                                   635,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   SISA                                                                     36    H                                                          3.5    LIBOR                            12
PALMDALE                                                CA                       93550                        360                       273,600.00                     7.000                     20061201   SFR                                               1,596.00                      273,600.00                     7.000    Owner Occupied         Purchase                                                   342,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                            12
AZUSA                                                   CA                       33421                        360                       250,000.00                     7.125                     20061201   SFR                                               1,484.38                      250,000.00                     7.125    Owner Occupied         CashOut Refi                                               498,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                            12
HENDERSON                                               NV                       89074                        360                       160,000.00                     7.500                     20061101   SFR                                               1,000.00                      160,000.00                     7.500    Owner Occupied         Purchase                                                   388,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Express No Doc                                                           36    H                                                          3.5    LIBOR                            12
SPRING                                                  TX                       77380                        360                       150,400.00                     7.875                     20061201   SFR                                                    987                      150,400.00                     7.875    2nd Home               Purchase                                                   190,000.00                           359      20061201                      0.375                         0.030              7.470                                                                                   SISA                                                                                                                                      3.5    LIBOR                            12
LAS VEGAS                                               NV                       32516                        360                       216,000.00                     7.000                     20061201   SFR                                               1,260.00                      216,000.00                     7.000    Investment             CashOut Refi                                               273,500.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
FORT WORTH                                              TX                       27771                        360                       208,000.00                     7.875                     20061101   4-FAMILY                                          1,508.14                      207,712.78                     7.875    Investment             Purchase                                                   265,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    H                                                                 FIXED
RAPID CITY                                              SD                       21003                        360                       215,920.00                     7.625                     20061101   SFR                                               1,528.27                      215,606.45                     7.625    Owner Occupied         Purchase                                                   270,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Express No Doc                                                           12    H                                                                 FIXED
(SAN FERNANDO AREA) LOS ANGELE                          CA                       91340                        360                        75,000.00                     7.375                     20061101   SFR                                                 518.01                       74,885.51                     7.375    Investment             CashOut Refi                                               450,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                                                                                             FIXED
NORTH LAUDERDALE                                        FL                       33068                        360                       232,000.00                     7.875                     20061101   SFR                                               1,682.16                      231,679.63                     7.875    Investment             CashOut Refi                                               302,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    H                                                                 FIXED
KATY                                                    TX                       77449                        360                        75,000.00                     6.750                     20061201   SFR                                                 486.45                       74,935.42                     6.750    Investment             Purchase                                                   151,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
(KELLER AREA) FORT WORTH                                TX                       76248                        360                        94,000.00                     6.875                     20061101   D-PUDS                                              538.54                       94,000.00                     6.875    Investment             Rate Refi                                                  134,500.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     36    H                                                                 FIXED
(KELLER AREA) FORTH WORTH                               TX                       76248                        360                        99,400.00                     6.750                     20061101   D-PUDS                                              559.13                       99,400.00                     6.750    Investment             Rate Refi                                                  142,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                     36    H                                                                 FIXED
GRAPEVINE                                               TX                       76051                        360                       102,550.00                     6.750                     20061101   SFR                                                 576.84                      102,550.00                     6.750    Investment             Rate Refi                                                  146,500.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                     36    H                                                                 FIXED
LOS BANOS                                               CA                       93635                        360                       289,000.00                     6.625                     20061101   SFR                                               1,595.52                      289,000.00                     6.625    Investment             CashOut Refi                                               400,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   36    H                                                                 FIXED
ATLANTA                                                 GA                       11032                        180                       108,800.00                     6.875                     20061001   SFR                                                 970.34                      107,753.01                     6.875    Investment             Purchase                                                   136,000.00                           177      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   24    H                                                                 FIXED
SCOTTSDALE                                              AZ                       85254                        360                       525,000.00                     6.500                     20061201   SFR                                               3,318.36                      524,048.21                     6.500    Owner Occupied         Rate Refi                                                  750,000.00                           359      20070101                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
VONORE                                                  TN                       37885                        360                       180,000.00                     6.875                     20061101   SFR                                               1,182.47                      179,696.69                     6.875    Investment             Rate Refi                                                  355,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                           36    H                                                                 FIXED
ELOY                                                    AZ                       85231                        360                       151,000.00                     8.375                     20061201   2-FAMILY                                          1,053.85                      151,000.00                     8.375    Investment             Purchase                                                   190,000.00                           359      20061201                      0.250                         0.030              8.095                                                                                   Stated                                                                   36    H                                                                 FIXED
BEND                                                    OR                       35613                        360                       150,000.00                     6.875                     20061201   SFR                                                 985.39                      149,873.98                     6.875    Investment             CashOut Refi                                               250,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
HUNTINGTON BEACH                                        CA                       92646                        360                       605,000.00                     6.375                     20061101   SFR                                               3,774.41                      603,876.33                     6.375    Owner Occupied         Rate Refi                                                1,050,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   SISA                                                                     36    H                                                                 FIXED
PASCO                                                   WA                       36220                        360                       113,500.00                     8.000                     20061101   SFR                                                 832.82                      113,347.19                     8.000    Investment             Purchase                                                   147,000.00                           358      20061201                      0.250                         0.030              7.720                                                                                   Stated                                                                   36    H                                                                 FIXED
HERMITAGE                                               TN                       37076                        360                       117,600.00                     7.750                     20061101   SFR                                                  842.5                      117,433.46                     7.750    Owner Occupied         CashOut Refi                                               147,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   36    H                                                                 FIXED
FORT WORTH                                              TX                       27782                        360                        75,000.00                     7.250                     20061101   SFR                                                 511.63                       74,882.64                     7.250    Investment             Purchase                                                   105,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  36    12H/24S                                                           FIXED
ARLINGTON                                               TX                       76002                        360                        95,600.00                     7.250                     20061101   SFR                                                 652.16                       95,450.39                     7.250    Investment             Purchase                                                   136,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  36    12H/24S                                                           FIXED
ARLINGTON                                               TX                       76002                        360                        88,850.00                     7.250                     20061101   SFR                                                 606.11                       88,710.96                     7.250    Investment             Purchase                                                   135,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  36    12H/24S                                                           FIXED
FORT WORTH                                              TX                       76137                        360                        79,100.00                     7.250                     20061101   SFR                                                  539.6                       78,976.22                     7.250    Investment             Purchase                                                   122,000.00                           358      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  36    12H/24S                                                           FIXED
LAS VEGAS                                               NV                       32514                        360                       196,000.00                     7.750                     20061101   SFR                                               1,265.83                      196,000.00                     7.750    2nd Home               CashOut Refi                                               245,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
LOS ANGELES                                             CA                       91343                        360                       428,000.00                     7.375                     20061201   CONDO                                             2,630.42                      428,000.00                     7.375    Owner Occupied         CashOut Refi                                               535,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                   60    12H/48S                                                           FIXED
STATESVILLE                                             NC                       46929                        360                       111,200.00                     7.500                     20061201   D-PUDS                                              777.53                      111,117.47                     7.500    Investment             CashOut Refi                                               139,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
HUNTERSVILLE                                            NC                       28078                        360                       140,000.00                     7.500                     20061201   D-PUDS                                               978.9                      139,896.10                     7.500    Investment             CashOut Refi                                               175,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
INGLEWOOD                                               CA                       32937                        360                       320,000.00                     7.625                     20061101   CONDO                                             2,264.94                      319,535.31                     7.625    Owner Occupied         Purchase                                                   400,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                     36    H                                                                 FIXED
MANCHESTER                                              NH                       37623                        360                       242,400.00                     7.125                     20061201   2-FAMILY                                          1,633.09                      242,206.16                     7.125    Owner Occupied         Rate Refi                                                  330,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                                                                                             FIXED
SACRAMENTO                                              CA                       34940                        360                       270,000.00                     6.250                     20061201   SFR                                               1,662.44                      269,743.81                     6.250    Owner Occupied         CashOut Refi                                               440,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
BEND                                                    OR                       35612                        360                       225,000.00                     6.375                     20061201   SFR                                               1,403.71                      224,791.60                     6.375    Owner Occupied         Purchase                                                   369,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                                                                                             FIXED
SCOTTSDALE                                              AZ                       85260                        360                       589,000.00                     7.625                     20061101   SFR                                               4,168.91                      588,144.68                     7.625    Investment             Rate Refi                                                  910,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                     24    H                                                                 FIXED
BRONX                                                   NY                       10457                        360                       448,000.00                     6.750                     20061201   3-FAMILY                                          2,520.00                      448,000.00                     6.750    Owner Occupied         Purchase                                                   560,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
WEST ISLIP                                              NY                       11547                        360                       512,000.00                     7.500                     20061201   SFR                                               3,579.98                      511,620.02                     7.500    Investment             Purchase                                                   650,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express No Doc                                                                                                                            3.5    LIBOR                             6
LONG BEACH                                              NY                       11561                        360                       395,967.00                     7.000                     20061201   CONDO                                             2,309.81                      395,967.00                     7.000    Investment             Purchase                                                   530,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HUNTINGTON                                              NY                       11743                        360                       608,000.00                     6.875                     20061201   SFR                                               3,483.33                      258,000.00                     6.875    Owner Occupied         Purchase                                                   760,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
TAMPA                                                   FL                       12224                        360                       163,200.00                     7.500                     20061201   CONDO                                             1,141.12                      163,078.88                     7.500    Owner Occupied         Purchase                                                   204,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
OAKLAND PARK                                            FL                       33334                        360                       200,000.00                     8.625                     20061101   SFR                                               1,437.50                      200,000.00                     8.625    Investment             Purchase                                                   280,000.00                           358      20061201                      0.250                         0.030              8.345                                                                                   SISA                                                                     36    S                                                                 FIXED
OCEANSIDE                                               NY                       11571                        360                       524,000.00                     6.625                     20061201   SFR                                               3,355.23                      523,537.69                     6.625    Owner Occupied         CashOut Refi                                               655,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
SOUTH RIVER                                             NJ                        8882                        360                       203,600.00                     8.625                     20061201   SFR                                               1,583.58                      203,479.80                     8.625    Investment             Purchase                                                   360,000.00                           359      20061201                      0.250                         0.030              8.345                                                                                   SISA                                                                                                                                             FIXED
SAN DIEGO                                               CA                       33605                        360                       290,000.00                     6.500                     20061201   3-FAMILY                                          1,833.00                      289,737.83                     6.500    Investment             CashOut Refi                                               560,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
WEST PALM BEACH                                         FL                       12153                        360                       142,793.00                     7.050                     20070101   CONDO                                               838.91                      142,793.00                     7.050    Investment             Purchase                                                   204,000.00                           360      20061201                      0.375                         0.030              6.645                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MINNEOLA                                                FL                       12615                        360                       236,000.00                     8.500                     20061201   D-PUDS                                            1,814.64                      235,857.03                     8.500    Owner Occupied         CashOut Refi                                               295,000.00                           359      20061201                      0.250                         0.030              8.220                                                                                   Express Non-Verified Assets                                              60    H                                                                 FIXED
DELTONA                                                 FL                       11895                        360                       230,000.00                     6.000                     20070101   SFR                                               1,378.97                      230,000.00                     6.000    2nd Home               CashOut Refi                                               304,000.00                           360      20061201                      0.250                         0.030              5.720                                                                                   Stated                                                                                                                                           FIXED
DILLON                                                  CO                       80435                        360                        94,500.00                     8.250                     20070101   CONDO                                               649.69                       94,500.00                     8.250    2nd Home               Purchase                                                   132,000.00                           360      20061201                      0.375                         0.030              7.845                                                                                   Stated                                                                    6    S                                                            3    LIBOR                             6
ALBUQUERQUE                                             NM                       31791                        360                       144,800.00                     9.500                     20061201   SFR                                               1,146.33                      144,800.00                     9.500    2nd Home               Purchase                                                   184,500.00                           359      20061201                      0.375                         0.030              9.095                                                                                   Stated                                                                                                                                   3.75    LIBOR                             6
LOS ANGELES                                             CA                       90017                        360                       278,600.00                     7.500                     20070101   HI-RISE                                           1,741.25                      278,600.00                     7.500    2nd Home               Purchase                                                   398,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   12    H                                                          2.5    LIBOR                             6
PASO ROBLES                                             CA                       93446                        360                       303,200.00                     6.000                     20061201   SFR                                               1,516.00                      303,200.00                     6.000    Owner Occupied         Purchase                                                   380,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
WEST COVINA                                             CA                       91792                        360                       453,000.00                     6.500                     20070101   SFR                                               2,863.27                      453,000.00                     6.500    Owner Occupied         CashOut Refi                                               660,000.00                           360      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   24    H                                                                 FIXED
DOVER                                                   DE                       43712                        360                       140,500.00                     7.750                     20070101   SFR                                                  907.4                      140,500.00                     7.750    Owner Occupied         Rate Refi                                                  187,500.00                           360      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   36    H                                                                 FIXED
FONTANA                                                 CA                       92335                        360                       216,000.00                     7.975                     20070101   SFR                                               1,581.17                      216,000.00                     7.975    Owner Occupied         Purchase                                                   270,000.00                           360      20061201                      0.375                         0.030              7.570                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
FORT PIERCE                                             FL                       34982                        360                       172,500.00                    10.300                     20061201   D-PUDS                                            1,552.19                      172,428.44                    10.300    Owner Occupied         CashOut Refi                                               230,000.00                           359      20061201                      0.250                         0.030             10.020                                                                                   Express Non-Verified Assets                                              60    H                                                                 FIXED
SALT LAKE CITY                                          UT                       30687                        360                       153,750.00                     7.000                     20070101   SFR                                                 896.88                      153,750.00                     7.000    Investment             CashOut Refi                                               205,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                     12    H                                                            3    LIBOR                             6
SANTA ANA                                               CA                       33788                        360                       210,000.00                     6.750                     20070101   CONDO                                             1,362.06                      210,000.00                     6.750    Owner Occupied         Rate Refi                                                  350,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
TAMPA                                                   FL                       12215                        360                       128,660.00                     8.375                     20070101   SFR                                                 977.91                      128,660.00                     8.375    Owner Occupied         CashOut Refi                                               145,000.00                           360      20061201                      0.250                         0.030              7.125               0.97    RADIAN - LENDER PAID                                   25   Stated                                                                   36    H                                                                 FIXED
LOS ANGELES                                             CA                       90004                        360                       542,000.00                     6.500                     20070101   SFR                                               2,935.83                      542,000.00                     6.500    Owner Occupied         Rate Refi                                                1,190,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Express Non-Verified Assets                                                                                                                 3    LIBOR                             6
ANTIOCH                                                 CA                       34463                        360                       313,600.00                     7.200                     20061201   SFR                                               1,881.60                      313,600.00                     7.200    Owner Occupied         CashOut Refi                                               392,000.00                           359      20061201                      0.375                         0.030              6.795                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
CHICAGO                                                 IL                       22090                        360                       227,500.00                     7.875                     20061201   2-FAMILY                                          1,492.97                      227,500.00                     7.875    Investment             CashOut Refi                                               325,000.00                           359      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
LITTLEROCK                                              CA                       93543                        360                       305,250.00                     7.000                     20070101   SFR                                               1,780.63                      305,250.00                     7.000    Owner Occupied         Rate Refi                                                  407,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   SISA                                                                     36    H                                                            3    LIBOR                             6
SAN JOSE                                                CA                       34711                        360                       356,000.00                     9.050                     20070101   SFR                                               2,684.83                      356,000.00                     9.050    Investment             CashOut Refi                                               445,000.00                           360      20061201                      0.375                         0.030              8.645                                                                                   Stated                                                                                                                                      3    LIBOR                             6
WOODBURY                                                MN                       20114                        360                       332,000.00                     6.875                     20070101   SFR                                               1,902.08                      332,000.00                     6.875    Owner Occupied         Rate Refi                                                  415,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Express Non-Verified Assets                                              36    S                                                            3    LIBOR                             6
LAS VEGAS                                               NV                       32518                        360                       176,400.00                     7.375                     20061201   SFR                                               1,084.13                      176,400.00                     7.375    Investment             CashOut Refi                                               252,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   24    H                                                        6.375    LIBOR                             6
NORWALK                                                 CA                       90650                        360                       248,000.00                     7.875                     20070101   SFR                                               1,627.50                      248,000.00                     7.875    Investment             Purchase                                                   420,000.00                           360      20061201                      0.375                         0.030              7.470                                                                                   Express Verified Assets                                                                                                                     3    LIBOR                             6
PATTERSON                                               CA                       95363                        360                       280,000.00                     7.625                     20061201   SFR                                               1,779.17                      280,000.00                     7.625    Investment             Purchase                                                   377,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Full                                                                     36    S                                                            3    LIBOR                             6
ANTELOPE                                                CA                       95843                        360                       216,000.00                     6.750                     20061201   SFR                                               1,400.97                      215,814.03                     6.750    Owner Occupied         Purchase                                                   271,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
HONESDALE                                               PA                       18431                        360                        99,500.00                     7.625                     20061201   SFR                                                 704.25                       99,427.99                     7.625    Investment             Purchase                                                   130,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
MASPETH                                                 NY                       11378                        360                       485,000.00                     7.625                     20061101   2-FAMILY                                          3,432.80                      484,295.71                     7.625    Investment             Rate Refi                                                  610,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   SISA                                                                     12    H                                                                 FIXED
EAST ELMHURST                                           NY                       11369                        360                       572,000.00                     7.000                     20061201   SFR                                               3,336.67                      572,000.00                     7.000    Owner Occupied         Rate Refi                                                  715,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   SISA                                                                                                                                             FIXED
BOHEMIA                                                 NY                       40740                        360                       233,000.00                     6.875                     20061201   SFR                                               1,530.64                      232,804.26                     6.875    Owner Occupied         Purchase                                                   465,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                     12    H                                                                 FIXED
ASTORIA                                                 NY                       40548                        360                       500,000.00                     6.875                     20061201   4-FAMILY                                          3,284.64                      499,579.94                     6.875    Owner Occupied         Purchase                                                   950,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                     12    H                                                                 FIXED
WEST ROXBURY                                            MA                        2132                        360                       418,400.00                     6.875                     20061201   CONDO                                             2,748.59                      418,048.49                     6.875    Owner Occupied         Purchase                                                   552,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
DARTMOUTH                                               MA                        2748                        360                       144,000.00                     7.125                     20061201   SFR                                                 970.15                      143,884.85                     7.125    Owner Occupied         Purchase                                                   180,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                                                                                             FIXED
CANTON                                                  MA                        2021                        360                       208,000.00                     6.875                     20061201   SFR                                               1,191.67                      208,000.00                     6.875    Owner Occupied         Purchase                                                   261,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
FALL RIVER                                              MA                       37461                        360                       164,250.00                     7.125                     20061201   3-FAMILY                                          1,106.58                      164,118.65                     7.125    Investment             Purchase                                                   248,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                                                                                                   FIXED
SCRANTON                                                PA                       43230                        360                       203,000.00                     6.375                     20061201   SFR                                               1,266.46                      202,811.98                     6.375    Owner Occupied         Rate Refi                                                  290,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   SISA                                                                                                                                             FIXED
KITTERY                                                 ME                       37868                        360                       195,000.00                     7.875                     20061201   SFR                                               1,413.89                      194,730.72                     7.875    Investment             Rate Refi                                                  245,000.00                           359      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
LAWRENCE                                                MA                        1841                        360                       276,000.00                     8.000                     20061201   3-FAMILY                                          1,840.00                      276,000.00                     8.000    Owner Occupied         Purchase                                                   350,000.00                           359      20061201                      0.250                         0.030              7.720                                                                                   Express Verified Assets                                                                                                                          FIXED
SALEM                                                   MA                        1970                        360                       250,000.00                     6.750                     20061101   2-FAMILY                                          1,621.50                      249,568.29                     6.750    Investment             Rate Refi                                                  424,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                                                                                                   FIXED
AUSTIN                                                  TX                       78748                        360                       108,830.00                     6.750                     20061201   PUD                                                 705.87                      108,736.30                     6.750    Investment             Purchase                                                   150,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
AUSTIN                                                  TX                       78748                        360                       106,000.00                     6.750                     20061201   PUD                                                 687.51                      105,908.74                     6.750    Investment             Purchase                                                   135,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
DERRY                                                   NH                        3038                        360                       216,000.00                     7.625                     20061201   SFR                                               1,372.50                      216,000.00                     7.625    Owner Occupied         Purchase                                                   275,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   12    H                                                                 FIXED
STAMFORD                                                CT                       38962                        360                       540,000.00                     8.875                     20061101   2-FAMILY                                          3,993.75                      540,000.00                     8.875    Owner Occupied         Purchase                                                   680,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   SISA                                                                                                                                             FIXED
NARRAGANSETT                                            RI                        2882                        360                       113,000.00                     8.625                     20061201   SFR                                                  878.9                      112,933.29                     8.625    Investment             CashOut Refi                                               340,000.00                           359      20061201                      0.250                         0.030              8.345                                                                                   Express No Doc                                                                                                                                   FIXED
WELLESLEY                                               MA                        2482                        360                       400,000.00                     6.750                     20060901   SFR                                               2,594.39                      398,610.77                     6.750    Investment             Purchase                                                   690,000.00                           356      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                                                                                                   FIXED
VANCOUVER                                               WA                       98661                        360                       268,000.00                     8.625                     20060901   4-FAMILY                                          1,926.25                      267,903.69                     8.625    Investment             Purchase                                                   335,000.00                           356      20061201                      0.250                         0.030              8.345                                                                                   Express No Doc                                                           12    H                                                                 FIXED
WALLINGFORD                                             PA                       19086                        360                       480,000.00                     7.875                     20061101   SFR                                               3,150.00                      480,000.00                     7.875    Investment             Purchase                                                   605,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
TRENTON                                                 NJ                       39608                        360                       105,000.00                     7.875                     20060901   2-FAMILY                                            761.32                      104,708.11                     7.875    Investment             Rate Refi                                                  150,000.00                           356      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
RYE                                                     NH                        3870                        360                       640,000.00                     7.500                     20060901   SFR                                               4,000.00                      640,000.00                     7.500    Owner Occupied         Purchase                                                   820,000.00                           356      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                     12    H                                                                 FIXED
BROOKLYN                                                NY                       40585                        360                       490,000.00                     6.500                     20061201   3-FAMILY                                          3,097.13                      489,557.04                     6.500    Owner Occupied         Rate Refi                                                1,300,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Express No Doc                                                           12    H                                                                 FIXED
BARNEGAT                                                NJ                        8005                        360                       402,500.00                     7.250                     20061201   SFR                                               2,431.77                      402,500.00                     7.250    Owner Occupied         Purchase                                                   600,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Express No Doc                                                                                                                                   FIXED
SUFFOLK                                                 VA                       23434                        360                       228,000.00                     9.000                     20061101   CONDO                                             1,710.00                      228,000.00                     9.000    Investment             Purchase                                                   285,000.00                           358      20061201                      0.250                         0.030              8.720                                                                                   Express No Doc                                                                                                                                   FIXED
HILLSBOROUGH                                            NJ                        8844                        360                       765,000.00                     7.375                     20061201   SFR                                               5,283.66                      764,417.90                     7.375    Owner Occupied         Rate Refi                                                1,187,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
GREENWOOD LAKE                                          NY                       40446                        360                       325,000.00                     7.500                     20061201   4-FAMILY                                          2,272.45                      324,758.80                     7.500    Owner Occupied         Rate Refi                                                  410,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                           12    H                                                                 FIXED
JOHNS ISLAND                                            SC                       29455                        360                       650,000.00                     6.625                     20061101   PUD                                               3,588.54                      650,000.00                     6.625    2nd Home               Rate Refi                                                1,400,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                                                                                                   FIXED
NEWARK                                                  NJ                       39084                        360                       367,500.00                     9.000                     20061101   3-FAMILY                                          2,756.25                      367,500.00                     9.000    Investment             Purchase                                                   525,000.00                           358      20061201                      0.250                         0.030              8.720                                                                                   Express No Doc                                                                                                                                   FIXED
OAK RIDGE                                               NJ                        7438                        360                       344,000.00                     8.875                     20061101   SFR                                               2,544.17                      344,000.00                     8.875    Investment             Purchase                                                   430,000.00                           358      20061201                      0.250                         0.030              8.595                                                                                   Express No Doc                                                                                                                                   FIXED
WANTAGE                                                 NJ                        7861                        360                       228,000.00                     7.750                     20061201   SFR                                               1,472.50                      228,000.00                     7.750    Owner Occupied         Purchase                                                   286,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
BELMAR                                                  NJ                       39282                        360                       510,400.00                     8.000                     20061201   SFR                                               3,745.13                      510,057.54                     8.000    2nd Home               Rate Refi                                                  638,000.00                           359      20061201                      0.250                         0.030              7.720                                                                                   Express Verified Assets                                                                                                                          FIXED
ELIZABETH                                               NJ                       39114                        360                       316,000.00                     7.375                     20061201   2-FAMILY                                          1,942.08                      316,000.00                     7.375    Owner Occupied         Purchase                                                   395,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
KEARNY                                                  NJ                        7032                        360                       440,000.00                     7.875                     20061101   2-FAMILY                                          2,887.50                      440,000.00                     7.875    Owner Occupied         Purchase                                                   550,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
WEST PALM BEACH                                         FL                       12153                        360                       171,920.00                     7.375                     20061101   CONDO                                             1,056.59                      171,920.00                     7.375    2nd Home               Purchase                                                   220,000.00                           358      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                   12    H                                                                 FIXED
JACKSON                                                 MI                       17932                        360                        64,000.00                     8.875                     20061201   SFR                                                 509.21                       63,964.12                     8.875    Investment             Purchase                                                    80,000.00                           359      20061201                      0.250                         0.030              8.595                                                                                   SISA                                                                                                                                             FIXED
EAST ORANGE                                             NJ                        7017                        360                       288,000.00                     8.750                     20061201   SFR                                               2,100.00                      288,000.00                     8.750    Investment             Purchase                                                   360,000.00                           359      20061201                      0.250                         0.030              8.470                                                                                   Express No Doc                                                                                                                                   FIXED
HOLLYWOOD                                               FL                       33019                        360                       282,100.00                     6.625                     20061201   CONDO                                             1,557.43                      282,100.00                     6.625    2nd Home               Purchase                                                   475,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                                                                                                   FIXED
ABINGTON                                                MA                        2351                        360                       324,000.00                     7.375                     20061201   2-FAMILY                                          1,991.25                      324,000.00                     7.375    Owner Occupied         Rate Refi                                                  405,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
ORLANDO                                                 FL                       11921                        360                       200,000.00                     7.000                     20061201   SFR                                               1,330.60                      199,836.07                     7.000    Owner Occupied         Rate Refi                                                  250,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   12    H                                                                 FIXED
HYDE PARK                                               MA                        2136                        360                       400,000.00                     7.125                     20061201   3-FAMILY                                          2,375.00                      400,000.00                     7.125    Owner Occupied         Purchase                                                   540,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                                                                                                   FIXED
WEST PALM BEACH                                         FL                       12153                        360                       175,900.00                     7.375                     20061201   CONDO                                             1,081.05                      175,900.00                     7.375    Investment             Purchase                                                   225,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                   12    H                                                                 FIXED
TOMS RIVER                                              NJ                        8753                        360                       208,000.00                     7.500                     20061201   SFR                                               1,454.37                      207,845.63                     7.500    Owner Occupied         CashOut Refi                                               280,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Express No Doc                                                                                                                                   FIXED
BROOKLYN                                                NY                       40587                        360                       300,000.00                     6.625                     20061201   2-FAMILY                                          1,920.93                      299,735.32                     6.625    Investment             Rate Refi                                                  600,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                           12    H                                                                 FIXED
PATERSON                                                NJ                       39205                        360                       340,000.00                     6.875                     20061201   2-FAMILY                                          2,233.56                      339,714.36                     6.875    Owner Occupied         Rate Refi                                                  425,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Express No Doc                                                                                                                                   FIXED
ALLENTOWN                                               PA                       43102                        360                       111,360.00                     8.500                     20061201   3-FAMILY                                            856.26                      111,292.54                     8.500    Investment             Purchase                                                   144,000.00                           359      20061201                      0.250                         0.030              8.220                                                                                   Express No Doc                                                                                                                                   FIXED
PLEASANTVILLE                                           NJ                        8232                        360                       184,000.00                     8.750                     20061201   SFR                                               1,447.53                      183,894.14                     8.750    Investment             Rate Refi                                                  230,000.00                           359      20061201                      0.250                         0.030              8.470                                                                                   Express Verified Assets                                                                                                                          FIXED
WEST CREEK                                              NJ                        8092                        360                       212,000.00                     6.500                     20061201   SFR                                               1,339.98                      211,808.35                     6.500    Owner Occupied         CashOut Refi                                               375,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Express No Doc                                                                                                                                   FIXED
MAPLEWOOD                                               NJ                        7040                        360                       332,500.00                     7.875                     20061201   2-FAMILY                                          2,410.86                      332,271.17                     7.875    Investment             Rate Refi                                                  475,000.00                           359      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                          FIXED
WEST HEMPSTEAD                                          NY                       11552                        360                       230,000.00                     7.125                     20061201   SFR                                               1,549.55                      229,816.08                     7.125    Owner Occupied         Rate Refi                                                  483,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                           12    H                                                                 FIXED
NORWALK                                                 CT                        6854                        360                       485,600.00                     7.250                     20061201   SFR                                               2,933.83                      485,600.00                     7.250    Owner Occupied         Rate Refi                                                  607,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   12    H                                                                 FIXED
PHILADELPHIA                                            PA                       43496                        360                       132,000.00                     7.250                     20061201   SFR                                                 900.47                      131,897.03                     7.250    Investment             Rate Refi                                                  165,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
WILLISTON                                               NC                       28589                        360                       288,000.00                     7.125                     20061201   SFR                                               1,940.31                      287,769.69                     7.125    Owner Occupied         Rate Refi                                                  360,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
PLAINFIELD                                              NJ                        7063                        360                       216,000.00                     7.250                     20061201   SFR                                               1,305.00                      216,000.00                     7.250    Owner Occupied         Rate Refi                                                  270,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                                                                                          FIXED
NEW MILFORD                                             CT                        6776                        360                       235,052.00                     7.875                     20061201   SFR                                               1,542.53                      235,052.00                     7.875    Owner Occupied         Purchase                                                   300,000.00                           359      20061201                      0.250                         0.030              7.595                                                                                   Express No Doc                                                           12    H                                                                 FIXED
NEWARK                                                  NJ                       39088                        360                       252,000.00                     6.500                     20061201   4-FAMILY                                          1,592.81                      251,772.19                     6.500    Investment             Rate Refi                                                  420,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Express No Doc                                                                                                                                   FIXED
MASTIC BEACH                                            NY                       11951                        360                       182,000.00                     6.375                     20061201   SFR                                               1,135.44                      181,831.44                     6.375    Owner Occupied         Rate Refi                                                  280,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Express No Doc                                                           12    H                                                                 FIXED
TAMPA                                                   FL                       33647                        360                       200,000.00                     8.625                     20070101   D-PUDS                                            1,555.58                      200,000.00                     8.625    Investment             Purchase                                                   270,000.00                           360      20061201                      0.375                         0.030              8.220                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
SAN FERNANDO                                            CA                       91340                        360                       416,000.00                     6.125                     20070101   SFR                                               2,527.66                      416,000.00                     6.125    Owner Occupied         CashOut Refi                                               541,000.00                           360      20061201                      0.250                         0.030              5.845                                                                                   Stated                                                                   60    H                                                                 FIXED
WALDORF                                                 MD                       43984                        360                       161,000.00                     7.350                     20061201   PUD                                                 986.13                      161,000.00                     7.350    Investment             Purchase                                                   234,000.00                           359      20061201                      0.250                         0.030              7.070                                                                                   Stated                                                                   24    H                                                                 FIXED
PHILADELPHIA                                            PA                       43471                        360                       451,000.00                     6.250                     20061201   CONDO                                             2,348.96                      451,000.00                     6.250    Owner Occupied         Purchase                                                   480,000.00                           359      20061201                      0.375                         0.030              5.845                       RADIAN - BORROWER PAID                                 30   SISA                                                                                                                                     2.75    LIBOR                             6
FOUNTAIN VALLEY                                         CA                       33793                        360                       310,000.00                     6.375                     20061201   PUD                                               1,934.00                      309,712.88                     6.375    Owner Occupied         CashOut Refi                                               465,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   60    H                                                                 FIXED
ESCONDIDO                                               CA                       92029                        360                       376,000.00                     7.500                     20070101   D-PUDS                                            2,350.00                      376,000.00                     7.500    Owner Occupied         Purchase                                                   480,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
KEYPORT                                                 NJ                        7735                        360                       268,000.00                     7.625                     20061201   SFR                                               1,896.89                      267,806.03                     7.625    Owner Occupied         Purchase                                                   335,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
LOS BANOS                                               CA                       93635                        360                       225,700.00                     6.500                     20061201   D-PUDS                                            1,222.54                      225,700.00                     6.500    Owner Occupied         Purchase                                                   290,500.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                                                                                              3    LIBOR                             6
CONCORD                                                 CA                       34473                        360                       230,000.00                     7.500                     20061201   SFR                                               1,608.19                      229,829.31                     7.500    Investment             CashOut Refi                                               560,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
VAIL                                                    AZ                       85641                        360                       202,500.00                     5.875                     20061201   D-PUDS                                              991.41                      202,500.00                     5.875    Investment             Purchase                                                   305,000.00                           359      20061201                      0.250                         0.030              5.595                                                                                   Full                                                                                                                                             FIXED
ALBUQUERQUE                                             NM                       31789                        360                       105,000.00                     7.875                     20061201   SFR                                                 761.32                      104,782.70                     7.875    Owner Occupied         Purchase                                                   146,000.00                           359      20070101                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
SAINT HELENA                                            CA                       94574                        360                     1,200,000.00                     6.875                     20061201   SFR                                               6,875.00                    1,200,000.00                     6.875    Owner Occupied         Purchase                                                 1,810,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
SAN FRANCISCO                                           CA                       34365                        360                       720,800.00                     6.625                     20061201   SFR                                               3,979.42                      720,800.00                     6.625    Owner Occupied         Purchase                                                   901,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LARKSPUR                                                CA                       94939                        360                       472,000.00                     6.750                     20061201   SFR                                               2,655.00                      472,000.00                     6.750    Owner Occupied         Purchase                                                   872,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SANTA ROSA                                              CA                       34792                        360                       213,000.00                     6.375                     20061201   PUD                                               1,131.56                      213,000.00                     6.375    Owner Occupied         CashOut Refi                                               310,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                                                                                     2.75    LIBOR                            12
LIVERMORE                                               CA                       94551                        360                       600,000.00                     6.375                     20061201   SFR                                               3,187.50                      600,000.00                     6.375    Owner Occupied         Purchase                                                   855,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LAS VEGAS                                               NV                       89148                        360                       214,700.00                     6.625                     20061201   PUD                                               1,185.32                      214,700.00                     6.625    Owner Occupied         Purchase                                                   269,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
SAUSALITO                                               CA                       94965                        360                       625,000.00                     6.750                     20061201   3-FAMILY                                          3,515.63                      625,000.00                     6.750    Investment             CashOut Refi                                             1,275,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
ROHNERT PARK                                            CA                       34605                        360                       332,000.00                     6.000                     20061201   SFR                                               1,660.00                      332,000.00                     6.000    Owner Occupied         CashOut Refi                                               530,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Full                                                                                                                                     2.75    LIBOR                            12
SAN FRANCISCO                                           CA                       34351                        360                       838,500.00                     6.875                     20061201   3-FAMILY                                          4,803.91                      838,500.00                     6.875    Owner Occupied         CashOut Refi                                             1,290,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   SISA                                                                                                                                     2.25    LIBOR                             6
LAFAYETTE                                               CA                       94549                        360                       482,000.00                     7.000                     20061201   SFR                                               2,811.67                      482,000.00                     7.000    Investment             Rate Refi                                                1,000,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
NORTH HOLLYWOOD                                         CA                       33395                        360                       395,500.00                     6.250                     20061201   SFR                                               2,059.90                      395,500.00                     6.250    Owner Occupied         CashOut Refi                                               575,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SAN MATEO                                               CA                       34426                        360                     1,130,000.00                     6.000                     20061201   SFR                                               5,650.00                    1,130,000.00                     6.000    Owner Occupied         Purchase                                                 1,530,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
SAN DIEGO                                               CA                       33620                        360                       520,000.00                     6.375                     20061201   SFR                                               2,762.50                      520,000.00                     6.375    Owner Occupied         CashOut Refi                                               680,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
ROSEMEAD                                                CA                       91770                        360                       237,000.00                     6.125                     20061201   2-FAMILY                                          1,440.04                      236,769.65                     6.125    Investment             Rate Refi                                                  510,000.00                           359      20061201                      0.250                         0.030              5.845                                                                                   Stated                                                                   36    H                                                                 FIXED
PENSACOLA                                               FL                       11816                        360                       209,900.00                     7.000                     20061201   HI-RISE                                           1,396.47                      209,727.95                     7.000    2nd Home               Purchase                                                   307,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   60    S                                                                 FIXED
SACRAMENTO                                              CA                       34939                        360                       267,000.00                     6.625                     20061201   SFR                                               1,474.06                      267,000.00                     6.625    Owner Occupied         Rate Refi                                                  360,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
SAN FRANCISCO                                           CA                       34336                        360                       405,000.00                     7.000                     20061201   CONDO                                             2,362.50                      405,000.00                     7.000    Investment             Rate Refi                                                  650,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Express No Doc                                                                                                                           2.75    LIBOR                             6
FOLSOM                                                  CA                       34880                        360                       520,000.00                     6.500                     20061201   SFR                                               2,816.67                      520,000.00                     6.500    Owner Occupied         Purchase                                                   650,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
OAKLAND                                                 CA                       34495                        360                       650,000.00                     6.875                     20061201   SFR                                               3,723.96                      650,000.00                     6.875    Owner Occupied         CashOut Refi                                             1,000,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
KELSEYVILLE                                             CA                       95451                        360                       212,000.00                     7.000                     20061201   SFR                                               1,236.67                      212,000.00                     7.000    Owner Occupied         CashOut Refi                                               270,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   SISA                                                                                                                                     2.25    LIBOR                             6
SAN LUIS OBISPO                                         CA                       34064                        360                       945,000.00                     6.875                     20061201   SFR                                               5,414.06                      945,000.00                     6.875    Owner Occupied         CashOut Refi                                             1,350,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
TUSTIN                                                  CA                       92780                        360                       304,000.00                     6.750                     20061201   CONDO                                             1,710.00                      304,000.00                     6.750    Owner Occupied         Purchase                                                   385,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SAN DIEGO                                               CA                       92154                        360                       374,500.00                     6.125                     20061201   SFR                                               1,911.51                      374,500.00                     6.125    Owner Occupied         Rate Refi                                                  535,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   SISA                                                                                                                                     2.25    LIBOR                             6
PETALUMA                                                CA                       94952                        360                       456,000.00                     6.625                     20061201   SFR                                               2,517.50                      456,000.00                     6.625    Investment             CashOut Refi                                               855,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SAN RAMON                                               CA                       94583                        360                       543,750.00                     7.250                     20061201   SFR                                               3,285.16                      543,750.00                     7.250    Owner Occupied         CashOut Refi                                               725,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
PALM SPRINGS                                            CA                       92264                        360                       490,000.00                     7.250                     20061201   SFR                                               2,960.42                      490,000.00                     7.250    Investment             Purchase                                                   700,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
SAN CARLOS                                              CA                       94070                        360                       400,000.00                     6.375                     20061201   SFR                                               2,125.00                      400,000.00                     6.375    Owner Occupied         CashOut Refi                                               950,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
CANOGA PARK                                             CA                       33303                        360                       472,500.00                     7.250                     20061201   SFR                                               2,854.69                      472,500.00                     7.250    Investment             CashOut Refi                                               630,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
ELK GROVE                                               CA                       95758                        360                       253,600.00                     6.750                     20061201   SFR                                               1,426.50                      253,600.00                     6.750    Owner Occupied         Purchase                                                   320,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SAN PABLO                                               CA                       34552                        360                       375,000.00                     6.250                     20061201   SFR                                               1,953.13                      375,000.00                     6.250    Owner Occupied         Rate Refi                                                  480,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SAN FRANCISCO                                           CA                       34365                        360                       667,500.00                     6.875                     20061201   SFR                                               3,824.22                      667,500.00                     6.875    Investment             Rate Refi                                                  950,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
WILTON                                                  CA                       95693                        360                       880,000.00                     7.375                     20061101   PUD                                               5,408.33                      880,000.00                     7.375    Owner Occupied         CashOut Refi                                             1,100,000.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
HOLLISTER                                               CA                       95023                        360                       718,000.00                     6.625                     20061201   SFR                                               3,963.96                      718,000.00                     6.625    Owner Occupied         CashOut Refi                                             1,400,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
SAN RAMON                                               CA                       94583                        360                       576,000.00                     7.000                     20061201   PUD                                               3,360.00                      576,000.00                     7.000    Owner Occupied         Rate Refi                                                  805,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SANTA ROSA                                              CA                       34790                        360                       279,500.00                     6.625                     20061201   SFR                                               1,543.07                      279,500.00                     6.625    Investment             CashOut Refi                                               430,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
EL DORADO HILLS                                         CA                       95762                        360                       999,950.00                     6.500                     20061201   PUD                                               5,416.40                      999,950.00                     6.500    Owner Occupied         CashOut Refi                                             1,500,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
NOVATO                                                  CA                       94947                        360                       572,000.00                     7.625                     20061201   SFR                                               3,634.58                      572,000.00                     7.625    Owner Occupied         Rate Refi                                                  715,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
FREMONT                                                 CA                       94538                        360                       275,000.00                     6.875                     20061201   SFR                                               1,575.52                      275,000.00                     6.875    Owner Occupied         CashOut Refi                                               540,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
LAKE ELSINORE                                           CA                       33754                        360                       321,750.00                     6.625                     20061201   PUD                                               1,776.33                      321,750.00                     6.625    Owner Occupied         Purchase                                                   411,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
PETALUMA                                                CA                       94952                        360                       620,000.00                     7.250                     20061201   SFR                                               3,745.83                      620,000.00                     7.250    Owner Occupied         CashOut Refi                                               775,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
SAN FRANCISCO                                           CA                       34336                        360                       348,000.00                     6.875                     20061201   CONDO                                             1,993.75                      348,000.00                     6.875    Investment             Purchase                                                   464,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
BARSTOW                                                 CA                       33674                        360                       160,000.00                     7.000                     20061201   2-FAMILY                                            933.33                      160,000.00                     7.000    Investment             Rate Refi                                                  225,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SANTA ROSA                                              CA                       34790                        360                       340,000.00                     6.375                     20061201   SFR                                               1,806.25                      340,000.00                     6.375    Investment             Rate Refi                                                  510,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                                                                                     2.75    LIBOR                            12
PACIFIC PALISADES                                       CA                       90272                        360                       992,000.00                     6.625                     20061201   SFR                                               5,476.67                      992,000.00                     6.625    Investment             Purchase                                                 1,650,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SANTA CLARITA                                           CA                       91354                        360                       660,000.00                     7.000                     20061201   PUD                                               3,850.00                      660,000.00                     7.000    Owner Occupied         CashOut Refi                                               825,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
PASO ROBLES                                             CA                       93446                        360                       417,000.00                     6.625                     20061201   SFR                                               2,302.19                      417,000.00                     6.625    Owner Occupied         Purchase                                                   606,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
COSTA MESA                                              CA                       33781                        360                       650,000.00                     6.250                     20061201   SFR                                               3,385.42                      650,000.00                     6.250    Owner Occupied         Rate Refi                                                  875,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
UNION                                                   NJ                        7083                        360                       272,000.00                     7.500                     20070101   SFR                                               1,901.86                      272,000.00                     7.500    Owner Occupied         Purchase                                                   360,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
VIRGINIA BEACH                                          VA                       23456                        360                       154,000.00                     9.200                     20070101   CONDO                                             1,261.34                      154,000.00                     9.200    Owner Occupied         CashOut Refi                                               220,000.00                           360      20061201                      0.250                         0.030              8.920                                                                                   Express No Doc                                                           36    H                                                                 FIXED
BRADENTON                                               FL                       12453                        360                       178,500.00                     7.750                     20070101   CONDO                                             1,152.81                      178,500.00                     7.750    Owner Occupied         CashOut Refi                                               250,000.00                           360      20061201                      0.250                         0.030              7.470                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
ALTA                                                    CA                       34881                        360                       348,000.00                     6.375                     20061201   PUD                                               2,171.07                      347,677.68                     6.375    Investment             Purchase                                                   435,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Express Verified Assets                                                  36    12H/24S                                                   3.25    LIBOR                            12
ALBUQUERQUE                                             NM                       31787                        360                       204,000.00                     6.250                     20061201   SFR                                               1,256.06                      203,806.44                     6.250    Owner Occupied         Purchase                                                   255,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                                                                                     3.25    LIBOR                            12
RAYMOND                                                 NH                        3077                        360                       142,000.00                     6.875                     20061201   SFR                                                 813.54                      142,000.00                     6.875    Owner Occupied         Purchase                                                   180,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     3.25    LIBOR                            12
FALLS CHURCH                                            VA                       22046                        360                       312,000.00                     6.500                     20061201   SFR                                               1,690.00                      312,000.00                     6.500    Investment             Purchase                                                   390,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express Verified Assets                                                  12    H                                                         3.25    LIBOR                            12
TWP OF OHIO                                             PA                       15143                        360                       452,000.00                     7.750                     20061201   SFR                                               2,919.17                      452,000.00                     7.750    Owner Occupied         Purchase                                                   565,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
TWP OF SOUTH LEBANON                                    PA                       17042                        360                       160,000.00                     6.875                     20061201   SFR                                                 916.67                      160,000.00                     6.875    Owner Occupied         CashOut Refi                                               265,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                                                                                           3.25    LIBOR                            12
SACRAMENTO                                              CA                       34940                        360                       360,000.00                     6.500                     20061201   SFR                                               1,950.00                      360,000.00                     6.500    Owner Occupied         Purchase                                                   450,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
SANTA ROSA                                              CA                       34790                        360                       380,000.00                     6.500                     20061201   PUD                                               2,058.33                      380,000.00                     6.500    Owner Occupied         Purchase                                                   475,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
GILROY                                                  CA                       95020                        360                       520,000.00                     6.375                     20061201   SFR                                               2,762.50                      520,000.00                     6.375    Owner Occupied         Purchase                                                   659,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                                                                                     3.25    LIBOR                            12
FORESTVILLE                                             CA                       95436                        360                       468,000.00                     6.875                     20061201   SFR                                               2,681.25                      468,000.00                     6.875    Investment             CashOut Refi                                               585,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    12H/24S                                                   3.25    LIBOR                            12
EAST PALO ALTO                                          CA                       34396                        360                       350,000.00                     6.500                     20061201   SFR                                               1,895.83                      350,000.00                     6.500    Owner Occupied         CashOut Refi                                               665,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                                                                                           3.25    LIBOR                            12
SALIDA                                                  CA                       95368                        360                       339,200.00                     6.500                     20061201   SFR                                               1,837.33                      339,200.00                     6.500    Owner Occupied         Purchase                                                   426,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
CLEARLAKE                                               CA                       34811                        360                        93,000.00                     6.250                     20061201   SFR                                                 484.38                       93,000.00                     6.250    Investment             CashOut Refi                                               155,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Express No Doc                                                           36    12H/24S                                                   3.25    LIBOR                            12
SEBASTOPOL                                              CA                       95472                        360                       165,000.00                     6.500                     20061201   SFR                                                 893.75                      165,000.00                     6.500    Owner Occupied         CashOut Refi                                             1,200,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                                                                                           3.25    LIBOR                            12
SANTA ROSA                                              CA                       34792                        360                       267,500.00                     6.375                     20061201   PUD                                               1,421.09                      267,500.00                     6.375    Investment             Rate Refi                                                  418,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   12    H                                                         3.25    LIBOR                            12
OCEANSIDE                                               CA                       92056                        360                       404,000.00                     6.625                     20061201   SFR                                               2,230.42                      404,000.00                     6.625    Owner Occupied         Rate Refi                                                  505,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     3.25    LIBOR                            12
SAN DIEGO                                               CA                       33614                        360                       444,000.00                     6.500                     20061201   SFR                                               2,405.00                      444,000.00                     6.500    Owner Occupied         Rate Refi                                                  555,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express Verified Assets                                                  36    S                                                         3.25    LIBOR                            12
SPRING VALLEY                                           CA                       91977                        360                       404,000.00                     6.500                     20061201   SFR                                               2,188.33                      404,000.00                     6.500    Investment             CashOut Refi                                               505,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    12H/24S                                                   3.25    LIBOR                            12
SAN DIEGO                                               CA                       33618                        360                       428,000.00                     6.875                     20061201   SFR                                               2,452.08                      428,000.00                     6.875    Owner Occupied         Purchase                                                   540,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
SAN DIEGO                                               CA                       33623                        360                       324,000.00                     6.750                     20061201   SFR                                               1,822.50                      324,000.00                     6.750    Owner Occupied         Purchase                                                   450,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
SCOTTSDALE                                              AZ                       85250                        360                       221,600.00                     7.000                     20061201   PUD                                               1,292.67                      221,600.00                     7.000    Owner Occupied         Purchase                                                   278,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                     36    S                                                         3.25    LIBOR                            12
SCOTTSDALE                                              AZ                       85251                        360                       316,000.00                     6.500                     20061201   SFR                                               1,711.67                      316,000.00                     6.500    Owner Occupied         CashOut Refi                                               395,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
PHOENIX                                                 AZ                       85013                        360                       330,000.00                     6.875                     20061201   SFR                                               1,890.63                      330,000.00                     6.875    Investment             Rate Refi                                                  415,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    12H/24S                                                   3.25    LIBOR                            12
GILBERT                                                 AZ                       85296                        360                       520,000.00                     6.625                     20061201   PUD                                               2,870.83                      520,000.00                     6.625    Owner Occupied         Purchase                                                   655,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
TEMPE                                                   AZ                       85282                        360                       217,600.00                     7.000                     20061201   SFR                                               1,269.33                      217,600.00                     7.000    Investment             Rate Refi                                                  272,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    12H/24S                                                   3.25    LIBOR                            12
SAN JOSE                                                CA                       34727                        360                       344,750.00                     6.875                     20061201   CONDO                                             1,975.13                      344,750.00                     6.875    Owner Occupied         Purchase                                                   431,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
MANTECA                                                 CA                       95336                        360                       224,000.00                     6.375                     20061201   SFR                                               1,190.00                      224,000.00                     6.375    Owner Occupied         Purchase                                                   280,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
CONCORD                                                 CA                       34474                        360                       428,000.00                     6.750                     20061201   SFR                                               2,407.50                      428,000.00                     6.750    Owner Occupied         Rate Refi                                                  552,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
SAN DIEGO                                               CA                       33620                        360                       532,500.00                     6.875                     20061201   SFR                                               3,050.78                      532,500.00                     6.875    Owner Occupied         Purchase                                                   710,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
FONTANA                                                 CA                       92337                        360                       316,000.00                     6.875                     20061201   PUD                                               1,810.42                      316,000.00                     6.875    Owner Occupied         CashOut Refi                                               400,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
UPPER MARLBORO                                          MD                       20772                        360                       197,600.00                     6.500                     20061201   CONDO                                             1,070.33                      197,600.00                     6.500    Owner Occupied         Purchase                                                   247,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                                                                                     3.25    LIBOR                            12
FREEHOLD                                                NJ                       39291                        360                       253,600.00                     5.750                     20061201   SFR                                               1,215.17                      253,600.00                     5.750    Owner Occupied         Purchase                                                   317,000.00                           359      20061201                      0.375                         0.030              5.345                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
SAN JOSE                                                CA                       95138                        360                       699,050.00                     6.250                     20061201   SFR                                               3,640.89                      699,050.00                     6.250    Owner Occupied         Purchase                                                   875,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
COACHELLA                                               CA                       92236                        360                       225,000.00                     6.750                     20070101   SFR                                               1,459.35                      225,000.00                     6.750    Owner Occupied         CashOut Refi                                               326,500.00                           360      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                     36    H                                                                 FIXED
MIDWAY CITY                                             CA                       92655                        180                       321,000.00                     6.750                     20061201   SFR                                               2,840.56                      319,965.06                     6.750    Owner Occupied         CashOut Refi                                               615,000.00                           179      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
BOCA RATON                                              FL                       33496                        360                       207,900.00                     6.500                     20061001   PUD                                               1,314.07                      207,333.11                     6.500    Owner Occupied         CashOut Refi                                               510,000.00                           357      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
TUCSON                                                  AZ                       31240                        360                        91,125.00                     6.875                     20061101   CONDO                                               598.63                       90,971.44                     6.875    Owner Occupied         Purchase                                                   127,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
BAKERSFIELD                                             CA                       34032                        360                       180,000.00                     6.625                     20061101   SFR                                               1,152.56                      179,681.50                     6.625    Owner Occupied         CashOut Refi                                               265,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
RIVERSIDE                                               CA                       33725                        360                       175,200.00                     6.500                     20061101   SFR                                               1,107.38                      174,882.21                     6.500    Owner Occupied         Purchase                                                   330,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
SONORA                                                  CA                       95370                        360                       559,200.00                     6.500                     20061101   SFR                                               3,534.52                      558,186.22                     6.500    Owner Occupied         Purchase                                                   702,500.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
SANTA FE SPRINGS                                        CA                       33031                        360                       415,000.00                     6.500                     20061101   SFR                                               2,623.08                      414,247.64                     6.500    Owner Occupied         CashOut Refi                                               650,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
WHITTIER                                                CA                       33026                        360                       512,000.00                     6.250                     20061201   SFR                                               3,152.47                      511,514.20                     6.250    Owner Occupied         CashOut Refi                                               730,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                                                                                           FIXED
ST. GEORGE                                              UT                       84790                        360                       106,000.00                     6.875                     20061201   CONDO                                               696.34                      105,910.95                     6.875    Owner Occupied         CashOut Refi                                               141,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
WESTMINSTER                                             CA                       92683                        360                       542,000.00                     6.375                     20061201   SFR                                               3,381.37                      541,498.00                     6.375    Owner Occupied         Purchase                                                   679,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
TEMPE                                                   AZ                       85283                        360                       182,700.00                     7.250                     20061201   PUD                                               1,246.34                      182,557.47                     7.250    Owner Occupied         Purchase                                                   215,000.00                           359      20061201                      0.250                         0.030              6.970                       PMI                                                    25   Stated                                                                                                                                           FIXED
MONTCLAIR                                               CA                       91763                        360                       496,000.00                     6.250                     20061201   SFR                                               3,053.96                      495,529.37                     6.250    Owner Occupied         Purchase                                                   640,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                                                                                           FIXED
LOS ANGELES                                             CA                       90047                        360                       160,000.00                     6.250                     20061201   SFR                                                 985.15                      159,848.18                     6.250    Owner Occupied         CashOut Refi                                               470,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   SISA                                                                                                                                             FIXED
TEMECULA                                                CA                       92592                        360                       457,600.00                     6.500                     20061201   SFR                                               2,892.34                      457,186.33                     6.500    Owner Occupied         Rate Refi                                                  572,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
PITTSBURG                                               CA                       94565                        360                       395,000.00                     6.750                     20061201   SFR                                               2,561.96                      394,659.92                     6.750    Owner Occupied         CashOut Refi                                               530,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
LOS ANGELES                                             CA                       90044                        360                       316,000.00                     6.500                     20061201   SFR                                               1,997.33                      315,714.34                     6.500    Investment             Rate Refi                                                  435,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
TEMECULA                                                CA                       92592                        360                       350,000.00                     6.500                     20061101   SFR                                               1,895.83                      347,338.20                     6.500    Owner Occupied         Rate Refi                                                  500,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
SAN FRANCISCO                                           CA                       34346                        360                       750,400.00                     6.375                     20061101   SFR                                               3,986.50                      750,400.00                     6.375    Owner Occupied         Purchase                                                   938,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                                                                                             FIXED
LAS VEGAS                                               NV                       32521                        360                       325,000.00                     6.625                     20061101   PUD                                               1,794.27                      325,000.00                     6.625    Owner Occupied         CashOut Refi                                               435,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
LOS ANGELES                                             CA                       90011                        360                       303,200.00                     7.000                     20061101   SFR                                               1,768.67                      303,200.00                     7.000    Owner Occupied         CashOut Refi                                               379,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
LA JOLLA                                                CA                       92037                        360                       417,000.00                     6.375                     20061101   CONDO                                             2,215.31                      417,000.00                     6.375    Owner Occupied         CashOut Refi                                               760,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
CHINO                                                   CA                       33429                        360                       560,000.00                     6.500                     20061101   SFR                                               3,033.33                      560,000.00                     6.500    Owner Occupied         CashOut Refi                                               820,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
YORBA LINDA                                             CA                       92887                        360                       577,900.00                     6.500                     20061101   SFR                                               3,130.29                      577,900.00                     6.500    Owner Occupied         CashOut Refi                                             1,525,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
TRUCKEE                                                 CA                       96161                        360                       650,000.00                     6.375                     20061101   PUD                                               3,453.13                      650,000.00                     6.375    Owner Occupied         CashOut Refi                                             1,465,000.00                           358      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
FRANKTOWN                                               CO                       29236                        360                       515,000.00                     6.875                     20061101   PUD                                               2,950.52                      515,000.00                     6.875    Owner Occupied         CashOut Refi                                               895,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
IRVINE                                                  CA                       33775                        360                       250,000.00                     6.500                     20061101   CONDO                                             1,354.17                      250,000.00                     6.500    Owner Occupied         CashOut Refi                                               652,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
TRUCKEE                                                 CA                       96161                        360                       516,000.00                     6.625                     20061201   PUD                                               2,848.75                      516,000.00                     6.625    2nd Home               Purchase                                                   650,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
DINUBA                                                  CA                       34138                        360                       186,000.00                     6.875                     20061201   SFR                                               1,065.63                      186,000.00                     6.875    Owner Occupied         CashOut Refi                                               248,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
GARDEN GROVE                                            CA                       92844                        360                       499,000.00                     6.625                     20061201   SFR                                               2,754.90                      499,000.00                     6.625    Owner Occupied         CashOut Refi                                               625,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
ELK GROVE                                               CA                       34874                        360                       315,000.00                     6.500                     20061201   SFR                                               1,706.25                      315,000.00                     6.500    Owner Occupied         Rate Refi                                                  427,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
STOCKTON                                                CA                       34749                        360                       315,000.00                     6.875                     20061201   PUD                                               1,804.69                      315,000.00                     6.875    Investment             CashOut Refi                                               450,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
PHOENIX                                                 AZ                       85008                        360                       203,000.00                     7.375                     20061101   SFR                                               1,402.07                      202,690.11                     7.375    Investment             CashOut Refi                                               226,000.00                           358      20061201                      0.250                         0.030              7.095                       RADIAN - BORROWER PAID                                 25   Full                                                                                                                                             FIXED
WATSONVILLE                                             CA                       95076                        360                       464,000.00                     6.500                     20061201   SFR                                               2,932.80                      463,580.53                     6.500    Owner Occupied         Purchase                                                   615,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
LOS GATOS                                               CA                       95030                        360                     1,353,000.00                     6.750                     20061101   SFR                                               7,610.63                      803,000.00                     6.750    Owner Occupied         Purchase                                                 1,928,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
SOQUEL                                                  CA                       95073                        360                       624,000.00                     6.875                     20061201   SFR                                               3,575.00                      624,000.00                     6.875    Owner Occupied         CashOut Refi                                               780,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                                                                                             FIXED
MAUMELLE                                                AR                       26311                        360                       275,040.00                     7.500                     20070101   SFR                                               1,923.12                      275,040.00                     7.500    Owner Occupied         Purchase                                                   350,000.00                           360      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
WEATHERFORD                                             TX                       76087                        360                       140,600.00                     7.250                     20070101   SFR                                                 849.46                      140,600.00                     7.250    Investment             Purchase                                                   201,500.00                           360      20070101                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SACRAMENTO                                              CA                       34935                        360                       243,750.00                     7.125                     20070101   SFR                                               1,447.27                      243,750.00                     7.125    Investment             CashOut Refi                                               325,000.00                           360      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
ROCKLIN                                                 CA                       95677                        360                       440,000.00                     6.375                     20060901   SFR                                               2,337.50                      439,991.01                     6.375    Owner Occupied         Rate Refi                                                  550,000.00                           356      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                     36    S                                                         2.25    LIBOR                            12
SALINAS                                                 CA                       34217                        360                       228,000.00                     6.250                     20060801   PUD                                               1,187.50                      228,000.00                     6.250    Owner Occupied         Purchase                                                   285,000.00                           355      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
EAGLE                                                   ID                       30483                        360                       202,000.00                     5.875                     20060801   D-PUDS                                              988.96                      202,000.00                     5.875    Owner Occupied         CashOut Refi                                               253,000.00                           355      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
RANCHO SANTA MARGARITA                                  CA                       92688                        360                       700,000.00                     6.625                     20060801   D-PUDS                                            3,864.58                      700,000.00                     6.625    Owner Occupied         CashOut Refi                                               875,000.00                           355      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SALINAS                                                 CA                       34218                        360                       487,500.00                     6.125                     20060901   SFR                                               2,488.28                      487,500.00                     6.125    Owner Occupied         Purchase                                                   650,000.00                           356      20061201                      0.375                         0.030              5.720                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
GLEN ELEN                                               CA                       95442                        360                       870,000.00                     6.250                     20060801   SFR                                               4,531.25                      870,000.00                     6.250    Owner Occupied         CashOut Refi                                             1,360,000.00                           355      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SAN DIEGO                                               CA                       33631                        360                       481,000.00                     6.250                     20060801   SFR                                               2,961.60                      478,694.15                     6.250    Owner Occupied         CashOut Refi                                               650,000.00                           355      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
MIRA LOMA                                               CA                       91752                        360                       498,157.00                     7.125                     20060901   SFR                                               2,957.81                      498,157.00                     7.125    Owner Occupied         Purchase                                                   622,697.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
RIVERSIDE                                               CA                       33727                        360                       631,000.00                     6.500                     20060901   D-PUDS                                            3,417.92                      631,000.00                     6.500    Owner Occupied         Purchase                                                   901,553.00                           356      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                            12
(WINNETKA AREA) LOS                                     CA                       33303                        360                       360,000.00                     7.750                     20060801   SFR                                               2,325.00                      360,000.00                     7.750    Investment             Purchase                                                   450,000.00                           355      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.75    LIBOR                            12
MERCER ISLAND                                           WA                       98040                        360                     1,000,000.00                     6.500                     20060901   SFR                                               5,416.67                    1,000,000.00                     6.500    Owner Occupied         Rate Refi                                                1,620,000.00                           356      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     36    S                                                         2.25    LIBOR                            12
BRENTWOOD                                               NY                       40741                        360                       320,800.00                     7.500                     20060901   SFR                                               2,005.00                      320,800.00                     7.500    Owner Occupied         Purchase                                                   401,000.00                           356      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
LITCHFIELD                                              MN                       55355                        360                       172,000.00                     6.625                     20060901   SFR                                                 949.58                      172,000.00                     6.625    Owner Occupied         Purchase                                                   215,000.00                           356      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
FERNLEY                                                 NV                       32606                        360                       251,200.00                     6.875                     20060901   SFR                                               1,439.17                      251,200.00                     6.875    Owner Occupied         Purchase                                                   314,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
ANDERSON                                                IN                       46016                        360                        59,175.00                     8.125                     20061001   SFR                                                 439.37                       58,986.61                     8.125    Owner Occupied         CashOut Refi                                                78,900.00                           357      20061201                      0.375                         0.030              7.720                                                                                   Express No Doc                                                           36    S                                                         3.25    LIBOR                             6
GYPSUM                                                  CO                       81637                        360                       213,600.00                     6.250                     20061001   SFR                                               1,112.50                      213,600.00                     6.250    Owner Occupied         Purchase                                                   267,000.00                           357      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
LAUREL                                                  MD                       44019                        360                       190,000.00                     6.375                     20060901   CONDO                                             1,009.38                      189,950.00                     6.375    Owner Occupied         Purchase                                                   237,500.00                           356      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
BALTIMORE                                               MD                       44239                        360                        78,000.00                     6.750                     20060801   SFR                                                 438.75                       78,000.00                     6.750    Investment             Purchase                                                   120,000.00                           355      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
MESA                                                    AZ                       31080                        360                       173,200.00                     6.625                     20061001   D-PUDS                                              956.21                      173,200.00                     6.625    Owner Occupied         Purchase                                                   216,500.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
WILDOMAR                                                CA                       92595                        360                       316,800.00                     7.500                     20061001   D-PUDS                                            1,980.00                      316,779.88                     7.500    Owner Occupied         Purchase                                                   396,000.00                           357      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
LAS VEGAS                                               NV                       32515                        360                       255,000.00                     7.875                     20061001   SFR                                               1,673.44                      255,000.00                     7.875    Owner Occupied         Purchase                                                   255,000.00                           357      20061201                      0.375                         0.030              7.470                       PMI                                                    35   Full                                                                     36    S                                                        2.875    LIBOR                             6
SALEM                                                   OR                       35490                        360                       158,400.00                     6.875                     20060901   SFR                                                  907.5                      158,400.00                     6.875    Owner Occupied         CashOut Refi                                               198,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
PORTLAND                                                OR                       35474                        360                       175,200.00                     7.125                     20060901   SFR                                               1,040.25                      175,200.00                     7.125    Owner Occupied         Purchase                                                   219,000.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
PORTLAND                                                OR                       97230                        360                       193,600.00                     7.000                     20060901   SFR                                               1,129.33                      193,600.00                     7.000    Owner Occupied         Rate Refi                                                  242,000.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
PORTLAND                                                OR                       35488                        360                       186,000.00                     8.250                     20061001   SFR                                               1,278.75                      186,000.00                     8.250    Owner Occupied         Purchase                                                   232,500.00                           357      20061201                      0.375                         0.030              7.845                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
VANCOUVER                                               WA                       98686                        360                       472,000.00                     7.750                     20061001   SFR                                               3,048.33                      472,000.00                     7.750    Owner Occupied         Purchase                                                   590,000.00                           357      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
WOODBURN                                                OR                       97071                        360                       199,200.00                     7.250                     20061001   SFR                                               1,203.50                      199,200.00                     7.250    Owner Occupied         Purchase                                                   250,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SHERWOOD                                                OR                       97140                        360                       344,000.00                     8.125                     20060901   SFR                                               2,329.17                      344,000.00                     8.125    Investment             Purchase                                                   430,000.00                           356      20061201                      0.375                         0.030              7.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
MORENO VALLEY                                           CA                       92557                        360                       262,500.00                     7.750                     20060901   SFR                                               1,695.31                      262,500.00                     7.750    Investment             CashOut Refi                                               351,000.00                           356      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
EUGENE                                                  OR                       35524                        360                       166,400.00                     6.750                     20061001   SFR                                                    936                      166,400.00                     6.750    Owner Occupied         Purchase                                                   208,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
EUGENE                                                  OR                       35525                        360                       376,000.00                     7.000                     20061001   SFR                                               2,193.33                      376,000.00                     7.000    Owner Occupied         Purchase                                                   472,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
BEND                                                    OR                       35612                        360                       928,000.00                     7.375                     20061001   SFR                                               5,703.33                      928,000.00                     7.375    Owner Occupied         Purchase                                                 1,160,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LONGVIEW                                                WA                       98632                        360                       170,800.00                     7.125                     20061001   SFR                                               1,014.13                      170,800.00                     7.125    Owner Occupied         Purchase                                                   213,500.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
FOUNTAIN HILLS                                          AZ                       85268                        360                     1,469,300.00                     7.375                     20061001   SFR                                               9,030.07                    1,469,300.00                     7.375    Owner Occupied         Purchase                                                 2,099,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
FONTANA                                                 CA                       92336                        360                       474,160.00                     6.875                     20061001   SFR                                               2,716.54                      474,160.00                     6.875    Owner Occupied         Purchase                                                   592,700.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LANCASTER                                               CA                       93535                        360                       328,000.00                     6.875                     20060901   SFR                                               1,879.17                      327,484.76                     6.875    Owner Occupied         Purchase                                                   410,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
LAKE FOREST                                             CA                       33785                        360                       475,000.00                     6.875                     20061001   SFR                                               2,721.35                      475,000.00                     6.875    Owner Occupied         Purchase                                                   600,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
SOUTH RIDING                                            VA                       20152                        360                       312,000.00                     6.875                     20061001   D-PUDS                                            1,787.50                      312,000.00                     6.875    Owner Occupied         Purchase                                                   390,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
KENT                                                    WA                       98032                        360                       240,000.00                     6.875                     20061001   SFR                                               1,576.63                      239,391.63                     6.875    Owner Occupied         CashOut Refi                                               300,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LOS ANGELES                                             CA                       90042                        360                       436,000.00                     6.750                     20061001   SFR                                               2,452.50                      433,018.16                     6.750    Owner Occupied         Purchase                                                   545,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
HUNTINGTON BEACH                                        CA                       92646                        360                       368,000.00                     6.875                     20061001   D-PUDS                                            2,108.33                      368,000.00                     6.875    Owner Occupied         Purchase                                                   460,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
BOULDER                                                 CO                       29282                        360                       416,000.00                     6.750                     20061001   SFR                                               2,340.00                      416,000.00                     6.750    Owner Occupied         Purchase                                                   520,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
CAMARILLO                                               CA                       93012                        360                       340,000.00                     6.875                     20061001   CONDO                                             1,947.92                      340,000.00                     6.875    Owner Occupied         Purchase                                                   425,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
NATIONAL CITY                                           CA                       91950                        360                       277,600.00                     7.250                     20061001   CONDO                                             1,893.72                      276,946.41                     7.250    Owner Occupied         Rate Refi                                                  347,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
PORTLAND                                                OR                       35473                        360                       239,000.00                     6.875                     20061001   SFR                                               1,369.27                      238,938.36                     6.875    Owner Occupied         Purchase                                                   298,750.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
ALEXANDRIA                                              VA                       44635                        360                       274,850.00                     6.750                     20061001   D-PUDS                                            1,782.67                      273,865.44                     6.750    Owner Occupied         Purchase                                                   343,600.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
AVONDALE                                                AZ                       31129                        360                       202,400.00                     6.875                     20061001   D-PUDS                                            1,159.58                      202,400.00                     6.875    Owner Occupied         Purchase                                                   253,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SAN DIEGO                                               CA                       33608                        360                       406,250.00                     6.875                     20061001   SFR                                               2,327.47                      406,250.00                     6.875    Owner Occupied         CashOut Refi                                               625,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
QUEEN CREEK                                             AZ                       85242                        360                       261,600.00                     7.125                     20061001   SFR                                               1,553.25                      261,600.00                     7.125    Owner Occupied         Purchase                                                   327,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LAKESIDE                                                CA                       92040                        360                       308,000.00                     6.750                     20061001   SFR                                               1,732.50                      308,000.00                     6.750    Owner Occupied         Purchase                                                   385,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
GALLATIN                                                TN                       37066                        360                       200,000.00                     6.750                     20061001   D-PUDS                                            1,125.00                      199,464.74                     6.750    Owner Occupied         Purchase                                                   689,950.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
LOS ANGELES                                             CA                       90062                        360                       460,000.00                     6.875                     20061001   SFR                                               2,635.42                      458,993.75                     6.875    Owner Occupied         Purchase                                                   575,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
AZUSA                                                   CA                       33421                        360                       364,000.00                     6.875                     20061001   SFR                                               2,085.42                      364,000.00                     6.875    Owner Occupied         Purchase                                                   455,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LAKELAND                                                FL                       12279                        360                       212,000.00                     7.250                     20061001   D-PUDS                                            1,280.83                      212,000.00                     7.250    Owner Occupied         CashOut Refi                                               266,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
OREGON CITY                                             OR                       97045                        360                       213,600.00                     6.875                     20061001   SFR                                               1,223.75                      213,538.82                     6.875    Owner Occupied         Purchase                                                   267,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
PEARLAND                                                TX                       77584                        360                       112,950.00                     6.875                     20061001   D-PUDS                                              647.11                      112,950.00                     6.875    Owner Occupied         Purchase                                                   141,200.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
WOODBRIDGE                                              VA                       22191                        360                       368,000.00                     6.750                     20061001   SFR                                               2,070.00                      368,000.00                     6.750    Owner Occupied         Purchase                                                   460,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
FRESNO                                                  CA                       34176                        360                       180,000.00                     6.750                     20061001   D-PUDS                                            1,012.50                      180,000.00                     6.750    Investment             Purchase                                                   225,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
MEDFORD                                                 OR                       35551                        360                       316,000.00                     7.000                     20061001   SFR                                               1,843.33                      316,000.00                     7.000    Owner Occupied         Purchase                                                   395,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LAS VEGAS                                               NV                       89145                        360                       196,000.00                     7.625                     20061001   SFR                                               1,245.42                      195,895.42                     7.625    Investment             Purchase                                                   245,000.00                           357      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
PUYALLUP                                                WA                       98372                        360                       111,600.00                     6.875                     20061001   SFR                                                 639.38                      111,600.00                     6.875    Owner Occupied         Purchase                                                   139,500.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
ALEXANDRIA                                              VA                       44635                        360                       352,000.00                     6.750                     20061001   SFR                                               1,980.00                      352,000.00                     6.750    Owner Occupied         Purchase                                                   440,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
SOMERSET                                                NJ                        8873                        360                       232,500.00                     8.500                     20061001   D-PUDS                                            1,787.72                      232,074.47                     8.500    Investment             CashOut Refi                                               310,000.00                           357      20061201                      0.375                         0.030              8.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
MINNEAPOLIS                                             MN                       20186                        360                       165,200.00                     7.125                     20061001   SFR                                                 980.88                      165,198.95                     7.125    Owner Occupied         Purchase                                                   207,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
ARROYO GRANDE                                           CA                       34079                        360                       650,000.00                     6.875                     20061001   SFR                                               3,723.96                      649,994.01                     6.875    Owner Occupied         Purchase                                                   825,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
LOVELAND                                                OH                       45140                        360                       412,000.00                     6.750                     20061001   SFR                                               2,317.50                      412,000.00                     6.750    Owner Occupied         Purchase                                                   515,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LOUISBURG                                               KS                       66053                        360                       175,000.00                     7.250                     20061001   D-PUDS                                            1,057.29                      175,000.00                     7.250    Investment             Rate Refi                                                  235,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
NORTHRIDGE AREA LOS                                     CA                       33323                        360                       242,400.00                     6.876                     20061001   CONDO                                             1,388.95                      242,399.80                     6.876    Owner Occupied         Purchase                                                   303,000.00                           357      20061201                      0.375                         0.030              6.471                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
WOODBRIDGE                                              VA                       22193                        360                       340,000.00                     6.875                     20061001   SFR                                               1,947.92                      339,960.07                     6.875    Owner Occupied         Purchase                                                   425,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
WEST VALLEY CITY                                        UT                       30709                        360                       157,300.00                     7.250                     20061001   SFR                                               1,073.06                      156,929.65                     7.250    Investment             Rate Refi                                                  201,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LAS VEGAS                                               NV                       32509                        360                       116,000.00                     6.750                     20061001   D-PUDS                                               652.5                      115,999.54                     6.750    Owner Occupied         CashOut Refi                                               145,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                     36    S                                                         2.25    LIBOR                             6
HOUSTON                                                 TX                       77007                        360                       178,300.00                     6.875                     20061001   TOWNHOUSE                                         1,171.30                      177,848.05                     6.875    Owner Occupied         Purchase                                                   222,900.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
EVANSTON                                                IL                       21948                        360                       630,000.00                     6.875                     20061001   CONDO                                             3,609.38                      630,000.00                     6.875    Owner Occupied         Purchase                                                   930,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
ANOKA                                                   MN                       20151                        360                       154,700.00                     6.750                     20061001   D-PUDS                                              870.19                      154,700.00                     6.750    Owner Occupied         Purchase                                                   193,390.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                     36    S                                                         2.25    LIBOR                             6
CHANDLER                                                AZ                       31103                        360                       133,600.00                     7.250                     20061001   D-PUDS                                              807.17                      133,500.00                     7.250    Owner Occupied         Purchase                                                   167,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
LAS VEGAS                                               NV                       32538                        360                       304,000.00                     6.875                     20061001   D-PUDS                                            1,741.67                      304,000.00                     6.875    Owner Occupied         Rate Refi                                                  380,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
VENTURA                                                 CA                       93001                        360                       307,500.00                     7.500                     20061001   CONDO                                             1,921.88                      307,500.00                     7.500    Owner Occupied         Rate Refi                                                  416,000.00                           357      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LOS ANGELES                                             CA                       90061                        360                       260,000.00                     6.750                     20061001   SFR                                               1,462.50                      260,000.00                     6.750    Owner Occupied         Rate Refi                                                  400,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
ANOKA                                                   MN                       20151                        360                       202,500.00                     7.750                     20060901   SFR                                               1,307.81                      202,500.00                     7.750    Investment             CashOut Refi                                               270,000.00                           356      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
AMERICAN CANYON                                         CA                       34457                        360                       550,000.00                     6.875                     20061001   D-PUDS                                            3,151.04                      550,000.00                     6.875    Owner Occupied         CashOut Refi                                               700,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
SAN DIEGO                                               CA                       33608                        360                       297,500.00                     6.750                     20061001   PUD                                               1,673.44                      297,500.00                     6.750    Investment             CashOut Refi                                               425,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
LAKEWOOD                                                CA                       33067                        360                       432,000.00                     6.875                     20061001   SFR                                               2,475.00                      432,000.00                     6.875    Owner Occupied         Purchase                                                   540,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
TAMPA                                                   FL                       12211                        360                       511,000.00                     7.500                     20061001   SFR                                               3,193.75                      511,000.00                     7.500    Owner Occupied         CashOut Refi                                               953,000.00                           357      20061201                      0.375                         0.030              7.095                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
SALINAS                                                 CA                       34217                        360                       400,000.00                     7.000                     20061001   SFR                                               2,333.33                      400,000.00                     7.000    Owner Occupied         CashOut Refi                                               585,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
PHOENIX                                                 AZ                       85007                        360                       149,300.00                     6.750                     20061001   SFR                                                 839.81                      149,300.00                     6.750    Investment             Purchase                                                   186,650.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                     36    S                                                         2.25    LIBOR                             6
BUTTE                                                   MT                       21732                        360                       100,000.00                     7.000                     20061001   SFR                                                  665.3                       99,752.66                     7.000    Owner Occupied         CashOut Refi                                               125,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
SIMI VALLEY                                             CA                       93063                        360                       480,800.00                     7.000                     20061001   SFR                                               2,804.67                      480,800.00                     7.000    Owner Occupied         Purchase                                                   601,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
VICTORVILLE                                             CA                       92392                        360                       392,000.00                     7.250                     20061001   D-PUDS                                            2,368.33                      392,000.00                     7.250    Owner Occupied         Purchase                                                   490,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
ROSEVILLE                                               CA                       95678                        360                       315,000.00                     6.875                     20061001   CONDO                                             1,804.69                      315,000.00                     6.875    Investment             CashOut Refi                                               472,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
CHICO                                                   CA                       34970                        360                       163,900.00                     6.750                     20061001   SFR                                                 921.94                      163,900.00                     6.750    Owner Occupied         Purchase                                                   204,900.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
WILMINGTON                                              NC                       46854                        360                       119,150.00                     6.750                     20061001   D-PUDS                                              670.22                      119,150.00                     6.750    Owner Occupied         Purchase                                                   185,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
PESHASTIN                                               WA                       98847                        360                       164,150.00                     6.875                     20061001   D-PUDS                                              940.44                      164,102.98                     6.875    Owner Occupied         Purchase                                                   205,240.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
ROSEVILLE                                               CA                       95678                        360                       301,200.00                     6.875                     20061001   SFR                                               1,725.63                      301,200.00                     6.875    Owner Occupied         Purchase                                                   377,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
SAN JOSE                                                CA                       95133                        360                       400,000.00                     7.250                     20061001   D-PUDS                                            2,416.67                      400,000.00                     7.250    Owner Occupied         Purchase                                                   500,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LIVINGSTON                                              CA                       95334                        360                       308,000.00                     6.750                     20061001   SFR                                               1,732.50                      308,000.00                     6.750    Owner Occupied         Purchase                                                   400,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
VENTURA                                                 CA                       93003                        360                       472,000.00                     6.875                     20061001   SFR                                               2,704.17                      472,000.00                     6.875    Owner Occupied         Purchase                                                   590,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
SARASOTA                                                FL                       34231                        360                       256,000.00                     6.875                     20061001   SFR                                               1,466.67                      256,000.00                     6.875    Owner Occupied         Purchase                                                   320,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
SOUTH OZONE PARK                                        NY                       40653                        360                       380,000.00                     7.250                     20061001   SFR                                               2,295.83                      380,000.00                     7.250    Owner Occupied         Rate Refi                                                  475,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
INGLEWOOD                                               CA                       32935                        360                       478,000.00                     7.000                     20061001   2-4FAMILY                                         2,788.33                      478,000.00                     7.000    Owner Occupied         Purchase                                                   597,500.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
BRENTWOOD                                               CA                       34467                        360                       408,000.00                     6.750                     20061001   SFR                                               2,295.00                      407,998.13                     6.750    Owner Occupied         Rate Refi                                                  510,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
CARSON                                                  CA                       90745                        360                       455,200.00                     6.750                     20061001   SFR                                               2,560.50                      455,200.00                     6.750    Owner Occupied         Purchase                                                   569,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
SUN CITY                                                AZ                       85373                        360                       316,000.00                     7.250                     20060901   SFR                                               1,909.17                      315,994.44                     7.250    Owner Occupied         CashOut Refi                                               395,000.00                           356      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
CAMANO ISLAND                                           WA                       98282                        360                       240,000.00                     7.125                     20061001   D-PUDS                                            1,616.92                      239,420.81                     7.125    Owner Occupied         Purchase                                                   300,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
FENTON                                                  MI                       17653                        360                       192,800.00                     6.750                     20061001   SFR                                               1,084.50                      192,800.00                     6.750    Owner Occupied         Purchase                                                   241,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
CONROE                                                  TX                       28187                        360                       274,100.00                     6.875                     20061001   SFR                                               1,800.64                      273,405.21                     6.875    Owner Occupied         CashOut Refi                                               375,500.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
EUGENE                                                  OR                       35525                        360                       320,450.00                     7.250                     20061001   SFR                                               2,186.03                      319,695.52                     7.250    Owner Occupied         Purchase                                                   427,300.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
SANTA CRUZ                                              CA                       95065                        360                       592,000.00                     7.250                     20061001   SFR                                               3,576.67                      592,000.00                     7.250    Owner Occupied         Purchase                                                   740,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SACRAMENTO                                              CA                       34937                        360                       264,800.00                     6.875                     20061001   SFR                                               1,517.08                      264,800.00                     6.875    Owner Occupied         Rate Refi                                                  331,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
WEST COVINA                                             CA                       91792                        360                       287,120.00                     6.875                     20061001   CONDO                                             1,644.96                      287,120.00                     6.875    Owner Occupied         Purchase                                                   358,900.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
CHULA VISTA                                             CA                       33492                        360                       312,000.00                     6.750                     20061001   SFR                                               1,755.00                      311,508.62                     6.750    Owner Occupied         Purchase                                                   390,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
FALLS CHURCH                                            VA                       22042                        360                       432,000.00                     6.875                     20061001   SFR                                               2,475.00                      432,000.00                     6.875    Owner Occupied         Purchase                                                   540,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
YUMA                                                    AZ                       85364                        360                       175,000.00                     6.875                     20061001   SFR                                               1,002.60                      175,000.00                     6.875    Owner Occupied         CashOut Refi                                               252,500.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
FREMONT                                                 CA                       94536                        360                       628,000.00                     7.500                     20061001   D-PUDS                                            3,925.00                      628,000.00                     7.500    Owner Occupied         Purchase                                                   785,000.00                           357      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
CENTREVILLE                                             VA                       43850                        360                       400,000.00                     6.875                     20061001   D-PUDS                                            2,291.67                      400,000.00                     6.875    Owner Occupied         Rate Refi                                                  660,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
GREEN BAY                                               WI                       19787                        360                       101,600.00                     6.750                     20061001   SFR                                                 658.98                      101,336.08                     6.750    Owner Occupied         Purchase                                                   127,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
PORTLAND                                                OR                       35467                        360                       228,000.00                     6.875                     20061001   SFR                                               1,306.25                      228,000.00                     6.875    Owner Occupied         Purchase                                                   285,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
UNION CITY                                              CA                       94587                        360                       545,600.00                     6.875                     20061001   SFR                                               3,125.83                      545,600.00                     6.875    Owner Occupied         Purchase                                                   682,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
OAK GROVE                                               MN                       55005                        360                       126,000.00                     7.625                     20061001   SFR                                                 800.63                      126,000.00                     7.625    Investment             Purchase                                                   157,500.00                           357      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                             6
LA MIRADA                                               CA                       90638                        360                       460,000.00                     7.125                     20061001   SFR                                               2,731.25                      460,000.00                     7.125    Owner Occupied         CashOut Refi                                               655,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
DOWNERS GROVE                                           IL                       22051                        360                       274,000.00                     7.000                     20061001   SFR                                               1,598.33                      274,000.00                     7.000    Owner Occupied         Purchase                                                   342,500.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
MODESTO                                                 CA                       95351                        360                       256,000.00                     6.625                     20061001   SFR                                               1,413.33                      256,000.00                     6.625    Owner Occupied         Rate Refi                                                  320,000.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
CHICAGO                                                 IL                       60638                        360                       231,300.00                     8.375                     20061001   SFR                                               1,614.28                      231,300.00                     8.375    Owner Occupied         Purchase                                                   257,000.00                           357      20061201                      0.375                         0.030              7.970                       PMI                                                    25   Stated                                                                                                                                   2.25    LIBOR                             6
CORONA                                                  CA                       92879                        360                       342,000.00                     6.875                     20061001   SFR                                               1,959.38                      342,000.00                     6.875    Owner Occupied         CashOut Refi                                               460,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
NEW SMYRNA BEACH                                        FL                       32168                        360                        82,800.00                     8.125                     20061001   SFR                                                 560.63                       82,800.00                     8.125    Investment             Purchase                                                    92,000.00                           357      20061201                      0.375                         0.030              7.720                       PMI                                                    25   Stated                                                                                                                                   2.25    LIBOR                             6
SAN DIEGO                                               CA                       33627                        360                       568,800.00                     7.625                     20061001   SFR                                               3,614.26                      568,800.00                     7.625    Owner Occupied         Rate Refi                                                  711,000.00                           357      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
GRESHAM                                                 OR                       97030                        360                       187,120.00                     6.500                     20061001   SFR                                               1,013.57                      187,120.00                     6.500    Owner Occupied         Purchase                                                   233,900.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
TAYLORSVILLE                                            UT                       30699                        360                       131,920.00                     6.875                     20061001   SFR                                                 755.79                      131,898.60                     6.875    Investment             Purchase                                                   165,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
PHILADELPHIA                                            PA                       19147                        360                       304,000.00                     7.000                     20061001   SFR                                               1,773.33                      303,579.21                     7.000    Owner Occupied         Purchase                                                   380,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
LA VERKIN                                               UT                       84745                        360                       171,120.00                     7.750                     20061001   SFR                                               1,105.15                      171,120.00                     7.750    Investment             Purchase                                                   213,900.00                           357      20061201                      0.375                         0.030              7.345                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
CAYUCOS                                                 CA                       34089                        360                       375,000.00                     7.000                     20061001   SFR                                               2,187.50                      375,000.00                     7.000    Owner Occupied         CashOut Refi                                               880,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
MESA                                                    AZ                       31086                        360                       234,400.00                     6.500                     20060801   D-PUDS                                            1,269.67                      234,400.00                     6.500    Owner Occupied         Rate Refi                                                  293,000.00                           355      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
BEND                                                    OR                       35613                        360                       191,700.00                     7.500                     20060901   D-PUDS                                            1,198.13                      191,700.00                     7.500    Investment             CashOut Refi                                               295,000.00                           356      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
AURORA                                                  CO                       80016                        360                       348,000.00                     6.875                     20061001   D-PUDS                                            1,993.75                      348,000.00                     6.875    Owner Occupied         CashOut Refi                                               435,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
ANTELOPE                                                CA                       95843                        360                       389,238.00                     6.875                     20061001   SFR                                               2,230.01                      389,026.83                     6.875    Owner Occupied         Purchase                                                   486,548.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SONORA                                                  CA                       95370                        360                       357,600.00                     6.750                     20060901   SFR                                               2,011.50                      357,600.00                     6.750    Owner Occupied         Purchase                                                   447,000.00                           356      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
NAPA                                                    CA                       94558                        360                       250,000.00                     6.875                     20060901   SFR                                               1,432.29                      250,000.00                     6.875    Owner Occupied         CashOut Refi                                               950,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
RIVERSIDE                                               CA                       33733                        360                       174,000.00                     6.750                     20060901   SFR                                                 978.75                      174,000.00                     6.750    Owner Occupied         CashOut Refi                                               400,000.00                           356      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                           36    S                                                         2.25    LIBOR                            12
ANTIOCH                                                 CA                       34463                        360                       374,400.00                     7.000                     20061001   SFR                                               2,184.00                      374,400.00                     7.000    Owner Occupied         Purchase                                                   468,000.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
TROUTDALE                                               OR                       97060                        360                       294,600.00                     6.875                     20060901   D-PUDS                                            1,687.81                      294,600.00                     6.875    Owner Occupied         Purchase                                                   368,260.00                           356      20070101                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
SAN JOSE                                                CA                       34726                        360                       474,400.00                     7.125                     20061001   SFR                                               2,816.75                      474,400.00                     7.125    Owner Occupied         Purchase                                                   593,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
ALBUQUERQUE                                             NM                       31799                        360                       960,000.00                     7.375                     20061001   SFR                                               5,900.00                      960,000.00                     7.375    Owner Occupied         Purchase                                                 1,200,000.00                           357      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
HANFORD                                                 CA                       93230                        360                       228,800.00                     7.125                     20060901   SFR                                               1,358.50                      228,799.87                     7.125    Owner Occupied         Purchase                                                   286,000.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SAN MARCOS                                              CA                       92078                        360                       268,000.00                     7.000                     20060901   CONDO                                             1,563.33                      268,000.00                     7.000    Investment             Rate Refi                                                  335,000.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
REDDING                                                 CA                       96001                        360                       177,000.00                     7.375                     20060901   SFR                                               1,087.81                      177,000.00                     7.375    Owner Occupied         CashOut Refi                                               222,000.00                           356      20061201                      0.375                         0.030              6.970                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
CLOVIS                                                  CA                       34132                        360                       232,800.00                     6.750                     20060901   SFR                                               1,309.50                      232,800.00                     6.750    Owner Occupied         Purchase                                                   291,000.00                           356      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
TEMPE                                                   AZ                       85284                        360                       416,000.00                     7.125                     20060901   SFR                                               2,470.00                      416,000.00                     7.125    Owner Occupied         CashOut Refi                                               524,000.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Express No Doc                                                           36    S                                                         2.25    LIBOR                            12
GLENDALE                                                AZ                       31116                        360                       817,600.00                     7.625                     20060901   SFR                                               5,195.17                      817,600.00                     7.625    Owner Occupied         CashOut Refi                                             1,022,000.00                           356      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
MESA                                                    AZ                       31087                        360                       196,000.00                     7.125                     20061001   D-PUDS                                            1,163.75                      196,000.00                     7.125    Owner Occupied         Purchase                                                   245,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Full                                                                     36    S                                                         2.25    LIBOR                            12
CAMAS                                                   WA                       35953                        360                       131,520.00                     6.875                     20060901   SFR                                                  753.5                      131,518.31                     6.875    Owner Occupied         Purchase                                                   164,400.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
RIO LINDA                                               CA                       95673                        360                       232,000.00                     6.875                     20060901   SFR                                               1,329.17                      232,000.00                     6.875    Owner Occupied         Rate Refi                                                  290,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
HUBBARD                                                 OR                       97032                        360                       171,200.00                     7.375                     20060901   SFR                                               1,182.44                      170,671.51                     7.375    Owner Occupied         CashOut Refi                                               214,000.00                           356      20061201                      0.375                         0.030              6.970                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
ATWATER                                                 CA                       34759                        360                       248,000.00                     7.125                     20060901   SFR                                               1,472.50                      248,000.00                     7.125    Owner Occupied         CashOut Refi                                               310,000.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
PORTLAND                                                OR                       35481                        360                       267,600.00                     6.875                     20061001   SFR                                               1,533.13                      267,600.00                     6.875    Owner Occupied         Purchase                                                   334,500.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
NORTH HIGHLANDS                                         CA                       95660                        360                       207,600.00                     7.000                     20061001   SFR                                               1,211.00                      207,600.00                     7.000    Owner Occupied         Purchase                                                   259,500.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
CITRUS HEIGHTS                                          CA                       34871                        360                       268,000.00                     7.250                     20060901   SFR                                               1,619.17                      268,000.00                     7.250    Owner Occupied         Purchase                                                   335,000.00                           356      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
PHOENIX                                                 AZ                       85018                        360                       840,000.00                     7.125                     20060901   SFR                                               4,987.50                      840,000.00                     7.125    Owner Occupied         Purchase                                                 1,050,000.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
CHULA VISTA                                             CA                       33491                        360                       340,000.00                     6.875                     20061001   SFR                                               1,947.92                      340,000.00                     6.875    Owner Occupied         Purchase                                                   425,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
PETALUMA                                                CA                       94954                        360                       519,200.00                     6.875                     20060901   SFR                                               2,974.58                      519,200.00                     6.875    Owner Occupied         Purchase                                                   649,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
BENICIA                                                 CA                       34464                        360                       580,000.00                     7.125                     20061001   SFR                                               3,443.75                      580,000.00                     7.125    Owner Occupied         Purchase                                                   725,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SILVERTON                                               OR                       97381                        360                       144,000.00                     6.625                     20061001   SFR                                                    795                      144,000.00                     6.625    Owner Occupied         Purchase                                                   180,000.00                           357      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
PALO ALTO                                               CA                       34396                        360                       556,799.00                     7.000                     20060901   SFR                                               3,247.99                      556,799.00                     7.000    Owner Occupied         Purchase                                                   695,999.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
MISSION VIEJO                                           CA                       92691                        360                       399,900.00                     6.875                     20060901   CONDO                                             2,291.09                      399,899.75                     6.875    Owner Occupied         Purchase                                                   499,900.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
UNION CITY                                              CA                       94587                        360                       539,910.00                     6.875                     20060901   SFR                                               3,093.23                      539,910.00                     6.875    Owner Occupied         Purchase                                                   674,888.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                    6    H                                                         2.25    LIBOR                            12
CAMARILLO                                               CA                       93010                        360                       610,000.00                     7.250                     20061001   CONDO                                             3,685.42                      610,000.00                     7.250    Owner Occupied         Purchase                                                   855,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
HEMET                                                   CA                       92543                        360                       182,400.00                     7.250                     20061001   SFR                                               1,102.00                      182,400.00                     7.250    Investment             Purchase                                                   228,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
ANTIOCH                                                 CA                       34463                        360                       346,400.00                     7.000                     20060901   SFR                                               2,020.67                      346,400.00                     7.000    Owner Occupied         Purchase                                                   433,000.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SAN DIEGO                                               CA                       33626                        360                       364,000.00                     6.500                     20061001   SFR                                               1,971.67                      364,000.00                     6.500    Owner Occupied         Purchase                                                   455,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
FREMONT                                                 CA                       94536                        360                       507,500.00                     6.750                     20061001   SFR                                               2,854.69                      507,500.00                     6.750    Owner Occupied         Purchase                                                   725,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SACRAMENTO                                              CA                       34931                        360                       163,200.00                     6.875                     20060901   SFR                                                    935                      163,200.00                     6.875    Owner Occupied         Purchase                                                   204,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
FRESNO                                                  CA                       34176                        360                       232,000.00                     6.875                     20061001   SFR                                               1,329.17                      232,000.00                     6.875    Owner Occupied         Purchase                                                   290,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
PHOENIX                                                 AZ                       85033                        360                       116,950.00                     6.875                     20061001   SFR                                                 670.03                      116,950.00                     6.875    Investment             CashOut Refi                                               180,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
WEST JORDAN                                             UT                       84088                        360                       143,920.00                     7.250                     20061001   CONDO                                               869.52                      143,920.00                     7.250    Owner Occupied         Purchase                                                   179,900.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
PHOENIX                                                 AZ                       85050                        360                       260,000.00                     7.000                     20060901   D-PUDS                                            1,516.67                      260,000.00                     7.000    Owner Occupied         Purchase                                                   325,000.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
ENGLEWOOD                                               CO                       29233                        360                       744,000.00                     7.375                     20060901   D-PUDS                                            4,572.50                      744,000.00                     7.375    Owner Occupied         Purchase                                                   930,000.00                           356      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
BAKERSFIELD                                             CA                       34035                        360                       174,032.00                     7.000                     20061001   D-PUDS                                            1,015.19                      174,032.00                     7.000    Owner Occupied         Purchase                                                   217,540.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
CAMARILLO                                               CA                       93010                        360                       370,000.00                     6.875                     20061001   SFR                                               2,119.79                      370,000.00                     6.875    Investment             CashOut Refi                                               675,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                           36    S                                                         2.25    LIBOR                            12
NEWARK                                                  CA                       94560                        360                       489,920.00                     7.125                     20060901   SFR                                               2,908.90                      489,920.00                     7.125    Owner Occupied         Purchase                                                   612,400.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
TEMPE                                                   AZ                       85283                        360                       195,000.00                     7.250                     20061001   SFR                                               1,178.13                      195,000.00                     7.250    Investment             CashOut Refi                                               300,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
ALBANY                                                  OR                       35511                        360                       215,200.00                     6.875                     20061001   SFR                                               1,232.92                      215,171.24                     6.875    Owner Occupied         Purchase                                                   269,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
CLACKAMAS                                               OR                       97015                        360                       376,000.00                     6.875                     20061001   SFR                                               2,154.17                      376,000.00                     6.875    Owner Occupied         Purchase                                                   470,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
SAN DIEGO                                               CA                       33616                        360                       240,000.00                     6.875                     20061001   SFR                                               1,375.00                      240,000.00                     6.875    Owner Occupied         Rate Refi                                                  300,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
SACRAMENTO                                              CA                       34938                        360                       228,445.00                     7.000                     20060901   SFR                                               1,332.60                      228,190.59                     7.000    Owner Occupied         Rate Refi                                                  315,000.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
DENVER                                                  CO                       29258                        360                       155,200.00                     6.750                     20061001   SFR                                                    873                      155,200.00                     6.750    Owner Occupied         Purchase                                                   194,000.00                           357      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
CHICO                                                   CA                       95973                        360                       245,600.00                     6.875                     20060901   SFR                                               1,407.08                      245,600.00                     6.875    Owner Occupied         Purchase                                                   307,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
MILWAUKIE                                               OR                       35483                        360                       220,400.00                     7.250                     20061001   SFR                                               1,331.58                      220,400.00                     7.250    Investment             Purchase                                                   275,500.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
GOLD BAR                                                WA                       98251                        360                       417,000.00                     7.000                     20061001   SFR                                               2,432.50                      417,000.00                     7.000    Owner Occupied         Purchase                                                   544,830.00                           357      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
MODESTO                                                 CA                       95354                        360                       220,000.00                     6.500                     20061001   SFR                                               1,390.55                      219,400.12                     6.500    Owner Occupied         CashOut Refi                                               275,000.00                           357      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
SALINAS                                                 CA                       34219                        360                       354,400.00                     6.875                     20061001   SFR                                               2,030.42                      354,380.42                     6.875    Owner Occupied         Purchase                                                   443,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
REDMOND                                                 OR                       97756                        360                       170,900.00                     6.875                     20061001   SFR                                                 979.11                      170,900.00                     6.875    Owner Occupied         Purchase                                                   213,700.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
CAVE CREEK                                              AZ                       31137                        360                       460,000.00                     7.625                     20061001   D-PUDS                                            2,922.92                      460,000.00                     7.625    Owner Occupied         Purchase                                                   575,000.00                           357      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
COPIAGUE                                                NY                       40750                        360                       299,500.00                     6.875                     20061001   SFR                                               1,715.89                      298,699.56                     6.875    Owner Occupied         Purchase                                                   375,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
PHOENIX                                                 AZ                       85007                        360                       140,800.00                     6.625                     20061101   SFR                                                 777.33                      140,800.00                     6.625    Owner Occupied         Purchase                                                   176,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
CENTRAL ISLIP                                           NY                       40746                        360                       373,500.00                     6.990                     20061001   SFR                                               2,175.64                      373,500.00                     6.990    Owner Occupied         CashOut Refi                                               498,000.00                           357      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
GREAT MILLS                                             MD                       20634                        360                       160,000.00                     7.875                     20061001   PUD                                               1,050.00                      160,000.00                     7.875    Owner Occupied         Purchase                                                   200,000.00                           357      20061201                      0.375                         0.030              7.470                                                                                   Express No Doc                                                                                                                           2.75    LIBOR                             6
DORAL                                                   FL                       33166                        360                       152,720.00                     7.500                     20061001   HI-RISE                                              954.5                      152,720.00                     7.500    Owner Occupied         Purchase                                                   190,900.00                           357      20061201                      0.375                         0.030              7.095                                                                                   Full                                                                                                                                     3.25    LIBOR                             6
CHULA VISTA                                             CA                       33491                        360                       252,000.00                     6.750                     20061101   CONDO                                             1,417.50                      252,000.00                     6.750    Owner Occupied         Rate Refi                                                  315,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SACRAMENTO                                              CA                       34939                        360                       209,600.00                     6.250                     20061001   SFR                                               1,091.67                      209,600.00                     6.250    Owner Occupied         CashOut Refi                                               262,000.00                           357      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
SANTA FE SPRINGS                                        CA                       90670                        360                       460,000.00                     6.875                     20061001   SFR                                               2,635.42                      460,000.00                     6.875    Owner Occupied         Purchase                                                   575,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
DIAMOND BAR                                             CA                       91765                        360                       344,000.00                     6.875                     20061001   CONDO                                             1,970.83                      344,000.00                     6.875    Owner Occupied         Purchase                                                   430,000.00                           357      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
AUSTIN                                                  TX                       78732                        360                       262,908.00                     8.125                     20061001   D-PUDS                                            1,780.11                      262,908.00                     8.125    Investment             Purchase                                                   328,636.00                           357      20061201                      0.375                         0.030              7.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
LEHI                                                    UT                       84043                        360                       171,000.00                     7.750                     20061001   SFR                                               1,104.38                      171,000.00                     7.750    Investment             Purchase                                                   228,000.00                           357      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
FORT WORTH                                              TX                       27790                        360                       110,098.00                     7.875                     20061001   SFR                                                 722.52                      110,098.00                     7.875    Investment             Purchase                                                   137,623.00                           357      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
RIVERSIDE                                               CA                       33732                        360                       392,952.00                     5.750                     20061001   D-PUDS                                            1,882.90                      392,952.00                     5.750    Owner Occupied         Purchase                                                   491,190.00                           357      20061201                      0.375                         0.030              5.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LEHI                                                    UT                       84043                        360                       171,000.00                     7.750                     20061001   SFR                                               1,104.38                      171,000.00                     7.750    Investment             Purchase                                                   228,000.00                           357      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
BUCKEYE                                                 AZ                       85396                        360                       217,600.00                     7.500                     20061101   D-PUDS                                            1,360.00                      217,600.00                     7.500    Owner Occupied         Purchase                                                   272,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SAN ANTONIO                                             TX                       78230                        360                       157,200.00                     6.625                     20061101   D-PUDS                                              867.88                      157,200.00                     6.625    Owner Occupied         Purchase                                                   196,500.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SCOTTSDALE                                              AZ                       85259                        360                       278,000.00                     7.125                     20061101   D-PUDS                                            1,650.63                      278,000.00                     7.125    Owner Occupied         CashOut Refi                                               360,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
MADISON HEIGHTS                                         MI                       48071                        360                       100,000.00                     7.250                     20061101   SFR                                                 682.18                       99,843.43                     7.250    Owner Occupied         Purchase                                                   125,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
WOODBRIDGE                                              VA                       20191                        360                       333,000.00                     7.000                     20061101   SFR                                               1,942.50                      333,000.00                     7.000    Owner Occupied         CashOut Refi                                               430,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SAN DIEGO                                               CA                       33623                        360                       350,500.00                     7.125                     20061101   SFR                                               2,081.09                      350,500.00                     7.125    Owner Occupied         Purchase                                                   440,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
HENDERSONVILLE                                          TN                       37075                        360                       140,400.00                     7.625                     20061101   SFR                                                 892.13                      140,400.00                     7.625    Owner Occupied         Purchase                                                   175,500.00                           358      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
HASBROUCK HEIGHTS                                       NJ                       39237                        360                       329,000.00                     7.375                     20061101   SFR                                               2,021.98                      329,000.00                     7.375    Owner Occupied         Purchase                                                   411,250.00                           358      20061201                      0.375                         0.030              6.970                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
PHOENIX                                                 AZ                       85051                        360                       182,000.00                     7.000                     20061101   SFR                                               1,061.67                      181,995.75                     7.000    Owner Occupied         Purchase                                                   227,500.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
ROSWELL                                                 GA                       30076                        360                       183,200.00                     7.250                     20061101   D-PUDS                                            1,106.83                      183,200.00                     7.250    Owner Occupied         Purchase                                                   229,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
BRANDYWINE                                              MD                       43995                        360                       512,000.00                     7.125                     20061101   SFR                                               3,040.01                      511,999.17                     7.125    Owner Occupied         Purchase                                                   640,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SURPRISE                                                AZ                       85379                        360                       257,124.00                     6.875                     20061101   D-PUDS                                            1,473.11                      257,124.00                     6.875    Owner Occupied         Purchase                                                   321,406.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
FONTANA                                                 CA                       92336                        360                       440,000.00                     6.875                     20061101   SFR                                               2,520.83                      440,000.00                     6.875    Owner Occupied         Purchase                                                   550,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
PHOENIX                                                 AZ                       85085                        360                       336,000.00                     7.000                     20061101   D-PUDS                                            1,960.00                      336,000.00                     7.000    Owner Occupied         Purchase                                                   420,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
BRIDGEPORT                                              CT                       38875                        360                       236,000.00                     7.000                     20061101   SFR                                               1,570.11                      235,611.99                     7.000    Owner Occupied         Purchase                                                   295,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
HAWTHORNE                                               NJ                       39208                        360                       408,000.00                     7.250                     20061101   2-4FAMILY                                         2,465.00                      408,000.00                     7.250    Owner Occupied         Rate Refi                                                  510,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
KINGMAN                                                 AZ                       31503                        360                       160,000.00                     7.250                     20061101   SFR                                                 966.67                      160,000.00                     7.250    Owner Occupied         CashOut Refi                                               200,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
MARICOPA                                                AZ                       85239                        360                       220,354.00                     7.250                     20061101   D-PUDS                                            1,331.31                      220,106.37                     7.250    Owner Occupied         Purchase                                                   275,444.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
POUGHKEEPSIE                                            NY                       41061                        360                       244,800.00                     7.125                     20061101   SFR                                               1,649.26                      244,407.23                     7.125    Owner Occupied         Purchase                                                   306,000.00                           358      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
PHOENIX                                                 AZ                       85022                        360                       168,000.00                     6.750                     20061101   D-PUDS                                                 945                      168,000.00                     6.750    Owner Occupied         Purchase                                                   210,000.00                           358      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
KANSAS CITY                                             MO                       64138                        360                        93,600.00                     6.625                     20061101   SFR                                                 599.33                       93,431.20                     6.625    Owner Occupied         Purchase                                                   117,000.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SAINT LOUIS                                             MO                       63138                        360                        82,000.00                     7.000                     20061101   SFR                                                 545.55                       81,792.75                     7.000    Owner Occupied         Rate Refi                                                  120,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
SPRING HILL                                             FL                       12578                        360                       171,192.00                     7.750                     20061101   SFR                                               1,105.62                      171,192.00                     7.750    Investment             Purchase                                                   213,990.00                           358      20061201                      0.375                         0.030              7.345                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
SEDRO WOOLLEY                                           WA                       98284                        360                       324,000.00                     7.000                     20061101   SFR                                               1,890.00                      324,000.00                     7.000    Owner Occupied         CashOut Refi                                               405,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
CUMMING                                                 GA                       30040                        360                       144,000.00                     7.750                     20061101   D-PUDS                                                 930                      144,000.00                     7.750    Owner Occupied         Purchase                                                   180,000.00                           358      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
ST. LOUIS                                               MO                       23030                        360                       120,000.00                     8.125                     20061101   SFR                                                  812.5                      120,000.00                     8.125    Investment             Purchase                                                   150,000.00                           358      20061201                      0.375                         0.030              7.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
WHITTIER                                                CA                       33026                        360                       340,000.00                     7.375                     20070101   SFR                                               2,089.58                      340,000.00                     7.375    Owner Occupied         CashOut Refi                                               425,000.00                           360      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
SYLMAR                                                  CA                       91342                        360                       234,000.00                     6.250                     20070101   SFR                                               1,218.75                      234,000.00                     6.250    Owner Occupied         CashOut Refi                                               520,000.00                           360      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   36    H                                                                 FIXED
SAN FRANCISCO                                           CA                       34350                        360                       672,000.00                     8.500                     20070101   SFR                                               4,760.00                      672,000.00                     8.500    Investment             Purchase                                                   840,000.00                           360      20061201                      0.375                         0.030              8.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
VICTORVILLE                                             CA                       92395                        360                       258,841.00                     7.125                     20070101   D-PUDS                                            1,536.87                      258,841.00                     7.125    Owner Occupied         Purchase                                                   325,000.00                           360      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                     36    H                                                                 FIXED
SCOTTSDALE                                              AZ                       85259                        360                       686,000.00                     7.750                     20060901   D-PUDS                                            4,430.42                      686,000.00                     7.750    Owner Occupied         Purchase                                                   857,500.00                           356      20061201                      0.375                         0.030              7.345                                                                                   Full                                                                                                                                     2.75    LIBOR                            12
ACWORTH                                                 GA                       10959                        360                       799,600.00                     7.000                     20060901   D-PUDS                                            4,664.34                      799,599.99                     7.000    Owner Occupied         Purchase                                                   999,500.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.75    LIBOR                            12
GLENWOOD                                                MD                       21738                        360                       732,000.00                     6.875                     20060901   SFR                                               4,193.75                      732,000.00                     6.875    Investment             Purchase                                                   915,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     2.75    LIBOR                            12
ELK GROVE                                               CA                       34874                        360                       440,000.00                     7.250                     20060901   SFR                                               2,658.33                      440,000.00                     7.250    Owner Occupied         CashOut Refi                                               550,000.00                           356      20061201                      0.375                         0.030              6.845                                                                                   Full                                                                                                                                     2.75    LIBOR                            12
THOUSAND OAKS                                           CA                       91362                        360                       568,000.00                     7.000                     20060901   D-PUDS                                            3,778.92                      566,121.30                     7.000    Owner Occupied         CashOut Refi                                               710,000.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.75    LIBOR                            12
BEDFORD                                                 NY                       40304                        360                     1,600,000.00                     7.000                     20060901   SFR                                               9,333.33                    1,600,000.00                     7.000    Owner Occupied         Purchase                                                 2,025,000.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.75    LIBOR                            12
BEDFORD                                                 NY                       40304                        360                     1,000,000.00                     6.625                     20060901   SFR                                               5,520.83                    1,000,000.00                     6.625    Owner Occupied         CashOut Refi                                             1,275,000.00                           356      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.75    LIBOR                            12
BIG SKY                                                 MT                       21747                        360                       920,000.00                     6.750                     20060901   CONDO                                             5,175.00                      920,000.00                     6.750    Owner Occupied         Purchase                                                 1,150,000.00                           356      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                                                                                     2.75    LIBOR                            12
LONG BEACH                                              CA                       33090                        360                       564,000.00                     6.875                     20060901   SFR                                               3,231.26                      563,999.99                     6.875    Owner Occupied         Purchase                                                   705,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.75    LIBOR                            12
HONOLULU                                                HI                       35291                        360                       656,800.00                     6.875                     20060901   HI-RISE                                           3,762.92                      656,800.00                     6.875    Owner Occupied         Purchase                                                   821,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.75    LIBOR                            12
PASO ROBLES                                             CA                       93446                        360                       497,000.00                     6.875                     20060901   SFR                                               2,847.40                      497,000.00                     6.875    Owner Occupied         CashOut Refi                                               650,000.00                           356      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.75    LIBOR                            12
LA PUENTEAREA                                           CA                       91746                        360                       424,000.00                     7.000                     20060901   SFR                                               2,473.34                      423,999.98                     7.000    Owner Occupied         Purchase                                                   530,000.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.75    LIBOR                            12
ARVADA                                                  CO                       80007                        360                     1,100,000.00                     6.625                     20060901   SFR                                               6,072.92                    1,100,000.00                     6.625    Owner Occupied         CashOut Refi                                             1,585,000.00                           356      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.75    LIBOR                            12
GROVER BEACH                                            CA                       93433                        360                       472,000.00                     7.500                     20060801   SFR                                               2,950.00                      472,000.00                     7.500    Owner Occupied         Purchase                                                   590,000.00                           355      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
RIDGEFIELD                                              CT                        6877                        360                       471,200.00                     7.250                     20061001   SFR                                               2,846.83                      471,200.00                     7.250    Owner Occupied         CashOut Refi                                               725,000.00                           357      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
LANCASTER                                               PA                       42889                        360                       512,905.00                     8.750                     20060901   SFR                                               3,739.94                      512,904.99                     8.750    Owner Occupied         Purchase                                                   539,900.00                           356      20061201                      0.375                         0.030              8.345                       PMI                                                    30   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
MT PLEASANT                                             SC                       29464                        360                       643,957.00                     7.375                     20060901   SFR                                               3,957.66                      643,956.99                     7.375    Owner Occupied         CashOut Refi                                             1,500,000.00                           356      20061201                      0.375                         0.030              6.970                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
ARLINGTON HEIGHTS                                       IL                       60005                        360                       468,000.00                     8.500                     20060901   SFR                                               3,315.00                      467,768.39                     8.500    Owner Occupied         CashOut Refi                                               585,000.00                           356      20061201                      0.375                         0.030              8.095                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
SANTA CRUZ                                              CA                       95065                        360                       564,000.00                     7.750                     20060801   SFR                                               3,642.50                      564,000.00                     7.750    Owner Occupied         Purchase                                                   705,000.00                           355      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
WILMETTE                                                IL                       60091                        360                       550,000.00                     7.125                     20061001   SFR                                               3,265.63                      550,000.00                     7.125    Owner Occupied         CashOut Refi                                             1,500,000.00                           357      20061201                      0.375                         0.030              6.720                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
BURBANK                                                 CA                       33364                        360                       420,000.00                     7.375                     20060901   SFR                                               2,581.25                      420,000.00                     7.375    Owner Occupied         CashOut Refi                                               700,000.00                           356      20061201                      0.375                         0.030              6.970                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                            12
CHULA VISTA                                             CA                       33495                        360                       459,000.00                     7.125                     20060901   D-PUDS                                            2,725.31                      459,000.00                     7.125    Owner Occupied         CashOut Refi                                               630,000.00                           356      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
FLORIDA CITY                                            FL                       33034                        360                       176,000.00                     9.000                     20070101   2-FAMILY                                          1,320.00                      176,000.00                     9.000    Investment             Purchase                                                   220,000.00                           360      20061201                      0.375                         0.030              8.595                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
DENVER                                                  CO                       29256                        360                        97,500.00                     8.750                     20061201   SFR                                                 710.94                       97,500.00                     8.750    Investment             Purchase                                                   150,000.00                           359      20061201                      0.375                         0.030              8.345                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
PANAMA CITY                                             FL                       11783                        360                       105,000.00                     7.250                     20070101   SFR                                                 634.38                      105,000.00                     7.250    Owner Occupied         CashOut Refi                                               187,000.00                           360      20061201                      0.250                         0.030              6.970                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
BALTIMORE                                               MD                       44241                        360                       168,000.00                     7.125                     20061201   3-FAMILY                                          1,131.85                      167,865.65                     7.125    Owner Occupied         Purchase                                                   220,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
FREDERICKSBURG                                          VA                       44658                        360                       173,600.00                     6.625                     20061201   PUD                                               1,111.58                      173,446.84                     6.625    Owner Occupied         Purchase                                                   300,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Express No Doc                                                           60    S                                                         2.25    LIBOR                             6
HIGHLAND BEACH                                          FL                       33487                        360                       999,000.00                     6.625                     20061201   HI-RISE                                           5,515.31                      999,000.00                     6.625    2nd Home               CashOut Refi                                             1,950,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   60    H                                                            3    LIBOR                             6
KISSIMMEE                                               FL                       34746                        360                       202,400.00                     7.500                     20061201   PUD                                               1,265.00                      202,400.00                     7.500    2nd Home               Purchase                                                   270,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
HANFORD                                                 CA                       93230                        360                       140,000.00                     8.375                     20070101   SFR                                                 977.08                      140,000.00                     8.375    Investment             Purchase                                                   175,000.00                           360      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                   36    H                                                            4    LIBOR                             6
CANTON                                                  GA                       10972                        360                       112,500.00                     7.750                     20070101   SFR                                                 805.96                      112,500.00                     7.750    Investment             Rate Refi                                                  151,000.00                           360      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
PERRIS                                                  CA                       92571                        360                       259,920.00                     7.000                     20070101   SFR                                               1,516.20                      259,920.00                     7.000    Owner Occupied         Purchase                                                   337,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
MOORPARK                                                CA                       93021                        360                       305,000.00                     5.875                     20070101   SFR                                               1,493.23                      305,000.00                     5.875    Owner Occupied         CashOut Refi                                               555,000.00                           360      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
VICTORVILLE                                             CA                       92392                        360                       316,000.00                     7.625                     20070101   SFR                                               2,007.92                      316,000.00                     7.625    Owner Occupied         CashOut Refi                                               395,000.00                           360      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   12    H                                                                 FIXED
DENVER                                                  CO                       80260                        360                        97,500.00                     8.750                     20061201   SFR                                                 710.94                       97,500.00                     8.750    Investment             Purchase                                                   155,000.00                           359      20061201                      0.375                         0.030              8.345                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
CORONA DEL MAR                                          CA                       33780                        360                       372,000.00                     6.625                     20070101   SFR                                               2,053.75                      372,000.00                     6.625    Owner Occupied         Rate Refi                                                1,750,000.00                           360      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   12    H                                                                 FIXED
CARSON                                                  CA                       90746                        360                       522,900.00                     7.000                     20070101   SFR                                               3,050.25                      522,900.00                     7.000    Owner Occupied         CashOut Refi                                               747,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
WALLA WALLA                                             WA                       99362                        360                        92,150.00                     7.625                     20070101   SFR                                                 585.54                       92,150.00                     7.625    Investment             Purchase                                                   126,000.00                           360      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                                                                                      3    LIBOR                             6
RICHMOND                                                TX                       77469                        360                       201,700.00                     6.875                     20061201   PUD                                               1,155.57                      201,700.00                     6.875    Owner Occupied         Purchase                                                   253,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
STERLING                                                VA                       20164                        360                       320,000.00                     6.625                     20061201   SFR                                               1,766.67                      320,000.00                     6.625    Owner Occupied         CashOut Refi                                               400,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   12    H                                                                 FIXED
SAN BERNARDINO                                          CA                       33698                        360                       360,000.00                     7.875                     20061201   4-FAMILY                                          2,362.50                      360,000.00                     7.875    Owner Occupied         Purchase                                                   450,000.00                           359      20061201                      0.250                         0.030              7.595                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
LOS ANGELES                                             CA                       90063                        360                       400,000.00                     6.625                     20061201   SFR                                               2,561.24                      399,647.09                     6.625    Owner Occupied         Purchase                                                   520,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
FREDERICKSBURG                                          VA                       44658                        360                       252,000.00                     7.500                     20061201   SFR                                               1,762.02                      251,812.98                     7.500    Owner Occupied         Purchase                                                   315,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
HOUSTON                                                 TX                       77083                        360                       114,000.00                     6.875                     20061201   PUD                                                  748.9                      113,904.23                     6.875    Owner Occupied         Rate Refi                                                  180,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
WEST COVINA                                             CA                       91790                        360                       420,000.00                     7.000                     20061201   SFR                                               2,794.27                      419,655.73                     7.000    Owner Occupied         CashOut Refi                                               525,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   12    H                                                                 FIXED
HOUSTON                                                 TX                       77086                        360                       132,800.00                     6.875                     20061201   PUD                                                  872.4                      132,688.43                     6.875    Owner Occupied         Purchase                                                   167,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
VAN NUYS                                                CA                       33333                        360                       365,000.00                     6.625                     20061201   SFR                                               2,337.14                      364,677.96                     6.625    Investment             Purchase                                                   750,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                           36    S                                                                 FIXED
MISSOURI CITY                                           TX                       77489                        360                        96,000.00                     8.250                     20061201   PUD                                                 721.22                       95,938.78                     8.250    Owner Occupied         Purchase                                                   120,000.00                           359      20061201                      0.250                         0.030              7.970                                                                                   Express No Doc                                                           36    S                                                                 FIXED
HOUSTON                                                 TX                       77088                        360                        64,000.00                     7.125                     20061201   PUD                                                 431.18                       63,948.82                     7.125    Investment             Purchase                                                    94,500.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   12    H                                                                 FIXED
GUTTENBERG                                              NJ                        7093                        360                       130,000.00                     7.125                     20061201   2-FAMILY                                            875.83                      129,896.05                     7.125    Owner Occupied         CashOut Refi                                               565,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Express No Doc                                                                                                                                   FIXED
SPRING                                                  TX                       77379                        360                       258,400.00                     7.750                     20061201   PUD                                               1,851.21                      258,217.62                     7.750    Owner Occupied         Purchase                                                   323,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
HOUSTON                                                 TX                       77036                        360                        98,800.00                     6.875                     20061201   SFR                                                 649.05                       98,716.99                     6.875    Owner Occupied         Purchase                                                   128,500.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
GRAND PRAIRIE                                           TX                       75052                        360                       168,000.00                     7.375                     20061201   PUD                                               1,160.33                      167,872.17                     7.375    Owner Occupied         Purchase                                                   210,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
PROSPER                                                 TX                       75078                        360                       295,350.00                     7.000                     20061201   PUD                                               1,964.97                      295,107.91                     7.000    2nd Home               Purchase                                                   375,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
HOUSTON                                                 TX                       77036                        360                       100,000.00                     6.875                     20061201   PUD                                                 656.93                       99,915.99                     6.875    Investment             Purchase                                                   133,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
CARSON                                                  CA                       90745                        360                       415,800.00                     6.875                     20061001   CONDO                                             2,731.51                      414,746.02                     6.875    Owner Occupied         Purchase                                                   594,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
HOUSTON                                                 TX                       77047                        360                       102,851.00                     6.500                     20061201   PUD                                                 650.09                      102,758.02                     6.500    Owner Occupied         Purchase                                                   133,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    H                                                                 FIXED
DULUTH                                                  GA                       30097                        180                       245,600.00                     7.125                     20061201   SFR                                               2,224.72                      244,833.53                     7.125    Investment             Purchase                                                   307,000.00                           179      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   12    H                                                                 FIXED
HUNTINGTON BEACH                                        CA                       92646                        360                       156,000.00                     6.000                     20070101   PUD                                                  935.3                      156,000.00                     6.000    Owner Occupied         Rate Refi                                                  380,000.00                           360      20061201                      0.250                         0.030              5.720                                                                                   Stated                                                                   12    H                                                                 FIXED
MIAMI                                                   FL                       33157                        360                       650,000.00                     7.500                     20070101   D-PUDS                                            4,062.50                      650,000.00                     7.500    Owner Occupied         Purchase                                                   980,000.00                           360      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                                                                                           FIXED
SAN DIEGO                                               CA                       33629                        360                       365,000.00                     7.000                     20070101   SFR                                               2,129.17                      365,000.00                     7.000    Investment             CashOut Refi                                               525,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
ORLANDO                                                 FL                       11906                        360                        97,500.00                     7.500                     20070101   SFR                                                 609.38                       97,500.00                     7.500    Investment             Purchase                                                   130,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LOS ANGELES                                             CA                       90002                        360                       283,200.00                     6.250                     20070101   SFR                                               1,743.71                      283,200.00                     6.250    Owner Occupied         Rate Refi                                                  415,000.00                           360      20061201                      0.250                         0.030              5.970                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
ROSEDALE                                                MD                       21237                        360                       108,000.00                     7.350                     20070101   CONDO                                               744.09                      108,000.00                     7.350    Owner Occupied         CashOut Refi                                               199,000.00                           360      20061201                      0.250                         0.030              7.070                                                                                   FISA                                                                                                                                             FIXED
ORANGE                                                  CA                       92867                        360                       686,250.00                     7.125                     20070101   D-PUDS                                            4,074.61                      686,250.00                     7.125    Investment             CashOut Refi                                               915,000.00                           360      20070101                      0.375                         0.030              6.720                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
FORT LAUDERDALE                                         FL                       12124                        360                       190,000.00                     7.000                     20061101   SFR                                               1,108.33                      190,000.00                     7.000    Owner Occupied         Purchase                                                   200,000.00                           358      20061201                      0.375                         0.030              6.595                                                                                   SISA                                                                     24    H                                                            5    LIBOR                             6
MODESTO                                                 CA                       95351                        360                       294,000.00                     8.125                     20061201   SFR                                               1,990.63                      294,000.00                     8.125    Owner Occupied         CashOut Refi                                               326,667.00                           359      20061201                      0.375                         0.030              7.720                                                                                   SISA                                                                                                                                        5    LIBOR                             6
EAST HARTFORD                                           CT                       38725                        360                       163,100.00                     7.000                     20061201   4-FAMILY                                            951.42                      163,100.00                     7.000    Investment             Purchase                                                   233,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
FORT LAUDERDALE                                         FL                       12121                        360                       525,000.00                     7.625                     20061101   CONDO                                             3,335.94                      525,000.00                     7.625    2nd Home               Purchase                                                   700,000.00                           358      20061201                      0.375                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
GREENVILLE                                              SC                       47270                        360                       356,250.00                     8.375                     20061001   SFR                                               2,486.33                      356,250.00                     8.375    Owner Occupied         Purchase                                                   375,000.00                           357      20061201                      0.375                         0.030              7.970                                                                                   NINA                                                                                                                                        5    LIBOR                             6
GREENVILLE                                              SC                       47270                        360                       304,000.00                     8.375                     20061101   SFR                                               2,121.67                      304,000.00                     8.375    Investment             Purchase                                                   380,000.00                           358      20061201                      0.375                         0.030              7.970                                                                                   Express No Doc                                                                                                                              5    LIBOR                             6
GREENVILLE                                              SC                       47270                        360                       316,000.00                     8.375                     20061101   SFR                                               2,205.42                      316,000.00                     8.375    Investment             Purchase                                                   395,000.00                           358      20061201                      0.375                         0.030              7.970                                                                                   Express No Doc                                                                                                                              5    LIBOR                             6
CALUMET CITY                                            IL                       22015                        360                        55,920.00                     8.125                     20061101   SFR                                                  415.2                       55,846.60                     8.125    Investment             Purchase                                                    69,900.00                           358      20061201                      0.375                         0.030              7.720                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
SAN ANTONIO                                             TX                       78230                        360                       144,800.00                     7.750                     20061101   SFR                                               1,037.36                      144,594.96                     7.750    Owner Occupied         Purchase                                                   181,000.00                           358      20061201                      0.375                         0.030              7.345                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
MECHANICSVILLE                                          MD                       20659                        360                       168,800.00                     8.125                     20061101   SFR                                               1,142.92                      168,800.00                     8.125    Investment             Purchase                                                   211,000.00                           358      20061201                      0.375                         0.030              7.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
RANDALLSTOWN                                            MD                       21133                        360                       183,750.00                     6.750                     20061201   SFR                                               1,033.59                      183,749.40                     6.750    Owner Occupied         Purchase                                                   245,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   SISA                                                                                                                                     2.25    LIBOR                             6
SACRAMENTO                                              CA                       34931                        360                       128,000.00                     8.000                     20061201   SFR                                                 853.33                      128,000.00                     8.000    Investment             Purchase                                                   160,000.00                           359      20061201                      0.375                         0.030              7.595                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
FOREST HEIGHTS                                          MD                       20745                        360                       193,600.00                     8.125                     20061101   SFR                                               1,310.83                      193,600.00                     8.125    Owner Occupied         CashOut Refi                                               242,000.00                           358      20061201                      0.375                         0.030              7.720                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
LINDEN                                                  NJ                        7036                        360                       247,100.00                     8.125                     20061201   2-FAMILY                                          1,673.07                      247,100.00                     8.125    Investment             Purchase                                                   353,000.00                           359      20061201                      0.375                         0.030              7.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
ORANGE CITY                                             FL                       32763                        360                       203,920.00                     7.000                     20061201   PUD                                               1,189.53                      203,920.00                     7.000    Owner Occupied         Purchase                                                   254,900.00                           359      20061201                      0.375                         0.030              6.595                                                                                   SISA                                                                     24    H                                                            5    LIBOR                             6
STAMFORD                                                CT                       38963                        360                     1,147,300.00                     7.875                     20061101   SFR                                               8,318.72                    1,145,715.69                     7.875    Owner Occupied         Purchase                                                 1,639,000.00                           358      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                   24    H                                                         2.25    LIBOR                             6
JOSHUA TREE                                             CA                       92252                        360                       119,000.00                     7.625                     20061101   SFR                                                 842.27                      118,827.21                     7.625    Owner Occupied         Purchase                                                   170,000.00                           358      20061201                      0.375                         0.030              7.220                                                                                   SISA                                                                     24    H                                                         2.25    LIBOR                             6
TAMARAC                                                 FL                       12132                        360                       104,293.00                     7.875                     20061101   CONDO                                                756.2                      104,148.97                     7.875    Owner Occupied         Purchase                                                   148,990.00                           358      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
JERSEY CITY                                             NJ                       39146                        360                        53,200.00                     8.375                     20061101   CONDO                                               371.29                       53,200.00                     8.375    Owner Occupied         Purchase                                                    76,000.00                           358      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                                                                                      5    LIBOR                             6
NORFOLK                                                 VA                       45051                        360                       104,000.00                     7.750                     20061201   SFR                                                 671.67                      104,000.00                     7.750    Investment             CashOut Refi                                               130,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   24    H                                                            5    LIBOR                             6
NORTH MIAMI                                             FL                       33168                        360                       223,600.00                     8.000                     20061101   SFR                                               1,490.67                      223,600.00                     8.000    Owner Occupied         Purchase                                                   279,500.00                           358      20061201                      0.375                         0.030              7.595                                                                                   SISA                                                                                                                                        5    LIBOR                             6
DELRAY BEACH                                            FL                       33483                        360                       512,000.00                     8.250                     20061201   PUD                                               3,520.00                      512,000.00                     8.250    Owner Occupied         CashOut Refi                                               640,000.00                           359      20061201                      0.375                         0.030              7.845                                                                                   Stated                                                                                                                                      5    LIBOR                             6
HILLSBORO                                               OR                       35453                        360                       179,920.00                     8.125                     20060901   PUD                                               1,218.21                      179,920.00                     8.125    Owner Occupied         Purchase                                                   224,900.00                           356      20061201                      0.375                         0.030              7.720                                                                                   Express No Doc                                                                                                                              5    LIBOR                             6
TAMPA                                                   FL                       12230                        360                       194,250.00                     7.500                     20061201   PUD                                               1,214.06                      194,250.00                     7.500    Owner Occupied         CashOut Refi                                               259,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express No Doc                                                           24    H                                                            5    LIBOR                             6
NEW CASTLE                                              DE                       43666                        360                       100,000.00                     5.875                     20061201   SFR                                                 489.58                      100,000.00                     5.875    Owner Occupied         Purchase                                                   149,254.00                           359      20061201                      0.375                         0.030              5.470                                                                                   SISA                                                                                                                                     2.25    LIBOR                            12
DECATUR                                                 GA                       30034                        360                       108,500.00                     7.625                     20061001   SFR                                                 689.43                      108,500.00                     7.625    Investment             CashOut Refi                                               155,000.00                           357      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
OAKLAND PARK                                            FL                       33334                        360                       547,500.00                     7.625                     20061101   SFR                                               3,478.91                      547,500.00                     7.625    Investment             CashOut Refi                                               730,000.00                           358      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
LA HABRA HEIGHTS                                        CA                       90631                        360                       980,000.00                     7.625                     20061101   SFR                                               6,227.08                      980,000.00                     7.625    Owner Occupied         Purchase                                                 1,400,000.00                           358      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
VICTOR                                                  ID                       83455                        360                       381,500.00                     6.875                     20061101   SFR                                               2,185.68                      381,500.00                     6.875    2nd Home               Purchase                                                   545,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
ROSWELL                                                 GA                       30076                        360                       208,400.00                     7.500                     20061201   SFR                                               1,302.50                      208,400.00                     7.500    Investment             Purchase                                                   260,500.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
GILROY                                                  CA                       95020                        360                       626,289.00                     7.625                     20061101   4-FAMILY                                          3,979.54                      626,289.00                     7.625    Owner Occupied         Purchase                                                   835,052.00                           358      20061201                      0.375                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                            12
PEORIA                                                  AZ                       85383                        360                       200,000.00                     5.625                     20061001   PUD                                               1,151.31                      199,355.56                     5.625    Owner Occupied         Purchase                                                   266,667.00                           357      20061201                      0.375                         0.030              5.220                                                                                   Full                                                                                                                                      2.5    LIBOR                            12
RANCHO VIEJO                                            TX                       78575                        360                       232,000.00                     5.375                     20061101   SFR                                               1,299.13                      231,478.91                     5.375    Owner Occupied         Purchase                                                   290,000.00                           358      20061201                      0.375                         0.030              4.970                                                                                   Full                                                                                                                                      2.5    LIBOR                            12
SEATTLE                                                 WA                       35807                        360                       238,400.00                     6.250                     20061201   CONDO                                             1,467.87                      238,173.80                     6.250    Owner Occupied         CashOut Refi                                               372,500.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                                                                                      2.5    LIBOR                            12
SKOKIE                                                  IL                       60077                        360                       312,000.00                     5.625                     20061101   PUD                                               1,796.05                      311,331.34                     5.625    Owner Occupied         Purchase                                                   399,000.00                           358      20061201                      0.375                         0.030              5.220                                                                                   Full                                                                                                                                      2.5    LIBOR                            12
MEQUON                                                  WI                       53092                        360                       336,800.00                     5.625                     20061101   PUD                                               1,938.81                      336,078.19                     5.625    Owner Occupied         Rate Refi                                                  748,444.00                           358      20061201                      0.375                         0.030              5.220                                                                                   Full                                                                                                                                      2.5    LIBOR                            12
VERNON HILLS                                            IL                       60061                        360                       150,000.00                     6.250                     20061101   SFR                                                 781.25                      149,703.56                     6.250    Owner Occupied         Rate Refi                                                  340,909.00                           358      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
LITTLETON                                               CO                       29243                        360                       158,000.00                     5.500                     20061101   PUD                                                 724.17                      109,625.72                     5.500    Owner Occupied         Purchase                                                   367,442.00                           358      20061201                      0.375                         0.030              5.095                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
WEST COLUMBIA                                           SC                       29169                        360                       158,000.00                     5.875                     20061201   PUD                                                 773.54                      158,000.00                     5.875    Owner Occupied         Purchase                                                   241,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
NAPERVILLE                                              IL                       60564                        360                       160,000.00                     6.000                     20061201   PUD                                                    800                      160,000.00                     6.000    Owner Occupied         CashOut Refi                                               571,429.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
ISLAND LAKE                                             IL                       60042                        360                       193,000.00                     6.375                     20061101   SFR                                               1,025.31                      193,000.00                     6.375    Owner Occupied         Rate Refi                                                  260,811.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
TUCSON                                                  AZ                       85742                        360                       204,000.00                     6.000                     20061101   PUD                                               1,020.00                      204,000.00                     6.000    Owner Occupied         Purchase                                                   272,000.00                           358      20061201                      0.375                         0.030              5.595                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
STEVENSVILLE                                            MT                       59870                        360                       252,000.00                     5.375                     20061101   SFR                                               1,128.75                      252,000.00                     5.375    Owner Occupied         CashOut Refi                                               360,000.00                           358      20061201                      0.375                         0.030              4.970                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
AVONDALE                                                AZ                       31129                        360                       252,800.00                     6.250                     20061001   PUD                                               1,316.67                      252,800.00                     6.250    Owner Occupied         Purchase                                                   365,000.00                           357      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
LAKE ZURICH                                             IL                       60047                        360                       288,000.00                     6.125                     20061001   PUD                                               1,470.00                      288,000.00                     6.125    Owner Occupied         Rate Refi                                                  360,000.00                           357      20061201                      0.375                         0.030              5.720                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
SCOTTSDALE                                              AZ                       85255                        360                       293,000.00                     5.875                     20061101   PUD                                               1,434.48                      293,000.00                     5.875    Owner Occupied         Purchase                                                   586,000.00                           358      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
CHICAGO                                                 IL                       60657                        360                       300,000.00                     5.500                     20061201   CONDO                                             1,375.00                      300,000.00                     5.500    Owner Occupied         CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              5.095                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
WILMETTE                                                IL                       60091                        360                       349,900.00                     5.625                     20061101   SFR                                               1,640.16                      349,814.72                     5.625    Owner Occupied         Rate Refi                                                  795,227.00                           358      20061201                      0.375                         0.030              5.220                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
HIGHLAND PARK                                           IL                       60035                        360                       368,000.00                     6.375                     20061101   SFR                                               1,955.00                      367,500.00                     6.375    Owner Occupied         Rate Refi                                                  460,000.00                           358      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
WESTMONT                                                IL                       60559                        360                       372,000.00                     5.375                     20061101   SFR                                               1,666.25                      372,000.00                     5.375    Owner Occupied         CashOut Refi                                               676,364.00                           358      20061201                      0.375                         0.030              4.970                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
BRONX                                                   NY                       10469                        360                       408,000.00                     7.500                     20061201   2-FAMILY                                          2,852.80                      407,697.20                     7.500    Owner Occupied         CashOut Refi                                               510,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                     5    LIBOR                             6
NEW ROCHELLE                                            NY                       40391                        360                       508,000.00                     7.500                     20061201   SFR                                               3,175.00                      508,000.00                     7.500    Owner Occupied         CashOut Refi                                               635,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Full                                                                                                                                        5    LIBOR                             6
MILPTAS                                                 CA                       95035                        360                       544,000.00                     6.875                     20061201   SFR                                               3,116.67                      544,000.00                     6.875    Owner Occupied         Purchase                                                   680,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
MIAMI                                                   FL                       33145                        360                       214,320.00                     8.000                     20061201   CONDO                                             1,428.80                      214,320.00                     8.000    Investment             Purchase                                                   280,000.00                           359      20061201                      0.375                         0.030              7.595                                                                                   Express Verified Assets                                                  36    S                                                            5    LIBOR                             6
REDWOOD VALLEY                                          CA                       95470                        360                       534,400.00                     6.875                     20061201   SFR                                               3,061.67                      534,400.00                     6.875    Owner Occupied         Purchase                                                   672,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
MERCER ISLAND                                           WA                       98040                        360                       510,000.00                     5.125                     20061201   SFR                                               2,178.13                      510,000.00                     5.125    Owner Occupied         Purchase                                                   700,000.00                           359      20061201                      0.375                         0.030              4.720                                                                                   SISA                                                                                                                                     2.25    LIBOR                             6
LAKEWOOD                                                NJ                       39630                        360                       440,000.00                     6.875                     20061201   SFR                                               2,520.83                      440,000.00                     6.875    Investment             Rate Refi                                                  550,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
BROOKLYN                                                NY                       40577                        360                       423,500.00                     8.000                     20061201   2-FAMILY                                          2,823.33                      423,500.00                     8.000    Investment             Purchase                                                   605,000.00                           359      20061201                      0.375                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
HOLLISTER                                               CA                       95023                        360                       414,000.00                     6.750                     20061201   SFR                                               2,328.75                      414,000.00                     6.750    Owner Occupied         Rate Refi                                                  530,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   SISA                                                                                                                                     2.75    LIBOR                             6
WESTWOOD                                                NJ                        7675                        360                       630,000.00                     7.125                     20061201   SFR                                               3,740.62                      630,000.00                     7.125    Owner Occupied         CashOut Refi                                               840,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
SAN JOSE                                                CA                       34717                        360                       290,000.00                     6.750                     20061201   CONDO                                             1,631.25                      290,000.00                     6.750    Investment             Rate Refi                                                  387,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
NEW YORK                                                NY                       10005                        360                       700,000.00                     7.625                     20061101   HI-RISE                                           4,447.92                      700,000.00                     7.625    Investment             CashOut Refi                                             1,000,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   12    S                                                                 FIXED
BROOKLYN                                                NY                       40583                        360                       611,250.00                     6.500                     20061101   SFR                                               3,863.52                      609,589.30                     6.500    Owner Occupied         CashOut Refi                                               815,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
SAINT JAMES                                             NY                       11780                        360                       566,250.00                     7.125                     20061101   SFR                                               3,814.93                      564,888.80                     7.125    Owner Occupied         CashOut Refi                                               755,000.00                           358      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
FRANKLIN                                                NJ                       39188                        240                       125,000.00                     6.375                     20061201   SFR                                                 922.79                      124,741.27                     6.375    Owner Occupied         CashOut Refi                                               225,000.00                           239      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
BRONX                                                   NY                       10462                        360                        88,000.00                     6.500                     20061201   HI-RISE                                             556.22                       87,920.45                     6.500    Owner Occupied         Purchase                                                   115,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
SEASIDE HEIGHTS                                         NJ                        8751                        360                       184,000.00                     6.625                     20061201   CONDO                                             1,178.17                      183,837.66                     6.625    2nd Home               CashOut Refi                                               230,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
BROOKLYN                                                NY                       11235                        360                       536,000.00                     6.875                     20061201   CONDO                                             3,521.14                      535,549.69                     6.875    Owner Occupied         Purchase                                                   670,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
RIDGEWOOD                                               NY                       11385                        360                       306,000.00                     6.375                     20061201   SFR                                               1,909.04                      305,716.59                     6.375    Owner Occupied         CashOut Refi                                               440,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
BROOKLYN                                                NY                       11230                        360                       560,000.00                     7.750                     20061201   SFR                                               4,011.91                      559,604.76                     7.750    Investment             Purchase                                                   700,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   SISA                                                                                                                                             FIXED
UPPER SADDLE RIVER                                      NJ                        7458                        360                     1,500,000.00                     6.750                     20061201   SFR                                               9,728.97                    1,498,708.53                     6.750    Owner Occupied         Purchase                                                 2,100,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                                                                                             FIXED
SANTA CLARA                                             CA                       95050                        360                       575,000.00                     6.000                     20061201   SFR                                               3,447.42                      574,427.58                     6.000    Owner Occupied         Purchase                                                   775,000.00                           359      20061201                      0.250                         0.030              5.720                                                                                   Full                                                                                                                                             FIXED
SPARTA                                                  NJ                        7871                        360                       639,000.00                     7.125                     20061201   SFR                                               3,794.06                      639,000.00                     7.125    Owner Occupied         CashOut Refi                                               852,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                          FIXED
FRESNO                                                  CA                       34154                        360                       360,000.00                     6.000                     20061201   4-FAMILY                                          1,800.00                      360,000.00                     6.000    Investment             CashOut Refi                                               600,000.00                           359      20061201                      0.250                         0.030              5.720                                                                                   Full                                                                     12    S                                                                 FIXED
TEANECK                                                 NJ                        7666                        360                       250,000.00                     6.125                     20061201   SFR                                               1,519.03                      249,757.01                     6.125    Owner Occupied         CashOut Refi                                               643,000.00                           359      20061201                      0.250                         0.030              5.845                                                                                   Express Verified Assets                                                                                                                          FIXED
SPRING LAKE                                             NJ                        7762                        360                       565,500.00                     6.625                     20061201   SFR                                               3,620.96                      565,001.07                     6.625    Owner Occupied         CashOut Refi                                               870,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
SEATTLE                                                 WA                       35813                        360                       400,000.00                     6.375                     20061201   SFR                                               2,495.48                      399,629.52                     6.375    Owner Occupied         CashOut Refi                                               671,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Express No Doc                                                                                                                                   FIXED
BROOKLYN                                                NY                       40593                        360                       577,500.00                     8.500                     20061201   SFR                                               4,440.48                      577,150.15                     8.500    Investment             Rate Refi                                                  825,000.00                           359      20061201                      0.250                         0.030              8.220                                                                                   Express No Doc                                                                                                                                   FIXED
GARDEN GROVE                                            CA                  92840-1711                        360                       430,700.00                     7.250                     20070101   SFR                                               2,602.15                      430,700.00                     7.250    Owner Occupied         CashOut Refi                                               590,000.00                           360      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
GULFPORT                                                MS                       14372                        360                       507,500.00                     6.875                     20070101   HI-RISE                                           2,907.55                      507,500.00                     6.875    Investment             Rate Refi                                                  725,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  12    H                                                            3    LIBOR                             6
TAMARAC                                                 FL                       12134                        360                       140,000.00                     7.900                     20070101   D-PUDS                                              921.67                      140,000.00                     7.900    Owner Occupied         CashOut Refi                                               250,000.00                           360      20070101                      0.250                         0.030              7.620                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
ANAHEIM                                                 CA                       33820                        360                       350,000.00                     6.500                     20070101   4-FAMILY                                          2,212.24                      349,683.59                     6.500    Investment             CashOut Refi                                               820,000.00                           360      20070101                      0.250                         0.030              6.220                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
SACRAMENTO                                              CA                       95838                        360                       220,800.00                     6.625                     20061201   SFR                                               1,219.00                      220,800.00                     6.625    Owner Occupied         Purchase                                                   285,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SAN YSIDRO                                              CA                       92173                        360                       215,000.00                     6.500                     20061201   CONDO                                             1,164.58                      215,000.00                     6.500    Owner Occupied         CashOut Refi                                               350,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
SAN FRANCISCO                                           CA                       34346                        360                       400,000.00                     6.375                     20061201   SFR                                               2,125.00                      400,000.00                     6.375    Investment             CashOut Refi                                               750,000.00                           359      20070101                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LAGUNA NIGUEL                                           CA                       92677                        360                     1,200,000.00                     6.625                     20061201   PUD                                               6,625.00                    1,200,000.00                     6.625    Owner Occupied         CashOut Refi                                             3,400,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Express No Doc                                                           36    S                                                         2.25    LIBOR                             6
COTATI                                                  CA                       94931                        360                       240,000.00                     6.125                     20061201   PUD                                               1,225.00                      240,000.00                     6.125    Owner Occupied         Purchase                                                   303,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
FOLSOM                                                  CA                       34880                        360                       365,000.00                     6.250                     20061201   SFR                                               1,901.04                      365,000.00                     6.250    Owner Occupied         CashOut Refi                                               485,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
LOS GATOS                                               CA                       95030                        360                     1,470,000.00                     6.875                     20061201   SFR                                               8,421.88                    1,470,000.00                     6.875    Owner Occupied         CashOut Refi                                             2,100,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
SAN PABLO                                               CA                       34552                        360                       336,000.00                     6.750                     20061201   SFR                                               1,890.00                      336,000.00                     6.750    Owner Occupied         Purchase                                                   420,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                  2.25    LIBOR                             6
SAN FRANCISCO                                           CA                       34346                        360                       544,000.00                     6.750                     20061201   SFR                                               3,060.00                      544,000.00                     6.750    Owner Occupied         Purchase                                                   735,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LEGGETT                                                 CA                       95585                        360                       412,500.00                     7.000                     20061201   SFR                                               2,406.25                      412,500.00                     7.000    2nd Home               Purchase                                                   620,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
LAS VEGAS                                               NV                       32523                        360                       208,000.00                     6.500                     20061201   SFR                                               1,126.67                      208,000.00                     6.500    Owner Occupied         CashOut Refi                                               260,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
MORENO VALLEY                                           CA                       92553                        360                       251,000.00                     6.875                     20061201   SFR                                               1,438.02                      251,000.00                     6.875    Owner Occupied         CashOut Refi                                               384,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   SISA                                                                                                                                     2.25    LIBOR                             6
MORENO VALLEY                                           CA                       92553                        360                       236,000.00                     6.875                     20061201   SFR                                               1,352.08                      236,000.00                     6.875    Owner Occupied         Purchase                                                   300,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
SAN RAFAEL                                              CA                       34578                        360                       607,750.00                     7.000                     20061201   3-FAMILY                                          3,545.21                      607,750.00                     7.000    Owner Occupied         CashOut Refi                                               935,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
NOVATO                                                  CA                       94949                        360                     1,080,000.00                     6.875                     20061201   SFR                                               6,187.50                    1,080,000.00                     6.875    Owner Occupied         Purchase                                                 1,370,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
EAST FALLOWFIELD                                        PA                       43544                        360                       237,500.00                     7.375                     20070101   SFR                                               1,640.35                      237,500.00                     7.375    Owner Occupied         Purchase                                                   250,000.00                           360      20061201                      0.375                         0.030              6.970                       RADIAN - BORROWER PAID                                 30   SISA                                                                     24    H                                                            3    LIBOR                             6
ADELANTO                                                CA                       33664                        180                       100,000.00                     9.125                     20070101   SFR                                               1,021.72                      100,000.00                     9.125    Owner Occupied         CashOut Refi                                               280,000.00                           180      20061201                      0.250                         0.030              8.845                                                                                   SISA                                                                     36    H                                                                 FIXED
CANOGA PARK                                             CA                       33303                        360                       233,000.00                     6.750                     20070101   SFR                                               1,511.23                      233,000.00                     6.750    Owner Occupied         CashOut Refi                                               500,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
WILDOMAR                                                CA                       92595                        360                       345,000.00                     7.500                     20070101   SFR                                               2,412.29                      345,000.00                     7.500    Owner Occupied         CashOut Refi                                               460,000.00                           360      20061201                      0.250                         0.030              7.220                                                                                   SISA                                                                     36    H                                                                 FIXED
SAN DIEGO                                               CA                       33617                        360                       299,500.00                     7.250                     20070101   SFR                                               1,809.48                      299,500.00                     7.250    Owner Occupied         CashOut Refi                                               445,000.00                           360      20061201                      0.375                         0.030              6.845                                                                                   SISA                                                                                                                                        3    LIBOR                             6
CASTRO VALLEY AREA                                      CA                       94546                        360                       517,000.00                     6.250                     20061201   SFR                                               2,692.71                      517,000.00                     6.250    Owner Occupied         CashOut Refi                                               670,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                     36    H                                                                 FIXED
TACOMA                                                  WA                       35892                        360                       168,750.00                     6.375                     20061201   SFR                                                 896.48                      168,750.00                     6.375    Owner Occupied         CashOut Refi                                               225,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                     36    H                                                                 FIXED
SAN DIEGO                                               CA                       33620                        360                       451,000.00                     6.500                     20061201   2-FAMILY                                          2,850.63                      450,592.29                     6.500    Investment             Rate Refi                                                  670,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   24    H                                                                 FIXED
SAN DIEGO                                               CA                       33620                        360                       456,000.00                     6.500                     20061201   2-FAMILY                                          2,882.23                      455,587.77                     6.500    Investment             Rate Refi                                                  660,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   24    H                                                                 FIXED
HESPERIA                                                CA                       92345                        360                       248,500.00                     6.125                     20061201   SFR                                               1,268.39                      248,500.00                     6.125    Owner Occupied         CashOut Refi                                               355,000.00                           359      20061201                      0.250                         0.030              5.845                                                                                   Stated                                                                   36    S                                                                 FIXED
LA JOLLA AREA                                           CA                       92037                        360                       693,000.00                     6.500                     20061201   SFR                                               3,753.75                      693,000.00                     6.500    Owner Occupied         Rate Refi                                                  990,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    S                                                                 FIXED
COSTA MESA                                              CA                       33781                        360                       525,000.00                     6.499                     20061201   SFR                                               2,843.31                      525,000.00                     6.499    Owner Occupied         Purchase                                                   799,000.00                           359      20061201                      0.250                         0.030              6.219                                                                                   Stated                                                                   12    H                                                                 FIXED
KENNEWICK                                               WA                       99337                        360                       164,000.00                     7.000                     20061201   SFR                                                 956.67                      164,000.00                     7.000    Owner Occupied         CashOut Refi                                               210,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   36    S                                                                 FIXED
SAN DIEGO                                               CA                       33623                        360                       417,000.00                     6.750                     20061201   TOWNHOUSE                                         2,345.63                      417,000.00                     6.750    Owner Occupied         CashOut Refi                                               525,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   12    S                                                                 FIXED
CHULA VISTA                                             CA                       33492                        360                       364,000.00                     6.500                     20061201   SFR                                               1,971.67                      364,000.00                     6.500    Investment             Rate Refi                                                  520,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    S                                                                 FIXED
LAKE ELSINORE                                           CA                       33754                        360                       180,000.00                     6.875                     20061201   SFR                                               1,182.47                      179,848.78                     6.875    Owner Occupied         CashOut Refi                                               362,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    S                                                                 FIXED
BELLEVUE                                                WA                       98004                        360                       557,000.00                     6.625                     20061201   SFR                                               3,075.10                      557,000.00                     6.625    Owner Occupied         CashOut Refi                                               745,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   12    S                                                                 FIXED
FULLERTON                                               CA                       92835                        360                       854,700.00                     6.999                     20061201   4-FAMILY                                          4,985.04                      854,700.00                     6.999    Investment             CashOut Refi                                             1,221,000.00                           359      20061201                      0.250                         0.030              6.719                                                                                   Stated                                                                   12    H                                                                 FIXED
ORANGE                                                  CA                       92867                        360                       762,300.00                     6.999                     20061201   4-FAMILY                                          4,446.11                      762,300.00                     6.999    Investment             Rate Refi                                                1,089,000.00                           359      20061201                      0.250                         0.030              6.719                                                                                   Stated                                                                   12    H                                                                 FIXED
LA MESA                                                 CA                       91941                        360                       327,200.00                     6.500                     20061201   SFR                                               1,772.33                      327,200.00                     6.500    Owner Occupied         Purchase                                                   420,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    S                                                                 FIXED
HOLLISTER                                               CA                       95023                        360                       485,600.00                     6.625                     20061201   SFR                                               2,680.92                      485,600.00                     6.625    Owner Occupied         CashOut Refi                                               607,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   12    H                                                                 FIXED
MOUNTAIN VIEW                                           CA                       94040                        360                       770,000.00                     6.375                     20061201   SFR                                               4,090.63                      770,000.00                     6.375    Owner Occupied         CashOut Refi                                             1,100,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    S                                                                 FIXED
CHULA VISTA                                             CA                       33491                        360                       460,000.00                     6.375                     20061201   SFR                                               2,869.80                      459,573.95                     6.375    Owner Occupied         Rate Refi                                                  575,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                     12    S                                                                 FIXED
SAN DIEGO                                               CA                       33618                        360                       340,000.00                     6.375                     20061201   SFR                                               2,121.16                      339,685.09                     6.375    Owner Occupied         Rate Refi                                                  570,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    H                                                                 FIXED
SPOKANE VALLEY                                          WA                       36197                        360                       180,000.00                     6.750                     20061201   SFR                                               1,012.50                      180,000.00                     6.750    Owner Occupied         CashOut Refi                                               225,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    S                                                                 FIXED
WALNUT CREEK                                            CA                       94597                        360                       560,000.00                     5.875                     20061201   2-FAMILY                                          2,741.67                      560,000.00                     5.875    Investment             CashOut Refi                                               800,000.00                           359      20061201                      0.250                         0.030              5.595                                                                                   Stated                                                                   24    S                                                                 FIXED
SAN DIEGO                                               CA                       92139                        360                       407,900.00                     6.750                     20061201   SFR                                               2,645.63                      407,548.81                     6.750    Owner Occupied         CashOut Refi                                               520,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                     12    S                                                                 FIXED
MANHATTAN BEACH                                         CA                       90266                        360                       830,000.00                     6.500                     20061201   SFR                                               4,495.83                      830,000.00                     6.500    Owner Occupied         CashOut Refi                                             2,000,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    S                                                                 FIXED
CORONA                                                  CA                       92881                        360                       339,000.00                     6.125                     20061201   CONDO                                             1,730.31                      339,000.00                     6.125    Owner Occupied         CashOut Refi                                               485,000.00                           359      20061201                      0.250                         0.030              5.845                                                                                   Stated                                                                   12    S                                                                 FIXED
PHOENIX                                                 AZ                       85018                        360                       102,000.00                     6.250                     20061201   SFR                                                 628.03                      101,903.22                     6.250    Owner Occupied         CashOut Refi                                               226,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   12    S                                                                 FIXED
POWAY                                                   CA                       92064                        360                       670,000.00                     6.250                     20061201   SFR                                               3,489.58                      670,000.00                     6.250    Owner Occupied         CashOut Refi                                             1,150,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   SISA                                                                     36    S                                                                 FIXED
SAN DIEGO                                               CA                       33630                        360                       273,000.00                     6.625                     20061201   CONDO                                             1,507.19                      273,000.00                     6.625    Investment             Rate Refi                                                  405,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   36    S                                                                 FIXED
BISBEE                                                  AZ                       31201                        360                       214,400.00                     6.500                     20061201   SFR                                               1,161.33                      214,400.00                     6.500    Owner Occupied         Rate Refi                                                  268,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                     12    S                                                                 FIXED
SACRAMENTO                                              CA                       95835                        360                       529,600.00                     6.750                     20061201   PUD                                               2,979.00                      529,600.00                     6.750    Owner Occupied         CashOut Refi                                               662,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                     36    S                                                                 FIXED
SOUTH HAVEN                                             MI                       49090                        360                       125,000.00                     6.250                     20061201   PUD                                                 651.04                      125,000.00                     6.250    Owner Occupied         CashOut Refi                                               260,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   12    S                                                                 FIXED
BIG BEAR LAKE                                           CA                       33678                        360                       320,000.00                     6.500                     20061201   SFR                                               1,733.33                      320,000.00                     6.500    2nd Home               Purchase                                                   421,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    S                                                                 FIXED
LA PALMA                                                CA                       33047                        360                       427,000.00                     6.625                     20061201   SFR                                               2,357.40                      427,000.00                     6.625    Owner Occupied         Rate Refi                                                  610,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   12    S                                                                 FIXED
PALMDALE                                                CA                       93550                        360                       259,000.00                     6.250                     20061201   SFR                                               1,348.96                      259,000.00                     6.250    Owner Occupied         CashOut Refi                                               370,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   12    S                                                                 FIXED
PORTLAND                                                OR                       35472                        360                       210,000.00                     6.500                     20061201   SFR                                               1,137.50                      209,901.50                     6.500    Owner Occupied         CashOut Refi                                               300,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    S                                                                 FIXED
FRESNO                                                  CA                       34172                        360                       301,600.00                     6.125                     20061201   SFR                                               1,832.55                      301,306.87                     6.125    Owner Occupied         Rate Refi                                                  390,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   SISA                                                                                                                                     2.75    LIBOR                             6
OAKLAND                                                 CA                       34504                        360                       341,500.00                     6.250                     20061201   SFR                                               2,102.67                      341,175.98                     6.250    Owner Occupied         Purchase                                                   380,000.00                           359      20061201                      0.375                         0.030              5.845                       UGI                                                    25   SISA                                                                                                                                     2.75    LIBOR                             6
BUENA PARK                                              CA                       33045                        360                       436,000.00                     6.375                     20061201   PUD                                               2,316.25                      436,000.00                     6.375    Investment             Rate Refi                                                  560,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
LOS ANGELES                                             CA                       90020                        360                       240,000.00                     6.625                     20061201   CONDO                                             1,325.00                      240,000.00                     6.625    Investment             Purchase                                                   340,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
FULLERTON                                               CA                       92833                        360                       438,000.00                     6.250                     20061201   PUD                                               2,281.25                      438,000.00                     6.250    Owner Occupied         Rate Refi                                                  690,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   SISA                                                                                                                                     2.75    LIBOR                             6
LONG BEACH                                              CA                       33090                        360                       432,000.00                     6.125                     20061201   SFR                                               2,205.00                      432,000.00                     6.125    Owner Occupied         CashOut Refi                                               540,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
COMMERCE                                                CA                       90040                        360                       272,000.00                     5.625                     20061201   CONDO                                             1,275.00                      272,000.00                     5.625    Owner Occupied         Purchase                                                   340,000.00                           359      20061201                      0.375                         0.030              5.220                                                                                   SISA                                                                     36    H                                                         2.75    LIBOR                             6
WESTMINSTER                                             CA                       92683                        360                       284,000.00                     5.750                     20061201   SFR                                               1,360.83                      284,000.00                     5.750    Owner Occupied         Rate Refi                                                  615,000.00                           359      20061201                      0.375                         0.030              5.345                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
PITTSBURG                                               CA                       94565                        360                       257,000.00                     6.000                     20061201   SFR                                               1,285.00                      257,000.00                     6.000    Owner Occupied         Rate Refi                                                  535,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   SISA                                                                                                                                     2.75    LIBOR                             6
LOS ANGELES                                             CA                       90003                        360                       230,000.00                     6.750                     20061201   SFR                                               1,293.75                      230,000.00                     6.750    Investment             CashOut Refi                                               390,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                                                                                     2.75    LIBOR                             6
GARDEN GROVE                                            CA                       92843                        360                       447,000.00                     7.375                     20061201   SFR                                               2,747.19                      447,000.00                     7.375    Investment             Rate Refi                                                  650,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   SISA                                                                                                                                     2.75    LIBOR                             6
GARDEN GROVE                                            CA                       92841                        360                       577,000.00                     6.750                     20061201   SFR                                               3,245.63                      577,000.00                     6.750    Owner Occupied         CashOut Refi                                               770,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
SAN DIEGO                                               CA                       33631                        360                       530,000.00                     6.375                     20061201   PUD                                               2,815.63                      530,000.00                     6.375    Owner Occupied         CashOut Refi                                               670,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
SUN VALLEY                                              CA                       91352                        360                       260,000.00                     6.500                     20061201   SFR                                               1,408.33                      260,000.00                     6.500    Owner Occupied         CashOut Refi                                               573,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
FULLERTON                                               CA                       92833                        360                       498,500.00                     6.000                     20061201   PUD                                               2,492.50                      498,500.00                     6.000    Owner Occupied         Rate Refi                                                  750,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   SISA                                                                     36    S                                                         2.75    LIBOR                             6
SAN JOSE                                                CA                       95148                        360                       434,000.00                     6.625                     20061201   SFR                                               2,396.04                      434,000.00                     6.625    Owner Occupied         CashOut Refi                                               650,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
LAS VEGAS                                               NV                       89146                        360                       225,000.00                     6.625                     20061201   SFR                                               1,242.19                      225,000.00                     6.625    Investment             CashOut Refi                                               300,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
NEWCASTLE                                               WA                       98056                        360                       490,000.00                     5.875                     20061201   SFR                                               2,398.96                      490,000.00                     5.875    Owner Occupied         Purchase                                                   689,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   SISA                                                                                                                                     2.75    LIBOR                             6
SUN VALLEY                                              CA                       91352                        360                       179,500.00                     5.875                     20061201   SFR                                               1,061.81                      179,316.99                     5.875    Owner Occupied         CashOut Refi                                               575,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   SISA                                                                     36    H                                                         2.75    LIBOR                             6
COMPTON                                                 CA                       32925                        360                       322,500.00                     6.125                     20061201   SFR                                               1,959.54                      322,186.55                     6.125    Owner Occupied         Rate Refi                                                  430,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   SISA                                                                                                                                     2.75    LIBOR                             6
MURRIETA                                                CA                       92563                        360                       525,000.00                     6.875                     20061201   SFR                                               3,007.81                      525,000.00                     6.875    Owner Occupied         CashOut Refi                                               705,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
LOS ANGELES (NORTHRIDGE AREA)                           CA                       33323                        360                       684,000.00                     6.500                     20061201   PUD                                               3,705.00                      683,086.51                     6.500    Owner Occupied         Rate Refi                                                  930,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
GARDEN GROVE                                            CA                       92840                        360                       350,000.00                     5.875                     20061201   SFR                                               1,713.54                      350,000.00                     5.875    Owner Occupied         CashOut Refi                                               620,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
SAN DIEGO                                               CA                       33608                        360                       385,000.00                     6.375                     20061201   SFR                                               2,045.31                      385,000.00                     6.375    Owner Occupied         CashOut Refi                                               495,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
WHITTIER                                                CA                       33025                        360                       515,000.00                     5.625                     20061201   SFR                                               2,414.06                      515,000.00                     5.625    Owner Occupied         Rate Refi                                                  725,000.00                           359      20061201                      0.375                         0.030              5.220                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
INGLEWOOD                                               CA                       32934                        360                       390,000.00                     5.875                     20061201   SFR                                               1,909.37                      390,000.00                     5.875    Owner Occupied         CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
MURRIETA                                                CA                       92563                        360                       400,000.00                     5.625                     20061201   SFR                                               2,302.63                      399,572.37                     5.625    Owner Occupied         CashOut Refi                                               585,000.00                           359      20061201                      0.375                         0.030              5.220                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
SAN JOSE                                                CA                       34723                        360                       600,000.00                     6.375                     20061201   SFR                                               3,187.50                      600,000.00                     6.375    Owner Occupied         CashOut Refi                                               750,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
LOS ANGELES(NORTHRIDGE AREA)                            CA                       33323                        360                       421,000.00                     6.000                     20061201   CONDO                                             2,524.11                      420,580.89                     6.000    Owner Occupied         Rate Refi                                                  595,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
LOS ANGELES                                             CA                       91042                        360                       800,000.00                     6.250                     20061201   PUD                                               4,166.67                      800,000.00                     6.250    Owner Occupied         Rate Refi                                                1,090,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
WEST HILLS AREA, LOS ANGELES                            CA                       33304                        360                       439,000.00                     5.875                     20061201   SFR                                               2,149.27                      439,000.00                     5.875    Owner Occupied         Rate Refi                                                  610,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
CITY OF LOS ANGELES (SYLMAR AR                          CA                       91342                        360                       346,500.00                     6.125                     20061201   SFR                                               1,768.59                      346,500.00                     6.125    Owner Occupied         CashOut Refi                                               495,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
LOS ANGELES                                             CA                       90012                        360                       486,000.00                     6.375                     20061201   CONDO                                             2,581.88                      486,000.00                     6.375    Owner Occupied         Rate Refi                                                  655,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
WHITTIER                                                CA                       33030                        360                       388,500.00                     6.125                     20061201   SFR                                               1,982.97                      388,500.00                     6.125    Owner Occupied         Rate Refi                                                  490,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
NEWARK                                                  CA                       94560                        360                       425,000.00                     6.625                     20061201   SFR                                               2,346.35                      425,000.00                     6.625    Owner Occupied         CashOut Refi                                               620,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
ELK GROVE                                               CA                       34874                        360                       364,000.00                     6.125                     20061201   SFR                                               1,857.92                      364,000.00                     6.125    Owner Occupied         CashOut Refi                                               520,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
OCCIDENTAL                                              CA                       95465                        360                       200,000.00                     6.625                     20061201   SFR                                               1,104.17                      200,000.00                     6.625    Investment             CashOut Refi                                               680,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Express No Doc                                                           12    S                                                         3.25    LIBOR                            12
MURRIETA                                                CA                       92562                        360                       336,000.00                     6.625                     20061201   SFR                                               1,855.00                      336,000.00                     6.625    Owner Occupied         Rate Refi                                                  420,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                                                                                     3.25    LIBOR                            12
DALY CITY                                               CA                       94015                        360                       624,000.00                     6.750                     20061201   SFR                                               3,510.00                      624,000.00                     6.750    Owner Occupied         Purchase                                                   800,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
GREAT MILLS                                             MD                       20634                        360                       302,400.00                     6.875                     20061201   PUD                                               1,732.50                      302,400.00                     6.875    Owner Occupied         CashOut Refi                                               378,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                  3.25    LIBOR                            12
CITY OF KEY WEST                                        FL                       33040                        360                       399,000.00                     6.875                     20061101   CONDO                                             2,285.94                      399,000.00                     6.875    2nd Home               CashOut Refi                                               570,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                                                                                           3.25    LIBOR                            12
SAN DIEGO (JAMUL AREA)                                  CA                       91935                        360                       600,000.00                     6.875                     20061201   SFR                                               3,437.50                      600,000.00                     6.875    2nd Home               Purchase                                                   975,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
CONCORD                                                 CA                       34472                        360                       216,000.00                     6.875                     20061201   CONDO                                             1,237.50                      216,000.00                     6.875    Owner Occupied         CashOut Refi                                               270,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
SAN JOSE                                                CA                       95133                        360                       352,000.00                     6.875                     20061201   CONDO                                             2,016.67                      352,000.00                     6.875    Owner Occupied         CashOut Refi                                               440,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
SAN FRANCISCO                                           CA                       34344                        360                       608,000.00                     6.875                     20061201   SFR                                               3,483.33                      608,000.00                     6.875    Owner Occupied         Rate Refi                                                  760,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                  3.25    LIBOR                            12
RIVERSIDE                                               CA                       33727                        360                       650,000.00                     6.875                     20061201   PUD                                               3,723.96                      650,000.00                     6.875    Owner Occupied         Rate Refi                                                  870,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
FAIRFIELD                                               CA                       94533                        360                       332,000.00                     7.000                     20061201   SFR                                               1,936.67                      332,000.00                     7.000    Owner Occupied         CashOut Refi                                               415,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
REDONDO BEACH                                           CA                       90278                        360                       671,250.00                     7.000                     20061201   CONDO                                             3,915.63                      671,250.00                     7.000    Owner Occupied         Rate Refi                                                  895,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
YONKERS                                                 NY                       40360                        360                       560,000.00                     7.625                     20061201   2-FAMILY                                          3,558.33                      560,000.00                     7.625    Owner Occupied         Rate Refi                                                  700,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                  3.25    LIBOR                            12
LOS GATOS                                               CA                       95032                        360                       507,750.00                     5.750                     20061201   SFR                                               2,432.97                      507,750.00                     5.750    Owner Occupied         Rate Refi                                                1,273,000.00                           359      20061201                      0.375                         0.030              5.345                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
GILBERT                                                 AZ                       85296                        360                       556,000.00                     5.875                     20061201   SFR                                               2,722.08                      556,000.00                     5.875    Owner Occupied         CashOut Refi                                               695,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
BUENA PARK                                              CA                       33044                        360                       398,000.00                     6.250                     20061201   SFR                                               2,072.92                      398,000.00                     6.250    Owner Occupied         CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                            12
STOCKTON                                                CA                       34736                        360                       294,000.00                     6.250                     20061201   SFR                                               1,531.25                      294,000.00                     6.250    Owner Occupied         Purchase                                                   395,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
REDONDO BEACH                                           CA                       90278                        360                       612,000.00                     6.375                     20061201   SFR                                               3,251.25                      612,000.00                     6.375    Owner Occupied         Rate Refi                                                  765,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
PASADENA                                                CA                       33239                        360                       249,600.00                     6.375                     20061201   CONDO                                             1,326.00                      249,600.00                     6.375    Owner Occupied         Purchase                                                   312,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                                                                                     3.25    LIBOR                            12
SANTA ROSA                                              CA                       34796                        360                       395,250.00                     6.500                     20061201   PUD                                               2,140.94                      395,250.00                     6.500    Owner Occupied         Rate Refi                                                  527,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
HAYWARD                                                 CA                       94546                        360                       273,500.00                     6.375                     20061201   CONDO                                             1,452.97                      273,500.00                     6.375    Owner Occupied         CashOut Refi                                               440,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
SACRAMENTO                                              CA                       34930                        360                       263,000.00                     6.375                     20061201   SFR                                               1,397.19                      263,000.00                     6.375    2nd Home               CashOut Refi                                               485,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
MANTECA                                                 CA                       95336                        360                       261,550.00                     6.500                     20061201   SFR                                               1,416.73                      261,550.00                     6.500    Owner Occupied         Purchase                                                   330,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
SPOTSYLVANIA                                            VA                       22553                        360                       306,000.00                     5.500                     20061201   PUD                                               1,402.50                      306,000.00                     5.500    Owner Occupied         Purchase                                                   470,000.00                           359      20061201                      0.375                         0.030              5.095                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
BELLFLOWER                                              CA                       33060                        360                       250,000.00                     6.250                     20070101   SFR                                               1,539.29                      249,762.79                     6.250    Investment             CashOut Refi                                               450,000.00                           360      20070101                      0.250                         0.030              5.970                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
LAKEWOOD                                                CA                       33067                        360                       255,000.00                     6.000                     20070101   SFR                                               1,275.00                      255,000.00                     6.000    Owner Occupied         CashOut Refi                                               615,000.00                           360      20061201                      0.375                         0.030              5.595                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
CASTLE ROCK                                             CO                       29228                        360                     1,443,750.00                     6.500                     20070101   D-PUDS                                            7,820.31                    1,443,750.00                     6.500    Owner Occupied         Purchase                                                 1,925,000.00                           360      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
LOS ANGELES                                             CA                       90003                        360                       404,000.00                     6.875                     20070101   SFR                                               2,653.99                      404,000.00                     6.875    Owner Occupied         CashOut Refi                                               505,000.00                           360      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
OCEANSIDE                                               CA                       92054                        360                       240,000.00                     6.375                     20070101   D-PUDS                                            1,497.29                      240,000.00                     6.375    Investment             CashOut Refi                                               575,000.00                           360      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                     12    H                                                                 FIXED
HIXSON                                                  TN                       37343                        360                        91,800.00                    10.875                     20070101   SFR                                                 865.57                       91,800.00                    10.875    Owner Occupied         CashOut Refi                                               102,000.00                           360      20061201                      0.375                         0.030              9.600               0.87    RADIAN - LENDER PAID                                   25   Express Non-Verified Assets                                              60    H                                                        3.625    LIBOR                             6
COTO DE CAZA                                            CA                       92679                        360                     1,380,000.00                     6.875                     20070101   D-PUDS                                            7,906.25                    1,380,000.00                     6.875    Owner Occupied         Rate Refi                                                1,840,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                        3    LIBOR                             6
STERLING                                                VA                       20165                        360                       220,000.00                     8.000                     20061201   CONDO                                             1,466.67                      220,000.00                     8.000    Owner Occupied         Rate Refi                                                  275,000.00                           359      20061201                      0.375                         0.030              7.595                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                             6
JERSEY CITY                                             NJ                       39146                        360                       261,208.00                     7.125                     20061201   2-FAMILY                                          1,759.81                      260,999.11                     7.125    Owner Occupied         Purchase                                                   335,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express No Doc                                                                                                                           3.25    LIBOR                             6
JACKSON HEIGHTS                                         NY                       11370                        360                       975,000.00                     7.625                     20061201   3-FAMILY                                          6,195.31                      975,000.00                     7.625    Owner Occupied         Purchase                                                 1,300,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Express Verified Assets                                                                                                                  3.25    LIBOR                             6
FONTANA                                                 CA                       92336                        360                       316,000.00                     7.250                     20061201   SFR                                               1,909.17                      316,000.00                     7.250    Owner Occupied         Purchase                                                   410,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Express No Doc                                                           36    S                                                         3.25    LIBOR                             6
LAUREL                                                  MD                       44035                        360                       417,000.00                     7.000                     20061201   PUD                                               2,432.50                      417,000.00                     7.000    Owner Occupied         CashOut Refi                                               578,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   3.25    LIBOR                             6
SPRINGFIELD                                             VA                       22152                        360                       368,000.00                     8.000                     20061201   SFR                                               2,453.33                      368,000.00                     8.000    Owner Occupied         Purchase                                                   526,000.00                           359      20061201                      0.375                         0.030              7.595                                                                                   Express Verified Assets                                                                                                                  3.25    LIBOR                             6
ARLINGTON                                               VA                       44596                        360                       324,000.00                     7.250                     20061201   SFR                                               1,957.50                      324,000.00                     7.250    Owner Occupied         Purchase                                                   425,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Express No Doc                                                           36    S                                                         3.25    LIBOR                             6
SUWANEE                                                 GA                       30024                        360                       184,800.00                     6.875                     20061201   PUD                                               1,214.00                      184,644.75                     6.875    Owner Occupied         Purchase                                                   233,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                             6
LILBURN                                                 GA                       30047                        360                       132,700.00                     6.875                     20061201   TOWNHOUSE                                           871.74                      132,588.52                     6.875    Investment             Purchase                                                   167,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    H                                                         3.25    LIBOR                             6
BOWIE                                                   MD                       44028                        360                       284,000.00                     7.125                     20070101   TOWNHOUSE                                         1,913.36                      284,000.00                     7.125    Owner Occupied         Purchase                                                   355,000.00                           360      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   3.25    LIBOR                             6
TRIANGLE                                                VA                       22172                        360                       708,000.00                     7.500                     20061201   SFR                                               4,950.44                      707,474.56                     7.500    Owner Occupied         Purchase                                                   885,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                  36    S                                                         3.25    LIBOR                             6
CORONA                                                  CA                       92883                        360                       260,000.00                     6.250                     20061201   PUD                                               1,600.86                      259,753.31                     6.250    Owner Occupied         CashOut Refi                                               540,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Express No Doc                                                           36    S                                                         3.25    LIBOR                             6
NORCROSS                                                GA                       30093                        360                       112,800.00                     7.125                     20061201   SFR                                                 759.95                      112,709.80                     7.125    Owner Occupied         Purchase                                                   142,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   3.25    LIBOR                             6
DACULA                                                  GA                       30019                        360                       283,920.00                     6.750                     20061201   PUD                                               1,713.05                      283,804.00                     6.750    Owner Occupied         Purchase                                                   359,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                           36    S                                                         3.25    LIBOR                             6
LONG BEACH                                              CA                       33095                        360                       292,000.00                     5.875                     20061201   SFR                                               1,581.25                      291,848.33                     5.875    Owner Occupied         CashOut Refi                                               535,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Express No Doc                                                           36    S                                                         3.25    LIBOR                             6
RANCHO CUCAMONGA                                        CA                       91737                        360                       504,000.00                     6.610                     20070101   SFR                                               2,776.20                      504,000.00                     6.610    Owner Occupied         CashOut Refi                                               630,000.00                           360      20061201                      0.250                         0.030              6.330                                                                                   Full                                                                     36    H                                                                 FIXED
BOYNTON BEACH                                           FL                       33435                        360                       236,000.00                     7.875                     20070101   2-FAMILY                                          1,711.16                      236,000.00                     7.875    Investment             Purchase                                                   315,000.00                           360      20061201                      0.375                         0.030              7.470                                                                                   Express Verified Assets                                                  24    H                                                            3    LIBOR                             6
WAIKOLOA                                                HI                       96738                        360                       821,250.00                     7.875                     20070101   CONDO                                             5,389.45                      821,250.00                     7.875    2nd Home               Purchase                                                 1,095,000.00                           360      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
MORENO VALLEY                                           CA                       92555                        360                       618,000.00                     6.500                     20070101   SFR                                               3,906.18                      618,000.00                     6.500    Owner Occupied         Rate Refi                                                1,010,000.00                           360      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
EL CERRITO                                              CA                       34484                        360                       417,000.00                     6.625                     20061201   2-4FAMILY                                         2,302.19                      417,000.00                     6.625    Owner Occupied         CashOut Refi                                               750,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
LOS ANGELES                                             CA                       90026                        360                       608,000.00                     6.500                     20061201   2-4FAMILY                                         3,293.33                      608,000.00                     6.500    Owner Occupied         Purchase                                                   760,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
LAKE PILLSBURY                                          CA                       95485                        360                       210,000.00                     6.500                     20061201   SFR                                               1,137.50                      210,000.00                     6.500    2nd Home               CashOut Refi                                               350,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   SISA                                                                                                                                             FIXED
HEALDSBURG                                              CA                       95448                        360                     1,348,000.00                     6.375                     20061201   SFR                                               8,409.77                    1,346,751.48                     6.375    Owner Occupied         Purchase                                                 1,685,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                                                                                             FIXED
ROHNERT PARK                                            CA                       34605                        360                       175,000.00                     6.625                     20061201   SFR                                               1,120.54                      174,845.61                     6.625    Owner Occupied         CashOut Refi                                               575,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc                                                                                                                                   FIXED
TRUCKEE                                                 CA                       96161                        360                       480,000.00                     6.625                     20061201   PUD                                               3,073.49                      479,576.51                     6.625    Owner Occupied         Purchase                                                   610,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
SAN ANSELMO                                             CA                       94960                        360                       505,000.00                     6.625                     20061201   SFR                                               2,788.02                      505,000.00                     6.625    Owner Occupied         CashOut Refi                                               747,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
CORONA                                                  CA                       92879                        360                       240,000.00                     7.750                     20061201   CONDO                                             1,550.00                      240,000.00                     7.750    Investment             CashOut Refi                                               300,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Full                                                                                                                                             FIXED
REDWOOD CITY                                            CA                       94061                        360                       510,000.00                     6.500                     20061201   SFR                                               2,762.50                      510,000.00                     6.500    Owner Occupied         CashOut Refi                                               880,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
PALMDALE                                                CA                       93552                        360                       205,000.00                     6.875                     20061201   SFR                                               1,174.48                      205,000.00                     6.875    Owner Occupied         CashOut Refi                                               350,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
KELSEYVILLE                                             CA                       95451                        360                       434,000.00                     6.625                     20061201   SFR                                               2,778.95                      433,617.09                     6.625    Owner Occupied         Rate Refi                                                  680,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
MILL VALLEY                                             CA                       94941                        360                     1,332,000.00                     6.250                     20061201   SFR                                               8,201.35                    1,330,736.15                     6.250    Owner Occupied         Rate Refi                                                2,175,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
SANTEE                                                  CA                       92071                        360                       417,000.00                     6.500                     20061201   PUD                                               2,258.75                      417,000.00                     6.500    Owner Occupied         Purchase                                                   540,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
SANTEE                                                  CA                       92071                        360                       417,000.00                     6.875                     20061201   PUD                                               2,389.06                      417,000.00                     6.875    Owner Occupied         Purchase                                                   540,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                                                                                           FIXED
SOMERSET                                                CA                       95684                        360                       400,000.00                     6.625                     20061201   SFR                                               2,561.24                      399,647.09                     6.625    Owner Occupied         CashOut Refi                                               657,600.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
MORAGA                                                  CA                       94556                        360                       700,000.00                     6.375                     20061201   SFR                                               3,718.75                      700,000.00                     6.375    Owner Occupied         Rate Refi                                                1,240,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
PASO ROBLES                                             CA                       93446                        360                       402,500.00                     6.375                     20061201   SFR                                               2,511.08                      402,127.20                     6.375    Owner Occupied         Rate Refi                                                  650,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
FAIRFIELD                                               CA                       94534                        360                       329,550.00                     6.750                     20061201   SFR                                               1,988.36                      329,415.36                     6.750    Owner Occupied         CashOut Refi                                               507,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express No Doc                                                                                                                                   FIXED
KENTFIELD                                               CA                       34581                        360                     1,000,000.00                     6.750                     20061201   SFR                                               6,485.98                      999,139.02                     6.750    Owner Occupied         CashOut Refi                                             1,450,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
COTATI                                                  CA                       94931                        360                       470,500.00                     6.750                     20061201   2-4FAMILY                                         2,646.56                      470,500.00                     6.750    Investment             Purchase                                                   770,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
LOS ANGELES                                             CA                       90016                        360                       550,000.00                     6.875                     20061201   2-4FAMILY                                         3,613.11                      549,537.93                     6.875    Investment             CashOut Refi                                               850,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Express Verified Assets                                                                                                                          FIXED
MONTARA                                                 CA                       94037                        360                       900,000.00                     7.125                     20061201   SFR                                               6,063.47                      899,280.28                     7.125    Owner Occupied         CashOut Refi                                             1,130,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
LAS VEGAS                                               NV                       89135                        360                     1,200,000.00                     6.250                     20061201   PUD                                               6,250.00                    1,200,000.00                     6.250    Owner Occupied         CashOut Refi                                             2,800,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                                                                                           FIXED
SIGNAL HILL                                             CA                       90755                        360                       648,000.00                     6.500                     20061201   2-4FAMILY                                         4,095.80                      647,414.20                     6.500    Owner Occupied         CashOut Refi                                               810,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
SAN FRANCISCO                                           CA                       34352                        360                       965,200.00                     7.000                     20061201   SFR                                               5,630.33                      965,200.00                     7.000    Owner Occupied         Purchase                                                 1,485,000.00                           359      20061201                      0.250                         0.030              6.720                                                                                   Express No Doc                                                                                                                                   FIXED
SACRAMENTO                                              CA                       95838                        360                       178,500.00                     6.500                     20061201   SFR                                                 966.88                      178,500.00                     6.500    Investment             CashOut Refi                                               275,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
SANTA CLARITA                                           CA                       91355                        360                       229,000.00                     6.500                     20061201   CONDO                                             1,447.44                      228,792.98                     6.500    Owner Occupied         Rate Refi                                                  407,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
ALBANY                                                  CA                       34521                        360                       472,000.00                     6.375                     20061201   SFR                                               2,944.67                      471,562.83                     6.375    Owner Occupied         Purchase                                                   600,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                                                                                             FIXED
SAN FRANCISCO                                           CA                       94133                        360                       269,500.00                     6.375                     20061201   CONDO                                             1,681.33                      269,250.39                     6.375    Investment             Purchase                                                   500,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Express No Doc                                                           36    S                                                                 FIXED
WEST SACRAMENTO                                         CA                       34855                        360                       570,000.00                     6.375                     20061201   PUD                                               3,556.06                      569,472.07                     6.375    Owner Occupied         Purchase                                                 1,100,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
HOLLISTER                                               CA                       95023                        360                       340,000.00                     6.625                     20061201   SFR                                               1,877.08                      340,000.00                     6.625    Owner Occupied         CashOut Refi                                             1,300,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
WOODLAND                                                CA                       95695                        360                       475,000.00                     6.250                     20061201   SFR                                               2,924.66                      474,549.30                     6.250    Owner Occupied         CashOut Refi                                               795,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
SANTA ROSA                                              CA                       34790                        360                     1,200,000.00                     6.750                     20061201   SFR                                               6,750.00                    1,200,000.00                     6.750    Owner Occupied         CashOut Refi                                             1,725,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
SHERMAN OAKS                                            CA                       33331                        360                       612,000.00                     6.500                     20061201   SFR                                               3,315.00                      612,000.00                     6.500    Owner Occupied         Purchase                                                   775,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
SANTA PAULA                                             CA                       93060                        360                       468,000.00                     6.625                     20061201   SFR                                               2,583.75                      468,000.00                     6.625    Owner Occupied         CashOut Refi                                               585,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
OAKLAND                                                 CA                       34492                        360                       456,000.00                     6.625                     20061201   SFR                                               2,919.82                      455,597.68                     6.625    Owner Occupied         Purchase                                                   570,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
NOVATO                                                  CA                       94947                        360                       650,000.00                     6.250                     20061201   PUD                                               3,385.42                      650,000.00                     6.250    Owner Occupied         Purchase                                                   850,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
CAMARILLO                                               CA                       93010                        360                       480,000.00                     6.250                     20061201   SFR                                               2,955.44                      479,544.56                     6.250    Owner Occupied         CashOut Refi                                               610,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
SANTEE                                                  CA                       92071                        360                       432,000.00                     6.250                     20061201   SFR                                               2,250.00                      432,000.00                     6.250    Owner Occupied         Purchase                                                   540,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
NORTH HILLS                                             CA                       91343                        360                       320,000.00                     6.500                     20061201   SFR                                               2,022.62                      319,710.71                     6.500    Owner Occupied         CashOut Refi                                               530,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
WINCHESTER                                              CA                       92596                        360                       180,000.00                     6.000                     20061201   CONDO                                             1,079.19                      179,820.81                     6.000    Owner Occupied         CashOut Refi                                               382,000.00                           359      20061201                      0.250                         0.030              5.720                                                                                   Stated                                                                                                                                           FIXED
NOVATO                                                  CA                       94947                        360                       440,000.00                     6.625                     20061201   2-4FAMILY                                         2,817.37                      439,611.80                     6.625    Owner Occupied         CashOut Refi                                               855,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                          FIXED
SAN JUAN BAUTISTA                                       CA                       95045                        360                       524,000.00                     6.500                     20061201   SFR                                               2,838.33                      524,000.00                     6.500    Owner Occupied         Purchase                                                   655,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
LOMPOC                                                  CA                       93436                        360                       332,250.00                     6.500                     20061201   SFR                                               1,799.69                      332,250.00                     6.500    Owner Occupied         CashOut Refi                                               443,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                                                                                           FIXED
NOVATO                                                  CA                       94949                        360                       380,000.00                     6.750                     20061201   SFR                                               2,137.50                      380,000.00                     6.750    Owner Occupied         Purchase                                                   850,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
NOVATO                                                  CA                       94947                        360                       532,000.00                     7.625                     20061201   SFR                                               3,380.42                      532,000.00                     7.625    Investment             Purchase                                                   665,000.00                           359      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                                                                                           FIXED
TUSTIN                                                  CA                       92780                        360                       315,000.00                     6.875                     20061201   PUD                                               2,069.33                      314,735.36                     6.875    Owner Occupied         CashOut Refi                                               465,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   SISA                                                                                                                                             FIXED
BERKELEY                                                CA                       34518                        360                       400,000.00                     6.750                     20061201   SFR                                               2,250.00                      400,000.00                     6.750    Owner Occupied         CashOut Refi                                               780,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
WINCHESTER AREA                                         CA                       92596                        360                       368,000.00                     6.875                     20070101   SFR                                               2,108.33                      368,000.00                     6.875    Owner Occupied         Rate Refi                                                  460,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LAKE ELSINORE                                           CA                       92532                        360                       397,000.00                     6.875                     20070101   D-PUDS                                            2,431.12                      397,000.00                     6.875    Investment             Rate Refi                                                  633,000.00                           360      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   60    H                                                                 FIXED
CORONA AREA                                             CA                       92883                        360                       271,000.00                     6.375                     20070101   SFR                                               1,439.69                      271,000.00                     6.375    Investment             Rate Refi                                                  435,000.00                           360      20061201                      0.375                         0.030              5.970                                                                                   Express Non-Verified Assets                                                                                                                 3    LIBOR                             6
PICO RIVERA                                             CA                       90660                        360                       174,000.00                     6.375                     20070101   SFR                                               1,085.53                      174,000.00                     6.375    Owner Occupied         CashOut Refi                                               437,000.00                           360      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    H                                                                 FIXED
SAN JOSE                                                CA                       34721                        360                       472,500.00                     6.875                     20070101   SFR                                               2,707.03                      472,500.00                     6.875    Owner Occupied         Purchase                                                   630,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
LITTLETON                                               CO                       29246                        360                       226,550.00                     9.225                     20061201   PUD                                               1,741.60                      226,550.00                     9.225    Investment             Purchase                                                   285,000.00                           359      20061201                      0.375                         0.030              8.820                                                                                   Express Verified Assets                                                  24    6H/18S                                                    4.85    LIBOR                             6
MISSOURI CITY                                           TX                       77459                        360                       650,700.00                    10.075                     20070101   PUD                                               5,746.45                      650,700.00                    10.075    Investment             Purchase                                                   685,020.00                           360      20061201                      0.375                         0.030              9.670                                                                                   SISA                                                                     24    6H/18S                                                   6.325    LIBOR                             6
RIVERSIDE                                               CA                       33729                        360                       216,500.00                     6.500                     20070101   SFR                                               1,368.43                      216,500.00                     6.500    Owner Occupied         Rate Refi                                                  340,000.00                           360      20061201                      0.250                         0.030              6.220                                                                                   Express Non-Verified Assets                                                                                                                      FIXED
GARDENA                                                 CA                       90249                        360                       460,000.00                     6.875                     20061201   SFR                                               3,021.87                      459,613.54                     6.875    Owner Occupied         Rate Refi                                                  575,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
SPRING VALLEY                                           CA                       91977                        360                       388,000.00                     6.625                     20061201   SFR                                               2,142.08                      388,000.00                     6.625    Owner Occupied         Rate Refi                                                  485,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
WEST COVINA                                             CA                       91792                        360                       363,750.00                     6.500                     20061201   SFR                                               1,970.31                      363,750.00                     6.500    Owner Occupied         Purchase                                                   560,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
ESCONDIDO                                               CA                       92029                        360                       880,000.00                     6.750                     20061201   PUD                                               4,950.00                      880,000.00                     6.750    Owner Occupied         Rate Refi                                                1,100,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
MURRAY                                                  UT                       30688                        360                       238,400.00                     6.375                     20061201   PUD                                               1,266.50                      238,400.00                     6.375    Owner Occupied         Purchase                                                   305,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
GLENDALE                                                AZ                       31110                        360                       191,200.00                     7.750                     20061201   SFR                                               1,234.83                      191,200.00                     7.750    Investment             CashOut Refi                                               239,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Express Verified Assets                                                  12    S                                                         3.25    LIBOR                            12
SPRINGFIELD                                             VA                       22152                        360                       200,000.00                     7.250                     20061201   CONDO                                             1,208.33                      200,000.00                     7.250    Owner Occupied         Purchase                                                   253,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Full                                                                                                                                     3.25    LIBOR                            12
SOUTH SAN FRANCISCO                                     CA                       94080                        360                       650,000.00                     7.000                     20061201   SFR                                               3,791.67                      650,000.00                     7.000    Owner Occupied         Purchase                                                   825,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
PASADENA                                                CA                       33244                        360                       305,600.00                     7.125                     20061201   CONDO                                             1,814.50                      305,600.00                     7.125    Owner Occupied         Purchase                                                   385,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
BELLFLOWER                                              CA                       33060                        360                       475,000.00                     6.500                     20061201   SFR                                               2,572.92                      475,000.00                     6.500    Owner Occupied         CashOut Refi                                               850,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                           36    S                                                         3.25    LIBOR                            12
THOUSAND PALMS                                          CA                       92276                        360                       240,000.00                     7.125                     20061201   SFR                                               1,425.00                      240,000.00                     7.125    Owner Occupied         Purchase                                                   300,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                                                                                  3.25    LIBOR                            12
PHOENIX                                                 AZ                       85041                        360                       232,000.00                     6.750                     20061201   PUD                                               1,305.00                      232,000.00                     6.750    Investment             CashOut Refi                                               290,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         3.25    LIBOR                            12
BRENTWOOD                                               CA                       34467                        360                       414,000.00                     6.625                     20061201   SFR                                               2,285.63                      414,000.00                     6.625    Owner Occupied         Rate Refi                                                  540,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
SCOTTSDALE                                              AZ                       85255                        360                       440,000.00                     7.500                     20061201   SFR                                               2,750.00                      440,000.00                     7.500    Investment             CashOut Refi                                               550,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                  36    S                                                         3.25    LIBOR                            12
PALM COAST                                              FL                       32164                        360                       216,600.00                     7.000                     20061201   SFR                                               1,263.50                      216,600.00                     7.000    Owner Occupied         CashOut Refi                                               277,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Express No Doc                                                                                                                           3.25    LIBOR                            12
MESA                                                    AZ                       31086                        360                       165,000.00                     6.750                     20061201   SFR                                                 928.13                      165,000.00                     6.750    Owner Occupied         CashOut Refi                                               240,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Express No Doc                                                                                                                           3.25    LIBOR                            12
SUISUN CITY                                             CA                       94585                        360                       473,600.00                     6.875                     20061201   SFR                                               2,713.33                      473,600.00                     6.875    Owner Occupied         CashOut Refi                                               592,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
HUNTINGTON BEACH                                        CA                       92646                        360                       630,000.00                     6.875                     20061201   SFR                                               3,609.38                      630,000.00                     6.875    Owner Occupied         CashOut Refi                                               928,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
ROANOKE                                                 VA                       24019                        360                       213,600.00                     6.500                     20061201   SFR                                               1,350.10                      213,406.90                     6.500    Owner Occupied         Purchase                                                   268,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
SANTA ROSA                                              CA                       34790                        360                       408,000.00                     6.500                     20061201   SFR                                               2,210.00                      408,000.00                     6.500    Owner Occupied         Purchase                                                   515,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
TWP OF EDISON                                           NJ                       39677                        360                       207,500.00                     6.375                     20061201   SFR                                               1,102.34                      207,500.00                     6.375    Owner Occupied         Purchase                                                   405,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                                                                                     2.25    LIBOR                            12
JACKSONVILLE                                            FL                       11743                        360                       251,500.00                     6.000                     20061201   PUD                                               1,257.50                      251,500.00                     6.000    Owner Occupied         CashOut Refi                                               730,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                            12
PORT ROYAL                                              SC                       29935                        360                       136,000.00                     7.250                     20061201   SFR                                                 821.67                      136,000.00                     7.250    Investment             CashOut Refi                                               170,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
ORANGE                                                  CA                       92868                        360                       318,750.00                     6.375                     20061201   PUD                                               1,693.36                      318,750.00                     6.375    Owner Occupied         Rate Refi                                                  425,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
MONROVIA                                                CA                       91016                        360                       300,000.00                     6.000                     20070101   D-PUDS                                            1,798.65                      300,000.00                     6.000    Investment             Purchase                                                   570,000.00                           360      20061201                      0.250                         0.030              5.720                                                                                   Full                                                                     36    H                                                                 FIXED
SANTA ANA                                               CA                       33788                        360                       400,000.00                     6.750                     20070101   SFR                                               2,594.39                      400,000.00                     6.750    Owner Occupied         CashOut Refi                                               620,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SPRINGVILLE                                             CA                       93265                        360                       540,700.00                     7.250                     20070101   SFR                                               3,266.73                      540,700.00                     7.250    Owner Occupied         CashOut Refi                                               682,000.00                           360      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
RARITAN TOWNSHIP                                        NJ                       39682                        360                       349,000.00                     6.500                     20061201   SFR                                               2,205.92                      348,684.50                     6.500    Owner Occupied         Purchase                                                   460,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   SISA                                                                                                                                             FIXED
RONKONKOMA                                              NY                       11779                        360                       288,400.00                     7.250                     20061201   SFR                                               1,967.40                      288,175.02                     7.250    Owner Occupied         Purchase                                                   365,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Full                                                                     60    H                                                                 FIXED
KEANSBURG                                               NJ                       39269                        360                       108,000.00                     7.750                     20061101   CONDO                                               773.73                      107,847.05                     7.750    Owner Occupied         Purchase                                                   135,000.00                           358      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   36    H                                                                 FIXED
SOMERS                                                  NY                       10589                        360                       588,000.00                     6.875                     20061201   SFR                                               3,862.74                      587,506.01                     6.875    Owner Occupied         Purchase                                                   735,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
VALLEY COTTAGE                                          NY                       10989                        360                       300,000.00                     7.375                     20061201   2-FAMILY                                          2,072.03                      299,771.72                     7.375    Owner Occupied         CashOut Refi                                               493,500.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                   12    H                                                                 FIXED
DOVER TOWNSHIP                                          NJ                        8755                        360                       196,000.00                     7.250                     20061201   CONDO                                             1,337.07                      195,847.10                     7.250    Owner Occupied         Purchase                                                   250,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
BRIELLE                                                 NJ                       39659                        360                       224,000.00                     7.750                     20061201   SFR                                               1,604.76                      223,841.91                     7.750    Investment             Purchase                                                   340,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
FREEPORT                                                NY                       40683                        360                       309,600.00                     7.375                     20061201   SFR                                               2,138.33                      309,321.65                     7.375    Owner Occupied         Purchase                                                   400,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                   24    H                                                                 FIXED
WEST HARRISON                                           NY                       40333                        360                       569,050.00                     8.500                     20061201   2-FAMILY                                          4,030.77                      569,050.00                     8.500    Owner Occupied         Purchase                                                   713,750.00                           359      20061201                      0.250                         0.030              8.220                                                                                   SISA                                                                     12    H                                                                 FIXED
WARWICK                                                 NY                       10969                        360                       185,500.00                     7.375                     20061201   SFR                                               1,140.05                      185,500.00                     7.375    Owner Occupied         CashOut Refi                                               265,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                   24    H                                                                 FIXED
MONTEBELLO                                              CA                       90640                        360                       484,000.00                     7.375                     20061201   SFR                                               2,974.58                      484,000.00                     7.375    Owner Occupied         Purchase                                                   605,500.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
DES MOINES                                              WA                       98198                        360                       440,000.00                     8.625                     20061201   4-FAMILY                                          3,162.50                      440,000.00                     8.625    Owner Occupied         Purchase                                                   550,000.00                           359      20061201                      0.375                         0.030              8.220                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
COMPTON                                                 CA                       32924                        360                       307,500.00                     6.990                     20061201   SFR                                               1,791.19                      307,500.00                     6.990    Investment             CashOut Refi                                               410,000.00                           359      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
ORANGE                                                  CA                       92868                        360                       480,000.00                     6.875                     20061201   SFR                                               2,750.00                      480,000.00                     6.875    Owner Occupied         Purchase                                                   600,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
(SYLMAR AREA) LOS ANGELES                               CA                       91342                        360                       880,000.00                     8.375                     20061201   SFR                                               6,141.67                      880,000.00                     8.375    Owner Occupied         Purchase                                                 1,100,000.00                           359      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
APPLE VALLEY                                            CA                       33670                        360                       232,800.00                     7.125                     20061201   SFR                                               1,382.25                      232,800.00                     7.125    Owner Occupied         Purchase                                                   295,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
(WOODLAND HILLS AREA) LOS ANGE                          CA                       91367                        360                       496,000.00                     8.250                     20061201   SFR                                               3,410.00                      496,000.00                     8.250    Owner Occupied         Purchase                                                   620,000.00                           359      20061201                      0.375                         0.030              7.845                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
CARSON                                                  CA                       90746                        360                       512,000.00                     7.375                     20061201   SFR                                               3,536.26                      511,610.41                     7.375    Owner Occupied         Purchase                                                   640,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
ANAHEIM                                                 CA                       33818                        360                       468,000.00                     7.250                     20061201   SFR                                               2,827.50                      468,000.00                     7.250    Owner Occupied         Purchase                                                   595,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                  36    H                                                         2.75    LIBOR                             6
POMONA                                                  CA                       91766                        360                       260,000.00                     7.125                     20061201   CONDO                                             1,543.75                      260,000.00                     7.125    Owner Occupied         Purchase                                                   325,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
LOS ANGELES                                             CA                       90004                        360                       501,000.00                     6.875                     20070101   2-FAMILY                                          3,067.99                      500,802.32                     6.875    Owner Occupied         CashOut Refi                                               825,000.00                           360      20070101                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
GEORGETOWN                                              DE                       19947                        360                       200,000.00                     6.625                     20061201   SFR                                               1,280.62                      199,823.55                     6.625    Owner Occupied         Purchase                                                   360,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   NINA                                                                     24    H                                                          2.5    LIBOR                             6
NORWALK                                                 CT                        6854                        360                       400,000.00                     6.750                     20061201   SFR                                               2,250.00                      400,000.00                     6.750    Owner Occupied         CashOut Refi                                               700,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                          2.5    LIBOR                             6
BELMAR                                                  NJ                        7764                        360                       312,000.00                     7.250                     20061201   SFR                                               2,128.39                      311,756.61                     7.250    Investment             Purchase                                                   390,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    H                                                          2.5    LIBOR                             6
SARATOGA SPRINGS                                        NY                       12866                        360                       632,000.00                    10.750                     20061101   4-FAMILY                                          5,899.60                      631,522.01                    10.750    Owner Occupied         Purchase                                                   850,000.00                           358      20061201                      0.375                         0.030             10.345                                                                                   SISA                                                                     12    H                                                            3    LIBOR                             6
LEHIGH ACRES                                            FL                       33971                        360                       264,100.00                     8.125                     20061201   SFR                                               1,788.18                      263,897.22                     8.125    Owner Occupied         Rate Refi                                                  278,000.00                           359      20061201                      0.375                         0.030              6.990               0.73    PMI - LENDER PAID                                      30   Express No Doc                                                           36    S                                                         3.75    LIBOR                             6
LAWRENCEVILLE                                           GA                       30044                        360                       189,900.00                     7.875                     20061201   PUD                                               1,302.62                      189,843.60                     7.875    Owner Occupied         Purchase                                                   191,500.00                           359      20061201                      0.375                         0.030              6.510               0.96    PMI - LENDER PAID                                      35   Express Verified Assets                                                                                                                 3.875    LIBOR                             6
DARLINGTON                                              MD                       21034                        360                       396,150.00                     7.750                     20061201   SFR                                               2,680.43                      396,028.04                     7.750    Owner Occupied         Purchase                                                   417,000.00                           359      20061201                      0.375                         0.030              6.855               0.49    PMI - LENDER PAID                                      30   Stated                                                                                                                                  3.375    LIBOR                             6
CULPEPER                                                VA                       44743                        360                       220,500.00                     7.000                     20061201   SFR                                               1,370.26                      220,415.99                     7.000    Owner Occupied         Purchase                                                   248,000.00                           359      20061201                      0.375                         0.030              5.885               0.71    PMI - LENDER PAID                                      25   Express Verified Assets                                                                                                                 3.625    LIBOR                             6
HYATTSVILLE                                             MD                       20783                        360                       362,500.00                     7.500                     20061201   SFR                                               2,534.65                      362,231.00                     7.500    Owner Occupied         Purchase                                                   375,000.00                           359      20061201                      0.375                         0.030              6.395                0.7    PMI - LENDER PAID                                      35   Express Verified Assets                                                  12    S                                                        4.125    LIBOR                             6
CHICAGO                                                 IL                       22080                        360                       417,000.00                     7.625                     20061201   CONDO                                             2,782.75                      416,866.90                     7.625    Owner Occupied         Purchase                                                   425,000.00                           359      20061201                      0.375                         0.030              6.690               0.53    PMI - LENDER PAID                                      35   Full                                                                     12    S                                                        4.125    LIBOR                             6
ANTIOCH                                                 IL                       60002                        360                       162,500.00                     8.125                     20061201   SFR                                               1,145.15                      162,455.11                     8.125    Owner Occupied         Purchase                                                   170,000.00                           359      20061201                      0.375                         0.030              6.760               0.96    PMI - LENDER PAID                                      35   Express Verified Assets                                                                                                                 3.875    LIBOR                             6
CHICAGO                                                 IL                       60638                        360                       295,000.00                     8.000                     20061201   SFR                                               2,051.17                      294,267.57                     8.000    Owner Occupied         Rate Refi                                                  305,000.00                           359      20061201                      0.375                         0.030              6.755               0.84    PMI - LENDER PAID                                      35   Express Verified Assets                                                  12    S                                                         3.75    LIBOR                             6
ELGIN                                                   IL                       21938                        360                       178,245.00                     8.375                     20061201   SFR                                               1,244.00                      178,245.00                     8.375    Investment             Rate Refi                                                  233,000.00                           359      20061201                      0.375                         0.030              7.970                                                                                   Express Verified Assets                                                                                                                  3.75    LIBOR                             6
CAPE CORAL                                              FL                       33993                        360                       211,200.00                     7.125                     20061201   SFR                                               1,254.00                      211,200.00                     7.125    2nd Home               Rate Refi                                                  264,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
FORT LAUDERDALE                                         FL                       12125                        360                       141,000.00                     6.875                     20061201   SFR                                                 807.81                      141,000.00                     6.875    Owner Occupied         CashOut Refi                                               285,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
SUFFOLK                                                 VA                       23434                        360                       222,000.00                     9.000                     20061201   SFR                                               1,665.00                      222,000.00                     9.000    Owner Occupied         CashOut Refi                                               300,000.00                           359      20061201                      0.375                         0.030              8.595                                                                                   Express No Doc                                                           12    H                                                        2.875    LIBOR                             6
BRISTOW                                                 VA                       20136                        360                       340,000.00                     7.125                     20061201   PUD                                               2,018.75                      340,000.00                     7.125    Owner Occupied         Purchase                                                   430,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                  12    S                                                        2.875    LIBOR                             6
MANASSAS                                                VA                       43839                        360                       289,600.00                     6.750                     20061201   PUD                                               1,878.34                      289,350.66                     6.750    Owner Occupied         CashOut Refi                                               362,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Express Verified Assets                                                  12    S                                                        2.875    LIBOR                             6
HERNDON                                                 VA                       20170                        360                       228,600.00                     6.875                     20061201   PUD                                               1,309.69                      228,600.00                     6.875    Owner Occupied         CashOut Refi                                               360,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  12    S                                                        2.875    LIBOR                             6
ANNAPOLIS                                               MD                       44289                        360                       214,000.00                     7.125                     20061201   SFR                                               1,349.34                      213,921.30                     7.125    Owner Occupied         CashOut Refi                                               400,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express No Doc                                                           36    12H/24S                                                  2.875    LIBOR                             6
WOODBRIDGE                                              VA                       22193                        360                       250,000.00                     7.000                     20060901   PUD                                               1,458.33                      250,000.00                     7.000    Owner Occupied         CashOut Refi                                               312,500.00                           356      20061201                      0.375                         0.030              6.595                                                                                   Express Verified Assets                                                  12    S                                                          3.5    LIBOR                             6
ALEXANDRIA                                              VA                       44626                        360                       350,000.00                     6.875                     20061101   SFR                                               2,299.25                      349,410.22                     6.875    Owner Occupied         CashOut Refi                                               675,000.00                           358      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                           12    S                                                        2.875    LIBOR                             6
ALEXANDRIA                                              VA                       44632                        360                       238,000.00                     6.875                     20061201   CONDO                                             1,363.54                      238,000.00                     6.875    Owner Occupied         CashOut Refi                                               377,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  12    S                                                        2.875    LIBOR                             6
HERNDON                                                 VA                       20170                        360                       266,000.00                     7.375                     20061201   PUD                                               1,634.79                      266,000.00                     7.375    Owner Occupied         CashOut Refi                                               344,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Express Verified Assets                                                  12    S                                                        2.875    LIBOR                             6
ALEXANDRIA                                              VA                       44630                        360                       320,000.00                     7.125                     20061201   PUD                                               1,900.00                      320,000.00                     7.125    Owner Occupied         CashOut Refi                                               400,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
FRANKLIN                                                TN                       37064                        360                       508,000.00                     6.875                     20061201   SFR                                               3,337.20                      507,573.20                     6.875    2nd Home               Purchase                                                   635,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  36    H                                                        2.875    LIBOR                             6
LONG BEACH                                              CA                       33098                        360                       404,000.00                     7.125                     20061201   SFR                                               2,398.75                      404,000.00                     7.125    Owner Occupied         Purchase                                                   520,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express No Doc                                                           12    S                                                        2.875    LIBOR                             6
HAWTHORNE                                               CA                       90250                        360                       390,400.00                     6.875                     20061201   SFR                                               2,236.67                      390,400.00                     6.875    Owner Occupied         Purchase                                                   495,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                           36    S                                                        2.875    LIBOR                             6
SPRINGVILLE                                             CA                       93265                        360                       400,000.00                     6.875                     20061201   SFR                                               2,291.67                      400,000.00                     6.875    Owner Occupied         CashOut Refi                                               619,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
VANCOUVER                                               WA                       98685                        360                       280,000.00                     8.250                     20061201   SFR                                               1,925.00                      280,000.00                     8.250    Owner Occupied         CashOut Refi                                               350,000.00                           359      20061201                      0.375                         0.030              7.845                                                                                   Express Verified Assets                                                  12    S                                                        2.875    LIBOR                             6
SUN VALLEY                                              NV                       89433                        360                       239,920.00                     6.750                     20061201   PUD                                               1,349.55                      239,920.00                     6.750    Owner Occupied         Purchase                                                   305,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
RENO                                                    NV                       32634                        360                       180,000.00                     6.875                     20061201   SFR                                               1,031.25                      179,950.00                     6.875    Owner Occupied         Purchase                                                   230,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
ORLANDO                                                 FL                       11907                        360                        92,000.00                     7.375                     20061201   CONDO                                               565.42                       91,868.43                     7.375    Owner Occupied         Rate Refi                                                  153,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Express No Doc                                                           36    S                                                        2.875    LIBOR                             6
BROOKLYN                                                CT                        6234                        360                       174,400.00                     7.500                     20070101   SFR                                               1,090.00                      174,400.00                     7.500    Owner Occupied         CashOut Refi                                               218,000.00                           360      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   36    H                                                                 FIXED
LAS VEGAS                                               NV                       32531                        360                       200,000.00                     6.500                     20061201   SFR                                               1,083.33                      200,000.00                     6.500    Owner Occupied         CashOut Refi                                               373,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                           36    S                                                          2.5    LIBOR                             6
LOS ANGELES                                             CA                       90002                        360                       440,000.00                     7.000                     20061201   2-FAMILY                                          2,566.67                      440,000.00                     7.000    Owner Occupied         Purchase                                                   550,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    S                                                          2.5    LIBOR                             6
RANCHO CUCAMONGA                                        CA                       91739                        360                       399,200.00                     6.875                     20061201   CONDO                                             2,287.08                      399,200.00                     6.875    Owner Occupied         Purchase                                                   499,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  36    S                                                         2.25    LIBOR                             6
LONG BEACH                                              CA                       33090                        360                       430,000.00                     7.500                     20061201   SFR                                               3,006.62                      429,680.88                     7.500    Investment             CashOut Refi                                               615,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express No Doc                                                           36    S                                                         2.25    LIBOR                             6
LOS ANGELES                                             CA                       91342                        360                       360,000.00                     7.000                     20061201   CONDO                                             2,100.00                      360,000.00                     7.000    Owner Occupied         Purchase                                                   450,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Express Verified Assets                                                  36    S                                                         2.25    LIBOR                             6
LOS ALAMITOS                                            CA                       33074                        360                       517,600.00                     6.250                     20061201   PUD                                               2,695.83                      517,600.00                     6.250    Owner Occupied         Purchase                                                   655,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
NORWALK                                                 CA                       90650                        360                       438,400.00                     6.500                     20061201   SFR                                               2,374.67                      438,400.00                     6.500    Owner Occupied         Purchase                                                   550,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
OAKLEY                                                  CA                       94561                        360                       579,943.00                     6.875                     20061201   SFR                                               3,322.59                      579,943.00                     6.875    Owner Occupied         Purchase                                                   730,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
LOS ANGELES AREA                                        CA                       90001                        360                       308,000.00                     6.875                     20061201   SFR                                               1,764.58                      308,000.00                     6.875    Owner Occupied         CashOut Refi                                               385,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                          2.5    LIBOR                             6
LOS ANGELES                                             CA                       90033                        360                       400,000.00                     6.875                     20061201   2-FAMILY                                          2,291.67                      400,000.00                     6.875    Owner Occupied         Purchase                                                   535,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  36    S                                                         2.25    LIBOR                             6
FONTANA                                                 CA                       92337                        360                       379,200.00                     7.625                     20061201   SFR                                               2,509.50                      379,200.00                     7.625    Owner Occupied         Purchase                                                   474,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
YUCAIPA                                                 CA                       92399                        360                       324,000.00                     7.625                     20061201   SFR                                               2,058.75                      324,000.00                     7.625    Owner Occupied         Purchase                                                   405,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   36    S                                                         2.75    LIBOR                             6
RIVERSIDE AREA                                          CA                       33733                        360                       336,000.00                     7.375                     20061201   SFR                                               2,065.00                      336,000.00                     7.375    Owner Occupied         Purchase                                                   425,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   36    S                                                          2.5    LIBOR                             6
LA MIRADA                                               CA                       90638                        360                       428,000.00                     7.125                     20061201   SFR                                               2,541.25                      428,000.00                     7.125    Owner Occupied         Purchase                                                   535,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                  36    S                                                          2.5    LIBOR                             6
SHORELINE                                               WA                       98155                        360                       302,250.00                     7.000                     20061201   SFR                                               1,763.13                      302,250.00                     7.000    Investment             Rate Refi                                                  403,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Express Verified Assets                                                  36    S                                                          2.5    LIBOR                             6
FRESNO                                                  CA                       34172                        360                       272,000.00                     6.750                     20061201   SFR                                               1,530.00                      272,000.00                     6.750    Owner Occupied         Purchase                                                   385,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
FRESNO                                                  CA                       34175                        360                       132,000.00                     6.750                     20061201   SFR                                                  742.5                      132,000.00                     6.750    Owner Occupied         Purchase                                                   189,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    S                                                         2.25    LIBOR                             6
LAS VEGAS                                               NV                       32516                        360                       224,000.00                     7.250                     20061201   PUD                                               1,353.33                      224,000.00                     7.250    Owner Occupied         Purchase                                                   290,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Full                                                                     36    S                                                          2.5    LIBOR                             6
ARTESIA                                                 CA                       33055                        360                       500,000.00                     7.250                     20070101   SFR                                               3,020.83                      500,000.00                     7.250    Owner Occupied         CashOut Refi                                               680,000.00                           360      20061201                      0.375                         0.030              6.845                                                                                   Express Non-Verified Assets                                                                                                                 3    LIBOR                             6
WEST COVINA                                             CA                       91790                        360                       333,000.00                     6.625                     20070101   SFR                                               1,979.30                      333,000.00                     6.625    Owner Occupied         CashOut Refi                                               600,000.00                           360      20061201                      0.250                         0.030              6.345                                                                                   Express No Doc Verified Assets                                           12    H                                                                 FIXED
NEW YORK                                                NY                       10005                        360                       700,000.00                     7.625                     20061101   HI-RISE                                           4,447.92                      700,000.00                     7.625    Investment             CashOut Refi                                             1,000,000.00                           358      20070101                      0.250                         0.030              7.345                                                                                   Stated                                                                   12    S                                                                 FIXED
ANTIOCH                                                 CA                       34463                        360                       340,000.00                     6.250                     20061201   SFR                                               1,770.83                      340,000.00                     6.250    2nd Home               CashOut Refi                                               425,000.00                           359      20070101                      0.250                         0.030              5.970                                                                                   Stated                                                                                                                                           FIXED
BROOKLYN                                                NY                       40595                        360                       414,000.00                     7.000                     20061201   2-FAMILY                                          2,754.35                      413,319.32                     7.000    Owner Occupied         Purchase                                                   550,000.00                           359      20070101                      0.250                         0.030              6.720                                                                                   SISA                                                                                                                                             FIXED
SAN JOSE                                                CA                       34719                        360                     1,000,000.00                     6.500                     20061201   SFR                                               6,320.68                      998,006.79                     6.500    Owner Occupied         Rate Refi                                                1,720,000.00                           359      20070101                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
MANAHAWKIN                                              NJ                        8050                        360                       288,000.00                     7.875                     20061201   SFR                                               1,890.00                      288,000.00                     7.875    Owner Occupied         CashOut Refi                                               360,000.00                           359      20070101                      0.250                         0.030              7.595                                                                                   Express No Doc                                                                                                                                   FIXED
BRONX                                                   NY                       10465                        360                       382,000.00                     6.250                     20070101   SFR                                               1,989.58                      382,000.00                     6.250    Owner Occupied         Purchase                                                   478,000.00                           360      20070101                      0.250                         0.030              5.970                                                                                   Stated                                                                                                                                           FIXED
FORT LEE                                                NJ                        7024                        360                       214,240.00                     6.625                     20061201   CONDO                                             1,371.80                      213,860.92                     6.625    Owner Occupied         Purchase                                                   305,000.00                           359      20070101                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
NORTH BERGEN                                            NJ                        7047                        360                       408,000.00                     7.125                     20061201   2-FAMILY                                          2,748.77                      407,345.52                     7.125    Owner Occupied         CashOut Refi                                               510,000.00                           359      20070101                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
LAKEWOOD                                                NJ                       39630                        360                       264,000.00                     6.750                     20061201   SFR                                               1,712.30                      263,544.12                     6.750    Owner Occupied         Purchase                                                   335,000.00                           359      20070101                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                                                                                          FIXED
EL PASO                                                 TX                       29110                        360                       402,400.00                     7.125                     20070101   SFR                                               2,389.25                      402,400.00                     7.125    Owner Occupied         Purchase                                                   530,000.00                           360      20070101                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
BRONX                                                   NY                       10467                        360                       270,000.00                     6.625                     20061201   SFR                                               1,728.84                      269,522.25                     6.625    Owner Occupied         Purchase                                                   392,000.00                           359      20070101                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
LAKEWOOD                                                NJ                       39630                        360                       191,200.00                     7.625                     20061201   PUD                                               1,353.30                      190,922.36                     7.625    Owner Occupied         Purchase                                                   240,000.00                           359      20070101                      0.250                         0.030              7.345                                                                                   SISA                                                                                                                                             FIXED
WEST HEMPSTEAD                                          NY                       11552                        360                       255,000.00                     6.750                     20061201   SFR                                               1,653.93                      254,559.66                     6.750    Owner Occupied         CashOut Refi                                               550,000.00                           359      20070101                      0.250                         0.030              6.470                                                                                   SISA                                                                                                                                             FIXED
MIAMI                                                   FL                       33143                        360                        91,000.00                     6.625                     20061201   CONDO                                               582.68                       90,838.99                     6.625    Owner Occupied         CashOut Refi                                               175,000.00                           359      20070101                      0.250                         0.030              6.345                                                                                   Express No Doc                                                                                                                                   FIXED
NEWTON                                                  NJ                        7860                        360                       225,000.00                     7.125                     20061201   SFR                                               1,515.87                      224,639.07                     7.125    Owner Occupied         CashOut Refi                                               485,000.00                           359      20070101                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
LIVINGSTON                                              NJ                        7039                        360                       370,000.00                     7.375                     20061201   SFR                                               2,273.96                      370,000.00                     7.375    Owner Occupied         CashOut Refi                                               710,000.00                           359      20070101                      0.250                         0.030              7.095                                                                                   Express No Doc                                                                                                                                   FIXED
EL PASEO                                                TX                       29100                        360                       180,000.00                     7.125                     20061201   SFR                                               1,068.75                      180,000.00                     7.125    Owner Occupied         Purchase                                                   225,000.00                           359      20070101                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
CAPE MAY COURT HOUSE                                    NJ                       39488                        360                        85,000.00                     6.875                     20061201   SFR                                                 558.39                       84,856.77                     6.875    Owner Occupied         CashOut Refi                                               207,000.00                           359      20070101                      0.250                         0.030              6.595                                                                                   Express No Doc                                                                                                                                   FIXED
OAKHURST                                                NJ                        7755                        360                       250,000.00                     6.625                     20061201   SFR                                               1,380.21                      250,000.00                     6.625    Owner Occupied         CashOut Refi                                               485,000.00                           359      20070101                      0.250                         0.030              6.345                                                                                   Express No Doc                                                                                                                                   FIXED
LAKEHURST                                               NJ                        8733                        360                       175,000.00                     6.875                     20061201   SFR                                               1,002.60                      175,000.00                     6.875    Owner Occupied         CashOut Refi                                               240,000.00                           359      20070101                      0.250                         0.030              6.595                                                                                   Express No Doc                                                                                                                                   FIXED
ANTIOCH                                                 TN                       37013                        360                       107,500.00                     7.375                     20061201   SFR                                                 697.52                      107,463.16                     7.375    Owner Occupied         CashOut Refi                                               144,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Express No Doc                                                           36    S                                                        2.875    LIBOR                             6
FELLSMERE                                               FL                       32948                        360                       320,000.00                     7.000                     20061201   SFR                                               1,988.58                      319,878.09                     7.000    Owner Occupied         CashOut Refi                                               435,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Express No Doc                                                           36    S                                                        2.875    LIBOR                             6
COCONUT CREEK                                           FL                       33066                        360                       194,400.00                     6.875                     20061201   PUD                                               1,190.45                      194,323.30                     6.875    Owner Occupied         Purchase                                                   263,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                           36    12H/24S                                                  2.875    LIBOR                             6
JACKSONVILLE                                            FL                       11744                        360                       288,000.00                     7.000                     20061201   CONDO                                             1,789.72                      287,890.28                     7.000    2nd Home               Purchase                                                   580,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Express No Doc                                                           36    12H/24S                                                  2.875    LIBOR                             6
WEST PALM BEACH                                         FL                       12157                        360                       180,000.00                     6.500                     20061201   PUD                                               1,053.82                      179,921.18                     6.500    2nd Home               Purchase                                                   250,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     36    S                                                        2.875    LIBOR                             6
MIAMI                                                   FL                       33196                        360                       292,000.00                     6.875                     20061201   SFR                                               1,788.13                      291,884.79                     6.875    Owner Occupied         Rate Refi                                                  365,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
MIAMI                                                   FL                       33182                        360                       320,000.00                     7.125                     20061201   SFR                                               2,155.90                      319,744.10                     7.125    Investment             CashOut Refi                                               430,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
ORLANDO                                                 FL                       11919                        360                       185,000.00                     6.875                     20061201   SFR                                               1,215.32                      184,844.58                     6.875    Owner Occupied         CashOut Refi                                               236,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
SNELLVILLE                                              GA                       30078                        360                       102,000.00                     7.000                     20061201   SFR                                                 678.61                      101,916.39                     7.000    Owner Occupied         Rate Refi                                                  130,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Express No Doc                                                           36    S                                                        2.875    LIBOR                             6
ORLANDO                                                 FL                       11922                        360                       302,960.00                     8.125                     20061201   CONDOTEL                                          2,249.47                      302,761.82                     8.125    Investment             Purchase                                                   380,000.00                           359      20061201                      0.375                         0.030              7.720                                                                                   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
FORT MYERS                                              FL                       33967                        360                       220,000.00                     7.500                     20061201   SFR                                               1,447.76                      219,927.24                     7.500    Owner Occupied         CashOut Refi                                               285,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express No Doc                                                           36    S                                                        2.875    LIBOR                             6
CAPE CORAL                                              FL                       12306                        360                       192,000.00                     7.500                     20061201   SFR                                               1,263.50                      191,936.50                     7.500    Owner Occupied         CashOut Refi                                               240,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express No Doc                                                           36    S                                                        2.875    LIBOR                             6
INDIANAPOLIS                                            IN                       16834                        360                        64,800.00                     8.375                     20060501   SFR                                                 492.53                       64,469.78                     8.375    Investment             Purchase                                                    72,000.00                           352      20061201                      0.375                         0.030              7.970                       PMI                                                    25   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
ORLANDO                                                 FL                       11913                        360                       125,991.00                     7.625                     20061201   CONDO                                               840.77                      125,950.80                     7.625    Investment             Purchase                                                   162,000.00                           359      20061201                      0.375                         0.030              7.220                       PMI                                                    25   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
FORT MYERS                                              FL                       12309                        360                       145,000.00                     6.250                     20061201   CONDO                                               823.22                      144,931.99                     6.250    Owner Occupied         Purchase                                                   190,000.00                           359      20061201                      0.375                         0.030              5.845                       PMI                                                    25   Express No Doc                                                                                                                          2.875    LIBOR                             6
KISSIMMEE                                               FL                       34759                        360                       171,000.00                     6.875                     20061201   PUD                                               1,047.16                      170,932.53                     6.875    2nd Home               Purchase                                                   191,000.00                           359      20061201                      0.375                         0.030              6.470                       PMI                                                    25   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
GRAND ISLAND                                            FL                       32735                        360                       272,454.00                     7.000                     20061201   PUD                                               1,693.11                      272,250.21                     7.000    Owner Occupied         Purchase                                                   285,000.00                           359      20061201                      0.375                         0.030              6.595                       PMI                                                    35   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
SUFFOLK                                                 VA                       23434                        360                       218,500.00                     7.250                     20061201   SFR                                               1,490.56                      218,329.54                     7.250    Investment             Purchase                                                   240,000.00                           359      20061201                      0.375                         0.030              6.845                       PMI                                                    30   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
EUSTIS                                                  FL                       11896                        360                       195,800.00                     6.875                     20061201   PUD                                               1,286.27                      195,635.50                     6.875    Owner Occupied         Purchase                                                   201,000.00                           359      20061201                      0.375                         0.030              6.470                       PMI                                                    35   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
CHATTANOOGA                                             TN                       13617                        360                        78,000.00                     7.375                     20061201   2-FAMILY                                            538.73                       77,940.65                     7.375    Investment             Purchase                                                   115,000.00                           359      20061201                      0.375                         0.030              6.970                       PMI                                                    35   Full                                                                     36    12H/24S                                                  2.875    LIBOR                             6
TAMPA                                                   FL                       12216                        360                       164,250.00                     8.000                     20061201   CONDO                                             1,142.05                      164,202.95                     8.000    Owner Occupied         CashOut Refi                                               182,500.00                           359      20061201                      0.375                         0.030              7.595                       PMI                                                    25   Express No Doc                                                           36    12H/24S                                                  2.875    LIBOR                             6
SMITHFIELD                                              NC                       27577                        360                       187,200.00                     6.125                     20061001   PUD                                                  955.5                      187,200.00                     6.125    Owner Occupied         Purchase                                                   236,000.00                           357      20061201                      0.375                         0.030              5.720                                                                                   Express Verified Assets                                                  24    S                                                        2.875    LIBOR                             6
MIAMI                                                   FL                       33193                        360                       139,920.00                     7.500                     20061201   CONDO                                                874.5                      139,920.00                     7.500    Investment             Purchase                                                   175,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
MIAMI                                                   FL                       33193                        360                       137,600.00                     7.375                     20061201   CONDO                                               845.67                      137,600.00                     7.375    Investment             Purchase                                                   172,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Express No Doc                                                           36    12H/24S                                                  2.875    LIBOR                             6
MIAMI                                                   FL                       33143                        360                       520,000.00                     7.250                     20061201   SFR                                               3,141.67                      520,000.00                     7.250    Owner Occupied         CashOut Refi                                               650,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
WOODBRIDGE                                              VA                       22193                        360                       489,600.00                     7.125                     20061201   SFR                                               2,907.00                      489,600.00                     7.125    Owner Occupied         CashOut Refi                                               612,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
RIVIERA BEACH                                           FL                       12148                        360                       342,000.00                     7.500                     20061201   SFR                                               2,137.50                      342,000.00                     7.500    Owner Occupied         CashOut Refi                                               455,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express No Doc                                                           36    S                                                        2.875    LIBOR                             6
ORLANDO                                                 FL                       11922                        360                       273,040.00                     8.250                     20061201   CONDOTEL                                          1,877.15                      273,040.00                     8.250    Investment             Purchase                                                   375,000.00                           359      20061201                      0.375                         0.030              7.845                                                                                   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
CITRUS SPRINGS                                          FL                       34434                        360                       185,600.00                     7.750                     20061201   SFR                                               1,198.67                      185,600.00                     7.750    Investment             Purchase                                                   254,900.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Express No Doc                                                           36    12H/24S                                                  2.875    LIBOR                             6
AUBURNDALE                                              FL                       12289                        360                       280,192.00                     7.000                     20061201   PUD                                               1,634.45                      280,192.00                     7.000    Owner Occupied         Purchase                                                   358,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
SARASOTA                                                FL                       34236                        360                       288,000.00                     8.250                     20061201   CONDO                                             1,980.00                      288,000.00                     8.250    Investment             CashOut Refi                                               400,000.00                           359      20061201                      0.375                         0.030              7.845                                                                                   Express No Doc                                                           12    H                                                        2.875    LIBOR                             6
SAINT PETERSBURG                                        FL                       12246                        360                       116,000.00                     8.125                     20061201   SFR                                                 785.42                      116,000.00                     8.125    Investment             CashOut Refi                                               146,000.00                           359      20061201                      0.375                         0.030              7.720                                                                                   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
ORLANDO                                                 FL                       11920                        360                       204,000.00                     7.750                     20061201   CONDO                                             1,317.50                      204,000.00                     7.750    Investment             Purchase                                                   259,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
TAMPA                                                   FL                       12229                        360                       192,000.00                     7.750                     20061201   PUD                                               1,240.00                      192,000.00                     7.750    Owner Occupied         CashOut Refi                                               240,000.00                           359      20061201                      0.375                         0.030              7.345                                                                                   Express No Doc                                                           12    S                                                        2.875    LIBOR                             6
ORLANDO                                                 FL                       11919                        360                       216,000.00                     6.875                     20061201   SFR                                               1,237.50                      216,000.00                     6.875    Owner Occupied         CashOut Refi                                               270,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express No Doc                                                           36    S                                                        2.875    LIBOR                             6
LEHIGH ACRES                                            FL                       33971                        360                       212,000.00                     7.250                     20061201   SFR                                               1,280.83                      212,000.00                     7.250    Investment             CashOut Refi                                               266,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
PEMBROKE PINES                                          FL                       33025                        360                       182,305.00                     7.625                     20060901   CONDO                                             1,158.40                      182,305.00                     7.625    Owner Occupied         Purchase                                                   194,000.00                           356      20061201                      0.375                         0.030              7.220                       PMI                                                    30   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
CAPE CORAL                                              FL                       33993                        360                       219,000.00                     7.125                     20061201   SFR                                               1,300.31                      219,000.00                     7.125    Owner Occupied         Purchase                                                   255,000.00                           359      20061201                      0.375                         0.030              6.720                       PMI                                                    35   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
DAVIE                                                   FL                       12141                        360                       208,905.00                     7.375                     20061201   CONDO                                             1,283.90                      208,905.00                     7.375    Investment             Purchase                                                   229,000.00                           359      20061201                      0.375                         0.030              6.970                       PMI                                                    30   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
GUNTERSVILLE                                            AL                       35976                        360                       341,525.00                     7.875                     20061201   SFR                                               2,241.26                      341,525.00                     7.875    Investment             Purchase                                                   385,000.00                           359      20061201                      0.375                         0.030              7.470                       PMI                                                    30   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
MIAMI BEACH                                             FL                       33141                        360                       225,000.00                     6.625                     20061201   CONDO                                             1,242.19                      225,000.00                     6.625    Owner Occupied         Purchase                                                   225,000.00                           359      20061201                      0.375                         0.030              6.220                       PMI                                                    35   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
VALRICO                                                 FL                       33594                        360                       116,755.00                     8.375                     20061201   CONDO                                               814.85                      116,755.00                     8.375    Investment             Purchase                                                   128,000.00                           359      20061201                      0.375                         0.030              7.970                       PMI                                                    30   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
MIAMI                                                   FL                       33144                        360                       339,300.00                     7.750                     20061201   3-FAMILY                                          2,191.31                      339,300.00                     7.750    Investment             Purchase                                                   377,000.00                           359      20061201                      0.375                         0.030              7.345                       PMI                                                    25   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
FORT MYERS                                              FL                       12298                        360                       207,000.00                     7.375                     20061201   CONDO                                             1,343.12                      206,929.07                     7.375    Owner Occupied         Purchase                                                   260,000.00                           359      20061201                      0.375                         0.030              6.560               0.41    PMI - LENDER PAID                                      25   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
CAPE CORAL                                              FL                       33993                        360                       237,372.00                     7.500                     20061201   SFR                                               1,483.58                      237,095.03                     7.500    Owner Occupied         Rate Refi                                                  285,000.00                           359      20061201                      0.375                         0.030              6.675               0.42    PMI - LENDER PAID                                      22   Express Verified Assets                                                  36    S                                                        3.375    LIBOR                             6
ORLANDO                                                 FL                       32835                        360                       225,000.00                     6.875                     20061201   SFR                                               1,289.06                      225,000.00                     6.875    Owner Occupied         Purchase                                                   255,000.00                           359      20061201                      0.375                         0.030              5.990               0.48    PMI - LENDER PAID                                      25   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
SURPRISE                                                AZ                       85374                        360                        66,300.00                     8.000                     20061201   CONDO                                               486.49                       66,255.51                     8.000    Investment             Rate Refi                                                   78,000.00                           359      20061201                      0.375                         0.030              7.085               0.51    PMI - LENDER PAID                                      22   Express Verified Assets                                                  12    H                                                        2.875    LIBOR                             6
LEHIGH ACRES                                            FL                       33936                        360                       253,500.00                     7.875                     20061201   SFR                                               1,663.59                      253,283.73                     7.875    2nd Home               Rate Refi                                                  300,000.00                           359      20061201                      0.375                         0.030              6.950               0.52    PMI - LENDER PAID                                      22   Express No Doc                                                           36    S                                                        2.875    LIBOR                             6
VALRICO                                                 FL                       33594                        360                       223,250.00                     7.625                     20061201   PUD                                               1,580.15                      223,088.42                     7.625    Owner Occupied         Purchase                                                   237,000.00                           359      20061201                      0.375                         0.030              6.690               0.53    PMI - LENDER PAID                                      30   Express No Doc                                                           36    S                                                        2.875    LIBOR                             6
WINDERMERE                                              FL                       34786                        360                       252,000.00                     7.375                     20061201   PUD                                               1,635.11                      251,913.64                     7.375    Investment             Purchase                                                   283,000.00                           359      20061201                      0.375                         0.030              6.350               0.62    PMI - LENDER PAID                                      25   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
KISSIMMEE                                               FL                       34746                        360                       275,030.00                     8.500                     20061201   PUD                                               1,948.13                      275,030.00                     8.500    2nd Home               Purchase                                                   330,000.00                           359      20061201                      0.375                         0.030              7.475               0.62    PMI - LENDER PAID                                      25   Express No Doc                                                           36    12H/24S                                                  2.875    LIBOR                             6
CAPE CORAL                                              FL                       33993                        360                       291,650.00                     8.250                     20061201   SFR                                               2,005.09                      291,650.00                     8.250    2nd Home               Rate Refi                                                  307,000.00                           359      20061201                      0.375                         0.030              7.195               0.65    PMI - LENDER PAID                                      30   Express Verified Assets                                                  12    S                                                        3.625    LIBOR                             6
AUSTIN                                                  TX                       78739                        360                       429,900.00                     7.625                     20061201   PUD                                               3,042.81                      429,588.85                     7.625    Owner Occupied         Purchase                                                   430,000.00                           359      20061201                      0.375                         0.030              6.520                0.7    PMI - LENDER PAID                                      35   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
SUN CITY CENTER                                         FL                       33573                        360                       160,000.00                     7.375                     20061201   CONDO                                             1,038.16                      159,945.17                     7.375    Owner Occupied         Purchase                                                   168,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Express Verified Assets                                                  36    S                                                        3.625    LIBOR                             6
DORR                                                    MI                       17980                        360                        96,300.00                     8.625                     20061201   SFR                                                 749.01                       96,243.15                     8.625    Investment             Purchase                                                   108,000.00                           359      20061201                      0.375                         0.030              7.510               0.71    PMI - LENDER PAID                                      25   Express No Doc                                                           36    12H/24S                                                  2.875    LIBOR                             6
SEBRING                                                 FL                       33876                        360                       137,750.00                     8.500                     20061201   SFR                                               1,059.18                      137,666.55                     8.500    Investment             Purchase                                                   148,000.00                           359      20061201                      0.375                         0.030              7.315               0.78    PMI - LENDER PAID                                      30   Express Verified Assets                                                  36    12H/24S                                                  3.625    LIBOR                             6
SAINT PETERSBURG                                        FL                       12248                        360                       225,000.00                     7.875                     20061201   SFR                                               1,476.56                      225,000.00                     7.875    Owner Occupied         CashOut Refi                                               250,000.00                           359      20061201                      0.375                         0.030              6.650               0.82    PMI - LENDER PAID                                      25   Express Verified Assets                                                  36    S                                                        3.875    LIBOR                             6
AUSTIN                                                  TX                       78748                        360                       218,975.00                     8.500                     20061201   PUD                                               1,551.07                      218,975.00                     8.500    Investment             Purchase                                                   232,000.00                           359      20061201                      0.375                         0.030              7.265               0.83    PMI - LENDER PAID                                      30   Express Verified Assets                                                  36    12H/24S                                                  2.875    LIBOR                             6
ORLANDO                                                 FL                       32837                        360                       177,954.00                     9.250                     20061201   CONDO                                             1,371.73                      177,954.00                     9.250    Investment             Purchase                                                   189,900.00                           359      20061201                      0.375                         0.030              7.945                0.9    PMI - LENDER PAID                                      30   Express Verified Assets                                                  36    12H/24S                                                  3.875    LIBOR                             6
MIDLOTHIAN                                              VA                       44938                        360                       175,500.00                     7.125                     20061201   SFR                                               1,106.58                      175,435.45                     7.125    Owner Occupied         Purchase                                                   177,000.00                           359      20061201                      0.375                         0.030              5.760               0.96    PMI - LENDER PAID                                      35   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
LEHIGH ACRES                                            FL                       33971                        360                       238,250.00                     8.750                     20061201   SFR                                               1,737.24                      238,250.00                     8.750    2nd Home               Rate Refi                                                  255,000.00                           359      20061201                      0.375                         0.030              7.275               1.07    PMI - LENDER PAID                                      30   Express Verified Assets                                                  36    S                                                            4    LIBOR                             6
PENSACOLA                                               FL                       11823                        360                        84,000.00                     8.500                     20061201   CONDO                                                615.8                       83,979.20                     8.500    Investment             Purchase                                                    86,000.00                           359      20061201                      0.375                         0.030              6.985               1.11    PMI - LENDER PAID                                      35   Full                                                                     36    12H/24S                                                  2.875    LIBOR                             6
DENVER                                                  CO                       29255                        360                       145,000.00                     8.250                     20061201   TOWNHOUSE                                         1,035.50                      144,961.38                     8.250    Owner Occupied         Purchase                                                   155,000.00                           359      20061201                      0.375                         0.030              7.845                                                                                   Express Verified Assets                                                  36    S                                                        2.875    LIBOR                             6
ORLANDO                                                 FL                       11929                        360                       410,000.00                     8.375                     20061201   PUD                                               2,966.76                      409,894.70                     8.375    Owner Occupied         Rate Refi                                                  435,000.00                           359      20061201                      0.375                         0.030              6.520               1.45    PMI - LENDER PAID                                      30   Express Verified Assets                                                  12    S                                                        2.875    LIBOR                             6
SAINT CLOUD                                             FL                       34769                        360                       230,490.00                     8.500                     20061201   PUD                                               1,632.64                      230,490.00                     8.500    Owner Occupied         Purchase                                                   231,000.00                           359      20061201                      0.375                         0.030              6.485               1.61    PMI - LENDER PAID                                      35   Express Verified Assets                                                  36    S                                                            4    LIBOR                             6
STOCKTON                                                CA                       34734                        360                       244,000.00                     6.750                     20061201   SFR                                               1,582.58                      243,789.92                     6.750    Owner Occupied         Purchase                                                   360,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
BURBANK                                                 CA                       33362                        360                       423,000.00                     6.750                     20061201   SFR                                               2,743.57                      422,635.81                     6.750    Owner Occupied         CashOut Refi                                               530,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
LOS ANGELES                                             CA                       33330                        360                       460,000.00                     7.375                     20061201   SFR                                               3,177.11                      459,649.97                     7.375    Owner Occupied         CashOut Refi                                               575,000.00                           359      20061201                      0.250                         0.030              7.095                                                                                   Stated                                                                    6    H                                                                 FIXED
WASHINGTON                                              DC                       20019                        360                       116,000.00                     6.875                     20061201   SFR                                                 762.04                      115,902.54                     6.875    Owner Occupied         CashOut Refi                                               200,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                      2.5    LIBOR                            12
UNDERWOOD                                               IN                       47177                        360                        86,400.00                     8.250                     20070101   SFR                                                 649.09                       86,400.00                     8.250    Owner Occupied         CashOut Refi                                               108,000.00                           360      20061201                      0.375                         0.030              7.845                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
LAKEWOOD                                                CA                       33067                        360                       478,400.00                     6.625                     20070101   SFR                                               3,063.25                      478,400.00                     6.625    Owner Occupied         Rate Refi                                                  600,000.00                           360      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   36    H                                                                 FIXED
MALIBU                                                  CA                       90265                        360                       285,000.00                     6.750                     20070101   SFR                                               1,603.13                      285,000.00                     6.750    Owner Occupied         Rate Refi                                                  859,000.00                           360      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   12    H                                                                 FIXED
GULFPORT                                                MS                       14372                        360                       141,700.00                     6.750                     20070101   TOWNHOUSE                                           797.06                      141,700.00                     6.750    Investment             Purchase                                                   189,900.00                           360      20070101                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                      3    LIBOR                             6
DEFUNIAK SPRINGS                                        FL                       32433                        360                       106,500.00                     7.500                     20070101   SFR                                                 665.63                      106,500.00                     7.500    Owner Occupied         Purchase                                                   143,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SANTA ANA                                               CA                       33786                        360                       420,000.00                     7.000                     20070101   SFR                                               2,450.00                      420,000.00                     7.000    Investment             CashOut Refi                                               560,000.00                           360      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   12    H                                                                 FIXED
DANVILLE                                                CA                       34480                        360                       580,000.00                     6.500                     20061201   SFR                                               3,141.67                      580,000.00                     6.500    Owner Occupied         Rate Refi                                                1,200,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                                                                                           2.25    LIBOR                             6
REDWOOD CITY                                            CA                       94062                        360                       475,000.00                     5.750                     20070101   SFR                                               2,771.97                      475,000.00                     5.750    Owner Occupied         Purchase                                                 1,750,000.00                           360      20061201                      0.375                         0.030              5.345                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
SAN FRANCISCO                                           CA                       34351                        360                       652,000.00                     6.250                     20070101   CONDO                                             3,395.83                      652,000.00                     6.250    Owner Occupied         Purchase                                                   815,000.00                           360      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
BOLINAS                                                 CA                       34601                        360                       600,000.00                     6.500                     20070101   SFR                                               3,250.00                      600,000.00                     6.500    2nd Home               CashOut Refi                                               975,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                                                                                    1.875    LIBOR                             6
SAN FRANCISCO                                           CA                       94080                        360                       850,000.00                     5.875                     20061201   SFR                                               4,161.46                      850,000.00                     5.875    Owner Occupied         Purchase                                                 1,350,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
GREENBRAE                                               CA                       34581                        360                       777,600.00                     6.125                     20061201   SFR                                               3,969.00                      777,600.00                     6.125    Owner Occupied         Purchase                                                   972,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
LAS VEGAS                                               NV                       32509                        360                       210,000.00                     6.875                     20070101   4-FAMILY                                          1,203.13                      210,000.00                     6.875    Investment             CashOut Refi                                               405,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
FAIR OAKS RANCH                                         CA                       91387                        360                       631,300.00                     7.000                     20061201   SFR                                               3,682.58                      631,300.00                     7.000    Owner Occupied         Purchase                                                   875,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
ORLANDO                                                 FL                       11919                        360                       172,500.00                     7.500                     20061101   TOWNHOUSE                                         1,206.15                      172,243.15                     7.500    Investment             Purchase                                                   230,000.00                           358      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                  24    H                                                            4    LIBOR                             6
NORFOLK                                                 VA                       45055                        360                       109,500.00                     8.250                     20061001   SFR                                                 822.64                      109,289.07                     8.250    Owner Occupied         CashOut Refi                                               146,000.00                           357      20061201                      0.375                         0.030              7.845                                                                                   Express Verified Assets                                                  24    H                                                            4    LIBOR                             6
FORT LAUDERDALE                                         FL                       12124                        360                       103,000.00                     7.250                     20061101   SFR                                                 702.64                      102,838.82                     7.250    Owner Occupied         CashOut Refi                                               215,000.00                           358      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                  24    H                                                            4    LIBOR                             6
STAFFORD                                                VA                       22554                        360                       217,000.00                     6.375                     20061201   SFR                                               1,152.81                      217,000.00                     6.375    Owner Occupied         Rate Refi                                                  380,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Express Verified Assets                                                  24    H                                                            4    LIBOR                             6
HOLLYWOOD                                               FL                       33025                        360                       200,250.00                     7.375                     20061201   TOWNHOUSE                                         1,230.70                      200,250.00                     7.375    Owner Occupied         Purchase                                                   267,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Express Verified Assets                                                  24    H                                                            4    LIBOR                             6
PORTSMOUTH                                              VA                       45111                        360                       101,150.00                     7.375                     20061201   SFR                                                 698.62                      101,073.03                     7.375    Owner Occupied         Purchase                                                   135,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Express Verified Assets                                                  24    H                                                            4    LIBOR                             6
WOODBRIDGE                                              VA                       22192                        360                       285,000.00                     7.500                     20061201   TOWNHOUSE                                         1,781.25                      285,000.00                     7.500    Owner Occupied         Purchase                                                   385,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Express Verified Assets                                                  24    H                                                            4    LIBOR                             6
MCHENRY                                                 MD                       21541                        360                       528,000.00                     7.875                     20070101   TOWNHOUSE                                         3,465.00                      528,000.00                     7.875    2nd Home               Purchase                                                   672,000.00                           360      20061201                      0.375                         0.030              7.470                                                                                   Express Verified Assets                                                  24    H                                                            4    LIBOR                             6
VALLEY CENTER                                           CA                       92082                        360                       400,000.00                     6.375                     20070101   SFR                                               2,125.00                      400,000.00                     6.375    Owner Occupied         CashOut Refi                                               630,000.00                           360      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    H                                                                 FIXED
SALINAS                                                 CA                       34217                        360                       408,000.00                     6.750                     20070101   SFR                                               2,295.00                      408,000.00                     6.750    Owner Occupied         CashOut Refi                                               610,000.00                           360      20061201                      0.250                         0.030              6.470                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
LOS ANGELES                                             CA                       90062                        360                       260,000.00                     6.000                     20070101   2-FAMILY                                          1,300.00                      260,000.00                     6.000    Owner Occupied         CashOut Refi                                               500,000.00                           360      20061201                      0.250                         0.030              5.720                                                                                   Stated                                                                   60    H                                                                 FIXED
SAN JOSE                                                CA                       34723                        360                       490,000.00                     7.250                     20070101   SFR                                               2,960.42                      490,000.00                     7.250    Investment             Purchase                                                   700,000.00                           360      20070101                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                   2.25    LIBOR                             6
CALEXICO                                                CA                       92231                        360                       206,500.00                     6.990                     20070201   SFR                                               1,372.46                      206,500.00                     6.990    Investment             CashOut Refi                                               295,000.00                           361      20070101                      0.250                         0.030              6.710                                                                                   Stated                                                                   36    H                                                                 FIXED
CHINO                                                   CA                       33429                        360                       464,700.00                     6.375                     20070101   SFR                                               2,468.72                      464,700.00                     6.375    Owner Occupied         Rate Refi                                                  790,000.00                           360      20070101                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    H                                                                 FIXED
SANTA ROSA                                              CA                       34798                        360                       436,000.00                     6.875                     20061201   SFR                                               2,497.92                      436,000.00                     6.875    Owner Occupied         Purchase                                                   545,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                     3.25    LIBOR                            12
SAN DIEGO                                               CA                       33614                        360                       408,000.00                     6.875                     20061201   SFR                                               2,337.50                      408,000.00                     6.875    Owner Occupied         Rate Refi                                                  510,000.00                           359      20070101                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    S                                                         3.25    LIBOR                            12
KISSIMMEE                                               FL                       34746                        360                       215,200.00                     7.250                     20061201   PUD                                               1,300.17                      215,200.00                     7.250    2nd Home               CashOut Refi                                               275,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Express Verified Assets                                                                                                                  3.25    LIBOR                            12
EDGARTOWN                                               MA                        2539                        360                       412,000.00                     7.000                     20070101   SFR                                               2,403.33                      412,000.00                     7.000    Owner Occupied         CashOut Refi                                               515,000.00                           360      20070101                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
SURPRISE                                                AZ                       85379                        360                       208,000.00                     7.625                     20070101   PUD                                               1,321.67                      208,000.00                     7.625    Owner Occupied         CashOut Refi                                               260,000.00                           360      20061201                      0.375                         0.030              7.220                                                                                   Express No Doc                                                                                                                           3.25    LIBOR                            12
LOS BANOS                                               CA                       93635                        360                       413,600.00                     7.750                     20070101   SFR                                               2,671.17                      413,600.00                     7.750    Owner Occupied         CashOut Refi                                               517,000.00                           360      20061201                      0.375                         0.030              7.345                                                                                   Express No Doc                                                                                                                           3.25    LIBOR                            12
PALM COAST                                              FL                       32137                        360                       218,900.00                     6.875                     20070101   CONDO                                             1,254.11                      218,900.00                     6.875    Investment             Purchase                                                   340,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
PALM COAST                                              FL                       32137                        360                       230,500.00                     6.875                     20070101   CONDO                                             1,320.57                      230,500.00                     6.875    Investment             Purchase                                                   352,000.00                           360      20070101                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
PALM COAST                                              FL                       32137                        360                       238,450.00                     7.000                     20070101   CONDO                                             1,390.96                      238,450.00                     7.000    Investment             Purchase                                                   360,000.00                           360      20070101                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                   3.25    LIBOR                            12
ORLANDO                                                 FL                       11911                        360                       137,750.00                     6.875                     20070101   SFR                                                 904.92                      137,750.00                     6.875    Owner Occupied         CashOut Refi                                               197,000.00                           360      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   60    H                                                                 FIXED
NAPLES                                                  FL                       12432                        360                       135,000.00                     7.750                     20060801   CONDO                                               967.16                      134,419.00                     7.750    Owner Occupied         CashOut Refi                                               186,000.00                           355      20070101                      0.250                         0.030              7.470                                                                                   Stated                                                                                                                                           FIXED
CHICAGO                                                 IL                       60637                        360                        43,750.00                    12.250                     20060101   CONDO                                               446.61                       43,581.77                    12.250    Investment             CashOut Refi                                               175,000.00                           348      20061201                      0.500                         0.030             11.720                                                                                   Stated                                                                                                                                      0    FIXED
SAN DIEGO                                               CA                       33626                        180                        89,000.00                    12.125                     20061101   SFR                                                 924.04                       88,924.25                    12.125    Owner Occupied         Purchase                                                   480,000.00                           178      20061201                      0.500                         0.030             11.595                                                                                   Stated                                                                   24    H                                                            0    FIXED
PROVIDENCE                                              RI                       37506                        180                       107,500.00                    12.000                     20061201   4-FAMILY                                          1,105.76                      107,469.24                    12.000    Owner Occupied         Purchase                                                   430,000.00                           179      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   12    H                                                            0    FIXED
NORTH BAY VILLAGE                                       FL                       33141                        180                        40,500.00                    11.600                     20061201   HI-RISE                                             404.16                       40,487.34                    11.600    Owner Occupied         Rate Refi                                                  405,000.00                           179      20061201                      0.500                         0.030             11.070                                                                                   Stated                                                                   12    H                                                            0    FIXED
BRONX                                                   NY                       10466                        180                       185,000.00                    12.790                     20061201   3-FAMILY                                          2,016.15                      184,955.64                    12.790    Owner Occupied         Purchase                                                   750,000.00                           179      20061201                      0.500                         0.030             12.260                                                                                   Stated                                                                   12    H                                                            0    FIXED
HALLANDALE BEACH                                        FL                       33009                        180                        21,800.00                    12.450                     20060801   CONDO                                               231.82                       21,771.20                    12.450    Owner Occupied         Purchase                                                   182,000.00                           175      20061201                      0.500                         0.030             11.920                                                                                   Stated                                                                   36    H                                                            0    FIXED
GREENFIELD                                              CA                       34239                        180                        68,800.00                     9.650                     20061201   SFR                                                 586.05                       68,767.22                     9.650    Owner Occupied         Purchase                                                   349,000.00                           179      20061201                      0.500                         0.030              9.120                                                                                   Stated                                                                   36    H                                                            0    FIXED
GREENFIELD                                              CA                       34239                        180                        69,700.00                     9.990                     20061201   SFR                                                 611.15                       69,669.10                     9.990    Owner Occupied         Purchase                                                   348,540.00                           179      20061201                      0.500                         0.030              9.460                                                                                   Stated                                                                   36    H                                                            0    FIXED
WALDORF                                                 MD                       43984                        180                        68,750.00                    11.500                     20061101   SFR                                                 680.83                       68,705.83                    11.500    Owner Occupied         Purchase                                                   300,000.00                           178      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                                                                                      0    FIXED
ESCONDIDO                                               CA                       92025                        360                       257,050.00                     5.375                     20070101   CONDO                                             1,151.37                      257,050.00                     5.375    Owner Occupied         Purchase                                                   330,000.00                           360      20061201                      0.375                         0.030              4.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
RIDGEWOOD                                               NY                       11385                        180                       138,250.00                    13.625                     20061201   2-FAMILY                                          1,597.14                      138,222.57                    13.625    Owner Occupied         Purchase                                                   560,000.00                           179      20061201                      0.500                         0.030             13.095                                                                                   Stated                                                                   12    H                                                            0    FIXED
ESCONDIDO                                               CA                       92025                        360                       254,400.00                     5.625                     20061201   CONDO                                             1,192.50                      254,400.00                     5.625    Owner Occupied         Purchase                                                   325,000.00                           359      20061201                      0.375                         0.030              5.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
AROMAS                                                  CA                       34219                        180                        84,000.00                    12.000                     20061101   SFR                                                 864.03                       83,951.70                    12.000    Owner Occupied         CashOut Refi                                               840,000.00                           178      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   24    H                                                            0    FIXED
WARWICK                                                 RI                        2889                        360                       103,500.00                     8.800                     20070101   SFR                                                 817.93                      103,500.00                     8.800    Investment             CashOut Refi                                               130,000.00                           360      20061201                      0.375                         0.030              8.395                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
HEMET                                                   CA                       92544                        180                        75,000.00                    10.990                     20061201   SFR                                                 713.68                       74,973.20                    10.990    Owner Occupied         Rate Refi                                                  375,000.00                           179      20061201                      0.500                         0.030             10.460                                                                                   Stated                                                                   36    H                                                            0    FIXED
SAN JOSE                                                CA                       34722                        180                        97,500.00                    12.125                     20061101   SFR                                               1,012.29                       97,445.46                    12.125    Owner Occupied         CashOut Refi                                               650,000.00                           178      20061201                      0.500                         0.030             11.595                                                                                   Stated                                                                   36    H                                                            0    FIXED
WASHINGTON                                              DC                       20002                        360                       337,500.00                     8.450                     20070101   SFR                                               2,376.56                      337,500.00                     8.450    Owner Occupied         Purchase                                                   450,000.00                           360      20061201                      0.375                         0.030              8.045                                                                                   Stated                                                                                                                                      3    LIBOR                             6
JACKSON HEIGHTS                                         NY                       11372                        180                       119,000.00                    13.400                     20061201   2-FAMILY                                          1,353.68                      118,975.15                    13.400    Owner Occupied         Rate Refi                                                  845,000.00                           179      20061201                      0.500                         0.030             12.870                                                                                   Stated                                                                   12    H                                                            0    FIXED
APPLE VALLEY                                            MN                       20113                        180                        41,250.00                    11.500                     20061101   SFR                                                  408.5                       41,201.79                    11.500    Owner Occupied         CashOut Refi                                               275,000.00                           178      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                                                                                      0    FIXED
ROCKVILLE                                               MD                       20850                        360                       117,500.00                    10.925                     20061201   D-PUDS                                            1,112.33                      117,457.41                    10.925    Owner Occupied         CashOut Refi                                             1,175,000.00                           359      20061201                      0.500                         0.030             10.395                                                                                   Stated                                                                                                                                      0    FIXED
LOS ANGELES                                             CA                       90003                        360                       456,000.00                     8.400                     20070101   3-FAMILY                                          3,192.00                      456,000.00                     8.400    Owner Occupied         Purchase                                                   570,000.00                           360      20061201                      0.375                         0.030              7.995                                                                                   Stated                                                                   60    H                                                            3    LIBOR                             6
PORT ST LUCIE                                           FL                       34952                        180                        62,100.00                    12.575                     20061201   SFR                                                 666.38                       62,084.38                    12.575    Investment             Purchase                                                   248,500.00                           179      20061201                      0.500                         0.030             12.045                                                                                   Stated                                                                   12    H                                                            0    FIXED
LOS ANGELES (GRANADA HILLS AREA)                        CA                       91344                        180                       100,000.00                    11.750                     20061101   SFR                                               1,009.41                       99,939.22                    11.750    Owner Occupied         CashOut Refi                                               940,000.00                           178      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                   12    H                                                            0    FIXED
TEMECULA                                                CA                       92591                        180                       108,750.00                    11.100                     20061101   D-PUDS                                            1,043.88                      108,673.77                    11.100    Owner Occupied         CashOut Refi                                               725,000.00                           178      20061201                      0.500                         0.030             10.570                                                                                   Full                                                                                                                                        0    FIXED
LOS ANGELES                                             CA                       90043                        360                       432,000.00                     6.625                     20061201   SFR                                               2,385.00                      432,000.00                     6.625    Owner Occupied         Purchase                                                   540,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
BAY SHORE                                               NY                       40730                        180                       111,850.00                    12.750                     20061201   SFR                                               1,215.47                      111,822.94                    12.750    Owner Occupied         Purchase                                                   447,300.00                           179      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                                                                                      0    FIXED
MIAMI                                                   FL                       33176                        180                       211,250.00                    13.900                     20061101   SFR                                               2,486.33                      211,170.84                    13.900    Owner Occupied         Rate Refi                                                  845,000.00                           178      20061201                      0.500                         0.030             13.370                                                                                   Stated                                                                   24    H                                                            0    FIXED
MURRIETA                                                CA                       92562                        180                       182,500.00                    11.750                     20061101   CONDO                                             1,842.17                      182,389.08                    11.750    Owner Occupied         CashOut Refi                                               730,000.00                           178      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
MURRIETA                                                CA                       92563                        180                        62,400.00                    12.200                     20061101   SFR                                                 651.48                       62,365.67                    12.200    Owner Occupied         CashOut Refi                                               624,000.00                           178      20061201                      0.500                         0.030             11.670                                                                                   Stated                                                                   12    H                                                            0    FIXED
CORONA                                                  CA                       92883                        180                       156,250.00                    10.600                     20061101   D-PUDS                                            1,440.97                      156,127.94                    10.600    Owner Occupied         Rate Refi                                                  625,000.00                           178      20061201                      0.500                         0.030             10.070                                                                                   Stated                                                                   36    H                                                            0    FIXED
ESCONDIDO                                               CA                       92025                        180                        79,350.00                    12.500                     20061101   CONDO                                               846.87                       79,309.17                    12.500    Owner Occupied         Purchase                                                   397,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   12    H                                                            0    FIXED
SEAL BEACH                                              CA                       90740                        180                       300,000.00                    12.600                     20061101   SFR                                               3,225.07                      299,849.07                    12.600    Investment             Rate Refi                                                1,700,000.00                           178      20061201                      0.500                         0.030             12.070                                                                                   Stated                                                                   12    H                                                            0    FIXED
MIAMI                                                   FL                       12080                        180                        42,800.00                    13.730                     20061101   HI-RISE                                             497.99                       42,783.33                    13.730    Investment             Purchase                                                   214,000.00                           178      20061201                      0.500                         0.030             13.200                                                                                   Stated                                                                                                                                      0    FIXED
PROVIDENCE                                              RI                       37508                        180                        81,250.00                    13.825                     20061201   3-FAMILY                                            951.47                       81,224.60                    13.825    Owner Occupied         Purchase                                                   327,000.00                           179      20061201                      0.500                         0.030             13.295                                                                                   Stated                                                                   12    H                                                            0    FIXED
WINDSOR MILL                                            MD                       21244                        360                        64,250.00                    11.250                     20061201   PUD                                                 624.04                       64,228.30                    11.250    Owner Occupied         Purchase                                                   265,000.00                           359      20061201                      0.500                         0.030             10.720                                                                                   Stated                                                                                                                                      0    FIXED
LOS ANGELES (MISSION HILLS AREA)                        CA                       91345                        180                        60,900.00                    10.375                     20061101   SFR                                                 551.39                       60,850.07                    10.375    Owner Occupied         Purchase                                                   609,000.00                           178      20061201                      0.500                         0.030              9.845                                                                                   Stated                                                                                                                                      0    FIXED
BROOKLYN                                                NY                       40581                        180                       167,250.00                    13.625                     20061201   3-FAMILY                                          1,932.16                      167,216.82                    13.625    Owner Occupied         Purchase                                                   670,000.00                           179      20061201                      0.500                         0.030             13.095                                                                                   Stated                                                                                                                                      0    FIXED
INDIANAPOLIS                                            IN                       46239                        180                        35,000.00                    11.950                     20061101   D-PUDS                                              358.67                       34,979.64                    11.950    Investment             Purchase                                                   181,000.00                           178      20061201                      0.500                         0.030             11.420                                                                                   Stated                                                                                                                                      0    FIXED
CAPE CORAL                                              FL                       33993                        180                        46,500.00                    10.290                     20061101   SFR                                                 418.07                       46,461.17                    10.290    Owner Occupied         CashOut Refi                                               310,000.00                           178      20061201                      0.500                         0.030              9.760                                                                                   Stated                                                                   24    H                                                            0    FIXED
AZUSA                                                   CA                       33421                        180                        93,000.00                    11.500                     20061201   SFR                                                 920.97                       92,970.28                    11.500    Owner Occupied         Purchase                                                   465,000.00                           179      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
BROOKLYN                                                NY                       40590                        180                       177,500.00                    12.175                     20061201   3-FAMILY                                          1,849.73                      177,451.16                    12.175    Owner Occupied         Purchase                                                   710,000.00                           179      20061201                      0.500                         0.030             11.645                                                                                   Stated                                                                   12    H                                                            0    FIXED
MIAMI                                                   FL                       33033                        180                        53,000.00                    12.050                     20061201   SFR                                                 547.21                       52,969.85                    12.050    Owner Occupied         Purchase                                                   275,000.00                           179      20061201                      0.500                         0.030             11.520                                                                                   Stated                                                                                                                                      0    FIXED
SACRAMENTO                                              CA                       34937                        180                        34,000.00                    11.700                     20061101   SFR                                                  341.9                       33,950.72                    11.700    Owner Occupied         CashOut Refi                                               340,000.00                           178      20061201                      0.500                         0.030             11.170                                                                                   Stated                                                                   36    H                                                            0    FIXED
RANDALLSTOWN                                            MD                       21133                        180                        78,500.00                    13.250                     20061101   SFR                                                 883.73                       78,465.89                    13.250    Owner Occupied         CashOut Refi                                               785,000.00                           178      20061201                      0.500                         0.030             12.720                                                                                   Stated                                                                                                                                      0    FIXED
FORT LAUDERDALE                                         FL                       12124                        360                        95,500.00                     6.875                     20070101   SFR                                                 627.37                       95,500.00                     6.875    Owner Occupied         CashOut Refi                                               198,000.00                           360      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     36    H                                                                 FIXED
NEWBURGH                                                NY                       12550                        180                        55,500.00                    12.740                     20061101   SFR                                                 602.68                       55,472.95                    12.740    Owner Occupied         CashOut Refi                                               222,000.00                           178      20061201                      0.500                         0.030             12.210                                                                                   Stated                                                                                                                                      0    FIXED
MEDFORD                                                 OR                       35551                        360                       161,250.00                     5.875                     20061201   SFR                                                 789.45                      161,250.00                     5.875    Owner Occupied         CashOut Refi                                               215,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
BRONX                                                   NY                       10458                        180                       178,750.00                    12.600                     20061201   3-FAMILY                                          1,921.60                      178,705.28                    12.600    Owner Occupied         Purchase                                                   715,000.00                           179      20061201                      0.500                         0.030             12.070                                                                                   Stated                                                                   12    H                                                            0    FIXED
ST PAUL                                                 MN                       20095                        180                        39,000.00                    12.690                     20061201   SFR                                                 421.99                       38,980.77                    12.690    Owner Occupied         Purchase                                                   195,000.00                           179      20061201                      0.500                         0.030             12.160                                                                                   Stated                                                                                                                                      0    FIXED
BOYNTON BEACH                                           FL                       33435                        360                       122,000.00                     6.625                     20061101   CONDO                                               781.18                      121,784.13                     6.625    Investment             Rate Refi                                                  197,393.00                           358      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
MANTECA                                                 CA                       95336                        180                        74,000.00                    11.600                     20061101   SFR                                                 738.47                       73,891.37                    11.600    Owner Occupied         CashOut Refi                                               845,000.00                           178      20061201                      0.500                         0.030             11.070                                                                                   Stated                                                                   36    H                                                            0    FIXED
GRAIN VALLEY                                            MO                       64029                        180                        48,000.00                    12.500                     20061101   2-FAMILY                                            512.28                       47,975.31                    12.500    Investment             Purchase                                                   240,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   12    H                                                            0    FIXED
LOVELAND                                                CO                       80537                        180                        46,620.00                    11.750                     20061201   D-PUDS                                              470.59                       46,605.90                    11.750    Investment             Purchase                                                   241,000.00                           179      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                   24    H                                                            0    FIXED
FORT LAUDERDALE                                         FL                       12124                        360                       213,750.00                     6.750                     20070101   SFR                                               1,202.34                      213,750.00                     6.750    Owner Occupied         Purchase                                                   345,000.00                           360      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   12    S                                                                 FIXED
SAN DIEGO                                               CA                       33618                        180                        72,000.00                    11.650                     20061101   CONDO                                               721.26                       71,320.52                    11.650    Owner Occupied         Purchase                                                   365,000.00                           178      20061201                      0.500                         0.030             11.120                                                                                   Stated                                                                   36    H                                                            0    FIXED
REISTERSTOWN                                            MD                       21136                        180                       104,250.00                    13.400                     20061201   SFR                                               1,185.89                      104,228.24                    13.400    Owner Occupied         Purchase                                                   418,900.00                           179      20061201                      0.500                         0.030             12.870                                                                                   Stated                                                                                                                                      0    FIXED
WATSONVILLE                                             CA                       95076                        180                        73,500.00                    11.300                     20061101   SFR                                                 716.67                       73,450.68                    11.300    Owner Occupied         Purchase                                                   815,000.00                           178      20061201                      0.500                         0.030             10.770                                                                                   Stated                                                                   36    H                                                            0    FIXED
GAINESVILLE                                             VA                       20155                        360                       328,500.00                     6.500                     20061201   D-PUDS                                            1,779.38                      328,500.00                     6.500    Owner Occupied         Rate Refi                                                  540,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
HIALEAH                                                 FL                       33016                        180                        38,980.00                    12.975                     20061201   CONDO                                               430.44                       38,971.03                    12.975    Owner Occupied         Purchase                                                   205,000.00                           179      20061201                      0.500                         0.030             12.445                                                                                   Full                                                                     24    H                                                            0    FIXED
DUARTE                                                  CA                       91010                        180                       139,500.00                    12.990                     20061101   SFR                                               1,542.06                      139,435.71                    12.990    Owner Occupied         Purchase                                                   465,000.00                           178      20061201                      0.500                         0.030             12.460                                                                                   Stated                                                                   36    H                                                            0    FIXED
INDIO                                                   CA                       33635                        180                        20,000.00                    12.625                     20061101   D-PUDS                                              215.39                       19,990.00                    12.625    Owner Occupied         CashOut Refi                                               400,000.00                           178      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                   36    H                                                            0    FIXED
NAPLES                                                  FL                       12439                        180                        34,000.00                    12.320                     20061201   SFR                                                 358.13                       33,981.78                    12.320    Owner Occupied         CashOut Refi                                               352,000.00                           179      20061201                      0.500                         0.030             11.790                                                                                   Stated                                                                                                                                      0    FIXED
MILWAUKIE                                               OR                       97267                        180                        52,500.00                    12.250                     20061101   SFR                                                 550.15                       52,471.43                    12.250    Investment             Purchase                                                   525,000.00                           178      20061201                      0.500                         0.030             11.720                                                                                   Stated                                                                                                                                      0    FIXED
PALM COAST                                              FL                       32164                        360                       127,000.00                     6.250                     20061201   D-PUDS                                              781.96                      126,879.50                     6.250    Owner Occupied         Rate Refi                                                  189,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                     36    S                                                            3    LIBOR                             6
ORLANDO                                                 FL                       11923                        180                        29,200.00                    11.800                     20061101   D-PUDS                                              295.87                       29,182.44                    11.800    Owner Occupied         CashOut Refi                                               292,000.00                           178      20061201                      0.500                         0.030             11.270                                                                                   Full                                                                     36    H                                                            0    FIXED
FORT LAUDERDALE                                         FL                       12135                        180                        25,200.00                    14.250                     20061201   CONDO                                               303.58                       25,195.67                    14.250    Investment             Purchase                                                   126,000.00                           179      20061201                      0.500                         0.030             13.720                                                                                   Stated                                                                                                                                      0    FIXED
LAS VEGAS                                               NV                       32517                        360                       735,000.00                     7.125                     20070101   HI-RISE                                           4,364.06                      735,000.00                     7.125    Owner Occupied         Rate Refi                                                  900,000.00                           360      20061201                      0.375                         0.030              5.580               1.14    RADIAN - LENDER PAID                                   22   Stated                                                                   36    H                                                        3.625    LIBOR                             6
BRENTWOOD                                               NY                       40741                        180                        56,000.00                    12.900                     20061201   SFR                                                  615.1                       55,986.90                    12.900    2nd Home               Purchase                                                   280,000.00                           179      20061201                      0.500                         0.030             12.370                                                                                   Stated                                                                   12    H                                                            0    FIXED
SAN BERNARDINO                                          CA                       33701                        180                        45,000.00                    11.690                     20061101   SFR                                                 452.17                       44,972.28                    11.690    Owner Occupied         CashOut Refi                                               450,000.00                           178      20061201                      0.500                         0.030             11.160                                                                                   Stated                                                                   36    H                                                            0    FIXED
MILWAUKEE                                               WI                       19400                        360                        73,500.00                     7.300                     20061101   2-FAMILY                                            503.89                       73,386.13                     7.300    Investment             Purchase                                                   106,000.00                           358      20061201                      0.375                         0.030              6.895                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HUGHESVILLE                                             MD                       20637                        180                        41,150.00                    12.375                     20061201   SFR                                                 435.19                       41,139.17                    12.375    Owner Occupied         CashOut Refi                                               823,000.00                           179      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                                                                                      0    FIXED
NORWALK                                                 CA                       90650                        180                       119,750.00                    10.040                     20061101   SFR                                               1,054.43                      119,644.52                    10.040    Owner Occupied         Purchase                                                   480,000.00                           178      20061201                      0.500                         0.030              9.510                                                                                   Stated                                                                   36    H                                                            0    FIXED
MESQUITE                                                NV                       89027                        180                        39,200.00                    12.550                     20061201   CONDO                                               419.89                       39,190.08                    12.550    Investment             Purchase                                                   199,000.00                           179      20061201                      0.500                         0.030             12.020                                                                                   Stated                                                                                                                                      0    FIXED
FALLS CHURCH                                            VA                       22044                        180                        54,300.00                    13.500                     20061101   HI-RISE                                             621.96                       54,277.71                    13.500    Owner Occupied         Purchase                                                   273,000.00                           178      20061201                      0.500                         0.030             12.970                                                                                   Stated                                                                   12    H                                                            0    FIXED
BROOKLYN                                                NY                       40600                        180                       160,000.00                    12.000                     20061201   3-FAMILY                                          1,645.78                      159,954.22                    12.000    Owner Occupied         Purchase                                                   640,000.00                           179      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   12    H                                                            0    FIXED
AURORA                                                  IL                       22039                        180                        80,000.00                    12.625                     20061101   SFR                                                 861.57                       79,959.99                    12.625    Owner Occupied         Rate Refi                                                  400,000.00                           178      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                                                                                      0    FIXED
KANKAKEE                                                IL                       22160                        360                       129,500.00                     7.599                     20070101   3-FAMILY                                            914.28                      129,500.00                     7.599    Owner Occupied         Rate Refi                                                  185,000.00                           360      20061201                      0.250                         0.030              7.319                                                                                   Stated                                                                                                                                           FIXED
NORTH LAS VEGAS                                         NV                       89031                        180                        25,800.00                     9.850                     20061101   SFR                                                 223.56                       25,769.85                     9.850    Owner Occupied         CashOut Refi                                               258,000.00                           178      20061201                      0.500                         0.030              9.320                                                                                   Stated                                                                   36    H                                                            0    FIXED
MIAMI                                                   FL                       33161                        180                        38,250.00                    11.550                     20061201   CONDO                                               380.25                       38,237.91                    11.550    Owner Occupied         CashOut Refi                                               153,000.00                           179      20061201                      0.500                         0.030             11.020                                                                                   Stated                                                                   36    H                                                            0    FIXED
BOLINGBROOK                                             IL                       60440                        180                        22,200.00                    14.050                     20061101   PUD                                                 263.92                       22,191.97                    14.050    Investment             Purchase                                                   111,000.00                           178      20061201                      0.500                         0.030             13.520                                                                                   Stated                                                                                                                                      0    FIXED
CHAMPLIN                                                MN                       20164                        180                        43,000.00                    13.350                     20061101   SFR                                                 487.46                       42,981.73                    13.350    Owner Occupied         Purchase                                                   222,000.00                           178      20061201                      0.500                         0.030             12.820                                                                                   Stated                                                                                                                                      0    FIXED
BRANDON                                                 FL                       12184                        180                        34,060.00                    15.000                     20061101   CONDO                                               430.67                       34,050.10                    15.000    Owner Occupied         Purchase                                                   171,000.00                           178      20061201                      0.500                         0.030             14.470                                                                                   Stated                                                                                                                                      0    FIXED
PEMBROKE PINES                                          FL                       33029                        360                       472,000.00                     7.875                     20070101   D-PUDS                                            3,097.50                      472,000.00                     7.875    2nd Home               CashOut Refi                                               590,000.00                           360      20061201                      0.375                         0.030              7.470                                                                                   Full                                                                     60    H                                                            3    LIBOR                             6
ALEXANDRIA                                              VA                       44624                        180                        89,400.00                    12.900                     20061101   SFR                                                 981.96                       89,357.96                    12.900    Owner Occupied         Purchase                                                   447,000.00                           178      20061201                      0.500                         0.030             12.370                                                                                   Stated                                                                   36    H                                                            0    FIXED
JACKSONVILLE                                            FL                       11738                        180                        34,800.00                    11.690                     20061101   D-PUDS                                              349.68                       34,778.56                    11.690    Owner Occupied         CashOut Refi                                               232,000.00                           178      20061201                      0.500                         0.030             11.160                                                                                   Stated                                                                   36    H                                                            0    FIXED
POMPANO BEACH                                           FL                       33062                        180                       101,250.00                    14.525                     20061201   HI-RISE                                           1,241.88                      101,233.67                    14.525    Owner Occupied         CashOut Refi                                               405,000.00                           179      20061201                      0.500                         0.030             13.995                                                                                   Stated                                                                                                                                      0    FIXED
BAKERSFIELD                                             CA                       34041                        180                        79,600.00                     9.740                     20061101   SFR                                                  683.3                       79,525.27                     9.740    Owner Occupied         Purchase                                                   398,000.00                           178      20061201                      0.500                         0.030              9.210                                                                                   Stated                                                                   36    H                                                            0    FIXED
PEMBROKE PARK                                           FL                       33023                        180                        22,950.00                    12.600                     20061101   CONDO                                               246.72                       22,938.45                    12.600    Owner Occupied         Rate Refi                                                  153,000.00                           178      20061201                      0.500                         0.030             12.070                                                                                   Stated                                                                   36    H                                                            0    FIXED
EAST WENATCHEE                                          WA                       36009                        180                        20,000.00                    12.000                     20061101   SFR                                                 205.72                       19,988.50                    12.000    Owner Occupied         CashOut Refi                                               226,000.00                           178      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                                                                                      0    FIXED
HACIENDA HEIGHTS                                        CA                       91745                        180                       180,000.00                    11.840                     20061201   SFR                                               1,829.36                      179,946.64                    11.840    Owner Occupied         CashOut Refi                                               720,000.00                           179      20061201                      0.500                         0.030             11.310                                                                                   Stated                                                                   36    H                                                            0    FIXED
LOS ANGELES (RESEDA AREA)                               CA                       91335                        180                        57,000.00                    11.625                     20061101   SFR                                                 569.91                       56,964.39                    11.625    Owner Occupied         CashOut Refi                                               580,000.00                           178      20061201                      0.500                         0.030             11.095                                                                                   Stated                                                                   36    H                                                            0    FIXED
SAN DIEGO                                               CA                       33617                        180                        50,500.00                    11.990                     20061201   SFR                                                 519.06                       50,485.52                    11.990    Owner Occupied         Rate Refi                                                  505,000.00                           179      20061201                      0.500                         0.030             11.460                                                                                   Stated                                                                   12    H                                                            0    FIXED
SACRAMENTO                                              CA                       34933                        180                        68,000.00                    12.625                     20061101   SFR                                                 732.34                       67,965.98                    12.625    Owner Occupied         CashOut Refi                                               340,000.00                           178      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                   36    H                                                            0    FIXED
LANCASTER                                               CA                       93535                        360                       264,000.00                     7.500                     20070101   SFR                                               1,650.00                      264,000.00                     7.500    Owner Occupied         Purchase                                                   330,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
LOS ANGELES                                             CA                       90044                        180                        62,990.00                    12.650                     20061101   2-FAMILY                                            679.61                       62,958.66                    12.650    Owner Occupied         Purchase                                                   630,000.00                           178      20061201                      0.500                         0.030             12.120                                                                                   Stated                                                                   36    H                                                            0    FIXED
PITTSFIELD                                              NH                        3263                        360                       277,690.00                     6.375                     20070201   SFR                                               1,732.42                      277,690.00                     6.375    Owner Occupied         CashOut Refi                                               370,255.00                           361      20070101                      0.250                         0.030              6.095                                                                                   Stated                                                                   24    H                                                                 FIXED
ALEXANDRIA                                              VA                       44632                        180                        53,000.00                    12.125                     20061101   SFR                                                 550.27                       52,970.35                    12.125    Owner Occupied         CashOut Refi                                               545,000.00                           178      20061201                      0.500                         0.030             11.595                                                                                   Stated                                                                   24    H                                                            0    FIXED
THORTON                                                 CO                       80260                        180                        40,000.00                     9.990                     20061201   D-PUDS                                              350.73                       39,982.27                     9.990    Owner Occupied         Purchase                                                   200,000.00                           179      20061201                      0.500                         0.030              9.460                                                                                   Stated                                                                   36    H                                                            0    FIXED
GWYNN OAK                                               MD                       44234                        180                        53,000.00                    13.500                     20061101   SFR                                                 607.07                       52,978.24                    13.500    Owner Occupied         Purchase                                                   269,000.00                           178      20061201                      0.500                         0.030             12.970                                                                                   Stated                                                                                                                                      0    FIXED
LOS ANGELES (SYLMAR AREA)                               CA                       91342                        360                       112,000.00                    12.625                     20061101   SFR                                               1,206.20                      111,943.97                    12.625    Owner Occupied         Purchase                                                   560,000.00                           358      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                   12    H                                                            0    FIXED
GRAND BLANC                                             MI                       48439                        180                        41,900.00                    12.050                     20061101   SFR                                                  432.6                       41,876.18                    12.050    Owner Occupied         Rate Refi                                                  419,000.00                           178      20061201                      0.500                         0.030             11.520                                                                                   Stated                                                                   36    H                                                            0    FIXED
CORONA                                                  CA                       92883                        180                       360,000.00                    11.450                     20061201   D-PUDS                                            3,551.32                      359,883.68                    11.450    Owner Occupied         Purchase                                                 1,110,000.00                           179      20061201                      0.500                         0.030             10.920                                                                                   Stated                                                                   36    H                                                            0    FIXED
KISSIMMEE                                               FL                       34758                        180                        37,500.00                    12.690                     20061201   2-FAMILY                                            405.76                       37,490.80                    12.690    Investment             CashOut Refi                                               250,000.00                           179      20061201                      0.500                         0.030             12.160                                                                                   Stated                                                                                                                                      0    FIXED
BRONX                                                   NY                       10457                        180                       100,000.00                    12.440                     20061201   2-FAMILY                                          1,062.60                       99,974.07                    12.440    Investment             Purchase                                                   500,000.00                           179      20061201                      0.500                         0.030             11.910                                                                                   Stated                                                                                                                                      0    FIXED
SPRING VALLEY                                           CA                       91977                        180                        70,000.00                    10.990                     20061101   SFR                                                  666.1                       69,949.73                    10.990    Owner Occupied         Purchase                                                   720,000.00                           178      20061201                      0.500                         0.030             10.460                                                                                   Stated                                                                                                                                      0    FIXED
ROOSEVELT                                               NY                       11575                        180                       112,500.00                    13.125                     20061201   SFR                                               1,255.48                      112,474.99                    13.125    Owner Occupied         Purchase                                                   450,000.00                           179      20061201                      0.500                         0.030             12.595                                                                                   Stated                                                                   12    H                                                            0    FIXED
QUEEN CREEK                                             AZ                       85242                        180                        60,000.00                    11.950                     20061101   D-PUDS                                              614.86                       59,965.11                    11.950    Investment             CashOut Refi                                               300,000.00                           178      20061201                      0.500                         0.030             11.420                                                                                   Stated                                                                                                                                      0    FIXED
FERNDALE                                                WA                       98248                        180                        42,000.00                    13.700                     20061101   SFR                                                 487.69                       41,983.53                    13.700    Investment             CashOut Refi                                               280,000.00                           178      20061201                      0.500                         0.030             13.170                                                                                   Stated                                                                                                                                      0    FIXED
JOLIET                                                  IL                       60431                        180                        56,000.00                    12.750                     20061101   SFR                                                 608.55                       55,972.76                    12.750    Owner Occupied         CashOut Refi                                               224,000.00                           178      20061201                      0.500                         0.030             12.220                                                                                   Full                                                                                                                                        0    FIXED
DUNDALK                                                 MD                       44249                        180                        20,000.00                    11.500                     20061101   SFR                                                 198.06                       19,987.16                    11.500    Owner Occupied         Rate Refi                                                  170,000.00                           178      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                                                                                      0    FIXED
JOLIET                                                  IL                       60435                        360                       143,300.00                     7.700                     20070101   SFR                                                 964.26                      143,300.00                     7.700    Owner Occupied         Rate Refi                                                  165,000.00                           360      20061201                      0.250                         0.030              6.770               0.65    RADIAN - LENDER PAID                                   25   Full                                                                                                                                             FIXED
BROOKLYN                                                NY                       11233                        180                       162,500.00                    13.625                     20061201   3-FAMILY                                          1,877.29                      162,467.76                    13.625    Owner Occupied         Purchase                                                   650,000.00                           179      20061201                      0.500                         0.030             13.095                                                                                   Stated                                                                   12    H                                                            0    FIXED
POTOMAC                                                 MD                       20854                        180                       147,950.00                    11.990                     20061101   SFR                                               1,520.69                      147,644.22                    11.990    Owner Occupied         Purchase                                                   745,000.00                           178      20061201                      0.500                         0.030             11.460                                                                                   Stated                                                                                                                                      0    FIXED
SALINAS                                                 CA                       34217                        180                        20,000.00                    12.425                     20061101   PUD                                                 212.29                       19,989.53                    12.425    Owner Occupied         CashOut Refi                                               350,000.00                           178      20061201                      0.500                         0.030             11.895                                                                                   Stated                                                                   36    H                                                            0    FIXED
SACRAMENTO                                              CA                       34928                        180                        51,400.00                    12.500                     20061201   SFR                                                 548.57                       51,386.85                    12.500    Owner Occupied         Purchase                                                   257,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
SALT LAKE CITY                                          UT                       30699                        180                        27,400.00                    12.900                     20061101   SFR                                                 300.96                       27,387.11                    12.900    Owner Occupied         CashOut Refi                                               137,000.00                           178      20061201                      0.500                         0.030             12.370                                                                                   Stated                                                                                                                                      0    FIXED
HONOLULU                                                HI                       35292                        360                       300,000.00                     6.375                     20061201   CONDOTEL                                          1,593.75                      300,000.00                     6.375    Investment             CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
CHANDLER                                                AZ                       31103                        180                        24,000.00                    11.650                     20061101   PUD                                                 240.42                       23,977.53                    11.650    Investment             Purchase                                                   175,000.00                           178      20070101                      0.500                         0.030             11.120                                                                                   Full                                                                                                                                        0    FIXED
CORAL SPRINGS                                           FL                       33076                        180                        79,000.00                    12.450                     20061201   D-PUDS                                              840.07                       78,979.56                    12.450    Owner Occupied         Purchase                                                   405,000.00                           179      20061201                      0.500                         0.030             11.920                                                                                   Stated                                                                   12    H                                                            0    FIXED
SAN DIEGO                                               CA                       33608                        180                        47,000.00                    11.250                     20061101   SFR                                                 456.49                       46,964.58                    11.250    Owner Occupied         CashOut Refi                                               470,000.00                           178      20061201                      0.500                         0.030             10.720                                                                                   Stated                                                                                                                                      0    FIXED
WEST PALM BEACH                                         FL                       12151                        180                        31,500.00                    12.500                     20061201   SFR                                                 336.19                       31,491.22                    12.500    Investment             Purchase                                                   210,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   12    H                                                            0    FIXED
BRONX                                                   NY                       10457                        180                       110,450.00                    11.750                     20061201   3-FAMILY                                          1,114.89                      110,416.60                    11.750    Owner Occupied         Purchase                                                   500,000.00                           179      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                                                                                      0    FIXED
JAMAICA                                                 NY                       11431                        180                       165,000.00                    11.375                     20061201   2-FAMILY                                          1,618.26                      164,944.06                    11.375    Owner Occupied         Purchase                                                   660,000.00                           179      20061201                      0.500                         0.030             10.845                                                                                   Stated                                                                                                                                      0    FIXED
LOXAHATCHEE                                             FL                       33470                        180                        79,000.00                    13.500                     20061101   SFR                                                 904.88                       78,967.56                    13.500    Investment             CashOut Refi                                               395,000.00                           178      20061201                      0.500                         0.030             12.970                                                                                   Stated                                                                                                                                      0    FIXED
COSTA MESA                                              CA                       33781                        180                        86,000.00                    11.375                     20061101   SFR                                                 843.46                       85,943.23                    11.375    Owner Occupied         Rate Refi                                                  880,000.00                           178      20061201                      0.500                         0.030             10.845                                                                                   Stated                                                                                                                                      0    FIXED
PHOENIX                                                 AZ                       85050                        180                        47,750.00                    12.450                     20061101   CONDO                                               507.76                       47,725.17                    12.450    Investment             Purchase                                                   390,000.00                           178      20061201                      0.500                         0.030             11.920                                                                                   Stated                                                                                                                                      0    FIXED
HUNTINGTON PARK AREA                                    CA                       90255                        180                       120,000.00                    11.900                     20061101   SFR                                               1,225.11                      119,929.43                    11.900    Owner Occupied         Purchase                                                   480,000.00                           178      20061201                      0.500                         0.030             11.370                                                                                   Stated                                                                   36    H                                                            0    FIXED
CASTLE ROCK                                             CO                       29228                        180                        31,000.00                    12.250                     20061101   SFR                                                 324.85                       30,882.11                    12.250    Owner Occupied         Purchase                                                   310,000.00                           178      20061201                      0.500                         0.030             11.720                                                                                   Stated                                                                                                                                      0    FIXED
NORTH KINGSTOWN                                         RI                        2874                        180                       100,000.00                    11.125                     20061101   SFR                                                 961.78                       99,930.28                    11.125    Owner Occupied         CashOut Refi                                               745,000.00                           178      20061201                      0.500                         0.030             10.595                                                                                   Stated                                                                                                                                      0    FIXED
MIAMI                                                   FL                       33015                        180                        78,750.00                    12.750                     20061201   D-PUDS                                              855.77                       78,730.95                    12.750    Owner Occupied         Purchase                                                   320,000.00                           179      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
VISALIA                                                 CA                       93291                        180                        29,000.00                    11.990                     20061201   SFR                                                 298.07                       28,991.69                    11.990    Investment             Purchase                                                   145,000.00                           179      20061201                      0.500                         0.030             11.460                                                                                   Stated                                                                                                                                      0    FIXED
COLTON                                                  CA                       33687                        180                        75,000.00                    11.240                     20061101   2-FAMILY                                            727.88                       74,949.00                    11.240    Owner Occupied         Purchase                                                   375,000.00                           178      20061201                      0.500                         0.030             10.710                                                                                   Stated                                                                   36    H                                                            0    FIXED
AURORA                                                  IL                       22041                        180                        72,050.00                    11.600                     20061201   SFR                                                 719.01                       72,027.47                    11.600    Owner Occupied         CashOut Refi                                               288,200.00                           179      20061201                      0.500                         0.030             11.070                                                                                   Stated                                                                                                                                      0    FIXED
ZIMMERMAN                                               MN                       55398                        180                        22,000.00                    12.590                     20061101   SFR                                                 236.33                       21,988.92                    12.590    Owner Occupied         CashOut Refi                                               220,000.00                           178      20061201                      0.500                         0.030             12.060                                                                                   Stated                                                                                                                                      0    FIXED
NEW BRUNSWICK                                           NJ                       39692                        360                       156,000.00                     9.000                     20070101   CONDO                                             1,255.21                      156,000.00                     9.000    Investment             Purchase                                                   265,000.00                           360      20061201                      0.250                         0.030              8.720                                                                                   Stated                                                                                                                                           FIXED
FORT LAUDERDALE                                         FL                       12125                        360                       225,000.00                     7.125                     20070101   SFR                                               1,335.94                      225,000.00                     7.125    Investment             Rate Refi                                                  300,000.00                           360      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
ORLANDO                                                 FL                       11909                        180                        20,600.00                    11.500                     20061201   SFR                                                    204                       20,593.42                    11.500    Owner Occupied         CashOut Refi                                               206,000.00                           179      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                                                                                      0    FIXED
LOS ANGELES                                             CA                       90018                        180                       162,000.00                    12.500                     20061101   2-FAMILY                                          1,728.96                      161,916.65                    12.500    Owner Occupied         Purchase                                                   733,000.00                           178      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
PICO RIVERA                                             CA                       90660                        180                        88,000.00                    12.150                     20061201   SFR                                                 915.35                       87,975.65                    12.150    Investment             Purchase                                                   440,000.00                           179      20061201                      0.500                         0.030             11.620                                                                                   Stated                                                                                                                                      0    FIXED
SAINT PETERSBURG                                        FL                       12245                        360                       107,000.00                     6.625                     20061201   SFR                                                 685.13                      106,905.60                     6.625    Investment             Rate Refi                                                  159,500.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
CITRUS HEIGHTS                                          CA                       34871                        180                        38,500.00                    11.050                     20061101   SFR                                                  368.1                       38,472.72                    11.050    Owner Occupied         Purchase                                                   405,000.00                           178      20061201                      0.500                         0.030             10.520                                                                                   Stated                                                                                                                                      0    FIXED
VILLA PARK                                              IL                       60181                        180                        52,000.00                    12.000                     20061101   SFR                                                 534.88                       51,970.09                    12.000    Owner Occupied         Purchase                                                   315,000.00                           178      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                                                                                      0    FIXED
CHICAGO                                                 IL                       60639                        180                       111,000.00                    12.850                     20061101   2-FAMILY                                          1,214.88                      110,947.21                    12.850    Owner Occupied         Purchase                                                   450,000.00                           178      20061201                      0.500                         0.030             12.320                                                                                   Stated                                                                                                                                      0    FIXED
ESCANABA                                                MI                       18139                        180                        21,000.00                    12.200                     20061101   SFR                                                 219.25                       20,976.82                    12.200    Owner Occupied         CashOut Refi                                               139,900.00                           178      20061201                      0.500                         0.030             11.670                                                                                   Stated                                                                   36    H                                                            0    FIXED
SAN BERNARDINO                                          CA                       33705                        180                        68,000.00                    12.375                     20061101   SFR                                                 719.15                       67,964.02                    12.375    Owner Occupied         Purchase                                                   340,000.00                           178      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                   36    H                                                            0    FIXED
PICO RIVERA                                             CA                       90660                        180                       100,000.00                    12.000                     20061101   SFR                                               1,028.61                       99,942.49                    12.000    Owner Occupied         Purchase                                                   503,000.00                           178      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                   36    H                                                            0    FIXED
MADERA                                                  CA                       93638                        180                        44,900.00                    11.500                     20061201   SFR                                                 444.64                       44,885.65                    11.500    Owner Occupied         Purchase                                                   450,000.00                           179      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
GONZALES                                                CA                       34238                        180                        70,000.00                    10.000                     20061101   SFR                                                  614.3                       69,937.81                    10.000    Owner Occupied         CashOut Refi                                               665,000.00                           178      20061201                      0.500                         0.030              9.470                                                                                   Stated                                                                   24    H                                                            0    FIXED
EDGEWOOD                                                MD                       21040                        180                        47,500.00                    13.500                     20061201   PUD                                                 544.07                       47,490.31                    13.500    Owner Occupied         CashOut Refi                                               190,000.00                           179      20061201                      0.500                         0.030             12.970                                                                                   Stated                                                                                                                                      0    FIXED
NOTTINGHAM                                              MD                       21236                        360                       231,750.00                     6.500                     20061201   SFR                                               1,255.31                      231,750.00                     6.500    Owner Occupied         Purchase                                                   325,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
BRONX                                                   NY                       10468                        180                       137,500.00                    11.300                     20061201   4-FAMILY                                          1,340.71                      137,454.08                    11.300    Owner Occupied         Purchase                                                   550,000.00                           179      20061201                      0.500                         0.030             10.770                                                                                   Stated                                                                   12    H                                                            0    FIXED
MESA                                                    AZ                       31080                        180                        24,400.00                    13.250                     20061101   CONDO                                               274.69                       24,389.40                    13.250    Owner Occupied         Purchase                                                   122,000.00                           178      20061201                      0.500                         0.030             12.720                                                                                   Stated                                                                   24    H                                                            0    FIXED
TULARE                                                  CA                       93274                        180                        26,500.00                    10.790                     20061101   SFR                                                 248.17                       26,480.13                    10.790    Owner Occupied         CashOut Refi                                               265,000.00                           178      20061201                      0.500                         0.030             10.260                                                                                   Stated                                                                   36    H                                                            0    FIXED
MESA                                                    AZ                       31087                        180                        41,000.00                    12.325                     20061101   SFR                                                 432.02                       40,978.05                    12.325    Owner Occupied         Purchase                                                   213,000.00                           178      20061201                      0.500                         0.030             11.795                                                                                   Stated                                                                   24    H                                                            0    FIXED
PANAMA CITY BEACH                                       FL                       11787                        180                        28,500.00                    10.625                     20061101   SFR                                                 263.37                       28,477.85                    10.625    Owner Occupied         CashOut Refi                                               285,000.00                           178      20061201                      0.500                         0.030             10.095                                                                                   Stated                                                                   36    H                                                            0    FIXED
SHREVEPORT                                              LA                       25939                        180                        26,700.00                    12.875                     20061101   SFR                                                 292.75                       26,687.12                    12.875    Owner Occupied         Purchase                                                   135,000.00                           178      20061201                      0.500                         0.030             12.345                                                                                   Stated                                                                   12    H                                                            0    FIXED
DADE CITY                                               FL                       12197                        180                        37,500.00                    13.790                     20061101   SFR                                                  438.1                       37,485.60                    13.790    Investment             Purchase                                                   155,000.00                           178      20061201                      0.500                         0.030             13.260                                                                                   Stated                                                                                                                                      0    FIXED
BRONX                                                   NY                       10463                        180                       148,750.00                    13.600                     20061201   2-FAMILY                                          1,715.51                      148,720.32                    13.600    Owner Occupied         Purchase                                                   600,000.00                           179      20061201                      0.500                         0.030             13.070                                                                                   Stated                                                                   12    H                                                            0    FIXED
LINCOLN                                                 CA                       95648                        180                       127,000.00                    12.490                     20061201   D-PUDS                                            1,354.43                      126,967.43                    12.490    Owner Occupied         Purchase                                                   508,000.00                           179      20061201                      0.500                         0.030             11.960                                                                                   Stated                                                                                                                                      0    FIXED
KISSIMMEE                                               FL                       34759                        180                        39,300.00                    13.625                     20061201   D-PUDS                                              454.02                       39,292.20                    13.625    2nd Home               Purchase                                                   280,000.00                           179      20061201                      0.500                         0.030             13.095                                                                                   Stated                                                                   12    H                                                            0    FIXED
RIVERSIDE                                               CA                       33733                        360                       276,500.00                     6.875                     20070101   SFR                                               1,584.11                      276,500.00                     6.875    Owner Occupied         Rate Refi                                                  395,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    H                                                        3.875    LIBOR                             6
MIAMI                                                   FL                       33196                        180                       155,000.00                    12.740                     20061201   SFR                                               1,683.17                      154,962.41                    12.740    Owner Occupied         Purchase                                                   650,000.00                           179      20061201                      0.500                         0.030             12.210                                                                                   Stated                                                                   60    H                                                            0    FIXED
LOS ANGELES (VAN NUYS AREA)                             CA                       33334                        180                        67,800.00                    12.625                     20061101   CONDO                                               730.18                       67,766.09                    12.625    Owner Occupied         Purchase                                                   339,000.00                           178      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                   36    H                                                            0    FIXED
IRVINGTON                                               NJ                       39093                        180                       101,250.00                    11.750                     20061201   4-FAMILY                                          1,022.03                      101,219.38                    11.750    Owner Occupied         Purchase                                                   405,000.00                           179      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                                                                                      0    FIXED
(LAMONT AREA)                                           CA                       93241                        180                        20,000.00                    11.680                     20061201   SFR                                                 200.81                       19,993.86                    11.680    Owner Occupied         CashOut Refi                                               180,000.00                           179      20061201                      0.500                         0.030             11.150                                                                                   Stated                                                                   12    H                                                            0    FIXED
PARK FOREST                                             IL                       60466                        180                        33,700.00                    12.650                     20061101   SFR                                                 363.59                       33,683.24                    12.650    Owner Occupied         Purchase                                                   136,000.00                           178      20061201                      0.500                         0.030             12.120                                                                                   Stated                                                                                                                                      0    FIXED
LOS ANGELES                                             CA                       90044                        180                       130,500.00                    12.750                     20061201   SFR                                               1,418.13                      130,468.43                    12.750    Owner Occupied         Purchase                                                   435,000.00                           179      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
CHICAGO                                                 IL                       22087                        360                       120,000.00                     7.900                     20070101   SFR                                                 872.17                      120,000.00                     7.900    Owner Occupied         Purchase                                                   155,000.00                           360      20061201                      0.250                         0.030              6.980               0.64    PMI - LENDER PAID                                      35   Full                                                                                                                                             FIXED
REEDLEY                                                 CA                       93654                        180                        56,200.00                    12.350                     20061201   SFR                                                 593.27                       56,185.12                    12.350    Owner Occupied         Purchase                                                   330,000.00                           179      20061201                      0.500                         0.030             11.820                                                                                   Stated                                                                   36    H                                                            0    FIXED
SAN JOSE                                                CA                       34709                        180                       131,000.00                    10.700                     20061201   SFR                                               1,217.94                      130,950.14                    10.700    Owner Occupied         Rate Refi                                                  655,000.00                           179      20061201                      0.500                         0.030             10.170                                                                                   Stated                                                                                                                                      0    FIXED
MENIFEE                                                 CA                       92584                        180                       117,000.00                    11.500                     20061201   SFR                                               1,158.64                      116,962.61                    11.500    Owner Occupied         Purchase                                                   585,000.00                           179      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                                                                                      0    FIXED
PLANTATION                                              FL                       12130                        180                        42,300.00                    10.700                     20061201   SFR                                                 393.27                       42,283.91                    10.700    Owner Occupied         CashOut Refi                                               423,000.00                           179      20061201                      0.500                         0.030             10.170                                                                                   Stated                                                                   12    H                                                            0    FIXED
PHOENIX                                                 AZ                       85029                        180                        27,798.00                    11.500                     20061201   CONDO                                               275.28                       27,789.12                    11.500    2nd Home               Purchase                                                   175,000.00                           179      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                                                                                      0    FIXED
CHICAGO                                                 IL                       60639                        360                       397,500.00                     9.220                     20070101   4-FAMILY                                          3,261.50                      397,500.00                     9.220    Owner Occupied         Purchase                                                   540,000.00                           360      20061201                      0.375                         0.030              8.815                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BERWYN                                                  IL                       22008                        180                        35,100.00                    11.300                     20061201   SFR                                                 342.25                       35,088.28                    11.300    Owner Occupied         CashOut Refi                                               351,000.00                           179      20061201                      0.500                         0.030             10.770                                                                                   Stated                                                                                                                                      0    FIXED
BROOKLYN                                                NY                       11236                        360                       457,500.00                     6.990                     20070101   2-FAMILY                                          2,664.94                      457,500.00                     6.990    Owner Occupied         Purchase                                                   630,000.00                           360      20061201                      0.375                         0.030              6.585                                                                                   Full                                                                     12    H                                                            3    LIBOR                             6
MIAMI                                                   FL                       33165                        180                        20,000.00                    11.140                     20061101   CONDO                                               192.58                       19,986.11                    11.140    Owner Occupied         Purchase                                                   160,000.00                           178      20061201                      0.500                         0.030             10.610                                                                                   Stated                                                                   24    H                                                            0    FIXED
TAMPA                                                   FL                       12219                        180                        33,800.00                    11.150                     20061201   CONDO                                               325.72                       33,788.34                    11.150    Owner Occupied         Purchase                                                   171,000.00                           179      20061201                      0.500                         0.030             10.620                                                                                   Stated                                                                   12    H                                                            0    FIXED
BAKERSFIELD                                             CA                       34040                        180                        68,000.00                    13.800                     20061101   SFR                                                 794.96                       67,973.93                    13.800    Investment             Purchase                                                   340,000.00                           178      20061201                      0.500                         0.030             13.270                                                                                   Stated                                                                   12    H                                                            0    FIXED
HEMPSTEAD                                               NY                       11550                        180                        80,000.00                    10.650                     20061201   SFR                                                 740.78                       79,969.22                    10.650    Owner Occupied         Purchase                                                   365,000.00                           179      20061201                      0.500                         0.030             10.120                                                                                   Stated                                                                   12    H                                                            0    FIXED
DIXON                                                   CA                       34870                        180                       125,000.00                    12.125                     20061101   SFR                                               1,297.81                      124,930.07                    12.125    Investment             Purchase                                                   500,000.00                           178      20061201                      0.500                         0.030             11.595                                                                                   Stated                                                                                                                                      0    FIXED
INDIANAPOLIS                                            IN                       46239                        180                        31,000.00                    11.950                     20061201   D-PUDS                                              317.68                       30,991.03                    11.950    Investment             Purchase                                                   156,000.00                           179      20061201                      0.500                         0.030             11.420                                                                                   Stated                                                                                                                                      0    FIXED
WAUKEGAN                                                IL                       60085                        180                        30,000.00                    11.990                     20061101   SFR                                                 308.35                       29,982.71                    11.990    Owner Occupied         Purchase                                                   155,400.00                           178      20061201                      0.500                         0.030             11.460                                                                                   Stated                                                                                                                                      0    FIXED
LAKE PARK                                               FL                       33064                        360                       123,700.00                     5.850                     20070101   CONDO                                               603.04                      123,700.00                     5.850    Investment             Purchase                                                   170,000.00                           360      20061201                      0.375                         0.030              5.445                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
MIAMI                                                   FL                       12085                        180                       116,000.00                    12.550                     20061201   HI-RISE                                           1,242.52                      115,970.65                    12.550    Owner Occupied         Purchase                                                   580,000.00                           179      20061201                      0.500                         0.030             12.020                                                                                   Stated                                                                   24    H                                                            0    FIXED
FREDERICK                                               MD                       44380                        180                        51,000.00                    13.700                     20061101   D-PUDS                                               592.2                       50,979.99                    13.700    Owner Occupied         Purchase                                                   255,000.00                           178      20061201                      0.500                         0.030             13.170                                                                                   Stated                                                                                                                                      0    FIXED
INDIO                                                   CA                       33637                        180                        82,100.00                     9.875                     20061101   D-PUDS                                              712.91                       82,025.10                     9.875    Owner Occupied         Purchase                                                   411,000.00                           178      20061201                      0.500                         0.030              9.345                                                                                   Stated                                                                   24    H                                                            0    FIXED
GONZALES                                                CA                       34238                        180                       135,000.00                     9.990                     20061101   SFR                                               1,183.72                      134,879.82                     9.990    Owner Occupied         Purchase                                                   565,000.00                           178      20061201                      0.500                         0.030              9.460                                                                                   Stated                                                                   36    H                                                            0    FIXED
MESA                                                    AZ                       31090                        360                       169,700.00                     6.375                     20061201   D-PUDS                                              901.53                      169,700.00                     6.375    Investment             Rate Refi                                                  312,412.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                     12    H                                                            3    LIBOR                             6
KISSIMMEE                                               FL                       34746                        180                        42,500.00                    13.000                     20061201   SFR                                                 470.13                       42,490.29                    13.000    Investment             Purchase                                                   170,000.00                           179      20061201                      0.500                         0.030             12.470                                                                                   Stated                                                                   12    H                                                            0    FIXED
ORANGE                                                  CA                       92865                        180                       124,000.00                     9.800                     20061201   D-PUDS                                            1,069.91                      123,942.76                     9.800    Owner Occupied         Purchase                                                   630,000.00                           179      20061201                      0.500                         0.030              9.270                                                                                   Stated                                                                   36    H                                                            0    FIXED
WEST SACRAMENTO                                         CA                       95691                        360                       301,600.00                     6.500                     20061201   SFR                                               1,633.67                      301,600.00                     6.500    Owner Occupied         Purchase                                                   377,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     12    H                                                            3    LIBOR                             6
MESA                                                    AZ                       31090                        360                       178,200.00                     6.375                     20061201   D-PUDS                                              946.69                      178,200.00                     6.375    Investment             Rate Refi                                                  283,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                     12    H                                                            3    LIBOR                             6
PHOENIX                                                 AZ                       85042                        180                        38,200.00                    11.200                     20061101   CONDO                                               369.57                       38,173.80                    11.200    Owner Occupied         CashOut Refi                                               382,000.00                           178      20061201                      0.500                         0.030             10.670                                                                                   Stated                                                                                                                                      0    FIXED
MESA                                                    AZ                       31090                        360                       178,000.00                     6.375                     20061201   D-PUDS                                              945.63                      178,000.00                     6.375    Investment             Rate Refi                                                  274,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                     12    H                                                            3    LIBOR                             6
MESA                                                    AZ                       31090                        360                       174,000.00                     6.375                     20061201   D-PUDS                                              924.38                      174,000.00                     6.375    Investment             Rate Refi                                                  292,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Full                                                                     12    H                                                            3    LIBOR                             6
NORTH PROVIDENCE                                        RI                       37510                        180                        87,500.00                    11.250                     20061201   2-FAMILY                                            849.85                       87,470.46                    11.250    Owner Occupied         CashOut Refi                                               350,000.00                           179      20061201                      0.500                         0.030             10.720                                                                                   Stated                                                                   12    H                                                            0    FIXED
SALINAS                                                 CA                       34218                        180                       119,000.00                    12.500                     20061201   SFR                                               1,270.04                      118,969.54                    12.500    Owner Occupied         CashOut Refi                                               595,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
VIRGINIA BEACH                                          VA                       23462                        180                        64,750.00                     9.740                     20061201   SFR                                                 555.83                       64,719.72                     9.740    Owner Occupied         Purchase                                                   259,000.00                           179      20061201                      0.500                         0.030              9.210                                                                                   Stated                                                                   36    H                                                            0    FIXED
PLAINFIELD                                              IL                       60586                        180                        49,000.00                    11.790                     20061201   SFR                                                 496.11                       48,985.32                    11.790    Owner Occupied         CashOut Refi                                               245,000.00                           179      20061201                      0.500                         0.030             11.260                                                                                   Stated                                                                                                                                      0    FIXED
BROOKLYN PARK                                           MN                       55443                        360                       188,000.00                     6.250                     20070101   SFR                                                 979.17                      188,000.00                     6.250    Owner Occupied         Purchase                                                   238,000.00                           360      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
POMONA                                                  CA                       91766                        360                        37,500.00                    10.700                     20061201   SFR                                                 348.65                       37,485.73                    10.700    2nd Home               Purchase                                                   400,000.00                           359      20061201                      0.500                         0.030             10.170                                                                                   Stated                                                                   36    H                                                            0    FIXED
THOUSAND OAKS                                           CA                       91361                        180                       165,000.00                    12.650                     20061101   SFR                                               1,780.20                      164,916.11                    12.650    Owner Occupied         Purchase                                                   830,000.00                           178      20061201                      0.500                         0.030             12.120                                                                                   Stated                                                                                                                                      0    FIXED
WEST PALM BEACH                                         FL                       12153                        180                        36,150.00                    13.450                     20061201   CONDO                                               412.64                       36,142.54                    13.450    Investment             Purchase                                                   181,000.00                           179      20061201                      0.500                         0.030             12.920                                                                                   Stated                                                                   12    H                                                            0    FIXED
MANASSAS                                                VA                       43840                        360                       435,000.00                     6.750                     20061201   D-PUDS                                            2,821.40                      434,625.48                     6.750    Owner Occupied         CashOut Refi                                               701,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                     36    S                                                                 FIXED
BOYNTON BEACH                                           FL                       33435                        360                       170,000.00                     6.250                     20061201   CONDO                                               885.42                      170,000.00                     6.250    Investment             CashOut Refi                                               267,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                     24    S                                                            3    LIBOR                             6
VENICE                                                  FL                       34293                        360                       222,000.00                     6.625                     20061201   SFR                                               1,225.63                      222,000.00                     6.625    Investment             Rate Refi                                                  303,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Express Verified Assets                                                  12    H                                                            3    LIBOR                             6
FONTANA                                                 CA                       92336                        180                        21,000.00                    10.950                     20061101   SFR                                                 199.19                       20,984.81                    10.950    Owner Occupied         CashOut Refi                                               420,000.00                           178      20061201                      0.500                         0.030             10.420                                                                                   Stated                                                                   36    H                                                            0    FIXED
DUNCAN                                                  SC                       29334                        240                        25,650.00                    12.250                     20061201   SFR                                                 286.91                       25,611.84                    12.250    Investment             Purchase                                                   130,000.00                           239      20061201                      0.500                         0.030             11.720                                                                                   Stated                                                                                                                                      0    FIXED
MIDDLETOWN                                              NY                       10940                        180                        53,000.00                    13.350                     20061201   SFR                                                 600.82                       52,988.81                    13.350    Owner Occupied         Purchase                                                   268,000.00                           179      20061201                      0.500                         0.030             12.820                                                                                   Stated                                                                   12    H                                                            0    FIXED
MIAMI                                                   FL                       33155                        360                        73,950.00                    12.400                     20061201   SFR                                                  783.5                       73,930.65                    12.400    Owner Occupied         Purchase                                                   375,000.00                           359      20061201                      0.500                         0.030             11.870                                                                                   Stated                                                                                                                                      0    FIXED
JOLIET                                                  IL                       60435                        180                        58,750.00                    12.625                     20061201   SFR                                                 632.72                       58,735.38                    12.625    Owner Occupied         CashOut Refi                                               235,000.00                           179      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                                                                                      0    FIXED
ELK GROVE                                               CA                       34874                        180                        77,500.00                    13.250                     20061101   SFR                                                 872.47                       77,466.33                    13.250    Investment             Purchase                                                   380,000.00                           178      20061201                      0.500                         0.030             12.720                                                                                   Stated                                                                                                                                      0    FIXED
SACRAMENTO                                              CA                       34926                        180                        35,500.00                    12.500                     20061201   SFR                                                 378.88                       35,490.91                    12.500    Owner Occupied         CashOut Refi                                               285,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   12    H                                                            0    FIXED
PEMBROKE PINES                                          FL                       33332                        180                       134,000.00                    11.525                     20061201   D-PUDS                                            1,329.55                      133,957.41                    11.525    Owner Occupied         CashOut Refi                                               670,000.00                           179      20061201                      0.500                         0.030             10.995                                                                                   Stated                                                                                                                                      0    FIXED
PALMDALE                                                CA                       93550                        180                       102,750.00                    10.000                     20061101   SFR                                                  901.7                      102,658.72                    10.000    Owner Occupied         Purchase                                                   347,000.00                           178      20061201                      0.500                         0.030              9.470                                                                                   Stated                                                                   36    H                                                            0    FIXED
SAN BERNARDINO                                          CA                       33698                        180                        54,750.00                    12.600                     20061201   SFR                                                 588.58                       54,736.30                    12.600    Investment             Rate Refi                                                  365,000.00                           179      20061201                      0.500                         0.030             12.070                                                                                   Stated                                                                   12    H                                                            0    FIXED
WACONIA                                                 MN                       55387                        180                        27,000.00                    12.000                     20061101   TOWNHOUSE                                           277.73                       26,984.46                    12.000    Owner Occupied         CashOut Refi                                               180,000.00                           178      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                                                                                      0    FIXED
FORT LAUDERDALE                                         FL                       12125                        180                        33,600.00                    10.990                     20061101   SFR                                                 319.73                       33,575.87                    10.990    Owner Occupied         Rate Refi                                                  336,000.00                           178      20061201                      0.500                         0.030             10.460                                                                                   Stated                                                                   36    H                                                            0    FIXED
MIAMI                                                   FL                       12084                        180                        37,500.00                    12.550                     20061201   HI-RISE                                             401.68                       37,490.51                    12.550    Owner Occupied         CashOut Refi                                               250,000.00                           179      20061201                      0.500                         0.030             12.020                                                                                   Stated                                                                   24    H                                                            0    FIXED
BRANSON                                                 MO                       23909                        360                       295,900.00                     7.875                     20070101   HI-RISE                                           1,941.84                      295,900.00                     7.875    2nd Home               Purchase                                                   389,500.00                           360      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HESPERIA                                                CA                       92345                        180                        86,122.00                    12.875                     20061101   SFR                                                 944.27                       86,080.54                    12.875    Investment             CashOut Refi                                               423,000.00                           178      20061201                      0.500                         0.030             12.345                                                                                   Stated                                                                                                                                      0    FIXED
MELROSE PARK                                            IL                       60160                        180                       130,000.00                     6.450                     20061201   SFR                                               1,128.87                      129,569.88                     6.450    Owner Occupied         CashOut Refi                                               200,000.00                           179      20061201                      0.250                         0.030              6.170                                                                                   Full                                                                                                                                             FIXED
TAMARAC                                                 FL                       12132                        180                       115,000.00                    11.400                     20061201   D-PUDS                                            1,130.07                      114,962.43                    11.400    Owner Occupied         Purchase                                                   575,000.00                           179      20061201                      0.500                         0.030             10.870                                                                                   Stated                                                                                                                                      0    FIXED
LOS ANGELES (NORTHRIDGE AREA)                           CA                       33323                        180                       130,000.00                    12.800                     20061101   SFR                                               1,417.77                      129,937.46                    12.800    Owner Occupied         Purchase                                                   650,000.00                           178      20061201                      0.500                         0.030             12.270                                                                                   Stated                                                                   12    H                                                            0    FIXED
CHICAGO HEIGHTS                                         IL                       22017                        180                        20,250.00                    12.625                     20061201   2-FAMILY                                            218.09                       20,234.82                    12.625    Investment             CashOut Refi                                               135,000.00                           179      20061201                      0.500                         0.030             12.095                                                                                   Stated                                                                                                                                      0    FIXED
MIAMI                                                   FL                       33179                        360                       138,750.00                     7.000                     20070101   HI-RISE                                             809.38                      138,750.00                     7.000    Investment             CashOut Refi                                               185,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    H                                                         2.65    LIBOR                             6
BROOKLYN                                                NY                       40577                        360                       476,250.00                     8.290                     20070101   4-FAMILY                                          3,290.09                      476,250.00                     8.290    Owner Occupied         Purchase                                                   635,000.00                           360      20061201                      0.375                         0.030              7.885                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
WAYNE                                                   NJ                        7470                        180                        91,500.00                    10.250                     20061201   SFR                                                 819.93                       91,461.63                    10.250    Owner Occupied         CashOut Refi                                               610,000.00                           179      20061201                      0.500                         0.030              9.720                                                                                   Full                                                                                                                                        0    FIXED
SUGAR GROVE                                             IL                       60554                        180                        40,350.00                    10.930                     20061201   CONDO                                               382.13                       40,335.39                    10.930    Owner Occupied         Purchase                                                   210,000.00                           179      20061201                      0.500                         0.030             10.400                                                                                   Stated                                                                                                                                      0    FIXED
SALINAS                                                 CA                       34213                        180                       321,000.00                    11.750                     20061201   SFR                                               3,240.21                      320,902.92                    11.750    Owner Occupied         CashOut Refi                                             1,070,000.00                           179      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                                                                                      0    FIXED
FEDERAL WAY                                             WA                       98023                        180                        93,950.00                    13.500                     20061101   SFR                                               1,076.11                       93,911.44                    13.500    Owner Occupied         Purchase                                                   471,000.00                           178      20061201                      0.500                         0.030             12.970                                                                                   Stated                                                                                                                                      0    FIXED
LONG BEACH                                              CA                       33095                        180                       130,500.00                    11.875                     20061201   SFR                                               1,329.80                      130,461.61                    11.875    Owner Occupied         Purchase                                                   522,000.00                           179      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                   36    H                                                            0    FIXED
CHULA VISTA                                             CA                       33492                        180                       115,000.00                    10.250                     20061201   SFR                                               1,030.52                      114,951.77                    10.250    Owner Occupied         Purchase                                                   489,000.00                           179      20061201                      0.500                         0.030              9.720                                                                                   Stated                                                                   36    H                                                            0    FIXED
FORT MYERS                                              FL                       12313                        360                        20,200.00                    13.525                     20061201   CONDO                                               227.67                       20,200.00                    13.525    2nd Home               Purchase                                                   135,000.00                           359      20061201                      0.500                         0.030             12.995                                                                                   Stated                                                                                                                                      0    FIXED
SCHAUMBURG                                              IL                       60194                        180                        34,000.00                    12.500                     20061201   PUD                                                 362.87                       33,991.30                    12.500    Owner Occupied         CashOut Refi                                               170,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
WEST VALLEY CITY                                        UT                       30709                        180                        29,000.00                    11.000                     20061201   SFR                                                 276.17                       28,988.83                    11.000    Owner Occupied         CashOut Refi                                               145,000.00                           179      20061201                      0.500                         0.030             10.470                                                                                   Stated                                                                                                                                      0    FIXED
LANCASTER                                               CA                       93535                        180                        61,500.00                    12.990                     20061201   SFR                                                 679.83                       61,485.91                    12.990    Investment             Purchase                                                   410,000.00                           179      20061201                      0.500                         0.030             12.460                                                                                   Stated                                                                                                                                      0    FIXED
SAN LEANDRO                                             CA                       94578                        180                        78,750.00                    10.040                     20061201   CONDO                                               693.42                       78,715.46                    10.040    Owner Occupied         Purchase                                                   315,000.00                           179      20061201                      0.500                         0.030              9.510                                                                                   Stated                                                                   36    H                                                            0    FIXED
CALLAHAN                                                FL                       32011                        180                        69,750.00                    12.500                     20061201   SFR                                                 744.41                       69,732.15                    12.500    Owner Occupied         Purchase                                                   285,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
MOUND                                                   MN                       55364                        180                        46,500.00                    11.990                     20061201   CONDO                                               477.95                       46,486.66                    11.990    Investment             Rate Refi                                                  233,000.00                           179      20061201                      0.500                         0.030             11.460                                                                                   Stated                                                                   36    H                                                            0    FIXED
CARSON                                                  CA                       90746                        180                        74,000.00                    12.750                     20061201   CONDO                                               804.15                       73,982.10                    12.750    Owner Occupied         Purchase                                                   370,000.00                           179      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                                                                                      0    FIXED
DAVENPORT                                               FL                       33896                        180                        65,350.00                    12.190                     20061201   D-PUDS                                              663.85                       65,350.00                    12.190    2nd Home               Purchase                                                   350,000.00                           179      20061201                      0.500                         0.030             11.660                                                                                   Stated                                                                   24    H                                                            0    FIXED
SACRAMENTO                                              CA                       34931                        180                        27,000.00                     9.650                     20061101   SFR                                                 229.99                       26,974.17                     9.650    Owner Occupied         Purchase                                                   274,000.00                           178      20061201                      0.500                         0.030              9.120                                                                                   Stated                                                                   36    H                                                            0    FIXED
CALUMET CITY                                            IL                       22155                        180                        31,200.00                    11.700                     20061201   SFR                                                 313.74                       31,190.46                    11.700    Owner Occupied         Purchase                                                   125,000.00                           179      20061201                      0.500                         0.030             11.170                                                                                   Stated                                                                                                                                      0    FIXED
LEHIGH ACRES                                            FL                       33971                        180                        26,000.00                    11.690                     20061101   D-PUDS                                              261.25                       25,983.99                    11.690    Owner Occupied         Purchase                                                   298,000.00                           178      20061201                      0.500                         0.030             11.160                                                                                   Stated                                                                                                                                      0    FIXED
POMONA                                                  CA                       91768                        180                        66,000.00                    12.475                     20061101   CONDO                                               703.11                       65,965.86                    12.475    Owner Occupied         Purchase                                                   330,000.00                           178      20061201                      0.500                         0.030             11.945                                                                                   Stated                                                                   36    H                                                            0    FIXED
LEMOORE                                                 CA                       93245                        180                        59,750.00                    12.100                     20061201   SFR                                                  619.2                       59,733.28                    12.100    Owner Occupied         Purchase                                                   252,000.00                           179      20061201                      0.500                         0.030             11.570                                                                                   Stated                                                                   24    H                                                            0    FIXED
BARSTOW                                                 CA                       33674                        180                        54,500.00                    11.500                     20061201   SFR                                                 539.71                       54,482.58                    11.500    Investment             Purchase                                                   218,000.00                           179      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                   12    H                                                            0    FIXED
PANORAMA CITY                                           CA                       33330                        180                       117,000.00                    11.800                     20061201   SFR                                               1,185.50                      116,965.00                    11.800    Owner Occupied         Purchase                                                   585,000.00                           179      20061201                      0.500                         0.030             11.270                                                                                   Stated                                                                   36    H                                                            0    FIXED
MILLIKEN                                                CO                       80543                        180                        21,400.00                    12.550                     20061201   SFR                                                 229.22                       21,394.59                    12.550    Investment             Purchase                                                   135,000.00                           179      20061201                      0.500                         0.030             12.020                                                                                   Stated                                                                                                                                      0    FIXED
QUEENS VILLAGE                                          NY                       40661                        180                       119,250.00                    11.650                     20061201   SFR                                               1,194.59                      119,213.13                    11.650    Owner Occupied         Purchase                                                   480,000.00                           179      20061201                      0.500                         0.030             11.120                                                                                   Stated                                                                   12    H                                                            0    FIXED
SAINT PAUL                                              MN                       20095                        360                       132,750.00                     7.150                     20061201   SFR                                                  896.6                      132,644.37                     7.150    Investment             Purchase                                                   177,000.00                           359      20061201                      0.250                         0.030              6.870                                                                                   Stated                                                                   36    S                                                                 FIXED
GULFPORT                                                FL                       12242                        360                       256,900.00                     6.990                     20070101   4-FAMILY                                          1,496.44                      256,900.00                     6.990    Investment             Rate Refi                                                  367,000.00                           360      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
HIALEAH                                                 FL                       33010                        180                        82,500.00                    11.640                     20061201   SFR                                                 825.81                       82,474.44                    11.640    Owner Occupied         Purchase                                                   340,000.00                           179      20061201                      0.500                         0.030             11.110                                                                                   Stated                                                                   24    H                                                            0    FIXED
LOS ANGELES (CANOGA PARK AREA)                          CA                       33301                        180                       116,000.00                    11.750                     20061201   SFR                                               1,170.92                      115,964.91                    11.750    Owner Occupied         CashOut Refi                                               580,000.00                           179      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                                                                                      0    FIXED
SOUTH OZONE PARK                                        NY                       40653                        360                       450,000.00                     7.050                     20070101   SFR                                               2,643.75                      450,000.00                     7.050    Owner Occupied         Purchase                                                   607,000.00                           360      20061201                      0.375                         0.030              6.645                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SUITLAND                                                MD                       20746                        360                       323,000.00                     9.990                     20070101   SFR                                               2,688.98                      323,000.00                     9.990    Owner Occupied         CashOut Refi                                               340,000.00                           360      20061201                      0.375                         0.030              8.365               1.22    RADIAN - LENDER PAID                                   30   Full                                                                                                                                    3.875    LIBOR                             6
LAKE ELSINORE                                           CA                       92532                        180                        90,350.00                    10.750                     20061201   D-PUDS                                               843.4                       90,315.99                    10.750    Owner Occupied         Purchase                                                   452,000.00                           179      20061201                      0.500                         0.030             10.220                                                                                   Stated                                                                   12    H                                                            0    FIXED
EWA BEACH                                               HI                       35252                        180                       135,000.00                    13.700                     20061201   D-PUDS                                            1,567.58                      134,973.67                    13.700    Owner Occupied         CashOut Refi                                               540,000.00                           179      20061201                      0.500                         0.030             13.170                                                                                   Stated                                                                                                                                      0    FIXED
PENSACOLA BEACH                                         FL                       32561                        360                       504,000.00                     5.500                     20061201   HI-RISE                                           2,310.00                      504,000.00                     5.500    2nd Home               Rate Refi                                                  831,602.00                           359      20061201                      0.375                         0.030              5.095                                                                                   Stated                                                                   24    S                                                            3    LIBOR                             6
HONOLULU                                                HI                       35292                        360                       300,000.00                     6.375                     20061201   CONDOTEL                                          1,593.75                      300,000.00                     6.375    Investment             CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HONOLULU                                                HI                       35292                        360                       300,000.00                     6.375                     20061201   CONDOTEL                                          1,593.75                      300,000.00                     6.375    Investment             CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LOS ANGELES                                             CA                       90037                        360                       350,000.00                     6.750                     20061201   2-FAMILY                                          2,270.09                      349,698.66                     6.750    Owner Occupied         Rate Refi                                                  570,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
PARAMOUNT                                               CA                       33077                        180                        71,000.00                     9.975                     20061201   CONDO                                               621.76                       70,968.43                     9.975    Owner Occupied         Purchase                                                   365,000.00                           179      20061201                      0.500                         0.030              9.445                                                                                   Stated                                                                   36    H                                                            0    FIXED
RICHMOND                                                CA                       34550                        180                       109,750.00                    10.540                     20061201   SFR                                               1,007.21                      109,706.76                    10.540    Owner Occupied         Purchase                                                   490,000.00                           179      20061201                      0.500                         0.030             10.010                                                                                   Stated                                                                   24    H                                                            0    FIXED
AMISSVILLE                                              VA                       43836                        180                        80,000.00                    12.000                     20061201   SFR                                                 822.89                       79,953.99                    12.000    Owner Occupied         Purchase                                                   420,000.00                           179      20070101                      0.500                         0.030             11.470                                                                                   Stated                                                                   24    H                                                            0    FIXED
MIAMI                                                   FL                       33187                        360                       292,000.00                     6.500                     20061201   SFR                                               1,709.53                      291,872.14                     6.500    Owner Occupied         CashOut Refi                                               365,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
BROOMFIELD                                              CO                       80020                        180                       164,000.00                    12.000                     20061201   SFR                                               1,686.92                      163,953.08                    12.000    Owner Occupied         Purchase                                                   820,000.00                           179      20061201                      0.500                         0.030             11.470                                                                                   Stated                                                                                                                                      0    FIXED
CHICAGO                                                 IL                       60637                        180                        75,000.00                    12.150                     20061201   PUD                                                 780.13                       74,979.25                    12.150    Owner Occupied         CashOut Refi                                               300,000.00                           179      20061201                      0.500                         0.030             11.620                                                                                   Stated                                                                                                                                      0    FIXED
TAMPA                                                   FL                       12219                        360                       102,650.00                     6.400                     20061201   CONDO                                               642.08                      102,555.39                     6.400    Investment             Purchase                                                   138,000.00                           359      20061201                      0.375                         0.030              5.995                                                                                   Stated                                                                   24    S                                                            3    LIBOR                             6
TAMPA                                                   FL                       12219                        180                        27,400.00                    12.940                     20061201   CONDO                                               301.81                       27,393.65                    12.940    Investment             Purchase                                                   138,000.00                           179      20061201                      0.500                         0.030             12.410                                                                                   Stated                                                                                                                                      0    FIXED
ENGLEWOOD                                               CO                       29233                        180                        41,600.00                    10.600                     20061201   SFR                                                 383.65                       41,583.82                    10.600    Owner Occupied         Purchase                                                   215,000.00                           179      20061201                      0.500                         0.030             10.070                                                                                   Stated                                                                   36    H                                                            0    FIXED
DUMFRIES                                                VA                       22026                        180                        71,000.00                    13.475                     20061201   D-PUDS                                              811.85                       70,985.42                    13.475    Owner Occupied         Purchase                                                   357,000.00                           179      20061201                      0.500                         0.030             12.945                                                                                   Stated                                                                   24    H                                                            0    FIXED
JERSEY CITY                                             NJ                        7047                        180                       136,250.00                    12.250                     20061201   2-FAMILY                                          1,427.76                      136,213.13                    12.250    Owner Occupied         Purchase                                                   590,000.00                           179      20061201                      0.500                         0.030             11.720                                                                                   Stated                                                                                                                                      0    FIXED
PHOENIX                                                 AZ                       85013                        360                       115,000.00                     6.625                     20061201   SFR                                                  634.9                      115,000.00                     6.625    Owner Occupied         Rate Refi                                                  195,500.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Express No Doc                                                           36    S                                                            3    LIBOR                             6
MIAMI                                                   FL                       12085                        180                       110,480.00                    13.550                     20061201   HI-RISE                                           1,269.80                      110,457.50                    13.550    Owner Occupied         Purchase                                                   620,000.00                           179      20061201                      0.500                         0.030             13.020                                                                                   Stated                                                                                                                                      0    FIXED
MATTESON                                                IL                       60443                        180                        37,500.00                    11.500                     20061201   SFR                                                 371.36                       37,488.02                    11.500    Owner Occupied         CashOut Refi                                               375,000.00                           179      20061201                      0.500                         0.030             10.970                                                                                   Stated                                                                                                                                      0    FIXED
HOLLYWOOD                                               FL                       33024                        360                       202,500.00                     7.385                     20070101   SFR                                               1,400.00                      202,500.00                     7.385    Owner Occupied         Purchase                                                   300,000.00                           360      20061201                      0.375                         0.030              6.980                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
TAMPA                                                   FL                       12229                        180                        49,122.00                    11.575                     20061201   CONDO                                               489.27                       49,107.06                    11.575    2nd Home               Purchase                                                   196,490.00                           179      20061201                      0.500                         0.030             11.045                                                                                   Stated                                                                   12    H                                                            0    FIXED
SAN DIEGO                                               CA                       91945                        180                        72,750.00                    12.125                     20061201   SFR                                                 755.32                       72,729.76                    12.125    Owner Occupied         CashOut Refi                                               485,000.00                           179      20061201                      0.500                         0.030             11.595                                                                                   Stated                                                                   36    H                                                            0    FIXED
MIAMI                                                   FL                       12079                        180                        53,200.00                    11.790                     20061201   SFR                                                 538.64                       53,184.05                    11.790    Owner Occupied         Purchase                                                   275,000.00                           179      20061201                      0.500                         0.030             11.260                                                                                   Stated                                                                   12    H                                                            0    FIXED
MIAMI                                                   FL                       33178                        360                       225,000.00                     7.192                     20061201   CONDO                                             1,348.50                      225,000.00                     7.192    Investment             CashOut Refi                                               300,000.00                           359      20061201                      0.375                         0.030              6.787                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
OXON HILL                                               MD                       20745                        360                       176,250.00                     6.625                     20061201   SFR                                                 973.05                      176,250.00                     6.625    Owner Occupied         Rate Refi                                                  235,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
OXON HILL                                               MD                       20745                        180                        58,750.00                    13.300                     20061201   SFR                                                  663.7                       58,737.45                    13.300    Owner Occupied         CashOut Refi                                               235,000.00                           179      20061201                      0.500                         0.030             12.770                                                                                   Stated                                                                                                                                      0    FIXED
PHOENIX                                                 AZ                       85008                        360                       172,000.00                     6.500                     20070101   SFR                                                 931.67                      172,000.00                     6.500    Owner Occupied         CashOut Refi                                               265,000.00                           360      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
LAUREL                                                  MD                       44035                        180                        64,000.00                    12.250                     20061201   D-PUDS                                              670.65                       63,982.68                    12.250    Investment             Purchase                                                   325,000.00                           179      20061201                      0.500                         0.030             11.720                                                                                   Stated                                                                                                                                      0    FIXED
VERO BEACH                                              FL                       32962                        180                        46,500.00                    12.475                     20061101   SFR                                                 495.37                       46,475.95                    12.475    Owner Occupied         Purchase                                                   238,000.00                           178      20061201                      0.500                         0.030             11.945                                                                                   Full                                                                     24    H                                                            0    FIXED
AMITYVILLE                                              NY                       40725                        180                        77,600.00                    12.850                     20061201   SFR                                                 849.32                       77,581.65                    12.850    Owner Occupied         CashOut Refi                                               388,000.00                           179      20061201                      0.500                         0.030             12.320                                                                                   Stated                                                                   12    H                                                            0    FIXED
PALM COAST                                              FL                       32164                        180                        63,000.00                    12.690                     20061201   SFR                                                 681.67                       62,984.56                    12.690    Owner Occupied         Purchase                                                   315,000.00                           179      20061201                      0.500                         0.030             12.160                                                                                   Stated                                                                                                                                      0    FIXED
SAN DIEGO                                               CA                       33622                        360                       299,000.00                     6.375                     20070101   SFR                                               1,588.44                      299,000.00                     6.375    Investment             CashOut Refi                                               520,000.00                           360      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
SAN DIEGO                                               CA                       33607                        180                        83,750.00                    12.400                     20061201   CONDO                                               887.33                       83,728.09                    12.400    Owner Occupied         Purchase                                                   335,000.00                           179      20061201                      0.500                         0.030             11.870                                                                                   Stated                                                                                                                                      0    FIXED
LOS ANGELES (WEST HILLS AREA)                           CA                       33304                        180                        45,000.00                    10.750                     20061201   SFR                                                 420.07                       44,983.06                    10.750    2nd Home               Rate Refi                                                  900,000.00                           179      20061201                      0.500                         0.030             10.220                                                                                   Stated                                                                   12    H                                                            0    FIXED
SEVERN                                                  MD                       21144                        360                       204,000.00                     7.250                     20061201   SFR                                               1,304.93                      203,927.57                     7.250    Owner Occupied         CashOut Refi                                               240,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    H                                                        4.125    LIBOR                             6
CHICAGO                                                 IL                       22077                        180                       102,500.00                    12.300                     20061201   CONDO                                             1,078.06                      102,472.57                    12.300    Owner Occupied         Purchase                                                   420,000.00                           179      20061201                      0.500                         0.030             11.770                                                                                   Stated                                                                                                                                      0    FIXED
SAN JACINTO                                             CA                       92582                        180                       100,000.00                    12.990                     20061201   SFR                                               1,105.42                       99,977.08                    12.990    Investment             CashOut Refi                                               400,000.00                           179      20061201                      0.500                         0.030             12.460                                                                                   Stated                                                                   36    H                                                            0    FIXED
JACKSON HEIGHTS                                         NY                       11372                        360                       548,550.00                     6.500                     20070101   SFR                                               2,971.31                      548,550.00                     6.500    Owner Occupied         Purchase                                                   810,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
NORTH BERGEN                                            NJ                        7047                        360                       449,925.00                     8.950                     20070101   3-FAMILY                                          3,355.69                      449,925.00                     8.950    Owner Occupied         Purchase                                                   610,000.00                           360      20061201                      0.375                         0.030              8.545                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SAINT PETERSBURG                                        FL                       12247                        180                        27,500.00                    11.750                     20061201   CONDO                                               277.59                       27,491.68                    11.750    2nd Home               Purchase                                                   115,000.00                           179      20061201                      0.500                         0.030             11.220                                                                                   Stated                                                                   12    H                                                            0    FIXED
MIAMI BEACH                                             FL                       33139                        180                        54,000.00                    11.875                     20061201   HI-RISE                                             550.26                       53,984.12                    11.875    Owner Occupied         CashOut Refi                                               530,000.00                           179      20061201                      0.500                         0.030             11.345                                                                                   Stated                                                                   36    H                                                            0    FIXED
MIAMI                                                   FL                       33193                        360                       146,250.00                     7.410                     20061201   CONDO                                               903.09                      146,250.00                     7.410    Owner Occupied         Rate Refi                                                  195,000.00                           359      20061201                      0.375                         0.030              7.005                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
VICTORVILLE                                             CA                       92392                        360                       347,250.00                     6.700                     20061201   SFR                                               1,938.81                      347,250.00                     6.700    Owner Occupied         CashOut Refi                                               500,000.00                           359      20061201                      0.375                         0.030              6.295                                                                                   Full                                                                                                                                        3    LIBOR                             6
HERNDON                                                 VA                       20170                        180                        57,750.00                    12.700                     20061201   PUD                                                 625.32                       57,735.19                    12.700    Owner Occupied         Rate Refi                                                  385,000.00                           179      20061201                      0.500                         0.030             12.170                                                                                   Stated                                                                   24    H                                                            0    FIXED
PHOENIX                                                 AZ                       85029                        180                        30,550.00                    13.375                     20061201   CONDO                                               346.92                       30,543.59                    13.375    Investment             Purchase                                                   185,000.00                           179      20061201                      0.500                         0.030             12.845                                                                                   Stated                                                                                                                                      0    FIXED
MCKINNEY                                                TX                       75070                        360                       117,750.00                     7.125                     20070101   2-FAMILY                                             793.3                      117,750.00                     7.125    Investment             CashOut Refi                                               157,000.00                           360      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                                                                                           FIXED
HOMESTEAD                                               FL                       33032                        360                       297,600.00                     8.540                     20070101   SFR                                               2,117.92                      297,600.00                     8.540    Owner Occupied         Purchase                                                   372,000.00                           360      20061201                      0.375                         0.030              8.135                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
FORT LAUDERDALE                                         FL                       12124                        180                        43,050.00                    12.990                     20061201   2-FAMILY                                            475.88                       43,040.14                    12.990    Owner Occupied         CashOut Refi                                               287,000.00                           179      20061201                      0.500                         0.030             12.460                                                                                   Stated                                                                                                                                      0    FIXED
BOTHELL                                                 WA                       98021                        180                        53,550.00                    12.375                     20061201   SFR                                                 566.33                       53,535.90                    12.375    Investment             Purchase                                                   365,000.00                           179      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                                                                                      0    FIXED
NORTHLAKE                                               IL                       60164                        180                        40,800.00                    12.500                     20061201   SFR                                                 435.44                       40,789.56                    12.500    Owner Occupied         Purchase                                                   205,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
JAMAICA                                                 NY                       11436                        360                       540,750.00                     6.625                     20070101   2-FAMILY                                          2,985.39                      540,750.00                     6.625    Owner Occupied         Purchase                                                   767,000.00                           360      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   12    H                                                        3.875    LIBOR                             6
VALENCIA AREA                                           CA                       91354                        360                       566,250.00                     6.875                     20061201   D-PUDS                                            3,244.14                      566,250.00                     6.875    Owner Occupied         Rate Refi                                                  755,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
PALMDALE                                                CA                       93551                        360                       311,700.00                     6.500                     20061201   SFR                                               1,688.38                      311,700.00                     6.500    Owner Occupied         Rate Refi                                                  436,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     36    S                                                            3    LIBOR                             6
BROOKLYN                                                NY                       11236                        360                       450,000.00                     8.650                     20070101   2-FAMILY                                          3,508.06                      450,000.00                     8.650    Owner Occupied         Purchase                                                   600,000.00                           360      20061201                      0.375                         0.030              8.245                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SEATTLE                                                 WA                       35813                        180                        70,800.00                    10.875                     20061201   SFR                                                 667.57                       70,774.06                    10.875    Owner Occupied         Purchase                                                   354,000.00                           179      20061201                      0.500                         0.030             10.345                                                                                   Stated                                                                                                                                      0    FIXED
HICKSVILLE                                              NY                       40756                        360                       341,250.00                     6.875                     20070101   SFR                                               1,955.08                      341,250.00                     6.875    Owner Occupied         Purchase                                                   510,000.00                           360      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
MIAMI                                                   FL                       33172                        180                        53,725.00                    11.040                     20061201   CONDO                                               513.26                       53,706.01                    11.040    Owner Occupied         Purchase                                                   214,900.00                           179      20061201                      0.500                         0.030             10.510                                                                                   Stated                                                                   24    H                                                            0    FIXED
HOLLISTER                                               CA                       95023                        180                       122,800.00                    10.625                     20061201   SFR                                               1,134.79                      122,752.50                    10.625    Owner Occupied         Purchase                                                   640,000.00                           179      20061201                      0.500                         0.030             10.095                                                                                   Stated                                                                   12    H                                                            0    FIXED
LOS ANGELES                                             CA                       90043                        180                       113,000.00                    13.200                     20061201   SFR                                               1,267.69                      112,975.31                    13.200    Investment             CashOut Refi                                               565,000.00                           179      20061201                      0.500                         0.030             12.670                                                                                   Stated                                                                   36    H                                                            0    FIXED
VICTORVILLE                                             CA                       92394                        180                        78,750.00                    10.900                     20061201   SFR                                                 744.01                       78,721.30                    10.900    Owner Occupied         CashOut Refi                                               315,000.00                           179      20061201                      0.500                         0.030             10.370                                                                                   Stated                                                                   12    H                                                            0    FIXED
WEST COVINA                                             CA                       91791                        360                       620,000.00                     7.250                     20061201   SFR                                               3,745.83                      620,000.00                     7.250    Owner Occupied         Purchase                                                   775,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
SUNNYVALE                                               CA                       94080                        180                       134,000.00                    12.750                     20061201   SFR                                               1,456.17                      133,967.58                    12.750    Owner Occupied         Purchase                                                   670,000.00                           179      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                                                                                      0    FIXED
SARASOTA                                                FL                       34240                        180                        79,200.00                    12.500                     20061201   SFR                                                 845.27                       79,179.73                    12.500    Owner Occupied         Purchase                                                   528,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
ANTIOCH                                                 CA                       34485                        180                        77,000.00                    11.490                     20061201   SFR                                                 761.94                       76,975.34                    11.490    Owner Occupied         Purchase                                                   470,000.00                           179      20061201                      0.500                         0.030             10.960                                                                                   Stated                                                                                                                                      0    FIXED
MIAMI                                                   FL                       33185                        180                       136,250.00                    11.140                     20061201   SFR                                               1,311.97                      136,202.88                    11.140    Owner Occupied         Purchase                                                   545,000.00                           179      20061201                      0.500                         0.030             10.610                                                                                   Stated                                                                   36    H                                                            0    FIXED
HERNDON                                                 VA                       20170                        180                       106,000.00                    12.725                     20061201   SFR                                               1,149.83                      105,974.21                    12.725    Owner Occupied         CashOut Refi                                               530,000.00                           179      20061201                      0.500                         0.030             12.195                                                                                   Stated                                                                   24    H                                                            0    FIXED
SAN JOSE                                                CA                       34720                        180                       136,000.00                    11.700                     20061201   SFR                                               1,326.00                      136,000.00                    11.700    Owner Occupied         Purchase                                                   680,000.00                           179      20061201                      0.500                         0.030             11.170                                                                                   Stated                                                                                                                                      0    FIXED
VENICE                                                  FL                       34293                        360                       185,000.00                     6.625                     20070101   CONDO                                             1,021.35                      185,000.00                     6.625    Investment             Rate Refi                                                  250,000.00                           360      20061201                      0.375                         0.030              6.220                                                                                   Express Verified Assets                                                  24    S                                                            3    LIBOR                             6
INDIANAPOLIS                                            IN                       16836                        360                       104,600.00                     7.990                     20061201   2-FAMILY                                            766.79                      104,529.67                     7.990    Owner Occupied         CashOut Refi                                               130,800.00                           359      20061201                      0.375                         0.030              7.585                                                                                   Stated                                                                                                                                      3    LIBOR                             6
NORTH LAS VEGAS                                         NV                       89032                        360                       191,100.00                     6.500                     20061201   SFR                                               1,035.13                      191,100.00                     6.500    Investment             Rate Refi                                                  273,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MODESTO                                                 CA                       95355                        360                       573,000.00                     6.399                     20070101   SFR                                               3,055.52                      573,000.00                     6.399    Owner Occupied         Rate Refi                                                  750,000.00                           360      20061201                      0.250                         0.030              6.119                                                                                   Stated                                                                   60    H                                                                 FIXED
(LAKE ELSINORE AREA)                                    CA                       33754                        360                       353,750.00                     7.250                     20061201   SFR                                               2,413.20                      353,474.04                     7.250    Owner Occupied         Rate Refi                                                  450,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   24    H                                                                 FIXED
WATSONVILLE                                             CA                       95076                        360                       487,500.00                     6.500                     20061201   SFR                                               2,640.63                      487,500.00                     6.500    Owner Occupied         Purchase                                                   680,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
WATSONVILLE                                             CA                       95076                        180                       162,500.00                    10.500                     20061201   SFR                                               1,486.45                      162,435.43                    10.500    Owner Occupied         Purchase                                                   680,000.00                           179      20061201                      0.500                         0.030              9.970                                                                                   Stated                                                                   12    H                                                            0    FIXED
CHULA VISTA                                             CA                       33494                        180                       117,000.00                    12.500                     20061201   D-PUDS                                            1,248.69                      116,970.06                    12.500    Owner Occupied         Purchase                                                   585,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
VALLEJO                                                 CA                       94591                        180                        42,500.00                    13.400                     20061201   SFR                                                 483.46                       42,491.12                    13.400    Investment             CashOut Refi                                               428,000.00                           179      20061201                      0.500                         0.030             12.870                                                                                   Stated                                                                   12    H                                                            0    FIXED
TEMPE                                                   AZ                       85281                        360                       128,000.00                     6.750                     20070101   2-FAMILY                                               720                      128,000.00                     6.750    Investment             Rate Refi                                                  250,000.00                           360      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   24    H                                                                 FIXED
VANCOUVER                                               WA                       98662                        360                       192,000.00                     6.625                     20061201   SFR                                               1,060.00                      192,000.00                     6.625    Owner Occupied         CashOut Refi                                               240,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
SACRAMENTO                                              CA                       95833                        180                        60,800.00                    11.950                     20061201   SFR                                                 623.06                       60,782.41                    11.950    Owner Occupied         Purchase                                                   310,000.00                           179      20061201                      0.500                         0.030             11.420                                                                                   Stated                                                                                                                                      0    FIXED
HILO                                                    HI                       35266                        360                       337,500.00                     7.700                     20061201   SFR                                               2,406.24                      337,259.39                     7.700    Owner Occupied         Purchase                                                   400,000.00                           359      20061201                      0.250                         0.030              6.630               0.79    PMI - LENDER PAID                                      25   Stated                                                                   36    H                                                                 FIXED
MIAMI                                                   FL                       33015                        180                        58,750.00                    12.740                     20061201   PUD                                                 637.97                       58,735.76                    12.740    Owner Occupied         Purchase                                                   235,000.00                           179      20061201                      0.500                         0.030             12.210                                                                                   Stated                                                                   36    H                                                            0    FIXED
SAN JOSE                                                CA                       34721                        360                       512,000.00                     6.990                     20070101   SFR                                               2,982.40                      512,000.00                     6.990    Investment             CashOut Refi                                               640,000.00                           360      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
NEW ORLEANS                                             LA                       25598                        180                        31,800.00                    10.500                     20061201   CONDO                                               290.89                       31,774.61                    10.500    Owner Occupied         Purchase                                                   174,000.00                           179      20070101                      0.500                         0.030              9.970                                                                                   Stated                                                                   36    H                                                            0    FIXED
FRESNO                                                  CA                       34153                        180                        50,750.00                    10.800                     20061201   SFR                                                 475.65                       50,731.10                    10.800    Owner Occupied         Purchase                                                   203,000.00                           179      20061201                      0.500                         0.030             10.270                                                                                   Stated                                                                   24    H                                                            0    FIXED
PALMDALE                                                CA                       93552                        180                        82,250.00                    10.750                     20061201   SFR                                                 767.79                       82,219.03                    10.750    Owner Occupied         Purchase                                                   340,000.00                           179      20061201                      0.500                         0.030             10.220                                                                                   Stated                                                                   24    H                                                            0    FIXED
IRVINE                                                  CA                       33767                        360                       339,500.00                     6.675                     20070101   CONDO                                             1,888.47                      339,500.00                     6.675    Investment             CashOut Refi                                               485,000.00                           360      20061201                      0.375                         0.030              6.270                                                                                   Stated                                                                   24    S                                                            3    LIBOR                             6
HOMESTEAD                                               FL                       33033                        180                        83,750.00                    13.250                     20061201   D-PUDS                                              942.84                       83,731.90                    13.250    Owner Occupied         Purchase                                                   335,000.00                           179      20061201                      0.500                         0.030             12.720                                                                                   Stated                                                                   24    H                                                            0    FIXED
NEWARK                                                  NJ                       39090                        360                       304,000.00                     8.800                     20070101   3-FAMILY                                          2,229.33                      304,000.00                     8.800    Owner Occupied         Purchase                                                   380,000.00                           360      20061201                      0.375                         0.030              8.395                                                                                   Stated                                                                                                                                      3    LIBOR                             6
VICTORVILLE                                             CA                       92392                        180                        87,500.00                    10.940                     20061201   SFR                                                 829.32                       87,468.39                    10.940    Owner Occupied         Purchase                                                   350,000.00                           179      20061201                      0.500                         0.030             10.410                                                                                   Stated                                                                   36    H                                                            0    FIXED
CHICAGO                                                 IL                       60638                        360                       164,250.00                     6.900                     20070101   SFR                                               1,008.79                      164,250.00                     6.900    Owner Occupied         Purchase                                                   219,000.00                           360      20061201                      0.250                         0.030              6.620                                                                                   Full                                                                                                                                             FIXED
FAIRFIELD                                               CA                       94533                        360                       260,000.00                     6.125                     20061201   SFR                                               1,327.08                      260,000.00                     6.125    Investment             CashOut Refi                                               400,000.00                           359      20061201                      0.250                         0.030              5.845                                                                                   Full                                                                     36    H                                                                 FIXED
MISSION VIEJO                                           CA                       92691                        360                       280,000.00                     6.300                     20070101   CONDO                                             1,470.00                      280,000.00                     6.300    Owner Occupied         Purchase                                                   350,000.00                           360      20061201                      0.375                         0.030              5.895                                                                                   Full                                                                                                                                        3    LIBOR                             6
HENDERSON                                               NV                       89012                        180                        69,000.00                    11.450                     20061201   D-PUDS                                              680.67                       68,977.71                    11.450    Owner Occupied         Purchase                                                   460,000.00                           179      20061201                      0.500                         0.030             10.920                                                                                   Stated                                                                   12    H                                                            0    FIXED
CAPE CORAL                                              FL                       12306                        180                        47,400.00                    11.825                     20061201   SFR                                                 467.09                       47,400.00                    11.825    Owner Occupied         Purchase                                                   255,000.00                           179      20061201                      0.500                         0.030             11.295                                                                                   Stated                                                                                                                                      0    FIXED
ROMOLAND                                                CA                       92585                        360                       344,300.00                     6.300                     20061201   D-PUDS                                            1,807.58                      344,300.00                     6.300    Owner Occupied         Purchase                                                   460,000.00                           359      20061201                      0.375                         0.030              5.895                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
BROOKLYN                                                NY                       40582                        360                       502,500.00                     7.875                     20070101   3-FAMILY                                          3,297.66                      502,500.00                     7.875    Owner Occupied         Purchase                                                   670,000.00                           360      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
CHICAGO                                                 IL                       22076                        180                        75,000.00                    12.550                     20061201   3-FAMILY                                            803.35                       74,981.03                    12.550    Owner Occupied         Purchase                                                   300,000.00                           179      20061201                      0.500                         0.030             12.020                                                                                   Stated                                                                                                                                      0    FIXED
LINCOLNWOOD                                             IL                       22109                        180                       187,500.00                    11.990                     20061201   SFR                                               1,927.21                      187,446.23                    11.990    Owner Occupied         Purchase                                                   750,000.00                           179      20061201                      0.500                         0.030             11.460                                                                                   Stated                                                                                                                                      0    FIXED
ARLINGTON                                               VA                       44596                        360                       274,500.00                     5.875                     20061201   TOWNHOUSE                                         1,343.91                      274,500.00                     5.875    Investment             CashOut Refi                                               411,000.00                           359      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
FORT LAUDERDALE                                         FL                       12125                        180                        56,000.00                    12.990                     20061201   CONDO                                               619.03                       55,987.17                    12.990    Owner Occupied         Purchase                                                   280,000.00                           179      20061201                      0.500                         0.030             12.460                                                                                   Stated                                                                   24    H                                                            0    FIXED
FAIRFIELD                                               CA                       94533                        180                       161,250.00                    12.140                     20061201   SFR                                               1,676.04                      161,205.27                    12.140    Owner Occupied         CashOut Refi                                               645,000.00                           179      20061201                      0.500                         0.030             11.610                                                                                   Stated                                                                   36    H                                                            0    FIXED
PENSACOLA                                               FL                       32561                        360                       610,000.00                     5.750                     20070101   CONDO                                             2,922.92                      610,000.00                     5.750    Investment             CashOut Refi                                             1,085,000.00                           360      20061201                      0.375                         0.030              5.345                                                                                   Full                                                                     36    S                                                            3    LIBOR                             6
WINTER GARDEN                                           FL                       34787                        360                       532,500.00                     7.660                     20070101   SFR                                               3,399.13                      532,500.00                     7.660    Investment             CashOut Refi                                               710,000.00                           360      20061201                      0.375                         0.030              7.255                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
KISSIMMEE                                               FL                       34758                        360                       176,150.00                     6.900                     20061201   D-PUDS                                            1,012.86                      176,150.00                     6.900    2nd Home               Purchase                                                   253,000.00                           359      20070101                      0.375                         0.030              6.495                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
KISSIMMEE                                               FL                       34758                        180                        47,000.00                    12.050                     20061201   D-PUDS                                              485.26                       46,973.26                    12.050    2nd Home               Purchase                                                   253,000.00                           179      20070101                      0.500                         0.030             11.520                                                                                   Full                                                                                                                                        0    FIXED
MODESTO                                                 CA                       95355                        360                       366,000.00                     6.875                     20070101   SFR                                               2,096.88                      366,000.00                     6.875    Investment             Rate Refi                                                  685,000.00                           360      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   60    H                                                                 FIXED
ATLANTIC CITY                                           NJ                       39539                        360                       397,500.00                     6.820                     20070101   HI-RISE                                           2,259.13                      397,500.00                     6.820    2nd Home               Purchase                                                   555,000.00                           360      20061201                      0.375                         0.030              6.415                                                                                   Stated                                                                                                                                      3    LIBOR                             6
NEW LENOX                                               IL                       60451                        360                       316,800.00                     7.750                     20070101   SFR                                               2,269.59                      316,800.00                     7.750    Owner Occupied         Purchase                                                   355,000.00                           360      20061201                      0.375                         0.030              6.555               0.79    RADIAN - LENDER PAID                                   25   Stated                                                                   12    H                                                        3.875    LIBOR                             6
FONTANA                                                 CA                       92335                        360                       180,000.00                     6.625                     20070101   CONDO                                               993.75                      180,000.00                     6.625    Owner Occupied         Purchase                                                   225,000.00                           360      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
FORT MYERS                                              FL                       12309                        180                        56,250.00                    12.540                     20061201   SFR                                                 602.08                       56,235.73                    12.540    Owner Occupied         Purchase                                                   229,000.00                           179      20061201                      0.500                         0.030             12.010                                                                                   Stated                                                                                                                                      0    FIXED
MIAMI                                                   FL                       33138                        180                       130,000.00                    12.300                     20061201   SFR                                               1,367.29                      129,965.21                    12.300    Owner Occupied         Purchase                                                   650,000.00                           179      20061201                      0.500                         0.030             11.770                                                                                   Stated                                                                                                                                      0    FIXED
OAKLAND                                                 CA                       34490                        180                        54,500.00                    11.900                     20061201   SFR                                                 540.46                       54,500.00                    11.900    Owner Occupied         CashOut Refi                                               545,000.00                           179      20061201                      0.500                         0.030             11.370                                                                                   Stated                                                                   12    H                                                            0    FIXED
DALLAS                                                  TX                       27433                        360                        75,500.00                     7.000                     20070101   SFR                                                  502.3                       75,500.00                     7.000    Investment             CashOut Refi                                               105,000.00                           360      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
APALACHICOLA                                            FL                       11768                        180                        26,250.00                    12.800                     20061201   SFR                                                 286.28                       26,243.72                    12.800    Owner Occupied         Rate Refi                                                  175,000.00                           179      20061201                      0.500                         0.030             12.270                                                                                   Stated                                                                                                                                      0    FIXED
FORT LAUDERDALE                                         FL                       12125                        180                        56,000.00                    13.750                     20061201   CONDO                                               652.46                       55,989.21                    13.750    Owner Occupied         Purchase                                                   280,000.00                           179      20061201                      0.500                         0.030             13.220                                                                                   Stated                                                                   24    H                                                            0    FIXED
BELLEVIEW                                               FL                       12529                        180                        27,600.00                    13.375                     20061201   SFR                                                 313.42                       27,594.21                    13.375    Investment             Purchase                                                   138,000.00                           179      20061201                      0.500                         0.030             12.845                                                                                   Stated                                                                   24    H                                                            0    FIXED
ELMONT                                                  NY                       11003                        180                       122,250.00                    13.300                     20061201   SFR                                               1,381.05                      122,223.89                    13.300    Owner Occupied         Purchase                                                   500,000.00                           179      20061201                      0.500                         0.030             12.770                                                                                   Stated                                                                   12    H                                                            0    FIXED
ATLANTIS                                                FL                       33462                        360                       375,000.00                     6.615                     20070101   SFR                                               2,067.19                      375,000.00                     6.615    Investment             Purchase                                                   500,000.00                           360      20061201                      0.375                         0.030              6.210                                                                                   Stated                                                                   60    S                                                            3    LIBOR                             6
SACRAMENTO                                              CA                       34928                        360                       360,000.00                     7.990                     20061201   SFR                                               2,397.00                      360,000.00                     7.990    Owner Occupied         Purchase                                                   400,000.00                           359      20061201                      0.375                         0.030              6.695               0.89    RADIAN - LENDER PAID                                   25   SISA                                                                     24    H                                                        3.875    LIBOR                             6
PHOENIX                                                 AZ                       85037                        360                       214,400.00                     6.750                     20070201   D-PUDS                                            1,206.00                      214,400.00                     6.750    Investment             CashOut Refi                                               268,000.00                           361      20070101                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    S                                                                 FIXED
MIAMI                                                   FL                       12085                        360                       376,600.00                     8.000                     20070101   HI-RISE                                           2,510.67                      376,600.00                     8.000    Investment             Purchase                                                   500,000.00                           360      20061201                      0.375                         0.030              7.595                                                                                   Stated                                                                   24    S                                                            3    LIBOR                             6
GLASSBORO                                               NJ                        8028                        360                       115,000.00                     7.500                     20061201   SFR                                                 756.78                      114,961.97                     7.500    Owner Occupied         CashOut Refi                                               181,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
CHANDLER                                                AZ                       31103                        360                       187,200.00                     7.000                     20070101   SFR                                               1,092.00                      187,200.00                     7.000    Owner Occupied         Purchase                                                   237,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
PALM BAY                                                FL                       11940                        180                        57,500.00                    12.050                     20061201   SFR                                                 593.67                       57,483.73                    12.050    Owner Occupied         Purchase                                                   240,000.00                           179      20061201                      0.500                         0.030             11.520                                                                                   Stated                                                                   36    H                                                            0    FIXED
BROOKLYN                                                NY                       40595                        180                       183,750.00                    12.350                     20061201   3-FAMILY                                          1,939.72                      183,701.37                    12.350    Owner Occupied         Purchase                                                   735,000.00                           179      20061201                      0.500                         0.030             11.820                                                                                   Stated                                                                   12    H                                                            0    FIXED
MARGATE                                                 FL                       33063                        360                       133,860.00                     6.900                     20061201   CONDO                                                769.7                      133,860.00                     6.900    Investment             Purchase                                                   178,498.00                           359      20061201                      0.375                         0.030              6.495                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
MARGATE                                                 FL                       33063                        360                        35,700.00                    13.690                     20061201   CONDO                                               414.26                       35,693.02                    13.690    Investment             Purchase                                                   181,000.00                           359      20061201                      0.500                         0.030             13.160                                                                                   Stated                                                                   24    H                                                            0    FIXED
SEATTLE                                                 WA                       98188                        180                        87,800.00                    13.500                     20061201   SFR                                               1,005.67                       87,782.08                    13.500    Owner Occupied         Purchase                                                   439,000.00                           179      20061201                      0.500                         0.030             12.970                                                                                   Stated                                                                                                                                      0    FIXED
CLERMONT                                                FL                       34771                        360                       286,500.00                     7.500                     20070101   PUD                                               1,790.62                      286,500.00                     7.500    Owner Occupied         Rate Refi                                                  382,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
VALLEY SPRINGS                                          CA                       95252                        180                       117,500.00                    10.600                     20061201   SFR                                               1,037.92                      117,500.00                    10.600    Owner Occupied         Purchase                                                   470,000.00                           179      20061201                      0.500                         0.030             10.070                                                                                   Stated                                                                   36    H                                                            0    FIXED
PORTLAND                                                OR                       97266                        360                       167,200.00                     7.375                     20070101   SFR                                               1,027.58                      167,200.00                     7.375    Owner Occupied         Purchase                                                   215,000.00                           360      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
REGO PARK                                               NY                       11374                        360                       437,250.00                     6.125                     20070101   2-FAMILY                                          2,231.80                      437,250.00                     6.125    Owner Occupied         Purchase                                                   595,000.00                           360      20061201                      0.375                         0.030              5.720                                                                                   SISA                                                                     12    H                                                            3    LIBOR                             6
PROVIDENCE                                              RI                       37506                        360                       142,500.00                     6.290                     20061201   SFR                                                 881.11                      142,365.83                     6.290    Owner Occupied         Rate Refi                                                  220,000.00                           359      20061201                      0.250                         0.030              6.010                                                                                   Stated                                                                   12    H                                                                 FIXED
HENDERSON                                               NV                       89015                        360                       412,500.00                     7.050                     20070101   D-PUDS                                            2,423.44                      412,500.00                     7.050    Investment             CashOut Refi                                               550,000.00                           360      20061201                      0.375                         0.030              6.645                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
WEST JORDAN                                             UT                       84088                        360                       198,750.00                     6.875                     20061201   SFR                                               1,305.65                      198,583.02                     6.875    Owner Occupied         Rate Refi                                                  265,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
ROSELLE                                                 IL                       60172                        180                       100,000.00                    12.390                     20061201   3-FAMILY                                          1,058.73                       99,973.77                    12.390    Owner Occupied         Purchase                                                   500,000.00                           179      20061201                      0.500                         0.030             11.860                                                                                   Stated                                                                                                                                      0    FIXED
DOWNEY                                                  CA                       90240                        360                       490,000.00                     5.795                     20061201   SFR                                               2,366.29                      490,000.00                     5.795    Owner Occupied         Rate Refi                                                  850,000.00                           359      20061201                      0.375                         0.030              5.390                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
NAPLES                                                  FL                       12435                        360                       228,750.00                     5.990                     20061201   SFR                                               1,141.84                      228,750.00                     5.990    Owner Occupied         Purchase                                                   320,000.00                           359      20061201                      0.375                         0.030              5.585                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
NAPLES                                                  FL                       12435                        180                        76,250.00                    10.850                     20061201   SFR                                                 717.52                       76,221.91                    10.850    Owner Occupied         Purchase                                                   320,000.00                           179      20061201                      0.500                         0.030             10.320                                                                                   Stated                                                                   36    H                                                            0    FIXED
BRONX                                                   NY                       10458                        360                       375,000.00                     7.000                     20070101   2-FAMILY                                          2,187.50                      375,000.00                     7.000    Owner Occupied         Purchase                                                   500,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                      3    LIBOR                             6
NORTH LAS VEGAS                                         NV                       89081                        360                       299,250.00                     6.530                     20061201   D-PUDS                                            1,628.42                      299,250.00                     6.530    Owner Occupied         Purchase                                                   400,000.00                           359      20061201                      0.375                         0.030              6.125                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
NORTH LAS VEGAS                                         NV                       89081                        180                        39,750.00                    11.865                     20061201   D-PUDS                                              404.75                       39,738.28                    11.865    Owner Occupied         Purchase                                                   400,000.00                           179      20061201                      0.500                         0.030             11.335                                                                                   Stated                                                                   36    H                                                            0    FIXED
APPLE VALLEY                                            CA                       33670                        360                       267,000.00                     6.750                     20061201   4-FAMILY                                          1,501.88                      267,000.00                     6.750    Investment             Rate Refi                                                  545,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    S                                                                 FIXED
SACRAMENTO                                              CA                       95832                        360                       150,000.00                     6.125                     20061201   SFR                                                 911.42                      149,854.21                     6.125    Owner Occupied         CashOut Refi                                               273,000.00                           359      20061201                      0.250                         0.030              5.845                                                                                   Stated                                                                   36    H                                                                 FIXED
CHICAGO                                                 IL                       22088                        360                       131,250.00                     7.915                     20070101   SFR                                                  865.7                      131,250.00                     7.915    Investment             Purchase                                                   175,500.00                           360      20061201                      0.375                         0.030              7.510                                                                                   Stated                                                                                                                                      3    LIBOR                             6
AMERICAN CANYON                                         CA                       34457                        180                       171,250.00                    12.650                     20061201   SFR                                               1,847.63                      171,207.63                    12.650    Owner Occupied         Purchase                                                   685,000.00                           179      20061201                      0.500                         0.030             12.120                                                                                   Stated                                                                   36    H                                                            0    FIXED
ORLANDO                                                 FL                       11923                        360                       165,000.00                     7.500                     20070101   SFR                                               1,031.25                      165,000.00                     7.500    Owner Occupied         Purchase                                                   225,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
BANNING                                                 CA                       33654                        360                       165,000.00                     6.875                     20061201   4-FAMILY                                            945.31                      165,000.00                     6.875    Investment             CashOut Refi                                               420,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Express Non-Verified Assets                                              36    H                                                            3    LIBOR                             6
PETALUMA                                                CA                       94954                        360                       600,000.00                     6.850                     20070101   SFR                                               3,425.00                      600,000.00                     6.850    Owner Occupied         CashOut Refi                                               800,000.00                           360      20061201                      0.375                         0.030              6.445                                                                                   Stated                                                                                                                                      3    LIBOR                             6
CHICAGO                                                 IL                       60646                        360                       412,500.00                     7.690                     20070101   SFR                                               2,643.44                      412,500.00                     7.690    Owner Occupied         Purchase                                                   550,000.00                           360      20061201                      0.375                         0.030              7.285                                                                                   Stated                                                                                                                                      3    LIBOR                             6
ESCONDIDO                                               CA                       92025                        360                       274,550.00                     5.500                     20070101   CONDO                                             1,258.35                      274,550.00                     5.500    Owner Occupied         Purchase                                                   345,000.00                           360      20061201                      0.375                         0.030              5.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
CHICAGO                                                 IL                       22091                        180                        43,000.00                    12.680                     20061201   CONDO                                               464.93                       42,989.44                    12.680    Owner Occupied         Purchase                                                   215,000.00                           179      20061201                      0.500                         0.030             12.150                                                                                   Stated                                                                                                                                      0    FIXED
MIAMI                                                   FL                       33172                        180                        46,250.00                    11.340                     20061201   CONDO                                               452.37                       46,234.69                    11.340    Owner Occupied         Purchase                                                   185,000.00                           179      20061201                      0.500                         0.030             10.810                                                                                   Stated                                                                                                                                      0    FIXED
FOUNTAIN VALLEY                                         CA                       33793                        360                       325,000.00                     6.000                     20061201   TOWNHOUSE                                         1,948.54                      324,676.46                     6.000    Owner Occupied         CashOut Refi                                               530,000.00                           359      20061201                      0.250                         0.030              5.720                                                                                   Full                                                                     36    S                                                                 FIXED
SAN JACINTO                                             CA                       92583                        360                       143,158.00                     6.125                     20070101   SFR                                                  730.7                      143,158.00                     6.125    Owner Occupied         Rate Refi                                                  298,000.00                           360      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SEBASTOPOL                                              CA                       95472                        360                       445,000.00                     5.250                     20070101   SFR                                               1,946.87                      445,000.00                     5.250    Owner Occupied         CashOut Refi                                             1,130,000.00                           360      20061201                      0.375                         0.030              4.845                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
PROVIDENCE                                              RI                       37503                        360                       181,500.00                     7.300                     20070101   SFR                                               1,104.13                      181,500.00                     7.300    Owner Occupied         Purchase                                                   242,000.00                           360      20061201                      0.375                         0.030              6.895                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MOUNTAIN HOUSE                                          CA                       95391                        360                       452,000.00                     7.500                     20061201   SFR                                               2,825.00                      452,000.00                     7.500    Owner Occupied         Purchase                                                   565,000.00                           359      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    H                                                         2.75    LIBOR                             6
MOUNTAIN HOUSE                                          CA                       95391                        180                       113,000.00                    12.650                     20061201   SFR                                               1,219.17                      112,972.04                    12.650    Owner Occupied         Purchase                                                   565,000.00                           179      20061201                      0.500                         0.030             12.120                                                                                   Stated                                                                   36    H                                                            0    FIXED
UNION CITY                                              CA                       94587                        360                       448,000.00                     6.250                     20070101   SFR                                               2,333.33                      448,000.00                     6.250    Investment             Rate Refi                                                  640,000.00                           360      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SANTA CLARITA                                           CA                       91354                        360                     1,000,000.00                     7.250                     20061201   D-PUDS                                            6,041.67                    1,000,000.00                     7.250    Owner Occupied         Purchase                                                 1,450,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
PEMBROKE PINES                                          FL                       33024                        360                       455,000.00                     7.150                     20070101   D-PUDS                                            3,073.10                      455,000.00                     7.150    Owner Occupied         Rate Refi                                                  570,000.00                           360      20061201                      0.250                         0.030              6.870                                                                                   Express No Doc                                                           36    H                                                                 FIXED
SAN DIEGO                                               CA                       33618                        180                       103,000.00                    12.375                     20061201   SFR                                               1,089.29                      102,972.90                    12.375    Owner Occupied         Purchase                                                   540,000.00                           179      20061201                      0.500                         0.030             11.845                                                                                   Stated                                                                   24    H                                                            0    FIXED
NORTH MIAMI BEACH                                       FL                       33162                        180                        52,950.00                    13.140                     20061201   HI-RISE                                             591.53                       52,938.27                    13.140    Owner Occupied         Purchase                                                   214,000.00                           179      20061201                      0.500                         0.030             12.610                                                                                   Stated                                                                   24    H                                                            0    FIXED
WEST SACRAMENTO                                         CA                       95691                        360                       315,000.00                     6.300                     20061201   SFR                                               1,653.75                      315,000.00                     6.300    Owner Occupied         Rate Refi                                                  420,000.00                           359      20061201                      0.375                         0.030              5.895                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
MARICOPA                                                AZ                       85239                        360                       229,400.00                     6.990                     20061201   D-PUDS                                            1,336.26                      229,400.00                     6.990    Investment             Purchase                                                   500,000.00                           359      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                   60    S                                                            3    LIBOR                             6
SAN DIEGO                                               CA                       33616                        360                       437,500.00                     6.470                     20061201   2-FAMILY                                          2,756.67                      437,102.18                     6.470    Investment             Rate Refi                                                  625,000.00                           359      20061201                      0.250                         0.030              6.190                                                                                   Stated                                                                   36    H                                                                 FIXED
LOS ANGELES (VAN NUYS AREA)                             CA                       33333                        360                       280,000.00                     6.250                     20061201   SFR                                               1,724.01                      279,734.32                     6.250    Owner Occupied         CashOut Refi                                               505,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
FRESNO                                                  CA                       34161                        360                       392,000.00                     6.250                     20061201   SFR                                               2,041.67                      392,000.00                     6.250    Owner Occupied         Rate Refi                                                  525,000.00                           359      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   60    H                                                                 FIXED
CHICAGO                                                 IL                       60645                        360                       257,250.00                     6.625                     20070101   2-FAMILY                                          1,647.20                      257,250.00                     6.625    Owner Occupied         CashOut Refi                                               525,000.00                           360      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   24    H                                                                 FIXED
BRANDON                                                 FL                       12184                        360                       253,550.00                     7.000                     20070101   SFR                                               1,479.04                      253,550.00                     7.000    Owner Occupied         Purchase                                                   296,000.00                           360      20061201                      0.375                         0.030              5.765               0.83    RADIAN - LENDER PAID                                   30   Express No Doc                                                           36    H                                                            4    LIBOR                             6
ORLANDO                                                 FL                       11923                        360                       111,293.00                     6.990                     20070101   CONDO                                               648.28                      111,293.00                     6.990    2nd Home               Purchase                                                   195,000.00                           360      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
FLAGLER BEACH                                           FL                       32136                        360                       487,000.00                     6.875                     20070101   SFR                                               2,790.10                      487,000.00                     6.875    Investment             Purchase                                                   650,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
PALMDALE                                                CA                       93550                        360                       177,600.00                     6.625                     20061201   PUD                                                  980.5                      177,600.00                     6.625    Owner Occupied         Purchase                                                   222,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   60    H                                                            3    LIBOR                             6
PALMDALE                                                CA                       93550                        180                        44,400.00                    10.550                     20061201   PUD                                                  407.8                       44,382.55                    10.550    Owner Occupied         Purchase                                                   222,000.00                           179      20061201                      0.500                         0.030             10.020                                                                                   Stated                                                                   36    H                                                            0    FIXED
COLTON                                                  CA                       33687                        360                       280,000.00                     7.250                     20070101   SFR                                               1,691.67                      280,000.00                     7.250    Owner Occupied         Purchase                                                   350,000.00                           360      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
KURTISTOWN                                              HI                       96760                        360                       150,400.00                     6.550                     20070101   SFR                                                 820.93                      150,400.00                     6.550    Owner Occupied         Purchase                                                   188,000.00                           360      20061201                      0.375                         0.030              6.145                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
VACAVILLE                                               CA                       95687                        180                        82,000.00                    12.200                     20061201   SFR                                                 856.11                       81,977.56                    12.200    Owner Occupied         Purchase                                                   410,000.00                           179      20061201                      0.500                         0.030             11.670                                                                                   Stated                                                                   24    H                                                            0    FIXED
NORTH LAS VEGAS                                         NV                       89030                        360                       150,000.00                     6.150                     20061201   SFR                                                 768.75                      150,000.00                     6.150    Owner Occupied         Rate Refi                                                  235,000.00                           359      20061201                      0.375                         0.030              5.745                                                                                   SISA                                                                     36    H                                                            3    LIBOR                             6
HARTFORD                                                CT                       38737                        180                        42,000.00                    12.400                     20061201   3-FAMILY                                            444.99                       41,989.01                    12.400    Owner Occupied         Purchase                                                   210,000.00                           179      20061201                      0.500                         0.030             11.870                                                                                   Stated                                                                   36    H                                                            0    FIXED
NORTH MIAMI BEACH                                       FL                       33162                        360                       167,900.00                     9.000                     20070101   HI-RISE                                           1,259.25                      167,900.00                     9.000    Owner Occupied         Purchase                                                   209,900.00                           360      20061201                      0.250                         0.030              8.720                                                                                   Stated                                                                   24    H                                                                 FIXED
LAUREL                                                  MD                       44036                        180                        61,000.00                    12.950                     20061201   PUD                                                  672.4                       60,985.89                    12.950    Owner Occupied         Purchase                                                   305,000.00                           179      20061201                      0.500                         0.030             12.420                                                                                   Full                                                                                                                                        0    FIXED
FORT LAUDERDALE                                         FL                       33351                        360                       261,000.00                     6.300                     20070201   D-PUDS                                            1,370.25                      261,000.00                     6.300    Owner Occupied         CashOut Refi                                               365,000.00                           361      20070101                      0.250                         0.030              6.020                                                                                   Stated                                                                   36    H                                                                 FIXED
SACRAMENTO                                              CA                       34933                        360                       176,000.00                     6.750                     20061201   SFR                                               1,061.91                      175,928.09                     6.750    Investment             Rate Refi                                                  310,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Express Non-Verified Assets                                              36    S                                                                 FIXED
PORTLAND                                                OR                       35472                        360                       281,250.00                     6.750                     20061201   SFR                                               1,582.03                      281,250.00                     6.750    Owner Occupied         Rate Refi                                                  375,000.00                           359      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
NORTH LAUDERDALE                                        FL                       33068                        360                       128,250.00                     8.250                     20061201   SFR                                                  963.5                      128,168.22                     8.250    Owner Occupied         Purchase                                                   155,000.00                           359      20061201                      0.250                         0.030              6.940               1.03    PMI - LENDER PAID                                      30   SISA                                                                     36    H                                                                 FIXED
POWAY                                                   CA                       92064                        360                       880,000.00                     5.750                     20061201   SFR                                               4,216.67                      880,000.00                     5.750    Owner Occupied         Rate Refi                                                1,265,000.00                           359      20061201                      0.375                         0.030              5.345                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
SOUTH OZONE PARK                                        NY                       40653                        180                       160,000.00                    13.550                     20061201   2-FAMILY                                          1,838.96                      159,967.71                    13.550    Owner Occupied         Purchase                                                   640,000.00                           179      20061201                      0.500                         0.030             13.020                                                                                   Stated                                                                                                                                      0    FIXED
HOLLYWOOD                                               FL                       33021                        360                       268,000.00                     7.655                     20070101   CONDO                                             1,902.42                      268,000.00                     7.655    Owner Occupied         CashOut Refi                                               335,000.00                           360      20061201                      0.250                         0.030              7.375                                                                                   SISA                                                                     36    S                                                                 FIXED
FAIRFIELD                                               CA                       94533                        360                       279,300.00                     6.500                     20070101   SFR                                               1,512.88                      279,300.00                     6.500    Owner Occupied         Rate Refi                                                  399,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BENICIA                                                 CA                       34464                        360                       266,000.00                     6.500                     20061201   SFR                                               1,440.83                      266,000.00                     6.500    Investment             CashOut Refi                                               605,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
POMPANO BEACH                                           FL                       33069                        360                       228,800.00                     8.750                     20061201   CONDO                                             1,668.33                      228,800.00                     8.750    Owner Occupied         Purchase                                                   241,000.00                           359      20061201                      0.250                         0.030              8.470                       RADIAN - BORROWER PAID                                 30   Express No Doc Verified Assets                                           36    H                                                                 FIXED
HAZEL CREST                                             IL                       22035                        180                        30,900.00                    11.250                     20061201   SFR                                                 300.12                       30,889.57                    11.250    Owner Occupied         CashOut Refi                                               190,000.00                           179      20061201                      0.500                         0.030             10.720                                                                                   Stated                                                                                                                                      0    FIXED
LAUGHLIN                                                NV                       89029                        360                        90,375.00                     6.990                     20061201   CONDO                                               526.43                       90,375.00                     6.990    Investment             Rate Refi                                                  120,500.00                           359      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
MIAMI                                                   FL                       33157                        360                       247,500.00                     7.500                     20070101   SFR                                               1,628.73                      247,500.00                     7.500    Owner Occupied         Purchase                                                   330,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Full                                                                     24    H                                                            3    LIBOR                             6
MIAMI                                                   FL                       33157                        360                       438,400.00                     7.750                     20070101   SFR                                               2,831.33                      438,400.00                     7.750    2nd Home               Purchase                                                   565,000.00                           360      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
CAMBRIA HEIGHTS                                         NY                       40644                        360                       416,000.00                     6.425                     20070101   SFR                                               2,227.33                      416,000.00                     6.425    Owner Occupied         Purchase                                                   520,000.00                           360      20061201                      0.375                         0.030              6.020                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
ANAHEIM                                                 CA                       33818                        360                       536,000.00                     6.500                     20061201   SFR                                               2,903.33                      536,000.00                     6.500    Owner Occupied         Rate Refi                                                  670,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
LOS ANGELES                                             CA                       90002                        360                       342,400.00                     6.875                     20061201   SFR                                               1,961.67                      342,400.00                     6.875    Investment             CashOut Refi                                               428,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
LAKE FOREST                                             CA                       33785                        360                       716,000.00                     7.500                     20070101   D-PUDS                                            4,475.00                      716,000.00                     7.500    Owner Occupied         Purchase                                                   920,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
LOS ANGELES (SHERMAN OAKS AREA)                         CA                       33331                        180                        93,200.00                    14.150                     20061201   CONDO                                             1,115.38                       93,183.60                    14.150    Investment             Purchase                                                   480,000.00                           179      20061201                      0.500                         0.030             13.620                                                                                   Stated                                                                                                                                      0    FIXED
YORBA LINDA                                             CA                       92886                        360                       600,000.00                     7.000                     20061201   SFR                                               3,500.00                      600,000.00                     7.000    Investment             Purchase                                                   825,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                                                                                      3    LIBOR                             6
YORBA LINDA                                             CA                       92886                        180                       160,000.00                    12.250                     20061201   SFR                                               1,676.63                      159,956.70                    12.250    Investment             Purchase                                                   825,000.00                           179      20061201                      0.500                         0.030             11.720                                                                                   Stated                                                                                                                                      0    FIXED
LARKSPUR                                                CA                       94939                        360                       790,000.00                     6.250                     20070101   SFR                                               4,114.58                      790,000.00                     6.250    Owner Occupied         CashOut Refi                                             1,300,000.00                           360      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SAINT PETERSBURG                                        FL                       12247                        180                        24,755.00                    11.775                     20061201   CONDO                                               250.35                       24,747.56                    11.775    2nd Home               Purchase                                                   165,000.00                           179      20061201                      0.500                         0.030             11.245                                                                                   Stated                                                                                                                                      0    FIXED
PHOENIX                                                 AZ                       85050                        180                       123,746.00                    11.000                     20061201   D-PUDS                                            1,178.46                      123,701.88                    11.000    Owner Occupied         Purchase                                                   925,000.00                           179      20061201                      0.500                         0.030             10.470                                                                                   Stated                                                                                                                                      0    FIXED
LA VERNE                                                CA                       91750                        360                       572,000.00                     6.925                     20061201   SFR                                               3,300.92                      572,000.00                     6.925    Owner Occupied         Purchase                                                   757,000.00                           359      20061201                      0.375                         0.030              6.520                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SAN DIEGO                                               CA                       33612                        360                       213,850.00                     6.875                     20061201   CONDO                                             1,225.18                      213,850.00                     6.875    Investment             Rate Refi                                                  305,551.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
FORT MYERS                                              FL                       12313                        180                        20,255.00                    12.775                     20061201   CONDO                                                220.5                       20,250.13                    12.775    2nd Home               Purchase                                                   135,000.00                           179      20061201                      0.500                         0.030             12.245                                                                                   Stated                                                                                                                                      0    FIXED
MIAMI                                                   FL                       33196                        360                       187,400.00                     6.940                     20070101   CONDO                                             1,083.80                      187,400.00                     6.940    Owner Occupied         Purchase                                                   256,000.00                           360      20061201                      0.375                         0.030              6.535                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SAN DIEGO                                               CA                       33622                        360                       163,000.00                     6.500                     20070101   CONDO                                               882.92                      163,000.00                     6.500    Owner Occupied         Rate Refi                                                  205,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
PHOENIX                                                 AZ                       85006                        360                       272,000.00                     6.600                     20061201   SFR                                               1,496.00                      272,000.00                     6.600    Owner Occupied         CashOut Refi                                               340,000.00                           359      20061201                      0.375                         0.030              6.195                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
NAPLES                                                  FL                       12428                        360                       143,500.00                     6.375                     20061201   CONDO                                               762.34                      143,500.00                     6.375    Investment             Purchase                                                   205,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
NAPLES                                                  FL                       12428                        180                        30,750.00                    12.750                     20061201   CONDO                                               334.16                       30,742.56                    12.750    Investment             Purchase                                                   205,000.00                           179      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                                                                                      0    FIXED
SANGER                                                  CA                       93657                        360                       180,000.00                     6.150                     20061201   SFR                                                  922.5                      180,000.00                     6.150    Owner Occupied         Purchase                                                   240,000.00                           359      20061201                      0.375                         0.030              5.745                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
KESWICK                                                 VA                       22947                        360                       854,000.00                     6.125                     20070101   D-PUDS                                            4,358.96                      854,000.00                     6.125    Owner Occupied         Rate Refi                                                1,425,000.00                           360      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
CHICAGO                                                 IL                       60647                        360                       434,250.00                     9.420                     20070101   4-FAMILY                                          3,408.86                      434,250.00                     9.420    Owner Occupied         Purchase                                                   580,000.00                           360      20061201                      0.375                         0.030              9.015                                                                                   Stated                                                                                                                                      3    LIBOR                             6
FONTANA                                                 CA                       92337                        360                       350,000.00                     6.625                     20070101   SFR                                               2,241.09                      350,000.00                     6.625    Owner Occupied         CashOut Refi                                               450,000.00                           360      20061201                      0.375                         0.030              6.220                                                                                   Full                                                                     12    H                                                            3    LIBOR                             6
HENDERSON                                               NV                       89012                        360                       464,000.00                     7.280                     20061201   D-PUDS                                            3,174.74                      463,640.19                     7.280    Owner Occupied         Purchase                                                   580,000.00                           359      20061201                      0.375                         0.030              6.875                                                                                   Stated                                                                                                                                      3    LIBOR                             6
FORT LAUDERDALE                                         FL                       12117                        360                       276,352.00                     7.500                     20070101   HI-RISE                                           1,727.20                      276,352.00                     7.500    2nd Home               Purchase                                                   380,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
LODI                                                    CA                       95242                        360                       200,000.00                     8.750                     20070101   CONDO                                             1,458.33                      200,000.00                     8.750    Owner Occupied         Purchase                                                   260,000.00                           360      20061201                      0.250                         0.030              8.470                                                                                   Stated                                                                   36    H                                                                 FIXED
CHICAGO                                                 IL                       60634                        360                       228,750.00                     7.250                     20070101   SFR                                               1,560.48                      228,571.55                     7.250    Owner Occupied         Purchase                                                   305,000.00                           360      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                      3    LIBOR                             6
FORT MYERS                                              FL                       12313                        360                       106,500.00                     7.250                     20070101   SFR                                                 726.52                      106,500.00                     7.250    Investment             CashOut Refi                                               142,000.00                           360      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
AUSTIN                                                  TX                       78746                        360                       187,500.00                     6.990                     20070101   PUD                                               1,092.19                      187,500.00                     6.990    Investment             CashOut Refi                                               250,000.00                           360      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BROOKLYN                                                NY                       40595                        360                       555,000.00                     7.000                     20070101   3-FAMILY                                          3,237.50                      555,000.00                     7.000    Owner Occupied         Purchase                                                   740,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
SACRAMENTO                                              CA                       95842                        180                        60,400.00                    10.850                     20061201   SFR                                                 568.37                       60,377.75                    10.850    Owner Occupied         Purchase                                                   302,000.00                           179      20061201                      0.500                         0.030             10.320                                                                                   Stated                                                                                                                                      0    FIXED
HANOVER PARK                                            IL                       60133                        360                       203,200.00                     7.100                     20070101   SFR                                               1,365.57                      203,200.00                     7.100    Investment             Rate Refi                                                  254,000.00                           360      20061201                      0.375                         0.030              6.695                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
ESCONDIDO                                               CA                       92025                        360                       273,200.00                     5.375                     20061201   CONDO                                             1,223.71                      273,200.00                     5.375    Owner Occupied         Purchase                                                   342,000.00                           359      20061201                      0.375                         0.030              4.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
ALISO VIEJO                                             CA                       92656                        360                       542,500.00                     6.613                     20061201   D-PUDS                                            2,989.63                      542,500.00                     6.613    Owner Occupied         CashOut Refi                                               775,000.00                           359      20061201                      0.375                         0.030              6.208                                                                                   Stated                                                                                                                                      3    LIBOR                             6
DENVER                                                  CO                       29272                        360                       160,000.00                     6.990                     20070101   SFR                                                    932                      160,000.00                     6.990    Owner Occupied         Rate Refi                                                  200,000.00                           360      20061201                      0.250                         0.030              6.710                                                                                   Stated                                                                   36    H                                                                 FIXED
ORINDA                                                  CA                       94563                        360                       660,000.00                     7.990                     20061201   SFR                                               4,394.50                      660,000.00                     7.990    Investment             Rate Refi                                                  880,000.00                           359      20061201                      0.375                         0.030              7.585                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LAS VEGAS                                               NV                       89141                        360                       238,000.00                     6.700                     20070101   D-PUDS                                            1,328.83                      238,000.00                     6.700    Investment             Rate Refi                                                  320,000.00                           360      20061201                      0.375                         0.030              6.295                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LAS VEGAS                                               NV                       89138                        360                       775,000.00                     6.600                     20061201   D-PUDS                                            4,262.50                      775,000.00                     6.600    Owner Occupied         Purchase                                                 1,175,000.00                           359      20061201                      0.375                         0.030              6.195                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
SAN JOSE                                                CA                       34717                        360                       524,800.00                     6.250                     20061201   SFR                                               2,733.33                      524,800.00                     6.250    Owner Occupied         Purchase                                                   690,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
EWA BEACH                                               HI                       35252                        360                       240,000.00                     7.125                     20061201   CONDO                                             1,616.92                      239,808.08                     7.125    Owner Occupied         Purchase                                                   400,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Stated                                                                   12    H                                                                 FIXED
EWA BEACH                                               HI                       35252                        180                        60,000.00                    12.800                     20061201   CONDO                                               654.35                       59,985.65                    12.800    Owner Occupied         Purchase                                                   400,000.00                           179      20061201                      0.500                         0.030             12.270                                                                                   Stated                                                                   12    H                                                            0    FIXED
SAINT PAUL                                              MN                       20095                        360                       287,000.00                     7.150                     20070101   4-FAMILY                                          1,710.04                      287,000.00                     7.150    Investment             Purchase                                                   415,000.00                           360      20061201                      0.375                         0.030              6.745                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
MERCER ISLAND                                           WA                       98040                        360                       650,000.00                     5.750                     20070101   SFR                                               3,114.58                      650,000.00                     5.750    Owner Occupied         Rate Refi                                                1,400,000.00                           360      20061201                      0.375                         0.030              5.345                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
SARASOTA                                                FL                       34231                        180                        25,250.00                    13.500                     20061201   CONDO                                               289.22                       25,244.84                    13.500    Owner Occupied         Purchase                                                   132,000.00                           179      20061201                      0.500                         0.030             12.970                                                                                   Stated                                                                   12    H                                                            0    FIXED
HUNTINGTON PARK AREA                                    CA                       90255                        360                       347,200.00                     6.250                     20070101   SFR                                               1,808.33                      347,200.00                     6.250    Owner Occupied         Purchase                                                   496,000.00                           360      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
FONTANA                                                 CA                       92337                        360                       198,750.00                     6.625                     20061201   CONDO                                             1,097.27                      198,750.00                     6.625    Owner Occupied         Purchase                                                   265,000.00                           359      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
NORTHGLENN                                              CO                       80233                        360                       160,500.00                     5.900                     20061201   SFR                                                 789.13                      160,500.00                     5.900    Owner Occupied         Rate Refi                                                  214,000.00                           359      20061201                      0.375                         0.030              5.495                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
DELRAY BEACH                                            FL                       33446                        360                        80,000.00                     7.190                     20061201   CONDO                                               479.33                       80,000.00                     7.190    Investment             CashOut Refi                                               155,000.00                           359      20061201                      0.375                         0.030              6.785                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
PUEBLO                                                  CO                       81001                        360                       137,250.00                     6.875                     20061201   2-FAMILY                                            786.33                      137,250.00                     6.875    Investment             Rate Refi                                                  183,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
LOS ANGELES (NORTHRIDGE AREA)                           CA                       33322                        360                       350,000.00                     6.750                     20061201   SFR                                               1,968.75                      350,000.00                     6.750    Owner Occupied         CashOut Refi                                               775,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
BAY SHORE                                               NY                       40730                        360                       270,300.00                     7.625                     20061201   SFR                                               1,717.53                      270,300.00                     7.625    Owner Occupied         Purchase                                                   361,000.00                           359      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MINNEAPOLIS                                             MN                       20190                        360                       189,000.00                     7.070                     20070101   2-FAMILY                                          1,113.53                      189,000.00                     7.070    Investment             Purchase                                                   270,000.00                           360      20061201                      0.375                         0.030              6.665                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
BENSENVILLE                                             IL                       21921                        180                        72,500.00                    12.750                     20061201   SFR                                                 787.85                       72,482.46                    12.750    Owner Occupied         Purchase                                                   296,000.00                           179      20061201                      0.500                         0.030             12.220                                                                                   Stated                                                                                                                                      0    FIXED
HIAWASSEE                                               GA                       30546                        360                       255,500.00                     6.875                     20070101   D-PUDS                                            1,463.80                      255,500.00                     6.875    2nd Home               Purchase                                                   370,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Full                                                                                                                                        3    LIBOR                             6
HOLLISTER                                               CA                       95023                        360                       480,000.00                     6.375                     20061201   SFR                                               2,550.00                      480,000.00                     6.375    Owner Occupied         CashOut Refi                                               630,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
WARRENTON                                               OR                       97146                        360                       163,500.00                     6.875                     20070101   SFR                                                 936.72                      163,500.00                     6.875    Owner Occupied         Rate Refi                                                  218,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
IRVINE                                                  CA                       33773                        360                       276,750.00                     7.913                     20061201   CONDO                                             1,824.94                      276,750.00                     7.913    Owner Occupied         CashOut Refi                                               369,000.00                           359      20061201                      0.375                         0.030              7.508                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
PALERMO                                                 CA                       95968                        360                       133,250.00                     6.875                     20061201   SFR                                                 815.99                      133,197.42                     6.875    Owner Occupied         CashOut Refi                                               205,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LAS VEGAS                                               NV                       32512                        360                       230,400.00                     7.375                     20061201   SFR                                               1,416.00                      230,400.00                     7.375    Owner Occupied         Purchase                                                   300,000.00                           359      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LAS VEGAS                                               NV                       32512                        180                        57,600.00                    12.650                     20061201   SFR                                                 621.45                       57,585.75                    12.650    Owner Occupied         Purchase                                                   300,000.00                           179      20061201                      0.500                         0.030             12.120                                                                                   Stated                                                                   36    H                                                            0    FIXED
VENTURA                                                 CA                       93004                        360                       467,200.00                     6.875                     20061201   SFR                                               2,676.67                      467,200.00                     6.875    Owner Occupied         Purchase                                                   584,000.00                           359      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
HIALEAH                                                 FL                       33012                        360                       270,000.00                     7.300                     20070201   SFR                                               1,851.04                      270,000.00                     7.300    Owner Occupied         Purchase                                                   370,000.00                           361      20070101                      0.250                         0.030              7.020                                                                                   Stated                                                                   36    H                                                                 FIXED
WEST PALM BEACH                                         FL                       12145                        360                       250,000.00                     6.475                     20061201   CONDO                                             1,348.96                      250,000.00                     6.475    Owner Occupied         CashOut Refi                                               550,000.00                           359      20061201                      0.375                         0.030              6.070                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
WAIKOLOA                                                HI                       96738                        360                       484,000.00                     6.500                     20061201   D-PUDS                                            3,059.21                      483,562.46                     6.500    Owner Occupied         CashOut Refi                                               755,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Express Non-Verified Assets                                                                                                                      FIXED
LAS VEGAS                                               NV                       32509                        360                       196,000.00                     6.550                     20061201   SFR                                               1,069.83                      196,000.00                     6.550    Owner Occupied         Purchase                                                   245,000.00                           359      20061201                      0.375                         0.030              6.145                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LAS VEGAS                                               NV                       32509                        180                        49,000.00                    10.450                     20061201   SFR                                                 446.39                       48,980.32                    10.450    Owner Occupied         Purchase                                                   245,000.00                           179      20061201                      0.500                         0.030              9.920                                                                                   Stated                                                                   24    H                                                            0    FIXED
CHICAGO                                                 IL                       22089                        180                       112,000.00                    12.450                     20061201   2-FAMILY                                          1,190.98                      111,971.02                    12.450    Owner Occupied         Purchase                                                   560,000.00                           179      20061201                      0.500                         0.030             11.920                                                                                   Stated                                                                                                                                      0    FIXED
PASO ROBLES                                             CA                       93446                        360                       326,250.00                     6.300                     20061201   SFR                                               1,863.76                      326,099.05                     6.300    Owner Occupied         Rate Refi                                                  435,000.00                           359      20061201                      0.375                         0.030              5.895                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
PASO ROBLES                                             CA                       93446                        180                        42,000.00                    12.500                     20061201   SFR                                                 448.25                       41,989.25                    12.500    Owner Occupied         Rate Refi                                                  435,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
MORGAN HILL                                             CA                       95037                        360                       532,000.00                     6.950                     20070101   SFR                                               3,081.17                      532,000.00                     6.950    Owner Occupied         CashOut Refi                                               665,000.00                           360      20061201                      0.375                         0.030              6.545                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
ORLANDO                                                 FL                       32839                        360                       225,200.00                     6.425                     20070101   CONDO                                             1,205.76                      225,200.00                     6.425    2nd Home               Purchase                                                   301,900.00                           360      20061201                      0.375                         0.030              6.020                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
PERRIS                                                  CA                       92570                        360                       468,750.00                     6.650                     20061201   SFR                                               2,597.66                      468,750.00                     6.650    Investment             Rate Refi                                                  625,000.00                           359      20061201                      0.375                         0.030              6.245                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
PERRIS                                                  CA                       92570                        180                       125,000.00                    11.900                     20061201   SFR                                               1,276.15                      124,963.43                    11.900    Investment             CashOut Refi                                               625,000.00                           179      20061201                      0.500                         0.030             11.370                                                                                   Stated                                                                   24    H                                                            0    FIXED
FONTANA                                                 CA                       92335                        360                       230,000.00                     5.750                     20070101   SFR                                               1,102.08                      230,000.00                     5.750    Owner Occupied         CashOut Refi                                               356,000.00                           360      20061201                      0.375                         0.030              5.345                                                                                   SISA                                                                     36    H                                                            3    LIBOR                             6
COSTA MESA                                              CA                       33782                        360                       405,000.00                     6.000                     20070101   SFR                                               2,025.00                      405,000.00                     6.000    Owner Occupied         CashOut Refi                                               675,000.00                           360      20061201                      0.250                         0.030              5.720                                                                                   Full                                                                     12    H                                                                 FIXED
LOS ANGELES                                             CA                       90058                        180                       115,000.00                     6.000                     20061201   2-FAMILY                                            970.44                      114,604.56                     6.000    Owner Occupied         CashOut Refi                                               490,000.00                           179      20061201                      0.250                         0.030              5.720                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
PANAMA CITY BEACH                                       FL                       11792                        360                       440,000.00                     6.875                     20070101   HI-RISE                                           2,890.49                      440,000.00                     6.875    2nd Home               Purchase                                                   570,000.00                           360      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   12    H                                                                 FIXED
GILBERT                                                 AZ                       85234                        360                       174,750.00                     7.920                     20070101   SFR                                               1,204.58                      174,750.00                     7.920    Owner Occupied         CashOut Refi                                               233,000.00                           360      20061201                      0.375                         0.030              7.515                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
SAN DIEGO                                               CA                       33631                        360                       326,250.00                     6.125                     20061201   CONDO                                             1,665.23                      326,250.00                     6.125    Owner Occupied         Purchase                                                   445,000.00                           359      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SAN DIEGO                                               CA                       33631                        180                       108,750.00                    10.750                     20061201   CONDO                                             1,015.16                      108,709.06                    10.750    Owner Occupied         Purchase                                                   445,000.00                           179      20061201                      0.500                         0.030             10.220                                                                                   Stated                                                                   36    H                                                            0    FIXED
CHICAGO                                                 IL                       60639                        360                       260,000.00                     6.795                     20070101   2-FAMILY                                          1,694.14                      260,000.00                     6.795    Owner Occupied         CashOut Refi                                               385,000.00                           360      20061201                      0.250                         0.030              6.515                                                                                   Express Non-Verified Assets                                                                                                                      FIXED
SACRAMENTO                                              CA                       34936                        360                       185,000.00                     6.750                     20070101   SFR                                               1,040.63                      185,000.00                     6.750    Owner Occupied         CashOut Refi                                               280,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   36    H                                                         3.25    LIBOR                             6
MESA                                                    AZ                       31081                        360                       192,000.00                     7.800                     20061201   SFR                                               1,306.27                      191,941.73                     7.800    Owner Occupied         Purchase                                                   240,000.00                           359      20061201                      0.375                         0.030              7.395                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MESA                                                    AZ                       31088                        360                       172,400.00                     8.000                     20070101   SFR                                               1,149.33                      172,400.00                     8.000    Owner Occupied         CashOut Refi                                               215,500.00                           360      20061201                      0.375                         0.030              7.595                                                                                   Stated                                                                   36    H                                                            4    LIBOR                             6
PHOENIX                                                 AZ                       85008                        180                        53,950.00                    12.400                     20061201   SFR                                                  571.6                       53,935.88                    12.400    Owner Occupied         Purchase                                                   270,000.00                           179      20061201                      0.500                         0.030             11.870                                                                                   Stated                                                                                                                                      0    FIXED
COVINA AREA                                             CA                       33441                        360                       343,000.00                     7.000                     20070101   SFR                                               2,000.83                      343,000.00                     7.000    Owner Occupied         Purchase                                                   493,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    H                                                          2.5    LIBOR                             6
YUBA CITY                                               CA                       95991                        360                       220,000.00                     6.990                     20061201   SFR                                               1,281.50                      220,000.00                     6.990    Owner Occupied         Rate Refi                                                  275,000.00                           359      20061201                      0.250                         0.030              6.710                                                                                   Full                                                                     12    H                                                                 FIXED
SACRAMENTO                                              CA                       34936                        360                       212,000.00                     6.207                     20061201   SFR                                               1,096.57                      212,000.00                     6.207    Owner Occupied         CashOut Refi                                               335,000.00                           359      20061201                      0.375                         0.030              5.802                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
CHICAGO                                                 IL                       22090                        360                       348,800.00                     8.580                     20070101   3-FAMILY                                          2,701.77                      348,800.00                     8.580    Investment             CashOut Refi                                               436,000.00                           360      20061201                      0.375                         0.030              8.175                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BROOKHAVEN                                              MS                       14397                        360                       124,000.00                     6.250                     20061201   SFR                                                 645.83                      124,000.00                     6.250    Owner Occupied         Rate Refi                                                  155,000.00                           359      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
SAN DIEGO                                               CA                       33604                        360                       275,000.00                     7.250                     20061201   CONDO                                             1,661.46                      274,487.93                     7.250    2nd Home               Purchase                                                   475,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Stated                                                                   36    H                                                                 FIXED
FAIRFAX                                                 VA                       22033                        360                       404,000.00                     6.500                     20070101   SFR                                               2,188.33                      404,000.00                     6.500    Owner Occupied         Rate Refi                                                  505,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Express Verified Assets                                                  36    S                                                            3    LIBOR                             6
MORTON GROVE                                            IL                       60053                        180                        72,800.00                    12.300                     20061201   SFR                                                 765.68                       72,780.52                    12.300    Owner Occupied         CashOut Refi                                               486,000.00                           179      20061201                      0.500                         0.030             11.770                                                                                   Stated                                                                                                                                      0    FIXED
MIAMI                                                   FL                       12080                        360                       228,000.00                     6.875                     20061201   CONDO                                             1,306.25                      228,000.00                     6.875    Owner Occupied         CashOut Refi                                               285,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LAKE MARY                                               FL                       32748                        180                        45,000.00                    11.100                     20061201   SFR                                                 431.95                       44,984.30                    11.100    Owner Occupied         Purchase                                                   185,000.00                           179      20061201                      0.500                         0.030             10.570                                                                                   Stated                                                                                                                                      0    FIXED
MIAMI BEACH                                             FL                       33139                        360                       164,800.00                     7.100                     20061201   CONDO                                             1,107.51                      164,667.56                     7.100    Investment             Purchase                                                   265,000.00                           359      20061201                      0.250                         0.030              6.820                                                                                   Stated                                                                   36    S                                                                 FIXED
LAHAINA                                                 HI                       96761                        360                       430,000.00                     6.875                     20070101   CONDOTEL                                          2,463.54                      430,000.00                     6.875    Investment             Purchase                                                   620,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
PHOENIX                                                 AZ                       85015                        360                       140,000.00                     6.500                     20061201   D-PUDS                                              758.33                      140,000.00                     6.500    Owner Occupied         CashOut Refi                                               260,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                        3    LIBOR                             6
SOUTH GATE                                              CA                       90280                        360                       308,000.00                     5.750                     20061201   SFR                                               1,475.83                      308,000.00                     5.750    Owner Occupied         Purchase                                                   440,000.00                           359      20061201                      0.375                         0.030              5.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LOCKPORT                                                IL                       60441                        360                       240,000.00                     7.990                     20070101   SFR                                               1,598.00                      240,000.00                     7.990    Owner Occupied         Rate Refi                                                  300,000.00                           360      20061201                      0.375                         0.030              7.585                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BROOKLYN                                                NY                       11236                        360                       487,500.00                     6.875                     20061201   2-FAMILY                                          2,792.97                      487,500.00                     6.875    Owner Occupied         Purchase                                                   650,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
BROOKLYN                                                NY                       40581                        360                       532,500.00                     7.750                     20070101   3-FAMILY                                          3,439.06                      532,500.00                     7.750    Owner Occupied         Purchase                                                   710,000.00                           360      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
PALMDALE                                                CA                       93552                        360                       266,250.00                     7.000                     20070101   SFR                                               1,553.13                      266,250.00                     7.000    Owner Occupied         Purchase                                                   355,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
GREENFIELD                                              CA                       34239                        360                       444,000.00                     6.500                     20061201   SFR                                               2,405.00                      444,000.00                     6.500    Owner Occupied         Purchase                                                   555,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
GREENFIELD                                              CA                       34239                        180                       111,000.00                    12.500                     20061201   SFR                                               1,184.66                      110,971.59                    12.500    Owner Occupied         Purchase                                                   555,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   12    H                                                            0    FIXED
CERES                                                   CA                       34765                        360                       311,000.00                     6.550                     20061201   SFR                                               1,697.54                      311,000.00                     6.550    Owner Occupied         Rate Refi                                                  550,000.00                           359      20061201                      0.375                         0.030              6.145                                                                                   SISA                                                                     36    S                                                            3    LIBOR                             6
SALT LAKE CITY                                          UT                       30699                        360                       106,000.00                     7.500                     20070101   SFR                                                  662.5                      106,000.00                     7.500    Owner Occupied         CashOut Refi                                               157,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
FRESNO                                                  CA                       34152                        360                       184,800.00                     6.990                     20061201   SFR                                               1,147.06                      184,729.40                     6.990    Owner Occupied         Purchase                                                   232,000.00                           359      20061201                      0.250                         0.030              6.710                                                                                   Stated                                                                   24    H                                                                 FIXED
FRESNO                                                  CA                       34152                        180                        46,200.00                    12.690                     20061201   SFR                                                 499.89                       46,188.68                    12.690    Owner Occupied         Purchase                                                   232,000.00                           179      20061201                      0.500                         0.030             12.160                                                                                   Stated                                                                   36    H                                                            0    FIXED
TINLEY PARK                                             IL                       60477                        360                       405,000.00                     7.400                     20070101   SFR                                               2,804.14                      405,000.00                     7.400    Owner Occupied         Rate Refi                                                  550,000.00                           360      20061201                      0.375                         0.030              6.995                                                                                   Stated                                                                                                                                      3    LIBOR                             6
PASADENA                                                CA                       33241                        360                       371,182.00                     6.700                     20061201   CONDO                                             2,072.43                      371,182.00                     6.700    Investment             Purchase                                                   494,910.00                           359      20061201                      0.375                         0.030              6.295                                                                                   Stated                                                                                                                                      3    LIBOR                             6
FLORISSANT                                              MO                       63033                        180                        21,550.00                    12.550                     20061201   SFR                                                 230.83                       21,544.55                    12.550    Investment             Purchase                                                   148,000.00                           179      20061201                      0.500                         0.030             12.020                                                                                   Stated                                                                                                                                      0    FIXED
NORTH PALM BEACH                                        FL                       12152                        360                       238,500.00                     6.850                     20070101   SFR                                               1,361.44                      238,500.00                     6.850    Owner Occupied         Purchase                                                   335,000.00                           360      20061201                      0.375                         0.030              6.445                                                                                   Stated                                                                                                                                      3    LIBOR                             6
ORANGE                                                  CA                       92869                        360                       255,500.00                     6.000                     20070101   CONDO                                             1,531.85                      255,500.00                     6.000    Investment             Purchase                                                   380,000.00                           360      20061201                      0.250                         0.030              5.720                                                                                   Full                                                                     36    H                                                                 FIXED
SALINAS                                                 CA                       34218                        360                       367,000.00                     6.390                     20061201   SFR                                               1,954.28                      367,000.00                     6.390    Owner Occupied         CashOut Refi                                               600,000.00                           359      20061201                      0.375                         0.030              5.985                                                                                   Stated                                                                                                                                      3    LIBOR                             6
LOS ANGELES                                             CA                       90062                        360                       413,000.00                     6.875                     20070101   2-FAMILY                                          2,713.12                      413,000.00                     6.875    Owner Occupied         CashOut Refi                                               590,000.00                           360      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   36    H                                                                 FIXED
LAKE FOREST                                             CA                       33785                        360                       344,250.00                     6.625                     20070101   CONDO                                             1,900.55                      344,250.00                     6.625    Owner Occupied         Purchase                                                   459,000.00                           360      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
THE WOODLANDS                                           TX                       77380                        360                       119,700.00                     6.177                     20070101   D-PUDS                                              616.16                      119,700.00                     6.177    2nd Home               Purchase                                                   135,000.00                           360      20061201                      0.250                         0.030              5.897                       RADIAN - BORROWER PAID                                 25   Full                                                                     24    H                                                                 FIXED
DESTIN                                                  FL                       32541                        360                       216,200.00                     7.000                     20061201   D-PUDS                                            1,261.17                      216,200.00                     7.000    Owner Occupied         Rate Refi                                                  336,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   24    S                                                            3    LIBOR                             6
LANCASTER                                               CA                       93535                        360                       272,944.00                     7.500                     20070101   SFR                                               1,908.46                      272,944.00                     7.500    Owner Occupied         Purchase                                                   365,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
TAMPA                                                   FL                       12220                        360                       184,000.00                     6.900                     20061201   D-PUDS                                            1,130.09                      183,927.91                     6.900    Owner Occupied         Purchase                                                   231,000.00                           359      20061201                      0.250                         0.030              6.620                                                                                   Stated                                                                   36    H                                                                 FIXED
BALTIMORE                                               MD                       21230                        360                       172,000.00                     5.990                     20061201   SFR                                               1,030.12                      171,828.45                     5.990    Owner Occupied         Purchase                                                   230,000.00                           359      20061201                      0.375                         0.030              5.585                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
TAMPA                                                   FL                       12208                        360                       153,000.00                     9.550                     20070101   SFR                                               1,292.09                      153,000.00                     9.550    Investment             Purchase                                                   170,000.00                           360      20061201                      0.375                         0.030              8.575               0.57    PMI - LENDER PAID                                      25   SISA                                                                     12    H                                                        3.625    LIBOR                             6
ORLANDO                                                 FL                       11923                        360                       128,240.00                     7.950                     20070101   CONDO                                               936.51                      128,240.00                     7.950    Owner Occupied         Purchase                                                   192,000.00                           360      20061201                      0.250                         0.030              7.670                                                                                   Stated                                                                   36    H                                                                 FIXED
SOUTH SAN FRANCISCO                                     CA                       94080                        360                       600,000.00                     6.500                     20061201   SFR                                               3,250.00                      600,000.00                     6.500    Owner Occupied         Purchase                                                   750,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SOUTH SAN FRANCISCO                                     CA                       94080                        180                       150,000.00                    11.050                     20061201   SFR                                               1,434.16                      149,947.09                    11.050    Owner Occupied         Purchase                                                   750,000.00                           179      20061201                      0.500                         0.030             10.520                                                                                   Stated                                                                                                                                      0    FIXED
CHICAGO                                                 IL                       60660                        360                       143,900.00                     7.750                     20070201   CONDO                                               973.66                      143,900.00                     7.750    Owner Occupied         Purchase                                                   180,000.00                           361      20070101                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                      3    LIBOR                             6
PROVIDENCE                                              RI                       37506                        360                       264,000.00                     8.900                     20070101   3-FAMILY                                          2,016.09                      264,000.00                     8.900    Owner Occupied         Purchase                                                   340,000.00                           360      20061201                      0.375                         0.030              8.495                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MIAMI                                                   FL                       12085                        360                       306,000.00                    10.725                     20070101   CONDO                                             2,734.88                      306,000.00                    10.725    Investment             Purchase                                                   385,000.00                           360      20061201                      0.375                         0.030              9.200               1.12    PMI - LENDER PAID                                      25   Express Non-Verified Assets                                              36    S                                                         3.75    LIBOR                             6
SOLEDAD                                                 CA                       93960                        360                       214,500.00                     6.250                     20070101   SFR                                               1,117.19                      214,500.00                     6.250    Owner Occupied         Rate Refi                                                  485,000.00                           360      20061201                      0.250                         0.030              5.970                                                                                   Express Verified Assets                                                                                                                          FIXED
MILLERSVILLE                                            MD                       44204                        360                       400,000.00                     7.490                     20061201   SFR                                               2,496.67                      400,000.00                     7.490    Owner Occupied         Rate Refi                                                  500,000.00                           359      20061201                      0.375                         0.030              7.085                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LAGUNA BEACH                                            CA                       92653                        360                       427,500.00                     6.500                     20061201   CONDO                                             2,315.63                      427,500.00                     6.500    Investment             Rate Refi                                                  570,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LAUREL                                                  MD                       44019                        180                        98,000.00                    11.400                     20061201   SFR                                                 963.02                       97,967.98                    11.400    Owner Occupied         Purchase                                                   500,000.00                           179      20061201                      0.500                         0.030             10.870                                                                                   Stated                                                                                                                                      0    FIXED
ELK GROVE                                               CA                       34874                        360                       337,500.00                     7.125                     20061201   SFR                                               2,003.91                      337,500.00                     7.125    Owner Occupied         Purchase                                                   465,000.00                           359      20061201                      0.375                         0.030              6.720                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
MELROSE PARK                                            IL                       60160                        360                       193,500.00                     8.500                     20070101   SFR                                               1,487.85                      193,500.00                     8.500    Owner Occupied         Purchase                                                   266,000.00                           360      20061201                      0.375                         0.030              8.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SAN DIEGO                                               CA                       33634                        360                       900,000.00                     6.780                     20070101   SFR                                               5,085.00                      900,000.00                     6.780    Owner Occupied         CashOut Refi                                             1,200,000.00                           360      20061201                      0.375                         0.030              6.375                                                                                   Stated                                                                                                                                      3    LIBOR                             6
CARNATION                                               WA                       98014                        360                       524,000.00                     8.875                     20070101   SFR                                               3,875.42                      524,000.00                     8.875    Investment             Purchase                                                   900,000.00                           360      20061201                      0.375                         0.030              8.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BULLHEAD CITY                                           AZ                       31531                        360                       232,000.00                     5.750                     20070101   D-PUDS                                            1,111.67                      232,000.00                     5.750    2nd Home               Rate Refi                                                  380,000.00                           360      20061201                      0.375                         0.030              5.345                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
HONOLULU                                                HI                       35294                        360                       660,000.00                     7.000                     20070101   SFR                                               3,850.00                      660,000.00                     7.000    Owner Occupied         CashOut Refi                                               950,000.00                           360      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   36    H                                                                 FIXED
UNION CITY                                              CA                       94587                        360                       480,000.00                     6.180                     20061201   SFR                                               2,472.00                      480,000.00                     6.180    Owner Occupied         Rate Refi                                                  735,000.00                           359      20061201                      0.375                         0.030              5.775                                                                                   Stated                                                                                                                                      3    LIBOR                             6
NORTH LAS VEGAS                                         NV                       89030                        360                       110,000.00                     7.250                     20061201   SFR                                                 664.58                      110,000.00                     7.250    Investment             CashOut Refi                                               200,000.00                           359      20061201                      0.250                         0.030              6.970                                                                                   Express Non-Verified Assets                                              24    H                                                                 FIXED
NORTH LAS VEGAS                                         NV                       89030                        360                       140,800.00                     6.350                     20061201   SFR                                                 745.07                      140,800.00                     6.350    Owner Occupied         CashOut Refi                                               230,000.00                           359      20061201                      0.375                         0.030              5.945                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
DUNN LORING                                             VA                       22027                        180                       282,000.00                    12.500                     20061201   D-PUDS                                            3,009.67                      281,927.83                    12.500    Owner Occupied         Purchase                                                 1,110,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                   24    H                                                            0    FIXED
ROWLAND HEIGHTS AREA                                    CA                       91748                        360                       300,000.00                     6.500                     20061201   SFR                                               1,625.00                      300,000.00                     6.500    Owner Occupied         CashOut Refi                                               525,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SOLEDAD                                                 CA                       93960                        360                       424,000.00                     6.500                     20061201   SFR                                               2,296.67                      423,500.00                     6.500    Owner Occupied         CashOut Refi                                               530,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
EVERETT                                                 WA                       35830                        360                       237,750.00                     6.500                     20061201   SFR                                               1,287.81                      237,750.00                     6.500    Investment             Purchase                                                   317,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
EVERETT                                                 WA                       35829                        180                        47,550.00                    13.600                     20061201   SFR                                                 548.39                       47,540.51                    13.600    Investment             Purchase                                                   317,000.00                           179      20061201                      0.500                         0.030             13.070                                                                                   Stated                                                                                                                                      0    FIXED
HIGHLAND                                                CA                       92346                        360                       242,800.00                     7.875                     20070101   SFR                                               1,593.38                      242,800.00                     7.875    Owner Occupied         CashOut Refi                                               303,500.00                           360      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
CITRUS HEIGHTS                                          CA                       34871                        360                       281,250.00                     7.150                     20070101   SFR                                               1,675.78                      281,250.00                     7.150    Owner Occupied         Rate Refi                                                  375,000.00                           360      20061201                      0.250                         0.030              6.870                                                                                   Stated                                                                   36    S                                                                 FIXED
OCEANSIDE                                               CA                       92054                        360                       305,000.00                     6.250                     20070101   2-FAMILY                                          1,588.54                      305,000.00                     6.250    Investment             Rate Refi                                                  592,000.00                           360      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
SAN DIEGO                                               CA                       92139                        360                       232,500.00                     6.875                     20061201   CONDO                                             1,332.03                      232,500.00                     6.875    Owner Occupied         Rate Refi                                                  310,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SANTA ANA                                               CA                       33791                        360                       468,750.00                     6.125                     20070101   SFR                                               2,392.58                      468,750.00                     6.125    Owner Occupied         Purchase                                                   645,000.00                           360      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
CHICAGO                                                 IL                       60649                        180                        53,750.00                    12.600                     20061201   CONDO                                               577.82                       53,736.56                    12.600    Owner Occupied         Purchase                                                   215,000.00                           179      20061201                      0.500                         0.030             12.070                                                                                   Stated                                                                                                                                      0    FIXED
LIVERMORE                                               CA                       94551                        360                       634,000.00                     6.300                     20070101   SFR                                               3,328.50                      634,000.00                     6.300    Owner Occupied         Rate Refi                                                  875,000.00                           360      20061201                      0.375                         0.030              5.895                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SACRAMENTO                                              CA                       34928                        360                       201,600.00                     6.350                     20061201   SFR                                               1,066.80                      201,600.00                     6.350    Owner Occupied         Purchase                                                   252,000.00                           359      20061201                      0.375                         0.030              5.945                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LAS VEGAS                                               NV                       32515                        360                       144,000.00                     5.600                     20061201   SFR                                                    672                      144,000.00                     5.600    Owner Occupied         Purchase                                                   240,000.00                           359      20061201                      0.375                         0.030              5.195                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LOS ANGELES                                             CA                       90039                        360                       441,000.00                     6.150                     20070101   SFR                                               2,260.13                      441,000.00                     6.150    Owner Occupied         Purchase                                                   630,000.00                           360      20061201                      0.375                         0.030              5.745                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
APOPKA                                                  FL                       11882                        360                       206,400.00                     7.405                     20070101   SFR                                               1,273.66                      206,400.00                     7.405    Owner Occupied         Purchase                                                   265,000.00                           360      20061201                      0.375                         0.030              7.000                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
HOLLYWOOD                                               FL                       33021                        360                       160,400.00                     7.500                     20070101   CONDO                                             1,002.50                      160,400.00                     7.500    Owner Occupied         Purchase                                                   214,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
MARGATE                                                 FL                       33063                        360                        36,750.00                    12.975                     20061201   CONDO                                               405.81                       36,741.55                    12.975    Investment             Purchase                                                   184,900.00                           359      20061201                      0.500                         0.030             12.445                                                                                   Stated                                                                   24    H                                                            0    FIXED
ORLANDO                                                 FL                       11908                        360                       168,300.00                     9.550                     20070101   SFR                                               1,369.88                      168,300.00                     9.550    Investment             Purchase                                                   246,000.00                           360      20061201                      0.375                         0.030              9.145                                                                                   Full                                                                     36    H                                                        3.875    LIBOR                             6
IVANHOE                                                 CA                       93235                        360                       141,000.00                     6.000                     20061201   SFR                                                    705                      141,000.00                     6.000    Investment             Purchase                                                   188,000.00                           359      20061201                      0.375                         0.030              5.595                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
BRENTWOOD                                               CA                       34467                        360                       453,700.00                     6.180                     20070101   SFR                                               2,336.55                      453,700.00                     6.180    Owner Occupied         Rate Refi                                                  605,000.00                           360      20061201                      0.375                         0.030              5.775                                                                                   Stated                                                                                                                                      3    LIBOR                             6
WEST PALM BEACH                                         FL                       12145                        360                       270,375.00                     6.875                     20070101   HI-RISE                                           1,549.02                      270,375.00                     6.875    Owner Occupied         Purchase                                                   535,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
NORTH BERGEN                                            NJ                        7047                        360                       360,000.00                     9.100                     20070101   2-FAMILY                                          2,730.00                      360,000.00                     9.100    Investment             Purchase                                                   400,000.00                           360      20061201                      0.375                         0.030              8.695                       PMI                                                    25   Express Non-Verified Assets                                                                                                                 3    LIBOR                             6
PALM DESERT                                             CA                       92260                        360                       200,000.00                     6.500                     20061201   SFR                                               1,264.14                      199,819.19                     6.500    Investment             CashOut Refi                                               380,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
SACRAMENTO                                              CA                       95834                        360                       289,000.00                     6.100                     20070101   SFR                                               1,469.08                      289,000.00                     6.100    Investment             Rate Refi                                                  420,000.00                           360      20061201                      0.375                         0.030              5.695                                                                                   Stated                                                                                                                                      3    LIBOR                             6
EVERETT                                                 WA                       35829                        360                       207,500.00                     6.450                     20061201   SFR                                               1,304.73                      207,310.58                     6.450    Owner Occupied         Rate Refi                                                  326,000.00                           359      20061201                      0.250                         0.030              6.170                                                                                   Express Verified Assets                                                  36    H                                                                 FIXED
SANTA ROSA                                              CA                       34796                        360                       540,000.00                     6.700                     20070101   D-PUDS                                            3,015.00                      540,000.00                     6.700    Owner Occupied         CashOut Refi                                               675,000.00                           360      20061201                      0.375                         0.030              6.295                                                                                   Express Verified Assets                                                  12    H                                                            3    LIBOR                             6
KENT                                                    WA                       98031                        360                       355,000.00                     5.750                     20070101   SFR                                               1,701.04                      355,000.00                     5.750    Owner Occupied         CashOut Refi                                               615,000.00                           360      20061201                      0.375                         0.030              5.345                                                                                   Full                                                                                                                                        3    LIBOR                             6
RIVERSIDE                                               CA                       33727                        360                       210,000.00                     7.250                     20061201   SFR                                               1,432.57                      209,836.18                     7.250    Investment             CashOut Refi                                               400,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
NORTH LAS VEGAS                                         NV                       89032                        360                       212,000.00                     6.163                     20070101   D-PUDS                                            1,088.80                      212,000.00                     6.163    Owner Occupied         Purchase                                                   266,000.00                           360      20061201                      0.375                         0.030              5.758                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
WALDORF                                                 MD                       43983                        360                       247,500.00                     7.800                     20061201   D-PUDS                                            1,608.75                      247,500.00                     7.800    Owner Occupied         CashOut Refi                                               330,000.00                           359      20061201                      0.375                         0.030              7.395                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SALINAS                                                 CA                       34218                        360                       112,000.00                     6.375                     20061201   SFR                                                 698.73                      111,896.27                     6.375    Owner Occupied         CashOut Refi                                               555,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                                                                                             FIXED
CENTREVILLE                                             VA                       43850                        360                       135,600.00                     6.500                     20070101   PUD                                                  734.5                      135,600.00                     6.500    Investment             Rate Refi                                                  390,000.00                           360      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                     24    H                                                                 FIXED
VALRICO                                                 FL                       33594                        360                       168,750.00                     7.250                     20070101   D-PUDS                                            1,019.53                      168,750.00                     7.250    Investment             CashOut Refi                                               225,000.00                           360      20061201                      0.250                         0.030              6.970                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
LOS ANGELES (ENCINO AREA)                               CA                       91436                        360                       732,000.00                     7.625                     20070201   SFR                                               4,651.25                      732,000.00                     7.625    Owner Occupied         Rate Refi                                                  915,000.00                           361      20070101                      0.375                         0.030              7.220                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HEMET                                                   CA                       92545                        360                       206,500.00                     6.375                     20061201   SFR                                               1,097.03                      206,500.00                     6.375    Investment             Purchase                                                   300,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
CENTREVILLE                                             VA                       43850                        360                       275,600.00                     6.375                     20070101   PUD                                               1,464.13                      275,600.00                     6.375    Owner Occupied         Rate Refi                                                  407,000.00                           360      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                     24    H                                                                 FIXED
SEASIDE                                                 CA                       93955                        360                       588,750.00                     6.500                     20061201   SFR                                               3,189.06                      588,750.00                     6.500    Owner Occupied         Purchase                                                   785,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
SAN DIMAS                                               CA                       91773                        360                       442,500.00                     6.125                     20070101   SFR                                               2,258.59                      442,500.00                     6.125    Owner Occupied         Purchase                                                   590,000.00                           360      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SAN LEANDRO                                             CA                       94577                        360                       584,000.00                     7.250                     20061201   SFR                                               3,528.33                      584,000.00                     7.250    Owner Occupied         Purchase                                                   730,000.00                           359      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
HONOLULU                                                HI                       35296                        360                       513,000.00                     6.875                     20070101   SFR                                               3,370.04                      513,000.00                     6.875    Owner Occupied         Purchase                                                   545,000.00                           360      20061201                      0.250                         0.030              6.055               0.54    RADIAN - LENDER PAID                                   30   Full                                                                     36    H                                                                 FIXED
KEALAKEKUA                                              HI                       96750                        360                       453,750.00                     6.400                     20070101   SFR                                               2,624.25                      453,750.00                     6.400    Owner Occupied         CashOut Refi                                               605,000.00                           360      20061201                      0.375                         0.030              5.995                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
PITTSBURG                                               CA                       94565                        360                       405,000.00                     7.250                     20070101   4-FAMILY                                          2,446.88                      405,000.00                     7.250    Owner Occupied         Purchase                                                   540,000.00                           360      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                      3    LIBOR                             6
MIAMI                                                   FL                       33179                        360                       240,000.00                     6.500                     20070101   SFR                                               1,300.00                      240,000.00                     6.500    Owner Occupied         CashOut Refi                                               300,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
TALLAHASSEE                                             FL                       11752                        360                       139,500.00                     6.200                     20070101   SFR                                                 720.75                      139,500.00                     6.200    Owner Occupied         Purchase                                                   194,000.00                           360      20061201                      0.375                         0.030              5.795                                                                                   Full                                                                     36    H                                                         2.75    LIBOR                             6
WASHINGTON                                              DC                       20011                        360                       352,000.00                     6.800                     20061201   TOWNHOUSE                                         1,994.67                      352,000.00                     6.800    Investment             CashOut Refi                                               640,000.00                           359      20061201                      0.375                         0.030              6.395                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
AURORA                                                  CO                       80010                        360                       127,500.00                     6.500                     20070101   SFR                                                 690.63                      127,500.00                     6.500    Owner Occupied         CashOut Refi                                               170,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LANCASTER                                               CA                       93536                        360                       190,800.00                     5.999                     20070101   SFR                                                 953.84                      190,800.00                     5.999    Owner Occupied         CashOut Refi                                               354,000.00                           360      20061201                      0.375                         0.030              5.594                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
PLAINFIELD                                              IL                       60544                        360                       138,750.00                     7.500                     20070101   TOWNHOUSE                                           867.19                      138,750.00                     7.500    Owner Occupied         Rate Refi                                                  185,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
OPA LOCKA                                               FL                       33014                        360                       113,250.00                     7.375                     20070101   HI-RISE                                             682.19                      111,000.00                     7.375    Investment             Purchase                                                   164,000.00                           360      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   60    S                                                            3    LIBOR                             6
RIVERSIDE                                               CA                       33733                        240                       250,000.00                     6.750                     20070101   SFR                                               1,900.91                      250,000.00                     6.750    Investment             CashOut Refi                                               375,000.00                           240      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
HOLLISTER                                               CA                       95023                        360                       442,500.00                     6.250                     20070101   SFR                                               2,304.69                      442,500.00                     6.250    Owner Occupied         Rate Refi                                                  590,000.00                           360      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
BRADENTON                                               FL                       12457                        360                       150,000.00                     6.570                     20070101   SFR                                                 821.25                      150,000.00                     6.570    Investment             Purchase                                                   200,000.00                           360      20061201                      0.375                         0.030              6.165                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SAN DIEGO                                               CA                       92154                        360                       258,900.00                     6.850                     20070101   CONDO                                             1,696.47                      258,900.00                     6.850    Investment             Rate Refi                                                  346,000.00                           360      20061201                      0.375                         0.030              6.445                                                                                   Express Verified Assets                                                  24    H                                                            3    LIBOR                             6
LONG BEACH                                              NY                       11561                        360                       476,250.00                     7.375                     20070101   SFR                                               2,926.95                      476,250.00                     7.375    Owner Occupied         Purchase                                                   662,000.00                           360      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                      3    LIBOR                             6
LAKE ELSINORE                                           CA                       33754                        360                       357,000.00                     6.750                     20070101   SFR                                               2,008.13                      357,000.00                     6.750    2nd Home               CashOut Refi                                               480,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
EDWARDS                                                 CO                       81632                        360                       285,000.00                     6.875                     20061201   CONDO                                             1,632.81                      285,000.00                     6.875    Owner Occupied         CashOut Refi                                               380,000.00                           359      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
MONROVIA                                                CA                       91016                        360                       264,300.00                     6.875                     20070101   3-FAMILY                                          1,736.26                      264,300.00                     6.875    Investment             Rate Refi                                                  708,247.00                           360      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     36    S                                                                 FIXED
FOLSOM                                                  CA                       34880                        360                       455,000.00                     5.625                     20070101   SFR                                               2,132.81                      455,000.00                     5.625    Owner Occupied         Rate Refi                                                  830,000.00                           360      20061201                      0.375                         0.030              5.220                                                                                   Full                                                                                                                                        3    LIBOR                             6
SANTA ANA                                               CA                       33786                        360                       556,000.00                     7.350                     20070101   SFR                                               3,405.50                      556,000.00                     7.350    Owner Occupied         Rate Refi                                                  695,000.00                           360      20061201                      0.375                         0.030              6.945                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
SOUTHFIELD                                              MI                       48075                        360                       104,000.00                     9.550                     20070101   SFR                                                 878.28                      104,000.00                     9.550    Investment             CashOut Refi                                               130,000.00                           360      20061201                      0.375                         0.030              9.145                                                                                   Stated                                                                                                                                      3    LIBOR                             6
FAIRFIELD                                               CA                       94534                        360                       374,000.00                     6.375                     20061201   SFR                                               1,986.88                      374,000.00                     6.375    Owner Occupied         CashOut Refi                                               535,000.00                           359      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
MOUNTAIN VIEW                                           HI                       96771                        360                       237,600.00                     7.500                     20061201   D-PUDS                                            1,661.33                      237,423.67                     7.500    Owner Occupied         CashOut Refi                                               297,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   36    H                                                                 FIXED
DOYLESTOWN                                              PA                       43344                        360                       448,000.00                     7.375                     20070101   SFR                                               2,753.33                      448,000.00                     7.375    Owner Occupied         Rate Refi                                                  560,000.00                           360      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
WAIKOLOA                                                HI                       96738                        360                       841,800.00                     6.300                     20070101   CONDO                                             4,419.45                      841,800.00                     6.300    2nd Home               Purchase                                                 1,400,000.00                           360      20061201                      0.375                         0.030              5.895                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
VALLEY SPRINGS                                          CA                       95252                        360                       165,000.00                     6.375                     20061201   SFR                                               1,029.39                      164,847.17                     6.375    Owner Occupied         CashOut Refi                                               335,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   SISA                                                                                                                                             FIXED
SAN DIEGO                                               CA                       33611                        360                       385,000.00                     7.600                     20070101   CONDO                                             2,438.33                      385,000.00                     7.600    Owner Occupied         Purchase                                                   482,000.00                           360      20061201                      0.375                         0.030              7.195                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
FRESNO                                                  CA                       34172                        360                       176,250.00                     7.000                     20061201   SFR                                               1,028.13                      176,250.00                     7.000    Owner Occupied         Purchase                                                   235,000.00                           359      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
FRESNO                                                  CA                       34172                        180                        58,750.00                    11.725                     20061201   SFR                                                  591.9                       58,732.14                    11.725    Owner Occupied         Purchase                                                   235,000.00                           179      20061201                      0.500                         0.030             11.195                                                                                   Stated                                                                   24    H                                                            0    FIXED
STATEN ISLAND                                           NY                       40251                        360                       392,000.00                     6.550                     20070101   SFR                                               2,139.67                      392,000.00                     6.550    Owner Occupied         Rate Refi                                                  490,000.00                           360      20061201                      0.375                         0.030              6.145                                                                                   Stated                                                                   12    H                                                         2.75    LIBOR                             6
PHOENIX                                                 AZ                       85016                        360                       135,000.00                     6.500                     20061201   PUD                                                 731.25                      135,000.00                     6.500    Owner Occupied         CashOut Refi                                               220,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   SISA                                                                                                                                        3    LIBOR                             6
RIVERSIDE                                               CA                       33729                        360                       417,000.00                     6.250                     20070101   4-FAMILY                                          2,171.88                      417,000.00                     6.250    Investment             Rate Refi                                                  675,000.00                           360      20061201                      0.375                         0.030              5.845                                                                                   Full                                                                     24    H                                                            3    LIBOR                             6
DAVIE                                                   FL                       12127                        180                       125,500.00                    12.990                     20061201   D-PUDS                                            1,387.30                      125,471.24                    12.990    Investment             Purchase                                                   628,000.00                           179      20061201                      0.500                         0.030             12.460                                                                                   Stated                                                                                                                                      0    FIXED
CHICAGO                                                 IL                       22075                        360                       168,000.00                     7.875                     20070101   2-FAMILY                                          1,102.50                      168,000.00                     7.875    Owner Occupied         Purchase                                                   215,000.00                           360      20061201                      0.375                         0.030              7.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HUNTLEY                                                 IL                       60142                        360                       293,250.00                     9.375                     20070101   SFR                                               2,291.02                      293,250.00                     9.375    Owner Occupied         CashOut Refi                                               391,000.00                           360      20061201                      0.375                         0.030              8.970                                                                                   Stated                                                                                                                                      3    LIBOR                             6
TURLOCK                                                 CA                       95382                        360                       367,400.00                     6.250                     20070101   SFR                                               1,913.54                      367,400.00                     6.250    Owner Occupied         Rate Refi                                                  489,870.00                           360      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
BRISTOW                                                 VA                       20136                        360                       375,000.00                     6.875                     20070101   D-PUDS                                            2,148.44                      375,000.00                     6.875    Investment             Purchase                                                   538,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
MODESTO                                                 CA                       95355                        360                       450,000.00                     6.750                     20070101   SFR                                               2,918.69                      450,000.00                     6.750    Owner Occupied         CashOut Refi                                               600,000.00                           360      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                     36    H                                                                 FIXED
SHARPSBURG                                              MD                       21782                        360                       160,000.00                     6.750                     20070101   SFR                                               1,037.76                      160,000.00                     6.750    Owner Occupied         CashOut Refi                                               200,000.00                           360      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
NORTH PORT                                              FL                       34287                        360                       140,000.00                     6.625                     20070101   D-PUDS                                              772.92                      140,000.00                     6.625    Owner Occupied         CashOut Refi                                               187,126.00                           360      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                     36    H                                                                 FIXED
PROVIDENCE                                              RI                       37508                        360                       163,500.00                     7.025                     20070101   2-FAMILY                                          1,019.01                      163,500.00                     7.025    Owner Occupied         Purchase                                                   254,000.00                           360      20061201                      0.375                         0.030              6.620                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
PORTERVILLE                                             CA                       93257                        240                       120,000.00                     6.750                     20070101   SFR                                                 912.44                      120,000.00                     6.750    Owner Occupied         CashOut Refi                                               220,000.00                           240      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
ADELANTO                                                CA                       33664                        360                       243,750.00                     6.550                     20070101   SFR                                               1,330.47                      243,750.00                     6.550    Owner Occupied         CashOut Refi                                               325,000.00                           360      20061201                      0.375                         0.030              6.145                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LEHIGH ACRES                                            FL                       33971                        360                       172,400.00                     6.875                     20070101   SFR                                                 987.71                      172,400.00                     6.875    Owner Occupied         Purchase                                                   224,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
SACRAMENTO                                              CA                       95835                        360                       458,000.00                     6.150                     20070101   D-PUDS                                            2,347.25                      458,000.00                     6.150    Owner Occupied         Rate Refi                                                  680,000.00                           360      20061201                      0.375                         0.030              5.745                                                                                   Stated                                                                   12    S                                                            3    LIBOR                             6
ONTARIO                                                 CA                       91761                        360                       276,500.00                     6.625                     20070101   D-PUDS                                            1,643.47                      276,500.00                     6.625    Investment             CashOut Refi                                               395,000.00                           360      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                                                                                             FIXED
FRESNO                                                  CA                       34152                        360                       321,000.00                     7.950                     20070101   4-FAMILY                                          2,126.63                      321,000.00                     7.950    Owner Occupied         Purchase                                                   428,000.00                           360      20061201                      0.375                         0.030              7.545                                                                                   Stated                                                                                                                                      3    LIBOR                             6
LONG BEACH                                              CA                       33093                        360                       468,000.00                     6.625                     20070101   SFR                                               2,583.75                      468,000.00                     6.625    Owner Occupied         Purchase                                                   585,000.00                           360      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   24    S                                                                 FIXED
MONUMENT                                                CO                       80132                        180                        22,800.00                    11.050                     20061201   SFR                                                 217.99                       22,791.96                    11.050    Owner Occupied         Purchase                                                   230,000.00                           179      20061201                      0.500                         0.030             10.520                                                                                   Stated                                                                                                                                      0    FIXED
BRONX                                                   NY                       10453                        360                       405,450.00                     8.990                     20070101   3-FAMILY                                          3,037.50                      405,450.00                     8.990    Owner Occupied         Purchase                                                   560,000.00                           360      20061201                      0.375                         0.030              8.585                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LIVE OAK                                                CA                       95953                        180                        75,000.00                     7.125                     20070101   SFR                                                 679.37                       75,000.00                     7.125    Owner Occupied         CashOut Refi                                               190,000.00                           180      20061201                      0.250                         0.030              6.845                                                                                   SISA                                                                     36    H                                                                 FIXED
POTTSTOWN                                               PA                       19464                        180                        45,950.00                    12.500                     20061201   PUD                                                  490.4                       45,938.25                    12.500    Investment             Purchase                                                   230,000.00                           179      20061201                      0.500                         0.030             11.970                                                                                   Stated                                                                                                                                      0    FIXED
DETROIT                                                 MI                       17568                        360                        79,200.00                    11.420                     20070101   SFR                                                 779.48                       79,200.00                    11.420    Investment             Purchase                                                    88,000.00                           360      20061201                      0.375                         0.030             10.135               0.88    PMI - LENDER PAID                                      25   Express Non-Verified Assets                                                                                                             3.625    LIBOR                             6
DELRAY BEACH                                            FL                       33444                        360                       213,750.00                     7.915                     20070101   CONDO                                             1,555.77                      213,750.00                     7.915    Investment             Purchase                                                   285,000.00                           360      20061201                      0.375                         0.030              7.510                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
MIAMI                                                   FL                       33193                        360                       336,000.00                     7.280                     20070101   SFR                                               2,038.40                      336,000.00                     7.280    Owner Occupied         CashOut Refi                                               448,000.00                           360      20061201                      0.375                         0.030              6.875                                                                                   Stated                                                                                                                                      3    LIBOR                             6
AMBLER                                                  PA                       19002                        360                       605,000.00                     7.000                     20070101   SFR                                               3,529.17                      605,000.00                     7.000    Owner Occupied         CashOut Refi                                               865,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Full                                                                     24    S                                                            3    LIBOR                             6
MIRAMAR                                                 FL                       33027                        360                       337,500.00                     7.705                     20070101   D-PUDS                                            2,167.03                      337,500.00                     7.705    Owner Occupied         Purchase                                                   450,000.00                           360      20061201                      0.375                         0.030              7.300                                                                                   Stated                                                                                                                                      3    LIBOR                             6
AIEA                                                    HI                       35247                        360                       259,000.00                     6.350                     20070101   SFR                                               1,611.59                      259,000.00                     6.350    Owner Occupied         CashOut Refi                                               685,000.00                           360      20061201                      0.250                         0.030              6.070                                                                                   Stated                                                                   36    H                                                                 FIXED
TUJUNGA AREA                                            CA                       91042                        360                       437,500.00                     6.500                     20061201   SFR                                               2,369.79                      437,500.00                     6.500    Owner Occupied         CashOut Refi                                               625,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   60    H                                                                 FIXED
HOLLISTER                                               CA                       95023                        360                       420,000.00                     6.500                     20061201   SFR                                               2,275.00                      420,000.00                     6.500    Owner Occupied         Purchase                                                   555,000.00                           359      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
SARASOTA                                                FL                       34232                        360                       189,000.00                     5.700                     20070101   SFR                                                 897.75                      189,000.00                     5.700    Investment             Purchase                                                   255,000.00                           360      20061201                      0.375                         0.030              5.295                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BALTIMORE                                               MD                       21236                        360                       192,000.00                     7.350                     20070101   PUD                                               1,176.00                      192,000.00                     7.350    Owner Occupied         CashOut Refi                                               240,000.00                           360      20061201                      0.375                         0.030              6.945                                                                                   Stated                                                                                                                                      3    LIBOR                             6
PINOLE                                                  CA                       94564                        180                       312,000.00                     6.175                     20070101   SFR                                               2,662.42                      312,000.00                     6.175    Investment             CashOut Refi                                               635,000.00                           180      20061201                      0.250                         0.030              5.895                                                                                   Stated                                                                   36    H                                                                 FIXED
HONOLULU                                                HI                       35295                        360                       236,000.00                     8.420                     20061201   HI-RISE                                           1,655.93                      236,000.00                     8.420    Investment             Purchase                                                   295,000.00                           359      20061201                      0.375                         0.030              8.015                                                                                   Stated                                                                                                                                      3    LIBOR                             6
NORTH MIAMI BEACH                                       FL                       33162                        360                       131,900.00                     7.000                     20070101   HI-RISE                                             877.53                      131,900.00                     7.000    Investment             Purchase                                                   176,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
GREENFIELD                                              CA                       34239                        360                       324,000.00                     6.650                     20070101   SFR                                               1,795.50                      324,000.00                     6.650    Owner Occupied         Purchase                                                   405,000.00                           360      20061201                      0.375                         0.030              6.245                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MIAMI BEACH                                             FL                       33141                        360                       436,000.00                     6.875                     20070101   HI-RISE                                           2,497.92                      436,000.00                     6.875    2nd Home               CashOut Refi                                               545,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   60    S                                                            3    LIBOR                             6
CHICAGO                                                 IL                       60657                        360                       189,050.00                     8.700                     20070101   HI-RISE                                           1,370.61                      189,050.00                     8.700    Owner Occupied         Purchase                                                   202,000.00                           360      20061201                      0.375                         0.030              7.105               1.19    RADIAN - LENDER PAID                                   30   Express No Doc                                                                                                                              4    LIBOR                             6
FONTANA                                                 CA                       92336                        360                       324,000.00                     7.875                     20061201   SFR                                               2,126.25                      324,000.00                     7.875    Owner Occupied         CashOut Refi                                               360,000.00                           359      20061201                      0.375                         0.030              7.470                       RADIAN - BORROWER PAID                                 25   Stated                                                                   36    H                                                            3    LIBOR                             6
CORAL GABLES                                            FL                       33156                        360                     1,413,750.00                     6.875                     20070101   SFR                                               8,099.61                    1,413,750.00                     6.875    Owner Occupied         CashOut Refi                                             2,175,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   24    H                                                            4    LIBOR                             6
ESCONDIDO                                               CA                       92025                        360                       321,000.00                     5.875                     20070101   CONDO                                             1,571.56                      321,000.00                     5.875    Owner Occupied         Purchase                                                   402,000.00                           360      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
PALM DESERT                                             CA                       92260                        180                       379,000.00                     6.125                     20070101   SFR                                               3,223.87                      379,000.00                     6.125    Investment             Rate Refi                                                  620,000.00                           180      20061201                      0.250                         0.030              5.845                                                                                   Full                                                                     12    H                                                                 FIXED
MIAMI                                                   FL                       12085                        360                       318,500.00                     7.250                     20070101   HI-RISE                                           1,924.27                      318,500.00                     7.250    Investment             Purchase                                                   490,500.00                           360      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   60    S                                                            3    LIBOR                             6
BOYNTON BEACH                                           FL                       33437                        360                       228,000.00                     7.950                     20070101   D-PUDS                                            1,510.50                      228,000.00                     7.950    Owner Occupied         Purchase                                                   290,000.00                           360      20061201                      0.375                         0.030              7.545                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MANTECA                                                 CA                       95337                        360                       500,000.00                     6.750                     20070101   SFR                                               2,812.50                      500,000.00                     6.750    Owner Occupied         Rate Refi                                                  625,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
CHICAGO                                                 IL                       22084                        360                        74,750.00                     8.300                     20070101   SFR                                                  564.2                       74,750.00                     8.300    Investment             Purchase                                                   115,000.00                           360      20061201                      0.375                         0.030              7.895                                                                                   Stated                                                                                                                                      3    LIBOR                             6
VANCOUVER                                               WA                       98685                        360                       276,000.00                     7.375                     20070101   SFR                                               1,696.25                      276,000.00                     7.375    Owner Occupied         Rate Refi                                                  345,000.00                           360      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
CHICAGO                                                 IL                       60634                        360                       112,000.00                     7.300                     20070101   CONDO                                               767.84                      112,000.00                     7.300    Owner Occupied         Purchase                                                   154,500.00                           360      20061201                      0.375                         0.030              6.895                                                                                   Stated                                                                                                                                      3    LIBOR                             6
PLAINFIELD                                              IL                       60586                        360                       161,250.00                     7.600                     20070101   D-PUDS                                            1,021.25                      161,250.00                     7.600    Owner Occupied         Purchase                                                   215,000.00                           360      20061201                      0.375                         0.030              7.195                                                                                   Stated                                                                                                                                      3    LIBOR                             6
TAMARAC                                                 FL                       12134                        180                       288,000.00                     6.000                     20070101   CONDO                                             2,430.31                      288,000.00                     6.000    Owner Occupied         CashOut Refi                                               360,000.00                           180      20061201                      0.250                         0.030              5.720                                                                                   Stated                                                                                                                                           FIXED
SAN PABLO                                               CA                       34552                        360                       443,800.00                     6.250                     20070101   SFR                                               2,311.46                      443,800.00                     6.250    Owner Occupied         Rate Refi                                                  640,000.00                           360      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
PLAINFIELD                                              IL                       60544                        360                       175,200.00                     8.250                     20070101   SFR                                               1,204.50                      175,200.00                     8.250    Owner Occupied         Purchase                                                   221,000.00                           360      20061201                      0.375                         0.030              7.845                                                                                   Stated                                                                                                                                      3    LIBOR                             6
PEMBROKE PINES                                          FL                       33024                        360                       160,000.00                     8.125                     20070101   CONDO                                             1,083.33                      160,000.00                     8.125    Owner Occupied         Purchase                                                   200,000.00                           360      20061201                      0.375                         0.030              7.720                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
WARWICK                                                 RI                        2886                        360                       123,750.00                     7.340                     20070101   SFR                                                 756.94                      123,750.00                     7.340    Investment             Purchase                                                   195,000.00                           360      20061201                      0.375                         0.030              6.935                                                                                   Stated                                                                   12    S                                                          2.5    LIBOR                             6
WELLINGTON                                              FL                       12158                        360                       480,000.00                     6.950                     20070101   D-PUDS                                            3,177.35                      480,000.00                     6.950    Owner Occupied         CashOut Refi                                               600,000.00                           360      20061201                      0.250                         0.030              6.670                                                                                   Stated                                                                   36    H                                                                 FIXED
OCALA                                                   FL                       34482                        360                        75,000.00                     8.500                     20070101   SFR                                                 531.25                       75,000.00                     8.500    Investment             CashOut Refi                                               100,000.00                           360      20061201                      0.375                         0.030              8.095                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
HENDERSON                                               NV                       89015                        360                       143,650.00                     8.140                     20070101   SFR                                                 974.43                      143,650.00                     8.140    Investment             Purchase                                                   189,000.00                           360      20061201                      0.375                         0.030              7.735                                                                                   Stated                                                                                                                                      3    LIBOR                             6
QUARTZ HILL                                             CA                       93536                        360                       412,800.00                     6.875                     20070101   SFR                                               2,365.00                      412,800.00                     6.875    Owner Occupied         Purchase                                                   516,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
KIRKLAND                                                WA                       98034                        360                       254,000.00                     5.630                     20070101   SFR                                               1,191.68                      254,000.00                     5.630    Owner Occupied         CashOut Refi                                               400,000.00                           360      20061201                      0.375                         0.030              5.225                                                                                   Express Non-Verified Assets                                              36    H                                                            3    LIBOR                             6
RIVERSIDE                                               CA                       33732                        360                       496,000.00                     6.375                     20070101   D-PUDS                                            2,635.00                      496,000.00                     6.375    Owner Occupied         Purchase                                                   620,000.00                           360      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
QUEEN CREEK                                             AZ                       85242                        360                       251,200.00                     7.500                     20070101   D-PUDS                                            1,570.00                      251,200.00                     7.500    Owner Occupied         Purchase                                                   330,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LIVE OAK                                                CA                       95953                        360                       191,250.00                     7.400                     20070101   SFR                                               1,324.18                      191,250.00                     7.400    Owner Occupied         CashOut Refi                                               225,000.00                           360      20061201                      0.375                         0.030              6.995                       RADIAN - BORROWER PAID                                 22   Stated                                                                   36    H                                                            3    LIBOR                             6
KAPOLEI                                                 HI                       35253                        360                       548,000.00                     8.250                     20061201   D-PUDS                                            3,913.48                      547,854.02                     8.250    Investment             CashOut Refi                                               685,000.00                           359      20061201                      0.375                         0.030              7.845                                                                                   Stated                                                                                                                                      3    LIBOR                             6
MARGATE                                                 FL                       33063                        360                       224,800.00                     7.375                     20070101   SFR                                               1,381.58                      224,800.00                     7.375    Owner Occupied         Purchase                                                   300,000.00                           360      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
VISALIA                                                 CA                       93292                        360                       204,000.00                     6.950                     20070101   SFR                                               1,350.37                      204,000.00                     6.950    Investment             Rate Refi                                                  255,000.00                           360      20061201                      0.250                         0.030              6.670                                                                                   Stated                                                                   24    H                                                                 FIXED
HOLLISTER                                               CA                       95023                        360                       551,200.00                     6.450                     20070101   SFR                                               2,962.70                      551,200.00                     6.450    Owner Occupied         Purchase                                                   689,000.00                           360      20061201                      0.375                         0.030              6.045                                                                                   Stated                                                                                                                                      3    LIBOR                             6
JAMAICA                                                 NY                       11435                        360                       360,000.00                     6.750                     20070101   SFR                                               2,025.00                      360,000.00                     6.750    Owner Occupied         CashOut Refi                                               495,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
PEMBROKE PINES                                          FL                       33029                        360                       346,500.00                     6.750                     20070101   D-PUDS                                            1,949.06                      346,500.00                     6.750    Investment             Purchase                                                   495,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   60    S                                                            3    LIBOR                             6
UPPER MARLBORO                                          MD                       20774                        360                       163,500.00                     7.750                     20070101   PUD                                               1,106.27                      163,500.00                     7.750    Owner Occupied         CashOut Refi                                               268,000.00                           360      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
MIAMI                                                   FL                       33174                        360                       107,000.00                     6.375                     20070101   PUD                                                 568.44                      107,000.00                     6.375    Owner Occupied         CashOut Refi                                               250,000.00                           360      20061201                      0.375                         0.030              5.970                                                                                   Express No Doc                                                           24    H                                                            3    LIBOR                             6
POMPANO BEACH                                           FL                       33060                        360                       281,250.00                     7.505                     20070101   SFR                                               1,758.98                      281,250.00                     7.505    Investment             CashOut Refi                                               375,000.00                           360      20061201                      0.375                         0.030              7.100                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LAKE OSWEGO                                             OR                       97034                        360                       750,000.00                     6.750                     20070101   SFR                                               4,218.75                      750,000.00                     6.750    Owner Occupied         Purchase                                                 1,000,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MARYSVILLE                                              CA                       34943                        360                       198,500.00                     6.430                     20070101   SFR                                               1,063.63                      198,500.00                     6.430    Owner Occupied         Rate Refi                                                  280,000.00                           360      20061201                      0.375                         0.030              6.025                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
FORT LAUDERDALE                                         FL                       33334                        360                       255,000.00                     7.067                     20070101   SFR                                               1,501.74                      255,000.00                     7.067    Owner Occupied         CashOut Refi                                               340,000.00                           360      20061201                      0.375                         0.030              6.662                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
HOLLYWOOD                                               FL                       33021                        360                       143,900.00                     8.250                     20070101   CONDO                                               989.31                      143,900.00                     8.250    Owner Occupied         Purchase                                                   194,000.00                           360      20061201                      0.375                         0.030              7.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MIAMI                                                   FL                       33144                        360                       283,500.00                     8.200                     20070101   2-FAMILY                                          1,937.25                      283,500.00                     8.200    Owner Occupied         Purchase                                                   378,000.00                           360      20061201                      0.375                         0.030              7.795                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
PRESCOTT                                                AZ                       31472                        360                       215,800.00                     6.375                     20070101   D-PUDS                                            1,146.44                      215,800.00                     6.375    Investment             Rate Refi                                                  420,000.00                           360      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                      3    LIBOR                             6
PAHOA                                                   HI                       96778                        360                       198,000.00                     7.750                     20070101   SFR                                               1,278.75                      198,000.00                     7.750    Owner Occupied         Purchase                                                   247,500.00                           360      20061201                      0.375                         0.030              7.345                                                                                   SISA                                                                     36    H                                                            3    LIBOR                             6
CAPE COROL                                              FL                       33991                        360                       156,100.00                     7.200                     20070101   SFR                                               1,059.59                      156,100.00                     7.200    Owner Occupied         Rate Refi                                                  223,000.00                           360      20061201                      0.250                         0.030              6.920                                                                                   Stated                                                                   36    H                                                                 FIXED
ESCONDIDO                                               CA                       92026                        360                       376,000.00                     6.625                     20070101   D-PUDS                                            2,075.83                      376,000.00                     6.625    Owner Occupied         Purchase                                                   495,000.00                           360      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
MIAMI                                                   FL                       12079                        360                       191,300.00                     7.625                     20070101   HI-RISE                                           1,215.55                      191,300.00                     7.625    Investment             Purchase                                                   270,000.00                           360      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
CAPE CORAL                                              FL                       12311                        360                       194,800.00                     7.000                     20070101   SFR                                               1,136.33                      194,800.00                     7.000    Owner Occupied         Purchase                                                   265,000.00                           360      20061201                      0.375                         0.030              6.595                                                                                   Stated                                                                   60    S                                                            3    LIBOR                             6
CHICAGO                                                 IL                       60647                        360                       281,250.00                     7.550                     20070101   SFR                                               1,769.53                      281,250.00                     7.550    Investment             Purchase                                                   375,000.00                           360      20061201                      0.375                         0.030              7.145                                                                                   Stated                                                                                                                                    3.5    LIBOR                             6
MIAMI                                                   FL                       33184                        360                       801,000.00                     7.250                     20070101   SFR                                               4,839.38                      801,000.00                     7.250    Owner Occupied         Purchase                                                 1,068,000.00                           360      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
WASHINGTON                                              DC                       20010                        360                       180,000.00                     7.950                     20070101   CONDO                                             1,192.50                      180,000.00                     7.950    Investment             Purchase                                                   225,000.00                           360      20061201                      0.375                         0.030              7.545                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
OAKLAND                                                 CA                       34487                        360                       383,000.00                     5.875                     20070101   SFR                                               1,875.10                      383,000.00                     5.875    Owner Occupied         CashOut Refi                                               710,000.00                           360      20061201                      0.250                         0.030              5.595                                                                                   SISA                                                                     36    H                                                                 FIXED
KISSIMMEE                                               FL                       34747                        360                       250,000.00                     7.500                     20070101   SFR                                               1,748.04                      250,000.00                     7.500    2nd Home               Rate Refi                                                  595,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HENDERSON                                               NV                       89015                        360                       190,450.00                     7.220                     20070101   D-PUDS                                            1,295.33                      190,450.00                     7.220    Owner Occupied         Purchase                                                   265,000.00                           360      20061201                      0.375                         0.030              6.815                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
ROLLING MEADOWS                                         IL                       60008                        360                       102,000.00                     7.950                     20070101   CONDO                                               744.89                      102,000.00                     7.950    Owner Occupied         Purchase                                                   140,000.00                           360      20061201                      0.375                         0.030              7.545                                                                                   Stated                                                                                                                                      3    LIBOR                             6
WESTON                                                  FL                       12140                        360                       749,250.00                     6.750                     20070101   D-PUDS                                            4,214.53                      749,250.00                     6.750    Owner Occupied         Purchase                                                 1,000,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                      3    LIBOR                             6
LYNWOOD                                                 CA                       90262                        360                       343,000.00                     6.650                     20070101   SFR                                               2,201.94                      343,000.00                     6.650    Owner Occupied         CashOut Refi                                               490,000.00                           360      20061201                      0.375                         0.030              6.245                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MIAMI                                                   FL                       33032                        360                       455,920.00                     7.500                     20070101   SFR                                               2,849.50                      455,920.00                     7.500    Owner Occupied         Purchase                                                   569,900.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
MUSKOGEE                                                OK                       27122                        360                       157,500.00                     7.125                     20070101   2-FAMILY                                          1,061.11                      157,500.00                     7.125    Investment             Purchase                                                   210,000.00                           360      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                                                                                             FIXED
ALAMEDA                                                 CA                       34455                        360                       821,200.00                     6.375                     20070101   PUD                                               4,362.63                      821,200.00                     6.375    Owner Occupied         Purchase                                                 1,173,500.00                           360      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                      3    LIBOR                             6
YONKERS                                                 NY                       40364                        360                       432,600.00                     7.550                     20070101   SFR                                               2,721.78                      432,600.00                     7.550    Owner Occupied         Purchase                                                   550,000.00                           360      20061201                      0.375                         0.030              7.145                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
CORONA                                                  CA                       92879                        360                       360,000.00                     6.550                     20070101   CONDO                                             1,965.00                      360,000.00                     6.550    Owner Occupied         CashOut Refi                                               480,000.00                           360      20061201                      0.250                         0.030              6.270                                                                                   Express Verified Assets                                                                                                                          FIXED
WEST MELBOURNE                                          FL                       11936                        360                       106,150.00                     6.875                     20070101   D-PUDS                                              697.33                      106,150.00                     6.875    Investment             Purchase                                                   195,000.00                           360      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     36    H                                                                 FIXED
EL CAJON                                                CA                       92019                        360                       223,300.00                     6.625                     20070101   CONDO                                             1,232.80                      223,300.00                     6.625    Owner Occupied         Purchase                                                   329,000.00                           360      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                        3.875    LIBOR                             6
LAS VEGAS                                               NV                       89156                        360                       255,850.00                     6.850                     20070101   SFR                                               1,460.48                      255,850.00                     6.850    Owner Occupied         CashOut Refi                                               301,000.00                           360      20061201                      0.375                         0.030              5.705               0.74    RADIAN - LENDER PAID                                   22   Full                                                                     36    H                                                          3.5    LIBOR                             6
FEDERAL WAY                                             WA                       98003                        360                       262,500.00                     6.375                     20070101   SFR                                               1,394.53                      262,500.00                     6.375    Owner Occupied         CashOut Refi                                               350,000.00                           360      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
LANCASTER                                               CA                       93535                        360                       435,000.00                     7.125                     20070101   4-FAMILY                                          2,930.68                      435,000.00                     7.125    Investment             CashOut Refi                                               725,000.00                           360      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                                                                                             FIXED
CARSON                                                  CA                       90746                        360                       548,000.00                     6.950                     20070101   D-PUDS                                            3,173.83                      548,000.00                     6.950    Owner Occupied         Purchase                                                   687,000.00                           360      20061201                      0.375                         0.030              6.545                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
MIAMI BEACH                                             FL                       33140                        360                       264,000.00                     7.750                     20070101   CONDO                                             1,705.00                      264,000.00                     7.750    2nd Home               Purchase                                                   330,000.00                           360      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
FRESNO                                                  CA                       34152                        360                       176,250.00                     6.875                     20070201   SFR                                               1,009.77                      176,250.00                     6.875    Owner Occupied         Purchase                                                   235,000.00                           361      20070101                      0.375                         0.030              6.470                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
FORT COLLINS                                            CO                       29367                        360                       159,839.00                     6.500                     20070101   SFR                                                 865.79                      159,839.00                     6.500    Investment             Rate Refi                                                  207,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Full                                                                     36    S                                                            3    LIBOR                             6
ONTARIO                                                 CA                       91762                        360                       487,500.00                     6.280                     20070101   3-FAMILY                                          2,551.25                      487,500.00                     6.280    Owner Occupied         Purchase                                                   650,000.00                           360      20061201                      0.375                         0.030              5.875                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
FORT COLLINS                                            CO                       29367                        360                       142,655.00                     6.000                     20070101   D-PUDS                                              713.28                      142,655.00                     6.000    Investment             Rate Refi                                                  200,000.00                           360      20061201                      0.375                         0.030              5.595                                                                                   Full                                                                     36    S                                                            3    LIBOR                             6
TELFORD                                                 PA                       18969                        360                       499,000.00                     7.000                     20070101   SFR                                               2,910.83                      499,000.00                     7.000    Owner Occupied         Purchase                                                   635,000.00                           360      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   36    H                                                                 FIXED
VANCOUVER                                               WA                       98682                        360                       392,000.00                     6.990                     20070101   D-PUDS                                            2,283.40                      392,000.00                     6.990    Owner Occupied         Rate Refi                                                  490,000.00                           360      20061201                      0.375                         0.030              6.585                                                                                   Full                                                                     36    H                                                            3    LIBOR                             6
FORT COLLINS                                            CO                       29367                        360                       143,400.00                     5.900                     20070101   SFR                                                 705.05                      143,400.00                     5.900    Investment             Rate Refi                                                  205,000.00                           360      20061201                      0.375                         0.030              5.495                                                                                   Full                                                                     36    S                                                            3    LIBOR                             6
SEAL BEACH                                              CA                       90740                        360                       294,000.00                     6.500                     20070101   SFR                                               1,858.28                      294,000.00                     6.500    Owner Occupied         Rate Refi                                                  880,000.00                           360      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                     36    H                                                                 FIXED
JACKSONVILLE                                            FL                       32244                        360                       132,750.00                     7.375                     20070101   CONDO                                               815.86                      132,750.00                     7.375    2nd Home               Purchase                                                   178,000.00                           360      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
HIALEAH                                                 FL                       33018                        360                       160,000.00                     6.875                     20070101   SFR                                                 916.67                      160,000.00                     6.875    Owner Occupied         Rate Refi                                                  321,000.00                           360      20061201                      0.250                         0.030              6.595                                                                                   Stated                                                                   60    H                                                                 FIXED
PALMDALE                                                CA                       93550                        360                       228,000.00                     7.125                     20070101   3-FAMILY                                          1,536.08                      228,000.00                     7.125    Investment             CashOut Refi                                               395,021.00                           360      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                                                                                             FIXED
FOUNTAIN VALLEY                                         CA                       33793                        360                       564,000.00                     7.100                     20070101   SFR                                               3,337.00                      564,000.00                     7.100    Owner Occupied         Purchase                                                   705,000.00                           360      20061201                      0.375                         0.030              6.695                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BATON ROUGE                                             LA                       25790                        360                       121,333.00                     6.950                     20070101   4-FAMILY                                            803.16                      121,333.00                     6.950    Investment             Purchase                                                   175,000.00                           360      20061201                      0.375                         0.030              6.545                                                                                   Full                                                                                                                                        3    LIBOR                             6
HOMESTEAD                                               FL                       33035                        360                       127,500.00                     6.820                     20070101   CONDO                                               724.62                      127,500.00                     6.820    Owner Occupied         Purchase                                                   170,000.00                           360      20061201                      0.375                         0.030              6.415                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
NEW PORT RICHEY                                         FL                       34655                        360                       185,000.00                     6.720                     20070101   D-PUDS                                            1,196.22                      185,000.00                     6.720    Owner Occupied         CashOut Refi                                               255,000.00                           360      20061201                      0.250                         0.030              6.440                                                                                   Stated                                                                   12    H                                                                 FIXED
SAN FRANCISCO                                           CA                       34356                        360                       676,500.00                     5.750                     20070101   2-FAMILY                                          3,241.56                      676,500.00                     5.750    Owner Occupied         Rate Refi                                                1,200,000.00                           360      20061201                      0.375                         0.030              5.345                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SAN FRANCISCO                                           CA                       34355                        360                       750,000.00                     6.125                     20070101   3-FAMILY                                          3,828.13                      750,000.00                     6.125    Investment             CashOut Refi                                             1,350,000.00                           360      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
HAYWARD                                                 CA                       94544                        360                       394,000.00                     6.250                     20070101   4-FAMILY                                          2,052.08                      394,000.00                     6.250    Investment             Rate Refi                                                  900,000.00                           360      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
PLACENTIA                                               CA                       92870                        360                       612,000.00                     6.375                     20070101   D-PUDS                                            3,251.25                      612,000.00                     6.375    Investment             Rate Refi                                                  850,000.00                           360      20061201                      0.375                         0.030              5.970                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SACRAMENTO                                              CA                       34934                        360                       231,000.00                     6.238                     20070101   SFR                                               1,200.82                      231,000.00                     6.238    Owner Occupied         Rate Refi                                                  330,000.00                           360      20061201                      0.375                         0.030              5.833                                                                                   Express Verified Assets                                                  12    H                                                            3    LIBOR                             6
VALLEJO                                                 CA                       94591                        360                       265,000.00                     6.050                     20070101   SFR                                               1,336.04                      265,000.00                     6.050    Investment             CashOut Refi                                               405,000.00                           360      20061201                      0.375                         0.030              5.645                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
DAVIS                                                   CA                       34866                        360                       532,500.00                     6.200                     20070101   SFR                                               2,751.25                      532,500.00                     6.200    Owner Occupied         Rate Refi                                                  710,000.00                           360      20061201                      0.375                         0.030              5.795                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
CHICAGO                                                 IL                       22092                        360                       464,000.00                     6.500                     20070101   2-FAMILY                                          2,513.33                      464,000.00                     6.500    Owner Occupied         Rate Refi                                                  580,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Express Verified Assets                                                  12    H                                                            3    LIBOR                             6
STOCKTON                                                CA                       34734                        360                       224,800.00                     6.750                     20070101   SFR                                               1,264.50                      224,800.00                     6.750    Owner Occupied         Purchase                                                   284,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                      3    LIBOR                             6
PORT RICHEY                                             FL                       34668                        180                       172,900.00                     8.300                     20070101   D-PUDS                                            1,682.41                      172,900.00                     8.300    Owner Occupied         CashOut Refi                                               182,000.00                           180      20061201                      0.250                         0.030              6.560               1.46    RADIAN - LENDER PAID                                   30   Stated                                                                   36    H                                                                 FIXED
UPLAND                                                  CA                       91786                        360                       496,000.00                     6.500                     20070101   SFR                                               2,686.67                      496,000.00                     6.500    Owner Occupied         Purchase                                                   620,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BLACKSHEAR                                              GA                       11459                        180                       123,000.00                     6.375                     20070101   SFR                                               1,063.03                      123,000.00                     6.375    Owner Occupied         CashOut Refi                                               165,000.00                           180      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                                                                                           FIXED
CHICAGO                                                 IL                       22084                        360                       131,250.00                     6.200                     20070101   SFR                                                 678.13                      131,250.00                     6.200    Owner Occupied         Purchase                                                   177,000.00                           360      20061201                      0.375                         0.030              5.795                                                                                   Stated                                                                                                                                      3    LIBOR                             6
LOS ANGELES                                             CA                       90047                        360                       365,000.00                     6.990                     20070101   3-FAMILY                                          2,425.90                      365,000.00                     6.990    Owner Occupied         CashOut Refi                                               560,000.00                           360      20061201                      0.250                         0.030              6.710                                                                                   Stated                                                                   36    H                                                                 FIXED
MORENO VALLEY                                           CA                       92557                        360                       290,000.00                     7.100                     20070101   SFR                                               1,715.83                      290,000.00                     7.100    Owner Occupied         CashOut Refi                                               430,000.00                           360      20061201                      0.375                         0.030              6.695                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SACRAMENTO                                              CA                       34939                        360                       242,000.00                     6.430                     20070101   SFR                                               1,296.72                      242,000.00                     6.430    Investment             Rate Refi                                                  335,000.00                           360      20061201                      0.375                         0.030              6.025                                                                                   Stated                                                                                                                                      3    LIBOR                             6
OCEANSIDE                                               CA                       92054                        360                       444,000.00                     7.950                     20070101   SFR                                               2,941.50                      444,000.00                     7.950    Owner Occupied         Rate Refi                                                  555,000.00                           360      20061201                      0.375                         0.030              7.545                                                                                   Stated                                                                                                                                      3    LIBOR                             6
NEWARK                                                  CA                       94560                        360                       400,000.00                     6.050                     20070101   SFR                                               2,016.67                      400,000.00                     6.050    Owner Occupied         CashOut Refi                                               693,000.00                           360      20061201                      0.375                         0.030              5.645                                                                                   Stated                                                                                                                                      3    LIBOR                             6
KAHUKU                                                  HI                       35277                        360                       300,000.00                     6.375                     20070101   SFR                                               1,871.61                      300,000.00                     6.375    Owner Occupied         CashOut Refi                                               450,000.00                           360      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    S                                                                 FIXED
MENTONE                                                 CA                       92359                        360                       267,000.00                     6.250                     20070101   D-PUDS                                            1,643.96                      267,000.00                     6.250    Owner Occupied         CashOut Refi                                               400,000.00                           360      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                                                                                             FIXED
LOS ANGELES                                             CA                       90059                        360                       320,000.00                     6.950                     20070101   SFR                                               1,853.33                      320,000.00                     6.950    Owner Occupied         Purchase                                                   400,000.00                           360      20061201                      0.375                         0.030              6.545                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
RIVERSIDE                                               CA                       33731                        360                       180,000.00                     6.375                     20070101   SFR                                               1,122.97                      180,000.00                     6.375    Owner Occupied         CashOut Refi                                               321,000.00                           360      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    H                                                                 FIXED
SOUTH GATE                                              CA                       90280                        360                       287,000.00                     6.570                     20070101   SFR                                               1,571.33                      287,000.00                     6.570    Investment             Purchase                                                   410,000.00                           360      20061201                      0.375                         0.030              6.165                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SAVAGE                                                  MN                       55378                        360                       398,400.00                     7.250                     20070101   SFR                                               2,407.00                      398,400.00                     7.250    Investment             Purchase                                                   498,000.00                           360      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    H                                                          3.5    LIBOR                             6
NORTH BAY VILLAGE                                       FL                       33141                        360                       203,100.00                     6.985                     20070101   CONDO                                             1,182.21                      203,100.00                     6.985    Investment             Purchase                                                   293,000.00                           360      20061201                      0.375                         0.030              6.580                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SAN DIEGO                                               CA                       33608                        360                       256,000.00                     7.531                     20070101   CONDO                                             1,795.43                      256,000.00                     7.531    Investment             CashOut Refi                                               320,000.00                           360      20061201                      0.375                         0.030              7.126                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
GARDEN GROVE                                            CA                       92844                        360                       315,000.00                     6.875                     20070101   CONDO                                             1,804.69                      315,000.00                     6.875    Owner Occupied         Purchase                                                   420,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
PORTLAND                                                OR                       35463                        360                       312,000.00                     8.500                     20070101   SFR                                               2,210.00                      312,000.00                     8.500    Owner Occupied         Rate Refi                                                  390,000.00                           360      20061201                      0.375                         0.030              8.095                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
MORENO VALLEY                                           CA                       92557                        360                       292,500.00                     6.250                     20070101   SFR                                               1,523.44                      292,500.00                     6.250    Owner Occupied         CashOut Refi                                               390,000.00                           360      20061201                      0.375                         0.030              5.845                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
LOS ANGELES                                             CA                       90293                        360                       175,000.00                     5.875                     20070101   CONDO                                               856.77                      175,000.00                     5.875    Owner Occupied         Rate Refi                                                  557,788.00                           360      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
LINDON                                                  UT                       84042                        360                       228,900.00                     6.500                     20070101   SFR                                               1,239.88                      228,900.00                     6.500    Owner Occupied         CashOut Refi                                               327,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                                                                                   2.75    LIBOR                             6
SALINAS                                                 CA                       34217                        360                       424,000.00                     6.875                     20070101   SFR                                               2,429.17                      424,000.00                     6.875    Owner Occupied         Purchase                                                   540,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LAKEWOOD                                                CA                       33066                        360                       472,000.00                     6.625                     20070101   SFR                                               2,605.83                      472,000.00                     6.625    Owner Occupied         Rate Refi                                                  590,000.00                           360      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
MIAMI                                                   FL                       33176                        360                       622,500.00                     7.455                     20070101   SFR                                               3,867.28                      622,500.00                     7.455    Owner Occupied         Purchase                                                   850,000.00                           360      20061201                      0.375                         0.030              7.050                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
WEST PALM BEACH                                         FL                       33461                        360                        70,000.00                     8.375                     20070101   CONDO                                               532.05                       70,000.00                     8.375    Investment             CashOut Refi                                                88,000.00                           360      20061201                      0.375                         0.030              7.970                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
PLYMOUTH                                                MI                       48170                        360                       520,000.00                     7.250                     20070101   SFR                                               3,141.67                      520,000.00                     7.250    Owner Occupied         Rate Refi                                                  650,000.00                           360      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
BREMEN                                                  GA                       10968                        360                       144,000.00                     6.750                     20070101   D-PUDS                                                 810                      144,000.00                     6.750    Owner Occupied         Purchase                                                   180,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Full                                                                                                                                        3    LIBOR                             6
DACULA                                                  GA                       30019                        360                       215,900.00                     7.250                     20070101   D-PUDS                                            1,472.82                      215,900.00                     7.250    2nd Home               Purchase                                                   270,000.00                           360      20061201                      0.375                         0.030              6.845                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HOLLYWOOD                                               FL                       33024                        360                       228,750.00                     7.500                     20070201   PUD                                               1,429.69                      228,750.00                     7.500    Owner Occupied         Purchase                                                   305,000.00                           361      20070101                      0.375                         0.030              7.095                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
MIAMI                                                   FL                       33174                        360                       120,000.00                     6.500                     20070101   CONDO                                               758.48                      120,000.00                     6.500    Investment             CashOut Refi                                               310,000.00                           360      20061201                      0.250                         0.030              6.220                                                                                   SISA                                                                                                                                             FIXED
SAN DIEGO                                               CA                       33604                        360                       228,800.00                     6.625                     20070101   HI-RISE                                           1,263.17                      228,800.00                     6.625    Investment             Purchase                                                   330,000.00                           360      20061201                      0.375                         0.030              6.220                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
TORRANCE                                                CA                       32996                        360                       200,000.00                     6.300                     20070101   CONDO                                             1,050.00                      200,000.00                     6.300    Investment             Purchase                                                   325,000.00                           360      20061201                      0.375                         0.030              5.895                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
MADERA                                                  CA                       93637                        360                       236,000.00                     6.750                     20070101   SFR                                               1,327.50                      236,000.00                     6.750    Owner Occupied         Purchase                                                   300,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                                                                                      3    LIBOR                             6
LAS VEGAS                                               NV                       32512                        360                       248,000.00                     6.300                     20070101   SFR                                               1,302.00                      248,000.00                     6.300    Owner Occupied         Rate Refi                                                  310,000.00                           360      20061201                      0.375                         0.030              5.895                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
HYATTSVILLE                                             MD                       20781                        360                       228,000.00                     7.500                     20070101   SFR                                               1,425.00                      228,000.00                     7.500    Owner Occupied         Purchase                                                   285,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
WAIKOLOA                                                HI                       96738                        360                       825,000.00                     6.400                     20070101   CONDO                                             4,400.00                      825,000.00                     6.400    2nd Home               Purchase                                                 1,100,000.00                           360      20061201                      0.375                         0.030              5.995                                                                                   Stated                                                                                                                                      3    LIBOR                             6
MARGATE                                                 FL                       33063                        360                       134,900.00                     7.100                     20070101   CONDO                                               798.16                      134,900.00                     7.100    Investment             Purchase                                                   182,000.00                           360      20061201                      0.375                         0.030              6.695                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
FRESNO                                                  CA                       34176                        360                        87,000.00                     6.125                     20070101   SFR                                                 444.06                       87,000.00                     6.125    Investment             CashOut Refi                                               176,000.00                           360      20061201                      0.250                         0.030              5.845                                                                                   Stated                                                                   12    H                                                                 FIXED
RIVERSIDE                                               CA                       33729                        360                       453,750.00                     7.375                     20070201   SFR                                               2,788.67                      453,750.00                     7.375    Owner Occupied         Purchase                                                   605,000.00                           361      20070101                      0.375                         0.030              6.970                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
CHICAGO                                                 IL                       22085                        360                       442,500.00                     8.800                     20070101   2-FAMILY                                          3,496.96                      442,500.00                     8.800    Investment             Purchase                                                   591,000.00                           360      20061201                      0.375                         0.030              8.395                                                                                   Stated                                                                                                                                      3    LIBOR                             6
OAK LAWN                                                IL                       60453                        360                       176,000.00                     7.450                     20070101   SFR                                               1,224.60                      176,000.00                     7.450    Owner Occupied         Purchase                                                   220,000.00                           360      20061201                      0.375                         0.030              7.045                                                                                   Express No Doc                                                                                                                              3    LIBOR                             6
TORRANCE                                                CA                       32995                        360                       572,000.00                     6.875                     20070101   2-FAMILY                                          3,757.63                      572,000.00                     6.875    Owner Occupied         Purchase                                                   750,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
DORAL                                                   FL                       33178                        360                       270,350.00                     7.070                     20070201   CONDO                                             1,592.81                      270,350.00                     7.070    2nd Home               Purchase                                                   341,000.00                           361      20070101                      0.375                         0.030              6.665                                                                                   Full                                                                                                                                        3    LIBOR                             6
GILROY                                                  CA                       95020                        360                       612,000.00                     6.875                     20070101   SFR                                               3,506.25                      612,000.00                     6.875    Owner Occupied         Purchase                                                   765,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
SALINAS                                                 CA                       34218                        360                       289,000.00                     6.500                     20070101   SFR                                               1,565.42                      289,000.00                     6.500    Owner Occupied         CashOut Refi                                               495,000.00                           360      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
COARSEGOLD                                              CA                       34134                        360                       220,000.00                     5.675                     20070101   SFR                                               1,040.42                      220,000.00                     5.675    Owner Occupied         CashOut Refi                                               345,000.00                           360      20061201                      0.375                         0.030              5.270                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
DENVER                                                  CO                       29270                        360                       129,750.00                     7.100                     20070101   SFR                                                 767.69                      129,750.00                     7.100    Owner Occupied         Rate Refi                                                  173,000.00                           360      20061201                      0.375                         0.030              6.695                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
CHULA VISTA                                             CA                       33496                        360                       397,000.00                     6.050                     20070101   SFR                                               2,001.54                      397,000.00                     6.050    Owner Occupied         CashOut Refi                                               625,000.00                           360      20061201                      0.375                         0.030              5.645                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
LANCASTER                                               CA                       93535                        360                       273,000.00                     6.250                     20070101   SFR                                               1,421.88                      273,000.00                     6.250    Owner Occupied         Purchase                                                   490,000.00                           360      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   36    H                                                                 FIXED
CHICAGO                                                 IL                       22093                        360                       220,000.00                     7.375                     20070101   TOWNHOUSE                                         1,427.47                      220,000.00                     7.375    Owner Occupied         CashOut Refi                                               275,000.00                           360      20061201                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SILVER SPRING                                           MD                       44078                        360                       476,000.00                     7.000                     20070101   SFR                                               2,776.67                      476,000.00                     7.000    Owner Occupied         Rate Refi                                                  595,000.00                           360      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   36    H                                                                 FIXED
SANGER                                                  CA                       93657                        360                       180,000.00                     6.000                     20070101   SFR                                                    900                      180,000.00                     6.000    Owner Occupied         CashOut Refi                                               280,000.00                           360      20061201                      0.250                         0.030              5.720                                                                                   Full                                                                                                                                             FIXED
CHICAGO                                                 IL                       22074                        360                       135,000.00                     7.750                     20070101   CONDO                                               967.16                      135,000.00                     7.750    Owner Occupied         Purchase                                                   163,000.00                           360      20061201                      0.375                         0.030              6.565               0.78    RADIAN - LENDER PAID                                   22   Stated                                                                                                                                  3.625    LIBOR                             6
MORENO VALLEY                                           CA                       92553                        360                       245,000.00                     6.050                     20070101   SFR                                               1,235.11                      245,000.00                     6.050    Investment             Purchase                                                   439,000.00                           360      20061201                      0.375                         0.030              5.645                                                                                   Stated                                                                                                                                      4    LIBOR                             6
SEWELL                                                  NJ                        8080                        360                       211,900.00                     6.815                     20070201   SFR                                               1,203.42                      211,900.00                     6.815    Owner Occupied         Purchase                                                   270,000.00                           361      20070101                      0.250                         0.030              6.535                                                                                   Stated                                                                                                                                           FIXED
LOS ANGELES (SAN PEDRO AREA)                            CA                       33085                        360                       265,500.00                     6.875                     20070101   CONDO                                             1,744.15                      265,500.00                     6.875    Owner Occupied         Purchase                                                   385,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                  3.875    LIBOR                             6
SACRAMENTO                                              CA                       34940                        360                       247,000.00                     6.500                     20070101   SFR                                               1,561.21                      247,000.00                     6.500    Owner Occupied         CashOut Refi                                               387,000.00                           360      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                                                                                             FIXED
SALEM                                                   OR                       35491                        360                       142,500.00                     5.990                     20070101   SFR                                                 711.31                      142,500.00                     5.990    Owner Occupied         CashOut Refi                                               190,000.00                           360      20061201                      0.375                         0.030              5.585                                                                                   Express No Doc Verified Assets                                           36    H                                                            3    LIBOR                             6
RIVERSIDE                                               CA                       33727                        360                       260,000.00                     6.875                     20070101   SFR                                               1,489.58                      260,000.00                     6.875    Owner Occupied         Purchase                                                   340,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
OAKLAND                                                 CA                       34506                        360                       173,500.00                     5.990                     20070101   SFR                                                 866.05                      173,500.00                     5.990    Owner Occupied         Rate Refi                                                  450,000.00                           360      20061201                      0.250                         0.030              5.710                                                                                   Stated                                                                   36    H                                                                 FIXED
MIAMI                                                   FL                       33033                        360                       187,500.00                     7.120                     20070101   SFR                                               1,262.59                      187,500.00                     7.120    Investment             Rate Refi                                                  250,000.00                           360      20061201                      0.250                         0.030              6.840                                                                                   Stated                                                                   24    H                                                                 FIXED
PALM SPRINGS                                            CA                       92262                        360                       220,000.00                     6.850                     20070101   SFR                                               1,343.25                      220,000.00                     6.850    Owner Occupied         Purchase                                                   400,000.00                           360      20061201                      0.375                         0.030              6.445                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HIGHLAND                                                CA                       92346                        360                       236,000.00                     7.625                     20070101   SFR                                               1,499.58                      236,000.00                     7.625    Investment             Purchase                                                   295,000.00                           360      20061201                      0.375                         0.030              7.220                                                                                   Stated                                                                                                                                    4.5    LIBOR                             6
KAPLOEI                                                 HI                       35253                        360                       390,000.00                     6.000                     20070101   SFR                                               2,338.25                      390,000.00                     6.000    Owner Occupied         CashOut Refi                                               610,000.00                           360      20061201                      0.250                         0.030              5.720                                                                                   Stated                                                                   36    H                                                                 FIXED
CHICAGO                                                 IL                       22095                        360                       187,500.00                     8.625                     20070201   2-FAMILY                                          1,347.66                      187,500.00                     8.625    Investment             Purchase                                                   250,000.00                           361      20070101                      0.250                         0.030              8.345                                                                                   Stated                                                                                                                                           FIXED
LAS VEGAS                                               NV                       32537                        360                       300,000.00                     6.550                     20070101   D-PUDS                                            1,637.50                      300,000.00                     6.550    Owner Occupied         Rate Refi                                                  375,000.00                           360      20061201                      0.250                         0.030              6.270                                                                                   Stated                                                                   36    H                                                                 FIXED
PEARL CITY                                              HI                       96782                        180                       187,500.00                     6.750                     20070101   CONDO                                             1,659.21                      187,500.00                     6.750    Investment             CashOut Refi                                               250,000.00                           180      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
MADERA                                                  CA                       93637                        360                       105,000.00                     7.500                     20070101   SFR                                                 690.97                      105,000.00                     7.500    Investment             CashOut Refi                                               271,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   12    H                                                            5    LIBOR                             6
REDONDO BEACH                                           CA                       90278                        360                       425,250.00                     6.750                     20070101   CONDO                                             2,392.03                      425,250.00                     6.750    Owner Occupied         Purchase                                                   600,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
FORT COLLINS                                            CO                       29362                        360                       143,000.00                     7.500                     20070101   D-PUDS                                              893.75                      143,000.00                     7.500    2nd Home               CashOut Refi                                               217,000.00                           360      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   36    S                                                                 FIXED
STREAMWOOD                                              IL                       21922                        360                       137,900.00                     6.990                     20070201   SFR                                                 803.27                      137,900.00                     6.990    Investment             Rate Refi                                                  197,000.00                           361      20070101                      0.375                         0.030              6.585                                                                                   Stated                                                                                                                                    3.5    LIBOR                             6
CUPERTINO                                               CA                       95014                        360                       750,000.00                     7.500                     20070101   SFR                                               4,687.50                      750,000.00                     7.500    Owner Occupied         Purchase                                                   967,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      4    LIBOR                             6
AURORA                                                  CO                       80011                        360                       137,250.00                     6.300                     20070101   SFR                                                 720.56                      137,250.00                     6.300    Owner Occupied         Rate Refi                                                  185,000.00                           360      20061201                      0.250                         0.030              6.020                                                                                   Full                                                                     36    H                                                                 FIXED
CATHEDRAL CITY                                          CA                       92234                        360                       192,500.00                     6.500                     20070101   SFR                                               1,042.71                      192,500.00                     6.500    Owner Occupied         Purchase                                                   310,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Stated                                                                   36    H                                                        3.875    LIBOR                             6
JAMAICA                                                 NY                       11435                        360                       457,500.00                     7.500                     20070101   2-FAMILY                                          2,859.37                      457,500.00                     7.500    Investment             Purchase                                                   610,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HUNTINGTON BEACH                                        CA                       92648                        360                       480,000.00                     6.125                     20070101   SFR                                               2,450.00                      480,000.00                     6.125    Owner Occupied         Rate Refi                                                  900,000.00                           360      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                                                                                      3    LIBOR                             6
PALMDALE                                                CA                       93550                        360                       280,000.00                     6.875                     20070101   D-PUDS                                            1,604.17                      280,000.00                     6.875    Owner Occupied         Purchase                                                   350,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                                                                                      3    LIBOR                             6
LAKE WORTH                                              FL                       33461                        360                       208,000.00                     6.650                     20070101   SFR                                               1,335.29                      208,000.00                     6.650    Investment             Purchase                                                   280,000.00                           360      20061201                      0.375                         0.030              6.245                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
NAPLES                                                  FL                       12436                        360                       352,500.00                     6.875                     20070201   SFR                                               2,019.53                      352,500.00                     6.875    Owner Occupied         Purchase                                                   470,000.00                           361      20070101                      0.375                         0.030              6.470                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
LA MIRADA                                               CA                       90638                        360                       438,750.00                     7.450                     20070101   SFR                                               2,723.91                      438,750.00                     7.450    Owner Occupied         Purchase                                                   585,000.00                           360      20061201                      0.375                         0.030              7.045                                                                                   Stated                                                                   60    S                                                            3    LIBOR                             6
MIAMI                                                   FL                       33155                        360                       209,000.00                     5.820                     20070101   SFR                                               1,228.98                      209,000.00                     5.820    Owner Occupied         CashOut Refi                                               418,000.00                           360      20061201                      0.375                         0.030              5.415                                                                                   SISA                                                                                                                                        3    LIBOR                             6
TWIN PEAKS                                              CA                       92391                        360                       199,000.00                     7.125                     20070101   SFR                                               1,340.70                      199,000.00                     7.125    Investment             CashOut Refi                                               310,000.00                           360      20061201                      0.250                         0.030              6.845                                                                                   Express Verified Assets                                                  12    H                                                                 FIXED
GREENFIELD                                              CA                       34239                        360                       431,250.00                     6.450                     20070101   SFR                                               2,317.97                      431,250.00                     6.450    Owner Occupied         CashOut Refi                                               575,000.00                           360      20061201                      0.375                         0.030              6.045                                                                                   SISA                                                                     12    H                                                            3    LIBOR                             6
NEWHALL                                                 CA                       91381                        360                       616,000.00                     6.500                     20070201   SFR                                               3,606.41                      616,000.00                     6.500    Owner Occupied         Purchase                                                   770,000.00                           361      20070101                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
MIAMI                                                   FL                       12080                        360                       348,000.00                     8.150                     20070101   HI-RISE                                           2,363.50                      348,000.00                     8.150    Owner Occupied         Purchase                                                   435,000.00                           360      20061201                      0.375                         0.030              7.745                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
STOCKTON                                                CA                       34736                        360                       348,000.00                     6.625                     20070101   SFR                                               1,921.25                      348,000.00                     6.625    Owner Occupied         Rate Refi                                                  435,000.00                           360      20061201                      0.250                         0.030              6.345                                                                                   Stated                                                                   36    H                                                                 FIXED
ESPARTO                                                 CA                       34877                        360                       245,000.00                     6.650                     20070101   SFR                                               1,572.81                      245,000.00                     6.650    Owner Occupied         CashOut Refi                                               350,000.00                           360      20061201                      0.375                         0.030              6.245                                                                                   Stated                                                                                                                                      3    LIBOR                             6
TUSTIN                                                  CA                       92782                        360                       900,000.00                     6.125                     20070101   D-PUDS                                            4,593.75                      900,000.00                     6.125    Owner Occupied         CashOut Refi                                             1,300,000.00                           360      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
CHICAGO                                                 IL                       60647                        360                       327,200.00                     7.400                     20070201   2-FAMILY                                          2,017.73                      327,200.00                     7.400    Owner Occupied         Purchase                                                   409,000.00                           361      20070101                      0.375                         0.030              6.995                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SACRAMENTO                                              CA                       34926                        360                       168,000.00                     7.365                     20070101   SFR                                               1,031.10                      168,000.00                     7.365    Investment             Purchase                                                   210,000.00                           360      20061201                      0.375                         0.030              6.960                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SAN DIEGO                                               CA                       33614                        360                       274,500.00                     8.750                     20070101   CONDO                                             2,001.56                      274,500.00                     8.750    2nd Home               Purchase                                                   305,000.00                           360      20061201                      0.375                         0.030              8.345                       RADIAN - BORROWER PAID                                 25   Express Non-Verified Assets                                              36    S                                                            3    LIBOR                             6
SAN DIEGO                                               CA                       33614                        360                       274,500.00                     9.250                     20070101   CONDO                                             2,115.94                      274,500.00                     9.250    2nd Home               Purchase                                                   305,000.00                           360      20061201                      0.375                         0.030              8.845                       PMI                                                    25   Express Non-Verified Assets                                              36    S                                                            4    LIBOR                             6
SAN DIEGO                                               CA                       33614                        360                       274,500.00                     9.950                     20070101   CONDO                                             2,276.06                      274,500.00                     9.950    2nd Home               Purchase                                                   305,000.00                           360      20061201                      0.375                         0.030              9.545                       RADIAN - BORROWER PAID                                 25   Express Non-Verified Assets                                              36    S                                                            3    LIBOR                             6
GREENFIELD                                              CA                       34239                        360                       210,000.00                     6.550                     20070101   SFR                                               1,146.25                      210,000.00                     6.550    Owner Occupied         CashOut Refi                                               500,000.00                           360      20061201                      0.250                         0.030              6.270                                                                                   Stated                                                                   36    H                                                                 FIXED
SAN DIEGO                                               CA                       33614                        360                       319,500.00                     9.500                     20070101   CONDO                                             2,529.38                      319,500.00                     9.500    2nd Home               Purchase                                                   355,000.00                           360      20061201                      0.375                         0.030              9.095                       RADIAN - BORROWER PAID                                 25   Express Non-Verified Assets                                              36    S                                                            4    LIBOR                             6
HONOLULU                                                HI                       35298                        360                       825,000.00                     6.900                     20070101   SFR                                               4,743.75                      825,000.00                     6.900    Owner Occupied         Rate Refi                                                1,100,000.00                           360      20061201                      0.375                         0.030              6.495                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
BELLEVUE                                                WA                       98004                        360                       289,400.00                     6.375                     20070101   CONDO                                             1,537.44                      289,400.00                     6.375    Owner Occupied         Purchase                                                   364,500.00                           360      20061201                      0.250                         0.030              6.095                                                                                   Stated                                                                   36    H                                                                 FIXED
SAN DIEGO                                               CA                       33617                        360                       367,500.00                     8.250                     20070101   SFR                                               2,526.56                      367,500.00                     8.250    2nd Home               CashOut Refi                                               490,000.00                           360      20061201                      0.375                         0.030              7.845                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
FLUSHING                                                NY                       11355                        360                       616,000.00                     7.500                     20070101   2-FAMILY                                          3,850.00                      616,000.00                     7.500    Owner Occupied         Rate Refi                                                  770,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
CLOVIS                                                  CA                       34139                        360                       470,000.00                     7.380                     20070101   D-PUDS                                            2,890.50                      470,000.00                     7.380    Owner Occupied         CashOut Refi                                               630,000.00                           360      20061201                      0.375                         0.030              6.975                                                                                   Stated                                                                                                                                      3    LIBOR                             6
VENICE                                                  FL                       34285                        360                       113,000.00                     7.070                     20070101   CONDO                                               707.97                      113,000.00                     7.070    Owner Occupied         Rate Refi                                                  225,000.00                           360      20061201                      0.250                         0.030              6.790                                                                                   Stated                                                                   36    S                                                                 FIXED
BENICIA                                                 CA                       34464                        360                       495,000.00                     6.250                     20070101   SFR                                               2,578.13                      495,000.00                     6.250    Owner Occupied         Rate Refi                                                  821,500.00                           360      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   36    H                                                                 FIXED
WHEELING                                                IL                       60090                        180                       192,000.00                     6.750                     20070101   SFR                                               1,699.03                      192,000.00                     6.750    Owner Occupied         CashOut Refi                                               250,000.00                           180      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                                                                                           FIXED
NORWALK                                                 CA                       90650                        360                       240,000.00                     6.125                     20070101   SFR                                               1,225.00                      240,000.00                     6.125    Investment             Purchase                                                   405,000.00                           360      20061201                      0.375                         0.030              5.720                                                                                   Full                                                                                                                                        3    LIBOR                             6
BURIEN                                                  WA                       98146                        180                        70,000.00                     7.100                     20070101   SFR                                                  633.1                       70,000.00                     7.100    Investment             CashOut Refi                                               278,000.00                           180      20061201                      0.250                         0.030              6.820                                                                                   Stated                                                                   36    H                                                                 FIXED
SAN JOSE                                                CA                       95148                        360                       650,000.00                     5.815                     20070101   SFR                                               3,149.79                      650,000.00                     5.815    Owner Occupied         Rate Refi                                                2,500,000.00                           360      20061201                      0.375                         0.030              5.410                                                                                   Stated                                                                                                                                      3    LIBOR                             6
MODESTO                                                 CA                       95354                        360                       210,000.00                     6.500                     20070101   SFR                                               1,137.50                      210,000.00                     6.500    Owner Occupied         CashOut Refi                                               310,000.00                           360      20061201                      0.375                         0.030              6.095                                                                                   Express No Doc                                                           12    H                                                            3    LIBOR                             6
NEWARK                                                  CA                       94560                        360                       360,000.00                     6.132                     20070101   SFR                                               2,189.03                      360,000.00                     6.132    Owner Occupied         CashOut Refi                                               672,500.00                           360      20061201                      0.250                         0.030              5.852                                                                                   Stated                                                                   36    H                                                                 FIXED
LANCASTER                                               CA                       93535                        360                       234,320.00                     6.990                     20070101   SFR                                               1,454.44                      234,320.00                     6.990    Owner Occupied         Purchase                                                   340,000.00                           360      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                                                                                      3    LIBOR                             6
EWA BEACH                                               HI                       35252                        360                       368,000.00                     6.810                     20070101   CONDO                                             2,236.26                      368,000.00                     6.810    Owner Occupied         Purchase                                                   460,000.00                           360      20061201                      0.250                         0.030              6.530                                                                                   Stated                                                                   60    H                                                                 FIXED
WONDER LAKE                                             IL                       60097                        360                       203,250.00                     7.600                     20070101   SFR                                               1,287.25                      203,250.00                     7.600    Investment             CashOut Refi                                               271,000.00                           360      20061201                      0.375                         0.030              7.195                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SCOTCH PLAINS                                           NJ                        7076                        360                       352,500.00                     7.650                     20070101   SFR                                               2,501.04                      352,500.00                     7.650    Owner Occupied         Rate Refi                                                  470,000.00                           360      20061201                      0.250                         0.030              7.370                                                                                   Stated                                                                                                                                           FIXED
PALMER LAKE                                             CO                       80133                        360                       131,250.00                     6.750                     20070101   CONDO                                               738.28                      131,250.00                     6.750    Investment             Rate Refi                                                  175,000.00                           360      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
MARYSVILLE                                              WA                       98271                        360                       170,000.00                     6.880                     20070101   SFR                                                 974.67                      170,000.00                     6.880    Investment             CashOut Refi                                               246,000.00                           360      20061201                      0.375                         0.030              6.475                                                                                   SISA                                                                     36    H                                                            3    LIBOR                             6
ONTARIO                                                 CA                       91761                        360                       195,000.00                     5.990                     20070101   SFR                                                 973.38                      195,000.00                     5.990    Owner Occupied         CashOut Refi                                               500,000.00                           360      20061201                      0.250                         0.030              5.710                                                                                   Stated                                                                   36    H                                                                 FIXED
SAINT PAUL                                              MN                       20093                        360                       170,200.00                     6.750                     20070101   SFR                                               1,103.91                      170,200.00                     6.750    Owner Occupied         CashOut Refi                                               230,000.00                           360      20061201                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    S                                                                 FIXED
HOMESTEAD                                               FL                       33033                        360                       255,100.00                     7.500                     20070101   D-PUDS                                            1,594.37                      255,100.00                     7.500    2nd Home               Purchase                                                   330,000.00                           360      20061201                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
HONOLULU                                                HI                       35292                        360                       301,000.00                     6.500                     20070101   CONDO                                             1,630.42                      301,000.00                     6.500    Owner Occupied         Rate Refi                                                  570,000.00                           360      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                     36    H                                                                 FIXED
BERWYN                                                  IL                       22008                        360                       208,000.00                     7.300                     20070101   SFR                                               1,425.99                      208,000.00                     7.300    Owner Occupied         CashOut Refi                                               260,000.00                           360      20061201                      0.250                         0.030              7.020                                                                                   Stated                                                                   24    H                                                                 FIXED
PAHALA                                                  HI                       96777                        360                        70,000.00                     7.000                     20070101   SFR                                                    435                       70,000.00                     7.000    Owner Occupied         CashOut Refi                                               218,000.00                           360      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   36    H                                                                 FIXED
OGDEN                                                   UT                       30776                        360                       298,500.00                     6.875                     20070101   SFR                                               1,960.93                      298,500.00                     6.875    Owner Occupied         CashOut Refi                                               398,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   36    H                                                          4.8    LIBOR                             6
PALM BAY                                                FL                       11940                        360                       155,000.00                     7.000                     20070101   SFR                                               1,031.22                      155,000.00                     7.000    Owner Occupied         CashOut Refi                                               238,000.00                           360      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                                                                                           FIXED
LAKE ELSINORE                                           CA                       33754                        360                       325,000.00                     6.800                     20070101   SFR                                               2,118.76                      325,000.00                     6.800    Owner Occupied         Rate Refi                                                  425,000.00                           360      20061201                      0.375                         0.030              6.395                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
LOS ANGELES                                             CA                       91367                        360                       448,000.00                     5.625                     20070101   SFR                                               2,100.00                      448,000.00                     5.625    Owner Occupied         Rate Refi                                                  650,000.00                           360      20061201                      0.375                         0.030              5.220                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
FRESNO                                                  CA                       34153                        180                       234,000.00                     6.375                     20070101   4-FAMILY                                          2,022.35                      234,000.00                     6.375    Investment             Rate Refi                                                  463,000.00                           180      20061201                      0.250                         0.030              6.095                                                                                   Express Non-Verified Assets                                                                                                                      FIXED
RANCHO CUCAMONGA                                        CA                       33420                        360                       388,500.00                     6.000                     20070101   SFR                                               1,942.50                      388,500.00                     6.000    Owner Occupied         CashOut Refi                                               555,000.00                           360      20061201                      0.250                         0.030              5.720                                                                                   Stated                                                                   36    H                                                                 FIXED
SANTA CLARITA                                           CA                       33318                        360                       450,000.00                     7.375                     20070201   SFR                                               2,765.63                      450,000.00                     7.375    Owner Occupied         Rate Refi                                                  600,000.00                           361      20070101                      0.375                         0.030              6.970                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
SCHAUMBURG                                              IL                       60193                        360                       176,000.00                     7.750                     20070101   CONDO                                             1,136.67                      176,000.00                     7.750    Owner Occupied         Purchase                                                   220,000.00                           360      20061201                      0.375                         0.030              7.345                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SEATTLE                                                 WA                       98144                        360                       496,000.00                     6.875                     20070101   SFR                                               2,841.67                      496,000.00                     6.875    Owner Occupied         Purchase                                                   620,000.00                           360      20061201                      0.375                         0.030              6.470                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
SUISUN CITY                                             CA                       94585                        360                       410,000.00                     6.375                     20070101   SFR                                               2,557.87                      410,000.00                     6.375    Owner Occupied         CashOut Refi                                               550,000.00                           360      20061201                      0.250                         0.030              6.095                                                                                   Express Non-Verified Assets                                              36    H                                                                 FIXED
NORTH MIAMI BEACH                                       FL                       33179                        360                       100,700.00                     6.250                     20070101   HI-RISE                                             620.03                      100,700.00                     6.250    Owner Occupied         CashOut Refi                                               186,000.00                           360      20061201                      0.250                         0.030              5.970                                                                                   SISA                                                                     60    H                                                                 FIXED
SALINAS                                                 CA                       34218                        360                       337,000.00                     5.875                     20070101   SFR                                               1,649.90                      337,000.00                     5.875    Owner Occupied         CashOut Refi                                               700,000.00                           360      20061201                      0.375                         0.030              5.470                                                                                   Stated                                                                   24    H                                                            3    LIBOR                             6
GALT                                                    CA                       95632                        360                       480,000.00                     7.000                     20070101   SFR                                               2,800.00                      480,000.00                     7.000    Owner Occupied         CashOut Refi                                               600,000.00                           360      20061201                      0.250                         0.030              6.720                                                                                   Stated                                                                   12    H                                                                 FIXED
HIALEAH                                                 FL                       33015                        360                       645,000.00                     8.163                     20070101   SFR                                               4,387.61                      645,000.00                     8.163    Owner Occupied         Purchase                                                   860,000.00                           360      20061201                      0.375                         0.030              7.758                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
MORENO VALLEY                                           CA                       92553                        360                       185,000.00                     5.865                     20070101   SFR                                                 904.19                      185,000.00                     5.865    Owner Occupied         CashOut Refi                                               350,000.00                           360      20061201                      0.375                         0.030              5.460                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SAN BERNARDINO                                          CA                       33701                        360                       290,000.00                     6.950                     20070201   SFR                                               1,679.58                      290,000.00                     6.950    Owner Occupied         CashOut Refi                                               399,000.00                           361      20070101                      0.375                         0.030              6.545                                                                                   Full                                                                                                                                        3    LIBOR                             6
SAINT PAUL                                              MN                       20108                        360                       171,750.00                     7.000                     20070201   PUD                                               1,001.88                      171,750.00                     7.000    Owner Occupied         Purchase                                                   230,000.00                           361      20070101                      0.375                         0.030              6.595                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
SALINAS                                                 CA                       34217                        360                       500,000.00                     6.250                     20070101   SFR                                               2,604.17                      500,000.00                     6.250    Owner Occupied         Rate Refi                                                  625,000.00                           360      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   36    H                                                                 FIXED
VACAVILLE                                               CA                       95687                        360                       187,500.00                     6.650                     20070101   CONDO                                             1,203.68                      187,500.00                     6.650    Investment             CashOut Refi                                               250,000.00                           360      20061201                      0.250                         0.030              6.370                                                                                   Stated                                                                   36    H                                                                 FIXED
JAMUL                                                   CA                       91935                        360                       350,000.00                     6.125                     20070101   SFR                                               1,786.46                      350,000.00                     6.125    Owner Occupied         CashOut Refi                                               880,000.00                           360      20061201                      0.375                         0.030              5.720                                                                                   Full                                                                                                                                        3    LIBOR                             6
KEAAU                                                   HI                       96749                        360                       197,400.00                     6.150                     20070101   SFR                                               1,106.83                      197,400.00                     6.150    Owner Occupied         CashOut Refi                                               286,000.00                           360      20061201                      0.250                         0.030              5.870                                                                                   Stated                                                                   36    H                                                                 FIXED
PAHOA                                                   HI                       96778                        360                       237,000.00                     6.875                     20070101   SFR                                               1,556.92                      237,000.00                     6.875    Owner Occupied         Rate Refi                                                  271,800.00                           360      20061201                      0.250                         0.030              5.955               0.64    RADIAN - LENDER PAID                                   25   SISA                                                                     36    H                                                                 FIXED
EWA BEACH                                               HI                       35252                        360                       392,000.00                     6.675                     20070201   D-PUDS                                            2,522.99                      392,000.00                     6.675    Owner Occupied         Purchase                                                   513,000.00                           361      20070101                      0.250                         0.030              6.395                                                                                   Stated                                                                   24    H                                                                 FIXED
LANCASTER                                               CA                       93535                        360                       200,000.00                     6.500                     20070201   SFR                                               1,083.33                      200,000.00                     6.500    Owner Occupied         CashOut Refi                                               375,000.00                           361      20070101                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
LOS ANGELES                                             CA                       90043                        360                       430,000.00                     6.250                     20070101   SFR                                               2,441.28                      430,000.00                     6.250    Owner Occupied         CashOut Refi                                               640,000.00                           360      20061201                      0.250                         0.030              5.970                                                                                   Stated                                                                   36    H                                                                 FIXED
MOUNT PLEASANT                                          SC                       29464                        360                       650,000.00                     7.375                     20070101   D-PUDS                                            3,994.79                      650,000.00                     7.375    Owner Occupied         CashOut Refi                                               870,000.00                           360      20061201                      0.375                         0.030              6.970                                                                                   SISA                                                                     36    S                                                            3    LIBOR                             6
HEMET                                                   CA                       92545                        180                       114,450.00                     6.125                     20070101   PUD                                                 973.54                      114,450.00                     6.125    Investment             CashOut Refi                                               163,500.00                           180      20061201                      0.250                         0.030              5.845                                                                                   Full                                                                                                                                             FIXED
DEL REY OAKS                                            CA                       93940                        360                       523,000.00                     5.750                     20070101   SFR                                               3,052.09                      523,000.00                     5.750    Owner Occupied         Rate Refi                                                  725,000.00                           360      20061201                      0.250                         0.030              5.470                                                                                   Stated                                                                   36    H                                                                 FIXED
TUCSON                                                  AZ                       31238                        360                       172,000.00                     7.120                     20070101   SFR                                               1,158.22                      172,000.00                     7.120    Owner Occupied         Rate Refi                                                  360,000.00                           360      20061201                      0.250                         0.030              6.840                                                                                   Express Verified Assets                                                                                                                          FIXED
TUCSON                                                  AZ                       31238                        360                        88,050.00                     7.375                     20070101   PUD                                                 608.14                       88,050.00                     7.375    Investment             Purchase                                                   136,500.00                           360      20061201                      0.250                         0.030              7.095                                                                                   Express Verified Assets                                                                                                                          FIXED
MORENO VALLEY                                           CA                       92557                        360                       412,000.00                     6.750                     20070201   SFR                                               2,317.50                      412,000.00                     6.750    Owner Occupied         CashOut Refi                                               520,000.00                           361      20070101                      0.250                         0.030              6.470                                                                                   Stated                                                                   36    H                                                                 FIXED
DELANO                                                  CA                       34015                        180                       103,500.00                     6.250                     20070101   SFR                                                 887.43                      103,500.00                     6.250    Owner Occupied         CashOut Refi                                               280,000.00                           180      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                     36    H                                                                 FIXED
WAIKOLOA                                                HI                       96738                        360                       365,000.00                     6.655                     20070201   D-PUDS                                            2,344.38                      365,000.00                     6.655    Investment             CashOut Refi                                               490,000.00                           361      20070101                      0.250                         0.030              6.375                                                                                   Stated                                                                   36    H                                                                 FIXED
SALINAS                                                 CA                       34217                        360                       427,500.00                     6.850                     20070101   SFR                                               2,440.31                      427,500.00                     6.850    Investment             CashOut Refi                                               575,000.00                           360      20061201                      0.375                         0.030              6.445                                                                                   Stated                                                                   12    H                                                            3    LIBOR                             6
NORTH CHICAGO                                           IL                       60064                        360                        95,900.00                     7.500                     20070201   SFR                                                 670.55                       95,900.00                     7.500    Investment             Purchase                                                   128,000.00                           361      20070101                      0.375                         0.030              7.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SALINAS                                                 CA                       34217                        360                       140,000.00                     6.500                     20070201   PUD                                                  884.9                      140,000.00                     6.500    Owner Occupied         CashOut Refi                                               375,000.00                           361      20070101                      0.250                         0.030              6.220                                                                                   Stated                                                                   12    H                                                                 FIXED
HIALEAH                                                 FL                       33012                        360                       156,000.00                     7.500                     20070201   CONDO                                                  975                      156,000.00                     7.500    Owner Occupied         Purchase                                                   195,000.00                           361      20070101                      0.250                         0.030              7.220                                                                                   Stated                                                                   36    H                                                                 FIXED
ASHEBORO                                                NC                       46423                        360                       116,250.00                     6.990                     20070101   SFR                                                 772.63                      116,250.00                     6.990    Owner Occupied         Rate Refi                                                  155,000.00                           360      20061201                      0.375                         0.030              6.585                                                                                   Stated                                                                                                                                      3    LIBOR                             6
BOCA RATON                                              FL                       33487                        360                       500,000.00                     6.125                     20070101   PUD                                               2,552.08                      500,000.00                     6.125    Owner Occupied         Purchase                                                   770,000.00                           360      20061201                      0.375                         0.030              5.720                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
SAN PABLO                                               CA                       34552                        360                       285,000.00                     6.900                     20070101   SFR                                               1,638.75                      285,000.00                     6.900    Owner Occupied         Purchase                                                   430,000.00                           360      20061201                      0.375                         0.030              6.495                                                                                   Stated                                                                   36    H                                                            3    LIBOR                             6
ELGIN                                                   IL                       21938                        360                        91,000.00                     8.500                     20070201   SFR                                                 644.58                       91,000.00                     8.500    Investment             Purchase                                                   140,000.00                           361      20070101                      0.375                         0.030              8.095                                                                                   Stated                                                                                                                                      3    LIBOR                             6
LOS ANGELES (PACOIMA AREA)                              CA                       33328                        360                       420,000.00                     6.500                     20070201   SFR                                               2,458.92                      420,000.00                     6.500    Owner Occupied         Purchase                                                   525,000.00                           361      20070101                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
HIGLEY                                                  AZ                       85236                        360                       233,600.00                     6.565                     20070201   D-PUDS                                            1,486.51                      233,600.00                     6.565    Owner Occupied         CashOut Refi                                               292,000.00                           361      20070101                      0.250                         0.030              6.285                                                                                   Stated                                                                                                                                           FIXED
EVANSTON                                                IL                       21947                        360                       255,000.00                     7.625                     20070201   SFR                                               1,804.87                      255,000.00                     7.625    Owner Occupied         CashOut Refi                                               325,000.00                           361      20070101                      0.375                         0.030              7.220                                                                                   Stated                                                                                                                                      3    LIBOR                             6
WEAVERVILLE                                             CA                       96093                        360                       226,000.00                     6.900                     20070201   SFR                                               1,488.44                      226,000.00                     6.900    Owner Occupied         CashOut Refi                                               365,000.00                           361      20070101                      0.250                         0.030              6.620                                                                                   SISA                                                                     36    H                                                                 FIXED
SALINAS                                                 CA                       34217                        360                       260,000.00                     6.750                     20070101   2-FAMILY                                          1,462.50                      260,000.00                     6.750    Investment             CashOut Refi                                               535,000.00                           360      20061201                      0.375                         0.030              6.345                                                                                   Stated                                                                   24    H                                                        3.875    LIBOR                             6
SALINAS                                                 CA                       34218                        360                       448,000.00                     6.850                     20070101   SFR                                               2,557.33                      448,000.00                     6.850    Owner Occupied         Rate Refi                                                  560,000.00                           360      20061201                      0.375                         0.030              6.445                                                                                   Stated                                                                                                                                      3    LIBOR                             6
WACCABUC                                                NY                       10597                        360                       341,000.00                     6.125                     20070201   SFR                                               1,740.52                      341,000.00                     6.125    Owner Occupied         Rate Refi                                                  880,000.00                           361      20070101                      0.250                         0.030              5.845                                                                                   Full                                                                     12    H                                                                 FIXED
SARASOTA                                                FL                       34234                        360                       210,000.00                     6.625                     20070201   SFR                                               1,159.38                      210,000.00                     6.625    Investment             CashOut Refi                                               300,000.00                           361      20070101                      0.250                         0.030              6.345                                                                                   Express Verified Assets                                                                                                                          FIXED
GREELEY                                                 CO                       80634                        360                       191,250.00                     6.950                     20070201   D-PUDS                                            1,107.66                      191,250.00                     6.950    Investment             Purchase                                                   260,000.00                           361      20070101                      0.375                         0.030              6.545                                                                                   Stated                                                                   36    S                                                            3    LIBOR                             6
HOLLADAY                                                UT                       30698                        360                       296,000.00                     7.375                     20070201   SFR                                               1,819.17                      296,000.00                     7.375    Owner Occupied         Purchase                                                   500,000.00                           361      20070101                      0.375                         0.030              6.970                                                                                   Stated                                                                                                                                      3    LIBOR                             6
SALINAS                                                 CA                       34217                        360                       315,000.00                     6.625                     20070201   SFR                                               2,016.98                      315,000.00                     6.625    Investment             CashOut Refi                                               460,000.00                           361      20070101                      0.250                         0.030              6.345                                                                                   Stated                                                                                                                                           FIXED
EAST BRUNSWICK                                          NJ                       39676                        360                       393,000.00                     6.500                     20050501   SFR                                               2,484.03                      385,516.62                     6.500    Owner Occupied         Rate Refi                                                  540,000.00                           340      20061201                      0.250                         0.030              6.220                                                                                   Stated                                                                   36    H                                                                 FIXED
MARIETTA                                                GA                       30064                        360                       192,000.00                     8.500                     20021101   D-PUDS                                            1,476.31                      184,816.30                     8.500    Owner Occupied         CashOut Refi                                               241,000.00                           310      20061201                      0.250                         0.030              8.220                                                                                   Express Non-Verified Assets                                                                                                                      FIXED
MANCHACA                                                TX                       78652                        360                       131,300.00                     8.375                     20021101   SFR                                                 997.97                      126,432.01                     8.375    Owner Occupied         Purchase                                                   149,000.00                           310      20061201                      0.250                         0.030              8.095                       RADIAN - BORROWER PAID                                 22   Express Non-Verified Assets                                              60    S                                                                 FIXED
ELK GROVE                                               CA                       95758                        360                       502,500.00                     6.699                     20060501   D-PUDS                                            3,242.19                      501,776.72                     6.699    Owner Occupied         CashOut Refi                                               670,000.00                           352      20061201                      0.250                         0.030              6.419                                                                                   Stated                                                                                                                                           FIXED
STANHOPE                                                NJ                        7874                        360                       232,500.00                     5.375                     20050101   SFR                                               1,301.93                      224,642.75                     5.375    Owner Occupied         Purchase                                                   315,000.00                           336      20061201                      0.375                         0.030              4.970                                                                                   Express Non-Verified Assets                                                                                                              2.75    LIBOR                             6
SAVANNAH                                                GA                       11432                        360                       140,000.00                     6.375                     20050501   SFR                                                 873.42                      137,265.42                     6.375    Investment             CashOut Refi                                               200,000.00                           340      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                                                                                             FIXED
SAND SPRINGS                                            OK                       74063                        360                       207,400.00                     7.875                     20040501   SFR                                               1,482.24                      190,740.80                     7.875    Owner Occupied         CashOut Refi                                               244,000.00                           328      20061201                      0.375                         0.030              7.470                       RADIAN - BORROWER PAID                                 12   Full                                                                                                                                     3.25    LIBOR                             6
PHILADELPHIA                                            PA                       19152                        360                       168,800.00                     8.125                     20050101   SFR                                               1,236.40                      163,691.87                     8.125    Owner Occupied         Purchase                                                   211,000.00                           336      20061201                      0.375                         0.030              7.720                                                                                   Stated                                                                   24    H                                                         2.75    LIBOR                             6
PARK FOREST                                             IL                       60466                        360                       121,600.00                     5.750                     20050201   SFR                                                 709.62                      118,512.68                     5.750    Owner Occupied         Purchase                                                   152,000.00                           337      20061201                      0.375                         0.030              5.345                                                                                   Full                                                                                                                                     3.25    LIBOR                             6
PALM SPRINGS                                            CA                       92264                        360                       400,000.00                     5.250                     20050501   SFR                                               1,750.00                      370,923.71                     5.250    Investment             Purchase                                                   575,000.00                           340      20061201                      0.375                         0.030              4.845                                                                                   Full                                                                                                                                     3.25    LIBOR                             6
SAVANNAH                                                GA                       11419                        360                       128,000.00                     7.875                     20060101   SFR                                                 928.09                      126,903.53                     7.875    Investment             CashOut Refi                                               160,000.00                           348      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                                                                                           FIXED
DANVILLE                                                CA                       34480                        360                       477,750.00                     5.750                     20051201   PUD                                               2,545.87                      467,385.30                     5.750    Owner Occupied         CashOut Refi                                               735,000.00                           347      20061201                      0.375                         0.030              5.345                                                                                   Full                                                                                                                                     2.25    LIBOR                             6
CHICAGO                                                 IL                       60653                        180                       111,000.00                    12.865                     20051101   3-FAMILY                                          1,216.18                      110,574.13                    12.865    Investment             Purchase                                                   564,000.00                           166      20061201                      0.500                         0.030             12.335                                                                                   Stated                                                                                                                                      0    FIXED
SEATTLE                                                 WA                       35799                        360                     2,000,000.00                     6.500                     20060201   MULTIFAM                                         12,641.36                    1,981,027.73                     6.500    Investment             Purchase                                                 3,000,000.00                           349      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                     36    3YR-321                                                   2.75    LIBOR                             6
LOS ANGELES                                             CA                       90019                        360                       347,700.00                     7.875                     20061101   MULTIFAM                                          2,521.07                      347,296.41                     7.875    Investment             CashOut Refi                                               650,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   84    7YR-5544321                                               3.25    LIBOR                             6
MEDFORD                                                 OR                       35554                        360                       450,000.00                     8.175                     20060601   MULTIFAM                                          3,357.00                      448,336.29                     8.175    Investment             CashOut Refi                                               810,000.00                           353      20061201                      0.250                         0.030              7.895                                                                                   Stated                                                                   36    3YR-332                                                   3.25    LIBOR                             6
MINNEAPOLIS                                             MN                       20193                        360                     3,841,000.00                     6.750                     20060701   MULTIFAM                                         24,912.65                    3,823,065.90                     6.750    Investment             Rate Refi                                                5,175,000.00                           354      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
LOS ANGELES                                             CA                       90247                        360                       780,000.00                     7.175                     20060801   MULTIFAM                                          5,281.35                      777,348.31                     7.175    Investment             Purchase                                                 1,500,000.00                           355      20061201                      0.250                         0.030              6.895                                                                                   Full                                                                     36    3YR-321                                                   2.75    LIBOR                             6
EAST POINT                                              GA                       30344                        360                       843,750.00                     8.400                     20060601   MULTIFAM                                          6,428.01                      840,826.15                     8.400    Investment             Purchase                                                 1,125,000.00                           353      20061201                      0.250                         0.030              8.120                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
JEFFERSON                                               IN                       17197                        360                     1,432,000.00                     7.150                     20060701   MULTIFAM                                          9,671.82                    1,341,161.38                     7.150    Investment             Purchase                                                 1,960,000.00                           354      20061201                      0.250                         0.030              6.870                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
SAN ANTONIO                                             TX                       78229                        360                     3,120,000.00                     6.900                     20060701   MULTIFAM                                         20,548.32                    3,105,941.86                     6.900    Investment             Purchase                                                 3,900,000.00                           354      20061201                      0.250                         0.030              6.620                                                                                   Full                                                                     84    7YR-3322110                                                2.5    LIBOR                             6
INGLEWOOD                                               CA                       32933                        360                       392,500.00                     7.900                     20060701   MULTIFAM                                          2,852.71                      391,123.32                     7.900    Investment             CashOut Refi                                               750,000.00                           354      20061201                      0.250                         0.030              7.620                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
RIVERSIDE                                               CA                       33731                        360                       510,500.00                     7.500                     20060601   MULTIFAM                                          3,569.49                      508,231.84                     7.500    Investment             Purchase                                                   767,000.00                           353      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
CARROLLTON                                              KY                       41008                        360                     1,575,000.00                     7.100                     20060801   MULTIFAM                                          9,318.75                    1,575,000.00                     7.100    Investment             CashOut Refi                                             2,100,000.00                           355      20061201                      0.250                         0.030              6.820                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
NASHVILLE                                               TN                       13549                        360                       296,250.00                     8.125                     20060701   MULTIFAM                                          2,199.65                      295,271.37                     8.125    Investment             Purchase                                                   395,000.00                           354      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
TUKWILA                                                 WA                       98168                        360                     1,976,250.00                     6.800                     20060701   MULTIFAM                                         11,198.75                    1,976,250.00                     6.800    Investment             Purchase                                                 2,635,000.00                           354      20061201                      0.250                         0.030              6.520                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
TIGARD                                                  OR                       35484                        360                       383,500.00                     8.400                     20060701   MULTIFAM                                          2,921.65                      382,325.14                     8.400    Investment             CashOut Refi                                               650,000.00                           354      20061201                      0.250                         0.030              8.120                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
BETHLEHEM                                               PA                       18015                        360                       400,000.00                     8.975                     20060901   MULTIFAM                                          3,211.30                      399,313.92                     8.975    Investment             Purchase                                                   510,000.00                           356      20061201                      0.250                         0.030              8.695                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
AUSTIN                                                  TX                       78758                        360                       900,000.00                     7.925                     20060701   MULTIFAM                                          6,556.89                      896,863.97                     7.925    Investment             Purchase                                                 1,200,000.00                           354      20061201                      0.250                         0.030              7.645                                                                                   Full                                                                     36    3YR-332                                                      3    LIBOR                             6
THATCHER                                                AZ                       85552                        360                       379,000.00                     7.775                     20060701   MULTIFAM                                          2,721.75                      377,626.52                     7.775    Investment             Purchase                                                   502,000.00                           354      20061201                      0.250                         0.030              7.495                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
HAWTHORNE                                               CA                       90250                        360                       500,000.00                     6.525                     20060701   MULTIFAM                                          3,168.57                      497,539.45                     6.525    Investment             CashOut Refi                                             1,150,000.00                           354      20061201                      0.250                         0.030              6.245                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
PLACENTIA                                               CA                       92870                        180                       720,000.00                     7.125                     20060801   C-INDUST                                          4,850.77                      717,520.69                     7.125    Investment             Purchase                                                 1,600,000.00                           175      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                    120    10YR-5544332211                                          2.875    LIBOR                             6
DOWNEY                                                  CA                       90241                        360                       731,000.00                     6.600                     20060701   MULTIFAM                                          4,668.60                      727,464.75                     6.600    Investment             Rate Refi                                                1,460,000.00                           354      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     60    5YR-32111                                                 2.35    LIBOR                             6
LEWISTON                                                ME                        4240                        360                       385,898.00                     8.775                     20060801   MULTIFAM                                          3,042.75                      385,064.97                     8.775    Investment             Purchase                                                   486,000.00                           355      20061201                      0.250                         0.030              8.495                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
ALBUQUERQUE                                             NM                       31783                        360                       400,000.00                     7.650                     20060701   MULTIFAM                                          2,838.06                      398,502.84                     7.650    Investment             Purchase                                                   490,000.00                           354      20061201                      0.250                         0.030              7.370                                                                                   Express Non-Verified Assets                                              60    5YR-54321                                                    3    LIBOR                             6
OAKLAND                                                 CA                       34486                        360                       645,000.00                     7.075                     20060801   MULTIFAM                                          4,323.74                      642,750.42                     7.075    Investment             Rate Refi                                                1,125,000.00                           355      20061201                      0.250                         0.030              6.795                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
MINNEAPOLIS                                             MN                       20183                        360                     2,000,000.00                     6.750                     20060801   MULTIFAM                                         12,971.96                    1,992,433.68                     6.750    Investment             Purchase                                                 2,530,000.00                           355      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
NEWPORT                                                 NC                       28570                        360                       876,459.00                     8.675                     20060901   MULTIFAM                                          6,848.21                      874,816.45                     8.675    Investment             CashOut Refi                                             1,290,000.00                           356      20061201                      0.250                         0.030              8.395                                                                                   Stated                                                                   36    3YR-332                                                    3.5    LIBOR                             6
HAPEVILLE                                               GA                       30354                        360                       990,000.00                     6.900                     20060801   MULTIFAM                                          5,692.50                      990,000.00                     6.900    Investment             CashOut Refi                                             1,450,000.00                           355      20061201                      0.250                         0.030              6.620                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
ORLANDO                                                 FL                       11878                        360                       880,000.00                     7.375                     20060801   MULTIFAM                                          6,077.94                      877,159.88                     7.375    Investment             CashOut Refi                                             1,575,000.00                           355      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
EAST WENATCHEE                                          WA                       36009                        360                       251,750.00                     7.900                     20060701   MULTIFAM                                          1,829.73                      250,867.01                     7.900    Investment             Purchase                                                   360,000.00                           354      20061201                      0.250                         0.030              7.620                                                                                   Stated                                                                   60    5YR-54321                                                 3.25    LIBOR                             6
FOREST PARK                                             GA                       30297                        360                     1,364,000.00                     6.900                     20060801   MULTIFAM                                          7,843.00                    1,364,000.00                     6.900    Investment             CashOut Refi                                             1,895,000.00                           355      20061201                      0.250                         0.030              6.620                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
THATCHER                                                AZ                       85552                        360                       621,000.00                     7.775                     20060701   MULTIFAM                                          4,459.65                      618,749.49                     7.775    Investment             Purchase                                                   822,000.00                           354      20061201                      0.250                         0.030              7.495                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
HAYWARD                                                 CA                       94541                        360                       530,000.00                     6.875                     20060801   MULTIFAM                                          3,036.46                      530,000.00                     6.875    Investment             CashOut Refi                                               850,000.00                           355      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
LOS ANGELES                                             CA                       90025                        360                     1,350,000.00                     6.750                     20060801   MULTIFAM                                          8,756.07                    1,344,892.75                     6.750    Investment             CashOut Refi                                             2,240,000.00                           355      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
AKRON                                                   OH                       16135                        360                       304,000.00                     7.525                     20060801   MULTIFAM                                          2,130.82                      304,000.00                     7.525    Investment             Purchase                                                   425,000.00                           355      20061201                      0.250                         0.030              7.245                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
FILLMORE                                                CA                       93015                        360                     1,578,000.00                     6.725                     20060801   MULTIFAM                                          8,843.38                    1,578,000.00                     6.725    Investment             CashOut Refi                                             2,800,000.00                           355      20061201                      0.250                         0.030              6.445                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
NORTH PORT                                              FL                       34287                        180                       435,000.00                     7.125                     20060801   C-SELF_STG                                        2,930.68                      433,502.05                     7.125    Investment             CashOut Refi                                               580,000.00                           175      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                    120    10YR-5LO-54321                                           3.125    LIBOR                             6
DULUTH                                                  MN                       20306                        360                       796,000.00                     7.100                     20060801   MULTIFAM                                          5,349.37                      793,241.44                     7.100    Investment             Purchase                                                 1,050,000.00                           355      20061201                      0.250                         0.030              6.820                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
LOS ANGELES (SHERMAN OAKS AREA)                         CA                       33331                        360                       413,500.00                     6.700                     20060701   MULTIFAM                                          2,668.22                      411,546.49                     6.700    Investment             CashOut Refi                                               870,000.00                           354      20061201                      0.250                         0.030              6.420                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
SOMERSWORTH                                             NH                        3878                        360                       960,000.00                     6.750                     20060901   MULTIFAM                                          6,226.54                      957,029.63                     6.750    Investment             CashOut Refi                                             1,200,000.00                           356      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
PHOENIX                                                 AZ                       85029                        180                     1,452,000.00                     7.075                     20060801   C-RETAIL                                          9,733.44                    1,446,935.87                     7.075    Investment             CashOut Refi                                             3,400,000.00                           175      20061201                      0.250                         0.030              6.795                                                                                   Full                                                                     60    5YR-54321                                                 2.75    LIBOR                             6
GEORGETOWN                                              IN                       17189                        180                       650,000.00                     7.700                     20060901   C-RETAIL                                          4,634.24                      648,409.92                     7.700    Investment             CashOut Refi                                             1,000,000.00                           176      20061201                      0.250                         0.030              7.420                                                                                   Full                                                                    120    10YR-5544332211                                              3    LIBOR                             6
PALMDALE                                                CA                       93550                        180                       510,000.00                     7.325                     20061101   C-OFFICE                                          3,505.08                      509,318.11                     7.325    Investment             CashOut Refi                                             1,120,000.00                           178      20061201                      0.250                         0.030              7.045                                                                                   Full                                                                     60    5YR-54321                                                3.125    LIBOR                             6
BIRMINGHAM                                              AL                       12830                        360                       585,000.00                     7.225                     20061101   MULTIFAM                                          3,980.82                      584,198.08                     7.225    Investment             CashOut Refi                                               810,000.00                           358      20061201                      0.250                         0.030              6.945                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
BIRMINGHAM                                              AL                       12830                        360                       615,000.00                     7.225                     20061101   MULTIFAM                                          4,184.96                      614,156.97                     7.225    Investment             CashOut Refi                                               820,000.00                           358      20061201                      0.250                         0.030              6.945                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
BIRMINGHAM                                              AL                       12830                        360                       240,000.00                     7.225                     20061101   MULTIFAM                                          1,633.16                      239,671.01                     7.225    Investment             CashOut Refi                                               330,000.00                           358      20061201                      0.250                         0.030              6.945                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
BIRMINGHAM                                              AL                       12830                        360                       549,474.00                     7.225                     20061101   MULTIFAM                                          3,739.07                      548,720.79                     7.225    Investment             CashOut Refi                                               750,000.00                           358      20061201                      0.250                         0.030              6.945                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
LOS ANGELES                                             CA                       90026                        360                       524,000.00                     6.975                     20060801   MULTIFAM                                          3,477.39                      522,125.61                     6.975    Investment             Purchase                                                   900,000.00                           355      20061201                      0.250                         0.030              6.695                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
LOS ANGELES                                             CA                       90035                        360                     2,100,000.00                     6.675                     20060801   MULTIFAM                                         13,516.03                    2,091,907.88                     6.675    Investment             Purchase                                                 3,000,000.00                           355      20061201                      0.250                         0.030              6.395                                                                                   Full                                                                     36    3YR-321                                                   2.75    MTA                               6
WEST HOLLYWOOD                                          CA                       90048                        360                     1,400,000.00                     6.450                     20060701   MULTIFAM                                          8,802.97                    1,392,990.27                     6.450    Investment             CashOut Refi                                             1,960,000.00                           354      20061201                      0.250                         0.030              6.170                                                                                   Full                                                                     36    3YR-321                                                   2.75    MTA                               6
KANSAS CITY                                             MO                       23387                        360                       552,000.00                     7.450                     20060801   MULTIFAM                                          3,840.78                      550,253.39                     7.450    Investment             Purchase                                                   690,000.00                           355      20061201                      0.250                         0.030              7.170                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
PLATTSBURGH                                             NY                       41153                        360                       706,500.00                     7.225                     20060801   MULTIFAM                                          4,807.60                      704,128.93                     7.225    Investment             Purchase                                                   975,000.00                           355      20061201                      0.250                         0.030              6.945                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
CARTERSVILLE                                            GA                       10978                        360                       280,000.00                     8.225                     20060801   MULTIFAM                                          2,098.63                      279,285.63                     8.225    Investment             Purchase                                                   350,000.00                           355      20061201                      0.250                         0.030              7.945                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
LEWISTON                                                ME                       37987                        360                       348,000.00                     7.750                     20060801   MULTIFAM                                          2,493.11                      346,984.48                     7.750    Investment             Purchase                                                   440,000.00                           355      20061201                      0.250                         0.030              7.470                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
HENSLEY                                                 AR                       72065                        360                     1,228,000.00                     7.600                     20060801   MULTIFAM                                          8,670.60                    1,221,238.23                     7.600    Investment             CashOut Refi                                             1,600,000.00                           355      20061201                      0.250                         0.030              7.320                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
LOS ANGELES                                             CA                       90048                        360                     3,150,000.00                     6.250                     20060701   MULTIFAM                                         19,380.49                    3,129,473.23                     6.250    Investment             Rate Refi                                                5,500,000.00                           354      20061201                      0.250                         0.030              5.970                                                                                   Full                                                                     36    3YR-321                                                   2.45    MTA                               6
LYNN HAVEN                                              FL                       32444                        180                       787,000.00                     7.000                     20061001   C-RETAIL                                          5,235.93                      785,207.19                     7.000    Investment             Purchase                                                 1,125,000.00                           177      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                    120    10YR-5LO-54321                                           3.125    LIBOR                             6
LONG BEACH                                              CA                       33087                        360                       500,000.00                     6.725                     20060801   MULTIFAM                                          2,802.08                      500,000.00                     6.725    Investment             CashOut Refi                                             1,040,000.00                           355      20061201                      0.250                         0.030              6.445                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
LOS ANGELES                                             CA                       90044                        360                       565,000.00                     6.850                     20060701   MULTIFAM                                          3,225.21                      565,000.00                     6.850    Investment             CashOut Refi                                               825,000.00                           354      20061201                      0.250                         0.030              6.570                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
DOWNEY                                                  CA                       90242                        360                     2,400,000.00                     6.875                     20060701   MULTIFAM                                         15,766.29                    2,389,121.33                     6.875    Investment             CashOut Refi                                             4,633,600.00                           354      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                    120    10YR-3332221110                                           2.35    LIBOR                             6
COLUMBUS                                                OH                       15739                        360                       736,000.00                     6.750                     20060801   MULTIFAM                                          4,440.71                      734,899.53                     6.750    Investment             Rate Refi                                                  920,000.00                           355      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
COLUMBUS                                                OH                       15739                        360                       640,000.00                     6.750                     20060801   MULTIFAM                                          3,861.48                      639,043.11                     6.750    Investment             Rate Refi                                                  800,000.00                           355      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
COLUMBUS                                                OH                       15739                        360                       776,000.00                     6.750                     20060801   MULTIFAM                                          4,682.05                      774,839.74                     6.750    Investment             Rate Refi                                                  970,000.00                           355      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
COLUMBUS                                                OH                       15739                        360                       688,000.00                     6.750                     20060801   MULTIFAM                                          4,151.10                      686,971.30                     6.750    Investment             Rate Refi                                                  860,000.00                           355      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
LOS ANGELES                                             CA                       90001                        180                       500,000.00                     7.000                     20060801   C-INDUST                                          3,326.51                      498,222.71                     7.000    Investment             CashOut Refi                                             2,200,000.00                           175      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
MORENO VALLEY                                           CA                       92553                        180                       330,000.00                     7.100                     20060801   C-OFFICE                                          2,217.71                      328,856.33                     7.100    Investment             Purchase                                                   600,000.00                           175      20061201                      0.250                         0.030              6.820                                                                                   Full                                                                     36    3YR-321                                                   2.75    LIBOR                             6
MORENO VALLEY                                           CA                       92553                        180                       895,000.00                     6.875                     20060801   C-OFFICE                                          5,879.51                      891,717.30                     6.875    Investment             Purchase                                                 1,415,000.00                           175      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                    120    10YR-5LO-54321                                               3    LIBOR                             6
MORENO VALLEY                                           CA                       92553                        180                     2,195,000.00                     6.875                     20060801   C-OFFICE                                         14,419.59                    2,186,949.10                     6.875    Investment             Purchase                                                 3,325,000.00                           175      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                    120    10YR-5LO-54321                                               3    LIBOR                             6
SAN BERNARDINO                                          CA                       33704                        360                     4,600,000.00                     6.725                     20060801   MULTIFAM                                         25,779.17                    4,600,000.00                     6.725    Investment             CashOut Refi                                             7,700,000.00                           355      20061201                      0.250                         0.030              6.445                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
PHOENIX                                                 AZ                       85022                        180                       721,000.00                     7.350                     20060901   C-OFFICE                                          4,967.49                      719,072.03                     7.350    Investment             Rate Refi                                                1,035,000.00                           176      20061201                      0.250                         0.030              7.070                                                                                   Full                                                                    120    10YR-5544332211                                           2.75    LIBOR                             6
LOS ANGELES                                             CA                       90004                        360                       900,000.00                     7.075                     20060801   MULTIFAM                                          6,033.12                      896,861.09                     7.075    Investment             Purchase                                                 1,300,000.00                           355      20061201                      0.250                         0.030              6.795                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
PARK RIDGE                                              IL                       60068                        360                     1,600,000.00                     7.700                     20060801   MULTIFAM                                         11,407.36                    1,595,266.46                     7.700    Investment             Rate Refi                                                3,150,000.00                           355      20061201                      0.250                         0.030              7.420                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
SOUTH RIVER                                             NJ                        8882                        360                       765,000.00                     7.075                     20060801   MULTIFAM                                          5,128.16                      762,331.89                     7.075    Investment             Purchase                                                 1,075,000.00                           355      20061201                      0.250                         0.030              6.795                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
RIVERSIDE                                               CA                       33727                        360                       485,000.00                     7.075                     20060801   MULTIFAM                                          3,251.18                      483,308.49                     7.075    Investment             CashOut Refi                                               900,000.00                           355      20061201                      0.250                         0.030              6.795                                                                                   Full                                                                     60    5YR-32111                                                  2.7    MTA                               6
WILLIAMSTOWN                                            KY                       41097                        360                       850,000.00                     7.275                     20060901   MULTIFAM                                          5,153.13                      850,000.00                     7.275    Investment             CashOut Refi                                             1,150,000.00                           356      20061201                      0.250                         0.030              6.995                                                                                   Full                                                                     60    5YR-32111                                                2.625    LIBOR                             6
SAN ANGELO                                              TX                       35311                        360                       975,000.00                     7.400                     20060801   MULTIFAM                                          6,750.70                      971,873.91                     7.400    Investment             Purchase                                                 1,300,000.00                           355      20061201                      0.250                         0.030              7.120                                                                                   Full                                                                     36    3YR-321                                                    2.5    LIBOR                             6
MT. CLEMENS                                             MI                       48043                        360                       558,000.00                     7.375                     20060801   MULTIFAM                                          3,853.97                      556,199.09                     7.375    Investment             Rate Refi                                                  813,000.00                           355      20061201                      0.250                         0.030              7.095                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
WOONSOCKET                                              RI                        2895                        360                       340,000.00                     8.275                     20060901   MULTIFAM                                          2,560.28                      339,286.63                     8.275    Investment             Purchase                                                   443,000.00                           356      20061201                      0.250                         0.030              7.995                                                                                   Full                                                                     36    3YR-321                                                    2.5    LIBOR                             6
WOONSOCKET                                              RI                        2895                        360                       452,000.00                     8.025                     20060901   MULTIFAM                                          3,324.50                      450,984.95                     8.025    Investment             Purchase                                                   565,000.00                           356      20061201                      0.250                         0.030              7.745                                                                                   Full                                                                     36    3YR-321                                                    2.5    LIBOR                             6
LOUISVILLE                                              KY                       14659                        180                     1,289,000.00                     7.350                     20060901   C-OFFICE                                          8,880.85                    1,285,553.20                     7.350    Investment             Purchase                                                 3,075,000.00                           176      20061201                      0.250                         0.030              7.070                                                                                   Full                                                                     60    5YR-54321                                                 2.75    LIBOR                             6
PHOENIX                                                 AZ                       85015                        360                     1,470,000.00                     7.075                     20060801   MULTIFAM                                          9,854.10                    1,464,873.09                     7.075    Investment             Purchase                                                 2,140,000.00                           355      20061201                      0.250                         0.030              6.795                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
ATLANTA                                                 GA                       30354                        360                       700,000.00                     7.450                     20060801   MULTIFAM                                          4,870.56                      697,785.06                     7.450    Investment             Purchase                                                   920,000.00                           355      20061201                      0.250                         0.030              7.170                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
CINCINNATI                                              OH                       45230                        360                       292,500.00                     8.100                     20060801   MULTIFAM                                          2,166.69                      291,726.25                     8.100    Investment             Purchase                                                   390,000.00                           355      20061201                      0.250                         0.030              7.820                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
ATLANTA                                                 GA                       11022                        360                       538,824.00                     8.775                     20060801   MULTIFAM                                          4,248.56                      537,660.79                     8.775    Investment             Purchase                                                   730,000.00                           355      20061201                      0.250                         0.030              8.495                                                                                   Stated                                                                   36    3YR-321                                                    3.5    LIBOR                             6
SEA-TAC                                                 WA                       98168                        360                     2,075,000.00                     6.750                     20060901   MULTIFAM                                         13,458.41                    2,068,579.65                     6.750    Investment             CashOut Refi                                             3,000,000.00                           356      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
HOUSTON                                                 TX                       77036                        360                     1,627,000.00                     7.475                     20060801   MULTIFAM                                         11,348.38                    1,621,885.94                     7.475    Investment             CashOut Refi                                             2,500,000.00                           355      20061201                      0.250                         0.030              7.195                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
COVINGTON                                               KY                       41011                        360                       281,250.00                     8.100                     20060801   MULTIFAM                                          2,083.35                      280,506.03                     8.100    Investment             Purchase                                                   375,000.00                           355      20061201                      0.250                         0.030              7.820                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
LEBANON                                                 NH                        3766                        360                       900,000.00                     6.875                     20060901   MULTIFAM                                          5,912.36                      897,296.92                     6.875    Investment             CashOut Refi                                             1,255,000.00                           356      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
LOS ANGELES                                             CA                       90019                        360                     1,000,000.00                     6.625                     20060901   MULTIFAM                                          6,403.11                      996,813.40                     6.625    Investment             Purchase                                                 1,520,000.00                           356      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
HUNTINGTON PARK                                         CA                       91255                        360                       530,000.00                     7.325                     20060801   MULTIFAM                                          3,642.53                      528,266.93                     7.325    Investment             CashOut Refi                                             1,475,000.00                           355      20061201                      0.250                         0.030              7.045                                                                                   SISA                                                                     60    5YR-32111                                                    3    LIBOR                             6
BATON ROUGE                                             LA                       25782                        360                     1,224,375.00                     7.325                     20061101   MULTIFAM                                          8,414.77                    1,222,737.95                     7.325    Investment             Purchase                                                 1,675,000.00                           358      20061201                      0.250                         0.030              7.045                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
HOUSTON                                                 TX                       77037                        360                       450,000.00                     7.675                     20060801   MULTIFAM                                          3,200.56                      448,659.62                     7.675    Investment             CashOut Refi                                               800,000.00                           355      20061201                      0.250                         0.030              7.395                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
BROWNSVILLE                                             TX                       28631                        360                       480,000.00                     7.150                     20060901   MULTIFAM                                          3,241.95                      478,651.30                     7.150    Investment             Purchase                                                   600,000.00                           356      20061201                      0.250                         0.030              6.870                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
ANCHORAGE                                               AK                       36288                        360                       450,000.00                     8.100                     20060901   MULTIFAM                                          3,333.36                      449,009.66                     8.100    Investment             CashOut Refi                                               600,000.00                           356      20061201                      0.250                         0.030              7.820                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
ANCHORAGE                                               AK                       36283                        360                       444,000.00                     8.225                     20060901   MULTIFAM                                          3,327.82                      443,055.53                     8.225    Investment             Purchase                                                   560,000.00                           356      20061201                      0.250                         0.030              7.945                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
INDIANAPOLIS                                            IN                       16857                        360                       581,250.00                     7.625                     20060901   MULTIFAM                                          4,114.05                      579,800.34                     7.625    Investment             Purchase                                                   780,000.00                           356      20061201                      0.250                         0.030              7.345                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
AMARILLO                                                TX                       28864                        360                     2,316,000.00                     7.075                     20060801   MULTIFAM                                         15,525.24                    2,307,922.49                     7.075    Investment             Purchase                                                 2,900,000.00                           355      20061201                      0.250                         0.030              6.795                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
JONESBORO                                               AR                       26390                        360                     1,300,000.00                     7.200                     20060801   MULTIFAM                                          8,824.25                    1,295,608.82                     7.200    Investment             Rate Refi                                                1,915,000.00                           355      20061201                      0.250                         0.030              6.920                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
VALLEJO                                                 CA                       94590                        360                       570,000.00                     7.100                     20060801   MULTIFAM                                          3,830.58                      568,024.65                     7.100    Investment             Purchase                                                   950,000.00                           355      20061201                      0.250                         0.030              6.820                                                                                   Full                                                                     36    3YR-321                                                   2.75    LIBOR                             6
LONG BEACH                                              CA                       33087                        360                       750,000.00                     8.025                     20060801   MULTIFAM                                          5,516.31                      747,973.11                     8.025    Investment             Purchase                                                 1,050,000.00                           355      20061201                      0.250                         0.030              7.745                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
HOUSTON                                                 TX                       77092                        360                     3,332,000.00                     7.075                     20060901   MULTIFAM                                         22,347.19                    3,322,453.26                     7.075    Investment             CashOut Refi                                             4,200,000.00                           356      20061201                      0.250                         0.030              6.795                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
CLARION                                                 PA                       16353                        360                       386,250.00                     8.550                     20060801   MULTIFAM                                          2,983.63                      385,355.71                     8.550    Investment             CashOut Refi                                               515,000.00                           355      20061201                      0.250                         0.030              8.270                                                                                   Stated                                                                  120    10YR-5544332211                                              3    LIBOR                             6
TORRANCE                                                CA                       32997                        360                     1,000,000.00                     6.700                     20060801   MULTIFAM                                          6,452.78                      996,170.10                     6.700    Investment             CashOut Refi                                             2,150,000.00                           355      20061201                      0.250                         0.030              6.420                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
OXNARD                                                  CA                       93033                        360                     1,020,000.00                     6.925                     20060901   MULTIFAM                                          5,886.25                    1,020,000.00                     6.925    Investment             Purchase                                                 1,630,000.00                           356      20061201                      0.250                         0.030              6.645                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
DEL CITY                                                OK                       26679                        360                     2,280,000.00                     6.750                     20060801   MULTIFAM                                         14,788.04                    2,271,374.36                     6.750    Investment             Purchase                                                 2,975,000.00                           355      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
SAN ANGELO                                              TX                       28004                        360                       272,000.00                     8.850                     20060901   MULTIFAM                                          2,159.28                      271,515.73                     8.850    Investment             Purchase                                                   340,000.00                           356      20061201                      0.250                         0.030              8.570                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
KANSAS CITY                                             MO                       23393                        360                     4,520,000.00                     6.950                     20060801   MULTIFAM                                         26,178.33                    4,520,000.00                     6.950    Investment             Purchase                                                 5,650,000.00                           355      20061201                      0.250                         0.030              6.670                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
SAN ANTONIO                                             TX                       28534                        360                     1,235,000.00                     6.875                     20060901   MULTIFAM                                          8,113.07                    1,231,290.78                     6.875    Investment             Purchase                                                 1,666,500.00                           356      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     84    7YR-3322110                                                2.5    LIBOR                             6
CHANNELVIEW                                             TX                       28275                        360                     2,240,000.00                     7.525                     20060901   MULTIFAM                                         15,700.77                    2,234,268.74                     7.525    Investment             CashOut Refi                                             3,250,000.00                           356      20061201                      0.250                         0.030              7.245                                                                                   Full                                                                     84    7YR-3322110                                               2.75    LIBOR                             6
COLUMBUS                                                OH                       15743                        180                       550,000.00                     7.125                     20060901   C-OFFICE                                          3,705.45                      548,445.12                     7.125    Investment             CashOut Refi                                             1,140,000.00                           176      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                    120    10YR-5LO-54321                                           3.125    LIBOR                             6
PORTLAND                                                OR                       35481                        360                     1,800,000.00                     6.900                     20060801   MULTIFAM                                         10,350.00                    1,800,000.00                     6.900    Investment             CashOut Refi                                             2,800,000.00                           355      20061201                      0.250                         0.030              6.620                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
HOUSTON                                                 TX                       77009                        360                     2,493,500.00                     6.900                     20060901   MULTIFAM                                         16,422.19                    2,486,055.72                     6.900    Investment             CashOut Refi                                             3,325,000.00                           356      20061201                      0.250                         0.030              6.620                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
LOS ANGELES                                             CA                       90042                        360                     1,070,000.00                     6.625                     20060901   MULTIFAM                                          6,851.33                    1,066,590.33                     6.625    Investment             CashOut Refi                                             2,015,000.00                           356      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
LOS ANGELES                                             CA                       90033                        360                       637,000.00                     6.975                     20060801   MULTIFAM                                          4,227.29                      634,721.38                     6.975    Investment             Purchase                                                   910,000.00                           355      20061201                      0.250                         0.030              6.695                                                                                   Full                                                                     36    3YR-321                                                   2.75    LIBOR                             6
BILLINGS                                                MT                       21555                        360                       875,000.00                     7.400                     20060901   MULTIFAM                                          6,058.32                      872,689.38                     7.400    Investment             Purchase                                                 1,170,000.00                           356      20061201                      0.250                         0.030              7.120                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
UNION CITY                                              NJ                        7087                        360                       466,185.00                     8.225                     20060901   MULTIFAM                                          3,494.10                      465,193.33                     8.225    Investment             Purchase                                                   680,000.00                           356      20061201                      0.250                         0.030              7.945                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
LAREDO                                                  TX                       78043                        360                       624,000.00                     8.225                     20060901   MULTIFAM                                          4,676.94                      622,672.64                     8.225    Investment             Purchase                                                   790,000.00                           356      20061201                      0.250                         0.030              7.945                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
EAST SYRACUSE                                           NY                       13057                        180                       800,000.00                     7.275                     20060901   C-INDUST                                          5,470.98                      797,820.46                     7.275    Investment             Purchase                                                 1,140,000.00                           176      20061201                      0.250                         0.030              6.995                                                                                   Full                                                                     60    5YR-54321                                                2.875    LIBOR                             6
ALBUQUERQUE                                             NM                       31800                        360                       480,000.00                     6.900                     20060901   MULTIFAM                                          3,161.28                      478,566.97                     6.900    Investment             Purchase                                                   806,500.00                           356      20061201                      0.250                         0.030              6.620                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
ALBUQUERQUE                                             NM                       31783                        360                       252,669.00                     7.975                     20060901   MULTIFAM                                          1,849.59                      252,093.98                     7.975    Investment             CashOut Refi                                               400,000.00                           356      20061201                      0.250                         0.030              7.695                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
SALT LAKE CITY                                          UT                       30682                        180                     1,000,000.00                     7.125                     20061001   C-OFFICE                                          7,147.73                      997,375.05                     7.125    Investment             CashOut Refi                                             1,745,000.00                           177      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                    120    10YR-5LO-54321                                               3    LIBOR                             6
LOS ANGELES                                             CA                       90066                        360                     1,400,000.00                     6.900                     20060901   MULTIFAM                                          8,050.00                    1,400,000.00                     6.900    Investment             CashOut Refi                                             2,850,000.00                           356      20061201                      0.250                         0.030              6.620                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
LA HABRA                                                CA                       90631                        360                       715,000.00                     6.750                     20060801   MULTIFAM                                          4,637.48                      712,295.02                     6.750    Investment             CashOut Refi                                             1,585,000.00                           355      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                     84    7YR-3322110                                               2.45    MTA                               6
ARLINGTON                                               TX                       76011                        360                     5,600,000.00                     7.225                     20060801   MULTIFAM                                         35,719.07                    5,593,291.93                     7.225    Investment             Purchase                                                 7,100,000.00                           355      20061201                      0.250                         0.030              6.945                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
BALTIMORE                                               MD                       44216                        360                       539,466.00                     8.625                     20060901   MULTIFAM                                          4,195.91                      538,440.32                     8.625    Investment             CashOut Refi                                               750,000.00                           356      20061201                      0.250                         0.030              8.345                                                                                   Stated                                                                   60    5YR-54321                                                 3.25    LIBOR                             6
BURNSVILLE                                              MN                       20154                        180                     3,000,000.00                     7.425                     20060801   C-INDUST                                         20,822.58                    2,977,410.81                     7.425    Investment             CashOut Refi                                             6,825,000.00                           175      20061201                      0.250                         0.030              7.145                                                                                   Full                                                                    120    10YR-3332221110                                           2.75    LIBOR                             6
PHOENIX                                                 AZ                       85017                        360                       800,000.00                     7.400                     20060801   MULTIFAM                                          4,933.33                      800,000.00                     7.400    Investment             Purchase                                                 1,336,000.00                           355      20061201                      0.250                         0.030              7.120                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
ALLIANCE                                                OH                       16224                        120                       425,000.00                     6.875                     20061201   C-RETAIL                                          2,791.95                      424,642.95                     6.875    Investment             Rate Refi                                                  630,000.00                           119      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                    120    10YR-5LO-54321                                                    FIXED
SHERMAN OAKS                                            CA                       33329                        360                       660,000.00                     6.675                     20061001   MULTIFAM                                          4,247.90                      658,383.36                     6.675    Investment             CashOut Refi                                             2,700,000.00                           357      20061201                      0.250                         0.030              6.395                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
LOWELL                                                  MA                        1851                        360                       648,000.00                     7.650                     20061001   MULTIFAM                                          4,597.65                      646,729.59                     7.650    Investment             CashOut Refi                                               950,000.00                           357      20061201                      0.250                         0.030              7.370                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
HUNTINGTON PARK                                         CA                       90255                        360                       845,000.00                     6.650                     20060801   MULTIFAM                                          4,682.71                      845,000.00                     6.650    Investment             CashOut Refi                                             1,575,000.00                           355      20061201                      0.250                         0.030              6.370                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
FRESNO                                                  CA                       34176                        360                     4,100,000.00                     7.125                     20060901   MULTIFAM                                         25,851.78                    4,095,555.78                     7.125    Investment             CashOut Refi                                             5,675,000.00                           356      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
LAS VEGAS                                               NV                       32512                        360                       627,000.00                     7.150                     20060801   MULTIFAM                                          3,735.88                      627,000.00                     7.150    Investment             CashOut Refi                                             1,450,000.00                           355      20061201                      0.250                         0.030              6.870                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
NEWHALL                                                 CA                       33318                        360                     4,655,000.00                     6.900                     20061101   MULTIFAM                                         26,766.25                    4,655,000.00                     6.900    Investment             Purchase                                                 6,500,000.00                           358      20061201                      0.250                         0.030              6.620                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
NORWALK                                                 CA                       90650                        360                       367,305.00                     8.725                     20061001   MULTIFAM                                          2,883.03                      366,752.72                     8.725    Investment             Purchase                                                   810,000.00                           357      20061201                      0.250                         0.030              8.445                                                                                   Full                                                                     36    3YR-332                                                    3.5    LIBOR                             6
FULLERTON                                               CA                       92833                        360                     1,145,000.00                     6.600                     20060801   MULTIFAM                                          6,297.50                    1,145,000.00                     6.600    Investment             Purchase                                                 2,320,000.00                           355      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     36    3YR-321                                                   2.45    MTA                               6
PHOENIX                                                 AZ                       85018                        360                       425,000.00                     7.725                     20060901   MULTIFAM                                          3,037.41                      423,967.06                     7.725    Investment             Purchase                                                   765,000.00                           356      20061201                      0.250                         0.030              7.445                                                                                   Full                                                                     36    3YR-321                                                   2.75    LIBOR                             6
LOS ANGELES                                             CA                       90068                        360                     1,450,000.00                     6.975                     20061001   MULTIFAM                                          9,622.55                    1,446,678.20                     6.975    Investment             CashOut Refi                                             2,200,000.00                           357      20061201                      0.250                         0.030              6.695                                                                                   Full                                                                     36    3YR-321                                                   2.75    LIBOR                             6
NEWHALL                                                 CA                       33318                        360                     4,700,000.00                     6.775                     20060901   MULTIFAM                                         26,535.42                    4,700,000.00                     6.775    Investment             CashOut Refi                                             6,285,000.00                           356      20061201                      0.250                         0.030              6.495                                                                                   Full                                                                     60    5YR-31111                                                  2.5    LIBOR                             6
STOCKTON                                                CA                       34739                        360                       500,000.00                     6.775                     20060901   MULTIFAM                                          3,251.30                      498,462.08                     6.775    Investment             Purchase                                                   755,000.00                           356      20061201                      0.250                         0.030              6.495                                                                                   Full                                                                     60    5YR-32111                                                 2.35    LIBOR                             6
RIVERDALE                                               IL                       22155                        360                       780,000.00                     7.275                     20060901   MULTIFAM                                          5,334.21                      777,874.93                     7.275    Investment             CashOut Refi                                               975,000.00                           356      20061201                      0.250                         0.030              6.995                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
ANCHORAGE                                               AK                       36284                        180                       660,000.00                     7.550                     20060901   C-RETAIL                                          4,637.43                      658,322.06                     7.550    Investment             Rate Refi                                                1,000,000.00                           176      20061201                      0.250                         0.030              7.270                                                                                   Full                                                                    120    10YR-5544332211                                          2.875    LIBOR                             6
LAS VEGAS                                               NV                       32517                        360                       875,000.00                     7.025                     20060901   MULTIFAM                                          5,122.40                      875,000.00                     7.025    Investment             CashOut Refi                                             1,255,000.00                           356      20061201                      0.250                         0.030              6.745                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
DEERFIELD                                               NH                        3037                        360                       720,000.00                     7.175                     20060901   MULTIFAM                                          4,875.10                      717,989.32                     7.175    Investment             CashOut Refi                                             1,150,000.00                           356      20061201                      0.250                         0.030              6.895                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
VAN NUYS                                                CA                       33334                        360                       920,000.00                     7.150                     20061001   MULTIFAM                                          6,213.74                      917,974.33                     7.150    Investment             CashOut Refi                                             1,150,000.00                           357      20061201                      0.250                         0.030              6.870                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
VAN NUYS                                                CA                       33334                        360                       860,000.00                     7.150                     20061001   MULTIFAM                                          5,808.50                      858,106.43                     7.150    Investment             CashOut Refi                                             1,100,000.00                           357      20061201                      0.250                         0.030              6.870                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
ROCHESTER                                               NY                       41797                        360                       570,000.00                     7.275                     20060901   MULTIFAM                                          3,898.07                      568,447.08                     7.275    Investment             Purchase                                                   760,000.00                           356      20061201                      0.250                         0.030              6.995                                                                                   Full                                                                    120    10YR-3332221110                                           2.75    LIBOR                             6
HARBOR CITY                                             CA                       33064                        360                       580,000.00                     7.525                     20060801   MULTIFAM                                          4,065.38                      578,201.04                     7.525    Investment             Purchase                                                   950,000.00                           355      20061201                      0.250                         0.030              7.245                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
LAS VEGAS                                               NV                       32515                        360                     1,725,000.00                     7.275                     20061001   MULTIFAM                                         11,796.81                    1,721,309.04                     7.275    Investment             Purchase                                                 2,450,000.00                           357      20061201                      0.250                         0.030              6.995                                                                                   Full                                                                     60    5YR-32111                                                2.625    LIBOR                             6
LAS VEGAS                                               NV                       32509                        360                       500,000.00                     7.400                     20060901   MULTIFAM                                          3,083.33                      499,611.73                     7.400    Investment             CashOut Refi                                               800,000.00                           356      20061201                      0.250                         0.030              7.120                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
OAKLAND                                                 CA                       34495                        180                       500,000.00                     7.650                     20061001   C-RETAIL                                          3,547.57                      498,623.31                     7.650    Investment             CashOut Refi                                             1,250,000.00                           177      20061201                      0.250                         0.030              7.370                                                                                   Full                                                                     60    5YR-54321                                                2.875    LIBOR                             6
PORTLAND                                                OR                       35463                        360                     1,820,000.00                     6.625                     20060901   MULTIFAM                                         11,653.66                    1,814,200.40                     6.625    Investment             Purchase                                                 2,750,000.00                           356      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
PORTLAND                                                OR                       35476                        180                       960,000.00                     6.875                     20061001   C-MIX_USE                                         6,306.52                      957,750.78                     6.875    Investment             CashOut Refi                                             1,670,000.00                           177      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                    120    10YR-5LO-54321                                               3    LIBOR                             6
FRESNO                                                  CA                       34178                        360                       900,000.00                     6.775                     20060901   MULTIFAM                                          5,852.35                      897,231.72                     6.775    Investment             CashOut Refi                                             1,825,000.00                           356      20061201                      0.250                         0.030              6.495                                                                                   Full                                                                     60    5YR-32111                                                 2.35    LIBOR                             6
LOS ANGELES                                             CA                       90026                        360                     3,935,000.00                     6.950                     20060901   MULTIFAM                                         22,790.21                    3,935,000.00                     6.950    Investment             Purchase                                                 5,850,000.00                           356      20061201                      0.250                         0.030              6.670                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
AUSTIN                                                  TX                       78746                        180                       900,000.00                     7.475                     20061001   C-OFFICE                                          6,277.53                      898,161.48                     7.475    Investment             CashOut Refi                                             2,220,000.00                           177      20061201                      0.250                         0.030              7.195                                                                                   Full                                                                     60    5YR-54321                                                    3    LIBOR                             6
LONG BEACH                                              CA                       33098                        360                       436,500.00                     7.975                     20060801   MULTIFAM                                          3,195.28                      435,303.51                     7.975    Investment             Purchase                                                   725,000.00                           355      20061201                      0.250                         0.030              7.695                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
BALTIMORE                                               MD                       44245                        360                       330,000.00                     8.625                     20061001   MULTIFAM                                          2,566.71                      329,490.87                     8.625    Investment             CashOut Refi                                               440,000.00                           357      20061201                      0.250                         0.030              8.345                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
GARDENA                                                 CA                       90249                        360                       489,500.00                     7.975                     20060901   MULTIFAM                                          3,583.25                      488,385.96                     7.975    Investment             Purchase                                                   690,000.00                           356      20061201                      0.250                         0.030              7.695                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
LOS ANGELES                                             CA                       90069                        180                     1,400,000.00                     7.525                     20061001   C-RETAIL                                          9,812.98                    1,397,173.33                     7.525    Investment             CashOut Refi                                             4,450,000.00                           177      20061201                      0.250                         0.030              7.245                                                                                   Full                                                                     60    5YR-54321                                                 2.75    LIBOR                             6
ANAHEIM                                                 CA                       33818                        360                       666,250.00                     6.525                     20061001   MULTIFAM                                          4,222.11                      664,563.37                     6.525    Investment             Purchase                                                 1,040,000.00                           357      20061201                      0.250                         0.030              6.245                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
PHOENIX                                                 AZ                       85018                        360                     4,275,000.00                     6.775                     20061101   MULTIFAM                                         27,798.65                    4,268,462.97                     6.775    Investment             Purchase                                                 6,100,000.00                           358      20061201                      0.250                         0.030              6.495                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
PHOENIX                                                 AZ                       85008                        360                     6,600,000.00                     6.775                     20061001   MULTIFAM                                         42,917.21                    6,584,187.94                     6.775    Investment             Purchase                                                 9,400,000.00                           357      20061201                      0.250                         0.030              6.495                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
ORANGE                                                  CA                       92866                        180                       900,000.00                     7.575                     20061001   C-MIX_USE                                         6,339.22                      898,204.03                     7.575    Investment             CashOut Refi                                             2,000,000.00                           177      20061201                      0.250                         0.030              7.295                                                                                   Full                                                                    120    10YR-5544332211                                           2.75    LIBOR                             6
GARDENA                                                 CA                       90249                        360                       528,400.00                     7.775                     20060901   MULTIFAM                                          3,794.65                      527,132.36                     7.775    Investment             Purchase                                                   795,000.00                           356      20061201                      0.250                         0.030              7.495                                                                                   Full                                                                     60    5YR-32111                                                    3    LIBOR                             6
LEES SUMMIT                                             MO                       64063                        360                     1,800,000.00                     6.875                     20061001   MULTIFAM                                         11,824.72                    1,795,782.73                     6.875    Investment             Rate Refi                                                2,450,000.00                           357      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
LOS ANGELES                                             CA                       90058                        180                     2,500,000.00                     7.000                     20060901   C-INDUST                                         16,632.56                    2,492,714.00                     7.000    Investment             CashOut Refi                                             5,000,000.00                           176      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                     60    5YR-54321                                                    3    LIBOR                             6
REDLANDS                                                CA                       92373                        360                       367,000.00                     9.800                     20060901   MULTIFAM                                          3,166.58                      366,517.03                     9.800    Investment             CashOut Refi                                               715,000.00                           356      20061201                      0.250                         0.030              9.520                                                                                   Stated                                                                  120    10YR-5544332211                                            3.5    LIBOR                             6
ONTARIO                                                 CA                       91762                        180                     1,017,500.00                     6.896                     20061101   C-RETAIL                                          6,698.53                    1,015,988.54                     6.896    Investment             CashOut Refi                                             2,485,000.00                           178      20061201                      0.250                         0.030              6.616                                                                                   Full                                                                    120    10YR-5LO-54321                                               3    LIBOR                             6
CORONA                                                  CA                       92882                        360                     2,350,000.00                     6.775                     20060901   MULTIFAM                                         13,267.71                    2,350,000.00                     6.775    Investment             Purchase                                                 3,525,000.00                           356      20061201                      0.250                         0.030              6.495                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
VAN NUYS                                                CA                       33334                        180                       500,000.00                     7.125                     20061001   C-INDUST                                          3,368.59                      498,892.81                     7.125    Investment             CashOut Refi                                             1,475,000.00                           177      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                    120    10YR-5LO-54321                                           3.125    LIBOR                             6
MATTAPAN                                                MA                       37282                        360                       468,750.00                     6.925                     20060901   MULTIFAM                                          3,095.03                      467,358.93                     6.925    Investment             Purchase                                                   660,000.00                           356      20061201                      0.250                         0.030              6.645                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
LOS ANGELES                                             CA                       90042                        360                       795,000.00                     6.650                     20060901   MULTIFAM                                          4,739.59                      793,949.88                     6.650    Investment             Purchase                                                 1,150,000.00                           356      20061201                      0.250                         0.030              6.370                                                                                   Full                                                                     60    5YR-32111                                                  2.6    MTA                               6
GENTRY                                                  AR                       72734                        360                       795,000.00                     6.925                     20061101   MULTIFAM                                          5,249.17                      793,827.28                     6.925    Investment             CashOut Refi                                             1,215,000.00                           358      20061201                      0.250                         0.030              6.645                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
FERNDALE                                                WA                       98248                        360                       510,000.00                     7.150                     20060901   MULTIFAM                                          3,444.57                      508,567.03                     7.150    Investment             Purchase                                                   845,000.00                           356      20061201                      0.250                         0.030              6.870                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
VAN NUYS                                                CA                       33329                        360                     1,220,000.00                     6.900                     20060901   MULTIFAM                                          8,034.92                    1,216,357.72                     6.900    Investment             Rate Refi                                                2,670,000.00                           356      20061201                      0.250                         0.030              6.620                                                                                   Full                                                                     60    5YR-32111                                                 2.45    LIBOR                             6
MEMPHIS                                                 TN                       13902                        360                       516,000.00                     7.200                     20060901   MULTIFAM                                          3,502.55                      514,567.85                     7.200    Investment             Purchase                                                   700,000.00                           356      20061201                      0.250                         0.030              6.920                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
LOS ANGELES                                             CA                       90025                        360                     2,026,700.00                     6.650                     20061001   MULTIFAM                                         13,010.70                    2,021,708.27                     6.650    Investment             CashOut Refi                                             3,440,000.00                           357      20061201                      0.250                         0.030              6.370                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
APPLE VALLEY                                            CA                       33670                        360                       500,000.00                     6.775                     20061001   MULTIFAM                                          3,251.30                      498,802.13                     6.775    Investment             CashOut Refi                                             1,250,000.00                           357      20061201                      0.250                         0.030              6.495                                                                                   Full                                                                     84    7YR-3322110                                                2.5    LIBOR                             6
ALBUQUERQUE                                             NM                       31785                        360                       340,000.00                     8.100                     20060901   MULTIFAM                                          2,518.54                      339,251.74                     8.100    Investment             Purchase                                                   515,000.00                           356      20061201                      0.250                         0.030              7.820                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
WHEELING                                                IL                       60090                        360                       287,800.00                     7.975                     20061001   MULTIFAM                                          2,106.76                      287,277.99                     7.975    Investment             Purchase                                                   515,000.00                           357      20061201                      0.250                         0.030              7.695                                                                                   Stated                                                                   36    3YR-332                                                   3.25    LIBOR                             6
PHOENIX                                                 AZ                       85021                        360                       699,000.00                     7.975                     20060901   MULTIFAM                                          5,116.84                      697,409.17                     7.975    Investment             Purchase                                                 1,000,000.00                           356      20061201                      0.250                         0.030              7.695                                                                                   Full                                                                     36    3YR-332                                                      3    LIBOR                             6
ASHEBORO                                                NC                       46421                        360                       637,000.00                     7.150                     20061001   MULTIFAM                                          4,302.34                      635,597.44                     7.150    Investment             Purchase                                                   885,000.00                           357      20061201                      0.250                         0.030              6.870                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
PORTERVILLE                                             CA                       93257                        360                       565,000.00                     6.750                     20060901   MULTIFAM                                          3,664.58                      563,251.80                     6.750    Investment             CashOut Refi                                               793,000.00                           356      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
SACRAMENTO                                              CA                       34926                        360                     1,525,000.00                     8.050                     20060801   MULTIFAM                                         11,243.11                    1,520,907.86                     8.050    Investment             Purchase                                                 2,300,000.00                           355      20061201                      0.250                         0.030              7.770                                                                                   Stated                                                                   36    3YR-332                                                  3.125    LIBOR                             6
SANTA ANA                                               CA                       33786                        360                       830,000.00                     6.850                     20060901   MULTIFAM                                          4,737.92                      830,000.00                     6.850    Investment             Purchase                                                 2,200,000.00                           356      20061201                      0.250                         0.030              6.570                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
FLINT                                                   MI                       17656                        180                       650,000.00                     7.525                     20061101   C-OFFICE                                          4,556.03                      649,173.73                     7.525    Investment             Purchase                                                 1,050,000.00                           178      20061201                      0.250                         0.030              7.245                                                                                   Full                                                                     60    5YR-54321                                                2.875    LIBOR                             6
LOS ANGELES                                             CA                       90044                        360                       350,000.00                     8.750                     20061001   MULTIFAM                                          2,753.45                      349,477.13                     8.750    Investment             CashOut Refi                                               640,000.00                           357      20061201                      0.250                         0.030              8.470                                                                                   Stated                                                                  120    10YR-5544332211                                              3    LIBOR                             6
LOS ANGELES                                             CA                       90042                        360                     1,332,500.00                     6.850                     20060901   MULTIFAM                                          8,135.79                    1,330,876.81                     6.850    Investment             CashOut Refi                                             2,050,000.00                           356      20061201                      0.250                         0.030              6.570                                                                                   Full                                                                     60    5YR-32111                                                  2.6    MTA                               6
LAKE ELSINORE                                           CA                       33754                        360                       725,000.00                     6.875                     20060901   MULTIFAM                                          4,762.73                      722,822.53                     6.875    Investment             CashOut Refi                                             1,375,000.00                           356      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
ATWATER                                                 CA                       34759                        180                       603,000.00                     7.350                     20061201   C-INDUST                                          4,802.57                      601,890.81                     7.350    Investment             CashOut Refi                                             1,300,000.00                           179      20061201                      0.250                         0.030              7.070                                                                                   Full                                                                    120    10YR-5544332211                                          2.875    LIBOR                             6
GLENDALE                                                CA                       33275                        360                       510,000.00                     6.975                     20061001   MULTIFAM                                          3,384.48                      508,831.65                     6.975    Investment             CashOut Refi                                             1,340,000.00                           357      20061201                      0.250                         0.030              6.695                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
HAWTHORNE                                               CA                       90250                        360                       636,000.00                     7.175                     20061001   MULTIFAM                                          4,306.33                      634,607.63                     7.175    Investment             Purchase                                                   905,000.00                           357      20061201                      0.250                         0.030              6.895                                                                                   Full                                                                     36    3YR-321                                                   2.75    LIBOR                             6
WOONSOCKET                                              RI                        2895                        360                       233,200.00                     8.350                     20061001   MULTIFAM                                          1,768.37                      232,814.32                     8.350    Investment             CashOut Refi                                               330,000.00                           357      20061201                      0.250                         0.030              8.070                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
CLOVIS                                                  CA                       34132                        180                       500,000.00                     7.425                     20061101   C-OFFICE                                          3,470.43                      499,348.08                     7.425    Investment             CashOut Refi                                             1,390,000.00                           178      20061201                      0.250                         0.030              7.145                                                                                   Full                                                                     60    5YR-54321                                                    3    LIBOR                             6
AVENAL                                                  CA                       34004                        360                       900,000.00                     7.325                     20061101   MULTIFAM                                          6,185.44                      898,796.65                     7.325    Investment             CashOut Refi                                             2,200,000.00                           358      20061201                      0.250                         0.030              7.045                                                                                   Full                                                                    120    10YR-3332221110                                            2.7    MTA                               6
HOUSTON                                                 TX                       77055                        360                       406,000.00                     7.575                     20061101   MULTIFAM                                          2,859.69                      405,490.46                     7.575    Investment             CashOut Refi                                               625,000.00                           358      20061201                      0.250                         0.030              7.295                                                                                   Full                                                                    120    10YR-3332221110                                           2.75    LIBOR                             6
VISALIA                                                 CA                       92377                        360                       500,000.00                     6.750                     20061001   MULTIFAM                                          3,242.99                      498,795.45                     6.750    Investment             CashOut Refi                                               950,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
CINCINNATI                                              OH                       16481                        360                       456,500.00                     7.600                     20061001   MULTIFAM                                          2,891.17                      456,500.00                     7.600    Investment             Purchase                                                   700,000.00                           357      20061201                      0.250                         0.030              7.320                                                                                   Full                                                                     36    3YR-321                                                   2.75    LIBOR                             6
LOS ANGELES                                             CA                       32994                        360                       530,000.00                     6.725                     20061201   MULTIFAM                                          3,428.77                      529,541.44                     6.725    Investment             CashOut Refi                                               960,000.00                           359      20061201                      0.250                         0.030              6.445                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
MIDDLETOWN                                              OH                       45042                        360                       680,000.00                     7.650                     20060901   MULTIFAM                                          4,824.70                      678,314.92                     7.650    Investment             Purchase                                                   950,000.00                           356      20061201                      0.250                         0.030              7.370                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
CHICAGO                                                 IL                       22087                        360                     1,775,000.00                     6.850                     20061101   MULTIFAM                                         11,630.85                    1,772,334.00                     6.850    Investment             Purchase                                                 2,255,000.00                           358      20061201                      0.250                         0.030              6.570                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
ANAHEIM                                                 CA                       33818                        360                       666,250.00                     6.525                     20061001   MULTIFAM                                          4,222.11                      664,563.37                     6.525    Investment             Purchase                                                 1,040,000.00                           357      20061201                      0.250                         0.030              6.245                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
SAN DIEGO                                               CA                       33608                        360                       580,000.00                     7.075                     20061101   MULTIFAM                                          3,419.58                      580,000.00                     7.075    Investment             CashOut Refi                                               900,000.00                           358      20061201                      0.250                         0.030              6.795                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
GLENDALE                                                CA                       91020                        360                       600,000.00                     6.725                     20061101   MULTIFAM                                          3,881.62                      599,071.56                     6.725    Investment             Rate Refi                                                1,550,000.00                           358      20061201                      0.250                         0.030              6.445                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
GLENDALE                                                CA                       33271                        360                       498,000.00                     6.725                     20061101   MULTIFAM                                          3,221.75                      497,229.38                     6.725    Investment             CashOut Refi                                             1,425,000.00                           358      20061201                      0.250                         0.030              6.445                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
LOS ANGELES                                             CA                       90008                        360                       975,000.00                     6.850                     20061001   MULTIFAM                                          5,953.02                      974,017.68                     6.850    Investment             Purchase                                                 1,500,000.00                           357      20061201                      0.250                         0.030              6.570                                                                                   Full                                                                     60    5YR-32111                                                  2.6    MTA                               6
LOS ANGELES                                             CA                       90025                        360                     1,315,000.00                     6.625                     20061101   MULTIFAM                                          8,420.09                    1,312,916.54                     6.625    Investment             CashOut Refi                                             2,610,000.00                           358      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
LANSING                                                 MI                       17787                        360                       500,000.00                     7.525                     20060901   MULTIFAM                                          3,504.64                      498,718.98                     7.525    Investment             CashOut Refi                                               673,600.00                           356      20061201                      0.250                         0.030              7.245                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
ATASCADERO                                              CA                       34081                        360                       713,500.00                     7.050                     20061101   MULTIFAM                                          4,191.81                      713,500.00                     7.050    Investment             CashOut Refi                                             1,500,000.00                           358      20061201                      0.250                         0.030              6.770                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
STILLWATER                                              MN                       55082                        360                     1,325,000.00                     6.750                     20061001   MULTIFAM                                          7,453.13                    1,325,000.00                     6.750    Investment             Purchase                                                 1,980,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
BURIEN                                                  WA                       98166                        360                       504,000.00                     7.300                     20061001   MULTIFAM                                          3,455.28                      502,927.78                     7.300    Investment             Purchase                                                   765,000.00                           357      20061201                      0.250                         0.030              7.020                                                                                   Full                                                                     60    5YR-32111                                                2.875    LIBOR                             6
SACRAMENTO                                              CA                       34936                        180                     8,000,000.00                     7.000                     20061001   C-RETAIL                                         53,224.20                    7,981,775.77                     7.000    Investment             CashOut Refi                                            12,450,000.00                           177      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                     84    7YR-5544321                                                  3    LIBOR                             6
CINCINNATI                                              OH                       45229                        360                       390,700.00                     8.825                     20061001   MULTIFAM                                          3,094.59                      390,127.58                     8.825    Investment             Purchase                                                   500,000.00                           357      20061201                      0.250                         0.030              8.545                                                                                   Stated                                                                   36    3YR-332                                                   3.25    LIBOR                             6
RENO                                                    NV                       32630                        360                     1,000,000.00                     6.750                     20061101   MULTIFAM                                          6,485.98                      998,461.75                     6.750    Investment             Rate Refi                                                3,500,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
MODESTO                                                 CA                       95356                        180                     2,230,000.00                     7.000                     20061001   C-INDUST                                         14,836.25                    2,224,919.98                     7.000    Investment             CashOut Refi                                             3,165,000.00                           177      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                     84    7YR-5544321                                                  3    LIBOR                             6
MODESTO                                                 CA                       95356                        180                     1,660,000.00                     7.000                     20061001   C-INDUST                                         11,044.02                    1,656,218.47                     7.000    Investment             Rate Refi                                                2,400,000.00                           177      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                    120    10YR-5LO-54321                                               3    LIBOR                             6
PHOENIX                                                 AZ                       85029                        180                       525,000.00                     7.600                     20061101   C-OFFICE                                          3,706.89                      524,345.33                     7.600    Investment             Purchase                                                   770,000.00                           178      20061201                      0.250                         0.030              7.320                                                                                   Full                                                                    120    10YR-5544332211                                          2.875    LIBOR                             6
LOS ANGELES                                             CA                       90062                        360                       350,000.00                     8.075                     20061001   MULTIFAM                                          2,586.50                      349,380.43                     8.075    Investment             CashOut Refi                                               710,000.00                           357      20061201                      0.250                         0.030              7.795                                                                                   Stated                                                                   36    3YR-332                                                   3.25    LIBOR                             6
PHOENIX                                                 AZ                       85006                        360                       825,000.00                     6.650                     20061101   MULTIFAM                                          5,296.21                      823,700.56                     6.650    Investment             CashOut Refi                                             1,525,000.00                           358      20061201                      0.250                         0.030              6.370                                                                                   Full                                                                     36    3YR-321                                                    2.5    LIBOR                             6
SAN DIEGO                                               CA                       33607                        180                       290,000.00                     7.825                     20061001   C-RETAIL                                          2,092.65                      289,454.62                     7.825    Investment             CashOut Refi                                               720,000.00                           177      20061201                      0.250                         0.030              7.545                                                                                   Full                                                                     60    5YR-54321                                                 3.25    LIBOR                             6
WARRENSBURG                                             MO                       64093                        360                     1,406,250.00                     6.800                     20061101   MULTIFAM                                          9,167.70                    1,404,112.44                     6.800    Investment             CashOut Refi                                             1,875,000.00                           358      20061201                      0.250                         0.030              6.520                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
LONG BEACH                                              CA                       33089                        360                       782,000.00                     7.200                     20061001   MULTIFAM                                          4,973.61                      781,307.37                     7.200    Investment             Purchase                                                 1,150,000.00                           357      20061201                      0.250                         0.030              6.920                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
COSTA MESA                                              CA                       33781                        180                       790,000.00                     6.875                     20061001   C-INDUST                                          5,189.74                      788,149.08                     6.875    Investment             Purchase                                                 1,150,000.00                           177      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                    120    10YR-5LO-54321                                               3    LIBOR                             6
KENNEWICK                                               WA                       99336                        180                     1,105,000.00                     7.000                     20061101   C-RETAIL                                          7,351.59                    1,103,399.31                     7.000    Investment             Purchase                                                 1,540,000.00                           178      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                    120    10YR-5LO-54321                                               3    LIBOR                             6
MONTGOMERY                                              TX                       77356                        360                       853,500.00                     7.075                     20061101   MULTIFAM                                          5,721.41                      852,286.03                     7.075    Investment             Purchase                                                 1,175,000.00                           358      20061201                      0.250                         0.030              6.795                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
NORTHRIDGE                                              CA                       33321                        360                     1,242,500.00                     6.675                     20061201   MULTIFAM                                          7,429.75                    1,241,981.66                     6.675    Investment             CashOut Refi                                             1,750,000.00                           359      20061201                      0.250                         0.030              6.395                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
NEWMARKET                                               NH                        3857                        360                       418,000.00                     7.325                     20061001   MULTIFAM                                          2,872.79                      417,115.87                     7.325    Investment             Purchase                                                   635,000.00                           357      20061201                      0.250                         0.030              7.045                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
INDIO                                                   CA                       33635                        360                       245,000.00                     8.875                     20061201   MULTIFAM                                          1,949.33                      244,862.65                     8.875    Investment             Purchase                                                   340,000.00                           359      20061201                      0.250                         0.030              8.595                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
LOS ANGELES                                             CA                       90034                        360                       452,000.00                     6.625                     20061001   MULTIFAM                                          2,894.21                      450,880.57                     6.625    Investment             Purchase                                                   650,000.00                           357      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    MTA                               6
EL CERRITO                                              CA                       34484                        360                       495,000.00                     7.075                     20061001   MULTIFAM                                          3,318.22                      493,889.67                     7.075    Investment             Purchase                                                   975,000.00                           357      20061201                      0.250                         0.030              6.795                                                                                   Full                                                                     84    7YR-3322110                                                2.5    LIBOR                             6
PROVO                                                   UT                       30839                        360                       916,800.00                     6.625                     20061001   MULTIFAM                                          5,870.37                      914,529.46                     6.625    Investment             Purchase                                                 1,350,000.00                           357      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
DANVILLE                                                IL                       61832                        360                     1,440,000.00                     6.750                     20061001   MULTIFAM                                          9,339.81                    1,436,530.89                     6.750    Investment             Purchase                                                 1,800,000.00                           357      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
ARLINGTON                                               TX                       76015                        180                     2,000,000.00                     7.000                     20061101   C-RETAIL                                         13,306.05                    1,997,102.83                     7.000    Investment             CashOut Refi                                             3,500,000.00                           178      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                    120    10YR-5LO-54321                                               3    LIBOR                             6
WILMINGTON                                              DE                       43683                        360                       285,000.00                     7.850                     20061001   MULTIFAM                                          2,061.50                      284,467.26                     7.850    Investment             Purchase                                                   390,000.00                           357      20061201                      0.250                         0.030              7.570                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
INGLEWOOD                                               CA                       32933                        360                     1,274,000.00                     6.750                     20061101   MULTIFAM                                          7,166.25                    1,274,000.00                     6.750    Investment             Purchase                                                 2,055,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                     36    3YR-321                                                    2.5    MTA                               6
CHULA VISTA                                             CA                       33491                        360                     1,925,000.00                     6.800                     20061101   MULTIFAM                                         11,683.94                    1,923,810.06                     6.800    Investment             CashOut Refi                                             2,950,000.00                           358      20061201                      0.250                         0.030              6.520                                                                                   Stated                                                                   60    5YR-32111                                                  2.5    LIBOR                             6
LAWNDALE                                                CA                       90260                        360                     1,110,000.00                     7.275                     20061001   MULTIFAM                                          7,590.99                    1,107,624.96                     7.275    Investment             Purchase                                                 1,750,000.00                           357      20061201                      0.250                         0.030              6.995                                                                                   Full                                                                     60    5YR-32111                                                 2.75    MTA                               6
SAN ANTONIO                                             TX                       28522                        360                       416,250.00                     8.125                     20061001   MULTIFAM                                          3,090.64                      415,522.14                     8.125    Investment             Purchase                                                   560,000.00                           357      20061201                      0.250                         0.030              7.845                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
LOS ANGELES                                             CA                       90003                        360                       500,000.00                     6.775                     20061101   MULTIFAM                                          3,251.30                      499,235.44                     6.775    Investment             CashOut Refi                                             1,080,000.00                           358      20061201                      0.250                         0.030              6.495                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
LONG BEACH                                              CA                       33089                        360                       500,000.00                     7.525                     20061001   MULTIFAM                                          3,504.64                      498,990.47                     7.525    Investment             CashOut Refi                                               935,000.00                           357      20061201                      0.250                         0.030              7.245                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
ROSEBURG                                                OR                       97470                        360                       260,000.00                     7.150                     20061101   MULTIFAM                                          1,756.06                      259,636.93                     7.150    Investment             Purchase                                                   375,000.00                           358      20061201                      0.250                         0.030              6.870                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
ROSEBURG                                                OR                       97470                        360                       300,000.00                     7.150                     20061101   MULTIFAM                                          2,026.22                      299,581.07                     7.150    Investment             Purchase                                                   455,000.00                           358      20061201                      0.250                         0.030              6.870                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
ROSEBURG                                                OR                       97470                        360                       400,000.00                     7.150                     20061101   MULTIFAM                                          2,701.63                      399,441.43                     7.150    Investment             Purchase                                                   570,000.00                           358      20061201                      0.250                         0.030              6.870                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
ROSEBURG                                                OR                       97470                        360                     1,840,000.00                     6.950                     20061101   MULTIFAM                                         12,179.84                    1,837,302.11                     6.950    Investment             Purchase                                                 2,500,000.00                           358      20061201                      0.250                         0.030              6.670                                                                                   Full                                                                     84    7YR-3322110                                                2.5    LIBOR                             6
FAIRBANKS                                               AK                       36342                        360                       262,500.00                     8.250                     20061101   MULTIFAM                                          1,972.07                      262,224.65                     8.250    Investment             CashOut Refi                                               350,000.00                           358      20061201                      0.250                         0.030              7.970                                                                                   Stated                                                                  120    10YR-5544332211                                              3    LIBOR                             6
ANOKA                                                   MN                       20151                        360                       496,000.00                     7.050                     20061101   MULTIFAM                                          2,914.00                      496,000.00                     7.050    Investment             Purchase                                                   630,000.00                           358      20061201                      0.250                         0.030              6.770                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
SOUTH PASADENA                                          CA                       91030                        360                     3,300,000.00                     6.700                     20061101   MULTIFAM                                         21,294.17                    3,294,863.24                     6.700    Investment             Purchase                                                 4,875,750.00                           358      20061201                      0.250                         0.030              6.420                                                                                   Full                                                                     36    3YR-321                                                    2.5    LIBOR                             6
SAN ANTONIO                                             TX                       28522                        360                       540,000.00                     7.875                     20061001   MULTIFAM                                          3,915.37                      538,996.62                     7.875    Investment             Purchase                                                   771,500.00                           357      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
HESPERIA                                                CA                       92345                        180                     2,437,500.00                     6.625                     20061101   C-INDUST                                         15,607.58                    2,433,638.07                     6.625    Investment             CashOut Refi                                             3,750,000.00                           178      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                    120    10YR-5LO-54321                                               3    LIBOR                             6
CHICAGO                                                 IL                       22086                        360                     1,120,000.00                     7.300                     20061101   MULTIFAM                                          7,678.39                    1,118,493.11                     7.300    Investment             Purchase                                                 1,400,000.00                           358      20061201                      0.250                         0.030              7.020                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
LOS ANGELES                                             CA                       90006                        360                       858,700.00                     6.600                     20061001   MULTIFAM                                          5,088.62                      857,754.87                     6.600    Investment             Purchase                                                 1,385,000.00                           357      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     36    3YR-321                                                    2.6    MTA                               6
LOS ANGELES                                             CA                       90029                        360                       625,000.00                     6.600                     20061001   MULTIFAM                                          3,703.72                      624,312.10                     6.600    Investment             Purchase                                                 1,134,300.00                           357      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     36    3YR-321                                                    2.6    MTA                               6
ORLANDO                                                 FL                       32839                        360                       610,000.00                     6.975                     20061201   MULTIFAM                                          4,048.11                      609,497.52                     6.975    Investment             Purchase                                                   855,000.00                           359      20061201                      0.250                         0.030              6.695                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
MONTEBELLO                                              CA                       90640                        360                     3,022,500.00                     6.650                     20061101   MULTIFAM                                         19,403.39                    3,017,739.31                     6.650    Investment             Purchase                                                 4,030,000.00                           358      20061201                      0.250                         0.030              6.370                                                                                   Full                                                                     36    3YR-321                                                    2.5    LIBOR                             6
BELLEVIEW                                               FL                       34480                        360                       640,400.00                     8.075                     20061001   MULTIFAM                                          4,732.55                      639,266.38                     8.075    Investment             Purchase                                                   915,000.00                           357      20061201                      0.250                         0.030              7.795                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
LOS ANGELES                                             CA                       90036                        360                       884,000.00                     6.650                     20061101   MULTIFAM                                          5,674.97                      882,607.63                     6.650    Investment             CashOut Refi                                             1,520,000.00                           358      20061201                      0.250                         0.030              6.370                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
WASILLA                                                 AK                       99654                        360                     1,104,000.00                     6.500                     20061101   MULTIFAM                                          6,978.03                    1,102,198.94                     6.500    Investment             Purchase                                                 1,380,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
LOS ANGELES                                             CA                       90017                        360                     1,325,000.00                     6.400                     20061101   MULTIFAM                                          8,287.95                    1,322,787.73                     6.400    Investment             CashOut Refi                                             1,900,000.00                           358      20061201                      0.250                         0.030              6.120                                                                                   Full                                                                     36    3YR-321                                                   2.45    MTA                               6
LA VERNE                                                CA                       91750                        360                     9,750,000.00                     7.000                     20061101   MULTIFAM                                         56,875.00                    9,750,000.00                     7.000    Investment             Purchase                                                15,450,000.00                           358      20061201                      0.250                         0.030              6.720                                                                                   Full                                                                     36    3YR-321                                                    2.5    LIBOR                             6
DORCHESTER                                              MA                       37280                        360                       712,500.00                     7.575                     20061201   MULTIFAM                                          5,018.55                      711,979.11                     7.575    Investment             CashOut Refi                                             1,020,000.00                           359      20061201                      0.250                         0.030              7.295                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
SHORELINE                                               WA                       98155                        360                     1,327,800.00                     6.375                     20061201   MULTIFAM                                          8,283.74                    1,326,570.20                     6.375    Investment             Purchase                                                 2,500,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
OAKLAND                                                 CA                       34490                        360                       300,000.00                     8.225                     20061001   MULTIFAM                                          2,248.53                      299,488.16                     8.225    Investment             CashOut Refi                                               485,000.00                           357      20061201                      0.250                         0.030              7.945                                                                                   Stated                                                                   84    7YR-5544321                                                  3    LIBOR                             6
BRISTOL                                                 CT                        6010                        360                     1,300,000.00                     7.550                     20061101   MULTIFAM                                          9,134.34                    1,298,358.00                     7.550    Investment             Purchase                                                 1,625,000.00                           358      20061201                      0.250                         0.030              7.270                                                                                   Full                                                                     60    5YR-32111                                                 2.65    LIBOR                             6
LOS ANGELES                                             CA                       33334                        360                       513,700.00                     6.675                     20061201   MULTIFAM                                          3,071.76                      513,485.70                     6.675    Investment             CashOut Refi                                               875,000.00                           359      20061201                      0.250                         0.030              6.395                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
BLOOMFIELD                                              NJ                        7003                        360                       436,000.00                     7.475                     20061001   MULTIFAM                                          3,041.11                      435,109.36                     7.475    Investment             Purchase                                                   570,000.00                           357      20061201                      0.250                         0.030              7.195                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
MONTEREY PARK                                           CA                       91754                        360                     1,600,000.00                     6.600                     20061101   MULTIFAM                                         10,218.54                    1,597,450.06                     6.600    Investment             CashOut Refi                                             2,700,000.00                           358      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     60    5YR-32111                                                2.625    LIBOR                             6
LOS ANGELES                                             CA                       90019                        360                       500,000.00                     8.050                     20061101   MULTIFAM                                          3,686.27                      499,446.12                     8.050    Investment             Purchase                                                 1,035,000.00                           358      20061201                      0.250                         0.030              7.770                                                                                   Stated                                                                  120    10YR-5544332211                                              3    LIBOR                             6
LOS ANGELES                                             CA                       33334                        360                     1,615,000.00                     6.425                     20061101   MULTIFAM                                         10,128.37                    1,612,319.06                     6.425    Investment             Purchase                                                 2,495,000.00                           358      20061201                      0.250                         0.030              6.145                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
TURTLE CREEK                                            PA                       15145                        360                       580,000.00                     7.050                     20061101   MULTIFAM                                          3,878.25                      579,169.98                     7.050    Investment             Purchase                                                   725,000.00                           358      20061201                      0.250                         0.030              6.770                                                                                   Full                                                                     84    7YR-3322110                                                2.5    LIBOR                             6
ANAHEIM                                                 CA                       33820                        360                     1,230,000.00                     6.550                     20061001   MULTIFAM                                          7,814.93                    1,226,903.21                     6.550    Investment             CashOut Refi                                             2,200,000.00                           357      20061201                      0.250                         0.030              6.270                                                                                   Full                                                                     84    7YR-3322110                                                2.5    MTA                               6
GARDEN GROVE                                            CA                       92843                        360                     1,275,000.00                     6.550                     20061001   MULTIFAM                                          8,100.84                    1,271,789.93                     6.550    Investment             CashOut Refi                                             2,080,000.00                           357      20061201                      0.250                         0.030              6.270                                                                                   Full                                                                     84    7YR-3322110                                                2.5    MTA                               6
AUSTIN                                                  TX                       28693                        360                       747,650.00                     7.975                     20061201   MULTIFAM                                          5,472.97                      747,145.79                     7.975    Investment             Rate Refi                                                  975,000.00                           359      20061201                      0.250                         0.030              7.695                                                                                   Full                                                                     36    3YR-332                                                      3    LIBOR                             6
LOS ANGELES                                             CA                       33301                        360                     2,600,000.00                     6.300                     20061101   MULTIFAM                                         16,093.29                    2,595,557.98                     6.300    Investment             Purchase                                                 4,700,000.00                           358      20061201                      0.250                         0.030              6.020                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
LANSING                                                 MI                       48933                        360                       500,000.00                     7.175                     20061101   MULTIFAM                                          3,385.48                      499,306.09                     7.175    Investment             CashOut Refi                                               690,000.00                           358      20061201                      0.250                         0.030              6.895                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
PALOS VERDES ESTATES                                    CA                       90274                        360                       850,000.00                     7.475                     20061101   MULTIFAM                                          5,928.78                      848,905.66                     7.475    Investment             CashOut Refi                                             3,010,000.00                           358      20061201                      0.250                         0.030              7.195                                                                                   SISA                                                                     84    7YR-3322110                                                  3    LIBOR                             6
CANOGA PARK                                             CA                       33300                        360                       800,000.00                     6.650                     20061101   MULTIFAM                                          4,769.40                      799,474.60                     6.650    Investment             CashOut Refi                                             1,610,000.00                           358      20061201                      0.250                         0.030              6.370                                                                                   Full                                                                    120    10YR-3332221110                                            2.6    MTA                               6
LOS ANGELES                                             CA                       90024                        180                     1,000,000.00                     7.175                     20061201   C-OFFICE                                          6,770.97                      999,208.20                     7.175    Investment             CashOut Refi                                             3,600,000.00                           179      20061201                      0.250                         0.030              6.895                                                                                   Full                                                                     60    5YR-54321                                                 2.75    LIBOR                             6
ATLANTA                                                 GA                       11027                        360                       360,000.00                     8.175                     20061101   MULTIFAM                                          2,685.60                      359,614.52                     8.175    Investment             Purchase                                                   463,000.00                           358      20061201                      0.250                         0.030              7.895                                                                                   Stated                                                                   36    3YR-332                                                   3.25    LIBOR                             6
TWIN FALLS                                              ID                       30376                        180                       982,500.00                     7.175                     20061101   C-MBLE_HM                                         6,652.47                      981,136.46                     7.175    Investment             Purchase                                                 1,310,000.00                           178      20061201                      0.250                         0.030              6.895                                                                                   Full                                                                     60    5YR-54321                                                2.875    LIBOR                             6
BIDDEFORD                                               ME                        4005                        360                       627,200.00                     7.500                     20061101   MULTIFAM                                          4,385.47                      626,397.64                     7.500    Investment             Purchase                                                   785,000.00                           358      20061201                      0.250                         0.030              7.220                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
KANSAS CITY                                             MO                       23387                        360                       495,000.00                     6.900                     20061101   MULTIFAM                                          3,260.07                      494,265.41                     6.900    Investment             Purchase                                                   620,000.00                           358      20061201                      0.250                         0.030              6.620                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
FORT WORTH                                              TX                       28861                        360                       827,580.00                     6.750                     20061201   MULTIFAM                                          4,655.14                      827,580.00                     6.750    Investment             Purchase                                                 1,300,000.00                           359      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
TULSA                                                   OK                       74145                        360                     1,985,000.00                     7.100                     20061101   MULTIFAM                                         11,744.58                    1,985,000.00                     7.100    Investment             Purchase                                                 2,515,000.00                           358      20061201                      0.250                         0.030              6.820                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
REDONDO BEACH                                           CA                       90277                        360                     2,542,500.00                     6.700                     20061201   MULTIFAM                                         14,195.63                    2,542,500.00                     6.700    Investment             Purchase                                                 5,650,000.00                           359      20061201                      0.250                         0.030              6.420                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
LAWNDALE                                                CA                       90260                        360                       705,000.00                     7.600                     20061001   MULTIFAM                                          4,977.83                      703,601.42                     7.600    Investment             CashOut Refi                                             1,080,000.00                           357      20061201                      0.250                         0.030              7.320                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
BELL GARDENS                                            CA                       32905                        360                     1,600,000.00                     6.425                     20061101   MULTIFAM                                         10,034.30                    1,597,343.96                     6.425    Investment             Purchase                                                 2,600,000.00                           358      20061201                      0.250                         0.030              6.145                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
DECATUR                                                 IL                       22792                        360                       400,000.00                     8.750                     20061101   MULTIFAM                                          3,146.80                      399,635.99                     8.750    Investment             Purchase                                                   505,000.00                           358      20061201                      0.250                         0.030              8.470                                                                                   Stated                                                                  120    10YR-5544332211                                              3    LIBOR                             6
FIFE                                                    WA                       35909                        360                     5,525,000.00                     6.700                     20061201   MULTIFAM                                         35,651.61                    5,520,196.31                     6.700    Investment             Purchase                                                 7,375,000.00                           359      20061201                      0.250                         0.030              6.420                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
PEKIN                                                   IL                       61554                        360                       660,000.00                     7.300                     20061201   MULTIFAM                                          4,524.77                      659,490.23                     7.300    Investment             Purchase                                                   830,000.00                           359      20061201                      0.250                         0.030              7.020                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
PORTLAND                                                OR                       35479                        360                       520,000.00                     6.575                     20061101   MULTIFAM                                          3,312.44                      519,166.41                     6.575    Investment             CashOut Refi                                               950,000.00                           358      20061201                      0.250                         0.030              6.295                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
PORTLAND                                                OR                       35464                        360                       625,000.00                     6.475                     20061201   MULTIFAM                                          3,940.15                      624,432.25                     6.475    Investment             Purchase                                                 1,255,000.00                           359      20061201                      0.250                         0.030              6.195                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
MCMINNVILLE                                             OR                       35458                        360                     1,210,000.00                     6.600                     20061201   MULTIFAM                                          7,727.77                    1,208,927.23                     6.600    Investment             Purchase                                                 1,570,000.00                           359      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
DAYTON                                                  OH                       16541                        360                       900,000.00                     7.100                     20061201   MULTIFAM                                          5,658.37                      899,666.63                     7.100    Investment             Purchase                                                 1,125,000.00                           359      20061201                      0.250                         0.030              6.820                                                                                   Full                                                                     60    5YR-31111                                                  2.5    LIBOR                             6
CHATTANOOGA                                             TN                       13616                        360                     1,169,000.00                     7.200                     20061201   MULTIFAM                                          7,935.03                    1,168,078.97                     7.200    Investment             CashOut Refi                                             1,670,000.00                           359      20061201                      0.250                         0.030              6.920                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
ARCATA                                                  CA                       34840                        120                     2,410,000.00                     6.625                     20061201   C-SELF_STG                                       16,461.23                    2,406,843.98                     6.625    Investment             CashOut Refi                                             4,820,000.00                           119      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                    120    10YR-5LO-54321                                                    FIXED
LOS ANGELES                                             CA                       33331                        360                       855,000.00                     6.975                     20061201   MULTIFAM                                          5,673.99                      854,295.70                     6.975    Investment             Purchase                                                 1,200,000.00                           359      20061201                      0.250                         0.030              6.695                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
CHILLICOTHE                                             OH                       16589                        360                     2,360,000.00                     6.500                     20061201   MULTIFAM                                         14,916.81                    2,357,866.52                     6.500    Investment             Purchase                                                 2,950,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                    120    10YR-5LO-54321                                             2.5    LIBOR                             6
GLENDALE                                                AZ                       31107                        360                       300,400.00                     7.825                     20061201   MULTIFAM                                          2,167.69                      300,191.17                     7.825    Investment             CashOut Refi                                               450,000.00                           359      20061201                      0.250                         0.030              7.545                                                                                   Stated                                                                   36    3YR-332                                                   3.25    LIBOR                             6
EVERETT                                                 WA                       35827                        360                       490,000.00                     7.150                     20061201   MULTIFAM                                          3,309.49                      489,610.09                     7.150    Investment             Purchase                                                   755,000.00                           359      20061201                      0.250                         0.030              6.870                                                                                   Full                                                                     60    5YR-32111                                                2.875    LIBOR                             6
ANAHEIM                                                 CA                       33821                        360                       710,000.00                     7.025                     20061001   MULTIFAM                                          4,735.57                      708,391.72                     7.025    Investment             Purchase                                                 1,163,000.00                           357      20061201                      0.250                         0.030              6.745                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
LAKE ELSINORE                                           CA                       33754                        360                       560,000.00                     6.650                     20061201   MULTIFAM                                          3,595.00                      559,508.33                     6.650    Investment             CashOut Refi                                             1,300,000.00                           359      20061201                      0.250                         0.030              6.370                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
GARDEN GROVE                                            CA                       92840                        360                       605,000.00                     6.675                     20061101   MULTIFAM                                          3,617.71                      604,606.60                     6.675    Investment             Purchase                                                 1,100,000.00                           358      20061201                      0.250                         0.030              6.395                                                                                   Full                                                                     60    5YR-32111                                                2.575    MTA                               6
INGLEWOOD                                               CA                       32934                        360                       864,500.00                     6.800                     20061101   MULTIFAM                                          4,898.83                      864,500.00                     6.800    Investment             Purchase                                                 1,300,000.00                           358      20061201                      0.250                         0.030              6.520                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
LONG BEACH                                              CA                       33089                        360                       675,000.00                     6.600                     20061101   MULTIFAM                                          4,310.95                      673,924.24                     6.600    Investment             CashOut Refi                                             1,260,000.00                           358      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     84    7YR-3322110                                               2.45    MTA                               6
LONG BEACH                                              CA                       33091                        360                       500,000.00                     6.600                     20061101   MULTIFAM                                          3,193.29                      499,203.16                     6.600    Investment             CashOut Refi                                               850,000.00                           358      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     84    7YR-3322110                                               2.45    MTA                               6
SANTA ANA                                               CA                       33788                        360                       500,000.00                     6.600                     20061101   MULTIFAM                                          3,193.29                      499,203.16                     6.600    Investment             CashOut Refi                                               950,000.00                           358      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     84    7YR-3322110                                               2.45    MTA                               6
LOS ANGELES                                             CA                       90020                        360                       950,000.00                     6.300                     20061101   MULTIFAM                                          5,427.05                      949,285.72                     6.300    Investment             CashOut Refi                                             1,320,000.00                           358      20061201                      0.250                         0.030              6.020                                                                                   Full                                                                     60    5YR-32111                                                2.575    MTA                               6
LOS ANGELES                                             CA                       90020                        360                     3,000,000.00                     6.300                     20061101   MULTIFAM                                         17,138.04                    2,997,744.39                     6.300    Investment             CashOut Refi                                             4,285,000.00                           358      20061201                      0.250                         0.030              6.020                                                                                   Full                                                                     60    5YR-32111                                                2.575    MTA                               6
SAN BERNARDINO                                          CA                       33704                        360                     1,028,000.00                     6.875                     20061101   MULTIFAM                                          6,753.23                    1,026,465.20                     6.875    Investment             Purchase                                                 1,650,000.00                           358      20061201                      0.250                         0.030              6.595                                                                                   Full                                                                     60    5YR-32111                                                  2.6    LIBOR                             6
LOS ANGELES                                             CA                       33395                        360                       605,685.00                     7.675                     20061101   MULTIFAM                                          4,307.85                      604,944.20                     7.675    Investment             Purchase                                                   860,000.00                           358      20061201                      0.250                         0.030              7.395                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
SEATTLE                                                 WA                       98133                        360                       686,000.00                     7.225                     20061101   MULTIFAM                                          4,668.10                      685,059.65                     7.225    Investment             Purchase                                                 1,102,100.00                           358      20061201                      0.250                         0.030              6.945                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
FRESNO                                                  CA                       34177                        360                     1,417,000.00                     6.750                     20061101   MULTIFAM                                          9,190.64                    1,414,820.29                     6.750    Investment             Purchase                                                 2,625,000.00                           358      20061201                      0.250                         0.030              6.470                                                                                   Full                                                                     84    7YR-3322110                                               2.45    LIBOR                             6
BELLFLOWER                                              CA                       33060                        360                       644,800.00                     7.425                     20061201   MULTIFAM                                          4,475.47                      644,314.23                     7.425    Investment             Purchase                                                   944,800.00                           359      20061201                      0.250                         0.030              7.145                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
GLENDALE                                                CA                       33275                        360                       354,500.00                     6.675                     20061101   MULTIFAM                                          2,281.63                      353,944.93                     6.675    Investment             CashOut Refi                                               670,000.00                           358      20061201                      0.250                         0.030              6.395                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
LOS ANGELES                                             CA                       90045                        360                       435,000.00                     7.200                     20061101   MULTIFAM                                          2,952.73                      434,400.01                     7.200    Investment             CashOut Refi                                               720,000.00                           358      20061201                      0.250                         0.030              6.920                                                                                   Full                                                                     60    5YR-32111                                                2.875    LIBOR                             6
ANCHORAGE                                               AK                       36288                        360                       507,000.00                     6.800                     20061201   MULTIFAM                                          3,305.26                      506,567.74                     6.800    Investment             CashOut Refi                                               670,000.00                           359      20061201                      0.250                         0.030              6.520                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
CANOGA PARK                                             CA                       33301                        360                     2,154,000.00                     6.400                     20061101   MULTIFAM                                         13,473.40                    2,150,403.58                     6.400    Investment             Purchase                                                 3,350,000.00                           358      20061201                      0.250                         0.030              6.120                                                                                   Full                                                                     36    3YR-321                                                   2.45    MTA                               6
REDLANDS                                                CA                       92373                        360                     1,300,000.00                     6.350                     20061201   MULTIFAM                                          6,879.17                    1,300,000.00                     6.350    Investment             CashOut Refi                                             2,195,000.00                           359      20061201                      0.250                         0.030              6.070                                                                                   Full                                                                     60    5YR-32111                                                  2.6    MTA                               6
LAKESIDE                                                CA                       92040                        360                       471,600.00                     7.825                     20061201   MULTIFAM                                          3,403.07                      471,272.16                     7.825    Investment             Purchase                                                   810,000.00                           359      20061201                      0.250                         0.030              7.545                                                                                   Stated                                                                   36    3YR-332                                                   3.25    LIBOR                             6
DOWNEY                                                  CA                       90241                        360                       900,000.00                     6.550                     20061201   MULTIFAM                                          5,718.24                      899,194.26                     6.550    Investment             CashOut Refi                                             2,250,000.00                           359      20061201                      0.250                         0.030              6.270                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
RIVERSIDE                                               CA                       33727                        360                     2,700,000.00                     6.500                     20061201   MULTIFAM                                         14,625.00                    2,700,000.00                     6.500    Investment             Purchase                                                 3,855,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
LOS ANGELES                                             CA                       90038                        360                       400,000.00                     6.375                     20061201   MULTIFAM                                          2,495.48                      399,629.52                     6.375    Investment             CashOut Refi                                               835,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
GLENDALE                                                CA                       33274                        360                       800,000.00                     6.525                     20061101   MULTIFAM                                          5,069.70                      798,702.48                     6.525    Investment             CashOut Refi                                             1,790,000.00                           358      20061201                      0.250                         0.030              6.245                                                                                   Full                                                                     84    7YR-3322110                                               2.45    MTA                               6
PORTLAND                                                OR                       97236                        360                       573,000.00                     6.500                     20061101   MULTIFAM                                          3,621.75                      572,065.21                     6.500    Investment             Rate Refi                                                  915,000.00                           358      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                    120    10YR-5LO-54321                                            2.75    LIBOR                             6
LOS ANGELES                                             CA                       90026                        360                       523,000.00                     6.575                     20061101   MULTIFAM                                          2,865.60                      523,000.00                     6.575    Investment             Purchase                                                 1,150,000.00                           358      20061201                      0.250                         0.030              6.295                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
LOS ANGELES                                             CA                       90008                        360                       873,750.00                     6.975                     20061201   MULTIFAM                                          5,798.42                      873,030.25                     6.975    Investment             Purchase                                                 1,165,000.00                           359      20061201                      0.250                         0.030              6.695                                                                                   Full                                                                     60    5YR-32111                                                    3    LIBOR                             6
NEWBERG                                                 OR                       97132                        360                       525,000.00                     6.525                     20061101   MULTIFAM                                          3,326.99                      524,148.50                     6.525    Investment             Purchase                                                 1,370,000.00                           358      20061201                      0.250                         0.030              6.245                                                                                   Full                                                                     84    7YR-3322110                                                2.5    LIBOR                             6
LOS ANGELES                                             CA                       90022                        360                     1,215,000.00                     6.450                     20061201   MULTIFAM                                          7,639.72                    1,213,890.91                     6.450    Investment             CashOut Refi                                             1,825,000.00                           359      20061201                      0.250                         0.030              6.170                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
TOOELE                                                  UT                       84074                        360                       650,000.00                     6.425                     20061201   MULTIFAM                                          4,076.43                      649,403.78                     6.425    Investment             Purchase                                                 1,150,000.00                           359      20061201                      0.250                         0.030              6.145                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
ALBUQUERQUE                                             NM                       31779                        360                     1,072,000.00                     6.450                     20061201   MULTIFAM                                          5,762.00                    1,072,000.00                     6.450    Investment             Purchase                                                 1,340,000.00                           359      20061201                      0.250                         0.030              6.170                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
SAN DIEGO                                               CA                       33607                        360                       313,600.00                     6.550                     20061201   MULTIFAM                                          1,992.49                      313,319.24                     6.550    Investment             CashOut Refi                                               550,000.00                           359      20061201                      0.250                         0.030              6.270                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
SAN DIEGO                                               CA                       33618                        360                       387,400.00                     6.550                     20061201   MULTIFAM                                          2,461.38                      387,053.18                     6.550    Investment             CashOut Refi                                               690,000.00                           359      20061201                      0.250                         0.030              6.270                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
CUDAHY                                                  CA                       32905                        360                       520,000.00                     7.475                     20061101   MULTIFAM                                          3,627.02                      519,330.52                     7.475    Investment             Purchase                                                   725,000.00                           358      20061201                      0.250                         0.030              7.195                                                                                   Full                                                                     60    5YR-32111                                                    3    LIBOR                             6
POMONA                                                  CA                       91768                        360                     2,750,000.00                     6.525                     20061201   MULTIFAM                                         16,149.06                    2,748,804.07                     6.525    Investment             CashOut Refi                                             4,230,000.00                           359      20061201                      0.250                         0.030              6.245                                                                                   Full                                                                     84    7YR-3322110                                              2.575    MTA                               6
REDLANDS                                                CA                       92374                        360                       840,000.00                     6.600                     20061201   MULTIFAM                                          4,977.80                      839,642.20                     6.600    Investment             Purchase                                                 1,220,000.00                           359      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     60    5YR-32111                                                2.625    MTA                               6
REDLANDS                                                CA                       92374                        360                       840,000.00                     6.600                     20061201   MULTIFAM                                          4,977.80                      839,642.20                     6.600    Investment             Purchase                                                 1,212,500.00                           359      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     60    5YR-32111                                                2.625    MTA                               6
LOS ANGELES                                             CA                       90057                        360                       842,500.00                     6.450                     20061201   MULTIFAM                                          5,297.50                      841,730.94                     6.450    Investment             CashOut Refi                                             1,375,000.00                           359      20061201                      0.250                         0.030              6.170                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
IDAHO FALLS                                             ID                       30408                        360                       342,000.00                     7.875                     20061101   MULTIFAM                                          2,479.74                      341,603.03                     7.875    Investment             Purchase                                                   460,000.00                           358      20061201                      0.250                         0.030              7.595                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
INGLEWOOD                                               CA                       32933                        360                       520,000.00                     6.725                     20061201   MULTIFAM                                          3,128.11                      519,786.06                     6.725    Investment             CashOut Refi                                               800,000.00                           359      20061201                      0.250                         0.030              6.445                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
INGLEWOOD                                               CA                       32933                        360                       500,000.00                     6.725                     20061201   MULTIFAM                                          3,007.79                      500,000.00                     6.725    Investment             CashOut Refi                                               815,000.00                           359      20061201                      0.250                         0.030              6.445                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
LOS ANGELES                                             CA                       90057                        360                     2,000,000.00                     6.325                     20061201   MULTIFAM                                         12,412.07                    1,998,129.60                     6.325    Investment             CashOut Refi                                             3,400,000.00                           359      20061201                      0.250                         0.030              6.045                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
LOS ANGELES                                             CA                       90028                        360                       955,000.00                     6.450                     20061201   MULTIFAM                                          6,004.88                      954,128.25                     6.450    Investment             CashOut Refi                                             1,785,000.00                           359      20061201                      0.250                         0.030              6.170                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
INGLEWOOD                                               CA                       32934                        360                     1,741,500.00                     6.350                     20061201   MULTIFAM                                          9,215.44                    1,741,500.00                     6.350    Investment             Purchase                                                 2,400,000.00                           359      20061201                      0.250                         0.030              6.070                                                                                   Full                                                                     60    5YR-32111                                                  2.6    MTA                               6
INGLEWOOD                                               CA                       32934                        360                       840,000.00                     6.400                     20061201   MULTIFAM                                          4,858.12                      839,621.88                     6.400    Investment             Purchase                                                 1,285,000.00                           359      20061201                      0.250                         0.030              6.120                                                                                   Full                                                                     36    3YR-321                                                  2.575    MTA                               6
LOS ANGELES                                             CA                       90046                        360                     2,200,000.00                     6.350                     20061201   MULTIFAM                                         12,645.69                    2,198,995.98                     6.350    Investment             CashOut Refi                                             3,160,000.00                           359      20061201                      0.250                         0.030              6.070                                                                                   Full                                                                     60    5YR-32111                                                2.575    MTA                               6
INGLEWOOD                                               CA                       32934                        360                     1,087,500.00                     6.350                     20061201   MULTIFAM                                          5,754.69                    1,087,500.00                     6.350    Investment             Purchase                                                 1,585,000.00                           359      20061201                      0.250                         0.030              6.070                                                                                   Full                                                                     60    5YR-32111                                                  2.6    MTA                               6
LOS ANGELES                                             CA                       90034                        360                       910,000.00                     6.450                     20061201   MULTIFAM                                          5,295.28                      909,595.97                     6.450    Investment             CashOut Refi                                             1,450,000.00                           359      20061201                      0.250                         0.030              6.170                                                                                   Full                                                                    120    10YR-3332221110                                          2.575    MTA                               6
LOS ANGELES                                             CA                       90039                        360                       431,000.00                     6.650                     20061201   MULTIFAM                                          2,569.52                      430,818.94                     6.650    Investment             Purchase                                                   820,000.00                           359      20061201                      0.250                         0.030              6.370                                                                                   Full                                                                     36    3YR-321                                                  2.475    LIBOR                             6
BUENA PARK                                              CA                       33045                        360                     3,419,000.00                     6.150                     20061201   MULTIFAM                                         20,829.51                    3,415,692.87                     6.150    Investment             Purchase                                                 5,300,000.00                           359      20061201                      0.250                         0.030              5.870                                                                                   Full                                                                    120    10YR-3332221110                                           2.35    LIBOR                             6
RIVERSIDE                                               CA                       33733                        360                       736,500.00                     7.625                     20061101   MULTIFAM                                          5,212.90                      735,587.49                     7.625    Investment             Purchase                                                   995,000.00                           358      20061201                      0.250                         0.030              7.345                                                                                   Stated                                                                   36    3YR-332                                                      3    LIBOR                             6
LONG BEACH                                              CA                       33089                        360                       579,750.00                     7.800                     20061201   MULTIFAM                                          4,173.45                      579,344.93                     7.800    Investment             Purchase                                                   900,000.00                           359      20061201                      0.250                         0.030              7.520                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
SANTA FE SPRINGS                                        CA                       90670                        120                       735,000.00                     7.350                     20061201   C-INDUST                                          5,063.95                      734,437.93                     7.350    Investment             CashOut Refi                                             1,500,000.00                           119      20061201                      0.250                         0.030              7.070                                                                                   Full                                                                     60    5YR-54321                                                2.875    LIBOR                             6
HUNTINGTON PARK                                         CA                       90255                        360                       688,000.00                     6.175                     20061201   MULTIFAM                                          4,202.63                      687,337.70                     6.175    Investment             Purchase                                                 1,225,000.00                           359      20061201                      0.250                         0.030              5.895                                                                                   Full                                                                    120    10YR-3332221110                                            2.5    LIBOR                             6
VISTA                                                   CA                       92083                        360                     4,770,000.00                     6.475                     20061201   MULTIFAM                                         25,738.13                    4,770,000.00                     6.475    Investment             CashOut Refi                                             7,350,000.00                           359      20061201                      0.250                         0.030              6.195                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
ANAHEIM                                                 CA                       33821                        360                       450,000.00                     6.600                     20061201   MULTIFAM                                          2,873.96                      449,601.04                     6.600    Investment             Rate Refi                                                  840,000.00                           359      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
BUENA PARK                                              CA                       33045                        360                     1,060,000.00                     6.600                     20061201   MULTIFAM                                          6,769.78                    1,059,060.22                     6.600    Investment             CashOut Refi                                             1,910,000.00                           359      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
ORANGE                                                  CA                       92866                        360                       540,000.00                     6.600                     20061201   MULTIFAM                                          3,448.76                      539,521.24                     6.600    Investment             CashOut Refi                                               900,000.00                           359      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
OAKLAND                                                 CA                       34491                        360                       500,000.00                     7.750                     20061201   MULTIFAM                                          3,582.06                      499,647.11                     7.750    Investment             CashOut Refi                                               805,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
EL PASO                                                 TX                       29100                        360                       315,000.00                     8.050                     20061201   MULTIFAM                                          2,322.35                      314,790.78                     8.050    Investment             Purchase                                                   630,000.00                           359      20061201                      0.250                         0.030              7.770                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
GARDENA                                                 CA                       90247                        360                       600,000.00                     6.725                     20061201   MULTIFAM                                          3,881.62                      599,480.88                     6.725    Investment             CashOut Refi                                               950,000.00                           359      20061201                      0.250                         0.030              6.445                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
LOS ANGELES                                             CA                       33334                        360                       865,000.00                     6.600                     20061201   MULTIFAM                                          4,757.50                      865,000.00                     6.600    Investment             CashOut Refi                                             1,850,000.00                           359      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
LOS ANGELES                                             CA                       33334                        360                     1,135,000.00                     6.600                     20061201   MULTIFAM                                          6,242.50                    1,135,000.00                     6.600    Investment             CashOut Refi                                             2,150,000.00                           359      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
CARSON CITY                                             NV                       32695                        360                       919,000.00                     6.375                     20061201   MULTIFAM                                          5,733.36                      918,148.83                     6.375    Investment             Purchase                                                 1,250,000.00                           359      20061201                      0.250                         0.030              6.095                                                                                   Full                                                                     60    5YR-54321                                                 2.75    LIBOR                             6
LOS ANGELES                                             CA                       90069                        360                     1,825,000.00                     6.625                     20061201   MULTIFAM                                         11,685.68                    1,823,389.84                     6.625    Investment             Purchase                                                 3,395,000.00                           359      20061201                      0.250                         0.030              6.345                                                                                   Full                                                                     36    3YR-321                                                  2.575    MTA                               6
EL CAJON                                                CA                       92021                        360                     2,600,000.00                     6.475                     20061201   MULTIFAM                                         16,391.04                    2,597,638.13                     6.475    Investment             CashOut Refi                                             4,500,000.00                           359      20061201                      0.250                         0.030              6.195                                                                                   Full                                                                     60    5YR-32111                                                 2.45    MTA                               6
LONG BEACH                                              CA                       33098                        360                       711,500.00                     6.425                     20061201   MULTIFAM                                          4,462.13                      710,847.36                     6.425    Investment             CashOut Refi                                             1,150,000.00                           359      20061201                      0.250                         0.030              6.145                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
LONG BEACH                                              CA                       33098                        360                       970,000.00                     6.425                     20061201   MULTIFAM                                          6,083.29                      969,110.25                     6.425    Investment             CashOut Refi                                             1,600,000.00                           359      20061201                      0.250                         0.030              6.145                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
COMPTON                                                 CA                       32924                        360                       795,000.00                     6.425                     20061201   MULTIFAM                                          4,985.79                      794,270.77                     6.425    Investment             CashOut Refi                                             1,250,000.00                           359      20061201                      0.250                         0.030              6.145                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
COMPTON                                                 CA                       32924                        360                       480,000.00                     6.425                     20061201   MULTIFAM                                          3,010.29                      479,559.71                     6.425    Investment             CashOut Refi                                               750,000.00                           359      20061201                      0.250                         0.030              6.145                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
LOS ANGELES                                             CA                       90038                        360                       763,000.00                     6.825                     20061201   MULTIFAM                                          4,986.90                      762,352.66                     6.825    Investment             Purchase                                                 1,200,000.00                           359      20061201                      0.250                         0.030              6.545                                                                                   Full                                                                     60    5YR-32111                                                 2.75    LIBOR                             6
PHOENIX                                                 AZ                       85007                        360                       500,000.00                     7.500                     20061201   MULTIFAM                                          3,496.07                      499,628.93                     7.500    Investment             CashOut Refi                                               750,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
PHOENIX                                                 AZ                       85018                        360                       838,000.00                     7.500                     20061201   MULTIFAM                                          5,859.42                      837,378.08                     7.500    Investment             Purchase                                                 1,228,000.00                           359      20061201                      0.250                         0.030              7.220                                                                                   Stated                                                                   60    5YR-54321                                                    3    LIBOR                             6
LA HABRA                                                CA                       90631                        360                       775,000.00                     6.450                     20061201   MULTIFAM                                          4,165.63                      775,000.00                     6.450    Investment             CashOut Refi                                             1,250,000.00                           359      20061201                      0.250                         0.030              6.170                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
CAMPBELL                                                CA                       95008                        360                     1,140,000.00                     6.600                     20061201   MULTIFAM                                          7,280.71                    1,138,989.29                     6.600    Owner Occupied         CashOut Refi                                             3,300,000.00                           359      20061201                      0.250                         0.030              6.320                                                                                   Full                                                                    120    10YR-3332221110                                           2.45    MTA                               6
STRAFFORD                                               MO                       65757                        360                       300,000.00                     7.750                     20061201   MULTIFAM                                          2,149.24                      299,788.26                     7.750    Investment             Purchase                                                   525,000.00                           359      20061201                      0.250                         0.030              7.470                                                                                   Stated                                                                  120    10YR-5544332211                                              3    LIBOR                             6
LONG BEACH                                              CA                       33091                        360                       570,000.00                     6.500                     20061201   MULTIFAM                                          3,087.50                      570,000.00                     6.500    Investment             CashOut Refi                                               825,000.00                           359      20061201                      0.250                         0.030              6.220                                                                                   Full                                                                     60    5YR-32111                                                  2.5    LIBOR                             6
SEATTLE                                                 WA                       35797                        360                     3,000,000.00                     7.125                     20061201   MULTIFAM                                         20,211.56                    2,997,600.94                     7.125    Investment             Purchase                                                 5,500,000.00                           359      20061201                      0.250                         0.030              6.845                                                                                   Full                                                                     60    5YR-54321                                                 2.75    LIBOR                             6

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    EXHIBIT
      I

     

    SELLER
      REPRESENTATIONS AND WARRANTIES

     

    Seller's
      Representations Assigned by Company to Trustee

     

    Representations
      and Warranties. Pursuant to the Mortgage Loan Purchase Agreement, the Seller
      has
      made certain representations and warranties to the Company and
      the
      Certificate Insurer.
      The
      Seller shall confirm such representations and warranties and shall deliver
      a
      Seller's Warranty Certificate and an Officer's Certificate on the Closing Date
      (i) reaffirming such representations and warranties and (ii) specifically
      restating and reaffirming the following representations and warranties as of
      such date. The following representations are, pursuant to the Pooling and
      Servicing Agreement, assigned by the Company to the Trustee for the benefit
      of
      the Certificateholders and the Certificate Insurer, together with the related
      repurchase rights specified in the Mortgage Loan Purchase Agreement. Pursuant
      to
      the Mortgage Loan Purchase Agreement, the Seller's Warranty Certificate and
      related Officer's Certificate, the Seller affirms each such representation
      and
      warranty and agrees, consents to and acknowledges the assignment thereof to
      the
      Trustee. All capitalized terms herein shall have the meanings assigned in the
      Pooling and Servicing Agreement and the Seller's Warranty Certificate, as
      applicable.

     

    The
      Seller hereby represents and warrants to the Company, Certificate Insurer and
      Trustee, as to each Mortgage Loan, that as of the Closing Date or as of such
      other date specifically provided herein:

     

    (i) (i)
      the
      information set forth in the Mortgage Loan Schedule hereto is true and correct
      in all material respects;

     

    (ii)
      the
      Mortgage Loans, individually and in the aggregate, conform in all material
      respects to the descriptions thereof in the Prospectus Supplement;

     

    (iii)
      the
      terms of the Mortgage Note and the Mortgage have not been impaired, waived,
      altered or modified in any respect, except by written instruments, (i) if
      required by law in the jurisdiction where the Mortgaged Property is located,
      or
      (ii) to protect the interests of the Trustee on behalf of the
      Certificateholders;

     

    (iv)
      the
      Mortgage File for each Mortgage Loan contains a true and complete copy of each
      of the documents contained in such Mortgage File, including all amendments,
      modifications and, if applicable, waivers and assumptions that have been
      executed in connection with such Mortgage Loan;

     

    (v)
      immediately prior to the transfer to the Purchaser, the Seller was the sole
      owner of beneficial title and holder of each Mortgage and Mortgage Note relating
      to the Mortgage Loans and is conveying the same free and clear of any and all
      liens, claims, encumbrances, participation interests, equities, pledges, charges
      or security interests of any nature and the Seller has full right and authority
      to sell or assign the same pursuant to this Agreement;

     

    

    
      
        
          
          

        

        
          I-1

          
            

          

        

        
          
          

        

      

    

    

    (vi)
      each
      Mortgage is a valid and enforceable first or second lien on the property
      securing the related Mortgage Note and each Mortgaged Property is owned by
      the
      Mortgagor in fee simple (except with respect to common areas in the case of
      condominiums, PUDs and de minimis PUDs) or by leasehold for a term longer than
      the term of the related Mortgage by at least five years, subject only to (i)
      the
      lien of current real property taxes and assessments, (ii) covenants, conditions
      and restrictions, rights of way, easements and other matters of public record
      as
      of the date of recording of such Mortgage, such exceptions being acceptable
      to
      mortgage lending institutions generally or specifically reflected in the
      appraisal obtained in connection with the origination of the related Mortgage
      Loan or referred to in the lender’s title insurance policy delivered to the
      originator of the related Mortgage Loan and (iii) other matters to which like
      properties are commonly subject which do not materially interfere with the
      benefits of the security intended to be provided by such Mortgage;

     

    (vii)
      no
      payment of principal of or interest on or in respect of any Mortgage Loan is
      30
      or more days past due;

     

    (viii)
      there is no mechanics’ lien or claim for work, labor or material affecting the
      premises subject to any Mortgage which is or may be a lien prior to, or equal
      with, the lien of such Mortgage except those which are insured against by the
      title insurance policy referred to in (xiii) below;

     

    (ix)
      as
      of the Cut off Date, (i) no Mortgage Loan had been 30 days or more delinquent
      more than once during the preceding 12 months, (ii) no Mortgage Loan had been
      delinquent for 60 days or more during the preceding 12 months and (iii) to
      the
      Seller’s knowledge, there was no delinquent tax or assessment lien against the
      property subject to any Mortgage, except where such lien was being contested
      in
      good faith and a stay had been granted against levying on the
      property;

     

    (x)
      there
      is no valid offset, defense or counterclaim to any Mortgage Note or Mortgage,
      including the obligation of the Mortgagor to pay the unpaid principal and
      interest on such Mortgage Note;

     

    (xi)
      to
      the Seller’s knowledge, except to the extent insurance is in place which will
      over such damage, the physical property subject to any Mortgage is free of
      material damage and is in good repair and there is no proceeding pending or
      threatened for the total or partial condemnation of any Mortgaged
      Property;

     

    (xii)
      each Mortgage Loan complies in all material respects with applicable local,
      state and federal laws, including, without limitation, usury, equal credit
      opportunity, real estate settlement procedures, with respect to the Group I
      Mortgage Loans and to the extent applicable, the Group II Mortgage Loans, the
      Federal Truth In Lending Act and disclosure laws, including, but not limited
      to,
      any applicable predatory lending laws. The consummation of the transactions
      contemplated hereby, including without limitation, the receipt of interest
      by
      the owner of such Mortgage Loan or the holders of Certificates secured thereby,
      will not involve the violation of any such laws. Each Mortgage Loan is being
      serviced in all material respects in accordance with applicable local, state
      and
      federal laws, including, without limitation, the Federal Truth In Lending Act
      and other consumer protection laws, real estate settlement procedures, usury,
      equal credit opportunity and disclosure laws;

     

    

    
      
        
          
          

        

        
          I-2

          
            

          

        

        
          
          

        

      

    

    

    (xiii)
      a
      lender’s title insurance policy (on an ALTA or CLTA form) or binder, or other
      assurance of title customary in the relevant jurisdiction therefor in a form
      acceptable to Fannie Mae or Freddie Mac, was issued on the date that each
      Mortgage Loan was created by a title insurance company which, to the best of
      Seller’s knowledge, was qualified to do business in the jurisdiction where the
      related Mortgaged Property is located, insuring the Seller and its successors
      and assigns that the Mortgage is a first priority lien on the related Mortgaged
      Property in the original principal amount of the Mortgage Loan. Seller is the
      sole insured under such lender’s title insurance policy, and such policy, binder
      or assurance is valid and remains in full force and effect, and each such
      policy, binder or assurance shall contain all applicable endorsements including
      a negative amortization endorsement, if applicable. With respect to no more
      than
      10% of the Mortgage Loans, a copy of the original title insurance policy is
      included in the mortgage file;

     

    (xiv)
      in
      the event the Mortgage constitutes a deed of trust, either a trustee, duly
      qualified under applicable law to serve as such, has been properly designated
      and currently so serves and is named in the Mortgage or if no duly qualified
      trustee has been properly designated and so serves, the Mortgage contains
      satisfactory provisions for the appointment of such trustee by the holder of
      the
      Mortgage at no cost or expense to such holder, and no fees or expenses are
      or
      will become payable by Purchaser to the trustee under the deed of trust, except
      in connection with a trustee’s sale after default by the mortgagor;

     

    (xv)
      at
      the time of origination, each Mortgaged Property was the subject of an appraisal
      which conforms to the Seller’s underwriting requirements, and a complete copy of
      such appraisal is contained in the Mortgage File;

     

    (xvi)
      neither the Seller nor any servicer of the related Mortgage Loans has advanced
      funds or knowingly received any advance of funds by a party other than the
      Mortgagor, directly or indirectly, for the payment of any amount required by
      the
      Mortgage, except for (i) interest accruing from the date of the related Mortgage
      Note or date of disbursement of the Mortgage Loan proceeds, whichever is later,
      to the date which precedes by 30 days the first Due Date under the related
      Mortgage Note, and (ii) customary advances for insurance and taxes;

     

    (xvii)
      each Mortgage Note, the related Mortgage and other agreements executed in
      connection therewith are genuine, and each is the legal, valid and binding
      obligation of the maker thereof, enforceable in accordance with its terms except
      as such enforcement may be limited by bankruptcy, insolvency, reorganization
      or
      other similar laws affecting the enforcement of creditor’s rights generally and
      by general equity principles (regardless of whether such enforcement is
      considered in a proceeding in equity or at law); and, to the best of Seller’s
      knowledge, all parties to each Mortgage Note and the Mortgage had legal capacity
      to execute the Mortgage Note and the Mortgage and each Mortgage Note and
      Mortgage has been duly and properly executed by the Mortgagor;

     

    

    
      
        
          
          

        

        
          I-3

          
            

          

        

        
          
          

        

      

    

    

    (xviii)
      to the extent required under applicable law, each conduit seller and subsequent
      mortgagee or servicer of the Mortgage Loans was authorized to transact and
      do
      business in the jurisdiction in which the related Mortgaged Property is located
      at all times when it held or serviced the Mortgage Loan; and any obligations
      of
      the holder of the related Mortgage Note, Mortgage and other loan documents
      have
      been complied with in all material respects; servicing of each Mortgage Loan
      has
      been in accordance with the servicing standard set forth in Section 3.01 of
      the
      Pooling and Servicing Agreement and the terms of the Mortgage Notes, the
      Mortgage and other loan documents, whether the creation of such Mortgage Loan
      and servicing was done by the Seller, its affiliates, or any third party which
      created the Mortgage Loan on behalf of, or sold the Mortgage Loan to, any of
      them, or any servicing agent of any of the foregoing;

     

    (xix)
      the
      related Mortgage Note and Mortgage contain customary and enforceable provisions
      such as to render the rights and remedies of the holder adequate for the
      realization against the Mortgaged Property of the benefits of the security,
      including realization by judicial, or, if applicable, non judicial foreclosure,
      and, to the Seller’s knowledge, there is no homestead or other exemption
      available to the Mortgagor which would interfere with such right to
      foreclosure;

     

    (xx)
      except with respect to holdbacks required by certain Mortgage Loans which
      holdbacks create a fund for (i) the repair of Mortgaged Property due to damage
      from adverse weather conditions, or (ii) the completion of new construction,
      or
      both, the proceeds of the Mortgage Loans have been fully disbursed, there is
      no
      requirement for future advances thereunder and any and all requirements as
      to
      completion of any on site or off site improvements and as to disbursements
      of
      any escrow funds therefor have been complied with; and all costs, fees and
      expenses incurred in making, closing or recording the Mortgage Loan have been
      paid, except recording fees with respect to Mortgages not recorded as of the
      Closing Date;

     

    (xxi)
      as
      of the Closing Date, the improvements on each Mortgaged Property securing a
      Mortgage Loan is insured (by an insurer which is acceptable to the Seller)
      against loss by fire and such hazards as are covered under a standard extended
      coverage endorsement in the locale in which the Mortgaged Property is located,
      in an amount which is not less than the lesser of the maximum insurable value
      of
      the improvements securing such Mortgage Loan or the outstanding principal
      balance of the Mortgage Loan, but in no event in an amount less than an amount
      that is required to prevent the Mortgagor from being deemed to be a co insurer
      thereunder; if the improvement on the Mortgaged Property is a condominium unit,
      it is included under the coverage afforded by a blanket policy for the
      condominium project; with respect to the Group 1 Mortgage Loans only, if upon
      origination of the related Mortgage Loan, the improvements on the Mortgaged
      Property were in an area identified as a federally designated flood area, a
      flood insurance policy is in effect in an amount representing coverage not
      less
      than the least of (i) the outstanding principal balance of the Mortgage Loan,
      (ii) the restorable cost of improvements located on such Mortgaged Property
      or
      (iii) the maximum coverage available under federal law; and each Mortgage
      obligates the Mortgagor thereunder to maintain the insurance referred to above
      at the Mortgagor’s cost and expense;

     

    

    
      
        
          
          

        

        
          I-4

          
            

          

        

        
          
          

        

      

    

    

    (xxii)
      there is no monetary default existing under any Mortgage or the related Mortgage
      Note and there is no material event which, with the passage of time or with
      notice and the expiration of any grace or cure period, would constitute a
      default, breach or event of acceleration; and neither the Seller, any of its
      affiliates nor any servicer of any related Mortgage Loan has taken any action
      to
      waive any default, breach or event of acceleration; no foreclosure action is
      threatened or has been commenced with respect to the Mortgage Loan;

     

    (xxiii)
      to the Seller’s knowledge, no Mortgagor, at the time of origination of the
      applicable Mortgage, was a debtor in any state or federal bankruptcy or
      insolvency proceeding;

     

    (xxiv)
      with respect to the Group 2 Mortgage Loans only, each Mortgage Loan was
      originated or funded by (a) a savings and loan association, savings bank,
      commercial bank, credit union, insurance company or similar institution which
      is
      supervised and examined by a federal or state authority (or originated by (i)
      a
      subsidiary of any of the foregoing institutions which subsidiary is actually
      supervised and examined by applicable regulatory authorities or (ii) a mortgage
      loan correspondent of any of the foregoing and that was originated pursuant
      to
      the criteria established by any of the foregoing) or (b) a mortgagee approved
      by
      the Secretary of Housing and Urban Development pursuant to sections 203 and
      211
      of the National Housing Act, as amended;

     

    (xxv)
      with respect to the Group 1 Mortgage Loans only, all inspections, licenses
      and
      certificates required to be made or issued with respect to all occupied portions
      of the Mortgaged Property and, with respect to the use and occupancy of the
      same, including, but not limited to, certificates of occupancy and fire
      underwriting certificates, have been made or obtained from the appropriate
      authorities;

     

    (xxvi)
      to
      the Seller’s knowledge, the Mortgaged Property and all improvements thereon
      comply with all requirements of any applicable zoning and subdivision laws
      and
      ordinances;

     

    (xxvii)
      no instrument of release or waiver has been executed in connection with the
      Mortgage Loans, and no Mortgagor has been released, in whole or in part, except
      in connection with an assumption agreement which has been approved by the
      primary mortgage guaranty insurer, if any, and which has been delivered to
      the
      Trustee;

     

    (xxviii)
      [Reserved]

     

    (xxix)
      no
      Mortgage Loan was originated based on an appraisal of the related Mortgaged
      Property made prior to completion of construction of the improvements thereon
      unless a certificate of completion was obtained prior to closing of the Mortgage
      Loan;

     

    (xxx)
      with respect to the Group 1 Mortgage Loans only, each of the Mortgaged
      Properties consists of a single parcel of real property with a detached single
      family residence erected thereon, or a two to four family dwelling, or an
      individual condominium unit in a condominium project or a townhouse, a
      condohotel, an individual unit in a PUD or an individual unit in a de minimis
      PUD;

     

    

    
      
        
          
          

        

        
          I-5

          
            

          

        

        
          
          

        

      

    

    

    (xxxi)
      with respect to the Group 1 Mortgage Loans only, no Mortgaged Property consists
      of a single parcel of real property with a cooperative housing development
      erected thereon. Any condominium unit, PUD or de minimis PUD conforms with
      Progressive Loan Series Program requirements regarding such dwellings or is
      covered by a waiver confirming that such condominium unit, PUD or de minimis
      PUD
      is acceptable to the Seller;

     

    (xxxii)
      each Mortgage Loan constitutes a “qualified mortgage” under Section
      860G(a)(3)(A) of the Code and Treasury Regulation Section 1.860G
      2(a)(1);

     

    (xxxiii)
      with respect to each Mortgage Loan directly originated by the Seller (and not
      through a third party broker or other third party) as of the Closing Date,
      to
      the best of Seller’s knowledge, there has been no fraud, misrepresentation or
      dishonesty with respect to the origination of any Mortgage Loan;

     

    (xxxiv)
      no selection procedure reasonably believed by the Seller to be adverse to the
      interests of the Certificateholders or the Certificate Insurer was utilized
      in
      selecting the Mortgage Loans;

     

    (xxxv)
      with respect to the Group 1 Mortgage Loans only, no Mortgage Loan is subject
      to
      the Home Ownership and Equity Protection Act of 1994 or any comparable state
      law;

     

    (xxxvi)
      with respect to the Group 1 Mortgage Loans only, no proceeds from any Mortgage
      Loan were used to finance single premium credit insurance policies;

     

    (xxxvii)
      with respect to the Group 1 Mortgage Loans only, no Mortgage Loan provides
      for
      payment of a Prepayment Charge on Principal Prepayments made more than five
      years from the date of the first contractual Due Date of the related Mortgage
      Loan; 

     

    (xxxviii)
      with respect to the Group 1 Mortgage Loans only, none of the Mortgage Loans
      is a
“high cost home loan” as defined in the Georgia Fair Lending Act, as amended
      (the “Georgia Act”), the New York Predatory Lending Law, codified as N.Y.
      Banking Law §6 I, N.Y. Gen. Bus. Law §771 a, and N.Y. Real Prop. Acts Law §1302
      (together, the “New York Act”), the Arkansas Home Loan Protection Act, as
      amended (the “Arkansas Act”), or Kentucky Revised Statutes §360.100, as amended
      (the “Kentucky Act”); and all the Mortgage Loans that are subject to the Georgia
      Act, the New York Act, the Arkansas Act and the Kentucky Act comply with the
      requirements of each such act. Each Mortgage Loan for which the related
      Mortgaged Property is located in the State of Georgia was originated prior
      to
      October 1, 2002, or on or after March 7, 2003;

     

    (xxxix)
      with respect to the Group 1 Mortgage Loans only, no mortgage loan in the trust
      is a “high cost home,” “covered” (excluding home loans defined as “covered home
      loans” in the New Jersey Home Ownership Security Act of 2002 that were
      originated between November 26, 2003 and July 7, 2004), “high risk home” or
“predatory” loan under any other applicable state, federal or local law (or a
      similarly classified loan using different terminology under a law imposing
      heightened regulatory scrutiny or additional legal liability for residential
      mortgage loans having high interest rates, points and/or fees);

     

    

    
      
        
          
          

        

        
          I-6

          
            

          

        

        
          
          

        

      

    

    

    (xl)
      with
      respect to the Group 1 Mortgage Loans only, no subprime mortgage loan originated
      on or after October 1, 2002 underlying the Security will impose a prepayment
      premium for a term in excess of three years. Any loans originated prior to
      such
      date, and any non subprime loans, will not impose prepayment penalties in excess
      of five years;

     

    (xli)
      with respect to the Group 1 Mortgage Loans only, the servicer for each mortgage
      loan underlying the Security has fully furnished and will fully furnish, in
      accordance with the Fair Credit Reporting Act and its implementing regulations,
      accurate and complete information (i.e., favorable and unfavorable) on its
      borrower credit files to Equifax, Experian, and Trans Union Credit Information
      Company (three of the credit repositories), on a monthly basis;

     

    (xlii)
      with respect to the Group 1 Mortgage Loans only, with respect to any mortgage
      loan originated on or after August 1, 2004 and underlying the Security, neither
      the related mortgage nor the related mortgage note requires the borrower to
      submit to arbitration to resolve any dispute arising out of or relating in
      any
      way to the mortgage loan transaction;

     

    (xliii)
      with respect to the Group 1 Mortgage Loans only, no mortgage loan is a High
      Cost
      Loan or Covered Loan, as applicable (as such terms are defined in the then
      current Standard & Poor’s LEVELS® Glossary which is now Version 5.7 Revised,
      Appendix E, attached as Exhibit 3 hereto) and no mortgage loan originated on
      or
      after October 1, 2002 through March 6, 2003 is secured by property located
      in
      the State of Georgia;

     

    (xliv)
      information provided to the rating agencies, including the loan level detail,
      is
      true and correct according to the rating agency requirements;

     

    (xlv)
      with respect to the Group 1 Mortgage Loans only, the prepayment penalties
      included in the transaction are enforceable and were originated in compliance
      with all applicable federal, state and local laws; 

     

    (xlvi)
      the schedule of Prepayment Charges is true and correct;

     

    (xlvii)
      with respect to the Group 2 Mortgage Loans only, any assignment of leases,
      rents
      and profits or similar document or instrument executed by the related Mortgagor
      in connection with the origination of the related Mortgage Loan, as such
      document may be amended, modified, renewed or extended from time to time (the
      “Assignment of Leases and Rents”) establishes and creates a valid and, subject
      to the exceptions set forth in clause (vi) above, enforceable first priority
      collateral assignment of, or lien on, the related Mortgagor’s interest in all
      leases, subleases, licenses or other agreements pursuant to which any person
      is
      entitled to occupy, use or possess all or any portion of the real property
      subject to the related Mortgage, subject to legal limitations of general
      applicability to mortgage loans similar to the Mortgage Loans, and each of
      the
      Mortgagor, each assignor of such Assignment or Leases and Rents to the Seller
      and the Seller has the full right to assign the same. Each Mortgage Loan
      contains an Assignment of Leases and Rents, and such Assignment of Lease and
      Rents is included either in the related Mortgage or in a related separate
      assignment document. The related assignment of any Assignment of Leases and
      Rents not included in the related Mortgage has been executed and delivered
      to
      the Depositor in blank, is otherwise in recordable form and constitutes a legal,
      valid and binding assignment, sufficient to convey to the assignee named therein
      (assuming that the assignee has the capacity to acquire such Assignment of
      Leases and Rents) all of the assignor’s right, title and interest in, to and
      under such Assignment of Leases and Rents;

     

    

    
      
        
          
          

        

        
          I-7

          
            

          

        

        
          
          

        

      

    

    

    (xlviii)
      with respect to the Group 2 Mortgage Loans only, each Title Policy contains
      no
      exclusions for or affirmatively insures (other than in jurisdictions where
      affirmative insurance is unavailable), (i) access to public roads and (ii)
      against material losses due to encroachments of any part of the building thereon
      over easements;

     

    (xlix)
      with respect to the Group 2 Mortgage Loans only, the related Mortgage Loan
      documents provide for the appointment of a receiver of rents following an event
      of default under such loan documents, to the extent available under applicable
      law;

     

    (l)
      with
      respect to the Group 2 Mortgage Loans only, a Phase I Environmental Assessment
      or a Transaction Screen Analysis meeting ASTM standards was performed with
      respect to the mortgaged property in connection with the origination of the
      related mortgage loan, and none of the Phase I Environmental Assessments or
      Transaction Screen Analyses identified, and the Mortgage Loan Seller has no
      knowledge of, any material and adverse environmental condition or circumstance
      affecting such Mortgaged Property. Each Mortgage requires the related Mortgagor
      to comply with all applicable federal, state and local environmental laws and
      regulations; 

     

    (li)
      with
      respect to the Group 2 Mortgage Loans only, a flood insurance policy (if any
      portion of buildings or other structures (excluding parking) on the Mortgaged
      Property are located in an area identified by the Federal Emergency Management
      Agency (“FEMA”) as a special flood hazard area (which “special flood hazard
      area” does not include areas designated by FEMA as Zones B, C or X)). With
      respect to each Mortgaged Property, such Mortgaged Property is required pursuant
      to the related Mortgage to be (or the holder of the Mortgage can require that
      the Mortgaged Property be), and at origination the Mortgage Loan Seller received
      evidence that such Mortgaged Property was, insured by a general liability
      insurance policy in amounts as are generally required by multi-family,
      commercial and mixed-use mortgage lenders (as applicable) for similar
      properties. Under such insurance policies either (A) the Mortgage Loan Seller
      is
      named as mortgagee and a loss payee under a standard mortgagee clause or (B)
      the
      Mortgage Loan Seller and/or related servicer is named as an additional insured,
      and is entitled to receive prior notice as the holder of the Mortgage of
      termination or cancellation. No such notice has been received, including any
      notice of nonpayment of premiums, which has not been cured. Each Mortgage
      obligates the related Mortgagor to maintain or cause to be maintained all such
      insurance and, upon such Mortgagor’s failure to do so, authorizes the holder of
      the Mortgage to maintain or to cause to be maintained such insurance at the
      Mortgagor’s cost and expense and to seek reimbursement therefor from such
      Mortgagor. Each Mortgage Loan provides that any related insurance proceeds,
      other than for a total loss or taking, will be applied either to the repair
      or
      restoration of all or part of the related Mortgaged Property, with the mortgagee
      or a trustee appointed by the mortgagee having the right to hold and disburse
      such proceeds as the repair or restoration progresses (except in such cases
      where a provision entitling another party to hold and disburse such proceeds
      would not be viewed as commercially unreasonable by a prudent multi-family,
      commercial and mixed-use mortgage lender (as applicable)), or to the payment
      of
      the outstanding principal balance of the Mortgage Loan together with any accrued
      interest thereon, and any insurance proceeds in respect of a total or
      substantially total loss or taking may be applied either to payment of
      outstanding principal and interest on the Mortgage Loan (except as otherwise
      provided by law) or to rebuilding of the Mortgaged Property; 

     

    

    
      
        
          
          

        

        
          I-8

          
            

          

        

        
          
          

        

      

    

    

    (lii)
      with respect to the Group 2 Mortgage Loans only, as of the Closing Date, there
      are no delinquent rents on any ground leases for any Mortgaged
      Property;

     

    (liii)
      with respect to the Group 2 Mortgage Loans only, Each Mortgaged Property
      consists of the related Mortgagor’s fee simple estate in real estate (the “Fee
      Interest”) or the related Mortgage Loan is secured in whole or in part by the
      interest of the related Mortgagor as a lessee under a ground lease of the
      Mortgaged Property (a “Ground Lease”), and if secured in whole or in part by a
      Ground Lease, either (1) the ground lessor’s fee interest is subordinated to the
      lien of the Mortgage and the Mortgage will not be subject to any lien or
      encumbrances on the ground lessor’s fee interest, other than Permitted
      Encumbrances, and the holder of the Mortgage is permitted to foreclose the
      ground lessor’s fee interest within a commercially reasonable time period or (2)
      the following apply to such Ground Lease:

     

    (A) Such
      Ground Lease or a memorandum thereof has been or will be duly recorded; such
      Ground Lease (or the related estoppel letter or lender protection agreement
      between the Mortgage Loan Seller and related lessor) permits the interest of
      the
      lessee thereunder to be encumbered by the related Mortgage; and there has been
      no material change in the payment terms of such Ground Lease since the
      origination of the related Mortgage Loan, with the exception of material changes
      reflected in written instruments that are a part of the related Mortgage
      File;

     

    (B) The
      Mortgagor’s interest in such Ground Lease is not subject to any liens or
      encumbrances superior to, or of equal priority with, the related Mortgage,
      other
      than the ground lessor’s related fee interest and Permitted
      Encumbrances;

     

    (C) The
      Mortgagor’s interest in such Ground Lease is assignable to the Depositor and its
      successors and assigns upon notice to, but without the consent of, the lessor
      thereunder (or, if such consent is required, it has been obtained prior to
      the
      Closing Date) and, in the event that it is so assigned, is further assignable
      by
      the Depositor and its successors and assigns upon notice to, but without the
      need to obtain the consent of, such lessor;

     

    (D) Such
      Ground Lease is in full force and effect, and the Mortgage Loan Seller has
      received no notice that an event of default has occurred thereunder, and, to
      the
      best of Mortgage Loan Seller’s knowledge, there exists no condition that, but
      for the passage of time or the giving of notice, or both, would result in a
      material default under the terms of such Ground Lease;

     

    (E) Such
      Ground Lease, or an estoppel letter or other agreement, requires the lessor
      under such Ground Lease to give notice of any default by the lessee to the
      mortgagee (concurrent with notice given to the lessee), provided that the
      mortgagee has provided the lessor with notice of its lien in accordance with
      the
      provisions of such Ground Lease, and such Ground Lease, or an estoppel letter
      or
      other agreement, further provides that no notice of termination given under
      such
      Ground Lease is effective against the mortgagee unless a copy has been delivered
      to the mortgagee. The Mortgage Loan Seller has provided the lessor under the
      Ground Lease with notice of the Mortgage Loan Seller’s lien on the Mortgaged
      Property in accordance with the provisions of such Ground Lease;

     

    

    
      
        
          
          

        

        
          I-9

          
            

          

        

        
          
          

        

      

    

    

    (F) A
      mortgagee is permitted a reasonable opportunity (including, where necessary,
      sufficient time to gain possession of the interest of the lessee under such
      Ground Lease) to cure any default under such Ground Lease, which is curable
      after the receipt of notice of any such default, before the lessor thereunder
      may terminate such Ground Lease by reason of such default;

     

    (G) Such
      Ground Lease has an original term, along with any extensions set forth in such
      Ground Lease, not less than 10 years beyond the full amortization term of the
      Mortgage Loan (or if such Mortgage Loan does not fully amortize over its terms,
      20 years beyond its maturity date);

     

    (H) Under
      the
      terms of such Ground Lease and the related Mortgage, taken together, any related
      insurance proceeds, other than for a total loss or taking, will be applied
      either to the repair or restoration of all or part of the related Mortgaged
      Property, with the mortgagee or a trustee appointed by the mortgagee having
      the
      right to hold and disburse such proceeds as the repair or restoration progresses
      (except in such cases where a provision entitling another party to hold and
      disburse such proceeds would not be viewed as commercially unreasonable by
      a
      prudent multi-family, commercial and mixed-use mortgage lender (as applicable)),
      or to the payment of the outstanding principal balance of the Mortgage Loan
      together with any accrued interest thereon, and any insurance proceeds in
      respect of a total or substantially total loss or taking may be applied either
      to payment of outstanding principal and interest on the Mortgage Loan (except
      as
      otherwise provided by law) or to rebuilding of the Mortgaged
      Property;

     

    (I) Such
      Ground Lease does not impose any restrictions on subletting which would be
      viewed, as commercially unreasonable by the Mortgage Loan Seller; and such
      Ground Lease contains a covenant that the lessor thereunder is not permitted,
      in
      the absence of an uncured default, to disturb the possession, interest or quiet
      enjoyment of any subtenant of the lessee, or in any manner, which would
      materially and adversely affect the security provided by the related
      Mortgage;

     

    (J) Such
      Ground Lease, or an estoppel or other agreement, requires the lessor to enter
      into a new lease with the Mortgage Loan Seller or its successors or assigns
      in
      the event of a termination of the Ground Lease by reason of a default by the
      Mortgagor under the Ground Lease, including rejection of the Ground Lease in
      a
      bankruptcy proceeding; and

     

    (K) Such
      Ground Lease may not be materially amended, modified or, except in the case
      of a
      default, cancelled or terminated without the prior written consent of the holder
      of the Mortgage Loan, and any such action without such consent is not binding
      on
      such holder, including any increase in the amount of rent payable by the lessee
      thereunder during the term of the Mortgage Loan;

     

    

    
      
        
          
          

        

        
          I-10

          
            

          

        

        
          
          

        

      

    

    

    (liv)
      with respect to the Group 2 Mortgage Loans only, no Mortgage Loan is a negative
      amortization mortgage loan, contains any equity participation or provides for
      any contingent or additional interest in the form of participation in the cash
      flow of the related Mortgaged Property. Neither the Mortgage Loan Seller nor
      any
      Affiliate thereof has any obligation to make any capital contribution to the
      Mortgagor under the Mortgage Loan or otherwise;

     

    (lv)
      with
      respect to the Group 2 Mortgage Loans only, to the best of Mortgage Loan
      Seller’s knowledge, based on due diligence that it customarily performs in the
      origination of comparable mortgage loans, as of the date of origination of
      each
      Mortgage Loan, the related Mortgagor was in possession of all material licenses,
      permits and franchises required by applicable law for the ownership and
      operation of the related Mortgaged Property as it was then
      operated;

     

    (lvi)
      with respect to the Group 2 Mortgage Loans only, to the Mortgage Loan Seller’s
      knowledge, any franchise agreement applicable to the operation of any Mortgaged
      Property is in full force and effect and there is currently no default or
      imminent default under any such franchise agreement;

     

    (lvii)
      with respect to the Group 2 Mortgage Loans only, each Mortgaged Property
      contains one or more separate tax lots (or will constitute separate tax lots
      when the next tax maps are issued) or is subject to an endorsement under the
      related Title Policy; and

     

    (lviii)
      with respect to the Group 2 Mortgage Loans only, to the best of Mortgage Loan
      Seller’s knowledge, each Mortgaged Property has adequate access to public ways
      and is served by utilities, including, without limitation, adequate water,
      sewer, electricity, gas, telephone, sanitary sewer, and storm drain facilities.
      To the best of Mortgage Loan Seller’s knowledge all public utilities necessary
      to the continued use and enjoyment of each Mortgaged Property as presently
      used
      and enjoyed are located in the public right-of-way abutting such Mortgaged
      Property, and all such utilities are connected so as to serve such Mortgaged
      Property without passing over other property. To the best of Mortgage Loan
      Seller’s knowledge, all roads necessary for the full use of each Mortgaged
      Property for such Mortgaged Property’s current purpose have been completed and
      dedicated to public use and accepted by all governmental authorities or are
      subject of access easements for the benefit of such Mortgage
      Property.

      
        
          
          

        

        
          I-11

          
            

          

        

        
          
          

        

      

    EXHIBIT
      J

     

    FORM
      OF
      NOTICE UNDER SECTION 3.24 OF POOLING AND SERVICING AGREEMENT

     

    December
      ___, 2006

    Deutsche
      Bank National Trust Company

    1761
      East
      St. Andrew Place

    Santa
      Ana, California 92705-4934

     

    
      	 	
              Re:

            	
              Impac
                Secured Assets Corp.

            

      	 	 	
              Mortgage
                Pass-Through Certificates

              Series
                2006-5__________________

            

    

     

    Pursuant
      to Section 3.25 of the Pooling and Servicing Agreement, dated as of December
      1,
      2006, relating to the Certificates referenced above, the undersigned does hereby
      notify you that:

     

    (a) The
      prepayment assumption used in pricing the Certificates with respect to the
      Mortgage Loans in Series 2006-5 consisted of a Prepayment Assumption (the
“Prepayment Assumption”) of ____% per annum.

     

    (b) With
      respect to each Class of Certificates comprising the captioned series, set
      forth
      below is (i), the first price, as a percentage of the Certificate Principal
      Balance or Notional Amount of each Class of Certificates, at which 10% of the
      aggregate Certificate Principal Balance or Notional Amount of each such Class
      of
      Certificates was first sold at a single price, if applicable, or (ii) if more
      than 10% of a Class of Certificates have been sold but no single price is paid
      for at least 10% of the aggregate Certificate Principal Balance or Notional
      Amount of such Class of Certificates, then the weighted average price at which
      the Certificates of such Class were sold expressed as a percentage of the
      Certificate Principal Balance or Notional Amount of such Class of Certificates,
      (iii) if less than 10% of the aggregate Certificate Principal Balance or
      Notional Amount of a Class of Certificates has been sold, the purchase price
      for
      each such Class of Certificates paid by [_____________] (the “Underwriter”),
      expressed as a percentage of the Certificate Principal Balance or Notional
      Amount of such Class of Certificates calculated by: (1) estimating the fair
      market value of each such Class of Certificates as of December 21, 2006; (2)
      adding such estimated fair market value to the aggregate purchase prices of
      each
      Class of Certificates described in clause (i) or (ii) above; (3) dividing each
      of the fair market values determined in clause (1) by the sum obtained in clause
      (2); (4) multiplying the quotient obtained for each Class of Certificates in
      clause (3) by the purchase price paid by the Underwriters for all the
      Certificates purchased by it; and (5) for each Class of Certificates, dividing
      the product obtained from such Class of Certificates in clause (4) by the
      initial Certificate Principal Balance or Notional Amount of such Class of
      Certificates or (iv) the fair market value (but not less than zero) as of the
      Closing Date of each Certificate of each Class of Certificates retained by
      the
      Company or an affiliate corporation, or delivered to the seller:

     

    

    
      
        
          
          

        

        
          J-1

          
            

          

        

        
          
          

        

      

    

    

    Series
      2006-5

     

    Class
      1-A1-A: ____%

     

    Class
      1-A1-B: ____%

     

    Class
      1-A1-C: ____%

     

    Class
      1-AM: ____%

     

    Class
      1-M-1: ____%

     

    Class
      1-M-2: ____%

     

    Class
      1-M-3: ____%

     

    Class
      1-M-4: ____%

     

    Class
      1-M-5: ____%

     

    Class
      1-M-6: ____%

     

    Class
      1-M-7: ____%

     

    Class
      1-M-8: ____%

     

    Class
      1-B: ____%

     

    Class
      2-A: ____%

     

    Class
      1-C: ____%

     

    Class
      1-P: ____%

     

    Class
      2-C: ____%

     

    Class
      2-P: ____%

     

    Class
      R: ____%

    

    
      
        
          
          

        

        
          J-2

          
            

          

        

        
          
          

        

      

    

    

    The
      prices and values set forth above do not include accrued interest with respect
      to periods before the closing.

     

    

    
      	 	
              IMPAC
                SECURED ASSETS CORP.

               

               

              By:___________________________

              Name:

              Title:

            

    

    

    

    
      
        
          
          

        

        
          J-3

          
            

          

        

        
          
          

        

      

    

    

    EXHIBIT
      K

     

    IMPAC
      SERVICING GUIDE

     

    (Provided
      Upon Request)

     

     

    
      
        
          
            
            

          

          
            K-1

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        L-1

       

      FORM
        10-K
        CERTIFICATION

       

      
        	 	
                Re:

              	
                Impac
                  Secured Assets Corp.,

              

        	 	 	 Mortgage
                Pass-Through Certificates, Series
                2006-5

      

       

      I,
        [identify the certifying individual], certify that:

      

      1.
        I have
        reviewed this report on Form 10-K and all reports on Form 10-D required to
        be
        filed in respect of the period covered by this report on Form 10-K of [identify
        the issuing entity] (the “Exchange Act periodic reports”); 

      

      2.
        Based
        on my knowledge, the Exchange Act periodic reports, taken as a whole, do
        not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in light of the circumstances under
        which
        such statements were made, not misleading with respect to the period covered
        by
        this report; 

      

      3.
        Based
        on my knowledge, all of the distribution, servicing and other information
        required to be provided under Form 10-D for the period covered by this report
        is
        included in the Exchange Act periodic reports;

      

      4.
        [I am
        responsible for reviewing the activities performed by the servicer(s) and
        based
        on my knowledge and the compliance review(s) conducted in preparing the servicer
        compliance statement(s) required in this report under Item 1123 of Regulation
        AB, and except as disclosed in the Exchange Act periodic reports, the
        servicer(s) [has/have] fulfilled [its/their] obligations under the servicing
        agreement(s); and] [Based on my knowledge and the servicer compliance
        statement(s) required in this report under Item 1123 of Regulation AB, and
        except as disclosed in the Exchange Act periodic reports, the servicer(s)
        [has/have] fulfilled [its/their] obligations under the servicing agreement(s);
        and]

      

      5.
        All of
        the reports on assessment of compliance with servicing criteria for asset-backed
        securities and their related attestation reports on assessment of compliance
        with servicing criteria for asset-backed securities required to be included
        in
        this report in accordance with Item 1122 of Regulation AB and Exchange Act
        Rules
        13a-18 and 15d-18 have been included as an exhibit to this report, except
        as
        otherwise disclosed in this report. Any material instances of noncompliance
        described in such reports have been disclosed in this report on Form
        10-K. 

      

      [In
        giving the certifications above, I have reasonably relied on information
        provided to me by the following unaffiliated parties [name of servicer,
        sub-servicer, co-servicer, depositor or trustee].]

      

      Date:
        . .
        . . . . . . . . . . . . 

       

      _______________________

      [Signature]

      [Title]

      
        
          
            
            

          

          
            L-1-1

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        L-2

       

      FORM
        10-K
        BACK-UP CERTIFICATION (MASTER SERVICER)

       

      
        	 	
                Re:

              	
                Impac
                  Secured Assets Corp.,

              

        	 	 	
                Mortgage
                  Pass-Through Certificates, Series
                  2006-5

              

      

       

      I,
        [Identify the certifying individual], a [______________] of Deutsche Bank
        National Trust Company, as Trustee, hereby certify to Impac Funding Corporation
        and its officers, directors and affiliates, and with the knowledge and intent
        that they will rely upon this certification, that:

       

      1. I
        have
        reviewed the annual report on Form 10-K for the fiscal year [__], and all
        reports on Form 8-K containing distribution reports filed in respect of periods
        included in the year covered by that annual report, of the Issuer relating
        to
        the above-referenced trust;

       

      2. Based
        on
        my knowledge, the information in these distribution reports prepared by the
        Trustee, taken as a whole, does not contain any untrue statement of a material
        fact or omit to state a material fact necessary to make the statements made,
        in
        light of the circumstances under which such statements were made, not misleading
        as of the last day of the period covered by that annual report; and

       

      3. Based
        on
        my knowledge, the distribution information required to be provided by the
        Trustee under the Agreement is included in these distribution
        reports.

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        Pooling and Servicing Agreement, dated December 1, 2006 (the “Agreement”), among
        Impac Secured Assets Corp., as Depositor, Impac Funding Corporation, as Master
        Servicer, Deutsche Bank National Trust Company, as Trustee.

       

      DEUTSCHE
        BANK NATIONAL TRUST

      COMPANY,
        as 

      Trustee

       

      By:__________________________

      Name:

      Title:

       

      Date:

       

      
 

      
        
          
            
            

          

          
            L-2-1

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        L-3

       

      FORM
        10-K
        BACK-UP CERTIFICATION (TRUSTEE)

       

      
        	 	
                Re:

              	
                Impac
                  Secured Assets Corp.,

              

        	 	 	
                Mortgage
                  Pass-Through Certificates, Series
                  2006-5

              

      

       

      I,
        [Identify the certifying individual], a [_________________] of Deutsche Bank
        National Trust Company, as Trustee, hereby certify to Impac Funding Corporation
        and its officers, directors and affiliates, and with the knowledge and intent
        that they will rely upon this certification, that:

       

      1. Based
        on
        my knowledge, the distribution information required to be provided by the
        Trustee under the Agreement is included in these distribution
        reports.

       

      Capitalized
        terms used but not defined herein have the meanings ascribed to them in the
        Pooling and Servicing Agreement, dated December 1, 2006 (the “Agreement”), among
        Impac Secured Assets Corp., as Depositor, Impac Funding Corporation, as Master
        Servicer and Deutsche Bank National Trust Company, as Trustee.

       

      DEUTSCHE
        BANK NATIONAL TRUST

      COMPANY,
        as 

      Trustee

       

      By:__________________________

      Name:

      Title:

       

      Date:

      
        
          
            
            

          

          
            L-3-1

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        L-4

       

      FORM
        OF
        BACK-UP CERTIFICATION TO FORM 10-K CERTIFICATE

       

      Re: The
        [ ]
        agreement dated as of [ ],
        200[ ]
        (the “Agreement”), among [IDENTIFY PARTIES]

       

      I,
        ________________________________, the _______________________ of [NAME OF
        COMPANY], certify to [the Purchaser], [the Depositor], and the [Master Servicer]
        [Trustee], and their officers, with the knowledge and intent that they will
        rely
        upon this certification, that:

      (1) I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation
        Report”), and all servicing reports, officer’s certificates and other
        information relating to the servicing of the Mortgage Loans by the Company
        during 200[ ] that were delivered by the Company to the [Depositor] [Master
        Servicer] [Trustee] pursuant to the Agreement (collectively, the “Company
        Servicing Information”);

       

      (2) Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

       

      (3) Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the [Depositor] [Master
        Servicer] [Trustee];

       

      (4) I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement in all material
        respects; and

      
         

        
          (5) The
            Compliance Statement required to be delivered by the Company pursuant
            to the
            Agreement, and the Servicing Assessment and Attestation Report required
            to be
            provided by the Company and by any Subservicer or Subcontractor pursuant
            to the
            Agreement, have been provided to the [Depositor] [Master Servicer]. Any
            material
            instances of noncompliance described in such reports have been disclosed
            to the
            [Depositor] [Master Servicer]. Any material instance of noncompliance
            with the
            Servicing Criteria has been disclosed in such reports.

           

      

      
        
          
            
            

          

          
            L-4-1

            
              

            

          

          
            
            

          

        

      

      
 

      Date: _________________________

       

      By:

      Name:
         ________________________________
        

      Title:
         ________________________________

      

      

      
        
          
            
            

          

          
            L-4-2

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        M-1

       

      FORM
        OF
        SWAP AGREEMENT

       

      

      
        
          
            
            

          

          
            M-1-1

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        M-2

      

      FORM
        OF
        CAP CONTRACT

      

      
        
          
            
            

          

          
            M-2-1

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        N

      

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      (RMBS
        unless otherwise noted)

      

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key: X
        - obligation

      

      
        	 	 	 	 	 
	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Sub-Servicer

              	
                Master
                  Servicer

              	
                Trustee

              
	 	
                General
                  Servicing Considerations

              	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                To
                  the extent applicable

              	
                X

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets are maintained. 

              	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	
                X

              	
                X

              	 
	 	
                Cash
                  Collection and Administration

              	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	
                X

              	
                X

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              

      

      

      
        
          
            
            

          

          
            N-1

            
              

            

          

          
            
            

          

        

      

      

      

      
        	 	 	 	 	 
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                If
                  applicable

              	 	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              
	 	
                Investor
                  Remittances and Reporting

              	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Sub-Servicer.
                  

              	 	
                X

              	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	 	
                X

              	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Sub-Servicer’s investor records, or such other number of days specified in
                  the transaction agreements. 

              	 	
                X

              	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	 	
                X

              	
                X

              
	 	
                Pool
                  Asset Administration

              	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	 	
                X

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	 	
                X

              	
                X

              

      

      

      
        
          
            
            

          

          
            N-2

            
              

            

          

          
            
            

          

        

      

      

      

      
        	 	 	 	 	 
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Sub-Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	
                X

              	 	 
	
                1122(d)(4)(v)

              	
                The
                  Sub-Servicer’s records regarding the pool assets agree with the
                  Sub-Servicer’s records with respect to an obligor’s unpaid principal
                  balance. 

              	
                X

              	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	
                X

              	 	 

      

      

      
        
          
            
            

          

          
            N-3

            
              

            

          

          
            
            

          

        

      

      

      

      
        	 	 	 	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the Sub-Servicer at least 30 calendar days
                  prior to
                  these dates, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Sub-Servicer’s funds and not charged to
                  the obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	
                X

              	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the Sub-Servicer, or such other number
                  of
                  days specified in the transaction agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	
                X

              	
                X

              

      

      

      
        
          
            
            

          

          
            N-4

            
              

            

          

          
            
            

          

        

      

      

        EXHIBIT
          O

        

        FORM
          10-D, FORM 8-K AND FORM 10-K

        REPORTING
          RESPONSIBILITY

        

        As
          to
          each item described below, the entity indicated as the Responsible Party
          shall
          be primarily responsible for reporting the information to the Trustee pursuant
          to Section 3.25. If the Trustee is indicated below as to any item, then
          the
          Trustee is primarily responsible for obtaining that information.

        

        Under
          Item 1 of Form 10-D: a) items marked “4.02 statement” are required to be
          included in the periodic Distribution Date statement under Section 4.02,
          provided by the Trustee based on information received from the Master Servicer;
          and b) items marked “Form 10-D report” are required to be in the Form 10-D
          report but not the 4.02 statement, provided by the party indicated. Information
          under all other Items of Form 10-D is to be included in the Form 10-D
          report.

        
          	 	 	 	 
	
                  Form

                	
                  Item

                	
                  Description

                	
                  Responsible
                    Party

                
	
                  10-D

                	
                  Must
                    be filed within 15 days of the Distribution Date.

                
	
                  1

                	
                  Distribution
                    and Pool Performance Information

                	 
	
                  Item
                    1121(a) - Distribution and Pool Performance
                    Information

                	 
	
                  (1)
                    Any applicable record dates, accrual dates, determination dates
                    for
                    calculating distributions and actual distribution dates for the
                    distribution period.

                	
                  4.02
                    statement

                
	
                  (2)
                    Cash flows received and the sources thereof for distributions,
                    fees and
                    expenses.

                	
                  4.02
                    statement

                
	
                  (3)
                    Calculated amounts and distribution of the flow of funds for
                    the period
                    itemized by type and priority of payment, including:

                	
                  4.02
                    statement

                
	
                  (i)
                    Fees or expenses accrued and paid, with an identification of
                    the general
                    purpose of such fees and the party receiving such fees or
                    expenses.

                	
                  4.02
                    statement

                
	
                  (ii)
                    Payments accrued or paid with respect to enhancement or other
                    support
                    identified in Item 1114 of Regulation AB (such as insurance premiums
                    or
                    other enhancement maintenance fees), with an identification of
                    the general
                    purpose of such payments and the party receiving such
                    payments.

                	
                  4.02
                    statement

                
	
                  (iii)
                    Principal, interest and other distributions accrued and paid
                    on the
                    asset-backed securities by type and by class or series and any
                    principal
                    or interest shortfalls or carryovers.

                	
                  4.02
                    statement

                

        

        
          
            
            

          

          
            O-1

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 
	 	 	
                  (iv)
                    The amount of excess cash flow or excess spread and the disposition
                    of
                    excess cash flow.

                	
                  4.02
                    statement

                
	
                  (4)
                    Beginning and ending principal balances of the asset-backed
                    securities.

                	
                  4.02
                    statement

                
	
                  (5)
                    Interest rates applicable to the pool assets and the asset-backed
                    securities, as applicable. Consider providing interest rate information
                    for pool assets in appropriate distributional groups or incremental
                    ranges.

                	
                  4.02
                    statement

                
	
                  (6)
                    Beginning and ending balances of transaction accounts, such as
                    reserve
                    accounts, and material account activity during the period.

                	
                  4.02
                    statement

                
	
                  (7)
                    Any amounts drawn on any credit enhancement or other support
                    identified in
                    Item 1114 of Regulation AB, as applicable, and the amount of
                    coverage
                    remaining under any such enhancement, if known and
                    applicable.

                	
                  4.02
                    statement

                
	
                  (8)
                    Number and amount of pool assets at the beginning and ending
                    of each
                    period, and updated pool composition information, such as weighted
                    average
                    coupon, weighted average life, weighted average remaining term,
                    pool
                    factors and prepayment amounts.

                	
                  4.02
                    statement

                   

                  Updated
                    pool composition information fields to be as specified by Depositor
                    from
                    time to time

                
	
                  (9)
                    Delinquency and loss information for the period. 

                   

                  In
                    addition, describe any material changes to the information specified
                    in
                    Item 1100(b)(5) of Regulation AB regarding the pool
                    assets.

                	
                  4.02
                    statement.

                   

                   

                  Form
                    10-D report: Depositor

                
	
                  (10)
                    Information on the amount, terms and general purpose of any advances
                    made
                    or reimbursed during the period, including the general use of
                    funds
                    advanced and the general source of funds for
                    reimbursements.

                	
                  4.02
                    statement

                
	
                  (11)
                    Any material modifications, extensions or waivers to pool asset
                    terms,
                    fees, penalties or payments during the distribution period or
                    that have
                    cumulatively become material over time.

                	
                  Form
                    10-D report; Sub-Servicer

                
	
                  (12)
                    Material breaches of pool asset representations or warranties
                    or
                    transaction covenants.

                	
                  Form
                    10-D report: Sub-Servicer

                

        

        
          
            
            

          

          
            O-2

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 
	 	 	
                  (13)
                    Information on ratio, coverage or other tests used for determining
                    any
                    early amortization, liquidation or other performance trigger
                    and whether
                    the trigger was met.

                	
                  4.02
                    statement

                
	
                  (14)
                    Information regarding any new issuance of asset-backed securities
                    backed
                    by the same asset pool, 

                  [information
                    regarding] any pool asset changes (other than in connection with
                    a pool
                    asset converting into cash in accordance with its terms), such
                    as
                    additions or removals in connection with a prefunding or revolving
                    period
                    and pool asset substitutions and repurchases (and purchase rates,
                    if
                    applicable), and cash flows available for future purchases, such
                    as the
                    balances of any prefunding or revolving accounts, if
                    applicable.

                  Disclose
                    any material changes in the solicitation, credit-granting, underwriting,
                    origination, acquisition or pool selection criteria or procedures,
                    as
                    applicable, used to originate, acquire or select the new pool
                    assets.

                	
                  Form
                    10-D report: Depositor

                   

                  Form
                    10-D report: Depositor

                   

                   

                   

                   

                  Form
                    10-D report: Depositor

                
	
                  Item
                    1121(b) - Pre-Funding or Revolving Period Information

                  Updated
                    pool information as required under Item 1121(b).

                	
                  Depositor

                
	
                  2

                	
                  Legal
                    Proceedings

                	 
	
                  Item
                    1117 - Legal proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                  Seller

                  Depositor

                  Trustee

                  Issuing
                    entity

                  Master
                    Servicer

                  Originator
                    

                  Custodian

                	
                   

                   

                   

                   

                   

                  Seller

                  Depositor

                  Trustee

                  Depositor

                  Master
                    Servicer

                  Originator

                  Custodian

                
	
                  3

                	
                  Sales
                    of Securities and Use of Proceeds

                	 
	
                  Information
                    from Item 2(a) of Part II of Form 10-Q:

                   

                  With
                    respect to any sale of securities by the sponsor, depositor or
                    issuing
                    entity, that are backed by the same asset pool or are otherwise
                    issued by
                    the issuing entity, whether or not registered, provide the sales
                    and use
                    of proceeds information in Item 701 of Regulation S-K. Pricing
                    information
                    can be omitted if securities were not registered.

                	
                   

                   

                   

                  Depositor

                

        

        
          
            
            

          

          
            O-3

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 
	 	
                  4

                	
                  Defaults
                    Upon Senior Securities

                	 
	
                  Information
                    from Item 3 of Part II of Form 10-Q:

                   

                  Report
                    the occurrence of any Event of Default (after expiration of any
                    grace
                    period and provision of any required notice)

                	
                   

                   

                   

                  N/A

                
	
                  5

                	
                  Submission
                    of Matters to a Vote of Security Holders

                	 
	
                  Information
                    from Item 4 of Part II of Form 10-Q

                	
                  Trustee

                
	
                  6

                	
                  Significant
                    Obligors of Pool Assets

                	 
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information*

                	
                  N/A

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Item.

                	 
	
                  7

                	
                  Significant
                    Enhancement Provider Information

                	 
	
                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information*

                  Determining
                    applicable disclosure threshold

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                   

                  N/A

                   

                  N/A

                
	
                  Item
                    1115(b) - Derivative Counterparty Financial Information*

                  Determining
                    current maximum probable exposure

                  Determining
                    current significance percentage

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                   

                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 
	
                  8

                	
                  Other
                    Information

                	 
	
                  Disclose
                    any information required to be reported on Form 8-K during the
                    period
                    covered by the Form 10-D but not reported

                	
                  The
                    Responsible Party for the applicable Form 8-K item as indicated
                    below

                

        

        
          
            
            

          

          
            O-4

            
              

            

          

          
            
            

          

        

         

        
          	 	 	 	 
	 	
                  9

                	
                  Exhibits

                	 
	
                  Distribution
                    report

                	
                  Trustee

                
	
                  Exhibits
                    required by Item 601 of Regulation S-K, such as material
                    agreements

                	
                  Depositor

                
	
                  8-K

                	
                  Must
                    be filed within four business days of an event reportable on
                    Form
                    8-K.

                
	
                  1.01

                	
                  Entry
                    into a Material Definitive Agreement

                	 
	
                  Disclosure
                    is required regarding entry into or amendment of any definitive
                    agreement
                    that is material to the securitization, even if depositor is
                    not a party.
                    

                  Examples:
                    servicing agreement, custodial agreement.

                  Note:
                    disclosure not required as to definitive agreements that are
                    fully
                    disclosed in the prospectus

                	
                  Depositor

                
	
                  1.02

                	
                  Termination
                    of a Material Definitive Agreement

                	 
	
                  Disclosure
                    is required regarding termination of any definitive agreement
                    that is
                    material to the securitization (other than expiration in accordance
                    with
                    its terms), even if depositor is not a party. 

                  Examples:
                    servicing agreement, custodial agreement.

                	
                  Depositor

                
	
                  1.03

                	
                  Bankruptcy
                    or Receivership

                	 
	
                  Disclosure
                    is required regarding the bankruptcy or receivership, if known
                    to the
                    Depositor, Sub-Servicer or Trustee, with respect to any of the
                    following:
                    

                  Sponsor
                    (Seller), Depositor, Sub-Servicer, Trustee, Swap Provider,
                    Custodian

                	
                  Depositor/Sub-Servicer

                
	
                  2.04

                	
                  Triggering
                    Events that Accelerate or Increase a Direct Financial Obligation
                    or an
                    Obligation under an Off-Balance Sheet Arrangement

                	 
	
                  Includes
                    an early amortization, performance trigger or other event, including
                    event
                    of default, that would materially alter the payment priority/distribution
                    of cash flows/amortization schedule.

                  Disclosure
                    will be made of events other than waterfall triggers which are
                    disclosed
                    in the 4.02 statement

                	
                  N/A

                

        

        
          
            
            

          

          
            O-5

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 
	 	
                  3.03

                	
                  Material
                    Modification to Rights of Security Holders

                	 
	
                  Disclosure
                    is required of any material modification to documents defining
                    the rights
                    of Certificateholders, including the Pooling and Servicing
                    Agreement

                	
                  Party
                    requesting material modification

                
	
                  5.03

                	
                  Amendments
                    to Articles of Incorporation or Bylaws; Change in Fiscal
                    Year

                	 
	
                  Disclosure
                    is required of any amendment “to the governing documents of the issuing
                    entity”

                	
                  Depositor

                
	
                  5.06

                	
                  Change
                    in Shell Company Status

                	 
	
                  [Not
                    applicable to ABS issuers]

                	
                  Depositor

                
	
                  6.01

                	
                  ABS
                    Informational and Computational Material

                	 
	
                  [Not
                    included in reports to be filed under Section 4.07]

                	
                  Depositor

                
	
                  6.02

                	
                  Change
                    of Master Servicer or Trustee

                	 
	
                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    master servicer, affiliated servicer, other servicer servicing
                    10% or more
                    of pool assets at time of report, other material servicers, certificate
                    administrator or trustee. Reg AB disclosure about any new servicer
                    or
                    trustee is also required.

                	
                  Trustee
                    or Master Servicer

                
	
                  6.03

                	
                  Change
                    in Credit Enhancement or Other External Support

                	 
	
                  Covers
                    termination of any enhancement in manner other than by its terms,
                    the
                    addition of an enhancement, or a material change in the enhancement
                    provided. Applies to external credit enhancements as well as
                    derivatives.
                    Reg AB disclosure about any new enhancement provider is also
                    required.

                	
                  Depositor

                
	
                  6.04

                	
                  Failure
                    to Make a Required Distribution

                	
                  Trustee

                
	
                  6.05

                	
                  Securities
                    Act Updating Disclosure

                	 
	
                  If
                    any material pool characteristic differs by 5% or more at the
                    time of
                    issuance of the securities from the description in the final
                    prospectus,
                    provide updated Reg AB disclosure about the actual asset
                    pool.

                	
                  Depositor

                
	
                  If
                    there are any new servicers or originators required to be disclosed
                    under
                    Regulation AB as a result of the foregoing, provide the information
                    called
                    for in Items 1108 and 1110 respectively.

                	
                  Depositor

                

        

        
          
            
            

          

          
            O-6

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 
	 	
                  7.01

                	
                  Regulation
                    FD Disclosure

                	
                  Depositor

                
	
                  8.01

                	
                  Other
                    Events

                	 
	
                  Any
                    event, with respect to which information is not otherwise called
                    for in
                    Form 8-K, that the registrant deems of importance to security
                    holders.

                	
                  Depositor

                
	
                  9.01

                	
                  Financial
                    Statements and Exhibits

                	
                  The
                    Responsible Party applicable to reportable event

                
	
                  10-K

                	
                  Must
                    be filed within 90 days of the fiscal year end for the
                    registrant.

                
	
                  9B

                	
                  Other
                    Information

                	 
	
                  Disclose
                    any information required to be reported on Form 8-K during the
                    fourth
                    quarter covered by the Form 10-K but not reported

                	
                  The
                    Responsible Party for the applicable Form 8-K item as indicated
                    above

                
	
                  15

                	
                  Exhibits
                    and Financial Statement Schedules

                	 
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information

                	
                  N/A

                
	
                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information

                  Determining
                    applicable disclosure threshold

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                   

                  N/A

                   

                  N/A

                
	
                  Item
                    1115(b) - Derivative Counterparty Financial Information

                  Determining
                    current maximum probable exposure

                  Determining
                    current significance percentage

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                   

                  Depositor

                
	
                  Item
                    1117
                    -
                    Legal proceedings pending against the following entities, or
                    their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	 
	
                  Seller

                  Depositor

                  Trustee

                  Issuing
                    entity

                  Master
                    Servicer

                  Originator
                    

                  Custodian

                	
                  Seller

                  Depositor

                  Trustee

                  Issuing
                    entity

                  Master
                    Servicer

                  Originator
                    

                  Custodian

                

        

        
          
            
            

          

          
            O-7

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 
	 	 	
                  Item
                    1119 - Affiliations and relationships between the following entities,
                    or
                    their respective affiliates, that are material to
                    Certificateholders:

                  Seller

                  Depositor

                  Trustee

                   

                   

                   

                   

                  Issuing
                    entity

                  Master
                    Servicer

                  Originator
                    

                  Custodian
                    

                  Credit
                    Enhancer/Support Provider, if any

                  Significant
                    Obligor, if any

                	
                   

                   

                   

                  Seller

                  Depositor

                  Trustee
                    (only with respect to affiliations with the sponsor, depositor
                    or issuing
                    entity)

                  Issuing
                    entity

                  Master
                    Servicer

                  Originator
                    

                  Depositor

                  Depositor

                
	
                  Item
                    1122 - Assessment of Compliance with Servicing
                    Criteria

                	
                  Each
                    Party participating in the servicing function

                
	
                  Item
                    1123 -Servicer Compliance Statement

                	
                  Master
                    Servicer

                

        

      

       

      
        
          
            
            

          

          
            O-8

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        P

       

      ADDITIONAL
        DISCLOSURE NOTIFICATION

       

      Impac
        Secured Assets Corp.

      19500
        Jamboree Road

      Irvine,
        CA 92612

      Fax:
        (949) 475-3600

      E-mail:
        [___________]

      

      Deutsche
        Bank National Trust Company as Trustee 

      1761
        East
        St. Andrew Place

      Santa
        Ana, California 92705-4934

      Fax:
        (714) 214-6009

      E-mail:
        [__________]

      Attn:
        [__________________________] 

      [_______________________________]

      

       

      RE:
        **Additional Form [ ] Disclosure**Required

       

      Ladies
        and Gentlemen:

       

      In
        accordance with Section [3.16(a)(v)] of the Pooling and Servicing Agreement,
        dated as of December 1, 2006, among Impac Secured Assets Corp., as depositor,
        Impac Funding Corporation, as master servicer, and Deutsche Bank National
        Trust
        Company, as trustee. The Undersigned, as [Name of Party], hereby notifies
        you
        that certain events have come to our attention that [will][may] need to be
        disclosed on Form [ ].

       

      Description
        of Additional Form [ ] Disclosure:

       

      List
        of
        Any Attachments hereto to be included in the Additional Form [ ]
        Disclosure:

       

       

      Any
        inquiries related to this notification should be directed to [ ], phone number:
        [ ]; email address: [ ].

       

      [NAME
        OF
        PARTY]

      as
        [role]

       

      

       

      By:
        __________________

      Name:

      Title: 

       

      

      

      
        
          
            
            

          

          
            P-1

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        Q

       

      FORM
        OF
        COUNTRYWIDE SERVICING AGREEMENT

       

      
 

      
        
          
            
            

          

          
            Q-1

            
              

            

          

          
            
            

          

        

      

      

      This
        Amended and Restated Servicing Rights Purchase and Sale Agreement (the
“Agreement”), dated as of the 1st
        day of
        April, 2002, is made by and between Countrywide Home Loans Servicing LP,
        a Texas
        limited partnership, with offices located at 7105 Corporate Drive, PTX-B-167
        (“Purchaser”), and Impac Funding Corporation, a corporation with offices located
        at 1401 Dove Street, Newport Beach, California 92660 (“Seller”).

      

      W
        I T N E S S E T H:

      

      WHEREAS,
        Seller
        and Purchasers are parties to that certain Servicing Rights and Purchase
        Agreement dated February 1, 2002 (the “Existing Agreement”), pursuant to which
        Seller sells from time to time and Purchaser purchases from time to time,
        residential mortgage loan servicing rights owned by Seller on fixed and
        adjustable rate residential mortgage loans;

      

      WHEREAS,
        Seller
        and Purchaser want to amend the Existing Agreement to provide, among other
        things, that the servicing rights sold hereunder shall consist of residential
        mortgage loan servicing rights for fixed and adjustable rate residential
        mortgage loans and that Seller would sell Purchaser Servicing Rights for
        Mortgage Loans having an aggregate unpaid principal balance of $1,500,000,000
        (the “Mandatory Delivery Amount”); and 

      

      NOW,
        THEREFORE,
        in
        consideration of the mutual promises, covenants and conditions contained
        herein,
        and for other good and valuable consideration the receipt and sufficiency
        of
        which are hereby acknowledged, the parties hereto agree that the Existing
        Agreement shall be restated, amended and modified as follows:

      

      ARTICLE
        I

      

      INCORPORATION
        OF RECITALS; DEFINITIONS

      

      
        	
                Section
                  1.1

              	
                Incorporation
                  of Recitals

              

      

      

      The
        recitals set forth above are incorporated herein by reference.

      

      
        	
                Section
                  1.2

              	
                Definitions

              

      

      

      As
        used
        in this Agreement, the following terms shall have the meanings specified
        below.

      

      Adjustable
        Rate Mortgage Loan
        shall
        mean any Mortgage Loan in which the related Mortgage Note contains a provision
        whereby the Mortgage Interest Rate is adjusted from time to time in accordance
        with the terms of such Mortgage Note.

      

      Advances
        shall
        mean, with respect to any Servicing Rights, the outstanding moneys that have
        been advanced by Seller from its funds in connection with its servicing of
        the
        related Mortgage Loans (including, without limitation, principal, interest,
        taxes, ground rents, assessments, insurance premiums, release fees, and other
        expenses) and for which Seller has a right of reimbursement from Mortgagors,
        Insurers, Investors, the Investor Agreements, or otherwise.

      

      
        
          
            
            

          

          
            1

            
              

            

          

          
            
            

          

        

      

      

      Affiliate
        shall
        mean, with respect to any Person, any other Person directly or indirectly
        controlling, controlled by or under common control with such
        Person.

      

      Agreement
        shall
        mean this Servicing Rights Purchase and Sale Agreement and all Exhibits and
        Schedules hereto, all of which are incorporated herein by this reference,
        as the
        same may from time to time be amended or supplemented by one or more instruments
        executed by all parties hereto.

      

      Ancillary
        Fees
        shall
        mean late Mortgagor payment charges, charges for dishonored checks, pay-off
        fees, assumption fees, prepayment fees, commissions and administrative fees
        on
        insurance and similar fees and charges collected from or assessed against
        Mortgagors, other than those charges payable to any Investor under the terms
        of
        the Investor Agreements.

      

      Applicable
        Requirements
        shall
        mean and include, as of the time of reference, with respect to any Mortgage
        Loan
        and the related Servicing Rights, all of the following: (a) all contractual
        obligations of Seller and any Prior Servicer, each in its capacity as Servicer,
        including, without limitation, those contractual obligations contained herein,
        in the Mortgage Loan Documents, in the Guide, in any Investor Agreement or
        in
        any agreement with any Insurer, for which obligations Seller or any Prior
        Servicer is responsible or at any time was responsible; (b) all applicable
        federal, state and local legal and regulatory requirements (including statutes,
        rules, regulations and ordinances) binding upon Seller and/or the Servicer
        or
        any Prior Servicer, each in its capacity as Servicer; (c) all other applicable
        requirements and guidelines of each governmental agency, board, commission,
        instrumentality and other governmental body or office having jurisdiction
        over
        Seller or any Prior Servicer, each in its capacity as Servicer, including,
        without limitation, those of any Investor and any Insurer; (d) all other
        applicable judicial and administrative judgments, orders, stipulations, awards,
        writs and injunctions applicable to Seller or any Prior Servicer, each in
        its
        capacity as servicer; and (e) the reasonable and customary mortgage servicing
        practices of prudent mortgage lending institutions that service mortgage
        loans
        of the same type as the Mortgage Loans in the jurisdictions in which the
        related
        Mortgaged Properties are located.

      

      Assignment
        shall
        mean a written instrument that, when recorded in the appropriate office of
        the
        local jurisdiction in which the related Mortgaged Property is located, will
        reflect the transfer of the Mortgage Instrument identified therein from the
        transferor to the transferee named therein.

      

      Base
        Fee
        shall be
        an amount equal to twenty-five basis points with respect to any fixed rate
        Mortgage Loan and thirty seven and one-half basis points with respect to
        any
        adjustable rate Mortgage Loan.

      

      
        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

      

      

      Bill
        of Sale
        shall
        mean a document substantially in the form of Exhibit G that documents the
        transfer of ownership of the Servicing Rights from Seller and Purchaser
        hereunder.

      

      Business
        Day
        shall
        mean any day other than a Saturday, Sunday, or other day on which banking
        institutions in the States of California or New York are required or authorized
        by law or by executive order to be closed.

      

      Claim
        Notice
        shall
        have the meaning given in Section 10.2(a).

      

      Consent
        shall
        mean the unconditional written consent or approval of an Investor and any
        applicable Insurer to the transfer of the applicable Servicing Rights from
        Seller to Purchaser, that, in Purchaser’s reasonable discretion exercised in
        good faith, does not reduce or limit the rights or compensation of the Servicer
        under the applicable Investor Agreements or impose unduly burdensome
        requirements on the Servicer.

      

      Custodial
        Account
        shall
        mean an account or accounts maintained for the deposit of principal and interest
        payments received in respect of one or more Mortgage Loans.

      

      Custodial
        Agreement
        shall
        mean the agreement or agreements governing the retention of the Custodial
        Documents in accordance with the Guide.

      

      Custodial
        Documents
        shall
        mean (1) the original Mortgage Note, (ii) the original Mortgage Instrument,
        (iii) a mortgagee title insurance policy (or other evidence of title acceptable
        under the Investor Agreements), (iv) the PMI Policy, and (v) the original,
        recorded Assignment(s) in each case to the extent and in the form required
        under
        the Investor Agreements, along with such other documents or instruments,
        or
        substitutes therefor, as are required to be retained by the Custodian pursuant
        to the Investor Agreements.

      

      Custodian
        shall
        mean an entity acting as a mortgage loan document custodian under any Custodial
        Agreement or pursuant to the Investor Agreements, or any successor in interest
        to the Custodian.

      

      Due
        Inquiry
        shall
        mean inquiry to officers of Seller who hold the office of Vice President
        or
        higher as well as consideration of the information presented to the General
        Counsel of Seller in the day-to-day business operations of Seller.

      

      EDP
        shall
        mean the electronic data processing servicing bureau or system used by Seller
        or
        the subservicer of the Mortgage Loans.

      

      Excess
        Service Fee
        shall
        mean any service fee payable to Purchaser with respect to a Mortgage Loan
        above
        twenty five basis points (with respect to any fixed rate Mortgage Loan) and
        thirty seven and one-half basis points (with respect to any adjustable rate
        Mortgage Loan) but not in excess of fifty basis points.

      

      Excluded
        Loans
        shall
        mean any Mortgage Loan with respect to which, as of the Sale Date:

      

      
        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

      

      

      
        	 	
                (a)

              	
                Mortgage
                  Loan Payments are more than sixty (60) days past due;
                  or

              

      

      

      
        	 	
                (b)

              	
                the
                  first legal action necessary to be taken to commence proceedings
                  in
                  Foreclosure, or a sale under power of sale, or other acquisition
                  of title
                  to the Mortgaged Property based upon a default by the Mortgagor
                  under the
                  Mortgage Loan Documents, under the laws of the state wherein the
                  Mortgage
                  Loan is to be enforced, has been taken and such proceedings are
                  continuing
                  or the relevant portions of the Mortgage File have been delivered
                  to an
                  attorney with instructions to commence Foreclosure proceedings;
                  or

              

      

      

      
        	 	
                (c)

              	
                there
                  exists a legal action in Foreclosure of the Mortgage Loan, or for
                  a
                  deficiency thereunder, with respect to which the sale of the property
                  in
                  Foreclosure (whether by action, power of sale or otherwise) has
                  been
                  delayed by reason of the defense of such action by the Mortgagor,
                  or any
                  other litigation relating to the Mortgage Loan is pending that
                  could
                  adversely affect the value of the related Servicing Rights or subject
                  the
                  Servicer to potential liability or material cost;
                  or

              

      

      

      
        	 	
                (d)

              	
                the
                  Mortgagor has sought relief under or has otherwise been subjected
                  to the
                  federal bankruptcy laws (including chapter 7) or any other similar
                  laws of
                  general application for the relief of debtors, through the institution
                  of
                  appropriate proceedings, and such proceedings are
                  continuing.

              

      

      

      Execution
        Date
        shall
        mean the date of execution of this Agreement by Seller and
        Purchaser.

      

      Federal
        Funds Rate
        shall
        mean the per annum rate of interest (rounded upward to the nearest 1/100
        of 1%)
        which is the weighted average of the rates on overnight federal funds
        transactions arranged on such day or, if such day is not a Business Day,
        the
        previous Business Day, by federal funds brokers computed and released by
        the
        Federal Reserve Bank of New York (or any successor) in substantially the
        same
        manner as such Federal Reserve Bank currently computes and releases the weighted
        average it refers to as the “Federal Funds Effective Rate” at the date of this
        Agreement.

      

      FICO
        Score
        shall
        mean credit scores determined by the Fair, Isaac and Company, Inc.

      

      Fixed
        Rate Mortgage Loan
        shall
        mean any Mortgage Loan wherein the Mortgage Interest Rate set forth in the
        Mortgage Note is fixed for the term of such Mortgage Loan.

      

      Foreclosure
        shall
        mean the procedure pursuant to which a lienholder acquires title to a Mortgaged
        Property in a foreclosure sale or pursuant to any other comparable procedure
        allowed under applicable law when a Mortgage Loan is in default.

      

      
        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

      

      

      Guide
        shall
        mean the Impac Funding Seller’s/Servicer’s Guide as addended by that certain
        addendum to the Impac Funding Seller’s/Servicer’s Guide between Seller and
        Purchaser’s affiliate Countrywide Home Loans, Inc. dated January 1, 2000 and as
        such servicing guide may be amended, modified or supplemented from time to
        time,
        provided, however, that to the extent an amendment, modification or supplement
        would conflict with the terms of this Agreement or materially change the
        rights
        or obligations of Purchaser as set forth in the Guide as of the date of this
        Agreement, such amendment, modification or supplement will not be effective
        against Purchaser unless Purchaser expressly consents to the same.

      

      Hard
        Prepayment Penalty
        shall
        mean a Mortgage Loan with a prepayment penalty that cannot be waived or altered
        per the terms of the Mortgage Note.

      

      Hart-Scott-Rodino
        Act
        shall
        mean the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended,
        15
        U.S.C. Section 18a, and the regulations promulgated thereunder.

      

      Hazardous
        Material
        shall
        mean any substance, chemical, waste or other material which is or may be
        at any
        time listed, defined or otherwise identified as hazardous, toxic or dangerous
        under applicable law including, without limitation, asbestos, PCBs, petroleum,
        petroleum products or by-products, crude oil, natural gas, natural gas liquids,
        liquefied natural gas or synthetic gas.

      

      Indemnified
        Party
        shall
        have the meaning given in Section 10.4(b).

      

      Indemnifying
        Party
        shall
        have the meaning given in Section 10.4(b).

      

      Insurer
        shall
        mean any private mortgage insurer issuing a PMI Policy, any insurer or guarantor
        under any standard hazard, flood, earthquake or title insurance policy and
        any
        certificate insurer pertaining to the Pools.

      

      Interim
        Servicing Fee
        shall be
        an amount equal to seven dollars ($7.00) per Mortgage Loan.

      

      Interim
        Servicing Period
        shall
        mean, with respect to a Servicing Rights Package, the period of time from
        the
        Sale Date to Transfer Date; provided, however, that such interim servicing
        period shall not extend beyond six (6) months of the Sale Date or such
        additional time required for Seller to transfer the primary servicing for
        a
        Servicing Rights Package to Purchaser.

      

      Investor
        shall
        mean with respect to any Mortgage Loan, a Person who has a beneficial interest
        in, or is a record owner of, such Mortgage Loan or any trustee acting on
        behalf
        of any such Person.

      

      Investor
        Agreement
        shall
        mean each of the agreements (including all exhibits and schedules thereto
        and
        all amendments and supplements thereof) between the Servicer and the applicable
        Investor and between Seller, as the master servicer, and Purchaser, as the
        primary servicer, relating to Mortgage Loans owned by such Investor and the
        servicing thereof by the Servicer, or otherwise relating to the Servicing
        Rights, listed on Exhibit
        D
        hereto.

      

      
        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

      

      

      Loss
        shall
        mean, in respect of any indemnification or repurchase obligation arising
        under
        this Agreement, any and all losses, claims, damages, penalties, liabilities,
        obligations, judgments, settlements, awards, demands, offsets, defenses,
        counterclaims, actions or proceedings including, without limitation, (a)
        any
        reasonable costs, expenses and attorneys’ fees incurred by the Indemnified Party
        in enforcing such right of indemnification or repurchase against any
        Indemnifying Party or with respect to any appeal; and (b) interest at the
        Federal Funds Rate on any amount for which the Indemnified Party is entitled
        to
        be indemnified from thirty (30) days after the date that the Indemnified
        Party
        has notified the Indemnifying Party of a claim for indemnification under
        this
        Agreement until such amounts are paid by the Indemnifying Party.

      

      Mortgage
        Interest Rate
        shall
        mean the annual rate at which interest accrues on any Mortgage Loan and,
        with
        respect to an Adjustable Rate Mortgage Loan, as adjusted from time to time
        in
        accordance with the provisions of the related Mortgage Note.

      

      Mortgage
        Instrument
        shall
        mean any deed of trust, security deed, mortgage, or any other instrument
        that
        constitutes a first lien on real estate securing payment by a Mortgagor of
        a
        Mortgage Note.

      

      Mortgage
        Loan Documents
        shall
        mean the Mortgage Instruments, Mortgage Notes and Assignments.

      

      Mortgage
        Loan Payment
        shall
        mean, with respect to a Mortgage Loan, each scheduled installment on such
        Mortgage Loan, whether for principal, interest, escrow or other purpose,
        required or permitted to be paid by the Mortgagor in accordance with the
        terms
        of the Mortgage Loan Documents.

      

      Mortgage
        Loans
        shall
        mean the residential mortgage loans comprising a Servicing Rights Package
        and
        identified in the Mortgage Loan Schedule attached to the related Pricing
        Letter
        and Bill of Sale.

      

      Mortgage
        Loan Schedule
        shall
        mean the mortgage loan schedule provided by Seller to Purchaser in computer
        tape
        form, in the form of Exhibit B, setting forth information with respect to
        each
        Mortgage Loan as of the related Sale Date, including:

      

      
        	 	
                (i)

              	
                the
                  loan number of each such Mortgage
                  Loan;

              

      

      

      
        	 	
                (ii)

              	
                the
                  unpaid principal balance and original term to maturity of each
                  such
                  Mortgage Loan;

              

      

      

      
        	 	
                (iii)

              	
                the
                  payment status of each such Mortgage
                  Loan;

              

      

      

      
        	 	
                (iv)

              	
                the
                  balance of the Related Escrow Account and Custodial Account related
                  to
                  each such Mortgage Loan;

              

      

      

      
        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

        

      

      

      
        	 	
                (v)

              	
                the
                  monthly principal and interest payments for each such Mortgage
                  Loan;

              

      

      

      
        	 	
                (vi)

              	
                the
                  monthly escrow payment for each such Mortgage
                  Loan;

              

      

      

      
        	 	
                (vii)

              	
                the
                  interest rate of each such Mortgage
                  Loan;

              

      

      

      
        	 	
                (viii)

              	
                the
                  state in which the Mortgaged Property securing each such Mortgage
                  Loan is
                  located;

              

      

      

      
        	 	
                (ix)

              	
                the
                  identity of the Investor and any Pool
                  number;

              

      

      

      
        	 	
                (x)

              	
                the
                  gross Servicing Fee; 

              

      

      

      
        	 	
                (xi)

              	
                the
                  guarantee fee or pool policy insurance fee, if any;
                  and

              

      

      

      
        	 	
                (xii)

              	
                the
                  term of any prepayment penalty
                  provision.

              

      

      

      The
        Mortgage Loan Schedule shall be supplemented as of each Sale Date to reflect
        the
        addition of the Mortgage Loans as to which Servicing Rights were sold on
        such
        Sale Date.

      

      Mortgage
        Note
        shall
        mean the mortgage note, deed of trust note, security deed note or other form
        of
        promissory note executed by a Mortgagor and secured by a Mortgage Instrument
        evidencing the indebtedness of the Mortgagor under a Mortgage Loan.

      

      Mortgaged
        Property
        shall
        mean any one- to four-family residence (at the time of the origination of
        the
        applicable Mortgage Loan) that is encumbered by a Mortgage Instrument, including
        all buildings and fixtures thereon and all accessions thereto, and including
        installations of mechanical, electrical, plumbing, heating and air conditioning
        systems located in or affixed to such buildings, and all alterations, additions
        and replacements thereto.

      

      Mortgagor
        shall
        mean any and all obligors under a Mortgage Note and Mortgage
        Instrument.

      

      Non-Assumable
        Claim
        shall
        have the meaning given in Section 10.4(b).

      

      Originator
        shall
        mean, with respect to any Mortgage Loan, the entity or entities that (a)
        took
        the relevant Mortgagor’s loan application; (b) processed the relevant
        Mortgagor’s loan application; and/or (c) closed and/or funded such Mortgage
        Loan.

      

      Pass-Through
        Transfer
        shall
        mean the sale or transfer of some or all of the Mortgage Loans to a trust
        to be
        formed as part of a publicly or privately traded, rated or unrated mortgage
        pass-through, pay-through or other mortgage-backed securities
        transaction.

      

      
        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

        

      

      

      Payoff
        Loan
        shall
        mean any Mortgage Loan which does not provide for a prepayment fee that (a)
        is
        not an Excluded Loan or otherwise excluded from the purchase and sale
        contemplated herein; and (b) is paid off within sixty (60) days after the
        related Sale Date.

      

      Person
        shall
        mean an individual, corporation, limited liability company, partnership,
        joint
        venture, trust or unincorporated organization, or a federal, state, city,
        municipal or foreign government or an agency or political subdivision
        thereof.

      

      PMI
        Policy
        shall
        mean a policy of primary mortgage guaranty insurance issued by an insurance
        company duly authorized and licensed in accordance with applicable law and
        approved by the applicable Investor.

      

      Pool
        shall
        mean a group of Mortgage Loans that has been aggregated for the purposes
        of
        servicing pursuant to Applicable Requirements.

      

      Pricing
        Letter
        shall
        mean the letter agreement substantially in the form of Exhibit H hereto,
        executed by Seller and Purchaser in connection with the sale of a Servicing
        Right’s Package that sets forth the terms of such sale, including a description
        of the related Mortgage Loans and the related Purchase Price.

      

      Prior
        Servicer
        shall
        mean any party that was a Servicer or subservicer of any Mortgage Loan before
        Seller became the Servicer of the Mortgage Loan.

      

      Purchase
        Price
        shall
        mean the amount to be paid by Purchaser to acquire the Servicing Rights,
        as set
        forth in Section 3.1 and adjusted in accordance with Article III.

      

      Purchase
        Price Percentage
        shall
        mean, except to the extent otherwise agreed by Purchaser and Seller in writing,
        i) the percentages set forth on Exhibit A-1 according to the Mortgage Loan
        attributes listed therein; or in the event that a) the servicing rights,
        or any
        portion thereof, purchased hereunder are related to Mortgage Loans that will
        be
        included in a Pass-Through Transfer for which Countrywide Securities Corporation
        is not participating as a lead or co-lead or managing or co-managing underwriter
        or b) the Mortgage Loans will be included in a Whole Loan Transfer, ii) the
        percentages set forth in Exhibit A-2 according to the Mortgage Loan attributes
        listed therein. Notwithstanding the foregoing, on or after the six month
        anniversary of this Agreement, Purchaser shall have the right to adjust the
        purchase price percentages set forth in Exhibits A-1 and A-2 in its sole
        but
        reasonable discretion; provided, however, that any such adjustments shall
        not be
        effective until communicated in writing, to Seller.

      

      Purchaser
        shall
        mean Countrywide Home Loans Servicing LP and its successors and permitted
        assigns.

      

      Purchaser
        Indemnified Party
        shall
        have the meaning given in Section 10.1.

      

      
        
          
            
            

          

          
            8

            
              

            

          

          
            
            

          

        

      

      

      Purchaser’s
        Representatives
        shall
        have the meaning given in Section 12.2(a).

      

      Recourse
        Obligation
        shall
        mean, with respect to any Mortgage Loan, any obligation or liability (actual
        or
        contingent) of the Servicer in its capacity as servicer (a) for losses incurred
        in connection with the Foreclosure or other disposition of, or other realization
        or attempt to realize upon the collateral securing, such Mortgage Loan
        (including, without limitation, losses relating to loss mitigation or obtaining
        deeds in lieu of foreclosure); (b) to repurchase such Mortgage Loan in the
        event
        that the Mortgagor of such Mortgage Loan is in bankruptcy, in Foreclosure
        or in
        litigation; or (c) to repurchase such Mortgage Loan in the event of a
        delinquency or other payment default thereunder by the Mortgagor.
        Notwithstanding the foregoing, a Mortgage Loan shall not be considered subject
        to a Recourse Obligation merely because the Servicer retains a contingent
        liability to repurchase a Mortgage Loan that is determined to have been
        ineligible for sale to the applicable Investor due to a breach of one or
        more
        representations and warranties.

      

      Reimbursement
        Amount
        shall
        mean the sum of (a) the outstanding unpaid principal balance of the Mortgage
        Loan as of the date of repurchase, multiplied by the Purchase Price Percentage;
        (b) the amount of any outstanding Advances related to the applicable Mortgage
        Loan made by Purchaser from its own funds; and (c) any Losses incurred by
        Purchaser through the date of repurchase in connection with the applicable
        Servicing Rights and not previously reimbursed pursuant to any provisions
        of
        this Agreement, any Investor Agreement or otherwise by Seller.

      

      Related
        Escrow Accounts
        shall
        mean all funds held by Seller with respect to the Mortgage Loans (other than
        the
        Custodial Accounts) in the nature of buy-down funds, tax and insurance funds
        and
        other escrow and impound amounts (including interest accrued thereon held
        for
        the benefit of the Mortgagors).

      

      REO
        Property
        shall
        mean any Mortgaged Property owned in fee simple by Purchaser or the applicable
        Investor as a result of a Foreclosure of a Mortgage Loan.

      

      Reporting
        Cycle
        shall
        mean with respect to the Interim Servicing Period, the period of time covered
        by
        a calendar month.

      

      Sale
        Date
        the date
        on which Purchaser acquires all legal and beneficial right, title and interest
        in and to any Servicing Rights.

      

      Seller
        shall
        mean Impac Funding Corporation, and its successors and permitted assigns,
        as
        Servicer under the Investor Agreements. References in this Agreement to Seller
        performing any act prior to the related Sale Date or making any representation
        and warranty regarding its past acts includes and may be performed by, as
        applicable, Wendover Funding, Inc., as subservicer.

      

      Seller
        Indemnified Party
        shall
        have the meaning given in Section 10.3.

      

      Seller’s
        Representatives
        shall
        have the meaning given in Section 12.2(c).

      

      
        
          
            
            

          

          
            9

            
              

            

          

          
            
            

          

        

      

      

      Servicer
        shall
        mean the party contractually obligated to administer the Servicing Rights
        under
        the Investor Agreements.

      

      Servicing
        Fee
        shall
        mean the amount to be paid to the Servicer under the applicable Investor
        Agreement related to a Mortgage Loan, as consideration for servicing the
        Mortgage Loan which is specified on the Mortgage Loan Schedule but in no
        event
        shall the servicing fee be less than i) twenty-five basis points (0.25%)
        for
        Fixed Rate Mortgage Loans and ii) and thirty-seven and one half basis points
        (0.375%) for Adjustable Rate Mortgage Loans.

      

      Servicing
        File
        shall
        mean, collectively, the copies of the Mortgage Loan Documents with respect
        to a
        Mortgage Loan, as well as the credit and closing packages, disclosures, copies
        of the Custodial Documents and all other files, books, records and documents
        necessary to (a) establish the eligibility of the Mortgage Loan for insurance
        by
        an Insurer, if any; and/or (b) service the Mortgage Loan in accordance with
        Applicable Requirements, including the documents listed on Exhibit
        E
        attached
        hereto, some of which maybe held by the Custodian.

      

      Servicing
        Rights
        shall
        mean all of the rights and obligations of Servicer pursuant to and to the
        extent
        provided in the Investor Agreements, including but not limited to the right
        to
        administer, collect the payments for the reduction of principal, and application
        of interest, pay taxes and insurance, remit collected payments, provide
        Foreclosure services, provide full escrow administration and any other
        obligations required by any Investor or Insurer in, of or for the servicing
        of
        the Mortgage Loans pursuant to the Investor Agreements, together with the
        right
        to receive the Servicing Fee and any Ancillary Fees arising from or connected
        to
        the Mortgage Loans, and all rights and benefits relating to the direct
        solicitation of the related Mortgagors and the attendant right, title and
        interest in and to the list of Mortgagors and data relating to their Mortgage
        Loans, except for such rights and obligations expressly retained under this
        Agreement by Seller, as the master servicer, under the Investor
        Agreements.

      

      Servicing
        Rights Package
        shall
        mean the Servicing Rights relating to the Mortgage Loans identified in the
        Mortgage Loan Schedule attached to the related Pricing Letter and Bill of
        Sale
        and to be sold to Purchaser pursuant to such Pricing Letter and Bill of Sale
        and
        this Agreement.

      

      Soft
        Prepayment Penalty
        shall
        mean a prepayment penalty that is waived only if the Mortgagor sells the
        property to an independent party.

      

      Transfer
        Date
        shall
        mean, with respect to a Mortgage Loan, the date on which the primary servic-ing
        of the Mortgage Loan and the related Servicing Rights are transferred to
        Purchaser pursuant to this Agreement, which date shall be the Business Day
        following the related Sale Date or such other date mutually agreed to by
        Seller
        and Purchaser.

      

      Transfer
        Instructions
        shall
        mean the instructions set forth at Exhibit
        C
        detailing the procedures pursuant to which Seller shall effect the transfer
        of
        the Servicing Rights, Servicing Files, Custodial Accounts and Related Escrow
        Accounts to Purchaser.

      

      
        
          
            
            

          

          
            10

            
              

            

          

          
            
            

          

        

      

      

      UPB
        shall
        mean the unpaid principal balance of a Mortgage Loan set forth on the related
        Mortgage Loan Schedule.

      

      Whole
        Loan Transfer
        shall
        mean the sale or transfer by Purchaser of some or all of the Mortgage Loans
        in a
        whole loan format.

      

      
        
          
            
            

          

          
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      ARTICLE
        II

      

      SALE
        OF SERVICING RIGHTS AND RELATED ITEMS

      

      
        	
                Section
                  2.1

              	
                Items
                  to be Sold

              

      

      

      (a) Subject
        to, and upon the terms and conditions of this Agreement, from time to time,
        Seller shall, as hereinafter provided, sell, transfer and assign to Purchaser,
        and Purchaser shall purchase and assume from Seller, all of Seller’s right,
        title, interest and obligation in and to (i) each Servicing Rights Package,
        including, without limitation, the right to receive the Servicing Fee and
        Ancillary Fees; (ii) Custodial Accounts; (iii) Related Escrow Accounts; and
        (iv)
        Servicing Files. 

      

      Until
        the
        Mandatory Delivery Amount has been satisfied, Seller shall offer Purchaser
        the
        right to purchase, subject to the terms and conditions of this Agreement,
        all
        servicing rights owned by Seller and offered for sale prior to offering to
        sale
        or soliciting offers to purchase, any servicing rights to or from third parties
        other than Purchaser. Notwithstanding the foregoing, servicing rights on
        mortgage loans sold by Seller on a whole-loan servicing released basis shall
        be
        excluded from the right of first refusal granted Purchaser in the immediately
        preceding sentence.

      

      (b) Purchaser
        and Seller shall enter into a Pricing Letter with respect to each Servicing
        Rights Package to be sold hereunder not later than thirty (30) days prior
        to the
        proposed Sale Date, or such lesser period agreed upon by Purchaser and Seller.
        On each Sale Date Seller shall deliver to Purchaser a Bill of Sale evidencing
        the sale of the related Servicing Rights Package hereunder as of such Sale
        Date.

      

      (c) In
        connection with the sale and transfer of each Servicing Rights Package
        contemplated herein, and subject to the satisfaction of the conditions in
        Section 2.2(b) hereof, Purchaser will assume only the contractual duty,
        obligation and liability to service the Mortgage Loans pursuant to the Guide
        that (i) accrue after the related Sale Date; and (ii) directly arise in
        connection with Purchaser’s acquisition, ownership and use of the Servicing
        Rights. Purchaser will not assume or otherwise be responsible for in any
        way
        whatsoever any other duties, obligations or liabilities of, or claims against,
        Seller or Seller’s shareholders (or any of their respective agents, officers,
        directors, trustees, or Affiliates), that accrue or otherwise relate to the
        period prior to the Sale Date with respect to the Servicing Rights or otherwise;
        provided,
        however,
        that
        subject to Seller’s indemnification obligation set forth in Section 10.1,
        Purchaser will assume liabilities to Investors with respect to the Servicing
        Rights that accrue prior to the Sale Date, but only to the extent that such
        assumption is a condition, evidenced in writing, to the consent by the
        applicable Investor to the transfer of such Servicing Rights to Purchaser.
        Purchaser and Seller acknowledge that notwithstanding the sale of Servicing
        Rights Package, Seller shall continue to retain any master servicing rights
        with
        respect to the related Mortgage Loans and shall continue to retain the right
        to
        the master servicing fee with respect to each Mortgage Loan as specified
        on the
        Mortgage Loan Schedule.

      

      
        
          
            
            

          

          
            12

            
              

            

          

          
            
            

          

        

      

      

      (d) Purchaser
        acknowledges that the Investor Agreements by and between Seller, as master
        servicer, and Purchaser, as primary servicer, to which the Servicing Rights
        pertain shall contain provisions that such Investor Agreement may be immediately
        terminated either (i) with cause without any termination fee by any master
        servicer thereunder or (ii) without cause in which case Seller shall be
        responsible for any penalty or termination fee resulting therefrom. For purposes
        of this Section 2.1(d), a termination with cause shall be deemed to mean
        any
        termination which results from either (i) the failure of Purchaser to remit
        any
        amount when required to be paid, or (ii) a material breach of any
        representation, warranty, covenant or term of this Agreement, any Investor
        Agreement or the Guide by Purchaser which is not promptly cured by Purchaser
        to
        the reasonable satisfaction of Seller.

      

      
        	
                Section
                  2.2

              	
                Sale
                  Date

              

      

      

      (a) On
        the
        Sale Date, Seller shall transfer and assign to Purchaser, and Purchaser shall
        assume from Seller, all of Seller’s right, title and interest in and to the (i)
        Servicing Rights and all rights related thereto, including, without limitation,
        the right to receive the Servicing Fee and Ancillary Fees; (ii) Custodial
        Accounts; (iii) Related Escrow Accounts; and (iii) Servicing Files.

      

      (b) Seller
        shall effect the transfer contemplated herein in accordance with the terms
        and
        conditions set forth in this Agreement and in the Transfer Instructions set
        forth at Exhibit
        C.
        Effective as of the initial Sale Date agrees to service such Mortgage Loan
        in
        accordance with the terms and provisions of the Guide, including, but not
        limited to the obligation to remit any fees payable to any Insurer in connection
        with a PMI Policy.

      

      
        	
                Section
                  2.3

              	
                Evidence
                  of Sale

              

      

      

      Prior
        to
        the Sale Date with respect to a Servicing Rights Package, Purchaser and Seller
        shall execute and deliver the documents required by the Investor(s) in
        connection with the transfer of the related Servicing Rights, in form and
        substance satisfactory to Purchaser in the exercise of its reasonable
        discretion. Purchaser and Seller, subject to the terms of this Agreement,
        shall
        also execute and deliver such other instruments or documents as Purchaser
        and
        Seller shall reasonably determine are necessary to evidence the transactions
        contemplated hereby.

      

      
        
          
            
            

          

          
            13

            
              

            

          

          
            
            

          

        

      

      

      ARTICLE
        III

      

      CONSIDERATION
        AND PAYMENTS

      

      

      
        	
                Section
                  3.1

              	
                Purchase
                  Price

              

      

      

      With
        respect to each transfer and sale of a Servicing Rights Package, Purchaser
        shall
        pay to Seller, in accordance with Section 3.2, an amount equal to the product
        of
        the related Purchase Price Percentage multiplied by the aggregate outstanding
        principal balance, as of the Sale Date, of those Mortgage Loans that are
        not
        Excluded Loans. In addition, the respective Purchase Price will be reduced
        by
        $750 for each Mortgage Loan which, as of the respective Sale Date, is an
        Excluded Loan. Notwithstanding the foregoing, prior to the Sale Date, Seller
        may
        withdraw, or Purchaser may decline to receive the servicing rights, for any
        Mortgage Loan included in a Servicing Rights Package that is an Excluded
        Loan.
        Upon Seller’s deletion of an Excluded Loan from a Servicing Rights Package or
        Purchaser’s decision to not take the servicing for an Excluded Loan, as
        permitted above, the Purchase Price paid to Seller shall adjusted to reflect
        the
        Mortgage Loans included in the resulting Servicing Rights Package.

      

      
        	
                Section
                  3.2

              	
                Payment
                  of Purchase Price by
                  Purchaser

              

      

      

      (a) With
        respect to a Servicing Rights Package, Purchaser shall pay the Purchase Price
        to
        Seller as follows:

      

      (i) Twenty
        percent (20%) of the estimated respective Purchase Price shall be paid on
        the
        respective Sale Date (the “Initial Payment”);

      

      (ii) Seventy-five
        (75%) of the estimated respective Purchase Price shall be paid within seven
        (7)
        Business Days of the respective Transfer Date (the “Interim Payment”);
        and

      

      (iii) the
        remainder of the respective Purchase Price shall be paid within thirty (30)
        days
        after the respective Transfer Date (the “Final Payment”).

      

      The
        payment which is due on the respective Sale Date will be based on an estimate
        made with information available to Purchaser prior to the Sale Date. Any
        adjustment to such payment will be based on information available as of the
        respective Sale Date and will be made within five (5) Business Days of the
        respective Transfer Date. Purchaser’s obligation to pay the Initial Payment, the
        Interim Payment or the Final Payments shall be subject to Article VIII and
        further conditioned upon Seller’s material performance of all covenants and
        obligations required to be performed by Seller on or prior to the remittance
        of
        such payment.

      

      (b) Payoff
        Loans.
        Within
        sixty (60) days after the Sale Date, Purchaser shall (i) provide Seller with
        a
        schedule of Payoff Loans and (ii) Seller shall pay Purchaser an amount equal
        to
        the Purchase Price Percentage multiplied by the aggregate outstanding principal
        balance of the Payoff Loans as of sixty (60) days after the related Sale
        Date.

      

      
        
          
            
            

          

          
            14

            
              

            

          

          
            
            

          

        

      

      

      (c) Adjustments
        Based on Errors.
        If,
        subsequent to the payment of the Purchase Price or the payment of any other
        amounts due under this Agreement to either party, the principal on which
        the
        Purchase Price with respect to a Mortgage Loan was based is found to be in
        error, or if, for any other reason, the Purchase Price or such other amounts
        are
        found to be in error, within five (5) Business Days after the receipt of
        information sufficient to provide notice that payment is due, the party
        benefiting from the error shall pay to the other party an amount sufficient
        to
        correct and reconcile the Purchase Price or such other amounts and shall
        provide
        the other party with a reconciliation statement and such other documentation
        sufficient to reasonably satisfy the other party concerning the accuracy
        of such
        reconciliation.

      

      
        	
                Section
                  3.3

              	
                Verification
                  of Purchase Price and Other Amounts to be
                  Transferred

              

      

      

      With
        respect to a Servicing Rights Package, as soon as possible, but no later
        than
        five Business Days after the related Sale Date, Seller shall determine as
        of
        such Sale Date and promptly notify Purchaser in writing of: (a) the aggregate
        outstanding principal balance of all Mortgage Loans relating to such Servicing
        Rights Package; (b) the aggregate principal balance of all Excluded Loans;
        (c)
        the amount of all Advances; and (d) the amount of all Custodial Accounts
        and
        Related Escrow Accounts. All such accounts shall be reconciled by Seller
        to
        reports generated by its EDP servicer and to reports made to the applicable
        Investors.

      

      
        
          
            
            

          

          
            15

            
              

            

          

          
            
            

          

        

      

      

      

      ARTICLE
        IV

      

      COVENANTS

      

      
        	
                Section
                  4.1

              	
                Interim
                  Servicing of the Mortgage
                  Loans

              

      

      

      (a) General.
        During
        the Interim Servicing Period, the Seller shall interim service, or cause
        to be
        serviced, the Mortgage Loans in strict accordance with the terms and standards
        of Seller’s Seller/Servicer’s Guide, as such may be amended and modified from
        time to time. Without limiting the generality of the foregoing, Seller shall
        not
        take, or fail to take, any action which would result in Purchaser’s interest in
        the Servicing Rights relating to the Mortgage Loans being adversely affected.
        During the Interim Servicing Period, all income and interest related to the
        Servicing Rights shall belong to Purchaser, provided, however, Seller shall
        be
        entitled to receive from Purchaser i) the Interim Servicing Fee per Mortgage
        Loan per full calendar month that Seller interim services a Mortgage Loan
        or ii)
        a pro rata portion of the Interim Servicing Fee for each Mortgage Loan for
        each
        partial calendar month that Seller interim services the Mortgage Loans equal
        to
        the Interim Servicing Fee multiplied
        by a
        fraction the numerator of which is the number of days Seller interim services
        a
        the Mortgage Loan and the denominator of which is the actual number of days
        in
        the related month. Seller shall comply with all requests of Purchaser in
        connection with Purchaser’s servicing obligations under the Guide including,
        without limitation, requests for information or funds which are required
        to be
        submitted and/or remitted in accordance with the Guide. Without limiting
        the
        generality of the foregoing, during the Interim Servicing Period, Seller
        shall
        remit all amounts in accordance with Purchaser’s written
        instructions.

      

      (b) Reconciliation
        of Advances.
        Within
        five (5) Business Days following the related Transfer Date, Seller shall
        submit
        a report to Purchaser detailing the net principal and interest payments and
        curtailments advanced (“Seller Advances”) and collected by Seller with respect
        to the interim serviced Mortgage Loans. Purchaser shall deduct the Seller
        Advances outstanding and unreimbursed from the first remittance made by
        Purchaser as servicer of the related Mortgage Loans. Seller and Purchaser
        shall
        cooperate with each other to resolve any discrepancies arising from a party’s
        calculation of outstanding Seller Advances.

      

      
        	
                Section
                  4.2

              	
                Disclosure
                  of Mortgage Loan
                  Information

              

      

      

      From
        and
        after the Execution Date, Seller shall not disclose any information relating
        to
        the Mortgagors or the Mortgage Loans, including, without limitation, the
        names
        and/or addresses of the Mortgagors, to any Person unless such disclosure
        is
        necessary to comply with Applicable Requirements.

      

      
        	
                Section
                  4.3

              	
                Consents

              

      

      

      Seller
        shall obtain all required Consents in accordance with Section 7.1 for each
        Servicing Rights Package. Seller shall pay any and all costs of securing
        such
        Consents, including, without limitation, fees charged by the Investor or
        Insurer
        for the transfer of the Servicing Rights.

      

      
        
          
            
            

          

          
            16

            
              

            

          

          
            
            

          

        

      

      

      
        	
                Section
                  4.4

              	
                Interest
                  on Related Escrow
                  Accounts

              

      

      

      Seller
        shall pay interest on Related Escrow Accounts accrued through the Transfer
        Date
        to the extent interest with respect to such accounts is required to be paid
        by
        Applicable Requirements for the benefit of Mortgagors under the Mortgage
        Loans.
        Seller shall either deposit the interest earned in the Related Escrow Account
        or
        forward such interest to Purchaser’s designee within five (5) Business Days
        after the related Transfer Date.

      

      
        	
                Section
                  4.5

              	
                Escrow
                  Obligations 

              

      

      

      In
        connection with any Mortgage Loan with respect to which Seller maintains
        a
        Related Escrow Account for taxes and insurance, Seller shall:

      

      (a) pay
        (i)
        all taxes with respect to which (A) the related tax bill is due prior to
        the
        thirtieth (30th)
        day
        following the related Transfer Date, and (B) the related tax bill was reasonably
        available to Seller prior to the related Transfer Date; and (ii) all hazard,
        flood, earthquake, PMI Policy and other insurance premiums that are due prior
        to
        the related Transfer Date.

      

      (b) be
        responsible for any tax penalties (including any loss of discount for which
        any
        Mortgagor or any third party for the benefit of the Mortgagor has a legal
        claim)
        arising in connection with any Mortgage Loan with respect to which (i) the
        related tax bill was due prior to the thirtieth (30th)
        day
        following the related Transfer Date; and (ii) Seller failed to pay the related
        tax bill.

      

      (c) on
        or
        before the related Transfer Date, provide Purchaser with a listing of each
        Mortgage Loan for which an escrow analysis was performed within sixty (60)
        days
        prior to the related Transfer Date and for which changes in the Mortgagor’s
        escrow account payment amount therefore are pending.

      

      
        	
                Section
                  4.6

              	
                Notice
                  to Mortgagors

              

      

      

      Not
        less
        than fifteen (15) days prior to the related Transfer Date, Seller, as its
        sole
        cost and expense, shall deliver to each related Mortgagor a letter advising
        the
        Mortgagor of the transfer of the related Servicing Rights contemplated herein.
        Such letter shall comply with all Applicable Requirements, including, without
        limitation, the federal Real Estate Settlement Procedures Act, as amended,
        and
        Regulation X, as amended. At its sole cost and expense, following the related
        Transfer Date, Purchaser shall deliver to each related Mortgagor a similar
        letter in accordance with Applicable Requirements.

      

      
        	
                Section
                  4.7

              	
                Notice
                  to Taxing Authorities and Insurance
                  Companies

              

      

      

      Not
        less
        than fifteen (15) days prior to the related Transfer Date, Seller shall deliver
        written notices of the transfer of the related Servicing Rights contemplated
        herein to each applicable taxing authority and insurance company. Such notices
        shall instruct such entities to deliver, from and after the related Transfer
        Date, all applicable payments, notices, bills, statements, records, files
        and
        other documents to Purchaser. All such notices sent to hazard, flood,
        earthquake, private mortgage guarantee and other insurers shall comply with
        the
        requirements of the applicable master policies and shall instruct such insurers
        to change the mortgagee clause to “Countrywide Home Loans Servicing LP, its
        successors and assigns” or as otherwise required under Applicable Requirements.
        Seller shall be responsible for the cost of preparing and delivering the
        notices
        described in this Section and shall provide Purchaser with a copy of the
        form of
        each notice used by Seller to comply with this Section.

      

      
        
          
            
            

          

          
            17

            
              

            

          

          
            
            

          

        

      

      

      
        	
                Section
                  4.8

              	
                Tax
                  Contracts

              

      

      

      On
        the
        related Transfer Date, Seller shall (a) assign to Purchaser “life-time” or
“life-of-loan,” fully paid assignable tax contracts with TransAmerica Tax
        Service on each related Mortgage Loan; and (b) provide Purchaser with a list
        identifying each such tax contract by contract number.

      

      
        	
                Section
                  4.9

              	
                Mortgagor
                  Payments

              

      

      

      Prior
        to
        the Transfer Date for a Servicing Rights Package, Seller shall properly apply,
        in accordance with Applicable Requirements, all payments received by it with
        respect to each related Mortgage Loan. For a period of sixty (60) days following
        the related Transfer Date, Seller shall immediately forward to Purchaser
        by
        overnight mail any payment Seller receives from a related Mortgagor. After
        sixty
        (60) days following the related Transfer Date, Seller shall immediately forward
        such payments to Purchaser by first class mail. Seller shall endorse each
        such
        Mortgagor payment to Purchaser and provide Purchaser with sufficient information
        to process each such Mortgagor payment.

      

      
        	
                Section
                  4.10

              	
                Transfer
                  Instructions

              

      

      

      Seller
        shall comply with the Transfer Instructions set forth at Exhibit
        C
        in all
        material respects.

      

      
        	
                Section
                  4.11

              	
                Schedule
                  of Advances

              

      

      

      No
        later
        than five (5) Business Days after the Transfer Date for a Servicing Rights
        Package, Purchaser shall have received from Seller a schedule, certified
        as
        being true and correct on behalf of Seller by an authorized officer thereof,
        setting forth the outstanding Advances as of the related Transfer Date with
        respect to the Servicing Rights transferred on that date. Any amounts received
        by Purchaser after the related Transfer Date in respect of such outstanding
        Advances shall be remitted to Seller in accordance with the terms of the
        Investor Agreements.

      

      
        
          
            
            

          

          
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                Section
                  4.12

              	
                Delivery
                  of Certain Items

              

      

      

      No
        later
        than two (2) Business Days after the Transfer Date for a Servicing Rights
        Package and in accordance with the Transfer Instructions, Seller shall deliver
        or cause to be delivered to Purchaser or Purchaser’s designee (as applicable),
        the applicable (a) Mortgage Loan Schedule (in computer tape form); (b) Servicing
        Files; and (c) Investor Agreements (either duly executed originals or certified
        copies). Seller shall be responsible for all costs and risks of loss in
        connection with the deliveries described in this Section.

      

      
        	
                4.13

              	
                Transfer
                  of Custodial Accounts and Related Escrow Accounts;
                  Reconciliation

              

      

      

      (a) No
        later
        than five (5) Business Days after the Transfer Date for a Servicing Rights
        Package, Seller shall deliver to Purchaser all applicable Custodial Accounts
        and
        Related Escrow Account balances, net of amounts thereof reimbursable to Seller
        for Advances in accordance with the terms of the Investor Agreements and
        all
        other appropriate collections relating to the applicable Mortgage
        Loans.

      

      (b) No
        later
        than five (5) Business Days after the Transfer Date for a Servicing Rights
        Package, Seller shall fully reconcile on a loan level basis as of the related
        Transfer Date (i) the reports generated by Seller’s computers with respect to
        the applicable Custodial Accounts, Related Escrow Accounts and Advances with
        the
        reports generated by Seller’s EDP servicer; and (ii) the reports of Seller’s EDP
        servicer with Investor records and reports for the applicable Servicing Rights.
        Seller shall be responsible for any payments necessary to bring such Custodial
        Accounts, Related Escrow Accounts and Advances to fall
        reconciliation.

      

      
        	
                Section
                  4.14

              	
                Notice
                  of Assumptions

              

      

      

      No
        later
        than five (5) Business Days after the related Transfer Date for a Servicing
        Rights Package, Seller shall, in connection with the Mortgage Loans, provide
        Purchaser with (a) copies of all assumption statements generated by Seller
        within the sixty (60) days preceding such Transfer Date; and (b) a list of
        all
        assumptions in process.

      

      
        	
                Section
                  4.15

              	
                Misapplied
                  Payments

              

      

      

      With
        respect to each Servicing Rights Package, misapplied payments shall be processed
        as follows:

      

      (a) All
        parties shall cooperate in correcting misapplication errors;

      

      (b) The
        party
        receiving notice of a misapplied payment occurring prior to the related Transfer
        Date and discovered after the related Transfer Date shall immediately notify
        the
        other party and shall accompany such notification with a copy of the applicable
        canceled check or similar supporting documentation (unless the other party
        is
        the party that has access to such documentation);

      

      
        
          
            
            

          

          
            19

            
              

            

          

          
            
            

          

        

      

      

      (c) If
        a
        misapplied payment which occurred prior to the related Transfer Date cannot
        be
        reconciled and results in a shortage in a Custodial Account or Related Escrow
        Account, Seller shall reimburse Purchaser for the amount of such shortage
        within
        five (5) Business Days after Seller’s receipt of Purchaser’s demand therefor
        accompanied by supporting documentation;

      

      (d) If
        a
        misapplied payment which occurred prior to the related Transfer Date has
        created
        an improper Purchase Price as the result of an inaccurate outstanding principal
        balance, a check shall be issued to the party shorted by the improper payment
        application within five (5) Business Days after written notice thereof by
        the
        other party; and

      

      (e) Any
        check
        issued pursuant to this Section shall be accompanied by a statement indicating
        the purpose of the check, the Mortgagor, the Mortgaged Property address and
        the
        corresponding Seller and/or Purchaser account number.

      

      
        	
                Section
                  4.16

              	
                IRS
                  Forms

              

      

      

      For
        each
        Mortgage Loan subject to a Servicing Rights Package, if permitted by applicable
        statutes or regulations, Seller shall file all IRS Forms 1098, 1099, 1041
        and/or
        1041 K-1 that are required by the IRS to be filed on or before such Transfer
        Date. Seller shall provide copies of such forms to Purchaser upon Purchaser’s
        request. In addition, to the extent Seller shall have such in its possession,
        Seller shall also provide to Purchaser an IRS Form W-8 or W-9, as applicable,
        executed by the Mortgagor (or equivalent documentation acceptable to Purchaser)
        on all Mortgage Loans upon request. Seller shall reimburse Purchaser for
        any
        Losses arising from Seller’s failure to comply with this Section.

      

      
        	
                Section
                  4.17

              	
                Tax
                  Bills, Insurance Premiums,
                  etc

              

      

      

      For
        a
        period of sixty (60) days following the Transfer Date for a Servicing Rights
        Package, Seller shall immediately forward, or cause to be forwarded, to
        Purchaser by overnight mail any bill that Seller receives in connection with
        any
        applicable Mortgage Loan, including, without limitation, tax bills and bills
        for
        hazard, flood, earthquake or private mortgage insurance premiums. After sixty
        (60) days following the related Transfer Date, Seller shall immediately forward,
        or cause to be forwarded, such bills to Purchaser by first class
        mail.

      

      
        	
                Section
                  4.18

              	
                Flood
                  Insurance Audit

              

      

      

      Seller
        shall assign to Purchaser, on the Transfer Date for a Servicing Rights Package,
        certified and guaranteed assignable flood insurance contracts for each
        applicable Mortgage Loan with Flood Data Services, Inc. (“FDSI”). Seller will
        reimburse Purchaser eight dollars ($8.00) per Mortgage Loan for each Mortgage
        Loan transferred without an FDSI flood contract.

      

      
        
          
            
            

          

          
            20

            
              

            

          

          
            
            

          

        

      

      

      
        	
                Section
                  4.19

              	
                Optional
                  Insurance

              

      

      

      Prior
        to
        the Transfer Date for a Servicing Rights Package, Seller shall provide Purchaser
        with a copy of the master insurance policy for each Mortgage Loan that is
        covered by any type of optional insurance and with respect to which Seller
        collects escrow payments from Mortgagors. Prior to the related Transfer Date,
        Purchaser shall notify Seller as to which such policies it will not continue
        to
        collect escrow payments, and Seller shall request the applicable insurance
        companies to continue the applicable insurance coverage on a direct pay basis.
        If the insurance companies refuse to continue the optional insurance on a
        direct
        pay basis, (a) Seller represents that, subject to Applicable Requirements,
        all
        applicable insurance policies shall be canceled; and (b) Seller shall notify
        the
        applicable Mortgagors of such cancellation.

      

      

      
        
          
            
            

          

          
            21

            
              

            

          

          
            
            

          

        

      

      

      ARTICLE
        V

      

      REPRESENTATIONS
        AND WARRANTIES OF SELLER

      

      The
        representations and warranties of Seller contained in this Agreement shall
        continue and survive the purchase of the Servicing Rights and the delivery
        and
        assignment to Purchaser of such Servicing Rights and shall inure to the benefit
        of Purchaser. Purchaser is purchasing the Servicing Rights in reliance on
        the
        truth and accuracy of each such representation or warranty. In addition to
        representations and warranties, if any, made elsewhere in this Agreement,
        with
        respect to each Servicing Rights Package, Seller represents and warrants
        to
        Purchaser, as of the Execution Date and each related Sale Date and Transfer
        Date
        as follows:

      

      
        	
                Section
                  5.1

              	
                Organization
                  and Good Standing

              

      

      

      Seller
        is
        a corporation duly organized, validly existing, and in good standing under
        the
        laws of the state of its organization. Seller is duly qualified or licensed
        to
        do business, and in good standing, in each jurisdiction in which the nature
        of
        its business or properties makes such qualification, license and standing
        necessary, including without limitation in each state in which the Mortgaged
        Properties are located.

      

      
        	
                Section
                  5.2

              	
                Authority
                  and Capacity; Ordinary
                  Course

              

      

      

      Seller
        has all requisite corporate or organizational power, authority and capacity,
        to
        carry on its business as it is now being conducted, to execute and deliver
        this
        Agreement, and to perform all of its obligations hereunder. Seller does not
        believe, nor does it have any cause or reason to believe, that it cannot
        perform
        each and every covenant contained in this Agreement. The consummation of
        the
        transactions contemplated by this Agreement is in the ordinary course of
        business of Seller.

      

      
        	
                Section
                  5.3

              	
                Effective
                  Agreement

              

      

      

      The
        execution, delivery and performance of this Agreement by Seller and the
        consummation of the transactions contemplated thereby have been duly and
        validly
        authorized by all necessary corporate, shareholder or other action; this
        Agreement has been duly and validly executed and delivered by Seller, and
        is a
        valid and legally binding agreement of Seller enforceable against Seller
        in
        accordance with its terms, subject to bankruptcy, insolvency and similar
        laws
        affecting generally the enforcement of creditor’s rights and the discretion of a
        court to grant specific performance of contracts. Any requisite consents
        or
        approvals of third parties (including Investors and any other applicable
        regulatory authorities) to the execution and delivery of this Agreement or
        the
        performance of the transactions contemplated hereby by Seller have been obtained
        or will be obtained prior to the Sale Date or such other date as expressly
        provided herein.

      

      
        	
                Section
                  5.4

              	
                No
                  Conflict

              

      

      

      Neither
        the execution and delivery of this Agreement, nor the consummation of the
        transactions contemplated hereby, nor compliance with its terms and conditions,
        shall (a) violate, conflict with, result in the breach of, constitute a default
        under or be prohibited by any terms, conditions or provisions of Seller’s
        Articles of Incorporation or By-Laws or any other similar corporate or
        organizational documents of Seller; any mortgage, indenture, deed of trust,
        loan
        or credit agreement or other agreement or instrument to which Seller is now
        a
        party or by which it is bound; or any law, ordinance, rule, regulation, order,
        judgment or decree of any governmental authority applicable to Seller; or
        (b)
        result in the creation or imposition of any lien, charge or encumbrance upon
        any
        of the properties or assets of Seller (except in favor of
        Purchaser).

      

      
        
          
            
            

          

          
            22

            
              

            

          

          
            
            

          

        

      

      

      
        	
                Section
                  5.5

              	
                Approvals
                  and Compliance

              

      

      

      Seller
        holds all licenses, approvals, permits and other authorizations required
        under
        Applicable Requirements to service the Mortgage Loans. Seller is not in default
        with respect to Seller’s obligations under the Investor Agreements, and Seller
        is in compliance in all material respects with all Applicable Requirements
        relating to the Servicing Rights. As of the related Sale Date for each Mortgage
        Loan, there has been no occurrence that could entitle any Investor or Insurer,
        whichever is applicable, to demand repurchase by Purchaser of a Mortgage
        Loan,
        terminate any Investor Agreement, demand indemnification by Purchaser for
        losses, or cause the cancellation of the mortgage insurance or guaranty,
        or the
        denial or reduction of insurance benefits, provided by the Insurers with
        respect
        to any Mortgage Loan.

      

      
        	
                Section
                  5.6

              	
                Filing
                  of Reports

              

      

      

      Seller
        has filed all reports required by the Investors and Insurers with respect
        to the
        Servicing Rights, and Seller has complied in all material respects with all
        federal, state and municipal laws, regulations and ordinances affecting the
        Servicing Rights. As of the related Sale Date for each Mortgage Loan, Seller
        has
        filed all IRS Forms, including but not limited to Forms 1041 K1, 1041, 1099
        INT,
        1099 MISC, 1099A and 1098, as appropriate, which are required to be filed
        with
        respect to the Servicing Rights for activity occurring on or before year
        end for
        the calendar year in which the related Sale Date occurred. Each Mortgage
        Loan
        File contains an executed and correct IRS Form W-8 or W-9, as applicable,
        or an
        IRS-approved substitute.

      

      
        	
                Section
                  5.7

              	
                Custodial
                  Accounts and Related Escrow
                  Accounts

              

      

      

      As
        of the
        related Sale Date with respect to each Mortgage Loan, (i) all Custodial Accounts
        and Related Escrow Accounts required to be maintained by Seller have been
        established and continuously maintained in accordance with Applicable
        Requirements; (ii) all Custodial Account and Related Escrow Account balances
        required by the Mortgage Loan Documents that have been paid to Seller for
        the
        account of the Mortgagors under the Mortgage Loans are on deposit in the
        appropriate Custodial Account and Related Escrow Account and (iii) to the
        extent
        required by Applicable Requirements, Seller has analyzed the payments required
        to be deposited into the Custodial Accounts and Related Escrow Accounts and
        adjusted the payment thereto in order to eliminate any shortage or deficiency
        Seller may have discovered.

      

      
        
          
            
            

          

          
            23

            
              

            

          

          
            
            

          

        

      

      

      
        	
                Section
                  5.8

              	
                Interim
                  Servicing Period

              

      

      

      Seller
        shall service, or shall cause to be serviced, the Mortgage Loans according
        to
        the terms of Seller’s Seller/Servicer’s Guide, as such may be amended and
        modified from time to time.

      

      
        	
                Section
                  5.9

              	
                The
                  Mortgage Loans

              

      

      

      With
        respect to each Mortgage Loan related to the Servicing Rights comprising
        a
        Servicing Rights Package, as of the Sale Date for the related Servicing Rights
        Package:

      

      (a) Investor/Insurer
        Requirements.
        The
        Investor Agreements do not create any obligations or liability on the Servicer
        that are unduly burdensome or unusual in the mortgage servicing industry.
        Each
        Investor Agreement delivered to Purchaser represents a certified copy of
        the
        original as it may have been amended and in either case represents true,
        correct, and complete copies of the same. Each of the Investor Agreements
        is in
        full force and effect and has not been amended, modified, or altered, except
        as
        the same shall have been provided to Purchaser. Seller is not a party to
        or
        subject to any agreement, stipulation, conditional approval, memorandum of
        understanding, notice of determination, consent decree, advisory settlement,
        compromise, litigation, or other agreement or understanding with any Investor,
        court or other governmental agency or body which seeks to modify, interpret
        or
        clarify or has the effect of modifying, interpreting, or clarifying any of
        the
        terms of the Investor Agreements or otherwise affects Seller’s servicing
        obligations and practices (including, without limitation, Seller’s escrow
        practices).

      

      (b) Enforceability
        of Mortgage Loan.
        The
        Mortgage Note and the related Mortgage Instrument are genuine and each is
        the
        legal, valid and binding obligation of the maker thereof, enforceable in
        accordance with its terms. All parties to the Mortgage Note and the Mortgage
        Instrument had the legal capacity to execute the Mortgage Note and the Mortgage
        Instrument and each Mortgage Note and Mortgage Instrument has been duly and
        properly executed by such parties. The Mortgage Loan is not subject to any
        right
        of rescission, set-off, counterclaim or defense, including the defense of
        usury,
        nor will the operation of any of the terms of the Mortgage Note or the Mortgage
        Instrument, or the exercise of any right thereunder, render either the Mortgage
        Note or the Mortgage Instrument unenforceable, in whole or in part, or subject
        to any right of rescission, set-off, counterclaim or defense, including the
        defense of usury, and no such right of rescission, set--off, counterclaim
        or
        defense has been asserted with respect thereto. Except as may be permitted
        by
        the Applicable Requirements, there is no homestead or other exemption available
        to a Mortgagor which would interfere with the right to sell the Mortgaged
        Property by trustee’s sale or the right to Foreclose the Mortgage.

      

      (c) Disbursement.
        The
        full original principal amount of each Mortgage Loan (net of any discounts)
        has
        been fully advanced or disbursed to the Mortgagor named therein, there is
        no
        requirement for future advances and any and all requirements as to completion
        of
        any on-site or off-site improvements and as to disbursements of any escrow
        funds
        therefor have been satisfied. All costs, fees, and expense incurred in making,
        closing or recording the Mortgage Loan were paid. There is no obligation
        on the
        part of Seller, or of any other party, to make supplemental payments in addition
        to those made by the Mortgagor. The Mortgagor is not entitled to any refund
        of
        any amounts paid or due under the Mortgage Note or Mortgage Instrument except
        for refunds from Related Escrow Accounts not yet required to be paid by
        Applicable Requirements.

      

      
        
          
            
            

          

          
            24

            
              

            

          

          
            
            

          

        

      

      

      (d) Priority
        of Lien; Title Insurance; Etc.

      

      (i) Each
        Mortgage Instrument has been duly acknowledged and recorded and is a valid
        and
        subsisting first lien on the Mortgaged Property and each Mortgaged Property
        is
        free and clear of all encumbrances and liens having priority over the lien
        of
        the Mortgage Instrument, except for (A) liens for real estate taxes and special
        assessments not yet due and payable in connection with Mortgage Loans for
        which
        Seller maintains a Related Escrow Account for such taxes and special
        assessments, (B) covenants, conditions, restrictions, rights of way, easements
        and other matters of public record acceptable to mortgage lending institutions
        generally and (C) other matters to which like properties are commonly subject
        which do not materially interfere with the benefits of the security intended
        to
        be provided by the Mortgage Instrument. There are no mechanics’ or similar liens
        or claims that have been filed for work, labor or material (and no rights
        are
        outstanding that under law could give rise to such lien) affecting the Mortgaged
        Property, which are or may be liens prior to, or equal or coordinate with,
        the
        lien of the Mortgage Instrument.

      

      (ii) A
        valid
        and enforceable title policy, or other appropriate evidence of title in
        accordance with the applicable Investor Agreement has been issued and is
        in full
        force and effect in an amount not less than the original principal amount
        of
        such Mortgage Loan, which title policy insures that the related Mortgage
        Instrument is a valid first lien on the Mortgaged Property therein described
        and
        that the Mortgaged Property is free and clear of all encumbrances and liens
        having priority over the lien of the Mortgage, subject to the exceptions
        set
        forth in Section 5.8(d)(i), and otherwise in compliance with the requirements
        of
        the applicable Investor or Insurer. No claims have been made under any title
        policy relating to the Mortgage Loans, and no prior holder of the Mortgage
        Loan,
        including Seller, has done, by act or omission, anything which would impair
        the
        coverage of such policy.

      

      (e) No
        Default/No Waiver.
        Except
        as to Mortgage Loans that are (i) Excluded Loans, as set forth on the Mortgage
        Loan Schedule, or (ii) one or more payments past due, as set forth on the
        Mortgage Loan Schedule, there is no default, breach, violation or event of
        acceleration existing under any Mortgage Loan, and no event has occurred
        which,
        with the passage of time or with notice and the expiration of any grace or
        cure
        period, would constitute a default, breach, violation or event of acceleration;
        and Seller has not waived any default, breach, violation or event of
        acceleration. The terms of the Mortgage Loan have not been waived, impaired,
        changed or modified, except as permitted by Applicable Requirements. No
        Mortgagor has been released, in whole or in part, except as permitted by
        Applicable Requirements. Seller has not advanced its funds to cure a default
        or
        delinquency with respect to any such Mortgage Loan, except for escrowed items
        the terms of which are reflected in the Mortgage Loan Schedule.

      

      
        
          
            
            

          

          
            25

            
              

            

          

          
            
            

          

        

      

      

      (f) Application
        of Funds.
        All
        payments received by Seller with respect to any Mortgage Loans have been
        remitted and properly accounted for as required by Applicable Requirements.
        All
        funds received by Seller in connection with the satisfaction of Mortgage
        Loans,
        including but not limited to foreclosure proceeds and insurance proceeds
        from
        hazard losses, have been deposited in the appropriate Custodial Account or
        Related Escrow Account, and all such funds have been applied to reduce the
        principal balance of the Mortgage Loans in question, or for reimbursement
        of
        repairs to the Mortgaged Property or as otherwise required by Applicable
        Requirements and the Investor Agreements or are and will be in one of the
        Related Escrow Accounts on the related Sale Date. All taxes, governmental
        assessments, insurance premiums, water, sewer and municipal charges, leasehold
        payments, or ground rents which previously became due and owing have been
        paid
        prior to the imposition of any penalty with respect thereto, or an escrow
        of
        funds with respect to taxes and insurance premiums has been established in
        an
        amount sufficient (based on the most recent escrow analysis thereof performed
        in
        accordance with the Applicable Requirements) to pay for such item which remains
        unpaid and which has been assessed but is not yet due and payable. The unpaid
        balances of the Mortgage Loans are as stated on the Mortgage Loan Schedule
        to be
        delivered to Purchaser.

      

      (g) Compliance
        with Laws.
        Seller
        and any Prior Servicer have complied, and Seller will continue to comply
        to the
        extent of its retained obligations under this Agreement, with every Applicable
        Requirement.

      

      (h) Taxes.
        Each
        Mortgage Loan is covered by a valid and assignable, full fee, “life-of-loan” tax
        service contract, and each such contract is in full force and
        effect.

      

      (i) Insurance.
        All
        Mortgaged Properties are currently insured against loss by fire, hazard,
        earthquake or extended coverage insurance policies in conformity with Applicable
        Requirements. All such insurance policies are in full force and effect, and
        all
        premiums with respect to such policies have been paid and will be in full
        force
        and effect and inure to the benefit of Purchaser on behalf of the Investor
        upon
        the consummation of the transactions contemplated by this Agreement for the
        related Sale Date. The Mortgage Instruments obligate the Mortgagors thereunder
        to maintain such insurance policies at the Mortgagor’s cost and expense, and on
        the Mortgagor’s failure to do so, authorize the holder of the Mortgage
        Instruments to obtain and maintain such insurance at such Mortgagor’s cost and
        expense, and to seek reimbursement therefor from the Mortgagor. Seller has
        not
        engaged in any act or omission which would impair the coverage of any insurance
        policy relating to the Mortgage Loans or the benefits of the endorsement
        provided for therein, or the validity and binding effect of either.

      

      (j) Damage,
        Condemnation.
        There
        exists no physical damage to the Mortgaged Property from fire, flood, windstorm,
        earthquake, tornado, hurricane or any other similar casualty, which physical
        damage would materially and adversely affect the value or marketability of
        the
        Servicing Rights. There is no proceeding currently pending for the total
        or
        partial condemnation of, or eminent domain with respect to, the Mortgaged
        Property and Seller has no knowledge that all or any part of the Mortgaged
        Property has been or will be condemned.

      

      
        
          
            
            

          

          
            26

            
              

            

          

          
            
            

          

        

      

      

      (k) Servicing
        File.
        The
        Servicing File contains each of the documents and instruments specified to
        be
        included therein and required to be maintained by this Agreement, Applicable
        Requirements or necessary to service the Loans; each such document or instrument
        is duly executed and in due and proper form and is genuine and in a form
        required by the applicable Investor Agreement; and the information contained
        in
        each such document or instrument is true, accurate and complete.

      

      (l) Good
        Title.
        The
        sale, transfer and assignment by Seller to Purchaser of the Servicing Rights
        on
        the related Sale Date, effectively vest in Purchaser good and marketable
        title
        to the Servicing Rights, free and clear of any and all liens, claims, or
        encumbrances except for those conditions required pursuant to this Agreement
        and
        the Investor Agreements. There are no contracts affecting the Servicing Rights
        to which Purchaser will be bound except for the Investor Agreements, and
        no
        other party has any interest in the Servicing Rights except as required or
        permitted under this Agreement and the Investor Agreements.

      

      (m) Origination,
        Sale and Servicing Practices.
        The
        servicing practices used by Seller, and/or any Prior Servicer with respect
        to
        each Mortgage Loan have been legal, proper, prudent and customary in the
        mortgage lending business and consistent with Applicable Requirements. There
        are
        no deficiencies in any Related Escrow Accounts for which customary arrangements
        for repayment have not been made, and no Related Escrow Account deposits
        or
        payments or other charges or prepayments due from a Mortgagor have been
        capitalized under any Mortgage or the related Mortgage Note. Purchase of
        the
        Servicing Rights pursuant to this Agreement will not cause Purchaser to be
        responsible for the acts, errors or omissions of Seller, Originator, Prior
        Servicer or any other party with respect to the period prior to the related
        Sale
        Date.

      

      (n) Hazardous
        Material.
        Neither
        Seller nor any Prior Servicer has engaged in any activity that involves or
        involved the generation, use, manufacture, treatment, transportation, storage
        in
        tanks or otherwise, or disposal of Hazardous Material on or from the Mortgaged
        Property.

      

      (o) Improvements.
        No
        improvements located on or constituting part of the Mortgaged Property are
        in
        violation of any applicable zoning law or regulation for which Purchaser
        would
        be responsible. Seller has received no notices of any violation of any law,
        municipal or other governmental ordinance, order, rule, regulation or
        requirement that has not been cured, or any restrictive covenant against
        or
        affecting the Mortgaged Property, or any part thereof, nor is Seller aware
        of
        any facts which might result in such a violation.

      

      (p) Conformance
        with Investor Standards.
        Each
        Mortgage Loan was underwritten and funded in accordance with Seller’s
        underwriting standards in effect at the time the Mortgage Loan was originated,
        and each such Mortgage Loan is in conformity with the applicable underwriting
        standards.

      

      
        
          
            
            

          

          
            27

            
              

            

          

          
            
            

          

        

      

      

      (q) Mortgage
        Loan Characteristics.
        At
        origination, each Mortgage Loan had a principal balance of no less that $40,000
        and repayment term of thirty (30) years and amortizes on a level yield basis
        at
        a fixed rate of interest over its term in a manner that is sufficient to
        fully
        amortize the original principal balance of the Mortgage Loan over the original
        term of the Mortgage Loan, and there is no “balloon” feature. None of the
        Mortgage Loans are subject to bi-weekly payment plans. The due date for each
        Mortgage Loan Payment is the first (1st)
        day of
        each calendar month. Interest on each Mortgage Loan is payable in arrears
        and is
        not calculated on a simple interest basis.

      

      (r) Prepayment
        Penalties.
        Unless
        otherwise prohibited or limited by law in which the Mortgaged Property is
        located, all prepayment penalty provisions, if any, included in a Mortgage
        Note
        require the payment, on the terms and under the conditions provided in the
        Mortgage Note, of an amount equal to six (6) months interest on eighty percent
        (80%) of the outstanding principal balance of the related Mortgage
        Loan.

      

      (s) Mortgage
        Loans as Described.
        The
        information set forth in each Mortgage Loan Schedule is complete, true and
        correct in all material respects.

      

      (t) Coinsurance
        Claims.
        There
        are no uninsured casualty losses or casualty losses where coinsurance has
        been
        (and Seller has no reason to believe, will be) claimed by an insurance company
        or where the loss, exclusive of contents, is greater than the recovery, less
        actual expenses incurred in such recovery from the insurance carrier. No
        casualty insurance proceeds have been used to make repairs to the Mortgaged
        Property other than with the consent of applicable Investors, if required.
        All
        damage with respect to which casualty insurance proceeds have been received
        by
        Seller has been properly repaired or is in the process of repair with such
        proceeds if and to the extent required by the applicable Investor
        Agreements.

      

      (u) No
        Satisfaction of Mortgage.
        No
        Mortgage Instrument has been satisfied, canceled, subordinated, or rescinded,
        in
        whole or in part, nor has any Mortgaged Property been released from the lien
        of
        the Mortgage Instrument, in whole or in part, nor has any instrument been
        executed that would effect any such release, cancellation, subordination,
        or
        rescission.

      

      (v) Doing
        Business.
        All
        parties which have had any interest in the Mortgage Loan, whether as mortgagee,
        assignee, pledgee, or otherwise, are (or, during the period in which they
        held
        and disposed of such interest, were) (i) in compliance with any and all
        applicable licensing requirements of the laws of the state wherein the Mortgaged
        Property is located; and (ii) organized under the laws of such state; or
        (iii)
        qualified to do business in such state; or (iv) federal savings and loan
        associations or national banks having principal offices in such state; or
        (v)
        not doing business in such state, except where the failure to be so licensed
        or
        qualified would not result in any Loss to Purchaser.

      

      (w) No
        Additional Collateral.
        The
        Mortgage Note is not and has not been secured by any collateral except the
        lien
        of the corresponding Mortgage Instrument and the security interest of any
        applicable securing agreement or chattel mortgage, the originals of which
        are
        contained in the Mortgage File.

      

      
        
          
            
            

          

          
            28

            
              

            

          

          
            
            

          

        

      

      

      (x) Deeds
        of Trust.
        In the
        event the Mortgage Instrument constitutes a deed of trust, a trustee, duly
        qualified under applicable law to serve as such, has been properly designated
        and currently so serves and is named in the Mortgage Instrument, and no fees
        or
        expenses are or will become payable by Purchaser, or the applicable Investor,
        or
        their respective successors or assigns to the trustee under the deed of trust,
        except in connection with a trustee’s sale after default by the
        Mortgagor.

      

      (y) No
        Criminal Offenses.
        No
        current or former officer of Seller and, to Seller’s knowledge, no mortgage loan
        originator or other personnel of Seller, has been indicted, arraigned, or
        convicted, or currently is (or has been in 12 months prior to the related
        Sale
        Date) under investigation for any criminal offense or any fraudulent activity
        related to the origination, servicing or sale of any mortgage
        loans.

      

      (z) No
        Inquiries.
        Seller
        has not been the subject of an audit within the past three years by an investor
        or Insurer, which audit included allegations of failure to comply with
        applicable loan origination, servicing or claims procedures, or resulted
        in a
        request for repurchase of mortgage loans or indemnification in connection
        with
        any mortgage loans (including, without limitation, the Mortgage
        Loans).

      

      (aa) No
        Seller Solicitation.
        Seller
        has not directly or indirectly solicited, by any means, the Mortgagors of
        any of
        the Mortgage Loans after such Mortgage Loans have been identified as Mortgage
        Loans the Servicing Rights for which are to be transferred to Purchaser (i)
        for
        purpose of prepayments or refinance or modification of such Mortgage Loans;
        or
        (ii) for any financial services or products including, but not limited to
        (A)
        checking and savings accounts, certificates of deposit, safe deposit boxes,
        automatic teller machines, second mortgage loans, equity source accounts,
        personal loans and credit cards, and (B) ordinary life, ordinary health,
        credit
        life, credit health, credit unemployment and any other forms of group or
        individual insurance coverages.

      

      (bb) Payoffs.
        Except
        as disclosed to Purchaser prior to the Sale Date, Seller has not received
        any
        requests for or provided any payoff quotes with respect to any of the related
        Mortgage Loans within the thirty (30) day period prior to the related Sale
        Date.

      

      
        	
                Section
                  5.10

              	
                No
                  Recourse

              

      

      

      None
        of
        the Servicing Rights is subject to any Recourse Obligation.

      

      
        	
                Section
                  5.11

              	
                Insurance

              

      

      

      Error
        and
        omissions and fidelity insurance coverage, in amounts as required by the
        applicable Investor Agreement is in effect with respect to Seller and will
        be
        maintained until the transactions contemplated by this Agreement have been
        consummated in accordance with the terms hereof.

      

      
        
          
            
            

          

          
            29

            
              

            

          

          
            
            

          

        

      

      

      
        	
                Section
                  5.12

              	
                Litigation

              

      

      

      There
        is
        no litigation, claim, demand, proceeding or governmental investigation existing
        or pending, or to the knowledge of Seller, threatened, or any order, injunction
        or decree outstanding, against or relating to Seller that could have a material
        adverse effect upon the Servicing Rights being purchased by Purchaser hereunder
        with respect to any Mortgage Loan or the performance by Seller of its
        obligations under the Investor Agreements, or result in any Loss to Purchaser,
        nor to Seller’s knowledge is there any basis for any such litigation, claim,
        demand, proceeding or governmental investigation.

      

      
        	
                Section
                  5.13

              	
                Seller
                  Process

              

      

      

      The
        Servicing Rights were not selected for sale to Purchaser from among the
        outstanding servicing rights in Seller’s portfolio at the related Sale Date in a
        manner so as to affect adversely the interests of Purchaser.

      

      
        	
                Section
                  5.14

              	
                Servicing
                  Fee

              

      

      

      No
        part
        of the Servicing Fee has been assigned or pledged to a third party.

      

      
        	
                Section
                  5.15

              	
                Fair
                  Consideration

              

      

      

      The
        consideration received by Seller upon the sale of the Servicing Rights under
        this Agreement constitutes fair consideration and reasonably equivalent value
        for the Servicing Rights.

      

      
        	
                Section
                  5.16

              	
                No
                  Accrued Liabilities

              

      

      

      There
        are
        no accrued or contingent liabilities of Seller with respect to the Mortgage
        Loans or Servicing Rights or circumstances under which such accrued or
        contingent liabilities will arise against Purchaser, with respect to occurrences
        prior to the related Sale Date. Seller assumes full responsibility for any
        and
        all termination or transfer fees relating to the Servicing Rights that may
        be
        outstanding on the related Sale Date.

      

      Section
        5.17 Facts
        and Omissions

      

      All
        of
        the representations and warranties and other statements or information made
        or
        prepared by or on behalf of Seller and the Servicing Rights in this Agreement
        or
        prepared and furnished by or on behalf of Seller to Purchaser in any instrument,
        document, offering memorandum or computer tape in connection with the
        transactions contemplated by this Agreement (which document or computer tape
        shall be deemed to be a part of this Agreement) are true in all material
        respects as of the related Sale Date.

      

      
        	
                Section
                  5.18

              	
                Financial
                  Condition of Seller

              

      

      

      Neither
        Seller nor any of its Affiliates is in bankruptcy, receivership or
        conservatorship.

      

      
        
          
            
            

          

          
            30

            
              

            

          

          
            
            

          

        

      

      

      
        	
                Section
                  5.19

              	
                Hart-Scott-Rodino
                  

              

      

      

      The
        purchase and sale of the Servicing Rights contemplated by this Agreement
        is
        exempt from the notification and disclosure provisions of the Hart-Scott-Rodino
        Act.

      

      

      
        
          
            
            

          

          
            31

            
              

            

          

          
            
            

          

        

      

      

      

      ARTICLE
        VI

      

      REPRESENTATIONS
        AND WARRANTIES OF PURCHASER

      

      The
        representations and warranties of Purchaser contained in this Agreement shall
        continue and survive the sale of the Servicing Rights and the delivery and
        assignment to Purchaser of such Servicing Rights and shall inure to the benefit
        of Seller. Seller is selling the Servicing Rights in reliance on the truth
        and
        accuracy of each such representation or warranty. In addition to the
        representations and warranties, if any, made elsewhere in this Agreement,
        Purchaser represents and warrants to Seller, as of the Execution Date and
        each
        related Sale Date, as follows:

      

      
        	
                Section
                  6.1

              	
                Organization
                  and Good Standing

              

      

      

      Purchaser
        is a limited partnership duly formed, validly existing and in good standing
        under the laws of the State of Texas and has all requisite corporate power,
        authority, and, subject to the Investor approvals of transfer, capacity to
        enter
        into this Agreement and to perform the obligations required of it hereunder.
        Purchaser is duly qualified or licensed to do business, and in good standing,
        in
        each jurisdiction in which the nature of its business or properties makes
        such
        qualification, license and standing necessary, including without limitation
        in
        each state in which the Mortgaged Properties are located.

      

      
        	
                Section
                  6.2

              	
                Authority
                  and Capacity; Ordinary
                  Course

              

      

      

      Purchaser
        has all requisite corporate power, authority and capacity to execute and
        deliver
        this Agreement and to perform all of the obligations hereunder. Purchaser
        does
        not believe, nor does it have any cause or reason to believe, that it cannot
        perform each and every covenant contained in this Agreement. The consummation
        of
        the transactions contemplated by this Agreement is in the ordinary course
        of
        business of Purchaser.

      

      
        	
                Section
                  6.3

              	
                Effective
                  Agreement

              

      

      

      The
        execution, delivery and performance of this Agreement by Purchaser and
        consummation of the transactions contemplated hereby have been duly and validly
        authorized by all necessary corporate, or other action by Purchaser; and
        this
        Agreement has been duly and validly executed and delivered by Purchaser,
        and
        this Agreement is a valid and legally binding agreement of Purchaser and
        enforceable against Purchaser in accordance with its terms, subject to
        bankruptcy, insolvency and similar laws affecting generally the enforcement
        of
        creditor’s rights and the discretion of a court to grant specific performance of
        contracts. Any requisite consents of third parties (including any other
        applicable regulatory authorities) to the execution and delivery of this
        Agreement or the performance of the transactions contemplated hereby by
        Purchaser have been obtained or will be obtained prior to the related Sale
        Date
        or such other date as expressly provided herein.

      

      
        
          
            
            

          

          
            32

            
              

            

          

          
            
            

          

        

      

      

      
        	
                Section
                  6.4

              	
                No
                  Conflict

              

      

      

      Neither
        the execution and delivery of this Agreement nor the consummation of the
        transactions contemplated hereby, nor compliance with its terms and conditions,
        shall (a) violate, conflict with, result in the breach of, constitute a default
        under, be prohibited by or require any additional approval under any terms,
        conditions or provisions of Purchaser’s Partnership Agreement or Certificate of
        Limited Partnership or By-Laws or any other similar corporate or organizational
        document of Purchaser; any mortgage, indenture, deed of trust, loan or credit
        agreement or other agreement or instrument to which Purchaser is now a party
        or
        by which it is bound; or any law, ordinance, rule, regulation, order, judgment
        or decree of any governmental authority applicable to Purchaser; or (b) result
        in the creation or imposition of any lien, charge or encumbrance upon any
        of the
        properties or assets of Purchaser.

      

      
        	
                Section
                  6.5

              	
                Approvals
                  and Compliance

              

      

      

      Purchaser
        is approved by and in good standing with each Investor or Insurer, as necessary,
        and holds all licenses, approvals, permits and other authorizations required
        under Applicable Requirements to assume responsibility for the related Servicing
        Rights.

      

      
        
          
            
            

          

          
            33

            
              

            

          

          
            
            

          

        

      

      

      ARTICLE
        VII

      

      CONSENTS

      

      
        	
                Section
                  7.1

              	
                Consents

              

      

      

      (a) The
        purchase and sale of any Servicing Rights is subject to Seller obtaining
        the
        Consents at its sole expense. Seller shall obtain the Consents prior to the
        Sale
        Date for the related Servicing Rights Package. Purchaser shall cooperate
        with
        Seller in obtaining the Consents and shall timely respond to all reasonable
        requests from the Investor concerning Purchaser and its business operations.
        Seller shall notify Purchaser in writing immediately upon obtaining the
        Consents, and Seller shall provide a copy of the Consents to Purchaser.
        Purchaser shall notify Seller as soon as reasonably practicable whether such
        Consents are acceptable to Purchaser in accordance with the definition of
        Consent in Article I; if a Consent is not so acceptable to Purchaser, such
        Consent shall not be effective as a Consent for the purposes of this
        Agreement.

      

      (b) If
        Seller
        fails, for any reason, to obtain Consents from the applicable Investor(s)
        and
        Insurer(s) before the applicable date, Purchaser shall have the option, in
        its
        sole and absolute discretion, to (i) exclude the applicable Mortgage Loans
        from
        the related Servicing Rights Package, in which case Seller shall promptly
        reimburse Purchaser for the pro rata portion of the Purchase Price already
        paid,
        if any, by Purchaser with respect to such Servicing Rights Package; or (ii)
        immediately upon notice to Seller, terminate this Agreement in its entirety,
        in
        which case Seller shall promptly return to Purchaser any portion of the related
        Purchase Price already paid, if any, by Purchaser.

      

      (c) In
        the
        event that this Agreement is terminated in accordance with Section 7.1 (b),
        the
        parties shall have no further obligation to one another with respect to the
        Servicing Rights, except that (i) Article X and Sections 12.2, 12.3 and 12.
        10
        shall survive any such termination; and (ii) no such termination shall relieve
        any party from liability for any willful breach of this Agreement.

      

      (d) Seller
        shall pay for the costs of preparing and recording any powers of attorney
        that
        the Investors may need to execute on or about any related Sale Date in
        accordance with Applicable Requirements.

      

      

      

      
        
          
            
            

          

          
            34

            
              

            

          

          
            
            

          

        

      

      

      ARTICLE
        VIII

      

      CONDITIONS
        PRECEDENT TO OBLIGATIONS OF PURCHASER

      

      The
        obligations of Purchaser under this Agreement and a Servicing Rights Packages
        are subject to the satisfaction of the following conditions:

      

      
        	
                Section
                  8.1

              	
                Compliance
                  and Conditions

              

      

      

      All
        terms, covenants and conditions of this Agreement required to be complied
        with
        and performed by Seller shall have been duly complied with and performed
        by
        Seller on or before the date specified.

      

      
        	
                Section
                  8.2

              	
                Corporate
                  Resolution; Corporate
                  Certificate

              

      

      

      Purchaser
        shall have received from Seller, on or before the related Sale Date, (a)
        a duly
        executed Certificate of Seller’s Secretary or Assistant Secretary reciting
        Seller’s corporate approval of the transfer and sale of the Servicing Rights to
        Purchaser and authorizing Seller’s officers to execute such documents as may be
        necessary to accomplish the transactions contemplated hereby; and (b) an
        Officer’s Certificate of Seller, in the form of Exhibit
        F,
        including all attachments thereto, stating, among other things, that each
        of
        Seller’s representations and warranties made herein is true and correct in all
        material respects and that all of the terms, covenants and conditions of
        this
        Agreement required to be complied with and performed by Seller at or prior
        to
        the related Sale Date have been duly complied with and performed.

      

      
        	
                Section
                  8.3

              	
                Investor
                  Agreements

              

      

      

      Purchaser
        shall have had the opportunity to review each of the Investor Agreements
        prior
        to the Sale Date of the related Servicing Rights and based upon such review
        decide to decline to purchase any Servicing Rights which comprise a Servicing
        Rights Package. The decision by Purchaser to decline to purchase any Servicing
        Rights Package shall be conveyed to Seller not later than five (5) Business
        Days
        prior to the proposed Sale Date.

      

      
        	
                Section
                  8.4

              	
                Opinion
                  of Counsel for Seller

              

      

      

      Purchaser
        shall have received, on or before the initial Sale Date, an opinion of the
        in-house general counsel of Seller (or of a law firm acceptable to Purchaser)
        dated as of the initial Sale Date, in form and substance satisfactory to
        Purchaser in the exercise of its reasonable discretion, to the effect that:
        (a)
        Seller is a corporation, validly existing and in good standing under the
        laws of
        its state of organization; (b) Seller has all requisite corporate or
        organizational power, authority and capacity to enter into this Agreement
        and to
        perform the obligations required of it hereby; (c) the execution and performance
        of this Agreement, Seller’s compliance with the terms hereof and the
        consummation of the transactions contemplated hereby, do not and will not
        conflict with any of the terms of Seller’s Articles of Incorporation or Bylaws
        or any similar corporate or organizational documents of Seller, or, as to
        the
        attorney’s knowledge after Due Inquiry, any material contract or agreement,
        order or decree to which Seller is subject or by which it is bound; (d) this
        Agreement has been duly executed by Seller and each is the valid and legally
        binding obligation of Seller enforceable against Seller in accordance with
        its
        terms, subject to bankruptcy, insolvency and similar laws affecting generally
        the enforcement of creditor’s rights and the discretion of a court to grant
        specific performance of contracts; and (e) to the knowledge of such counsel,
        after Due Inquiry, there is no litigation proceeding or governmental
        investigation existing, pending or threatened, or any order, injunction or
        decree outstanding against or relating to Seller that is reasonably expected
        to
        have a material adverse effect upon the Servicing Rights.

      

      
        
          
            
            

          

          
            35

            
              

            

          

          
            
            

          

        

      

      

      
        	
                Section
                  8.5

              	
                Correctness
                  of Representations and
                  Warranties

              

      

      

      The
        representations and warranties made by Seller in this Agreement or in any
        document prepared and furnished by or on behalf of Seller in connection herewith
        are true and correct in all material respects as of the related Sale
        Date.

      

      
        	
                Section
                  8.6

              	
                Litigation
                  or Administrative
                  Action

              

      

      

      As
        of the
        related Sale Date, there shall not have been commenced or, to the knowledge
        of
        either party hereto, threatened, any action, suit or proceeding that enjoins,
        or
        is likely to adversely affect in any material respect, the consummation of
        the
        transactions contemplated hereby.

      

      
        	
                Section
                  8.7

              	
                Investor
                  Consents

              

      

      

      As
        of the
        related Sale Date, Purchaser shall have received the applicable Investor
        Consents as required by Article VII.

      

      
        	
                Section
                  8.8

              	
                Investor
                  Agreements

              

      

      

      As
        of the
        related Sale Date, the applicable Investor Agreements shall be in full force
        and
        effect.

      

      

      

      
        
          
            
            

          

          
            36

            
              

            

          

          
            
            

          

        

      

      

      ARTICLE
        IX

      

      CONDITIONS
        PRECEDENT TO OBLIGATIONS OF SELLER

      

      The
        obligations of Seller under this Agreement are subject to the satisfaction
        of
        the following conditions:

      

      
        	
                Section
                  9.1

              	
                Compliance
                  with Conditions

              

      

      

      All
        terms, conditions and covenants of this Agreement required to be complied
        with
        and performed by Purchaser shall have been duly complied with and performed
        by
        Purchaser in all material respects on or before the date specified.

      

      
        	
                Section
                  9.2

              	
                Corporate
                  Resolution; Corporate
                  Certificate

              

      

      

      Seller
        shall have received from Purchaser, on or before the related Sale Date, (a)
        a
        duly executed Certificate of Purchaser’s Secretary or Assistant Secretary
        reciting the corporate approval by Purchaser of the assumption and purchase
        from
        Seller of the Servicing Rights and authorizing Purchaser’s officers to execute
        such documents as may be necessary to carry out the transactions contemplated
        hereby; and (b) an Officer’s Certificate of Purchaser, including all attachments
        thereto, stating, among other things, that each of Purchaser’s representations
        and warranties made herein is true and correct in all material respects and
        that
        all of the terms, covenants and conditions of this Agreement required to
        be
        complied with and performed by Purchaser at or prior to the related Sale
        Date
        have been duly complied with and performed.

      

      
        	
                Section
                  9.3

              	
                Correctness
                  of Representations and
                  Warranties

              

      

      

      The
        representations and warranties made by Purchaser in this Agreement or in
        any
        document prepared and furnished by or on behalf of Purchaser in connection
        herewith are true and correct in all material respects as of the related
        Sale
        Date.

      

      
        	
                Section
                  9.4

              	
                Investor
                  Consents

              

      

      

      As
        of the
        related Sale Date, Seller shall have received the Investor Consents as required
        by Article VII.

      

      
        	
                Section
                  9.5

              	
                Opinion
                  of Counsel for
                  Purchaser

              

      

      

      Seller
        shall have received, on or before the initial Sale Date, an opinion of the
        in-house general counsel of the general partner of Purchaser (or of a law
        firm
        acceptable to Seller) dated as of the initial Sale Date, in form and substance
        satisfactory to Seller in the exercise of its reasonable discretion, to the
        effect that: (a) Purchaser is a limited partnership, validly existing and
        in
        good standing under the laws of its state of organization; (b) Purchaser
        has all
        requisite organizational power, authority and capacity to enter into this
        Agreement and to perform the obligations required of it hereby; (c) the
        execution and performance of this Agreement, Purchaser’s compliance with the
        terms hereof and the consummation of the transactions contemplated hereby,
        do
        not and will not conflict with any of the terms of Purchaser’s Organization
        Documentation Partnership Agreement or any similar corporate or organizational
        documents of Purchaser, or, as to the attorney’s knowledge after Due Inquiry,
        any material contract or agreement, order or decree to which Purchaser is
        subject or by which it is bound; (d) this Agreement has been duly executed
        by
        Purchaser and is the valid and legally binding obligation of Purchaser
        enforceable against Purchaser in accordance with its terms, subject to
        bankruptcy, insolvency and similar laws affecting generally the enforcement
        of
        creditor’s rights and the discretion of a court to grant specific performance of
        contracts; and (e) to the knowledge of such counsel, after Due Inquiry, there
        is
        no litigation proceeding or governmental investigation existing, pending
        or
        threatened, or any order, injunction or decree outstanding against or relating
        to Purchaser that (i) is reasonably expected to have a Material adverse effect
        upon the Servicing Rights, and (ii) has not been disclosed by Purchaser to
        Seller on Schedule
        5.12.

      

      
        
          
            
            

          

          
            37

            
              

            

          

          
            
            

          

        

      

      

      
        	
                Section
                  9.6

              	
                Litigation
                  or Administrative
                  Action

              

      

      

      As
        of the
        related Sale Date, there shall not have been commenced or, to the knowledge
        of
        either party hereto, threatened, any action, suit or proceeding that enjoins,
        or
        is likely to adversely affect in any material respect, the consummation of
        the
        transactions contemplated hereby.

      

      

      

      
        
          
            
            

          

          
            38

            
              

            

          

          
            
            

          

        

      

      

      ARTICLE
        X

      

      INDEMNIFICATION;
        THIRD PARTY CLAIMS

      

      
        	
                Section
                  10.1

              	
                Indemnification
                  of Purchaser

              

      

      

      Seller
        shall indemnify and hold Purchaser, its Affiliates, and their respective
        officers, directors, employees and agents (the “Purchaser Indemnified Parties”)
        harmless from, and will reimburse the Purchaser Indemnified Parties for,
        any and
        all Losses incurred by any of them to the extent that such Losses result
        from,
        are caused by or arise out of any one or more of the following:

      

      (a) Any
        misrepresentations made by Seller in this Agreement or in any Schedule, Exhibit
        or certificate furnished pursuant hereto;

      

      (b) Any
        breach of any of the representations and warranties of Seller or the
        nonfulfillment of any term, covenant, condition, agreement or obligation
        of
        Seller set forth in this Agreement or in any Schedule, statement, Exhibit
        or
        certificate furnished pursuant hereto, or any default or failure to perform
        by
        Seller hereunder;

      

      (c) Any
        defect in any Mortgage Loan existing as of the related Sale Date (including
        those defects subsequently discovered) resulting from any act or omission
        of
        Seller, any Originator or any Prior Servicer, or any employee, agent or
        representative acting on their behalf, other than Purchaser or any employee,
        agent, or representative of Purchaser;

      

      (d) Any
        fraud
        on the part of any Person in the origination of a Mortgage Loan;

      

      (e) Any
        liabilities or obligations, contingent or otherwise, of Seller or any of
        its
        Affiliates, of any nature whatsoever (other than those specifically assumed
        by
        Purchaser under this Agreement); or

      

      (f) Any
        acts
        or failures to act that constitute a practice or course of conduct of Seller
        with respect to the Servicing Rights existing on the related Sale Date and
        continued by Purchaser after such date (including, without limitation, any
        practices with respect to the Related Escrow Accounts, flood insurance, or
        late
        charges, finance charges or other fees or charges of Seller that were in
        place
        on any such date); provided
        that
        Purchaser’s continuation of such acts or practices occurred during the period
        ending 12 months after the related Sale Date and Purchaser in its reasonable
        good faith judgment did not know that such acts or practices were not in
        accordance with Applicable Requirements.

      

      The
        indemnity provided in this Section 10.1 shall remain in full force and effect
        regardless of any investigation made by Purchaser or its representatives.
        Further, for purposes of indemnification under this Section 10.1, a breach
        or
        inaccuracy of a representation or warranty contained in this Agreement shall
        be
        deemed to occur or exist either if such representation or warranty is actually
        inaccurate or breached or if such representation or warranty would have been
        so
        breached or inaccurate if such representation or warranty had not contained
        any
        limitation or qualification as to materiality, material adverse effect, material
        adverse change or knowledge (it being the intention of the parties hereto
        that
        the Purchaser Indemnified Parties shall be indemnified and held harmless
        from
        and against any and all Losses resulting from, arising out of or relating
        to the
        failure of any such representation or warranty to be true, correct and complete
        in any respect, determined in each case without regard to materiality, material
        adverse effect, material adverse change or knowledge.)

      

      
        
          
            
            

          

          
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                Section
                  10.2

              	
                Repurchase
                  of Servicing Rights

              

      

      

      (a) In
        the
        event that there exists a basis to demand indemnification under Section 10.1
        that materially and adversely affects the value or marketability of the related
        Servicing Rights, Purchaser shall provide Seller with a written notice (a
“Claim
        Notice”) identifying the basis for the repurchase request or indemnification
        demand. If Seller fails to cure the same within thirty (30) calendar days
        (or
        such lesser time as may be required by an Investor, Insurer or third party
        claimant) from the date Purchaser provides the Claim Notice to Seller, upon
        Purchaser’s demand, in addition to any other rights and remedies that Purchaser
        may have hereunder, at law or in equity (but subject to any limitations of
        the
        applicable Investor), Seller shall repurchase the applicable Servicing Rights
        from Purchaser. The purchase price for any Servicing Rights repurchased pursuant
        hereto shall be the Reimbursement Amount.

      

      (b) When
        Seller is required to make a repurchase under Section 10.2(a), such repurchase
        shall be accomplished by wire transfer within five (5) Business Days following
        Seller’s receipt of a written demand from Purchaser pursuant hereto (or such
        lesser time as may be required by an Investor). Upon completion of such
        repurchase by Seller, Purchaser shall forward to Seller all servicing records
        and all documents in Purchaser’s possession relating to the subject of such
        repurchase.

      

      
        	
                Section
                  10.3

              	
                Termination
                  of Purchaser as Primary
                  Servicer

              

      

      

      Seller
        shall have the right to terminate Purchaser as primary servicer of the Mortgage
        Loans with or without cause. In the event that Purchaser is terminated as
        primary servicer of any Mortgage Loan for any reason, other than for cause
        as
        provided under the Guide, Purchaser shall be entitled to a termination fee
        for
        each such terminated Mortgage Loan in an amount equal to the sum of (a) the
        outstanding unpaid principal balance of the Mortgage Loan as of the date
        of
        repurchase, multiplied by 125% of the Purchase Price Percentage; (b) the
        amount
        of any outstanding Advances related to the applicable Mortgage Loan made
        by
        Purchaser from its own funds; and (c) any Losses incurred by Purchaser through
        the date of repurchase in connection with the applicable Servicing Rights
        and
        not previously reimbursed pursuant to any provisions of this Agreement, any
        Investor Agreement or otherwise by Seller.

      

      
        	
                Section
                  10.4

              	
                Indemnification
                  of Seller

              

      

      

      Purchaser
        shall indemnify and hold Seller, its Affiliates, and their respective officers,
        directors, employees and agents (the “Seller Indemnified Parties”) harmless
        from, and will reimburse the Seller Indemnified Parties for, any and all
        Losses
        incurred by any of them to the extent that such Losses result from, are caused
        by or arise out of any one or more of the following:

      

      
        
          
            
            

          

          
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      (a) Any
        misrepresentations made by Purchaser in this Agreement, or in any Schedule,
        Exhibit or Certificate furnished pursuant hereto; or

      

      (b) Any
        breach of any of the representations and warranties of Purchaser or the
        nonfulfillment of any term, covenant, condition, agreement or obligation
        of
        Purchaser set forth in this Agreement, or in any Schedule, statement, Exhibit
        certificate furnished pursuant hereto, or any default or failure to perform
        by
        Purchaser under this Agreement.

      

      The
        indemnity provided in this Section 10.3 shall remain in full force and effect
        regardless of any investigation made by Seller or its representatives. Further,
        for purposes of indemnification under this Section 10.3, a breach or inaccuracy
        of a representation or warranty contained in this Agreement shall be deemed
        to
        occur or exist either if such representation or warranty is actually inaccurate
        or breached or if such representation or warranty would have been so breached
        or
        inaccurate if such representation or warranty had not contained any limitation
        or qualification as to materiality, material adverse effect, material adverse
        change or knowledge (it being the intention of the parties hereto that the
        Seller Indemnified Parties shall be indemnified and held harmless from and
        against any and all Losses resulting from, arising out of or relating to
        the
        failure of any such representation or warranty to be true, correct and complete
        in any respect, determined in each case without regard to materiality, material
        adverse effect, material adverse change or knowledge).

      

      
        	
                Section
                  10.5

              	
                Notice
                  and Settlement of
                  Claims

              

      

      

      (a) In
        the
        event that any party to this Agreement becomes aware of any material fact
        giving
        rise to any obligation of the other party under this Article X, including,
        without limitation, any claim or any litigation brought by a third party
        which
        may give rise to any such obligation, such party shall as promptly as reasonably
        possible provide the other party with a Claim Notice describing the
        same.

      

      (b) The
        indemnifying party (the “Indemnifying Party”) may, at its own cost and expense,
        assume the defense of any claim, suit, action or proceeding, provided that
        the
        counsel is satisfactory to the indemnified party (the “Indemnified Party”) in
        the exercise of its reasonable discretion. The party not controlling the
        defense
        or prosecution of any such claim, suit, action or proceeding may participate
        at
        its own cost and expense. Notwithstanding the foregoing, the Indemnified
        Party
        may assume the defense or prosecution of any such claim, suit, demand or
        proceeding if it reasonably believes that such assumption is necessary or
        appropriate to assure that its right or ability to service a material portion
        of
        its mortgage loans and servicing rights (including the Mortgage Loans or
        Servicing Rights) or its method of doing business or its authority and approvals
        to service or its reputation, goodwill, financial condition or business are
        not
        materially impaired (hereinafter referred to as a “Non-Assumable
        Claim”).

      

      
        
          
            
            

          

          
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      (c) Neither
        the Indemnifying Party nor the Indemnified Party shall be entitled to settle,
        compromise, decline to appeal, or otherwise dispose of any claim, suit, action
        or proceeding involving more than $5,000 without the consent of the other
        party
        (which consent shall not be unreasonably withheld or delayed), but which
        consent
        may be withheld by the Indemnified Party for the same reasons that would
        entitle
        the Indemnified Party to assume the defense or prosecution of any claim,
        suit,
        action or proceeding.

      

      (d) Following
        the discharge of the Indemnifying Party’s obligations under this Article X, the
        Indemnified Party shall assign to the Indemnifying Party any and all related
        claims against third parties. If the Indemnifying Party fails to discharge
        its
        obligations under this Article X, the Indemnified Party shall be entitled
        (but
        not obligated) to pursue (as the assignee of the Indemnifying Party) any
        and all
        claims against third parties which the Indemnifying Party otherwise would
        have
        the night to pursue, including, but not limited to, claims against loan
        correspondents. Within fifteen (15) days after receipt, the Indemnified Party
        shall refund to the Indemnifying Party the amounts of all recoveries the
        Indemnified Party received from third parties with respect to any claim for
        which the Indemnified Party was reimbursed for its Losses.

      

      (e) Following
        the receipt of written notice from the Indemnified Party of a demand for
        indemnification, the Indemnifying Party shall seek to cure the problem giving
        rise to the demand, if possible, without any actual or contingent liability
        of
        the Indemnified Party, and pay the amount for which it is liable, or otherwise
        take the actions which it is required to take within thirty (30) days or
        such
        lesser time as may be required by an Investor, Insurer or third-party
        claimant.

      

      
        	
                Section
                  10.6

              	
                Litigation
                  of Third Party Claims

              

      

      

      Notwithstanding
        anything to the contrary in this Agreement or the Guide, Servicer shall not
        be
        under any obligation to appear in, prosecute or defend any legal action which
        is
        not incidental to its duties to service the Mortgage Loans in accordance
        with
        this Agreement and the Guide, including without limitation, any actions based
        upon any claim or allegation that either a) the origination or underwriting
        of
        the Mortgage Loan, or b) the servicing of the Mortgage Loan prior to the
        transfer of the primary servicing to Purchaser hereunder, violated applicable
        laws, statutes or regulations and which in Purchaser’s opinion may involve it in
        any expenses or liability, unless Purchaser receives adequate assurances
        from
        Seller that it will be reimbursed the costs and expenses it incurs in
        prosecuting or defending such actions. In such event, the legal expenses
        and
        costs of such action and any liability resulting therefrom shall be recovered
        by
        Purchaser first
        from any
        collections received on account of the Mortgage Loan, including without
        limitation, the proceeds of any insurance policy or any liquidation, foreclosure
        or other disposition of the related Mortgage Property; and to the extend
        such
        collections are insufficient to reimburse Seller or such amounts cannot
        otherwise be recovered from the Mortgage Loan or the related Mortgagor,
second
        from
        collections received on account on Mortgage Loans in the related Servicing
        Rights Package; and to the extend that such collections are insufficient
        to
        reimburse Seller or cannot otherwise be covered from collections received
        on
        account of the Mortgage Loans in the related Servicing Rights 

      
        
          
          

        

        
          42

          
            

          

        

        
          
          

        

      

      package,
        third
        from
        Seller. Any amounts billed to Seller shall be paid within thirty (30) days
        of
        Seller’s receipt of an invoice from Purchaser detailing the costs and expenses
        incurred by Purchase pursuant to this Section 10.6 and not otherwise reimbursed
        to Purchaser. Purchaser shall provide Seller with notice of any claim or
        any
        litigation brought by a third party as promptly as reasonably possible after
        learning of the same.

    

     

     

     

    
      

      
        
          
            
            

          

          
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      ARTICLE
        XI

      

      TERM

      

      
        	
                Section
                  11.1

              	
                Term

              

      

      

      Except
        as
        expressly provided otherwise herein, the term of this Agreement shall expire
        on
        January 31, 2003 (the “Termination Date”). Each of the parties shall perform
        their respective duties and obligations on or prior to the Termination Date,
        including without limitation, with respect to Seller, the delivery of the
        Mandatory Delivery Amount to Purchaser.

      

      

      

      
        
          
            
            

          

          
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      ARTICLE
        XII

      

      MISCELLANEOUS

      

      
        	
                Section
                  12.1

              	
                Supplementary
                  Information

              

      

      

      From
        time
        to time prior to and after the related Sale Date, Seller shall furnish to
        Purchaser such information supplementary to the information contained in
        the
        documents and schedules delivered pursuant hereto which is reasonably available
        to Seller as Purchaser may reasonably request in writing and/or which may
        be
        necessary to enable Purchaser to file any reports or respond to Mortgagor
        or
        Investor inquiries in connection with the Mortgage Loans or Servicing Rights.
        Purchaser shall reimburse Seller for Seller’s actual, reasonable, and
        out-of-pocket costs in connection with furnishing such information.

      

      
        	
                Section
                  12.2

              	
                Access
                  to Information;
                  Confidentiality

              

      

      

      (a) Seller
        shall allow Purchaser and its Affiliates, directors, officers, employees,
        agents
        and authorized representatives (collectively, “Purchaser’s Representatives”),
        reasonable access, during normal business hours, and upon prior written notice
        of not less than two (2) Business Days in advance, throughout the period
        prior
        to the related Sale Date, to all of Seller’s files, books and records relating
        to the Servicing Rights, the Mortgage Loans, Custodial Accounts, Related
        Escrow
        Accounts and Advances. Purchaser agrees that it shall make reasonable efforts
        to
        minimize any disruption caused thereby to Seller’s conduct of its business. If
        the transactions contemplated by this Agreement are not consummated, Purchaser
        shall return on demand any information or documents provided to it by Seller
        in
        accordance with this Section 12.2(a).

      

      (b) Purchaser
        shall, and shall cause Purchaser’s Representatives to, hold in confidence and
        not disclose to any third party without Seller’s prior written consent, all
        information relating to Seller received by Purchaser and/or Purchaser’s
        Representatives in connection with the transactions contemplated herein,
        other
        than information (i) received by Purchaser or Purchaser’s Representatives on a
        non-confidential basis from a third party having a right to make such
        disclosure; (ii) that is or becomes generally available to the public (except
        as
        a result of a disclosure in violation of this Agreement); or (iii) is required
        to be disclosed by law or regulatory or judicial process, as evidenced by
        an
        opinion of counsel reasonably acceptable to Seller.

      

      (c) Seller
        shall, and shall cause its Affiliates, directors, officers, employees, agents
        and authorized representatives (collectively, “Seller’s Representatives”) to,
        hold in confidence and not disclose to any third party without Purchaser’s prior
        written consent, all information relating to Purchaser received by Seller
        and/or
        Seller’s Representatives in connection with the transactions contemplated
        herein, other than information (i) received by Seller or Seller’s
        Representatives on a non-confidential basis from a third party having a right
        to
        make such disclosure; (ii) that is or becomes generally available to the
        public
        (except as a result of a disclosure in violation of this Agreement); (iii)
        is
        required to be disclosed by law or regulatory or judicial process; or (iv)
        required to be disclosed to the Investors under the applicable Investor
        Agreement.

      

      
        
          
            
            

          

          
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      (d) This
        Section 12.2 shall survive any termination of this Agreement.

      

      
        	
                Section
                  12.3

              	
                No
                  Broker’s Fees

              

      

      

      Each
        party hereto represents and warrants to the other that it has made no agreement
        to pay any agent, finder, or broker or any other representative, any fee
        or
        commission in the nature of a finder’s or broker’s fee arising out of or in
        connection with the subject matter of this Agreement. The parties hereto
        covenant with each other and agree to indemnify and hold each other harmless
        from and against any such obligation or liability and any Losses incurred
        by the
        other in investigating or defending any claim based upon the other party’s
        actions under this Section. This Section 12.3 shall survive any termination
        of
        this Agreement.

      

      
        	
                Section
                  12.4

              	
                Further
                  Assurances

              

      

      

      Seller
        and Purchaser shall, at any time and from time to time, promptly, upon the
        reasonable request of the other or the other’s representatives, execute,
        acknowledge, deliver and/or perform all such further acts, deeds, assignments,
        transfers, conveyances, and assurances as may be reasonably required for
        the
        better vesting and confirming to Purchaser (and its successors and assigns)
        of
        title to the Servicing Rights or as shall be necessary to effect the
        transactions provided for in this Agreement. Purchaser and Seller shall
        cooperate in good faith to consummate the transactions contemplated by this
        Agreement.

      

      
        	
                Section
                  12.5

              	
                No
                  Solicitation by Seller

              

      

      

      From
        and
        after the related Sale Date, neither Seller nor any of its Affiliates shall
        specifically target and solicit, by means of direct mail, telephone or personal
        solicitation, the Mortgagors of any of the Mortgage Loans (a) for purposes
        of
        prepayment or refinance or modification of such Mortgage Loans; or (b) for
        any
        financial services or products, including, but not limited to, (i) checking
        and
        savings accounts, certificates of deposit, safe deposit boxes, automatic
        teller
        machines, second mortgage loans, equity source accounts, personal loans and
        credit cards, and (ii) ordinary life, ordinary health, credit life, credit
        health, credit unemployment and any other forms of group or individual insurance
        coverages; it being understood and agreed that all rights and benefits relating
        to the direct solicitation of such Mortgagors and all attendant right, title
        and
        interest in and to the list of such Mortgagors and data relating to their
        Mortgage Loans (including insurance renewal dates), subject in all events
        to the
        terms of the Investor Agreements, shall be transferred to Purchaser pursuant
        hereto on the related Sale Date, and Seller shall take no action after the
        related Sale Date to undermine such rights and benefits. Notwithstanding
        the
        foregoing, the following solicitations, if undertaken by Seller or any Affiliate
        of Seller, shall not be prohibited under this Section 12.5: (i) solicitations
        that are directed to the general public at large, including, without limitation,
        mass mailings based on commercially acquired mailing lists and newspaper,
        radio,
        television and other mass media advertisements; or (ii) solicitations made
        in
        response to an inquiry from a mortgagor relating to a payoff or information
        pertaining to a mortgage loan or other product.

      

      
        
          
            
            

          

          
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                Section
                  12.6

              	
                No
                  Solicitation by
                  Purchaser

              

      

      

      Neither
        Purchaser nor any of its Affiliates shall specifically target and solicit,
        by
        means of direct mail or telephonic or personal solicitation or by any other
        means, the Mortgagors to prepay the Mortgage Loans. Notwithstanding the
        foregoing, the following solicitations, if undertaken by Purchaser or any
        Affiliate of Purchaser, shall not be prohibited under this Section 12.6:
        (i)
        solicitations that are directed to the general public at large, including,
        without limitation, mass mailings based on commercially acquired mailing
        lists
        and newspaper, radio, television and other mass media advertisements; (ii)
        borrower messages included on, and statement inserts provided with the monthly
        statements sent to the Mortgagors; provided, however, that similar messages
        and
        inserts are sent to the borrowers of other mortgage loans serviced by Purchaser;
        (iii) solicitations made in response to an inquiry from a mortgagor relating
        to
        a payoff or information pertaining to a mortgage loan product; and (iv)
        solicitations made as a part of a campaign directed to mortgagors with mortgage
        loans meeting certain defined parameters (other than parameters relating
        to the
        Mortgagors or Mortgage Loans specifically). For purposes of this Section
        12.6,
        IndyMac, Inc. shall not be considered an Affiliate of Purchaser, provided,
        however, that Purchaser shall not disclose, take any action or cause any
        action
        to be taken which would provide any information regarding the Mortgagors
        or the
        Mortgage Loans to IndyMac, Inc. In addition, Purchaser agrees that it will
        not
        create a list of lenders from whom Seller purchased any of the Mortgage Loans
        for the purpose of soliciting such lenders for business.

      

      
        	
                Section
                  12.7

              	
                Survival

              

      

      

      Except
        as
        otherwise provided herein, all representations, warranties, covenants,
        indemnities and other agreements of the parties set forth herein or in any
        Exhibit, Schedule, Certificate or other document delivered pursuant hereto
        that
        contemplate performance or observance subsequent to the termination or
        expiration of this Agreement shall survive the termination or expiration
        of this
        Agreement.

      

      
        	
                Section
                  12.8

              	
                Governmental
                  Authorities; Laws and
                  Severability

              

      

      

      The
        terms
        and provisions of this Agreement are expressly made subject to applicable
        federal and state statutes, laws, and rules and regulations promulgated
        hereunder, as amended from time to time, and the acts and actions of the
        Investors and Insurers and their respective rules and regulations, as amended
        from time to time. Any rule, regulation or administrative policy of any
        government agency having jurisdiction that relates to the transfer of the
        Servicing Rights to Purchaser in effect on any related Sale Date shall be
        deemed
        to be incorporated herein, and shall supersede the terms of this Agreement,
        unless such incorporation shall materially impair the contemplated benefits
        to
        be received by the parties pursuant to this Agreement, in which event the
        parties shall renegotiate the terms and conditions hereof to reflect a fair
        allocation of the economic benefits contemplated hereby. In the event any
        provision of this Agreement is deemed by a court of competent jurisdiction
        to be
        in violation of any of the above, such provision shall be of no force or
        effect,
        and this Agreement shall continue as though such superseded provision were
        not
        contained in this Agreement.

      

      
        
          
            
            

          

          
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                Section
                  12.9

              	
                Form
                  of Payment to be Made

              

      

      

      Unless
        otherwise provided herein or agreed to in writing by the parties, all payments
        contemplated herein shall be made by wiring immediately available funds to
        the
        account designated by Seller or Purchaser, as applicable.

      

      
        	
                Section
                  12.10

              	
                Assignability

              

      

      

      Seller
        shall not assign this Agreement or any of its rights hereunder, nor delegate
        any
        material duty hereunder without the prior written consent of Purchaser, which
        such consent may be withheld in Purchaser’s sole and absolute discretion.
        Purchaser shall not assign this Agreement prior to its payment of the Purchase
        Price and thereafter, subject to the terms of the Investor Agreements and
        any
        required Consents.

      

      
        	
                Section
                  12.11

              	
                Payment
                  of Costs

              

      

      

      Seller
        shall be responsible for all costs associated with its preparation of materials
        required by Purchaser under the terms of this Agreement, as well as all transfer
        and recording fees, costs with respect to delivery of the Servicing Files
        and
        other mortgage servicing records relating to the Mortgage Loans and other
        related costs incurred by Seller in its performance of its obligations under
        this Agreement, together with fees of Seller’s attorneys and accountants.
        Purchaser shall pay all data processing costs incurred by Purchaser in
        connection with this Agreement and other related costs of Purchaser in its
        performance of its obligations hereunder, together with the fees of Purchaser’s
        attorneys and accountants. This Section 12.11 shall survive any termination
        of
        this Agreement.

      

      
        	
                Section
                  12.12

              	
                Notices

              

      

      

      All
        notices, requests, demands and other communications that are required or
        permitted to be given under this Agreement shall be in writing and shall
        be
        deemed given if delivered personally, transmitted by facsimile (and
        telephonically confirmed), mailed by registered or certified mail, return
        receipt requested, or sent by commercial overnight courier to the other party
        at
        the following address:

      

      
        	 	
                (a)

              	
                If
                  to Purchaser, to:

              

      

      

      Countrywide
        Homes Loans Servicing LP

      4500
        Park
        Granada

      Calabasas,
        California 91302

      Attention:
        Michael Schloessmann 

      

      
        
          
            
            

          

          
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                (b)

              	
                If
                  to Seller, to:

              

      

      

      Impac
        Funding Corporation

      1401
        Dove
        Street

      Newport
        Beach, CA 92660

      Attention:
        Ron Morrison, General Counsel

      

      or
        to
        such other address as Purchaser or Seller shall have specified in writing
        to the
        other. All such notices or other communications shall be deemed to have been
        received (i) on the date of personal delivery or facsimile transmission (with
        telephone confirmation); (ii) on the third (3rd)
        Business Day after being mailed by registered or certified mail; and (iii)
        on
        the next Business Day after being sent via commercial overnight
        courier.

      

      
        	
                Section
                  12.13

              	
                Entire
                  Agreement

              

      

      

      Upon
        its
        execution by the parties, this Agreement shall supercede and otherwise replace
        the Existing Agreement. Except expressly provided herein. This Agreement
        constitutes the entire agreement between the parties with respect to the
        subject
        matter hereof. No amendments, modifications or supplements of this Agreement
        shall be binding unless executed in writing by the parties hereto.

      

      
        	
                Section
                  12.14

              	
                Binding
                  Effect

              

      

      

      This
        Agreement shall inure to the benefit of and be binding upon the parties hereto
        and their respective successors and permitted assigns.

      

      
        	
                Section
                  12.15

              	
                Interpretive
                  Principles

              

      

      

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

      

      (a) All
        Section, Article, Exhibit and Schedule references used herein refer to Sections,
        Articles, Schedules and Exhibits of this Agreement. The Schedules and Exhibits
        are part of this Agreement. All Section, Article, Exhibit and Schedule headings
        used herein are for reference purposes only and shall not be deemed to have
        any
        substantive effect.

      

      (b) Singular
        terms shall include the plural, and plural terms shall include the
        singular.

      

      (c) Accounting
        terms not otherwise defined herein shall have the meanings assigned to them
        in
        accordance with generally accepted accounting principles.

      

      (d) The
        words
“herein,” “hereof,” “hereunder” and other words of similar import refer to this
        Agreement as a whole and not to any particular provisions.

      

      
        
          
            
            

          

          
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                Section
                  12.16

              	
                Applicable
                  Law

              

      

      

      This
        Agreement shall be construed in accordance with the laws of the State of
        New
        York.

      

      
        	
                Section
                  12.17

              	
                Counterparts

              

      

      

      This
        Agreement may be executed in any number of counterparts, all of which, taken
        together, shall constitute one and the same Agreement.

      

      
        	
                Section
                  12.18

              	
                Waivers

              

      

      

      No
        term
        or provision of this Agreement may be waived or modified unless such waiver
        or
        modification is in writing and signed by the party against whom such waiver
        or
        modification is sought to be enforced. The waiver by either party hereto
        of a
        breach of any provision of this Agreement shall not operate or be construed
        as a
        waiver of any other or subsequent breach.

      

      
        	
                Section
                  12.19

              	
                Publicity

              

      

      

      Except
        as
        required by applicable law, neither party hereto shall issue a press release
        or
        similar announcement or communication relating to this Agreement or the
        transactions contemplated herein using the other party’s name without such other
        party’s prior written consent.

      

      
        	
                Section
                  12.20

              	
                No
                  Third Party
                  Beneficiaries

              

      

      

      Except
        as
        expressly provided herein, nothing in this Agreement is intended to confer
        any
        right, remedy, obligation or liability upon any Person other than the parties
        hereto and their respective successors and permitted assigns.

      

      
        	
                Section
                  12.21

              	
                Time
                  of the Essence

              

      

      

      Time
        is
        of the essence in the performance of the obligations stated in this
        Agreement.

      

      
        
          
            
            

          

          
            50

            
              

            

          

          
            
            

          

        

      

      

      

      IN
        WITNESS WHEREOF,
        each of
        the undersigned parties has caused this Servicing Rights Purchase and Sale
        Agreement to be duly executed by a duly authorized representative, all as
        of the
        date first written above.

      

      “PURCHASER”

      Countrywide
        Home Loans Servicing LP

      

      By:_____________________________

      Name:
        

      Title:
        

      

      “SELLER”

      Impac
        Funding Corporation

      

      By:_____________________________

      Name:
        Lisa Duehring

      Title:
        Senior Vice President

      

      

      
        
          
            
            

          

          
            51

            
              

            

          

          
            
            

          

        

      

      

      Exhibit
        A

      

      PURCHASE
        PRICE PERCENTAGE TABLES

      

      
        
          
            
            

          

          
            52

            
              

            

          

          
            
            

          

        

      

      

      Exhibit
        B

      

      Pricing
        Letter Exhibit

      

      
        
          
            
            

          

          
            53

            
              

            

          

          
            
            

          

        

      

      

      Exhibit
        C

      

      Transfer
        Instructions

      

      
        
          
            
            

          

          
            54

            
              

            

          

          
            
            

          

        

      

      

      Exhibit
        D

      

      List
        of Investor Agreements

      

      
        
          
            
            

          

          
            55

            
              

            

          

          
            
            

          

        

      

      

      Exhibit
        E

      

      List
        of Documents in Servicing File

      

      The
        documents listed below are expected to be delivered as part of the Servicing
        File, or separately, as indicated below.

      

      
        	
                DOCUMENTS
                  IN SERVICING FILE:

              	
                DELIVERED
                  SEPARATELY FROM FILES:

              
	 	 	 	 
	 	 	 	
                Payment
                  History

              
	 	 	 	
                Notice
                  to Primary Insurers

              
	 	 	 	
                Notice
                  to Hazard Insurers

              
	 	 	 	
                Notice
                  to Flood Insurers

              
	 	 	 	
                Notice
                  to Earthquake Insurers

              
	 	 	 	
                Notice
                  to Lessor, if leasehold

              
	 	 	 	
                Notice
                  to Tax Servicer

              
	 	 	 	
                Assignment
                  (Seller to Purchaser)

              
	 	 	 	
                Original
                  Assignment (Purchaser to the

              
	 	 	 	
                applicable
                  Agency

              
	 	 	 	
                Goodbye
                  Letter to borrower (sample)

              
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

      

      

        
          	
                  *

                	
                  Original
                    in Custodial File

                

        

        
          	
                  **

                	
                  If
                    Applicable

                

        

      

       

      
        
          
            
            

          

          
            56

            
              

            

          

          
            
            

          

        

      

      

      Exhibit
        F

      

      Form
        of Officer’s Certificate

      

      
        
          
            
            

          

          
            57

            
              

            

          

          
            
            

          

        

      

      

      Exhibit
        G

      

      Bill
        of Sale

      

      

      On
        this
        ___ day of ___________, ____, Impac Funding Corporation ("Assignor") does
        hereby
        sell, transfer, assign, set over and convey to Countrywide Home Loans Servicing
        LP, without recourse, all of the right, title and interest of the Assignor
        in
        and to the Servicing Rights attributable to the mortgage loans identified
        on the
        Mortgage Loan Schedule attached hereto as Exhibit One (the "Mortgage
        Loans").

      

      Capitalized
        terms used herein but not otherwise defined shall have the meanings provided
        in
        the Servicing Rights Purchase and Sale Agreement, dated as of the, ____ day
        of
        _________, ____, by and between Countrywide Home Loans Servicing LP and the
        Assignor.

      

      This
        Bill
        of Sale shall be governed by, and construed in accordance with, the laws
        of the
        State of New York.

      

      

      
        	 	 	 	 	 	 	 	
                IMPAC
                  FUNDING CORPORATION

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	 
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

      

      

      
        
          
            
            

          

          
            58

            
              

            

          

          
            
            

          

        

      

      

      Exhibit
        H

      

      Form
        of Pricing Letter

      

      [IMPAC
        FUNDING CORPORATION LETTERHEAD]

      

      [Date]

      

      

      Countrywide
        Home Loans Servicing LP

      4500
        Park
        Granada

      Calabasas,
        California 91302

      Attn:
        Michael Schloessmann

      

      
        	 	
                Re:

              	
                Pricing
                  Letter

              

      

      

      Gentlemen
        and Ladies:

      

      This
        letter agreement (the "Pricing Letter") between Countrywide Home Loans Servicing
        LP (“Countrywide”) and Impac Funding Corporation (the "Seller") sets forth our
        agreement pursuant to which Seller is selling, and Countrywide is purchasing,
        the right to service those certain mortgage loans identified in the Mortgage
        Loan Schedule attached hereto and more particularly described herein (the
        “Mortgage Loans”). 

      

      The
        sale
        and servicing of the Mortgage Loans as contemplated herein shall be governed
        by
        that certain Servicing Rights Purchase and Sale Agreement dated as of January
        1,
        2000, between Countrywide and Seller (as such may be amended from time to
        time,
        the “Agreement”).

      

      All
        exhibits hereto are incorporated herein in their entirety. In the event there
        exists any inconsistency between the Agreement and this Pricing Letter, the
        latter shall be controlling notwithstanding anything contained in the Agreement
        to the contrary. All capitalized terms used herein and not otherwise defined
        herein shall have the meanings assigned to such terms in the
        Agreement.

      

      1. Assignment
        and Conveyance of Servicing Rights.
        Upon
        Countrywide’s payment of the Purchase Price in accordance with Article 3 of the
        Agreement, Seller shall sell, transfer, assign and convey to Countrywide,
        subject to the terms of this Pricing Letter and the Agreement, all of the
        right,
        title and interest of Seller in and to the Servicing Rights to the Mortgage
        Loans. Each Mortgage Loan shall be serviced by Countrywide pursuant to the
        terms
        of the Agreement.

      

      2. Defined
        Terms.
        As used
        in the Agreement, the following defined terms shall have meanings set forth
        below.

      

      
        
          
            
            

          

          
            59

            
              

            

          

          
            
            

          

        

      

      

      

      

      

      
        	
                (i)

              	
                Sale
                  Date:
                  [DATE].

              
	 	 
	
                (ii)

              	
                Cut-off
                  Date:
                  [DATE], or such date mutually agreed to by the parties.

              
	 	 
	
                (iii)

              	
                Cut-off
                  Date Balance:
                  $________________.

              
	 	 
	
                (iv)

              	
                Transfer
                  Date:
                  [DATE], or such mutually agreed to by the parties.

              
	 	 
	
                (v)

              	
                Purchase
                  Price Percentage:
                  ___________ basis points (____%).

              
	 	 
	
                (vi)

              	
                Purchase
                  Price:
                  $_______________.

              
	 	 
	
                (vii)

              	
                Purchase
                  Proceeds:
                  With respect to each Mortgage Loan, the sum of (a) the product
                  of (i) the
                  Cut-off Date Balance of such Mortgage Loan, and (ii)_the Purchase
                  Price
                  Percentage. The Purchase Price owing to Seller shall be paid by
                  wire
                  transfer to the account:

              
	 	 
	
                (viii)

              	
                Servicing
                  Fee Rate: [__________ basis points
                  (______%).]

              

      

      

      

      3. Description
        of Mortgage Loans:
        Each
        Mortgage Loan complies with the specifications set forth below in all material
        respects.

      

      [a. Mortgage
        Loan Type: Each Mortgage Loan is a Conventional Loan and a [Adjustable Rate]
        [Balloon] [Convertible] [Fixed Rate] Loan.

      

      [b. For
        Adjustable Rate Mortgage Loans:
        Index:
        On each Interest Adjustment Date, the applicable index rate shall be a rate
        per
        annum equal to [the weekly average yield on U.S. Treasury securities adjusted
        to
        a constant maturity of one year, as published by the Board of Governors of
        the
        Federal Reserve System in Statistical Release No. H.15] [the average of
        interbank offered rates for six-month U.S. dollar denominated deposits in
        the
        London market (LIBOR), as published [in the Wall Street Journal] [by FNMA]
        [the
        11th District Cost of Funds as made available by the Federal Home Loan Bank]
        [the weekly average yield on certificates of deposit adjusted to a constant
        maturity of six months as published by the Board of Governors of the Federal
        Reserve System in Statistical Release No. H.15 or a similar publication].
        ]

      

      c.
        Lien
        Position: Each Mortgage Loan is secured by a perfected [first] [second] lien
        Mortgage.

      

      Kindly
        acknowledge your agreement to the terms of this Pricing Letter by signing
        in the
        appropriate space below and returning this Pricing Letter to the undersigned.
        Telecopy signatures shall be deemed valid and binding to the same extent
        as the
        original.

      

      
        
          
            
            

          

          
            60

            
              

            

          

          
            
            

          

        

      

      

      

      

      
        	
                IMPAC
                  FUNDING CORPORATION

                 

                as
                  Seller

              	 	
                COUNTRYWIDE
                  HOME LOANS SERVICING LP

                as
                  Countrywide

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
                By:

              	 	 	
                By:

              	 
	
                Name:

              	 	 	 	 	 	 	
                Name:

              	 
	
                Title:

              	 	 	 	 	 	 	
                Title:

              	 

      

      

      

      

      

      
        
          
            
            

          

          
            61

            
              

            

          

          
            
            

          

        

      

      

      AMENDMENT
        REG AB

      TO
        THE
        AMENDED AND RESTATED SERVICING RIGHTS PURCHASE AND SALE AGREEMENT

      

       

      This
        is
        Amendment Reg AB (“Amendment
        Reg AB”),
        dated
        as of September 29, 2006, by and between Countrywide Home Loans Servicing
        LP
        (the “Company”), and
        IMPAC
        Funding Corporation (the “Owner”)
        to
        that certain Amended and Restated Servicing Rights Purchase and Sale Agreement
        dated as of March 1, 2002 by and between the Owner and the Company (as amended,
        modified or supplemented, the “Existing
        Agreement”).

       

      W
        I T N E
        S S E T H

       

      WHEREAS,
        the Owner and the Company have agreed, subject to the terms and conditions
        of
        this Amendment Reg AB that the Existing Agreement be amended to reflect agreed
        upon revisions to the terms of the Existing Agreement.

       

      Accordingly,
        the Owner and the Company hereby agree, in consideration of the mutual premises
        and mutual obligations set forth herein, that the Existing Agreement is hereby
        amended as follows:

      

      1. Capitalized
        terms used herein but not otherwise defined shall have the meanings set forth
        in
        the Existing Agreement. The Existing Agreement is hereby amended by adding
        the
        following definitions in their proper alphabetical order:

      

      Commission:
        The
        United States Securities and Exchange Commission.

      

      Company
        Information:
        As
        defined in Section 2(g)(i)(A)(1).

      

      Depositor:
        The
        depositor, as such term is defined in Regulation AB, with respect to any
        Securitization Transaction.

      

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

      

      Master
        Servicer:
        With
        respect to any Securitization Transaction, the “master servicer,” if any,
        identified in the related transaction documents.

      

      Reconstitution:
        Any
        Securitization Transaction or Whole Loan Transfer.

      

      Reconstitution
        Agreement:
        An
        agreement or agreements entered into by the Company and the Owner and/or
        certain
        third parties in connection with a Reconstitution with respect to any or
        all of
        the Mortgage Loans serviced under the Agreement.

      

      Regulation
        AB:
        Subpart
        229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
§§229.1100-229.1123, as such may be amended from time to time, and subject
        to
        such clarification and interpretation as have been provided by the Commission
        in
        the adopting release (Asset-Backed
        Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531
        (Jan.
        7, 2005)) or by the staff of the Commission, or as may be provided by the
        Commission or its staff from time to time.

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      Securities
        Act:
        The Securities Act of 1933, as amended.

      

      Securitization
        Transaction:
        Any
        transaction subject to Regulation AB involving either (1) a sale or other
        transfer of some or all of the Mortgage Loans directly or indirectly to an
        issuing entity in connection with an issuance of publicly offered, rated
        mortgage-backed securities or (2) an issuance of publicly offered, rated
        securities, the payments on which are determined primarily by reference to
        one
        or more portfolios of residential mortgage loans consisting, in whole or
        in
        part, of some or all of the Mortgage Loans.

      

      Servicer:
        As
        defined in Section 2(c)(iii).

      

      Servicing
        Criteria:
        The
“servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be
        amended from time to time.

      

      Subcontractor:
        Any
        vendor, subcontractor or other Person that is not responsible for the overall
        servicing (as “servicing” is commonly understood by participants in the
        mortgage-backed securities market) of Mortgage Loans but performs one or
        more
        discrete functions identified in Item 1122(d) of Regulation AB with respect
        to
        Mortgage Loans under the direction or authority of the Company or a
        Subservicer.

      

      Subservicer:
        Any
        Person that services Mortgage Loans on behalf of the Company or any Subservicer
        and is responsible for the performance (whether directly or through Subservicers
        or Subcontractors) of a substantial portion of the material servicing functions
        required to be performed by the Company under this Agreement or any
        Reconstitution Agreement that are identified in Item 1122(d) of Regulation
        AB;
        provided, however, that the term “Subservicer” shall not include any master
        servicer, or any special servicer engaged at the request of a Depositor,
        Owner
        or investor in a Securitization Transaction, nor any “back-up servicer” or
        trustee performing servicing functions on behalf of a Securitization
        Transaction.

      

      Whole
        Loan Transfer:
        Any
        sale or transfer of some or all of the Mortgage Loans, other than a
        Securitization Transaction.

      

      2. The
        Owner
        and the Company agree that the Existing Agreement is hereby amended by adding
        the following provisions:

      

      (a) Intent
        of the Parties; Reasonableness.

      

      The
        Owner
        and the Company acknowledge and agree that the purpose of Article 2 of this
        Amendment Reg AB is to facilitate compliance by the Owner and any Depositor
        with
        the provisions of Regulation AB and related rules and regulations of the
        Commission. Neither the Owner nor any Depositor shall exercise its right
        to
        request delivery of information or other performance under these provisions
        other than in good faith, or for purposes other than compliance with the
        Securities Act, the Exchange Act and the rules and regulations of the Commission
        thereunder. The Company acknowledges that interpretations of the requirements
        of
        Regulation AB may change over time, whether due to interpretive guidance
        provided by the Commission or its staff, and agrees to comply with requests
        made
        by the Purchaser, or any Depositor in good faith for delivery of information
        under these provisions on the basis of evolving interpretations of Regulation
        AB. In connection with any Securitization Transaction, the Company shall
        cooperate fully with the Owner to deliver to the Owner (including any of
        its
        assignees or designees) and any Depositor, any and
        all statements, reports, certifications, records and any other information
        necessary to permit the Owner or such Depositor to comply with the provisions
        of
        Regulation AB, together with such disclosures relating to the Company, any
        Subservicer, or the servicing of the Mortgage Loans necessary in order to
        effect
        such compliance. In the event of any conflict between this Amendment Reg
        AB and
        any other term or provision in the Existing Agreement, the provisions of
        this
        Amendment Reg AB shall control.

      

      

      
        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

      

      

      The
        Owner agrees that it will cooperate with the Company and provide sufficient
        and
        timely notice of any information requirements pertaining to a Securitization
        Transaction. The Owner will make all reasonable efforts to contain requests
        for
        information, reports or any other materials to items required for compliance
        with Regulation AB, and shall not request information which is not required
        for
        such compliance.

      

      (b) Additional
        Representations and Warranties of the Company.

      

      (i) The
        Company hereby represents to the Owner and to any Depositor, as of the date
        on
        which information is first provided to the Owner or any Depositor under Section
        2(c) that, except as disclosed in writing to the Owner or such Depositor
        prior
        to such date: (i)
        the Company is not aware and has not received notice that any default, early
        amortization or other performance triggering event has occurred as to any
        other
        securitization due to any act or failure to act of the Company; (ii)
the
        Company has not been terminated as servicer in a residential mortgage loan
        securitization, either due to a servicing default or to application of a
        servicing performance test or trigger; (iii) no
        material noncompliance
        with the applicable servicing criteria with respect to other securitizations
        of
        residential mortgage loans involving the Company as servicer
        has been disclosed or reported by the Company; (iv) no material
        changes to the Company’s policies or procedures with respect to the servicing
        function it will perform under this Agreement and any Reconstitution Agreement
        for mortgage loans of a type similar to the Mortgage Loans
        have occurred during the three-year period immediately preceding the related
        Securitization Transaction; (v) there are no aspects of the Company’s financial
        condition that could have a material adverse effect on the performance by
        the
        Company of its servicing obligations under this Agreement or any Reconstitution
        Agreement;
        (vi) there are no material
        legal or governmental proceedings pending (or known to be contemplated) against
        the Company or any Subservicer;
        and (vii) there
        are
        no affiliations, relationships or transactions required to be disclosed under
        Item 1119 between the Company and any of the parties listed in Items
        1119(a)(1)-(6) of Regulation AB which are identified in writing by the Owner
        or
        Depositor within ten days in advance of the Securitization
        Transaction.

      

      

      
        
          
            
            

          

          
            3

            
              

            

          

          
            
            

          

        

      

      

      (ii) If
        so requested by the Owner or any Depositor on any date following the
        date
        on which information is first provided to the Owner or any Depositor under
        Section 2(c),
        the Company shall, within ten Business Days following such request, confirm
        in
        writing the accuracy of the representations and warranties set forth in
        paragraph (i) of this Section or, if any such representation and warranty
        is not
        accurate as of the date of such request, provide reasonably adequate disclosure
        of the pertinent facts, in writing, to the requesting party.

      

      (c) Information
        to Be Provided by the Company.

      

      In
        connection with any Securitization Transaction the Company shall (1) within
        ten
        Business Days following request by the Owner or any Depositor, provide to
        the
        Owner and such Depositor (or cause each Subservicer to provide), in writing
        reasonably required for compliance with Regulation AB, the information and
        materials specified in paragraphs (iii) and (vi) of this Section 2(c), and
        (2)
        as promptly as practicable following notice to or discovery by the Company,
        provide to the Owner and any Depositor (as required by Regulation AB) the
        information specified in paragraph (iv) of this Section.

      

      (i) Reserved.

      

      (ii) Reserved.

      

      (iii) If
        reasonably requested by the Owner or any Depositor, the Company shall provide
        such information regarding the Company, as servicer of the Mortgage Loans,
        and
        each Subservicer (each of the Company and each Subservicer, for purposes
        of this
        paragraph, a “Servicer”), as is reasonably requested for the purpose of
        compliance with Item 1108 of Regulation AB. Such information shall include,
        at a
        minimum:

      

      (A) the
        Servicer’s form of organization;

       

      (B) a
        description of how long the Servicer has been servicing residential mortgage
        loans; a general discussion of the Servicer’s experience in servicing assets of
        any type as well as a more detailed discussion of the Servicer’s experience in,
        and procedures for, the servicing function it will perform under this Agreement
        and any Reconstitution Agreements; information regarding the size, composition
        and growth of the Servicer’s portfolio of residential mortgage loans of a type
        similar to the Mortgage Loans and information on factors related to the Servicer
        that may be material, in the reasonable determination of the Owner or any
        Depositor, to any analysis of the servicing of the Mortgage Loans or the
        related
        asset-backed securities, as applicable, including, without
        limitation:

       

      (1) whether
        any prior securitizations of mortgage loans of a type similar to the Mortgage
        Loans involving the Servicer have defaulted or experienced an early amortization
        or other performance triggering event because of servicing during the three-year
        period immediately preceding the related Securitization
        Transaction;

      (2) the
        extent of outsourcing the Servicer utilizes;

      

      
        
          
            
            

          

          
            4

            
              

            

          

          
            
            

          

        

      

      

      (3) whether
        there has been previous disclosure of material noncompliance with the applicable
        servicing criteria with respect to other securitizations of residential mortgage
        loans involving the Servicer as a servicer during the three-year period
        immediately preceding the related Securitization Transaction;

      (4) whether
        the Servicer has been terminated as servicer in a residential mortgage loan
        securitization, either due to a servicing default or to application of a
        servicing performance test or trigger; and

      (5) such
        other information as the Owner or any Depositor may reasonably request for
        the
        purpose of compliance with Item 1108(b)(2) of Regulation AB;

       

      (C) a
        description of any material changes during the three-year period immediately
        preceding the related Securitization Transaction to the Servicer’s policies or
        procedures with respect to the servicing function it will perform under this
        Agreement and any Reconstitution Agreements for mortgage loans of a type
        similar
        to the Mortgage Loans;

       

      (D) information
        regarding the Servicer’s financial condition, to the extent that there is a
        material risk that an adverse financial event or circumstance involving the
        Servicer could have a material adverse effect on the performance by the Company
        of its servicing obligations under this Agreement or any Reconstitution
        Agreement;

       

      (E) information
        regarding advances made by the Servicer on the Mortgage Loans and the Servicer’s
        overall servicing portfolio of residential mortgage loans for the three-year
        period immediately preceding the related Securitization Transaction, which
        may
        be limited to a statement by an authorized officer of the Servicer to the
        effect
        that the Servicer has made all advances required to be made on residential
        mortgage loans serviced by it during such period, or, if such statement would
        not be accurate, information regarding the percentage and type of advances
        not
        made as required, and the reasons for such failure to advance;

       

      (F) a
        description of the Servicer’s processes and procedures designed to address any
        special or unique factors involved in servicing loans of a similar type as
        the
        Mortgage Loans;

      

      (G) a
        description of the Servicer’s processes for handling delinquencies, losses,
        bankruptcies and recoveries, such as through liquidation of mortgaged
        properties, sale of defaulted mortgage loans or workouts; and

      

      (H) information
        as to how the Servicer defines or determines delinquencies and charge-offs,
        including the effect of any grace period, re-aging, restructuring, partial
        payments considered current or other practices with respect to delinquency
        and
        loss experience.

      

      

      

      
        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

      

      

      (I) a
        brief
        description of any material legal or governmental proceedings pending (or
        known
        to be contemplated) by a governmental authority against the
        Servicer;

      

      (J) a
        description of any affiliation or relationship between the Servicer and any
        of
        the following parties to a Securitization Transaction, as such parties are
        identified to the Servicer by the Purchaser or any Depositor in writing within
        ten days of such Securitization Transaction:

      

      
        	 	
                (1)

              	
                any
                  servicer;

              

      

      
        	 	
                (2)

              	
                any
                  trustee;

              

      

      
        	 	
                (3)

              	
                any
                  originator;

              

      

      
        	 	
                (4)

              	
                any
                  significant obligor;

              

      

      
        	 	
                (5)

              	
                any
                  enhancement or support provider;
                  and

              

      

      
        	 	
                (6)

              	
                any
                  other material transaction party. 

              

      

      

      (iv) For
        the
        purpose of satisfying its reporting obligation under the Exchange Act with
        respect to any class of asset-backed securities, the Company shall (or shall
        cause each Subservicer to) (a) provide prompt notice to the Owner, any Master
        Servicer and any Depositor in writing of (1) any merger, consolidation or
        sale
        of substantially all of the assets of the Company, (2) the Company’s entry into
        an agreement with a Subservicer to perform or assist in the performance of
        any
        of the Company’s obligations under the Agreement or any Reconstitution Agreement
        that qualifies as an “entry into a material definitive agreement” under Item
        1.01 of the form 8-K, (3) any Event of Default under the terms of the Agreement
        or any Reconstitution Agreement to the extent not known by such Owner, Master
        Servicer or Depositor, and (4) any material litigation or governmental
        proceedings involving the Company or any Subservicer.

      

      (v) As
        a
        condition to the succession to the Company or any Subservicer as servicer
        or
        subservicer under this Agreement or any applicable Reconstitution Agreement
        related thereto by any Person (i) into which the Company or such Subservicer
        may
        be merged or consolidated, or (ii) which may be appointed as a successor
        to the
        Company or any Subservicer, the Company shall provide to the Owner, the Master
        Servicer and any Depositor, at least 15 calendar days prior to the effective
        date of such succession or appointment, (x) written notice to the Owner and
        any
        Depositor of such succession or appointment and (y) in writing, all information
        reasonably requested by the Owner or any Depositor in order to comply with
        its
        reporting obligation under Item 6.02 of Form 8-K with respect to any class
        of
        asset-backed securities.

      

      (vi) The
        Company shall provide to the Owner and any Depositor a description of any
        affiliation or relationship required to be disclosed under Item 1119 between
        the
        Company and any of the parties listed in Items 1119 (a)(1)-(6) of Regulation
        AB
        that develops following the closing date of a Securitization Transaction
        (other
        than an affiliation or relationship that the Owner, the Depositor or the
        issuing
        entity is required to disclose under Item 1119 of Regulation AB) no later
        than
        15 calendar days prior to the date the Depositor is required to file its
        Form
        10-K disclosing such affiliation or relationship. For purposes of the foregoing,
        the Company (1) shall be entitled to assume that the parties to the
        Securitization Transaction with whom affiliations or relations must be disclosed
        are the same as on the closing date if it provides a written request (which
        may
        be by e-mail) to the Depositor or Master Servicer, as applicable, requesting
        such confirmation and either obtains such confirmation or receives no response
        within three (3) Business Days, (2) shall not be obligated to disclose any
        affiliations or relationships that may develop after the closing date for
        the
        Securitization Transaction with any parties not identified to the Company
        in
        writing within ten days in advance of the Securitization Transaction, and
        (3)
        shall be entitled to rely upon any written identification of parties provided
        by
        the Depositor, the Owner or any master servicer.

      

      

      
        
          
            
            

          

          
            6

            
              

            

          

          
            
            

          

        

      

      

      (vii) Not
        later
        than ten days prior to the deadline for the filing of any distribution report
        on
        Form 10-D in respect of any Securitization Transaction that includes any
        of the
        Mortgage Loans serviced by the Company or any Subservicer, the Company or
        such
        Subservicer, as applicable, shall, to the extent the Company or such Subservicer
        has knowledge, provide to the party responsible for filing such report
        (including, if applicable, the Master Servicer) notice of the occurrence
        of any
        material modifications, extensions or waivers of Mortgage Loan terms, fees,
        penalties or payments during the distribution period, along with all
        information, data, and materials related thereto as may be required to be
        included in the related distribution report on Form 10-D.

      

      (d) Servicer
        Compliance Statement.

      

      On
        or
        before March 5 of each calendar year, commencing in 2007, the Company shall
        deliver to the Owner, the Master Servicer and any Depositor a statement of
        compliance addressed to the Owner and such Depositor and signed by an authorized
        officer of the Company, to the effect that (i) a review of the Company’s
        servicing activities during the immediately preceding calendar year (or
        applicable portion thereof) and of its performance under the servicing
        provisions of this Agreement and any applicable Reconstitution Agreement
        during
        such period has been made under such officer’s supervision, and (ii) to the best
        of such officers’ knowledge, based on such review, the Company has fulfilled all
        of its servicing obligations under this Agreement and any applicable
        Reconstitution Agreement in all material respects throughout such calendar
        year
        (or applicable portion thereof) or, if there has been a failure to fulfill
        any
        such obligation in any material respect, specifically identifying each such
        failure known to such officer and the nature and the status
        thereof.

      

      (e) Report
        on Assessment of Compliance and Attestation.

      

      (i) On
        or
        before March 5 of each calendar year, commencing in 2007, the Company
        shall:

      

      (A) deliver
        to the Owner, the Master Servicer and any Depositor a report regarding the
        Company’s assessment of compliance with the Servicing Criteria during the
        immediately preceding calendar year, as required under Rules 13a-18 and 15d-18
        of the Exchange Act and Item 1122 of Regulation AB. Such report shall be
        addressed to the Owner and such Depositor and signed by an authorized officer
        of
        the Company, and shall address each of the applicable Servicing Criteria
        specified on Exhibit A hereto (wherein “Investor” shall mean the Master
        Servicer);

      

      

      
        
          
            
            

          

          
            7

            
              

            

          

          
            
            

          

        

      

      

      (B) deliver
        to the Owner, the Master Servicer and any Depositor a report of a registered
        public accounting firm that attests to, and reports on, the assessment of
        compliance made by the Company and delivered pursuant to the preceding
        paragraph. Such attestation shall be in accordance with Rules 1-02(a)(3)
        and
        2-02(g) of Regulation S-X under the Securities Act and the Exchange
        Act;

      

      (C) if
        required by Regulation AB, cause each Subservicer and each Subcontractor
        determined by the Company pursuant to Section 2(f)(ii) to be “participating in
        the servicing function” within the meaning of Item 1122 of Regulation AB, to
        deliver to the Owner, the Master Servicer and any Depositor an assessment
        of
        compliance and accountants’ attestation as and when provided in paragraphs (i)
        and (ii) of this Section 2(e); and

      

      (D) if
        requested by the Owner or any Depositor, no later that February 1 of the
        calendar year in which such certification is to be delivered deliver to the
        Owner, the Master Servicer, Depositor or any other Person that will be
        responsible for signing the certification (a “Sarbanes Certification”) required
        by Rules 13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section
        302
        of the Sarbanes-Oxley Act of 2002) on behalf of an asset-backed issuer with
        respect to a Securitization Transaction, a certification in the form attached
        hereto as Exhibit B; provided that such certification delivered by the Company
        may not be filed as an exhibit to, or included in, any filing with the
        Commission.

      

      The
        Company acknowledges that the party identified in clause (i)(D) above may
        rely
        on the certification provided by the Company pursuant to such clause in signing
        a Sarbanes Certification and filing such with the Commission. 

      

      (ii) Each
        assessment of compliance provided by a Subservicer pursuant to Section
        2(e)(i)(A) shall address each of the applicable Servicing Criteria specified
        on
        Exhibit A hereto delivered to the Owner concurrently with the execution of
        this
        Agreement or, in the case of a Subservicer subsequently appointed as such,
        on or
        prior to the date of such appointment. An assessment of compliance provided
        by a
        Subcontractor pursuant to Section 2(e)(i)(C) need not address any elements
        of
        the Servicing Criteria other than those specified by the Company pursuant
        to
        Section 2(f) of this Amendment Reg AB.

      

      (f) Use
        of
        Subservicers and Subcontractors.

      

      The
        Company shall not hire or otherwise utilize the services of any Subservicer
        to
        fulfill any of the obligations of the Company as servicer under this Agreement
        or any related Reconstitution Agreement unless the Company complies with
        the
        provisions of paragraph (i) of this Subsection (f). The Company shall not
        hire
        or otherwise utilize the services of any Subcontractor, and shall not permit
        any
        Subservicer to hire or otherwise utilize the services of any Subcontractor,
        to
        fulfill any of the obligations of the Company as servicer under this Agreement
        or any related Reconstitution Agreement unless the Company complies with
        the
        provisions of paragraph (ii) of this Subsection (f).

      

      

      
        
          
            
            

          

          
            8

            
              

            

          

          
            
            

          

        

      

      

      (i) It
        shall
        not be necessary for the Company to seek the consent of the Owner, the Master
        Servicer or any Depositor to the utilization of any Subservicer. If required
        by
        Regulation AB, after reasonable notice from the Owner of the parties involved
        in
        the Owner’s Securitization Transaction, the Company shall cause any Subservicer
        used by the Company (or by any Subservicer) for the benefit of the Owner
        and any
        Depositor to comply with the provisions of this Section and with Sections
        2(b),
        2(c)(iii), 2(c)(v), 2(d), and 2(e) of this Agreement, and to provide the
        information required with respect to such Subservicer under Section 2(c)(iv)
        of
        this Agreement. The Company shall be responsible for obtaining from each
        Subservicer and delivering to the Owner and any Depositor any servicer
        compliance statement required to be delivered by such Subservicer under Section
        2(d), any assessment of compliance and attestation required to be delivered
        by
        such Subservicer under Section 2(e) and any certification required to be
        delivered to the Person that will be responsible for signing the Sarbanes
        Certification under Section 2(e) as and when required to be
        delivered.

      

      (ii) It
        shall
        not be necessary for the Company to seek the consent of the Owner or any
        Depositor to the utilization of any Subcontractor. If required by Regulation
        AB,
        after reasonable notice from the Owner of the parties involved in the Owner’s
        Securitization Transaction, the Company shall promptly upon request provide
        to
        the Owner and any Depositor (or any designee of the Depositor, such as a
        master
        servicer or administrator) a written description of the role and function
        of
        each Subcontractor utilized by the Company or any Subservicer, specifying
        (A)
        the identity of each such Subcontractor, (B) which (if any) of such
        Subcontractors are “participating in the servicing function” within the meaning
        of Item 1122 of Regulation AB, and (C) which elements of the Servicing Criteria
        will be addressed in assessments of compliance provided by each Subcontractor
        identified pursuant to clause (B) of this paragraph.

      

      As
        a
        condition to the utilization of any Subcontractor determined to be
“participating in the servicing function” within the meaning of Item 1122 of
        Regulation AB, the Company shall cause any such Subcontractor used by the
        Company (or by any Subservicer) for the benefit of the Owner and any Depositor
        to comply with the provisions of Section 2(e) of this Agreement. The Company
        shall be responsible for obtaining from each Subcontractor and delivering
        to the
        Owner, the Master Servicer and any Depositor any assessment of compliance
        and
        attestation and certificate required to be delivered by such
        Subcontractor under
        Section 2(e), in each case as and when required to be delivered.

      

      (g) Indemnification;
        Remedies. 

      

      

      
        
          
            
            

          

          
            9

            
              

            

          

          
            
            

          

        

      

      

      (i) The
        Company shall indemnify the Owner and each of the following parties
        participating in a Securitization Transaction: each sponsor and issuing entity;
        each Person responsible for the execution or filing of any report required
        to be
        filed with the Commission with respect to such Securitization Transaction,
        or
        for execution of a certification pursuant to Rule 13a-14(d) or Rule 15d-14(d)
        under the Exchange Act with respect to such Securitization Transaction; each
        Person who controls any of such parties (within the meaning of Section 15
        of the
        Securities Act and Section 20 of the Exchange Act); and the respective present
        and former directors, officers and employees of each of the foregoing and
        of the
        Depositor, and shall hold each of them harmless from and against any losses,
        damages, penalties, fines, forfeitures, legal fees and expenses and related
        costs, judgments, and any other costs, fees and expenses that any of them
        may
        sustain arising out of or based upon:

      

      (A)(1) any
        untrue statement of a material fact contained or alleged to be contained
        in any
        written information, written report, certification or other material provided
        under this Amendment Reg AB by or on behalf of the Company, or provided under
        this Amendment Reg AB by or on behalf of any Subservicer or Subcontractor
        (collectively, the “Company Information”), or (2) the omission or alleged
        omission to state in the Company Information a material fact required to
        be
        stated in the Company Information or necessary in order to make the statements
        therein, in the light of the circumstances under which they were made, not
        misleading; provided,
        by way of clarification,
        that
        clause (2) of this paragraph shall be construed solely by reference to the
        Company Information and not to any other information communicated in connection
        with a sale or purchase of securities, without regard to whether the Company
        Information or any portion thereof is presented together with or separately
        from
        such other information;

      

      (B) any
        failure by the Company, any Subservicer or any Subcontractor to deliver any
        information, report, certification, accountants’ letter or other material when
        and as required under this Amendment Reg AB, including any failure by the
        Company to identify pursuant to Section 2(f)(ii) any Participating Entity;
        or

      

      (C) any
        breach by the Company of a representation or warranty set forth in Section
        2(b)(i) or in a writing furnished pursuant to Section 2(b)(ii) and made as
        of a
        date prior to the closing date of the related Securitization Transaction,
        to the
        extent that such breach is not cured by such closing date, or any breach
        by the
        Company of a representation or warranty in a writing furnished pursuant to
        Section 2(b)(ii) to the extent made as of a date subsequent to such closing
        date.In the case of any failure of performance described in clause (i)(B)
        of
        this Section, the Company shall promptly reimburse the Owner, any Depositor,
        as
        applicable, and each Person responsible for the execution or filing of any
        report required to be filed with the Commission with respect to such
        Securitization Transaction, or for execution of a certification pursuant
        to Rule
        13a-14(d) or Rule 15d-14(d) under the Exchange Act with respect to such
        Securitization Transaction, for all costs reasonably incurred by each such
        party
        in order to obtain the information, report, certification, accountants’ letter
        or other material not delivered as required by the Company, any Subservicer
        or
        any Subcontractor.

      

      

      
        
          
            
            

          

          
            10

            
              

            

          

          
            
            

          

        

      

      

      (ii) (A) Any
        failure by the Company, any Subservicer or any Subcontractor to
        deliver any information, report, certification, accountant’s letter or other
        material when and as required under this Amendment Reg AB, which continues
        unremedied for three Business Days after receipt by the Company and the
        applicable Subservicer or Subcontractor, of written notice of such failure
        from
        the Owner or Depositor shall, except as provided in clause (B) of this
        paragraph, constitute an Event of Default with respect to the Company under
        this
        Agreement and any applicable Reconstitution Agreement, and shall entitle
        the
        Owner or Depositor, as applicable, in its sole discretion to terminate the
        rights and obligations of the Company as servicer under this Agreement and/or
        any applicable Reconstitution Agreement related thereto without payment
        (notwithstanding anything in this Agreement or any applicable Reconstitution
        Agreement related thereto to the contrary) of any compensation to the Company
        (and if the Company is servicing any of the Mortgage Loans in a Securitization
        Transaction, appoint a successor servicer reasonably acceptable to any Master
        Servicer for such Securitization Transaction); provided,
        however
        it is
        understood that the Company shall remain entitled to receive reimbursement
        for
        all unreimbursed Monthly Advances and Servicing Advances made by the Company
        under this Agreement and/or any applicable Reconstitution Agreement.
        Notwithstanding anything to the contrary set forth herein, to the extent
        that
        any provision of this Agreement and/or any applicable Reconstitution Agreement
        expressly provides for the survival of certain rights or obligations following
        termination of the Company as servicer, such provision shall be given
        effect.

      

      (B) Any
        failure by the Company, any Subservicer or any Subcontractor to deliver any
        information, report, certification or accountant’s letter required under
        Regulation AB when and as required under Section 2(d) or 2(e), including
        any
        failure by the Company to identify a pursuant to Subsection 2(f) of this
        Agreement any Subcontractor “participating in the servicing function” within the
        meaning of Item 1122 of Regulation AB, which continues unremedied for nine
        calendar days after receipt by the Company of written notice of such failure
        from the Owner or Depositor shall constitute an Event of Default with respect
        to
        the Company under this Agreement and any applicable Reconstitution Agreement,
        and shall entitle the Owner or Depositor, as applicable, in its sole discretion
        to terminate the rights and obligations of the Company as servicer under
        this
        Agreement and/or any applicable Reconstitution Agreement without payment
        (notwithstanding anything in this Agreement to the contrary) of any compensation
        to the Company; provided, however it is understood that the Company shall
        remain
        entitled to receive reimbursement for all unreimbursed Monthly Advances and
        Servicing Advances made by the Company under this Agreement and/or any
        applicable Reconstitution Agreement. Notwithstanding anything to the contrary
        set forth herein, to the extent that any provision of this Agreement and/or
        any
        applicable Reconstitution Agreement expressly provides for the survival of
        certain rights or obligations following termination of the Company as servicer,
        such provision shall be given effect.

      

      

      
        
          
            
            

          

          
            11

            
              

            

          

          
            
            

          

        

      

      

      (C) The
        Company shall promptly reimburse the Owner (or any affected designee of the
        Owner, such as a master servicer) and any Depositor, as applicable, for all
        reasonable expenses incurred by the Owner (or such designee) or such Depositor
        as such are incurred, in connection with the termination of the Company as
        servicer and the transfer of servicing of the Mortgage Loans to a successor
        servicer. The provisions of this paragraph shall not limit whatever rights
        the
        Company, the Owner or any Depositor may have under other provisions of this
        Agreement and/or any applicable Reconstitution Agreement or otherwise, whether
        in equity or at law, such as an action for damages, specific performance
        or
        injunctive relief.

      

      (iii) The
        Owner
        agrees to indemnify and hold harmless the Company, any Subservicer and any
        Participating Entity, each Person who controls any of such parties (within
        the
        meaning of Section 15 of the Securities Act and Section 20 of the Exchange
        Act),
        and the respective present and former directors, officers and employees of
        each
        of the foregoing from and against any losses, damages, penalties, fines,
        forfeitures, legal fees and expenses and related costs, judgments, and any
        other
        costs, fees and expenses that any of them may sustain arising out of or based
        upon any untrue statement or alleged untrue statement of any material fact
        contained in any filing with the Commission or the omission or alleged omission
        to state in any filing with the Commission a material fact required to be
        stated
        or necessary to be stated in order to make the statements therein, in the
        light
        of the circumstances under which they were made, not misleading, in each
        case to
        the extent, but only to the extent, that such untrue statement, alleged untrue
        statement, omission, or alleged omission relates to any filing with the
        Commission other than the Company Information.

      

      (iv) If
        the
        indemnification provided for herein is unavailable or insufficient to hold
        harmless the indemnified party, then the indemnifying party agrees that it
        shall
        contribute to the amount paid or payable by such indemnified party as a result
        of any claims, losses, damages or liabilities uncured by such indemnified
        party
        in such proportion as is appropriate to reflect the relative fault of such
        indemnified party on the one hand and the indemnifying party on the
        other.

      

      (v) The
        indemnifications provided for in Section 2(g) shall survive the termination
        of
        this Amendment Reg AB or the termination of any party to this Amendment Reg
        AB.

      

      (vi) The
        Master Servicer shall be considered a third-party beneficiary of 2(d), 2(e)
        and
        2(g) of this Amendment Reg AB (with regard to Section 2(g), solely with respect
        to noncompliance under 2(d) and 2(e) of this Amendment Reg AB), entitled
        to all
        the rights and benefits hereof as if it were a direct party to this Amendment
        Reg AB.

      

      3. Notwithstanding
        any other provision of this Amendment Reg AB, the Company shall seek the
        consent
        of the Owner for the utilization of all Subservicers and Subcontractors,
        when
        required by and in accordance with the terms of the Existing
        Agreement.

       

      4. The
        Existing Agreement is hereby amended by adding the Exhibit attached hereto
        as
        Exhibit A to the end thereto. References in this Amendment Reg AB to “this
        Agreement” or words of similar import (including indirect references to the
        Agreement) shall be deemed to be references to the Existing Agreement as
        amended
        by this Amendment Reg AB. Except as expressly amended and modified by this
        Amendment Reg AB, the Agreement shall continue to be, and shall remain, in
        full
        force and effect in accordance with its terms. In the event of a conflict
        between this Amendment Reg AB and any other document or agreement, including
        without limitation the Existing Agreement, this Amendment Reg AB shall
        control.

       

      

      

      
        
          
            
            

          

          
            12

            
              

            

          

          
            
            

          

        

      

      

      5. This
        Amendment Reg AB may be executed in one or more counterparts and by different
        parties hereto on separate counterparts, each of which, when so executed,
        shall
        constitute one and the same agreement. This Amendment Reg AB will become
        effective as of the date first mentioned above. This
        Amendment Reg AB shall bind and inure to the benefit of and be enforceable
        by
        the Company and the Owner and the respective permitted successors and assigns
        of
        the Company and the successors and assigns of the Owner.

       

       

      

       

      [Signature
        Page Follows]

       

      

      

      
        
          
            
            

          

          
            13

            
              

            

          

          
            
            

          

        

      

      

       

      IN
        WITNESS WHEREOF, the parties have caused their names to be signed hereto
        by
        their respective officers thereunto duly authorized as of the day and year
        first
        above written.

       

      

      
        	 	 	 	 	 	 	 	
                IMPAC
                  FUNDING CORPORATION

              
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Owner

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                /s/
                  Jim
                  Malloy

              
	 	 	 	 	 	 	 	
                Name:

              	
                Jim
                  Malloy

              
	 	 	 	 	 	 	 	
                Title:

              	
                Senior
                  Vice President

              

      

       

      

      
        	 	 	 	 	 	 	 	
                COUNTRYWIDE
                  HOME LOANS SERVICING LP

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                /s/
                  Adam Gadsby

              
	 	 	 	 	 	 	 	
                Name:

              	
                Adam
                  Gadsby

              
	 	 	 	 	 	 	 	
                Title:

              	
                Assistant
                  Vice President

              

      

       

      

      

      

      

      
        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        A

      

      SERVICING
        CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE

      

      The
        assessment of compliance to be delivered by [the Company] [Name of Subservicer]
        shall address, at a minimum, the applicable criteria identified below as
        “Applicable Servicing Criteria”:

      

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                 

              	
                General
                  Servicing Considerations

              	
                 

              
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                X

              
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the mortgage loans are maintained.

              	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements.

              	
                X

              
	
                 

              	
                Cash
                  Collection and Administration

              	 
	
                1122(d)(2)(i)

              	
                Payments
                  on mortgage loans are deposited into the appropriate custodial
                  bank
                  accounts and related bank clearing accounts no more than two business
                  days
                  following receipt, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel.

              	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of overcollateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, “federally insured depository institution” with respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized
                  access.

              	
                X

              

      

       

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

       

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                1122(d)(2)(vii)

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                 

              	
                Investor
                  Remittances and Reporting

              	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of mortgage loans serviced by the
                  Servicer.

              	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank
                  statements.

              	
                X

              
	
                 

              	
                Pool
                  Asset Administration

              	 
	
                1122(d)(4)(i)

              	
                Collateral
                  or security on mortgage loans is maintained as required by the
                  transaction
                  agreements or related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Mortgage
                  loan and related documents are safeguarded as required by the transaction
                  agreements

              	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements.

              	
                X

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on mortgage loans, including any payoffs, made in accordance with
                  the
                  related mortgage loan documents are posted to the Servicer’s obligor
                  records maintained no more than two business days after receipt,
                  or such
                  other number of days specified in the transaction agreements, and
                  allocated to principal, interest or other items (e.g., escrow)
                  in
                  accordance with the related mortgage loan documents.

              	
                X

              
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the mortgage loans agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal
                  balance.

              	
                X

              

      

       

      
        
          
          

        

        
          A-2

          
            

          

        

        
          
          

        

      

       

      
        	
                Servicing
                  Criteria 

              	
                Applicable
                  Servicing Criteria

              
	
                Reference

              	
                Criteria

              	
                 

              
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's mortgage loans
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents.

              	
                X

              
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a mortgage
                  loan is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent mortgage loans including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or
                  unemployment).

              	
                X

              
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for mortgage loans with variable
                  rates are computed based on the related mortgage loan
                  documents.

              	
                X

              
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s mortgage loan
                  documents, on at least an annual basis, or such other period specified
                  in
                  the transaction agreements; (B) interest on such funds is paid,
                  or
                  credited, to obligors in accordance with applicable mortgage loan
                  documents and state laws; and (C) such funds are returned to the
                  obligor
                  within 30 calendar days of full repayment of the related mortgage
                  loans,
                  or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements.

              	
                X

              
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission.

              	
                X

              
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the servicer, or such other number of days
                  specified in the transaction agreements.

              	
                X

              

      

      

      
        
          
            
            

          

          
            A-3

            
              

            

          

          
            
            

          

        

      

      

      

      
        	
                1122(d)(4)(xiv)

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements.

              	
                X

              
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements.

              	 

      

      

      

      

      
        	 	 	 	 	 	 	 	
                [NAME
                  OF COMPANY] [NAME OF SUBSERVICER]

              
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                Date:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                /s/
                  

              
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

      

       

      

      

      
        
          
            
            

          

          
            A-4

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        B

      

       

      FORM
        OF
        ANNUAL CERTIFICATION

       

      
        	 	
                Re:

              	
                The
                  [                  
                  ] agreement dated as of
                  [          
                   ],
                  200[    ] (the “Agreement”), among [IDENTIFY
                  PARTIES]

              

      

       

      I,
        ________________________________, the _______________________ of Countrywide
        Home Loans, Inc., certify to [the Owner], [the Depositor], [Master Servicer],
        [Securities Administrator] or [Trustee], and its officers, with the knowledge
        and intent that they will rely upon this certification, that:

       

      (1) I
        have
        reviewed the servicer compliance statement of the Company provided in accordance
        with Item 1123 of Regulation AB (the “Compliance Statement”), the report on
        assessment of the Company’s compliance with the servicing criteria set forth in
        Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance
        with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended
        (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing
        Assessment”), the registered public accounting firm’s attestation report
        provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act
        and
        Section 1122(b) of Regulation AB (the “Attestation
        Report”), and all servicing reports, officer’s certificates and other
        information relating to the servicing of the Mortgage Loans by the Company
        during 200[ ] that were delivered by the Company to the [Depositor] [Master
        Servicer] [Securities Administrator] or [Trustee] pursuant to the Agreement
        (collectively, the “Company Servicing Information”);

       

      (2) Based
        on
        my knowledge, the Company Servicing Information, taken as a whole, does not
        contain any untrue statement of a material fact or omit to state a material
        fact
        necessary to make the statements made, in the light of the circumstances
        under
        which such statements were made, not misleading with respect to the period
        of
        time covered by the Company Servicing Information;

       

      (3) Based
        on
        my knowledge, all of the Company Servicing Information required to be provided
        by the Company under the Agreement has been provided to the [Depositor] [Master
        Servicer] [Securities Administrator] or [Trustee];

       

      (4) I
        am
        responsible for reviewing the activities performed by the Company as servicer
        under the Agreement, and based on my knowledge and the compliance review
        conducted in preparing the Compliance Statement and except as disclosed in
        the
        Compliance Statement, the Servicing Assessment or the Attestation Report,
        the
        Company has fulfilled its obligations under the Agreement; and

       

      

      [Intentionally
        Left Blank]

      

      
        
          
            
            

          

          
            B-1

            
              

            

          

          
            
            

          

        

      

      

       

      (5) The
        Compliance Statement required to be delivered by the Company pursuant to
        this
        Agreement, and the Servicing Assessment and Attestation Report required to
        be
        provided by the Company and by each Subservicer and Participating Entity
        pursuant to the Agreement, have been provided to the [Depositor] [Master
        Servicer]. Any material instances of noncompliance described in such reports
        have been disclosed to the [Depositor] [Master Servicer]. Any material instance
        of noncompliance with the Servicing Criteria has been disclosed in such
        reports.

       

      

       

      

      
        	 	 	 	 	 	 	 	
                Date:

              	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	
                By:

              	
                /s/
                  

              
	 	 	 	 	 	 	 	
                Name:

              	 
	 	 	 	 	 	 	 	
                Title:

              	 

      

       

      

      

      
        
          
            
            

          

          
            B-2

            
              

            

          

          
            
            

          

        

      

      

      

      

      EXHIBIT
        R

       

      FORM
        OF
        GMAC SERVICING AGREEMENT

      

      
        
          
            
            

          

          
            R-1

            
              

            

          

          
            
            

          

        

      

      
         

        

          MORTGAGE
            LOAN PURCHASE AND INTERIM SERVICING AGREEMENT

          

          This
            is a
            MORTGAGE LOAN PURCHASE AND INTERIM SERVICING AGREEMENT (the “Agreement”), dated
            as of June 29, 2006, among GMAC Mortgage Corporation having an office
            at 100
            Witmer Road, Horsham, PA, 19044 (the “Purchaser”) and Impac Funding Corporation,
            having an office at 1401 Dove Street, Newport Beach, California 92660
            (“IFC” and
            the “Seller”).

          

          WITNESSETH

          

          WHEREAS,
            the Seller desires to sell to the Purchaser on the Closing Date, and
            the
            Purchaser desires to purchase from the Seller, certain conventional
            adjustable-rate first lien residential mortgage loans (the “Mortgage Loans”) as
            described herein on a servicing released basis, and which shall be delivered
            as
            whole loans;

          

          WHEREAS,
            IFC is the owner of the Servicing Rights with respect to the Mortgage
            Loans and
            desires to sell to the Purchaser on the Closing Date, the Servicing Rights
            with
            respect to the Mortgage Loans;

          

          WHEREAS,
            each Mortgage Loan is secured by a mortgage, deed of trust or other security
            instrument creating a first lien on a residential dwelling located in
            the
            jurisdiction indicated on the Mortgage Loan Schedule;

          

          WHEREAS,
            the parties intend that, on the Securitization Date, the Seller shall
            repurchase
            the beneficial ownership of the Mortgage Loans from the Purchaser, and
            the
            Seller shall subsequently securitize the Mortgage Loans with the Purchaser
            servicing the Mortgage Loans for the Seller, as master servicer
            thereunder;

          

          WHEREAS,
            the Purchaser and the Seller wish to prescribe the manner of the conveyance,
            reconveyance, interim servicing and control of the Mortgage Loans.

          

          NOW,
            THEREFORE, in consideration of the premises and mutual agreements set
            forth
            herein, and for other good and valuable consideration, the receipt and
            sufficiency of which are hereby acknowledged, the Purchaser and the Seller
            agree
            as follows:

          

          SECTION
            1. Definitions:
            For purposes of this Agreement the following capitalized terms shall
            have the
            respective meanings set forth below.

          

          Accepted
            Servicing Practices:
            With
            respect to any Mortgage Loan, those mortgage servicing practices (including
            collection procedures) of prudent mortgage banking institutions which
            service
            mortgage loans of the same type as the Mortgage Loans in the jurisdiction
            where
            the related Mortgaged Property is located, and which are in accordance
            with the
            servicing provisions of the Impac Guide.

          

          Agreement:
            This
            Mortgage Loan Purchase and Interim Servicing Agreement including all
            exhibits,
            schedules, amendments and supplements hereto.

          

          
            
              
              

            

            
              R-2

              
                

              

            

            
              
              

            

          

          Appraised
            Value:
            With
            respect to any Mortgaged Property, the lesser of (i) the value thereof
            as
            determined by an appraisal made for the originator of the Mortgage Loan
            at the
            time of origination of the Mortgage Loan by a Qualified Appraiser, and
            (ii) the
            purchase price paid for the related Mortgaged Property by the Mortgagor
            with the
            proceeds of the Mortgage Loan, provided, however, in the case of a Refinanced
            Mortgage Loan, such value of the Mortgaged Property is based solely upon
            the
            value determined by an appraisal made for the originator of such Refinanced
            Mortgage Loan at the time of origination of such Refinanced Mortgage
            Loan by a
            Qualified Appraiser.

          

          Assignment
            of Mortgage:
            An
            individual assignment of Mortgage, notice of transfer or equivalent instrument
            in recordable form, sufficient under the laws of the jurisdiction wherein
            the
            related Mortgaged Property is located to give record notice of the sale
            of the
            Mortgage to the Purchaser. None of the assignments of Mortgage will be
“blanket”
assignments of Mortgage.

          

          Business
            Day:
            Any day
            other than a Saturday or Sunday, or a day on which banking and savings
            and loan
            institutions in the States of New York, California or Pennsylvania are
            authorized or obligated by law or executive order to be closed.

          

          Cash-Out
            Refinancing:
            A
            Refinanced Mortgage Loan, the proceeds of which were more than the greater
            of
            (a) $ 1,000, or (b) 1% in excess of the principal balance of an existing
            first
            mortgage on the related Mortgaged Property, the principal balance of
            any
            existing subordinate mortgages on the related Mortgaged Property and
            related
            closing costs, and were used to satisfy such existing first mortgage,
            or any
            such subordinate mortgages, to pay related closing costs and to provide
            to the
            Mortgagor more than $1,000 or the amount calculated in (b) above, as
            applicable,
            in addition thereto.

          

          Closing
            Date:
            June 29,
            2006, or such other date as maybe agreed upon by the Seller and the
            Purchaser.

          

          Closing
            Documents:
            The
            documents required pursuant to Section 9.

          

          Condemnation
            Proceeds:
            All
            awards, compensation and settlements in respect of a taking of all or
            part of a
            Mortgaged Property by exercise of the power of condemnation or the right
            of
            eminent domain.

          

          Confirmation:
            The
            Trade Confirmation Letter dated as of June 29, 2006, between the Purchaser
            and
            the Seller which relates to the Mortgage Loans.

          

          Current
            Appraised Value:
            With
            respect to any Mortgaged Property, the value thereof as determined by
            an
            appraisal made for the Seller (by a Qualified Appraiser) at the request
            of a
            Mortgagor for the purpose of canceling a Primary Insurance Policy in
            accordance
            with federal, state and local laws and regulations.

          

          Current
            LTV:
            The
            ratio of the unpaid scheduled principal balance of a Mortgage Loan as
            of the
            Cut-off Date to the Current Appraised Value of the Mortgaged
            Property.

          

          Cut-off
            Date:
            June 1,
            2006.

          

          
            
              
              

            

            
              R-3

              
                

              

            

            
              
              

            

          

          Due
            Date:
            The day
            on which the Monthly Payment is due on a Mortgage Loan, exclusive of
            any days of
            grace which day is the first day of the month.

          

          Escrow
            Payments:
            The
            amounts constituting ground rents, taxes, assessments, water charges,
            sewer
            rents, fire and hazard insurance premiums and other payments as may be
            required
            to be escrowed by the Mortgagor with the Mortgagee pursuant to the terms
            of any
            Mortgage Note or Mortgage.

          

          Event
            of Default:
            Any one
            of the events enumerated in Subsection 13.01.

          

          Fannie
            Mae:
            Fannie
            Mae or any successor thereto.

          

          Fannie
            Mae Guide(s):
            The
            Fannie Mae Seller’s Guide and the Fannie Mae Servicers’ Guide and all amendments
            or additions thereto.

          

          Freddie
            Mac:
            Freddie
            Mac, formerly known as the Federal Home Loan Mortgage Corporation or
            any
            successor thereto.

          

          Freddie
            Mac Guide:
            The
            Freddie Mac Single Family Seller/Servicer Guide and all amendments or
            additions
            thereto.

          

          FIRREA:
            The
            Financial Institutions Reform, Recovery, and Enforcement act of 1989,
            as amended
            and in effect from time to time.

          

          GAAP:
            Generally accepted accounting principles, consistently applied.

          

          Impac
            Guide:
            The
            servicing guide of the Seller used in connection with servicing mortgage
            loans
            of similar type as the Mortgage Loans, as the same may be amended, restated
            or
            supplemented from time to time.

          

          Insurance
            Proceeds:
            With
            respect to each Mortgage Loan, proceeds of any insurance policy insuring
            the
            Mortgage Loan or the related Mortgaged Property.

          

          Interest
            Paid to Date:
            With
            respect to a Mortgage Loan, the last date to which interest has been
            paid on
            such Mortgage Loan, as shown on the books and records of the Seller as
            of the
            Cut-off Date.

           

          

            
              
                
                

              

              
                R-4

                
                  

                

              

              
                
                

              

            

          Interim
            Servicing Fee:
            With
            respect to each Mortgage Loan during the Interim Servicing Period, the
            amount of
            the servicing fee the Purchaser shall pay to the Seller, which shall,
            for each
            month, be equal to $7.00 per Mortgage Loan per month, plus any ancillary
            servicing compensation (including without limitation any late fees, assumption
            fees, penalties or similar payments with respect to the Mortgage Loan,
            and
            income on escrow accounts or other receipts on or with respect to the
            Mortgage
            Loan, but excluding any charges or premiums due in connection with a
            full or
            partial prepayment of such Mortgage Loan). Such fee shall be payable
            monthly. If
            the Interim Servicing Period includes any partial calendar month, the
            Interim
            Servicing Fee for such month shall be pro rated at a per diem rate based
            upon a
            30-day month.

          

          Interim
            Servicing Period:
            With
            respect to any Mortgage Loan, the period during which the Seller shall
            service
            the Mortgage Loans in accordance with the provisions of this Agreement,
            commencing on the Closing Date and ending on the Servicing Transfer
            Date.

          

          Liquidation
            Proceeds:
            Amounts, other than Insurance Proceeds and Condemnation Proceeds, received
            in
            connection with the liquidation of a defaulted Mortgage Loan through
            trustee’s
            sale, foreclosure sale or otherwise, other than amounts received following
            the
            acquisition of REO Property.

          

          Loan-to-Value
            Ratio
            or
LTV:
            With
            respect to any Mortgage Loan as of origination, the ratio on such date
            of the
            outstanding principal amount of the Mortgage Loan to the lesser of the
            Appraised
            Value of the Mortgaged Property as of the Origination Date or the purchase
            price
            of the Mortgaged Property.

          

          Monthly
            Payment:
            With
            respect to any Mortgage Loan, the scheduled combined payment of principal
            and
            interest payable by a Mortgagor under the related Mortgage Note on each
            Due
            Date.

          

          Mortgage:
            The
            mortgage, deed of trust or other instrument securing a Mortgage Note
            which
            creates a first lien on an unsubordinated estate in fee simple in real
            property
            securing the Mortgage Note.

          

          Mortgagee:
            The
            mortgagee or beneficiary named in the Mortgage and the successors and
            assigns of
            such mortgagee or beneficiary.

          

          Mortgage
            File:
            The
            items pertaining to a particular Mortgage Loan referred to in Exhibit
            2
            annexed
            hereto, and any additional documents required to be added to the Mortgage
            File
            pursuant to this Agreement.

          

          Mortgage
            Interest Rate:
            With
            respect to each Mortgage Loan, the annual rate at which interest accrues
            on such
            Mortgage Loan from time to time in accordance with the provisions of
            the related
            Mortgage Note.

          

          Mortgage
            Loan:
            Each
            mortgage loan sold, assigned and transferred to the Purchaser pursuant
            to this
            Agreement and identified on the Mortgage Loan Schedule, which Mortgage
            Loan
            includes without limitation the Mortgage File, the Servicing File, the
            Monthly
            Payments, Principal Prepayments, Liquidation Proceeds, Condemnation Proceeds,
            Insurance Proceeds, REO Disposition proceeds, and all other rights, benefits,
            proceeds and obligations arising from or in connection with such mortgage
            loan.

          

          Mortgage
            Loan Documents:
            The
            documents listed in Subsection 6.03 pertaining to any Mortgage
            Loan.

           

          
            
              
              

            

            
              R-5

              
                

              

            

            
              
              

            

          

          Mortgage
            Loan Schedule:
            The
            schedule of Mortgage Loans annexed hereto as Exhibit
            1 (which
            shall also be provided in an electronic format acceptable to Purchaser),
            such
            schedule setting forth the following information with respect to each
            Mortgage
            Loan: (1) the Mortgage Loan identifying number; (2) the Mortgagor’s first and
            last name; (3) the street address of the Mortgaged Property including
            the city,
            state and zip code; (4) a code indicating whether the Mortgaged Property
            is
            owner-occupied, a second home or investor property; (5) the type of Residential
            Dwelling constituting the Mortgaged Property; (6) a code indicating the
            purpose
            of the loan (i.e., purchase financing, Rate/Term Refinancing, Cash-Out
            Refinancing); (7) the original principal amount of the Mortgage Loan;
            (8) the
            Mortgage Interest Rate at origination; (9) the date on which the first
            Monthly
            Payment was due on the Mortgage Loan; (10) the stated maturity date;
            (11) the
            amount of the Monthly Payment as of the Cut-off Date; (12) the original
            months
            to maturity; (13) the last Due Date on which a Monthly Payment was actually
            applied to the unpaid principal balance; (14) the Mortgage Interest Rate
            in
            effect immediately following the Cut-off Date; (15) the scheduled principal
            balance of the Mortgage Loan as of the Cut-off Date; (16) a code indicating
            whether or not each Mortgage Loan has a prepayment penalty and if so,
            the amount
            and duration of such penalty (17) the sales price of the Mortgaged Property,
            if
            applicable, the Appraised Value and the Loan-to-Value Ratio at origination;
            (18)
            the Current Appraised Value and Current LTV, if applicable; (19) a code
            indicating the documentation style; and (20) a code indicating whether
            or not
            the Mortgage Loan is the subject of Primary Insurance Policy and the
            name of the
            related carrier if LPMI-amount of coupon deduction. With respect to the
            Mortgage
            Loans in the aggregate, the Mortgage Loan Schedule shall set forth the
            following
            information, as of the Cut-off Date: (1) the number of Mortgage Loans;
            (2) the
            current principal balance of the Mortgage Loans; (3) the weighted average
            Mortgage Interest Rate of the Mortgage Loans; and (4) the weighted average
            maturity of the Mortgage Loans.

          

          Seller’s
            Officer’s Certificate:
            A
            certificate signed by the Chairman of the Board, President, any Vice
            President
            or Treasurer of the Seller stating the date by which the Seller expects
            to
            receive any missing documents sent for recording from the applicable
            recording
            office.

          

          Mortgage
            Note:
            The
            note or other evidence of the Mortgage Loan indebtedness of a
            Mortgagor.

          

          Mortgaged
            Property:
            The
            underlying real property and improvements thereon securing repayment
            of a
            Mortgage Note, consisting of a single parcel of real estate considered
            to be
            real estate under the laws of the state in which such real property is
            located
            which may include condominium units and planned unit developments.

          

          Mortgagor:
            The
            obligor on a Mortgage Note, the owner of the Mortgaged Property and the
            grantor
            or mortgagor named in the related Mortgage and such grantor’s or mortgagor’s
            successor(s) in title to the Mortgaged Property.

          

          Officer’s
            Certificate:
            A
            certificate signed by the Chairman of the Board or the Vice Chairman
            of the
            Board or a President or a Vice President and by the Treasurer or the
            Secretary
            or one of the Assistant Treasurers or Assistant Secretaries of the Person
            on
            behalf of whom such certificate is being delivered.

          

          

          
            
              
              

            

            
              R-6

              
                

              

            

            
              
              

            

          

          Opinion
            of Counsel:
            A
            written opinion of counsel, who maybe salaried counsel for the Person
            on behalf
            of whom the opinion is being given, reasonably acceptable to each Person
            to whom
            such opinion is addressed.

          

          Origination
            Date:
            The
            date on which a Mortgage Loan funded.

          

          Person:
            An
            individual, corporation, partnership, joint venture, association, joint-stock
            company, limited liability company, trust, unincorporated organization
            or
            government or any agency or political subdivision thereof.

          

          Prepayment
            Interest Excess:
            With
            respect to any distribution date, for each Mortgage Loan that was the
            subject of
            a Principal Prepayment during the portion of the Prepayment Period from
            the
            related Due Date to the end of such Prepayment Period, any payment of
            interest
            received in connection therewith (net of any applicable servicing fee)
            representing interest accrued for any portion of such month of
            receipt.

          

          Prepayment
            Period:
            As to
            any distribution date, the period beginning with the opening of business
            on the
            sixteenth day of the calendar month preceding the month in which such
            distribution date occurs (or, with respect to the first distribution
            date, the
            period from June 1, 2006) and ending on the close of business on the
            fifteenth
            day of the month in which such distribution date occurs.

          

          Primary
            Insurance Policy:
            Each
            primary policy of mortgage insurance other than the Radian PMI Pool Policy
            but
            including the Radian Lender-Paid PMI Policies, represented to be in effect
            pursuant to Section 7.02.

          

          Principal
            Prepayment:
            Any
            payment or other recovery of principal on a Mortgage Loan, full or partial,
            which is received in advance of its scheduled Due Date, which is not
            accompanied
            by an amount of interest representing scheduled interest due on any date
            or
            dates in any month or months subsequent to the month of prepayment.

          

          Purchase
            Price:
            The
            price paid by the Purchaser in exchange for the Mortgage Loans purchased
            on the
            Closing Date, calculated as provided in Section 4.

          

          Purchase
            Price Percentage:
            That
            certain purchase price percentage specified in the Confirmation with
            respect to
            the Mortgage Loans, as adjusted as provided for therein.

          

          Purchaser:
            GMAC
            Mortgage Corporation, its successors in interest and assigns.

          

          Qualified
            Appraiser:
            An
            appraiser, duly appointed by the Seller, who had no interest, direct
            or indirect
            in the Mortgaged Property or in any loan made on the security thereof,
            and whose
            compensation is not affected by the approval or disapproval of the Mortgage
            Loan, and such appraiser and the appraisal made by such appraiser both
            satisfy
            the requirements of Title XI of FIRREA and the regulations promulgated
            thereunder and the requirements of Fannie Mae or Freddie Mae.

          

          

          
            
              
              

            

            
              R-7

              
                

              

            

            
              
              

            

          

          Qualified
            Insurer:
            An
            insurance company duly qualified as such under the laws of the states
            in which
            the Mortgaged Properties are located, duly authorized and licensed in
            such
            states to transact the applicable insurance business and to write the
            insurance
            provided, approved as an insurer by the Seller.

          

          Radian:
            Radian
            Guaranty, Inc. (f/k/a Commonwealth Mortgage Assurance Company), or its
            successors or assigns.

          

          Radian
            Lender-Paid PMI Policy:
            A
            Primary Insurance Policy issued by Radian in accordance with a March
            29, 2002
            letter between the Seller and Radian.

          

          Rate/Term
            Refinancing:
            A
            Refinanced Mortgage Loan, the proceeds of which were not more than the
            greater
            of (a) $ 1,000, or (b) 1% in excess of the principal balance of an existing
            first mortgage on the related Mortgaged Property, the principal balance
            of any
            existing subordinate mortgages on the related Mortgaged Property and
            related
            closing costs, and were used to satisfy such existing first mortgage,
            or any
            such subordinate mortgages, to pay related closing costs and to provide
            to the
            Mortgagor not more than $1,000 or the amount calculated in (b) above,
            as
            applicable, in addition thereto.

          

          Refinanced
            Mortgage Loan:
            A
            Mortgage Loan the proceeds of which were not used to purchase the related
            Mortgaged Property.

          

          REO
            Disposition:
            The
            final sale by the Seller of any REO Property.

          

          REO
            Property:
            A
            Mortgaged Property acquired as a result of the liquidation of a Mortgage
            Loan.

          

          Repurchase
            Price:
            With
            respect to any Mortgage Loan, a price equal to the sum of (i) 100% of
            the Stated
            Principal Balance of such Mortgage Loan on the repurchase date, (ii)
            plus unpaid
            accrued interest at the Mortgage Rate on the outstanding principal balance
            thereof from the Due Date through which interest has been last paid by
            or on
            behalf of the Mortgagor through the first day of the month following
            the month
            of purchase plus (iii) the amount of unreimbursed Advances or unreimbursed
            Servicing Advances made with respect to such Mortgage Loan plus (iv)
            any other
            amounts owed to the Master Servicer or any Subservicer pursuant to Section
            3.11
            of the Servicing Agreement and not included in clause (iii) of this definition
            plus (v) any costs damages incurred by the Trust in connection with any
            violation by such Mortgage Loan by any predatory-lending law.

          

          Residential
            Dwelling:
            Any one
            of the following: (i) a detached single family dwelling, (ii) a two-to-four
            family dwelling, (iii) a unit in a condominium project, or (iv) a detached
            single family dwelling in a planned unit development. Mortgaged Properties
            that
            consist of the following property types are not
            eligible
            for sale to the Purchaser: (a) co-operative units, (b) log homes, (c)
            earthen
            homes, (d) underground homes, (e) mobile homes, (f) homes which are situated
            on
            more than ten acres of property and (g) homes which are secured by a
            leasehold
            estate.

          

          

          
            
              
              

            

            
              R-8

              
                

              

            

            
              
              

            

          

          Securitization
            Date:
            June
            29, 2006, or such other date as may be agreed upon by the Seller and
            the
            Purchaser.

          

          Servicing
            Agreement:
            The
            Pooling and Servicing Agreement, dated June 1, 2006, among IFC, as master
            servicer, Impac Secured Assets Corp., as depositor and Deutsche Bank
            National
            Trust Company, as trustee.

          

          Servicing
            File:
            With
            respect to each Mortgage Loan, the file retained by IFC or its agent
            (prior to
            the Servicing Transfer Date) consisting of copies of all collateral documents
            relating to the servicing of such Mortgage Loan not contained in the
            Mortgage
            File.

          

          Servicing
            Rights:
            With
            respect to each Mortgage Loan, any and all of the following: (a) all
            rights to
            service the Mortgage Loan; (b) all rights to receive servicing fees,
            additional
            servicing compensation (including without limitation any late fees, assumption
            fees, penalties or similar payments with respect to the Mortgage Loan,
            Prepayment Interest Excess and income on escrow accounts or other receipts
            on or
            with respect to the Mortgage Loan, but excluding any charges or premiums
            due in
            connection with a full or partial prepayment of such Mortgage Loan),
            reimbursements or indemnification for servicing the Mortgage Loan, and
            any
            payments received in respect of the foregoing and proceeds thereof; (c)
            the
            right to collect, hold and disburse escrow payments or other similar
            payments
            with respect to the Mortgage Loans and any amounts actually collected
            with
            respect thereto and to receive interest income on such amounts to the
            extent
            permitted by applicable law; (d) all accounts and other rights to payment
            related to any of the property described in this paragraph; (e) possession
            and
            use of any and all Servicing Files pertaining to the Mortgage Loans or
            pertaining to the past, present or prospective servicing of the Mortgage
            Loans;
            (f) all rights and benefits relating to the direct solicitation of the
            related
            Mortgagors for refinance or modification of the Mortgage Loans and attendant
            right, title and interest in and to the list of such Mortgagors and data
            relating to their respective Mortgage Loans; (g) all rights, powers and
            privileges incident to any of the foregoing; and (h) all agreements or
            documents
            creating, defining or evidencing any of the foregoing rights to the extent
            they
            relate to such rights and all rights of the Seller thereunder.

          

          Servicing
            Rights Owner:
            The
            beneficial owner of the Servicing Rights, which shall initially be the
            Purchaser, and thereafter shall be the party to whom the servicing of
            any
            Mortgage Loan is sold, transferred or retained.

          

          Servicing
            Rights Repurchase Price:
            With
            respect to the Servicing Rights of any Mortgage Loan, an amount equal
            (A) with
            respect to any repurchase occurring prior to the five-year anniversary
            of the
            Closing Date, [________]% of the scheduled principal balance of such
Mortgage
            Loan as of the date of repurchase, and (B) thereafter, the product of
            (i)
            [________]% of the scheduled principal balance of such Mortgage Loan
            as of the
            date of repurchase, times (ii) a fraction, not less than zero, the numerator
            of
            which is 60 minus the number of full months which have elapsed following
            the
            five-year anniversary of the Closing Date and the denominator of which
            is
            60.

          

          Seller:
            Impac
            Funding Corporation, its successors in interest and assigns, as permitted
            by
            this Agreement.

          

          
            
              
              

            

            
              R-9

              
                

              

            

            
              
              

            

          

          Servicing
            Transfer Date:
            The
            close of business on [_____], 2006, or on any date following [_____],
            2006 as
            mutually agreed upon by the Seller and Purchaser in writing; provided
            however,
            if a Mortgage Loan is 60 or more days delinquent or subject to a foreclosure
            proceeding, then with respect to such Mortgage Loan the Servicing Transfer
            Date
            shall be the close of business on the next Business Day if so requested
            by the
            Purchaser.

          

          SECTION
            2. Agreement
            to Purchase.
            The
            Seller agrees to sell, and the Purchaser agrees to purchase, Mortgage
            Loans,
            including the Servicing Rights thereto, having an aggregate scheduled
            principal
            balance on the Cut-off Date in an amount equal to $[________] or in such
            other
            amount as agreed by the Purchaser and the Seller as evidenced by the
            actual
            aggregate scheduled principal balance of the Mortgage Loans accepted
            by the
            Purchaser on the Closing Date.

          

          SECTION
            3. Mortgage
            Loan Schedule.
            The
            Seller shall deliver the Mortgage Loan Schedule to the Purchaser prior
            to the
            Closing Date.

          

          SECTION
            4. Purchase
            Price.
            The
            Purchase Price for the Mortgage Loans listed on the Mortgage Loan Schedule,
            including the Servicing Rights thereto, shall be the Purchase Price Percentage
            multiplied by the unpaid scheduled principal balance of the Mortgage
            Loans as of
            the Cut-off Date.

          

          In
            addition to the Purchase Price as described above, the Purchaser shall
            pay to
            the Seller, on the Closing Date, accrued interest on each Mortgage Loan
            at the
            Mortgage Interest Rate from Cut-off Date through the day prior to the
            Closing
            Date.

          

          With
            respect to each Mortgage Loan purchased, the Purchaser shall own and
            be entitled
            to receive: all payments and/or recoveries of principal collected on
            or after
            the Cut-off Date, all payments of interest on the Mortgage Loans and
            other
            ancillary income related to each Mortgage Loan (except with respect to
            the
            ancillary servicing compensation owed to IFC during the Interim Servicing
            Period
            as part of the Interim Servicing Fee).

          

          SECTION
            5. Examination
            of Mortgage Files.
            With
            regard to the examination of the Mortgage Loans and Mortgage Files prior
            to the
            Closing Date, Purchaser and the Seller shall have such rights as are
            set forth
            in the Confirmation. If Purchaser declines, in accordance with its rights
            under
            the Confirmation, to purchase a Mortgage Loan, such Mortgage Loan shall
            be
            deleted from the Mortgage Loan Schedule. The Purchaser may, at its option
            and
            without notice to the Seller, purchase all or a portion of the Mortgage
            Loans
            without conducting any partial or complete examination. The fact that
            the
            Purchaser has conducted or has determined not to conduct any partial
            or complete
            examination of the Mortgage Files shall not affect the Purchaser’s (or any of
            its successors’) rights to demand repurchase or any other relief or remedy
            provided for in this Agreement.

          

          SECTION
            6. Conveyance
            from Seller to Purchaser.

          

          Subsection
            6.01. Conveyance
            of Mortgage Loans, Possession of Servicing Files.

          

          

          
            
              
              

            

            
              R-10

              
                

              

            

            
              
              

            

          

          The
            Seller, simultaneously with the payment of the Purchase Price, does hereby
            sell,
            transfer, assign, set over and convey to the Purchaser, without recourse,
            but
            subject to the terms of this Agreement, all rights, title and interest
            of the
            Seller in and to the Mortgage Loans listed on the Mortgage Loan Schedule,
            including the Servicing Rights thereto, together with the related Mortgage
            Files
            and all rights and obligations arising under the documents contained
            therein.
            Pursuant to Subsection 6.03 of the Agreement, the Seller shall deliver
            to
            Deutsche Bank National Trust Company, as custodian (the “Custodian”), the
            Mortgage Loan Documents. The contents of each related Servicing File
            required to
            be retained by IFC to interim service the Mortgage Loans pursuant to
            the
            Agreement and thus not delivered to the Purchaser prior to the Closing
            Date are,
            and shall be, held in trust by IFC for the benefit of the Purchaser as
            the owner
            thereof. IFC’s possession of any portion of each such Servicing File is at the
            will of the Purchaser for the sole purpose of facilitating interim servicing
            of
            the related Mortgage Loan pursuant to the Agreement, and such retention
            and
            possession by IFC shall be in a custodial capacity only. The ownership
            of each
            Mortgage Note, Mortgage, and the contents of the Mortgage File and Servicing
            File is vested in the Purchaser and the ownership of all records and
            documents
            with respect to the related Mortgage Loan and Servicing Rights prepared
            by or
            which come into the possession of IFC shall immediately vest in the Purchaser
            and shall be retained and maintained, in trust, by IFC at the will of
            the
            Purchaser in such custodial capacity only.

          

          The
            Servicing File retained by IFC or its agent with respect to each Mortgage
            Loan
            pursuant to this Agreement shall be appropriately identified in IFC’s computer
            system to reflect clearly the sale of such related Mortgage Loan to the
            Purchaser. IFC shall release from its custody the contents of any Servicing
            File
            retained by it only in accordance with this Agreement.

          

          Subsection
            6.02. Books
            and Records.

          

          Record
            title to each Mortgage and the related Mortgage Note as of the Closing
            Date
            shall be in the name of the Seller in trust for the benefit of the Purchaser
            or
            one or more designees of the Purchaser, as the Purchaser shall designate.
            Notwithstanding the foregoing, beneficial ownership of each Mortgage
            and the
            related Mortgage Note shall be vested solely in the Purchaser or the
            appropriate
            designee of the Purchaser, as the case may be. All rights arising out
            of the
            Mortgage Loans including, but not limited to, all funds received by the
            Seller
            to which Purchaser is entitled as provided in Section 4 shall be vested
            in the
            Purchaser or one or more designees of the Purchaser; provided, however,
            that all
            such funds shall be received and held by the Seller in trust for the
            benefit of
            the Purchaser or the assignee of the Purchaser, as the case may be, as
            the owner
            of the Mortgage Loans pursuant to the terms of this Agreement.

          

          Subsection
            6.03. Delivery
            of Mortgage Loan Documents.

          

          The
            Seller shall deliver to the Custodian the following Mortgage Loan Documents
            with
            respect to each Mortgage Loan to be purchased and sold on the Closing
            Date and
            set forth on the Mortgage Loan Schedule:

          

          

          
            
              
              

            

            
              R-11

              
                

              

            

            
              
              

            

          

          (a) the
            original Mortgage Note endorsed without recourse, to “Deutsche Bank National
            Trust Company, as trustee under the Pooling and Servicing Agreement relating
            to
            Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series
            2006-2”
with all intervening endorsements showing an unbroken chain of endorsements
            from
            the originator to the Person endorsing it to the trustee or, with respect
            to any
            Mortgage Loan as to which the original Mortgage Note has been permanently
            lost
            or destroyed and has not been replaced, a lost note affidavit;

          

          (b) the
            original recorded Mortgage or, if the original Mortgage has not been
            returned
            from the public recording office, a copy of the Mortgage certified by
            the Seller
            or the public recording office in which such Mortgage has been recorded
            to be a
            true and complete copy of the original Mortgage submitted for
            recording;

          

          (c) a
            duly
            executed original Assignment of the Mortgage, without recourse, in recordable
            form to “Deutsche Bank National Trust Company, as trustee,” or to “Deutsche Bank
            National Trust Company, as trustee for holders of Impac Secured Assets
            Corp.,
            Mortgage Pass-Through Certificates, Series 2006-2”;

          

          (d) the
            original recorded Mortgage and each intervening assignment showing an
            unbroken
            chain of assignment from the originator thereof to the Person assigning
            it to
            the trustee or, if any such intervening assignment has not been returned
            from
            the applicable public recording office, a copy of such intervening assignment
            certified by the Seller to be a true and complete copy of the original
            intervening assignment submitted to the title insurance company for
            recording;

          

          (e) the
            original title insurance policy, or, if such policy has not been issued,
            any one
            of an original or a copy of the preliminary title report, title binder
            or title
            commitment on the Mortgaged Property with the original policy of the
            insurance
            to be delivered promptly following the receipt thereof,

          

          (f) a
            copy of
            the related hazard insurance policy;

          

          (g) a
            true
            and correct copy of any assumption, modification, consolidation or substitution
            agreement; and

          

          (h) the
            original or a copy of the private mortgage insurance policy or original
            certificate of private mortgage insurance for each Mortgage Loan so identified
            on the Mortgage Loan Schedule.

          

          

            
              
                
                

              

              
                R-12

                
                  

                

              

              
                
                

              

            

          If
            the
            Seller cannot deliver the original recorded Mortgage Loan Documents or
            the
            original policy of title insurance, including riders and endorsements
            thereto,
            on the Closing Date, the Seller shall, promptly upon receipt thereof
            and in any
            case not later than 120 days from the Closing Date, deliver such original
            documents, including original recorded documents, to the Custodian (unless
            the
            Seller are delayed in making such delivery by reason of the fact that
            such
            documents shall not have been returned by the appropriate recording office).
            If
            delivery is not completed within 120 days of the Closing Date solely
            due to
            delays in making such delivery by reason of the fact that such documents
            shall
            not have been returned by the appropriate recording office, the Seller
            shall
            deliver such document to the Custodian within such time period as specified
            in
            the Seller’s Officer’s Certificate. In the event that documents have not been
            received by the date specified in the Seller’s Officer’s Certificate, a
            subsequent Seller’s Officer’s Certificate shall be delivered by such date
            specified in the prior Seller’s Officer’s Certificate, stating a revised date
            for receipt of documentation. The procedure shall be repeated until the
            documents have been received and delivered. If delivery is not completed
            within
            180 days of the Closing Date solely due to delays in making such delivery
            by
            reason of the fact that such documents shall not have been returned by
            the
            appropriate recording office, the Seller shall continue to use its best
            efforts
            to effect delivery as soon as possible thereafter, provided that if such
            documents are not delivered by the 270th day from the date of execution,
            the
            Seller shall repurchase the related Mortgage Loans at the Repurchase
            Price in
            accordance with Section 7.03 hereof.

          

          The
            Seller shall forward to the Custodian original documents evidencing an
            assumption, modification, consolidation or extension of any Mortgage
            Loan
            entered into in accordance with this Agreement within two (2) weeks of
            their
            execution, provided, however, that the Seller shall provide the Custodian
            with a
            certified true copy of any such document submitted for recordation within
            two
            (2) weeks of its execution, and shall provide the original of any document
            submitted for recordation or a copy of such document certified by the
            appropriate public recording office to be a true and complete copy of
            the
            original within ninety (90) days of its submission for recordation.

          

          The
            Seller shall provide an original or duplicate original of the title insurance
            policy to the Custodian within ninety (90) days of the receipt of the
            recorded
            documents (required for issuance of such policy) from the applicable
            recording
            office.

          

          If
            the
            Purchaser discovers any defect with respect to a Mortgage File, the Purchaser
            shall give prompt written specification of such defect to the Seller,
            and the
            Mortgage Loan shall cure or repurchase such Mortgage Loan in accordance
            with
            Section 7.03.

          

          SECTION
            7. Representations,
            Warranties and Covenants of the Seller; Remedies for Breach.

          

          Subsection
            7.01. Representations
            and Warranties Respecting the Seller.

          

          (a)
            The
            Seller hereby represents and warrants to the Purchaser as of the Closing
            Date
            that:

          

          

            
              
                
                

              

              
                R-13

                
                  

                

              

              
                
                

              

            

          (i) The
            Seller is a corporation duly organized, validly existing and in good
            standing
            under the laws of the State of California and is and will remain 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 and
            the
            servicing of the Mortgage Loan in accordance with the terms of this Agreement.
            The Seller has all licenses necessary to carry out its business as now
            being
            conducted, and is licensed and qualified to transact business in and
            is in good
            standing under the laws of each state in which any Mortgaged Property
            is located
            or is otherwise exempt under applicable law from such licensing or qualification
            or is otherwise not required under applicable law to effect such licensing
            or
            qualification and no demand for such licensing or qualification has been
            made
            upon the Seller by any such state, and in any event the Seller is in
            compliance
            with the laws of any such state to the extent necessary to ensure the
            enforceability of each Mortgage Loan and the servicing of the Mortgage
            Loans in
            accordance with the terms of this Agreement;

          

          (ii) The
            Seller has the full power and authority and legal right to hold, transfer
            and
            convey the servicing rights to each Mortgage Loan, and to execute, deliver
            and
            perform, and to enter into and consummate, all transactions contemplated
            by this
            Agreement and to conduct its business as presently conducted. The Seller
            has
            duly authorized the execution, delivery and performance of this Agreement
            and
            any agreements contemplated hereby, has duly executed and delivered this
            Agreement, and any agreements contemplated hereby, and this Agreement,
            assuming
            due authorization, execution and delivery by the Purchaser, and each
            Assignment
            of Mortgage and any agreements contemplated hereby, constitutes a legal,
            valid
            and binding obligation of the Seller, enforceable against it in accordance
            with
            its terms and all requisite corporate action has been taken by the Seller
            to
            make this Agreement and all agreements contemplated hereby valid and
            binding
            upon the Seller in accordance with their terms;

          

          (iii) Neither
            the execution and delivery of this Agreement by the Seller, nor the origination
            or purchase of the Mortgage Loans by the Seller, the sale of the Servicing
            Rights to the Mortgage Loans to the Purchaser, the consummation of the
            transactions contemplated hereby, or the performance of or compliance
            with the
            terms and conditions of this Agreement will conflict with any of the
            terms,
            conditions or provisions of the Seller’s articles of incorporation or by-laws,
            or constitute a default under or result in a breach or acceleration of,
            any
            material contract agreement or other instrument to which the Seller is
            a party
            or which may be applicable to the Seller or its assets, or result in
            the
            material violation of any law, rule, regulation, order, judgment or decree
            to
            which the Seller or its properties are subject, or impair the ability
            of the
            Purchaser to realize on the Mortgage Loans;

          

          (iv) The
            Seller is not in violation of, and the execution and delivery of this
            Agreement
            by the Seller and its performance and compliance with the terms of this
            Agreement will not constitute a violation with respect to, any order
            or decree
            of any court or any order or regulation of any federal, state, municipal
            or
            governmental agency having jurisdiction over the Seller or its assets,
            which
            violation might have consequences that would materially and adversely
            affect the
            condition (financial or otherwise) or the operation of the Seller or
            its assets
            or might have consequences that would materially and adversely affect
            the
            performance of its obligations and duties hereunder;

          

          

          
            
              
              

            

            
              R-14

              
                

              

            

            
              
              

            

          

          (v) The
            Seller does not believe, nor does it have any reason or cause to believe,
            that
            it cannot perform each and every covenant contained in this Agreement.
            The
            Seller is solvent and the sale of the Servicing Rights to the Mortgage
            Loans
            will not cause the Seller to become insolvent. The sale of the Servicing
            Rights
            to the Mortgage Loans is not undertaken with the intent to hinder, delay
            or
            defraud any of the Seller’s creditors;

          

          (vi) The
            Seller is properly qualified to service the Mortgage Loans and has been
            servicing the Mortgage Loans prior to the Cut-off Date;

          

          (vii) There
            are
            no actions or proceedings against, or investigations of, the Seller before
            any
            court, administrative or other tribunal (A) that might prohibit its entering
            into this Agreement, (B) seeking to prevent the sale of the Servicing
            Rights to
            the Mortgage Loans or the consummation of the transactions contemplated
            by this
            Agreement (C) that might prohibit or materially and adversely affect
            the
            performance by the Seller of its obligations under, or the validity or
            enforceability of, this Agreement or (D) that is reasonably likely to
            have a
            material adverse effect on the financial condition of the Seller;

          

          (viii) No
            consent approval, authorization or order of any court or governmental
            agency or
            body is required for the execution, delivery and performance by the Seller
            of,
            or compliance by the Seller with, this Agreement or the sale of the Servicing
            Rights to the Mortgage Loans or the consummation of the transactions
            contemplated by this Agreement, except for such consents, approvals,
            authorizations or orders, if any, that have been obtained prior to the
            Closing
            Date;

          

          (ix) The
            consummation of the transactions contemplated by this Agreement are in
            the
            ordinary course of business of the Seller;

          

          (x) The
            Seller has not dealt with any broker, investment banker, agent or other
            person
            that may be entitled to any commission or compensation in connection
            with the
            sale of the Mortgage Loans other than Bear Stearns & Co. Inc., Countrywide
            Securities Corporation and Merrill Lynch, Pierce, Fenner & Smith
            Incorporated;

          

          (xi) The
            Seller has the computer systems and the capability to effect the servicing
            transfer via a “tape-to-tape” method or via a reasonably acceptable electronic
            data processing method; and

          

          (xii) The
            Seller is an approved seller/servicer of residential mortgage loans for
            Fannie
            Mae, Freddie Mac and I-FUD, with such facilities, procedures and personnel
            necessary for the sound servicing of such mortgage loans. The Seller
            is duly
            qualified, licensed, registered and otherwise authorized under all applicable
            federal state and local laws, and regulations, if applicable, meets the
            minimum
            capital requirements set forth by its regulator, and is in good standing
            to sell
            mortgage loans to and service mortgage loans for Fannie Mae and Freddie
            Mac and
            no event has occurred which would make the Seller unable to comply with
            eligibility requirements or which would require notification to either
            Fannie
            Mae or Freddie Mac.

          

          

            
              
                
                

              

              
                R-15

                
                  

                

              

              
                
                

              

            

          Subsection
            7.02. Representations
            and Warranties Regarding Individual Mortgage Loans.

          

          The
            Seller hereby represents and warrants to the Purchaser, with respect
            to each
            Mortgage Loan, as of the Closing Date or such other date specified
            herein:

          

          (i) the
            information set forth in the Mortgage Loan Schedule hereto is true and
            correct
            in all material respects;

          

          (ii) the
            terms
            of the Mortgage Note and the Mortgage have not been impaired, waived,
            altered or
            modified in any respect, except by written instruments, (i) if required
            bylaw in
            the jurisdiction where the Mortgaged Property is located, or (ii) to
            protect the
            interests of the Purchaser;

          

          (iii) the
            Mortgage File for each Mortgage Loan contains a true and complete copy
            of each
            of the documents contained in such Mortgage File, including all amendments,
            modifications and, if applicable, waivers and assumptions that have been
            executed in connection with such Mortgage Loan;

          

          (iv) immediately
            prior to the transfer to the Purchaser, the Seller was the sole owner
            of
            beneficial title and holder of each Mortgage and Mortgage Note relating
            to the
            Mortgage Loans and is conveying the same free and clear of any and all
            liens,
            claims, encumbrances, participation interests, equities, pledges, charges
            or
            security interests of any nature and the Seller has full right and authority
            to
            sell or assign the same pursuant to this Agreement;

          

          (v) each
            Mortgage is a valid and enforceable first lien on the property securing
            the
            related Mortgage Note and each Mortgaged Property is owned by the Mortgagor
            in
            fee simple (except with respect to common areas in the case of condominiums,
            planned unit developments (“PUDs”)
            and
de minimis
            PUDs) or
            by leasehold for a term longer than the term of the related Mortgage,
            subject
            only to (i) the lien of current real property taxes and assessments,
            (ii)
            covenants, conditions and restrictions, rights of way, easements and
            other
            matters of public record as of the date of recording of such Mortgage,
            such
            exceptions being acceptable to mortgage lending institutions generally
            or
            specifically reflected in the appraisal obtained in connection with the
            origination of the related Mortgage Loan or referred to in the lender’s title
            insurance policy delivered to the originator of the related Mortgage
            Loan and
            (iii) other matters to which like properties are commonly subject which
            do not
            materially interfere with the benefits of the security intended to be
            provided
            by such Mortgage;

          

          (vi) no
            payment of principal of or interest on or in respect of any Mortgage
            Loan is 30
            or more days past due;

          

          

          
            
              
              

            

            
              R-16

              
                

              

            

            
              
              

            

          

          (vii) there
            is
            no mechanics’ lien or claim for work, labor or material affecting the premises
            subject to any Mortgage which is or may be a lien prior to, or equal
            with, the
            lien of such Mortgage except those which are insured against by the title
            insurance policy referred to in (xii) below;

          

          (viii) as
            of the
            Cut-off Date, (i) no Mortgage Loan had been 30 days or more delinquent
            more than
            once during the preceding 12 months, (ii) no Mortgage Loan had been delinquent
            for 60 days or more during the preceding 12 months and (iii) to Seller’s
            knowledge, there was no delinquent tax or assessment lien against the
            property
            subject to any Mortgage, except where such lien was being contested in
            good
            faith and a stay had been granted against levying on the property,

          

          (ix) there
            is
            no valid offset, defense or counterclaim to any Mortgage Note or Mortgage,
            including the obligation of the Mortgagor to pay the -unpaid principal
            and
            interest on such Mortgage Note;

          

          (x) to
            the
            Seller’s knowledge, except to the extent insurance is in place which will cover
            such damage, the physical property subject to any Mortgage is free of
            material
            damage and is in good repair and there is no proceeding pending or threatened
            for the total or partial condemnation of any Mortgaged Property;

          

          (xi) to
            the
            best of the Seller’s knowledge, each Mortgage Loan at the time it was made
            complied in all material respects with applicable state and federal laws,
            including, without limitation, usury, equal credit opportunity and disclosure
            laws;

          

          (xii) a
            lender’s title insurance policy (on an ALTA or CLTA form) or binder, or other
            assurance of title customary in the relevant jurisdiction therefor in
            a form
            acceptable to Fannie Mae or Freddie Mac, was issued on the date that
            each
            Mortgage Loan was created by a title insurance company which, to the
            best of the
            Seller’s knowledge, was qualified to do business in the jurisdiction where the
            related Mortgaged Property is located, insuring the Seller and its successors
            and assigns that the Mortgage is a first priority lien on the related
            Mortgaged
            Property in the original principal amount of the Mortgage Loan. Seller
            is the
            sole insured under such lender’s title insurance policy, and such policy, binder
            or assurance is valid and remains in full force and effect, and each
            such
            policy, binder or assurance shall contain all applicable endorsements
            including
            a negative amortization endorsement, if applicable;

          

          (xiii) in
            the
            event the Mortgage constitutes a deed of trust, either a trustee, duly
            qualified
            under applicable law to serve as such, has been properly designated and
            currently so serves and is named in the Mortgage or if no duly qualified
            trustee
            has been properly designated and so serves, the Mortgage contains satisfactory
            provisions for the appointment of such trustee by the holder of the Mortgage
            at
            no cost or expense to such holder, and no fees or expenses are or will
            become
            payable by Purchaser to the trustee under the deed of trust, except in
            connection with a trustee’s sale after default by the mortgagor;

          

          
            
              
              

            

            
              R-17

              
                

              

            

            
              
              

            

          

          (xiv) (i)
            the
            Loan-to-Value Ratio of each Mortgage Loan at origination was not more
            than
            100.00%; (ii) each Mortgage Loan with a Loan-to-Value Ratio at origination
            in
            excess of 80.00% will be insured by one of the following: (a) a Primary
            Insurance Policy issued by a private mortgage insurer or (b) a Radian
            Lender-Paid PMI Policy. Claims on insured Mortgage Loans will reduce
            uninsured
            exposure to an amount equal to 50% of the lesser of the appraised value
            or
            purchase price, as the case may be, of the related Mortgaged Property.
            Each
            Primary Insurance Policy will insure against default under each insured
            Mortgage
            Note as follows: (i) for which the outstanding principal balance at origination
            of such Mortgage Loan is greater than or equal to 80.01 % and up to and
            including 90.00% of the lesser of the Appraised Value and the sales price,
            such
            Mortgage Loan is covered by a Primary Insurance Policy in an amount equal
            to at
            least 20.00% of the Allowable Claim and (H) for which the outstanding
            principal
            balance at origination of such Mortgage Loan exceeded 90.00% of the lesser
            of
            the Appraised Value and the sales price, such Mortgage Loan is covered
            by a
            Primary Insurance Policy in an amount equal to at least 30.00% of the
            Allowable
            Claim. Each Radian Lender-Paid PMI Policy will insure against default
            under each
            insured Mortgage Note related to a covered Mortgage Loan as follows:
            (A) for
            which the outstanding principal balance at origination of such Mortgage
            Loan is
            at least 80.01% and up to and including 90.00% of the lesser of the Appraised
            Value and the sales price, such Mortgage Loan is covered by such Radian
            Lender-Paid PMI Policy in an amount equal to at least 22.00% of the Allowable
            Claim, and (B) for which the outstanding principal balance at origination
            of
            such Mortgage Loan is at least 90.01% and up to and including 95.00%
            of the
            lesser of the Appraised Value and the sales price, such Mortgage Loan
            is covered
            by such Radian Lender-Paid PMI Policy in an amount equal to at least
            25.00% of
            the Allowable Claim. The “Appraised Value” is the appraised value of the related
            Mortgaged Property at the time of origination of such Mortgage Loan.
            The
“Allowable Claim”for any Mortgage Loan covered by a Primary Insurance Policy or
            a Radian Lender-Paid PMI Policy is the current principal balance of such
            Mortgage Loan plus accrued interest and allowable expenses at the time
            of the
            claim;

          

          (xv) at
            the
            time of origination, each Mortgaged Property was the subject of an appraisal
            which conforms to the Seller’s underwriting requirements, and a complete copy of
            such appraisal is contained in the Mortgage File;

          

          (xvi) neither
            the Seller nor any servicer of the Mortgage Loans has advanced funds
            or
            knowingly received any advance of funds by a party other than the Mortgagor,
            directly or indirectly, for the payment of any amount required by the
            Mortgage,
            except for (i) interest accruing from the date of the related Mortgage
            Note or
            date of disbursement of the Mortgage Loan proceeds, whichever is later,
            to the
            date which precedes by 30 days the first Due Date under the related Mortgage
            Note, and (ii) customary advances for insurance and taxes;

          

          

          
            
              
              

            

            
              R-18

              
                

              

            

            
              
              

            

          

          (xvii) each
            Mortgage Note, the related Mortgage and other agreements executed in
            connection
            therewith are genuine, and each is the legal, valid and binding obligation
            of
            the maker thereof, enforceable in accordance with its terms except as
            such
            enforcement may be limited by bankruptcy, insolvency, reorganization
            or other
            similar laws affecting the enforcement of creditors’ rights generally and by
            general equity principles (regardless of whether such enforcement is
            considered
            in a proceeding in equity or at law); and, to the best of Seller’s knowledge,
            all parties to each Mortgage Note and the Mortgage had legal capacity
            to execute
            the Mortgage Note and the Mortgage and each Mortgage Note and Mortgage
            has been
            duly and properly executed by the Mortgagor;

          

          (xviii) to
            the
            extent required under applicable law, each conduit seller and subsequent
            mortgagee or servicer of the Mortgage Loans was authorized to transact
            and do
            business in the jurisdiction in which the related Mortgaged Property
            is located
            at all times when it held or serviced the Mortgage Loan; and any obligations
            of
            the holder of the related Mortgage Note, Mortgage and other loan documents
            have
            been complied with in all material respects; servicing of each Mortgage
            Loan has
            been in accordance with the Impac Guide and the terms of the Mortgage
            Notes, the
            Mortgage and other loan documents, whether the creation of such Mortgage
            Loan
            and servicing was done by the Seller, its affiliates, or any third party
            which
            created the Mortgage Loan on behalf of, or sold the Mortgage Loan to,
            any of
            them, or any servicing agent of any of the foregoing;

          

          (xix) the
            related Mortgage Note and Mortgage contain customary and enforceable
            provisions
            such as to render the rights and remedies of the holder adequate for
            the
            realization against the Mortgaged Property of the benefits of the security,
            including realization by judicial, or, if applicable, non-judicial foreclosure,
            and, to Seller’s knowledge, there is no homestead or other exemption available
            to the Mortgagor which would interfere with such right to
            foreclosure;

          

          (xx) except
            with respect to holdbacks required by certain Mortgage Loans which holdbacks
            create a fund for (i) the repair of Mortgaged Property due to damage
            from
            adverse weather conditions, or (ii) the completion of new construction,
            or both,
            the proceeds of the Mortgage Loans have been fully disbursed, there is
            no
            requirement for future advances thereunder and any and all requirements
            as to
            completion of any on-site or off-site improvements and as to disbursements
            of
            any escrow funds therefor have been complied with; and all costs, fees
            and
            expenses incurred in making, closing or recording the Mortgage Loan have
            been
            paid, except recording fees with respect to Mortgages not recorded as
            of the
            Closing Date;

          

          

          
            
              
              

            

            
              R-19

              
                

              

            

            
              
              

            

          

          (xxi) as
            of the
            Closing Date, the improvements on each Mortgaged Property securing a
            Mortgage
            Loan is insured (by a Qualified Insurer) against loss by fire and such
            hazards
            as are covered under a standard extended coverage endorsement in the
            locale in
            which the Mortgaged Property is located, in an amount which is not less
            than the
            lesser of the maximum insurable value of the improvements securing such
            Mortgage
            Loan or the outstanding principal balance of the Mortgage Loan, but in
            no event
            in an amount less than an amount that is required to prevent the Mortgagor
            from
            being deemed to be a co-insurer thereunder; if the improvement on the
            Mortgaged
            Property is a condominium unit, it is included under the coverage afforded
            by a
            blanket policy for the condominium project; if upon origination of the
            related
            Mortgage Loan, the improvements on the Mortgaged Property were in an
            area
            identified as a federally designated flood area, a flood insurance policy
            is in
            effect in an amount representing coverage not less than the least of
            (i) the
            outstanding principal balance of the Mortgage Loan, (ii) the restorable
            cost of
            improvements located on such Mortgaged Property or (iii) the maximum
            coverage
            available under federal law; and each Mortgage obligates the Mortgagor
            there-under to maintain the insurance referred to above at the Mortgagor’s cost
            and expense;

          

          (xxii) there
            is
            no monetary default existing under any Mortgage or the related Mortgage
            Note and
            there is no material event which, with the passage of time or with notice
            and
            the expiration of any grace or cure period, would constitute a default,
            breach
            or event of acceleration; and neither the Seller, any of its affiliates
            nor any
            servicer of any related Mortgage Loan has taken any action to waive any
            default,
            breach or event of acceleration; no foreclosure action is threatened
            or has been
            commenced with respect to the Mortgage Loan;

          

          (xxiii) to
            Seller’s knowledge, no Mortgagor, at the time of origination of the applicable
            Mortgage, was a debtor in any state or federal bankruptcy or insolvency
            proceeding;

          

          (xxiv) each
            Mortgage Loan was originated or funded by (a) a savings and loan association,
            savings bank, commercial bank, credit union, insurance company or similar
            institution which is supervised and examined by a federal or state authority
            (or
            originated by (i) a subsidiary of any of the foregoing institutions which
            subsidiary is actually supervised and examined by applicable regulatory
            authorities or (ii) a mortgage loan correspondent of any of the foregoing
            and
            that was originated pursuant to the criteria established by any of the
            foregoing) or (b) a mortgagee approved by the Secretary of Housing and
            Urban
            Development pursuant to sections 203 and 211 of the National Housing
            Act, as
            amended;

          

          (xxv) all
            inspections, licenses and certificates required to be made or issued
            with
            respect to all occupied portions of the Mortgaged Property and, with
            respect to
            the use and occupancy of the same, including, but not limited to, certificates
            of occupancy and fire underwriting certificates, have been made or obtained
            from
            the appropriate authorities;

          

          (xxvi) to
            Seller’s knowledge, the Mortgaged Property and all improvements thereon comply
            with all requirements of any applicable zoning and subdivision laws and
            ordinances;

          

          

          
            
              
              

            

            
              R-20

              
                

              

            

            
              
              

            

          

          (xxvii) no
            instrument of release or waiver has been executed in connection with
            the
            Mortgage Loans, and no Mortgagor has been released, in whole or in part,
            except
            in connection with an assumption agreement which has been approved by
            the
            primary mortgage guaranty insurer, if any, and which has been delivered
            to the
            Purchaser;

          

          (xxviii) except
            with respect to the Mortgage Loans which provide for a balloon payment,
            each
            Mortgage Note contains provisions providing for its full amortization
            by the end
            of its original term and is payable on the first day of each month in
            monthly
            installments of principal and interest, with interest payable in arrears,
            over
            an original term of not more than 30 years;

          

          (xxix) no
            Mortgage Loan was originated based on an appraisal of the related Mortgaged
            Property made prior to completion of construction of the improvements
            thereon
            unless a certificate of completion was obtained prior to closing of the
            Mortgage
            Loan;

          

          (xxx) each
            of
            the Mortgaged Properties consists of a single parcel of real property
            with a
            detached single-family residence erected thereon, or a two- to four-family
            dwelling, or an individual condominium unit in a condominium project
            or a
            townhouse, a condo, hotel, an individual unit in a PUD or an individual
            unit in
            a de minimis
            PUD;

          

          (xxxi) no
            Mortgaged Property consists of a single parcel of real property with
            a
            cooperative housing development erected thereon. Any condominium unit,
            PUD or
de minimis
            PUD
            conforms with Progressive Loan Series Program requirements regarding
            such
            dwellings or is covered by a waiver confirming that such condominium
            unit, PUD
            or de minimis
            PUD is
            acceptable to the Seller;

          

          (xxxii) as
            of the
            Cut-off Date, the remaining term to scheduled maturity of each Mortgage
            Loan is
            not less than [___] and not more than 360 months;

          

          (xxxiii) with
            respect to each Mortgage Loan directly originated by the Seller (and
            not through
            a third-party broker or other third party) as of the Closing Date, to
            the best
            of Seller’s knowledge, there has been no fraud, misrepresentation or dishonesty
            with respect to the origination of any Mortgage Loan;

          

          

          
            
              
              

            

            
              R-21

              
                

              

            

            
              
              

            

          

          (xxxiv) the
            origination and servicing practices used by the Seller and any prior
            servicer
            with respect to each Mortgage Note and Mortgage have been legal and in
            accordance with applicable laws and regulations and the Mortgage Loan
            Documents,
            and in all material respects proper and prudent in the mortgage origination
            and
            servicing business. Each Mortgage Loan has been serviced in all material
            respects with Accepted Servicing Practices. With respect to escrow deposits
            and
            payments that the Seller, on behalf of the investor, is entitled to collect,
            all
            such payments are in the possession of, or under the control of, the
            Seller, and
            there exist no deficiencies in connection therewith for which customary
            arrangements for repayment thereof have not been made. All Escrow Payments
            have
            been collected in full compliance with state and federal law and the
            provisions
            of the related Mortgage Note and Mortgage. As to any Mortgage Loan that
            is the
            subject of an escrow, escrow of funds is not prohibited by applicable
            law and
            has been established in an amount sufficient to pay for every escrowed
            item that
            remains unpaid and has been assessed but is not yet due and
            payable;

          

          (xxxv) the
            Seller has done no act which may adversely affect the Servicing Rights.
            The
            Seller has not received any notice of alleged violations of the
            foregoing;

          

          (xxxvi) to
            the
            knowledge of the Seller, there exists no noncompliance by the Seller
            with
            Accepted Servicing Practices and other applicable requirements which
            would cause
            the cancellation of any insurance coverage or guaranty, as applicable,
            provided
            with respect to any Mortgage Loan by any Primary Insurance Policy;

          

          (xxxvii) no
            Mortgage Loan is subject to the Home Ownership and Equity Protection
            Act of 1994
            or any comparable state law;

          

          (xxxviii) no
            proceeds from any Mortgage Loan were used to finance single-premium credit
            insurance policies; 

          

          (xxxix) no
            Mortgage Loan provides for payment of a prepayment charge on Principal
            Prepayments made more than five years from the date of the first contractual
            Due
            Date of the related Mortgage Loan;

          

          (xl) no
            selection procedure reasonably believed by the Seller to be adverse to
            the
            interests of the Purchaser was utilized in selecting the Mortgage
            Loans;

          

          (xli) the
            information set forth in the Prepayment Charge Schedule is complete,
            true and
            correct in all material respects at the date or dates respecting with
            such
            information is furnished and each Prepayment Charge is permissible and
            enforceable in accordance with its terms upon the Mortgagor’s full and voluntary
            Principal Prepayment (except to the extent that: (1) the enforceability
            thereof
            may be limited by bankruptcy, insolvency, moratorium, receivership and
            other
            similar laws relating to creditors’ rights generally; (2) the collectability
            thereof may be limited due to acceleration in connection with a foreclosure
            or
            other involuntary prepayment; or (3) subsequent changes in applicable
            law may
            limit or prohibit enforceability thereof) under applicable law; and

          

          

          
            
              
              

            

            
              R-22

              
                

              

            

            
              
              

            

          

          (xlii) none
            of
            the Mortgage Loans is a "high cost home loan" as defined in the Georgia
            Fair
            Lending Act, as amended (the "Georgia Act"), the New York Predatory Lending
            Law,
            codified as N.Y. Banking Law §6-I, N.Y. Gen. Bus. Law §771-a, and N.Y. Real
            Prop. Acts Law §1302 (together, the "New York Act"), the Arkansas Home Loan
            Protection Act, as amended (the "Arkansas Act"), or Kentucky Revised
            Statutes
§360.100, as amended (the "Kentucky Act"); and all the Mortgage Loans
            that are
            subject to the Georgia Act, the New York Act, the Arkansas Act and the
            Kentucky
            Act comply with the requirements of each such act. Each Mortgage Loan
            for which
            the related Mortgaged Property is located in the State of Georgia was
            originated
            prior to October 1, 2002, or on or after March 9, 2003.

          

          (lxiv) none
            of
            the Mortgage Loans are subject to the Home Ownership and Equity Protection
            Act
            of 1994 or any comparable state law;

          

          (lxviii) no
            Initial Mortgage Loan is a High Cost Loan or Covered Loan, as applicable
            (as
            such terms are defined in Standard & Poor's LEVELS® Glossary, Version 5.6
            Revised, Appendix E, attached hereto as Exhibit 2, provided that no
            representation and warranty is made in this clause (lxviii) with respect
            to any
            Initial Mortgage Loan secured by property located in the City of Los
            Angeles or
            the City of Oakland, California, and no Initial Mortgage Loan originated
            on or
            after October 1, 2002 through March 6, 2003 is governed by the "Georgia
            Fair
            Lending Act."

          

          (lxix) no
            Mortgage Loan that has an original principal balance that conforms to
            Fannie Mae
            or Freddie Mac loan limits is a "high cost home," "covered" (excluding
            home and
            defined as "covered home loans" pursuant to clause (1) of the definition
            of that
            term in the New Jersey Home Ownership Security Act of 2002), "high risk
            home" or
            "predatory" loan under any other applicable state, federal or local law
            (or a
            similarly classified loan using different terminology under a law imposing
            heightened regulatory scrutiny or additional legal liability for residential
            mortgage loans having high interest rates, points and/or fees).

           

          (lxx) no
            proceeds from any Initial Mortgage Loan that has a principal balance
            that
            conforms to Fannie Mae or Freddie Mac loan limits were used to finance
            single-premium credit insurance policies.

          

          (lxxi) no
            Initial Mortgage Loan that has a principal balance that conforms to Fannie
            Mae
            or Freddie Mac loan limits originated prior to October, 1, 2002 will
            impose
            prepayment penalties in excess of five years.

          

          (lxxii) the
            servicer for each Initial Mortgage Loan that has a principal balance
            that
            conforms to Fannie Mae or Freddie Mac loan limits has fully furnished
            and will
            fully furnish, in accordance with the Fair Credit Reporting Act and its
            implementing regulations, accurate and complete information (i.e. favorable
            and
            unfavorable) on its borrower credit files to Equifax, Experian and Trans
            Union
            Credit Information Company (three of the credit repositories), on a monthly
            basis.

          

          

          
            
              
              

            

            
              R-23

              
                

              

            

            
              
              

            

          

          (lxxiii) the
            servicer for each Initial Mortgage that has a principal balance that
            conforms to
            Fannie Mae or Freddie Mac loan limits will fully furnish, in accordance
            with the
            Fair Credit Reporting Act and its implementing regulations, accurate
            and
            complete information (i.e., favorable and unfavorable) on its borrower
            credit
            files to Equifax, Experian, and Trans Union Credit Information Company
            (three of
            the credit repositories), on a monthly basis.

          

          (lxxiv) with
            respect to any Initial Mortgage Loan that has a principal balance that
            conforms
            to Fannie Mae or Freddie Mac loan limits that originated on or after
            August 1,
            2004, neither the related mortgage nor the related mortgage note requires
            the
            borrower to submit to arbitration to resolve any dispute arising out
            of or
            relating in any way to the mortgage loan transaction.

          

          Subsection
            7.03. Remedies
            for Breach of Representations and Warranties; Post-Closing Due
            Diligence.

          

          It
            is
            understood and agreed that the covenants, representations and warranties
            of the
            Seller set forth in this Agreement shall survive the sale of the Mortgage
            Loans
            (including the Servicing Rights thereto) to the Purchaser and shall inure
            to the
            benefit of the Purchaser, notwithstanding any restrictive or qualified
            endorsement on any Mortgage Note or Assignment of Mortgage or the examination
            or
            lack of examination of any Mortgage File. Upon discovery by either of
            the Seller
            or the Purchaser of a breach of any of the foregoing representations
            and
            warranties which materially and adversely affects the value of the Mortgage
            Loans or the interest of the Purchaser (or which materially and adversely
            affects the value of a Mortgage Loan or the interests of the Purchaser
            in the
            related Mortgage Loan in the case of a representation and warranty relating
            to a
            particular Mortgage Loan), the party discovering such breach shall give
            prompt
            written notice to the others.

          

          Within
            ninety (90) days of the earlier of either discovery by or notice to the
            Seller
            of any breach of a representation or warranty which materially and adversely
            affects the value of a Mortgage Loan or the Mortgage Loans, or the interest
            of
            the Purchaser therein, the Seller shall use its best efforts promptly
            to cure
            such breach in all material respects and, if such breach cannot be cured,
            the
            Seller shall, at the Purchaser’s option, repurchase such Mortgage Loan at the
            Repurchase Price. In the event that a breach shall involve any representation
            or
            warranty set forth in Subsection 7.01 and such breach cannot be cured
            within
            ninety (90) days of the earlier of either discovery by or notice to the
            Seller
            of such breach, all of the Mortgage Loans shall, at the Purchaser’s option, be
            repurchased by the Seller at the Repurchase Price. Any repurchase of
            a Mortgage
            Loan or Mortgage Loans pursuant to the foregoing provisions of this Subsection
            7.03 shall occur on a date designated by the Purchaser and shall be accomplished
            by wire transfer of immediately available funds on the repurchase date
            to an
            account designated by the Purchaser.

          

          In
            the
            event of any such repurchase, the Seller shall also indemnify the Servicing
            Rights Owner of the Mortgage Loan and hold it harmless against any losses,
            damages, penalties, fines, forfeitures, reasonable and necessary legal
            fees and
            related costs, judgments, and other costs and expenses resulting from
            any claim,
            demand, defense or assertion resulting from a breach of the Seller’s
            representations and warranties contained in Subsections 7.01 or
            7.02.

          

          

          
            
              
              

            

            
              R-24

              
                

              

            

            
              
              

            

          

          At
            the
            time of repurchase, the Purchaser and the Seller shall arrange for the
            reassignment of the repurchased Mortgage Loan to the Seller and the delivery
            to
            the Seller of any documents held by the Custodian relating to the repurchased
            Mortgage Loan. Upon such repurchase, the Mortgage Loan Schedule shall
            be amended
            to reflect the withdrawal of the repurchased Mortgage Loan from this
            Agreement.

          

          Any
            cause
            of action against the Seller relating to or arising out of the breach
            of any
            representations and warranties made in Subsections 7.01, 7.02 or 7.04
            shall
            accrue as to any Mortgage Loan upon (i) discovery of such breach by the
            Purchaser or notice thereof by the Seller to the Purchaser, (ii) failure
            by the
            Seller to cure such breach or repurchase such Mortgage Loan as specified
            above,
            and (iii) demand upon the Seller by the Purchaser for compliance with
            the
            relevant provisions of this Agreement.

          

          Subsection
            7.04. Owner
            of Servicing Rights; Remedies; Prepayment.

          

          Within
            ninety (90) days of the earlier of either discovery by or notice to the
            Seller
            of any breach of a representation or warranty in Subsection 7.01 or Subsection
            7.02 which materially and adversely affects the interest of the Servicing
            Rights
            Owner therein, the Seller shall use its best efforts promptly to cure
            such
            breach in all material respects.

          

          Subject
            to the terms of the following sentence, in the event that such breach
            cannot be
            cured, the Seller shall indemnify the Servicing Rights Owner and hold
            it
            harmless against any losses, damages, penalties, fines, forfeitures,
            reasonable
            and necessary legal fees and related costs, judgments, and other costs
            and
            expenses (“Losses”)
            resulting from any claim, demand, defense or assertion resulting from
            a breach
            of the Seller’s representations and warranties contained in Subsections 7.01 or
            7.02. Notwithstanding anything to the contrary in the previous sentence,
            prior
            to pursuing any such indemnity from the Seller, the Servicing Rights
            Owner
            hereby agrees to use its best efforts to recover the amount of any Losses
            pursuant to a claim under any Radian Lender-Paid PMI Policy.

          

          Notwithstanding
            the provisions of the previous paragraph, in the event that such breach
            cannot
            be cured and the Seller is required to repurchase such Mortgage Loan
            from the
            trust created pursuant to a mortgage-backed securities transaction contemplated
            in Section 16, the Seller shall repurchase the Servicing Rights with
            respect to
            such Mortgage Loan at a repurchase price equal to the Servicing Rights
            Repurchase Price. At the time of such repurchase, the Purchaser and the
            Seller
            shall arrange for the reassignment of the Servicing Rights to the Seller
            and the
            delivery to the Seller of any documents held by the Purchaser or its
            designee
            relating to the repurchased Servicing Rights.

          

          In
            the
            event any Principal Prepayment in full is made by a Mortgagor on or prior
            to the
            date which is 60 days following the Closing Date, the Seller shall remit
            to the
            Servicing Rights Owner of such Mortgage Loan an amount equal to [________]%
            of
            the scheduled unpaid principal balance of such Mortgage Loan immediately
            prior
            to such Principal Prepayment in full. Such remittance shall be made by
            the
            Seller no later than the fifth Business Day following receipt of such
            Principal
            Prepayment in full by the Seller.

          

          

            
              
                
                

              

              
                R-25

                
                  

                

              

              
                
                

              

            

          Any
            prepayment charges on Principal Prepayments paid by a Mortgagor to the
            Servicing
            Rights Owner with respect to any Mortgage Loan shall be remitted to IFC,
            as
            master servicer pursuant to the Servicing Agreement, on the Business
            Day
            following the receipt of such prepayment charges.

          

          SECTION
            8. Closing.
            The
            closing for the Mortgage Loans shall take place on the Closing Date.
            At the
            Purchaser’s option, the closing shall be either by telephone and facsimile,
            confirmed by letter or wire as the parties shall agree, or conducted
            in person,
            at such place as the parties shall agree.

          

          Subsection
            8.01 Conditions
            to Purchaser’s Obligations.

          

          The
            obligation of Purchaser to purchase the Mortgage Loans on the Closing
            Date is
            subject to the satisfaction at or prior to the Closing Date of each of
            the
            following conditions (any or all of which may be waived by
            Purchaser):

          

          (a) Representations
            and Warranties Correct.
            Each of
            the representations and warranties of the Seller contained in this Agreement
            shall be true and correct as of the Closing Date.

          

          (b) Compliance
            with Covenants.
            The
            Seller shall have performed and be in compliance with, in all material
            respects,
            all of its respective covenants, acts, and obligations to be performed
            under
            this Agreement.

          

          (c) Closing
            Documents.
            The
            Seller shall have executed and delivered this Agreement and all other
            Closing
            Documents and all other documents required to be delivered by the Seller
            hereunder.

          

          (d) Corporation
            Actions.
            All
            corporate, partnership and other acts necessary to authorize the execution,
            delivery, and performance of this Agreement and the consummation of the
            transactions contemplated hereunder shall have been taken by the
            Seller.

          

          (e) Mortgage
            File.
            The
            Seller shall have delivered to the Purchaser all of the Mortgage Loan
            Documents
            in accordance with Section 6.03 and a complete Mortgage File with respect
            to
            each Mortgage Loan.

          

          Subsection
            8.02 Conditions
            to Seller’s Obligations.

          

          The
            obligation of the Seller to sell the Mortgage Loans and the Servicing
            Rights on
            the Closing Date is subject to the satisfaction at or prior to the Closing
            Date
            of each of the following conditions (any or all of which may be waived
            by the
            Seller):

          

          (a) Purchase
            Price.
            The
            Purchase Price, plus accrued interest pursuant to Section 4, shall have
            been
            delivered to the Seller by wire transfer of immediately available funds
            pursuant
            to the Seller’s reasonable instructions.

          

          

            
              
                
                

              

              
                R-26

                
                  

                

              

              
                
                

              

            

          (b) Compliance
            with Covenants.
            Purchaser shall have performed and be in compliance with, in all material
            respects, all of its respective covenants, acts, and obligations to be
            performed
            under this Agreement.

          

          (c) Closing
            Documents.
            Purchaser shall have executed and delivered this Agreement.

          

          (d) Corporate
            Actions.
            All
            corporate and other acts necessary to authorize the execution, delivery,
            and
            performance of this Agreement and the consummation of the transactions
            contemplated hereunder shall have been taken by Purchaser.

          

          SECTION
            9. Closing
            Documents.

          

          The
            Closing Documents for the Mortgage Loans to be purchased on the Closing
            Date
            shall consist of fully executed originals of the following
            documents:

          

          1. this
            Agreement, in two (2) counterparts;

          

          2. the
            Mortgage Loan Schedule, one copy to be attached hereto;

          

          SECTION
            10. Costs;
            Assignments.
            The
            Purchaser shall pay any commissions due its salesmen, the expenses of
            its
            accountants and attorneys and the expenses and fees of any broker retained
            by
            the Purchaser with respect to the transactions covered by this Agreement.
            All
            other costs and expenses incurred in connection with the transfer and
            delivery
            of the Mortgage Loans and related Servicing Rights including, without
            limitation, any fees for the preparation and recording of intervening
            assignments of Mortgage and Assignments of Mortgage, any termination
            fees owed
            to Seller’s document custodian, any costs relating to transfer of the Mortgage
            File, Servicing File and other Mortgage Loan records to Purchaser, the
            costs of
            delivering complete master file tape information and other electronically
            stored
            information to the Purchaser, the costs of notifying the Mortgagors,
            hazard and
            flood insurance companies and other third parties as required, the costs
            of
            transferring “lifetime” tax service contracts (as described in Section 14.04) to
            the Purchaser, the costs of transferring “lifetime” flood certification
            contracts (as described in Section 14.05) to the Purchaser, and the legal
            fees
            and expenses of its attorneys shall be paid by the Seller.

          

          SECTION
            11. IFC’s
            Interim Servicing Obligations.
            IFC, as
            independent contract servicer, shall interim service and administer the
            Mortgage
            Loans during the Interim Servicing Period in accordance with the terms
            and
            provisions of the Impac Guide. During the Interim Servicing Period, the
            Purchaser shall pay the Interim Servicing Fee to IFC or, at IFC’s option, IFC
            may net the amount of the Interim Servicing Fee from amounts collected
            in
            respect of the Mortgage Loans. During the Interim Servicing Period, IFC
            may
            enter into subservicing arrangements with a sub-servicer who shall be
            acceptable
            to the Purchaser (which approval will not be unreasonably withheld);
            provided,
            that,
            such
            subservicing agreements shall not be inconsistent with this Agreement;
            provided further
            that
            notwithstanding any such subservicing arrangements, IFC shall remain
            responsible
            for interim servicing the Mortgage Loans during the Interim Servicing
            Period in
            accordance with the terms of this Section 11.

          

          
            
              
              

            

            
              R-27

              
                

              

            

            
              
              

            

          

          

          SECTION
            12. The
            Seller.

          

          Subsection
            12.01  Indemnification

          

          IFC
            agrees to indemnify the Purchaser and hold it harmless from and against
            any and
            all claims, losses, damages, penalties, fines, forfeitures, legal fees
            and
            related costs, judgments, and any other costs, fees and expenses that
            the
            Purchaser may sustain in any way related to the failure of IFC to interim
            service the Mortgage Loans during the Interim Period in strict compliance
            with
            the terms of this Agreement. The Seller shall immediately notify the
            Purchaser
            if a claim is made by a third party with respect to this Agreement or
            the
            Mortgage Loans, assume (with the consent of the Purchaser and with counsel
            reasonably satisfactory to the Purchaser) the defense of any such claim
            and pay
            all expenses in connection therewith, including counsel fees, and promptly
            pay,
            discharge and satisfy any judgment or decree which may be entered against
            it or
            the Purchaser in respect of such claim but failure to so notify the Purchaser
            shall not limit its obligations hereunder. The Seller agrees it will
            not enter
            into any settlement of any such claim without the consent of the Purchaser.
            The
            provisions of this Section 12.01 shall survive termination of this
            Agreement.

          

          Subsection
            12.02.  Merger
            or Consolidation of the Seller.

          

          Prior
            to
            the termination of the Interim Servicing Period, the Seller shall keep
            in full
            force and effect its existence, rights and franchises as a corporation
            under the
            laws of its formation in the State of California except as permitted
            herein, and
            shall 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
            or any of
            the Mortgage Loans, and to enable the Seller to perform its duties under
            this
            Agreement.

          

          Any
            Person into which the Seller may be merged or consolidated, or any corporation
            resulting from any merger, conversion or consolidation to which the Seller
            shall
            be a party, or any Person succeeding to the business of the Seller, shall
            be the
            successor of the Seller 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 shall satisfy any requirements of Section 15 with respect to the
            qualifications of a successor to the Seller.

          

          
            
              
              

            

            
              R-28

              
                

              

            

            
              
              

            

          

          

          Subsection
            12.03. Limitation
            on Liability of the Seller and Others.

           

          Neither
            the Seller nor any of the officers, employees or agents of the Seller
            shall be
            under any liability to the Purchaser for any action taken, or for refraining
            from the taking of any action, in good faith in connection with the interim
            servicing of the Mortgage Loans pursuant to this Agreement, or for errors
            in
            judgment; provided, however, that this provision shall not protect the
            Seller or
            any such person against any breach of warranties or representations made
            herein,
            or failure to perform its obligations in strict compliance with any standard
            of
            care set forth in this Agreement, or any liability which would otherwise
            be
            imposed by reason of any breach of the terms and conditions of this Agreement.
            The Seller and any officer, employee or agent of the Seller 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 Seller shall
            not be
            under any obligation to appear in, prosecute or defend any legal action
            which is
            not incidental to its obligation to sell, or duty to interim service,
            the
            Mortgage Loans in accordance with this Agreement and which in its opinion
            may
            involve it in any expenses or liability; provided, however, that the
            Seller may,
            with the consent of the Purchaser, undertake any such action which it
            may deem
            necessary or desirable in respect to this Agreement and the rights and
            duties of
            the parties hereto. In such event, the legal expenses and costs of such
            action
            and any liability resulting therefrom shall be expenses, costs and liabilities
            for which the Purchaser shall be liable, the Seller shall be entitled
            to
            reimbursement therefor from the Purchaser upon written demand except
            when such
            expenses, costs and liabilities are subject to the Seller’s indemnification
            under Subsections 7.04 or 12.01.

          

          Subsection
            12.04 IFC
            Not to Resign.

          

          IFC
            shall
            not assign this Agreement or resign from the obligations and duties hereby
            imposed on it except by mutual consent of IFC and the Purchaser or upon
            the
            determination that its interim servicing duties hereunder are no longer
            permissible under applicable law and such incapacity cannot be cured
            by IFC in
            which event IFC may resign as interim servicer. Any such determination
            permitting the resignation of IFC as interim servicer shall be evidenced
            by an
            Opinion of Counsel to such effect delivered to the Purchaser which Opinion
            of
            Counsel shall be in form and substance acceptable to the Purchaser. No
            such
            resignation shall become effective until a successor shall have assumed
            IFC’s
            responsibilities and obligations hereunder in the manner provided in
            Section
            15.

          

          Subsection
            12.05. No
            Transfer of Servicing.

          

          With
            respect to the retention of IFC to interim service the Mortgage Loans
            during the
            Interim Servicing Period, IFC acknowledges that the Purchaser has acted
            in
            reliance upon IFC’s independent status, the adequacy of its servicing
            facilities, plant, personnel, records and procedures, its integrity,
            reputation
            and financial standing and the continuance thereof. Without in any way
            limiting
            the generality of this Section, during the Interim Servicing Period,
            except as
            permitted pursuant to the terms of Section 11,IFC shall not either assign
            this
            Agreement or the servicing hereunder or delegate its rights or duties
            hereunder
            or any portion thereof, or sell or otherwise dispose of all or substantially
            all
            of its property or assets, without the prior written approval of the
            Purchaser,
            which consent will not be unreasonably withheld.

          

          SECTION
            13. Default.

          

          Subsection
            13.01.  Events
            of Default.

          

          In
            case
            one or more of the following Events of Default by the Seller shall occur
            and be
            continuing, that is to say:

          

          
            (i) any
              failure by the Seller to remit to the Purchaser any payment required
              to be made
              under the terms of this Agreement which continues unremedied for a
              period of one
              (1) Business Day; or

            

              
                
                  
                  

                

                
                  R-29

                  
                    

                  

                

                
                  
                  

                

              

            

             

          

           

          (ii) failure
            on the part of the Seller duly to observe or perform in any material
            respect any
            other of the covenants or agreements on the part of the Seller set forth
            in this
            Agreement which continues unremedied for a period of thirty (30) days
            (except
            that such number of days shall be fifteen (15) in the case of a failure
            to pay
            any premium for any insurance policy required to be maintained under
            this
            Agreement) after the date on which written notice of such failure, requiring
            the
            same to be remedied, shall have been given to the Seller by the Purchaser;
            or

          

          (iii) a
            decree
            or order of a court or agency or supervisory authority having jurisdiction
            for
            the appointment of a conservator or receiver or liquidator in any insolvency,
            bankruptcy, readjustment of debt, marshalling of assets and liabilities
            or
            similar proceedings, or for the winding-up or liquidation of its affairs,
            shall
            have been entered against the Seller and such decree or order shall have
            remained in force undischarged or unstayed for a period of sixty (60)
            days;
            or

          

          (iv) the
            Seller shall consent to the appointment of a conservator or receiver
            or
            liquidator in any insolvency, bankruptcy, readjustment of debt, marshalling
            of
            assets and liabilities or similar proceedings of, or relating to, the
            Seller or
            of, or relating to, all or substantially all of its property; or

          

          (v) the
            Seller shall admit in writing its inability to pay its debts generally
            as they
            become due, file a petition to take advantage of any applicable insolvency
            or
            reorganization statute, make an assignment for the benefit of its creditors,
            or
            voluntarily suspend payment of its obligations; or

          

          (vi) failure
            by the Seller to be in compliance with the “doing business” or licensing laws of
            any jurisdiction where a Mortgaged Property is located; or

          

          (vii) the
            Seller cease to be approved by either Fannie Mae or Freddie Mac as a
            Seller and
            servicer for more than thirty days; or

          

          (viii) IFC
            attempts to assign, sell, pledge or hypothecate its interim servicing
            rights or
            right to servicing compensation hereunder or IFC attempts, without the
            consent
            of the Purchaser, to sell or otherwise dispose of all or substantially
            all of
            its property or assets or to assign this Agreement or the servicing
            responsibilities hereunder, or to delegate its duties hereunder or any
            portion
            thereof;

          

          

          
            
              
              

            

            
              R-30

              
                

              

            

            
              
              

            

          

          then,
            and
            in each and every such case, so long as an Event of Default shall not
            have been
            remedied, the Purchaser, by notice in writing to the Seller may, in addition
            to
            whatever rights the Purchaser may have at law or equity to damages, including
            injunctive relief and specific performance, terminate all the rights
            and
            obligations of IFC as interim servicer under this Agreement. On or after
            the
            receipt by IFC of such written notice, all authority and power of IFC
            to interim
            service the Mortgage Loans under this Agreement shall on the date set
            forth in
            such notice pass to and be vested in the successor appointed pursuant
            to Section
            15.

          

          Subsection
            13.02. Waiver
            of Defaults.
            The
            Purchaser may waive any default by the Seller in the performance of its
            obligations hereunder and its consequences. Upon any such waiver of a
            past
            default, such default shall cease to exist, and any Event of Default
            arising
            therefrom shall be deemed to have been remedied for every purpose of
            this
            Agreement. No such waiver shall extend to any subsequent or other default
            or
            impair any right consequent thereon except to the extent expressly so
            waived.

          

          SECTION
            14. Termination
            of Servicing, Servicing Transfer.

          

          Subsection
            14.01. Termination,
            Servicing Transfer.
            The
            respective obligations and responsibilities of IFC, as interim servicer,
            shall
            terminate without the payment of any termination fee at the expiration
            of the
            Interim Servicing Period unless terminated on an earlier date at the
            option of
            the Purchaser or pursuant to Section 15. Upon request from the Purchaser
            in
            connection with any such termination, IFC shall prepare, execute and
            deliver,
            any and all documents and other instruments, place in the Purchaser’s possession
            all Mortgage Files and Servicing Files, and do or accomplish all other
            acts or
            things necessary or appropriate to effect the purposes of such notice
            of
            termination, whether to prepare notices to the mortgagors and related
            insurance
            companies, or otherwise, at IFC’s sole expense. IFC agrees to cooperate with the
            Purchaser and such successor in effecting the termination of IFC’s
            responsibilities and rights hereunder as interim servicer. IFC shall
            follow the
            servicing transfer instructions of the Purchaser contained herein and
            attached
            hereto as Exhibit
            3
            with
            respect to servicing transfer procedures. IFC shall not be entitled to
            any
            transfer fee.

          

          Subsection
            14.02. Notifications.
            Fifteen
            days prior to the Servicing Transfer Date, IFC shall have submitted to
            the
            Mortgagors whose Mortgages are to be interim serviced pursuant to this
            Agreement, the requisite taxing authority, applicable private mortgage
            insurance
            companies and/or agents, hazard and flood insurance company agents, and
            the
            banks at which escrow deposits are maintained, notification of the assignment
            of
            the servicing of Mortgages and of related escrow accounts and instructions
            to
            deliver all payments, notices, tax bills, insurance statements and escrow
            account statements as the case may be to the Purchaser from and after
            the sale
            date.

          

          Subsection
            14.03. Supplementary
            Information.
            From
            time to time prior to the Servicing Transfer Date for the servicing of
            any given
            Mortgage Loan, IFC shall furnish to Purchaser such information supplementary
            to
            the information contained in the documents and schedules delivered pursuant
            hereto and file such reports as Purchaser may reasonably request.

          

          

          
            
              
              

            

            
              R-31

              
                

              

            

            
              
              

            

          

          Subsection
            14.04. Tax
            Service Contracts.
            IFC
            shall assign to the Purchaser its “lifetime” tax service contracts with
            Transamerica Real Estate Tax Service for each Mortgage Loan on which
            servicing
            is transferred and, in the event that IFC does not presently have such
            lifetime
            contracts for any or all of such Mortgage Loans or such contracts are
            not
            assignable to Purchaser (or are not assignable to Purchaser’s real estate tax
            service firm) or such contracts are not assignable to Purchaser without
            the
            payment of a fee or other cost, IFC agrees to pay all costs and fees
            necessary
            to obtain such lifetime tax service contracts. IFC shall provide Purchaser
            with
            sufficient documentation and information prior to the Servicing Transfer
            Date
            and shall cooperate with Purchaser to the extent necessary to allow the
            transfer
            of the lifetime tax service contracts contemplated by this paragraph
            within
            thirty (30) days after the Servicing Transfer Date so as to prevent any
            lapse in
            coverage under such contracts.

          

          Subsection
            14.05. Flood
            Certification Contracts.
            IFC
            shall assign to the Purchaser its “lifetime” flood certification contracts with
            its flood certification firm for each Mortgage Loan on which servicing
            is
            transferred and, in the event that IFC does not presently have such lifetime
            contracts for any or all of such Mortgages or such contracts are not
            assignable
            to Purchaser (or are not assignable to Purchaser’s flood certification firm) or
            such contracts are not assignable to Purchaser without the payment of
            a fee or
            other cost, IFC agrees to pay all costs and fees necessary to obtain
            such
            lifetime flood certification contracts. IFC shall provide Purchaser with
            sufficient documentation and information prior to the Servicing Transfer
            Date
            and shall cooperate with Purchaser to the extent necessary to allow the
            transfer
            of the lifetime flood certification contracts contemplated by this paragraph
            within thirty (30) days after the Servicing Transfer Date so as to prevent
            any
            lapse in coverage under such contracts,

          

          Subsection
            14.06. Limited
            Power of Attorney.
            IFC
            shall furnish to Purchaser a limited power of attorney in accordance
            with the
            Impac Guide appointing Purchaser and any of its employees to act as IFC’s
            attorney in fact to execute documents pertaining to the discharge and
            satisfaction of Mortgages which were recorded in IFC’s name and to endorse
            checks received by the Purchaser from Mortgagor after the Servicing Transfer
            Date in IFC’s name.

          

          Subsection
            14.07. Further
            Assurances With Respect to Servicing Transfer.
            IFC and
            Purchaser will each, at the request of the other, execute and deliver
            to each
            other all such documents that either may reasonably request in order
            to perfect
            the transfer, assignment and delivery to Purchaser of the rights to be
            sold,
            transferred, assigned and delivered as of the consummation of this
            Agreement.

          

          

          
            
              
              

            

            
              R-32

              
                

              

            

            
              
              

            

          

          SECTION
            15. Successor
            to IFC
            Prior
            to termination of IFC’s responsibilities and duties as interim servicer under
            this Agreement pursuant to Section 13 or 14, the Purchaser shall (i)
            succeed to
            and assume all of IFC’s responsibilities, rights, duties and obligations as
            interim servicer under this Agreement, or (ii) appoint a successor which
            shall
            succeed to all rights and assume all of the responsibilities, duties
            and
            liabilities of IFC as interim servicer under this Agreement. In connection
            with
            such appointment and assumption, the Purchaser may make such arrangements
            for
            the compensation of such successor out of payments on Mortgage Loans
            as it and
            such successor shall agree. In the event that IFC’s duties, responsibilities and
            liabilities as interim servicer under this Agreement should be terminated
            pursuant to the aforementioned Sections, IFC shall discharge such duties
            and
            responsibilities during the period from the date it acquires knowledge
            of such
            termination until the effective date thereof with the same degree of
            diligence
            and prudence which it is obligated to exercise under this Agreement,
            and shall
            take no action whatsoever that might impair or prejudice the rights or
            financial
            condition of the Purchaser or such successor. The termination of IFC
            as interim
            servicer pursuant to the aforementioned Sections shall not become effective
            until a successor shall be appointed pursuant to this Section 15 and
            shall in no
            event relieve IFC of the representations and warranties made pursuant
            to
            Subsections 7.01 and 7.02 and the remedies available to the Purchaser
            under
            Subsection 7.03 or 12.0 1, it being understood and agreed that the provisions
            of
            such Subsections 7.01, 7.02, 7.03 or 12.01 shall be applicable to IFC
            notwithstanding any such resignation or termination of IFC, or the termination
            of this Agreement.

          

          SECTION
            16. Seller
            Succeeding to Beneficial Rights of Mortgage Loan;
            Reconstitution By Seller

          

          The
            parties agree that, on the Securitization Date, the Seller shall purchase
            the
            beneficial ownership of the Mortgage Loans from the Purchaser, or its
            assignee,
            and that the Purchaser shall assign back to the Seller its rights with
            respect
            to this Agreement, other than with respect to the Servicing Rights. The
            parties
            further agree that the Seller shall subsequently sell or transfer the
            Mortgage
            Loans to a trust to be formed as part of a mortgage-backed securities
            transaction. In connection with any such mortgage-backed securities transaction,
            the Seller and the Purchaser hereby agree as follows:

          

          
            	 	
                    (1)

                  	
                    IFC
                      shall act as master servicer under such mortgage-backed securities
                      transaction (in such capacity, the “Master Servicer”), and the Purchaser,
                      shall act as a sub-servicer with respect to the Mortgage Loans
                      (in such
                      capacity, the “Sub Servicer”).

                  

          

          

          
            	 	
                    (2)

                  	
                    Sub-Servicer
                      agrees to perform in accordance with the servicing standards
                      set forth in
                      the Impac Guide. The Master Servicer and Sub-Servicer acknowledge
                      that
                      until or about the Servicing Transfer Date, the primary servicing
                      for the
                      Mortgage Loans will be done by Countrywide Home Loans Servicing
                      LP, in
                      accordance with a Subservicing Agreement between Master Servicer
                      and
                      Countrywide Home Loans Servicing LP, and in accordance with
                      this
                      Agreement. With respect to each Mortgage Loan in the trust,
                      the
                      Sub-Servicer will accurately and fully report the related borrower
                      credit
                      files to all three credit repositories in a timely manner and,
                      prior to
                      the Servicing Transfer Date, the Master Servicer shall cause
                      Countrywide
                      Home Loans Servicing LP to accurately and fully report the
                      related
                      borrower credit files to all three credit repositories in a
                      timely manner.
                      

                  

          

          

          
            	 	
                    (3)

                  	
                    Sub-Servicer
                      agrees to deposit or cause to be deposited all collections
                      with respect to
                      the Mortgage Loans, less the compensation provided for in Paragraph
                      5,
                      below, in accordance with the Impac Guide.

                  

          

          

          
            	 	
                    (4)

                  	
                    The
                      Sub-Servicer shall set up a sub-servicing account in accordance
                      with the
                      requirements of the Impac Guide, The Sub-Servicer agrees to
                      remit, or
                      cause to be remitted, by wire transfer all amounts in such
                      sub-servicing
                      account to the Master-Servicer or its designee on the l8th
                      day of each
                      month, or if such day is not a Business Day the next Business
                      Day
                      thereafter. 

                  

          

          

          

          
            
              
              

            

            
              R-33

              
                

              

            

            
              
              

            

          

          
            	 	
                    (5)

                  	
                    As
                      compensation for rendering the services specified in this Section
                      16, the
                      Sub-Servicer shall be entitled to retain from each monthly
                      payment a
                      servicing fee in an amount equal to [___]% per annum on the
                      outstanding
                      Principal Balance of each Mortgage Loan serviced as of the first
                      day of
                      the related Due Period (as defined in the Impac Guide), and
                      additional
                      servicing compensation as set forth in the Impac Guide which
                      may be
                      retained by the Sub-Servicer directly from collections.
                      

                  

          

          

          
            	 	
                    (6)

                  	
                    The
                      Sub-Servicer covenants and agrees that, it will not during
                      the remaining
                      term of any of the individual Mortgage Loans take any action
                      or cause any
                      action to be taken by any of its agents or affiliates, or independent
                      contractors working on its behalf, to personally, by telephone
                      or by mail,
                      solicit the prepayment of any Mortgage Loans, without the prior
                      written
                      consent and approval of the Master Servicer. It is understood
                      and agreed
                      that promotions undertaken by Sub-Servicer which are directed
                      to the
                      general public at large, including, without limitation, mass
                      mailings
                      based on commercially acquired mailing lists, newspaper, radio
                      and
                      television advertisements shall not constitute solicitation
                      under this
                      Section 16. 

                  

          

          

          
            	 	
                    (7)

                  	
                    The
                      Sub-Servicer will not waive any Prepayment Charge or part of
                      a Prepayment
                      Charge unless such waiver would maximize recovery of total
                      proceeds taking
                      into account the value of such Prepayment Charge and related
                      Mortgage Loan
                      and doing so is standard and customary in servicing mortgage
                      loans similar
                      to the Mortgage Loans (including any waiver of a Prepayment
                      Charge in
                      connection with a refinancing of a Mortgage Loan that is related
                      to a
                      default or a reasonably foreseeable default), and in no event
                      will it
                      waive a Prepayment Charge in connection with a refinancing
                      of a Mortgage
                      Loan that is not related to a default or a reasonably foreseeable
                      default.
                      

                  

          

          

          
            	 	
                    (8)

                  	
                    GMAC
                      Mortgage Corporation shall have the right to exercise the clean-up
                      call as
                      set forth in Section [___] of the Servicing
                      Agreement.

                  

          

          

          SECTION
            17. Notices.
            All
            demands, notices and communications hereunder shall be in writing and
            shall be
            deemed to have been duly given if mailed, by registered or certified
            mail,
            return receipt requested, or, if by other means, when received by the
            other
            party at the address as follows: 

          

          (i) if
            to the
            Seller:

          

          Impac
            Funding Corporation

          1401
            Dove
            Street

          Newport
            Beach, California 92660

          Attention:
            Legal Counsel

          

          

          (ii) if
            to the
            Purchaser:

          

          GMAC
            Mortgage Corporation

          100
            Witmer Road

          Horsham,
            PA 19044

          Attention:
            Senior Vice President

          Capital
            Markets

          

          
            
              
              

            

            
              R-34

              
                

              

            

            
              
              

            

          

          
 

          or
            such
            other address as may hereafter be furnished to the other party by like
            notice.
            Any such demand, notice or communication hereunder shall be deemed to
            have been
            received on the date delivered to or received at the premises of the
            addressee
            (as evidenced, in the case of registered or certified mail, by the date
            noted on
            the return receipt).

          

          SECTION
            18. Severability
            Clause.
            Any
            part, provision, representation or warranty of this Agreement which is
            prohibited or which is held to be void or unenforceable shall be ineffective
            to
            the extent of such prohibition or unenforceability without invalidating
            the
            remaining provisions hereof Any part, provision, representation or warranty
            of
            this Agreement which is prohibited or unenforceable or is held to be
            void or
            unenforceable in any jurisdiction shall be ineffective, as to such jurisdiction,
            to the extent of such prohibition or unenforceability without invalidating
            the
            remaining provisions hereof, and any such prohibition or unenforceability
            in any
            jurisdiction as to any Mortgage Loan shall not invalidate or render
            unenforceable such provision in any other jurisdiction. To the extent
            permitted
            by applicable law, the parties hereto waive any provision of law which
            prohibits
            or renders void or unenforceable any provision hereof. If the invalidity
            of any
            part, provision, representation or warranty of this Agreement shall deprive
            any
            party of the economic benefit intended to be conferred by this Agreement,
            the
            parties shall negotiate, in good-faith, to develop a structure the economic
            effect of which is nearly as possible the same as the economic effect
            of this
            Agreement without regard to such invalidity.

          

          SECTION
            19. Counterparts.
            This
            Agreement may be executed simultaneously in any number of counterparts.
            Each
            counterpart shall be deemed to be an original, and all such counterparts
            shall
            constitute one and the same instrument.

          

          SECTION
            20. Governing
            Law.
            THIS
            AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
            OF NEW
            YORK WITHOUT REGARD TO ANY CONFLICTS OF LAW PROVISIONS AND THE OBLIGATIONS,
            RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
            WITH THE LAWS OF THE STATE OF NEW YORK, EXCEPT TO THE EXTENT PREEMPTED
            BY
            FEDERAL LAW.

          

          SECTION
            21. Reserved.
            

          

          

          
            
              
              

            

            
              R-35

              
                

              

            

            
              
              

            

          

          SECTION
            22. Successors
            and Assigns.
            This
            Agreement shall bind and inure to the benefit of and be enforceable by
            the
            Seller and the Purchaser and the respective successors and assigns of
            the Seller
            and the Purchaser. The Purchaser may assign this Agreement to any Person
            to whom
            any Mortgage Loan is transferred whether pursuant to a sale or financing
            and to
            any Person to whom the servicing or master servicing of any Mortgage
            Loan is
            sold or transferred. Upon any such assignment, the Person to whom such
            assignment is made shall succeed to all rights and obligations of the
            Purchaser
            under this Agreement; provided,
            that,
            the
            right to require a Mortgage Loan to be repurchased by the Seller pursuant
            to
            Subsection 6.03 or Subsection 7.03 shall be retained solely by the beneficial
            owner of such Mortgage Loan; provided further,
            that
            the right to enforce the indemnification provisions set forth in Subsection
            7.04
            with respect to any Mortgage Loan and the right to require the Servicing
            Rights
            with respect to a Mortgage Loan to be repurchased by the Seller pursuant
            to
            Subsection 7.04 shall each be retained solely by the party to whom the
            servicing
            or master servicing of any Mortgage Loan is sold or transferred. This
            Agreement
            shall not be assigned, pledged or hypothecated by the Seller to a third
            party
            without the consent of the Purchaser.

          

          SECTION
            23. Waivers.
            No term
            or provision of this Agreement may be waived or modified unless such
            waiver or
            modification is in writing and signed by the party against whom such
            waiver or
            modification is sought to be enforced.

          

          SECTION
            24. Exhibits.
            The
            exhibits to this Agreement are hereby incorporated and made a part hereof
            and
            are an integral part of this Agreement.

          

          SECTION
            25. General
            Interpretive Principles.
            For
            purposes of this Agreement except as otherwise expressly provided or
            unless the
            context otherwise requires:

          

          (a) the
            terms
            defined in this Agreement have the meanings assigned to them in this
            Agreement
            and include the plural as well as the singular, and the use of any gender
            herein
            shall be deemed to include the other gender;

          

          (b) accounting
            terms not otherwise defined herein have the meanings assigned to them
            in
            accordance with GAAP;

          

          (c)
             references
            herein to “Articles,” “Sections,” “Subsections,” “Paragraphs,” and other
            subdivisions without reference to a document are to designated Articles,
            Sections, Subsections, Paragraphs and other subdivisions of this
            Agreement;

          

          (d) reference
            to a Subsection without further reference to a Section is a reference
            to such
            Subsection as contained in the same Section in which the reference appears,
            and
            this rule shall also apply to Paragraphs and other subdivisions;

          

          (e) the
            words
“herein,” “hereof,” “hereunder” and other words of similar import refer to this
            Agreement as a whole and not to any particular provision; and

          

          (f) the
            term
“include” or “including” shall mean without limitation by reason of
            enumeration.

          

          

          
            
              
              

            

            
              R-36

              
                

              

            

            
              
              

            

          

          SECTION
            26. Reproduction
            of Documents.
            This
            Agreement and all documents relating thereto, including, without limitation,
            (a)
            consents, waivers and modifications which may hereafter be executed,
            (b)
            documents received by any party at the closing, and (c) financial statements,
            certificates and other information previously or hereafter furnished,
            may be
            reproduced by any photographic, photostatic, microfilm, micro-card, miniature
            photographic or other similar process. The parties agree that any such
            reproduction shall be admissible in evidence as the original itself in
            any
            judicial or administrative proceeding, whether or not the original is
            in
            existence and whether or not such reproduction was made by a party in
            the
            regular course of business, and that any enlargement, facsimile or further
            reproduction of such reproduction shall likewise be admissible in
            evidence.

          

          SECTION
            27. Nonsolicitation.
            The
            Seller covenants and agrees that, it they not during the remaining term
            of any
            of the individual Mortgage Loans take any action or cause any action
            to be taken
            by any of its agents or affiliates, or independent contractors working
            on its
            behalf, to personally, by telephone or by mail, solicit the prepayment
            of any
            Mortgage Loans, without the prior written consent and approval of the
            Purchaser.
            It is understood and agreed that promotions undertaken by the Seller
            which are
            directed to the general public at large, including, without limitation,
            mass
            mailings based on commercially acquired mailing lists, newspaper, radio
            and
            television advertisements shall not constitute solicitation under this
            Section
            27.

          

          SECTION
            28. Survival.
            All
            covenants, agreements, representations and warranties made herein shall
            survive
            the execution and delivery of this Agreement.

          

          
            
              
              

            

            
              R-37

              
                

              

            

            
              
              

            

          

          IN
            WITNESS WHEREOF, the Seller and the Purchaser have caused their names
            to be
            signed hereto by their respective officers thereunto duly authorized
            as of the
            date first above written.

           

          IMPAC
            FUNDING CORPORATION

          Seller

          

          By:      

          Name:      

          Title:      

          

          

          GMAC
            MORTGAGE CORPORATION

          Purchaser    

           

          
            By:      

            Name:      

            Title:      

          

          
 

          
            
              
              

            

            
              R-38

              
                

              

            

            
              
              

            

          

          EXHIBIT
            1

          

          MORTGAGE
            LOAN SCHEDULE

          

          (Provided
            Upon Request)

          

          
            
              
              

            

            
              R-39

              
                

              

            

            
              
              

            

          

          EXHIBIT
            2

          

          CONTENTS
            OF EACH MORTGAGE FILE

          

          With
            respect to each Mortgage Loan, the Mortgage File shall include each of
            the
            following items, which shall be available for inspection by the Purchaser
            and
            which shall be delivered to the Custodian:

          

            
              	 	
                      1.

                    	
                      Mortgage
                        Loan Documents.

                    

            

            

            
              	 	
                      2.

                    	
                      Residential
                        loan application.

                    

            

            

            
              	 	
                      3.

                    	
                      Mortgage
                        Loan closing statement.

                    

            

            

            
              	 	
                      4.

                    	
                      Verification
                        of employment and income, if
                        applicable.

                    

            

            

            
              	 	
                      5.

                    	
                      Verification
                        of acceptable evidence of source and amount of down payment
                        if
                        applicable.

                    

            

            

            
              	 	
                      6.

                    	
                      Credit
                        report on Mortgagor.

                    

            

            

            
              	 	
                      7.

                    	
                      Residential
                        appraisal report.

                    

            

            

            
              	 	
                      8.

                    	
                      Photograph
                        of the Mortgaged Property.

                    

            

            

            
              	 	
                      9.

                    	
                      Survey
                        of the Mortgaged Property.

                    

            

            

            
              	 	
                      10.

                    	
                      Copy
                        of each instrument necessary to complete identification of
                        any exception
                        set forth in the exception schedule in the title policy,
                        i.e., map or
                        plat, restrictions, easements, sewer agreements, home association
                        declarations, etc.

                    

            

            

            
              	 	
                      11.

                    	
                      All
                        required disclosure statements and statement of Mortgagor
                        confirming
                        receipt thereof.

                    

            

            

            
              	 	
                      12.

                    	
                      If
                        available, termite report, structural engineer’s report, water potability
                        and septic certification.

                    

            

            

            
              	 	
                      13.

                    	
                      Sales
                        Contract, if applicable.

                    

            

            

            
              	 	
                      14.

                    	
                      Hazard
                        insurance policy.

                    

            

            

              
                
                  
                  

                

                
                  R-40

                  
                    

                  

                

                
                  
                  

                

              

            

             

            
              	 	
                      15.

                    	
                      Tax
                        receipts, insurance premium receipts, ledger sheets, payment
                        history from
                        date of origination, insurance claim files, correspondence,
                        current and
                        historical computerized data files, and all other processing,
                        underwriting
                        and closing papers and records which are customarily contained
                        in a
                        mortgage loan file and which are required to document the
                        Mortgage Loan or
                        to service the Mortgage Loan.

                    

            

            

            
              	 	
                      16.

                    	
                      Amortization
                        schedule, if available.

                    

            

            

            
              	 	
                      17.

                    	
                      Payment
                        history for Mortgage Loans that have been closed for more
                        than ninety (90)
                        days.

                    

            

          

          
 

          
            
              
              

            

            
              R-41

              
                

              

            

            
              
              

            

          

          EXHIBIT
            3

          

          SERVICING
            TRANSFER INSTRUCTIONS

          

          (Provided
            Upon Request)

           

           

          
            
              
              

            

            
              R-42

              
                

              

            

            
              
              

            

          

        

      

       

      EXHIBIT
        S

       

      FORM
        OF
        MIDLAND SERVICING AGREEMENT

      

      THIS
        SERVICING AGREEMENT dated as of December 21, 2006, is between Impac Funding
        Corporation, a California corporation (the “Master Servicer”), and Midland Loan
        Services, Inc., a Delaware corporation (the “Servicer”).

       

      PRELIMINARY
        STATEMENT

       

      Pursuant
        to the Pooling and Servicing Agreement (the “PSA”) dated as of December 1, 2006,
        among Impac Secured Assets Corp., as Depositor, the Master Servicer, as Master
        Servicer, and Deutsche Bank National Trust Company, as Trustee, with respect
        to
        the Impac Secured Assets Corp., Mortgage Pass-Through Certificates, Series
        2006-5 (a copy of which has been delivered to the Servicer), the Servicer
        shall
        be servicing the Mortgage Loans on behalf of the Trust Fund.

       

      The
        Master Servicer and the Servicer desire to enter into an agreement whereby
        the
        Servicer assumes and agrees to perform certain of the Master Servicer’s
        servicing responsibilities with respect to the Mortgage Loans as more
        specifically set forth herein.

       

      The
        Servicer is an independent contractor in the business of servicing mortgage
        loans, and is not an Affiliate of the Master Servicer.

       

      This
        Agreement shall become effective with respect to each Mortgage Loan, or
        appropriate group or portfolio of Mortgage Loans, upon the related Servicing
        Transfer Date. 

       

      NOW,
        THEREFORE, in consideration of the recitals in this Preliminary Statement
        which
        are made a contractual part hereof, and of the mutual promises contained
        herein
        and for other good and valuable consideration, the receipt and sufficiency
        of
        which are hereby acknowledged, the parties hereto agree as follows:

       

      ARTICLE
        I

       

      DEFINITIONS

       

      Section
        1.01 Defined
        Terms.

       

      For
        purposes of this Agreement, all capitalized terms not otherwise defined herein
        shall have the meanings set forth in the PSA. Whenever used in this Agreement,
        the following words and phrases, unless the context otherwise requires, shall
        have the following meanings:

       

      “Accepted
        Servicing Practices”:
        As
        defined in Section 2.01.

       

      “Accounts”:
        The
        Escrow Accounts, REO Accounts and the Collection Accounts.

       

      “Additional
        Servicing Compensation”:
        (i)
        amounts collected for checks or other items returned for insufficient funds,
        (ii) late payment charges (but not default interest) with respect to the
        Mortgage Loans, excluding any prepayment penalties (iii) to the extent the
        Servicer has been engaged by the Master Servicer under Section 3.08 or 3.12,
        any
        modification fees, extension fees, assumption fees and similar processing
        fees
        received from or on behalf of any Borrower, (iv) subject to Section 3.04
        of the
        Agreement, all income and gain realized from the investment of funds deposited
        in the Accounts and (v) any Termination Fees.

       

      

      
        
          
            
            

          

          
            S-1

            
              

            

          

          
            
            

          

        

      

      

      “Advance
        Rate”:
        A per
        annum rate equal to the “Prime Rate” (as published from time to time in the
“Money Rates” section of The Wall Street Journal).

       

      “Affiliate”:
        With
        respect to any specified Person, any other Person controlling or controlled
        by
        or under common control with such specified Person. For the purposes of this
        definition, “control” when used with respect to any specified Person 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.

       

      “Agreement”:
        This
        Servicing Agreement, as the same may be modified, supplemented or amended
        from
        time to time upon mutual agreement of the parties hereto.

       

      “Borrower”:
        The
        obligor on a Note.

       

      “Business
        Day”:
        With
        respect to any Mortgage Loan prior to Securitization, any day other than
        (i) a
        Saturday or Sunday, or (ii) a day in which depository institutions or trust
        companies in the State of Kansas, the State of Pennsylvania or in any of
        the
        States in which the Accounts or any accounts used by the Master Servicer
        for
        remittance purposes are located, are authorized or obligated by law, regulation
        or executive order to remain closed, and with respect to any Mortgage Loan
        after
        Securitization, any day other than (i) a Saturday or Sunday, or (ii) a day
        in
        which depository institutions or trust companies in the State New York, State
        of
        Kansas or in any of the States in which the Accounts or any accounts used
        by the
        Servicer or Master Servicer for remittance purposes are located, are authorized
        or obligated by law, regulation or executive order to remain
        closed.

       

      “Certificates”:
        The
        Impac Secured Assets Corp., Mortgage Pass Through Certificates, Series 2006-5,
        evidencing the beneficial ownership interest in the Depositor and executed
        by
        the Trustee in substantially the form set forth in Exhibit A to the
        PSA.

       

      “Closing
        Date”:
        December 21, 2006.

       

      “Collection
        Account”:
        As
        defined in Section 3.03.

       

      “Corrected
        Mortgage Loan”:
        Any
        Mortgage Loan which is no longer a Specially Serviced Mortgage Loan pursuant
        to
        the second sentence of the definition of “Specially Serviced Mortgage
        Loan”.

       

      “Determination
        Date”:
        The
        15th day (or if such day is not a Business Day, the Business Day immediately
        preceding such day) of the month, beginning in January, 2007.

       

      “Disposition
        Fee”:
        In
        connection with the sale of any Specially Serviced Mortgage Loan or REO Property
        pursuant to Section 3.10, the fee payable to the Servicer in an amount equal
        to
        the product of (x) the related Net Liquidation Proceeds and (y) 1.50%;
provided,
        however,
        that
        such fee shall not exceed $100,000 for each Mortgage Loan. 

       

      

      
        
          
            
            

          

          
            S-2

            
              

            

          

          
            
            

          

        

      

      

      “Eligible
        Account”:
        Any of
        (i) a segregated account maintained with a federal or state chartered depository
        institution (A) the short-term obligations of which are rated A-1+ or better
        by
        Standard & Poor's and P-1 by Moody's at the time of any deposit therein or
        if such account is maintained with PNC Bank, National Association, rated
        no less
        than A-1 by Standard & Poor’s and no less than P-1 by Moody’s or (B) insured
        by the FDIC (to the limits established by such Corporation), the uninsured
        deposits in which account are otherwise secured such that, as evidenced by
        an
        Opinion of Counsel (obtained by the Person requesting that the account be
        held
        pursuant to this clause (i)) delivered to the Trustee prior to the establishment
        of such account, the Certificateholders will have a claim with respect to
        the
        funds in such account and a perfected first priority security interest against
        any collateral (which shall be limited to Permitted Investments, each of
        which
        shall mature not later than the Business Day immediately preceding the
        Distribution Date next following the date of investment in such collateral
        or
        the Distribution Date if such Permitted Investment is an obligation of the
        institution that maintains the Certificate Account, Insurance Account or
        Custodial Account) securing such funds that is superior to claims of any
        other
        depositors or general creditors of the depository institution with which
        such
        account is maintained, (ii) a segregated trust account or accounts maintained
        with a federal or state chartered depository institution or trust company
        subject to regulations regarding fiduciary funds on deposit similar to Title
        12
        of the Code of Federal Regulations Section 9.10(b), which, in either case,
        has
        corporate trust powers, acting in its fiduciary capacity or (iii) a segregated
        account or accounts of a depository institution acceptable to the Rating
        Agencies (as evidenced in writing by the Rating Agencies that use of any
        such
        account as the Custodial Account or the Certificate Account will not have
        an
        adverse effect on the then-current ratings assigned to the Classes of the
        Certificates then rated by the Rating Agencies). Eligible Accounts may bear
        interest.

       

      “Environmental
        Laws”:
        Any
        environmental law, ordinance, rule, regulation or order of a federal, state
        or
        local governmental authority, including, without limitation, the Comprehensive
        Environmental Response, Compensation and Liability Act of 1980, as amended
        (42
        U.S.C. §§ 9601 et
        seq.),
        the
        Hazardous Material Transportation Act, as amended (49 U.S.C. §§ 1801
et
        seq.),
        the
        Resource Conservation and Recovery Act, as amended (42 U.S.C. §§ 6901
et
        seq.),
        the
        Federal Water Pollution Control Act, as amended (33 U.S.C. §§ 1251 et
        seq.),
        the
        Clean Air Act (42 U.S.C. §§ 7401 et
        seq.)
        and
        the regulations promulgated pursuant thereto.

       

      “Escrow
        Account”:
        As
        defined in Section 3.02.

       

      “Escrow
        Payment”:
        Any
        payment received by the Servicer for the account of the Borrowers for
        application toward the payment of taxes, insurance premiums, assessments,
        ground
        rents, deferred maintenance, environmental remediation, rehabilitation costs,
        capital expenditures, and similar items in respect of the related Mortgaged
        Property.

       

      “Event
        of Default”:
        As
        defined in Section 7.02.

       

      “Excess
        Servicing Strip”:
        With
        respect to any Group 2 Loan that has not become a Specially Serviced Multifamily
        Loan, that portion of the related Sub-Servicing Fee computed at a rate equal
        to
        the excess of (a) 0.25% (25 basis points) per annum over (b) 0.14% (14 basis
        points) per annum. With respect to any Group 2 Loan that has become a Specially
        Serviced Multifamily Loan, that portion of the related Sub-Servicing Fee
        computed at a rate equal to the excess of (a) 0.75% ( 75 basis points) per
        annum
        over (b) 0.64% (64 basis points) per annum.

       

      

      
        
          
            
            

          

          
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      “Loan
        Servicing”:
        As
        defined in Section 3.01.

       

      “Master
        Servicer”:
        Impac
        Funding Corporation, a California corporation.

       

      “Monthly
        Payment”:
        With
        respect to any Mortgage Loan, the scheduled monthly payment of interest or
        the
        scheduled monthly payment of principal and interest, as the case may be,
        on such
        Mortgage Loan which is payable by a Borrower on the due date under the related
        Note. 

       

      “Mortgage”:
        With
        respect to each Mortgage Loan, the mortgage, deed of trust or other instrument
        securing the related Note, which creates a lien on the real property securing
        such Note.

       

      “Mortgage
        Loan”:
        Each
        of the mortgage loans identified on the Mortgage Loan Schedule.

       

      “Mortgage
        Loan Documents”:
        With
        respect to each Mortgage Loan, the related Note, the related Mortgage and
        any
        and all other documents executed and delivered in connection with the
        origination or subsequent modification of such Mortgage Loan.

       

      “Mortgage
        Loan Schedule”:
        A
        schedule of certain mortgage loans owned and held by the Trust Fund which
        sets
        forth information with respect to such mortgage loans, as amended from time
        to
        time by the parties. 

       

      “Mortgaged
        Property”:
        The
        real property and improvements thereon securing repayment of the debt evidenced
        by the related Note. Such term shall also include any REO Property.

       

      “Net
        Liquidation Proceeds”:
        The
        amount of proceeds received in connection with the liquidation or sale of
        any
        Specially Serviced Mortgage Loan or REO Property net of the amount of any
        liquidation expenses (including, without limitation, legal fees and expenses,
        brokerage commissions and conveyance taxes) incurred with respect to such
        liquidation or sale.

       

      “Nonrecoverable
        Advance”:
        Any
        Servicing Advance previously made or proposed to be made in respect of a
        Mortgage Loan which, in the reasonable good faith judgment of the Servicer,
        will
        not or, in the case of a proposed Servicing Advance, would not be ultimately
        recoverable from related Late Collections, Insurance Proceeds, Liquidation
        Proceeds or REO Proceeds.

       

      “Note”:
        With
        respect to any Mortgage Loan, the promissory note or other evidence of
        indebtedness or agreements evidencing the indebtedness of a Borrower under
        such
        Mortgage Loan.

       

      “Opinion
        of Counsel”:
        A
        written opinion of counsel acceptable to the Trustee, as applicable, in its
        reasonable discretion which counsel may be in-house counsel for the Servicer
        or
        the Master Servicer if acceptable to the Trustee and the Rating Agencies
        or
        counsel for the Depositor, as the case may be.

       

      

      
        
          
            
            

          

          
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      “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,
        provided, however, that such repurchase agreements are treated as financings
        under generally accepted accounting principles (“GAAP”);

       

      (iii) federal
        funds, certificates of deposit, demand deposits, time deposits and bankers'
        acceptances (which shall each have an original maturity of not more than
        90 days
        and, in the case of bankers' acceptances, shall in no event have an original
        maturity of more than 365 days or a remaining maturity of more than 30 days)
        denominated in United States dollars of any U.S. depository institution or
        trust
        company incorporated under the laws of the United States or any state thereof
        or
        of any domestic branch of a foreign depository institution or trust company;
        provided that the debt obligations of such depository institution or trust
        company (or, if the only Rating Agency is Standard & Poor's, in the case of
        the principal depository institution in a depository institution holding
        company, debt obligations of the depository institution holding company)
        at the
        date of acquisition thereof have been rated by each Rating Agency in its
        highest
        short-term rating available; and provided further that, if the only Rating
        Agency is Standard & Poor's and if the depository or trust company is a
        principal subsidiary of a bank holding company and the debt obligations of
        such
        subsidiary are not separately rated, the applicable rating shall be that
        of the
        bank holding company; and, provided further that, if the original maturity
        of
        such short-term obligations of a domestic branch of a foreign depository
        institution or trust company shall exceed 30 days, the short-term rating
        of such
        institution shall be A-1+ in the case of Standard & Poor's if Standard &
Poor's is the Rating Agency;

       

      (iv) commercial
        paper (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 Moody’s and Standard & Poor’s in
        their highest short-term ratings 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 Moody’s in its highest
        long-term ratings available or rated AAAm or AAAm-G by Standard & Poor's,
        including any such funds for which Deutsche Bank National Trust Company or
        any
        affiliate thereof serves as an investment advisor, manager, administrator,
        shareholder, servicing agent, and/or custodian or sub-custodian;
        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;

       

      

      
        
          
            
            

          

          
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      provided,
        however,
        that 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.

       

      “Person”:
        Any
        individual, corporation, limited liability company, partnership, joint venture,
        estate, association, joint-stock company, trust, unincorporated organization or
        government or any agency or political subdivision thereof.

       

      “Qualified
        Affiliate”:
        Any
        Person (a) that is organized and doing business under the laws of any state
        of
        the United States or the District of Columbia, (b) that is in the business
        of
        performing the duties of a servicer of commercial mortgage loans, and (c)
        as to
        which 50% or greater of its outstanding voting stock or equity ownership
        interest are directly or indirectly owned by the Servicer or by any Person
        or
        Persons who directly or indirectly own equity ownership interests in the
        Servicer. 

       

      “Rating
        Agency”:
        With
        respect to any Mortgage Loan, each of Standard & Poor’s Ratings Services, a
        division of The McGraw-Hill Companies, Inc. and Moody’s Investors Service,
        Inc.

       

      “Reasonable
        Efforts”:
        Efforts determined to be reasonably diligent by the Master Servicer or the
        Servicer, as the case may be, in its reasonable discretion, which efforts
        do not
        require the Master Servicer or the Servicer, as the case may be, to enter
        into
        any litigation, arbitration or other legal or quasi-legal
        proceeding.

       

      “Recoverable
        Servicing Advance”:
        The
        portion of any Servicing Advance (including interest reasonably likely to
        accrue
        thereon at the Advance Rate) previously made or proposed to be made in respect
        of a Mortgage Loan or REO Property which, in the judgment (in accordance
        with
        the Accepted Servicing Practices) of the Servicer, will be ultimately
        recoverable, together with any accrued and unpaid interest thereon, from
        late
        collections or any other recovery on or in respect of such Mortgage Loan
        or REO
        Property.

       

      “Remittance
        Date”:
        The
        18th
        day (or
        if such day is not a Business Day, the Business Day immediately preceding
        such
        day) of the month, beginning in January, 2007.

       

      “REO
        Account”:
        As
        defined in Section 3.11(a).

       

      “REO
        Mortgage Loan”:
        A
        Mortgage Loan deemed for the purposes hereof to be outstanding with respect
        to
        each REO Property, as more particularly described in Section
        3.09(b).

       

      

      
        
          
            
            

          

          
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      “REO
        Property”:
        A
        Mortgaged Property acquired by the Servicer on behalf of the Master Servicer
        through foreclosure or by deed in lieu of foreclosure.

       

      “Responsible
        Officer”:
        Any
        officer or employee of the Master Servicer or the Servicer, as the case may
        be,
        involved in or responsible for the administration, supervision or management
        of
        this Agreement and whose name and specimen signature appear on a list prepared
        by each party and delivered to the other party, as such list may be amended
        from
        time to time by either party.

       

      “Servicer”:
        Midland Loan Services, Inc., a Delaware corporation, or any successor Servicer
        as herein provided.

       

      “Servicing
        Account”:
        The
        separate trust account created and maintained by the Master Servicer or
        Subservicer with respect to the Mortgage Loans or REO Property, which shall
        be
        an Eligible Account, for collection of taxes, assessments, insurance premiums
        and comparable items as described in Section 3.09 of the PSA.

       

      “Servicing
        Advances”:
        All
        Servicing Expenses paid or to be paid, as the context requires, out of its
        own
        funds, by the Servicer in connection with the servicing of a Mortgage Loan,
        after a default, delinquency or other unanticipated event has occurred or
        is
        reasonably foreseeable, or in connection with the administration of any REO
        Property.

       

      “Servicing
        Expenses”:
        All
        customary, reasonable and necessary out-of-pocket costs and expenses paid
        or
        incurred in connection with the Servicer’s obligations hereunder, including
        without limitation:

       

      (a) real
        estate taxes, assessments and similar charges;

       

      (b) insurance
        premiums;

       

      (c) any
        expense necessary in order to prevent or cure any violation of applicable
        laws,
        regulations, codes, ordinances, rules, orders, judgments, decrees, injunctions
        or restrictive covenants;

       

      (d) any
        cost
        or expense necessary in order to maintain or release the lien on each Mortgaged
        Property and related collateral, including any mortgage registration taxes,
        release fees, or recording or filing fees;

       

      (e) customary
        expenses for the collection, enforcement or foreclosure of the Mortgage Loans
        and the collection of deficiency judgments against Borrowers and guarantors
        (including but not limited to the fees and expenses of any trustee under
        a deed
        of trust, foreclosure title searches and other lien searches);

       

      (f) subject
        to Section 3.07, costs and expenses of any appraisals, valuations, inspections,
        environmental assessments (including but not limited to the fees and expenses
        of
        environmental consultants), audits or consultations, engineers, architects,
        accountants, on-site property managers, market studies, title and survey
        work
        and financial investigating services;

       

      

      
        
          
            
            

          

          
            S-7

            
              

            

          

          
            
            

          

        

      

      

      (g) customary
        expenses for liquidation, restructuring, modification or loan workouts, such
        as
        sales brokerage expenses and other costs of conveyance;

       

      (h) costs
        and
        expenses related to travel and lodging, subject to Section 3.07 with respect
        to
        property inspections; and

       

      (i) any
        other
        reasonable costs and expenses, including without limitation, legal fees and
        expenses, incurred by the Servicer under this Agreement in connection with
        the
        enforcement, collection, foreclosure, disposition, condemnation or destruction
        of the Mortgage Loans or related Mortgaged Properties, the maintenance, leasing,
        operation, management and sale of the REO Properties, and the performance
        of
        Loan Servicing by the Servicer under this Agreement.

       

      Notwithstanding
        the foregoing, Servicing Expenses shall not be deemed to include costs and
        expenses incurred by the Servicer in the performance of its Loan Servicing
        obligations hereunder that are in the nature of internal costs or fixed overhead
        of the Servicer (including, without limitation, costs and expenses relating
        to
        data processing, computer and telephone systems, office space, equipment
        and
        supplies, and employee salaries and related expenses), which shall be borne
        solely by the Servicer.

       

      “Servicing
        Fee”:
        With
        respect to each Mortgage Loan, an amount equal to the product of (a) the
        Servicing Fee Rate and (b) the outstanding principal balance of such Mortgage
        Loan, payable out of interest received with respect to such Mortgage Loan
        in
        accordance with Section 5.01.

       

      “Servicing
        Fee Rate”:
        A per
        annum rate equal to 0.25% (25 basis points).

       

      “Servicing
        File”:
        With
        respect to each Mortgage Loan, (i) all Mortgage Loan Documents, (ii) to the
        extent not included as a Mortgage Loan Document, the documents, information
        and
        records set forth in the file listing attached hereto as Exhibit A, and (iii)
        any additional documents or information related thereto maintained or created
        by
        the Servicer. 

       

      “Servicing
        Officer”:
        Any
        officer of the 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 Master Servicer, as such list
        may
        from time to time be amended.

       

      “Servicing
        Transfer Date”:
        With
        respect to each Mortgage Loan, the date of delivery by Master Servicer to
        the
        Servicer of the related Servicing File.

       

      “Special
        Services”:
        Services relating to lease approvals, work-outs or mortgage loan restructuring,
        assumptions or substitutions, foreclosure or accepting deeds-in-lieu thereof,
        asset management, disposition or other similar activities with respect to
        any
        Mortgage Loan or Mortgaged Property. 

       

      “Specially
        Serviced Mortgage Loan”:
        Any
        Mortgage Loan with respect to which:

       

      

      
        
          
            
            

          

          
            S-8

            
              

            

          

          
            
            

          

        

      

      

      (a) the
        related Borrower is at least two months delinquent (without giving effect
        to any
        grace periods permitted by the related Mortgage Loan Documents) in the payment
        of a Monthly Payment;

       

      (b) the
        related Borrower has expressed to the Servicer an inability to pay or a hardship
        in paying the Mortgage Loan in accordance with its terms;

       

      (c) the
        Servicer has received notice that the related Borrower has become the subject
        of
        any bankruptcy, insolvency or similar proceeding, or has admitted in writing
        the
        inability to pay its debts as they come due or made an assignment for the
        benefit of creditors;

       

      (d) the
        Servicer has received notice of a foreclosure or threatened foreclosure of
        any
        lien (other than the Mortgage Loan) on the related Mortgaged
        Property;

       

      (e) a
        default
        of which the Servicer has notice (other than a failure by the related Borrower
        to pay principal or interest) and which materially and adversely affects
        the
        interests of the Master Servicer, or after Securitization the trustee or
        certificateholders, has occurred and remains unremedied for the applicable
        grace
        period specified in the Mortgage Loan; or

       

      (f) the
        related Borrower has failed to make a balloon payment as and when due and
        such
        default has not been cured within 30 days after such due date;

       

      provided,
        however,
        that
        with respect to the circumstances described in clauses (b), (d) and (e),
        the
        Servicer has received written confirmation from the Master Servicer that
        such
        Mortgage Loan shall be a Specially Serviced Mortgage Loan. To the extent
        no
        other circumstances identified in clauses (a) through (f) above exist that
        would
        cause the Mortgage Loan to continue to be characterized as a Specially Serviced
        Mortgage Loan, a Mortgage Loan will cease to be a Specially Serviced Mortgage
        Loan:

       

      (i) with
        respect to the circumstances described in clauses (a) or (f) above, when
        the
        related Borrower has brought the Mortgage Loan current (or, with respect
        to the
        circumstances described in clause (f), pursuant to any work-out of the Mortgage
        Loan) and thereafter made three consecutive full and timely Monthly Payments
        (including pursuant to such workout); or

       

      (ii) with
        respect to the circumstances described in clauses (b), (c), (d) and (e) above,
        when such circumstances cease to exist or such default is cured, as applicable,
        in the reasonable judgment of the Servicer (as confirmed in writing by the
        Master Servicer).

       

      “Special
        Servicing Fee”:
        With
        respect to each Specially Serviced Mortgage Loan or REO Mortgage Loan, an
        amount
        equal to the product of (a) the related Special Servicing Fee Rate and (b)
        the
        outstanding principal balance of such Mortgage Loan, as calculated in accordance
        with Section 5.01.

       

      “Special
        Servicing Fee Rate”:
        A per
        annum rate equal to (a) 0.75% (75 basis points).

       

      

      
        
          
            
            

          

          
            S-9

            
              

            

          

          
            
            

          

        

      

      

      “Workout
        Fee”:
        In
        connection with the curing of any event of default under any Specially Serviced
        Mortgage Loan through a modification, restructuring or work-out of such Mortgage
        Loan effected by the Servicer and evidenced by a writing executed by the
        related
        Borrower, the fee payable to the Servicer in an amount equal 1.5% applied
        to
        each collection of interest and principal (including scheduled payments,
        prepayments, balloon payments, payments at maturity and payments received
        with
        respect to a partial condemnation of a Mortgaged Property securing a Specially
        Serviced Loan) received on such Mortgage Loan for so long as it remains a
        Corrected Loan. If the Servicer is terminated (other than for cause or by
        resignation), it shall retain the right to receive any and all Workout Fees
        payable with respect to Mortgage Loans that became Corrected Mortgage Loans
        during the period that it acted as Special Servicer and were Corrected Loans
        at
        the time of such termination (and the successor Special Servicer shall not
        be
        entitled to any portion of such Workout Fees), in each case until the Workout
        Fee for any such loan ceases to be payable in accordance with the terms
        hereof.

       

      ARTICLE
        II

       

      RETENTION
        AND AUTHORITY OF SERVICER

       

      Section
        2.01 Engagement;
        Servicing Standard.

       

      The
        Master Servicer hereby engages the Servicer to perform, and the Servicer
        hereby
        agrees to perform, Loan Servicing with respect to each of the Mortgage Loans
        throughout the term of this Agreement, upon and subject to the terms, covenants
        and provisions hereof. 

       

      The
        Servicer shall perform its services hereunder (a) in accordance with (i)
        applicable laws, (ii) the terms and provisions of the Mortgage Loan Documents,
        (iii) the express terms hereof, and (iv) the customary and usual standards
        of
        practice of prudent institutional commercial mortgage loan servicers, and
        (b) to
        the extent consistent with the foregoing requirements, in the same manner
        in
        which the Servicer services commercial mortgage loans for other third party
        portfolios of mortgage loans similar to the Mortgage Loans, but without regard
        to any relationship which the Servicer or any Affiliate of the Servicer may
        have
        with the related Borrower or any Affiliate of such Borrower or to the Servicer’s
        right to receive compensation for its services hereunder. The servicing
        standards described in the preceding sentence are herein referred to as
“Accepted
        Servicing Practices”.

       

      Section
        2.02 Subservicing.

       

      The
        Servicer may subservice to any Person any of its Loan Servicing obligations
        hereunder only with the Master Servicer’s written consent or to the extent
        necessary for the Servicer to comply with any applicable laws, regulations,
        codes or ordinances relating to the Servicer’s Loan Servicing obligations
        hereunder; provided,
        however,
        that
        such Person shall be obligated to deliver any report, assessment, attestation
        or
        certification required pursuant to Sections 4.02, 4.03 and 4.04 hereof as
        if it
        were the Servicer hereunder. The Servicer shall provide oversight and
        supervision with regard to the performance of all subcontracted services
        and any
        subservicing agreement shall be consistent with and subject to the provisions
        of
        this Agreement. Neither the existence of any subservicing agreement nor any
        of
        the provisions of this Agreement relating to subservicing shall relieve the
        Servicer of its obligations to the Master Servicer hereunder. Notwithstanding
        any such subservicing agreement, the Servicer shall be obligated to the same
        extent and under the same terms and conditions as if the Servicer alone were
        servicing the related Mortgage Loans in accordance with the terms of this
        Agreement. The Servicer shall be solely liable for all fees owed by it to
        any
        subservicer, regardless of whether the Servicer’s compensation hereunder is
        sufficient to pay such fees.

       

      

      
        
          
            
            

          

          
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      Section
        2.03 Authority
        of the Servicer.

       

      (a) In
        performing its Loan Servicing obligations hereunder, the Servicer shall,
        except
        as otherwise provided herein and subject to the terms of this Agreement,
        have
        full power and authority, acting alone or through others, to take any and
        all
        actions in connection with such Loan Servicing that it deems necessary or
        appropriate. Without limiting the generality of the foregoing, the Servicer
        is
        hereby authorized and empowered by the Master Servicer when the Servicer
        deems
        it appropriate in its reasonable judgment, to execute and deliver, on behalf
        of
        the Master Servicer, or after Securitization the Securitization trust, (y)
        any
        and all financing statements, continuation statements and other documents
        or
        instruments necessary to maintain the lien of each Mortgage on the related
        Mortgaged Property and any other related collateral; and (z) any and all
        instruments of satisfaction or cancellation, or of partial or full release
        or
        discharge and all other comparable instruments with respect to each of the
        Mortgage Loans; provided,
        however,
        that
        the Servicer shall notify the Master Servicer in writing in the event that
        the
        Servicer intends to execute and deliver any such instrument referred to in
        clause (z) above, and, except in connection with any payment in full of any
        Mortgage Loan, shall proceed with such course of action only upon receipt
        of the
        Master Servicer’s written approval thereof. The Master Servicer agrees to
        cooperate with the Servicer by either executing and delivering to the Servicer
        from time to time (i) powers of attorney evidencing the Servicer’s authority and
        power under this Section, or (ii) such documents or instruments deemed necessary
        or appropriate by the Servicer to enable the Servicer to carry out its Loan
        Servicing obligations hereunder. 

       

      (b) In
        the
        performance of its Loan Servicing obligations hereunder, the Servicer shall
        take
        any action that is directed by the Master Servicer which relates to the
        Servicer’s Loan Servicing obligations under this Agreement; provided,
        however,
        that
        the Servicer shall not be obligated to take, or to refrain from taking, any
        action which the Master Servicer requests that the Servicer take or refrain
        from
        taking to the extent that the Servicer determines in its reasonable judgment
        that such action or inaction (i) may cause a violation of applicable laws,
        regulations, codes, ordinances, court orders or restrictive covenants with
        respect to any Mortgage Loan, Borrower, Mortgaged Property or REO Property;
        (ii)
        may cause a violation of any provision of a Mortgage Loan Document or (iii)
        may
        cause a violation of Accepted Servicing Practices.

       

      ARTICLE
        III

       

      SERVICES
        TO BE PERFORMED

       

      Section
        3.01 Services
        as Loan Servicer.

       

      The
        Servicer hereby agrees to serve as the loan servicer with respect to each
        of the
        Mortgage Loans and to perform Loan Servicing as described below and as otherwise
        provided herein, upon and subject to the terms of this Agreement. Subject
        to any
        limitation of authority under Section 2.03, “Loan
        Servicing”
shall
        mean those services pertaining to the Mortgage Loans which, applying Accepted
        Servicing Practices, are required hereunder to be performed by the Servicer,
        and
        which shall include:

       

      

      
        
          
            
            

          

          
            S-11

            
              

            

          

          
            
            

          

        

      

      

      (i) reviewing
        all available documents pertaining to the Mortgage Loans, organizing,
        administering and maintaining the Servicing Files, and inputting all relevant
        information into the Servicer’s loan servicing computer system;

       

      (ii) preparing
        and filing or recording all financing statements, continuation statements
        and
        other documents or instruments and taking such other action necessary to
        maintain the lien of any Mortgage on the related Mortgaged
        Property;

       

      (iii) monitoring
        each Borrower’s maintenance of insurance coverage on each Mortgaged Property as
        required by the related Mortgage Loan Documents and causing to be maintained
        adequate insurance coverage on each Mortgaged Property in accordance with
        Section 3.05;

       

      (iv) monitoring
        the status of real estate taxes, assessments and other similar items and
        verifying the payment of such items for each Mortgaged Property in accordance
        with Section 3.02;

       

      (v) preparing
        and delivering all reports and information required hereunder;

       

      (vi) procuring
        and supervising the services of third parties (other than subservicers pursuant
        to Section 2.02) necessary or appropriate in connection with the servicing
        of
        the Mortgage Loans by the Servicer;

       

      (vii) performing
        payment processing, record keeping, administration of escrow and other accounts,
        interest rate adjustment, and other routine customer service
        functions;

       

      (viii) monitoring
        any casualty losses or condemnation proceedings and administering any proceeds
        related thereto in accordance with the related Mortgage Loan
        Documents;

       

      (ix) notifying
        all Borrowers of the appropriate place for communications and payments, and
        collecting and monitoring all payments made with respect to the Mortgage
        Loans;

       

      (x) administering
        any requests for assumptions of a Mortgage Loan or transfers of ownership
        of or
        placement of subordinate financing on a Mortgaged Property in accordance
        with
        Section 3.08;

       

      (xi) commencing
        on behalf of the Master Servicer any litigation or proceeding relating to
        the
        foreclosure or other realization upon the collateral under any of the Mortgage
        Loans, and retaining legal counsel in connection therewith, all in accordance
        with Section 3.09.

       

      

      
        
          
            
            

          

          
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      (xii) selling
        or disposing of each Specially Serviced Mortgage Loan or REO Property in
        accordance with Section 3.10; 

       

      (xiii) managing
        and operating each REO Property in accordance with Section  3.11;

       

      (xiv) administering
        any proposals for modifications, waivers, amendments or consents with respect
        to
        any term of a Mortgage Loan in accordance with Section 3.12.

       

      Notwithstanding
        anything herein to the contrary, the Servicer shall not be required to undertake
        any lease approvals, loan modifications, workouts or restructuring, loan
        assumptions or substitutions, processing partial releases of collateral or
        subordinate financing requests, provided,
        however,
        that
        the Servicer shall be responsible for acting as the intermediary between
        the
        Borrower and the Master Servicer with respect to (x) processing Borrower
        requests for consents to actions and (y) the administration of the terms
        and
        provisions of the Mortgage Loan Documents, which includes, without limitation,
        collecting, organizing and forwarding to the Master Servicer any documents
        in
        the possession of the Servicer which relate to the Servicer’s obligation to act
        as such intermediary; and provided,
        further,
        that,
        subject to the above proviso, the Master Servicer shall be responsible for
        taking any actions regarding such Borrower requests and, therefore, shall
        be
        entitled to retain any modification fees, extension fees, assumption fees,
        and
        similar processing fees received from or on behalf of any Borrower unless
        and
        until the Master Servicer elects to engage the Servicer to perform such services
        pursuant to Sections 3.08 and 3.12.

       

      Section
        3.02 Escrow
        Accounts; Collection of Taxes, Assessments and Similar Items.

       

      (a) With
        respect to the Mortgage Loans described in the Mortgage Loan Schedule, and
        subject to and as required by the terms of the related Mortgage Loan Documents,
        the Servicer shall establish and maintain one or more Eligible Accounts (each,
        an “Escrow
        Account”)
        into
        which any or all Escrow Payments shall be deposited within one Business Day
        after receipt and identification. Escrow Accounts shall be denominated “Midland
        Loan Services, Inc. in Trust for [the
        applicable owner]
        and
        Various Borrowers” or in such other manner as the Master Servicer prescribes.
        The Servicer shall notify the Master Servicer in writing of the location
        and
        account number of each Escrow Account it establishes and shall notify the
        Master
        Servicer prior to any change thereof. Withdrawals of amounts from an Escrow
        Account may be made, subject to any express provisions to the contrary herein,
        applicable laws, and to the terms of the related Mortgage Loan Documents
        governing the use of the Escrow Payments, only: (i) to effect payment of
        taxes,
        assessments, insurance premiums, ground rents and other items required or
        permitted to be paid from escrow; (ii) to refund to the Borrowers any sums
        determined to be in excess of the amounts required to be deposited therein;
        (iii) to pay interest, if required under the Mortgage Loan Documents, to
        the
        Borrowers on balances in the Escrow Accounts; (iv) to pay to the Servicer
        from
        time to time any interest or investment income earned on funds deposited
        therein
        pursuant to Section 3.04; (v) to apply funds to the indebtedness of the Mortgage
        Loan in accordance with the terms thereof; (vi) to reimburse the Servicer
        for
        any Servicing Advance or other Servicing Expense (including interest thereon
        at
        the Advance Rate) for which Escrow Payments should have been made by the
        Borrowers, but only from amounts received on the Mortgage Loan which represent
        late collections of Escrow Payments thereunder; (vii) to withdraw any amount
        deposited in the Escrow Accounts which was not required to be deposited therein;
        or (viii) to clear and terminate the Escrow Accounts at the termination of
        this
        Agreement.

       

      

      
        
          
            
            

          

          
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      (b) The
        Servicer shall maintain accurate records with respect to each Mortgaged Property
        reflecting the status of taxes, assessments and other similar items that
        are or
        may become a lien thereon and the status of insurance premiums payable with
        respect thereto as well as the payment of ground rents with respect to each
        ground lease (to the extent such information is reasonably available). To
        the
        extent that the related Mortgage Loan Documents require Escrow Payments to
        be
        made by a Borrower, the Servicer shall use Reasonable Efforts to obtain,
        from
        time to time, all bills for the payment of such items, and shall effect payment
        prior to the applicable penalty or termination date, employing for such purpose
        Escrow Payments paid by the Borrower pursuant to the terms of the Mortgage
        Loan
        and deposited in the related Escrow Account by the Servicer. To the extent
        that
        the Mortgage Loan does not require a Borrower to make Escrow Payments, the
        Servicer shall use its Reasonable Efforts to require that any such payment
        be
        made by the Borrower prior to the applicable penalty or termination date.
        Subject to Section 3.05 with respect to the payment of insurance premiums,
        if a
        Borrower fails to make any such payment on a timely basis or collections
        from
        the Borrower are insufficient to pay any such item when due and the Servicer
        determines that an advance of such funds would constitute a Recoverable
        Servicing Advance, the Servicer shall consult with the Master Servicer regarding
        the timing for payment of taxes, assessments and other similar items and
        upon
        receipt of approval from the Master Servicer, make a Servicing Advance prior
        to
        the applicable penalty or termination date, as allowed under the terms of
        the
        related Mortgage Loan and, in any event, consistent with Accepted Servicing
        Practices. Notwithstanding anything to the contrary in the preceding sentence,
        with respect to Mortgage Loans that do not provide for escrows for the payment
        taxes and assessments, the Servicer shall, subject to prompt receipt of approval
        from the Master Servicer, make a Servicing Advance for the payment of such
        items
        upon the earlier of (i) five Business Days after the Servicer has received
        confirmation that such item has not been paid and (ii) the earlier of
        (A) 30 days after the date such payments first become due and (B) five
        Business Days before the scheduled date of foreclosure of any lien arising
        from
        nonpayment of such items. In no event shall the Servicer be required to make
        any
        such Servicing Advance that would not, if made, be a Recoverable Servicing
        Advance.

       

      (c) In
        accordance with Accepted Servicing Practices and for all Mortgage Loans,
        the
        Servicer shall consult with the Master Servicer regarding any Servicing Advance
        and upon receipt of approval from the Master Servicer make a Servicing Advance
        with respect to each related Mortgaged Property (including any REO Property)
        of
        all such funds as are necessary for the purpose of effecting the payment
        of
        (without duplication) (i) ground rents (if applicable), (ii) premiums
        on insurance policies, (iii) operating, leasing, managing and liquidation
        expenses for REO Properties, (iv) environmental inspections, (v) real
        estate taxes, assessments and other similar items that are or may become
        a lien
        thereon and (vi) any other amount specifically required to be paid as a
        Servicing Advance hereunder, if and to the extent monies in the Servicing
        Accounts are insufficient to pay such item when due and the related Borrower
        has
        failed to pay such item on a timely basis, provided
        that the
        Servicer shall only be required to make any such Servicing Advance that would,
        if made, constitute a Recoverable Servicing Advance.

       

      

      
        
          
            
            

          

          
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      Section
        3.03 Collection
        Accounts.

       

      (a) With
        respect to the Mortgage Loans, the Servicer shall establish and maintain
        one or
        more Eligible Accounts (each, a “Collection
        Account”)
        for
        the benefit of the trust for the purposes set forth herein. Collection Accounts
        shall be denominated “Midland Loan Services, Inc. in Trust for [the
        applicable owner]”
or
        in
        such other manner as the Master Servicer prescribes. The Servicer shall deposit
        into the Collection Accounts within one (1) Business Day after receipt all
        payments and collections received by it on or after the date hereof with
        respect
        to the Mortgage Loans, other than payments and collections with respect to
        any
        REO Property (which shall be deposited into the Collection Account from amounts
        withdrawn from the related REO Account pursuant to Section 3.11(a)), Escrow
        Payments or payments in the nature of Additional Servicing
        Compensation.

       

      (b) The
        Servicer shall make withdrawals from the Collection Accounts only as follows
        (the order set forth below not constituting an order of priority for such
        withdrawals):

       

      (i) to
        withdraw any amount deposited in the Collection Accounts which was not required
        to be deposited therein;

       

      (ii) pursuant
        to Section 5.01, to pay to the Servicer the Servicing Fee, Special Servicing
        Fee, Workout Fee and Disposition Fee on each Remittance Date;

       

      (iii) pursuant
        to Section 5.02, to pay or reimburse the Servicer for any Servicing Advances
        or
        other Servicing Expenses(including interest thereon at the Advance
        Rate);

       

      (iv) to
        pay to
        the Servicer from time to time any interest or investment income earned on
        funds
        deposited in the Collection Accounts pursuant to Section 3.04;

       

      (v) to
        remit
        to the Master Servicer on each Remittance Date, pursuant to wiring instructions
        from the Master Servicer, all amounts (which, for the avoidance of doubt
        shall
        include all prepayment penalties collected from the borrower) on deposit
        in the
        Collection Accounts (that represent good funds) as of the close of business
        on
        the Determination Date, net of any withdrawals from the Collection Account
        pursuant to this Section;

       

      (vi) to
        clear
        and terminate the Collection Accounts upon the termination of this
        Agreement;

       

      (vii) to
        pay
        the Excess Servicing Strip to itself or any holder thereof; and

       

      (viii) to
        reimburse itself out of general collections for any Servicing Advance made
        that
        has been deemed by the Servicer to be a Nonrecoverable Advance.

       

      

      
        
          
            
            

          

          
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      Section
        3.04 Permitted
        Investments.

       

      The
        Servicer may direct any depository institution or trust company in which
        the
        Accounts are maintained to invest the funds held therein in one or more
        Permitted Investments; provided,
        however,
        that
        such funds shall be either (i) immediately available or (ii) available in
        accordance with a schedule which will permit the Servicer to meet its payment
        obligations hereunder. The Servicer shall be entitled to all income and gain
        realized from the investment of funds deposited in the Accounts. The Servicer
        shall deposit from its own funds in the applicable Account the amount of
        any
        loss incurred in respect of any such investment of funds immediately upon
        the
        realization of such loss. Notwithstanding the foregoing, the Servicer shall
        not
        direct the investment of funds held in any Escrow Account and retain the
        income
        and gain realized therefrom if the related Mortgage Loan Documents or applicable
        law permit the Borrower to be entitled to the income and gain realized from
        the
        investment of funds deposited therein. In such event, the Servicer shall
        direct
        the depository institution or trust company in which such Escrow Accounts
        are
        maintained to invest the funds held therein (1) in accordance with the
        Borrower’s written investment instructions, if the Mortgage Loan Documents or
        applicable law require such funds to be invested in accordance with the
        Borrower’s direction; and (2) in accordance with the Master Servicer’s written
        investment instructions, if the Mortgage Loan Documents and applicable law
        do
        not permit the Borrower to direct the investment of such funds; provided,
        however,
        that in
        either event (i) such funds shall be either (y) immediately available or
        (z)
        available in accordance with a schedule which will permit the Servicer to
        meet
        the payment obligations for which the Escrow Account was established, and
        (ii)
        the Servicer shall have no liability for any loss in investments of such
        funds
        that are invested pursuant to such written instructions.

       

      Section
        3.05 Maintenance
        of Insurance Policies.
        

       

      (a) The
        Servicer shall use its Reasonable Efforts to cause the Borrower of each Mortgage
        Loan to maintain for each Mortgage Loan such insurance as is required to
        be
        maintained pursuant to the related Mortgage Loan Documents. If the Borrower
        fails to maintain such insurance, then the Servicer shall notify the Master
        Servicer of such breach and, to the extent available at commercially reasonable
        rates, cause to be maintained (i) fire and hazard insurance with extended
        coverage in an amount which is at least equal to the lesser of the current
        principal balance of such Mortgage Loan and the replacement cost of the
        improvements which are a part of the related Mortgaged Property and (ii)
        to the
        extent that the Mortgaged Property is located in a federally designated special
        flood hazard area, flood insurance in respect thereof. Such flood insurance
        shall be in an amount equal to the lesser of (y) the unpaid principal balance
        of
        the related Mortgage Loan or (z) the maximum amount of such insurance as
        is
        available for the related Mortgaged Property under the National Flood Insurance
        Act. After notifying the Master Servicer pursuant to the second preceding
        sentence, the Servicer shall take such action as the Master Servicer reasonably
        requests with respect to the maintenance of any other forms of insurance
        which
        are required to be maintained pursuant to the related Mortgage Loan Documents,
        except to the extent that such insurance is not available at commercially
        reasonable rates or the Master Servicer, or after Securitization the
        Securitization trust, as mortgagee, does not have an insurable interest.
        The
        Servicer shall, to the extent available at commercially reasonable rates,
        maintain for each REO Property no less insurance coverage than was previously
        required with respect to the related Mortgaged Property or as may be required
        at
        any time by the Master Servicer in writing. All such policies, except for
        policies maintained for any REO Mortgaged Property, shall be endorsed with
        standard mortgagee clauses with loss payable to the Master Servicer, and
        shall
        be in an amount sufficient to avoid the application of any co-insurance clause.
        The costs of maintaining the insurance policies which the Servicer is required
        to maintain pursuant to this Section shall be paid by the Servicer as a
        Servicing Advance.

       

      

      
        
          
            
            

          

          
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      (b) The
        Servicer may fulfill its obligation to maintain insurance, as provided in
        Section 3.05(a), through a master force placed insurance policy, the cost
        of
        which shall be paid by the Servicer as a Servicing Advance, provided that
        such
        cost is limited to the incremental cost of such policy allocable to such
        Mortgaged Property or REO Property (i.e., other than any minimum or standby
        premium payable for such policy whether or not any Mortgaged Property is
        then
        covered thereby, which shall be paid by the Servicer). Such master force
        placed
        insurance policy may contain a deductible clause, in which case the Servicer
        shall, in the event that there shall not have been maintained on the related
        Mortgaged Property or REO Property a policy otherwise complying with the
        provisions of Section 3.05(a), and there shall have been one or more losses
        which would have been covered by such a policy had it been maintained,
        immediately deposit into the related Collection Account from its own funds
        the
        amount not otherwise payable under the master force placed insurance policy
        because of such deductible to the extent that such deductible exceeds the
        deductible limitation required under the related Mortgage Loan Documents,
        or, in
        the absence of such deductible limitation, the deductible limitation which
        is
        consistent with Accepted Servicing Practices. 

       

      (c) The
        Servicer shall maintain at its own expense a fidelity bond in form and amount
        that is consistent with Accepted Servicing Practices. In addition, the Servicer
        shall keep in force, at its own expense during the term of this Agreement,
        a
        policy or policies of insurance in form and amounts that are consistent with
        Accepted Servicing Practices, covering loss occasioned by the errors and
        omissions of the Servicer’s officers and employees in connection with its
        obligations hereunder.

       

      Section
        3.06 Delivery
        and Possession of Servicing Files.

       

      On
        or
        before the related Servicing Transfer Date, the Master Servicer shall deliver
        or
        cause to be delivered to the Servicer (i) a Servicing File with respect to
        each
        Mortgage Loan; and (ii) the amounts, if any, received by the Master Servicer
        representing Escrow Payments previously made by the Borrowers. The Servicer
        shall promptly acknowledge receipt of the Servicing File and Escrow Payments
        for
        the Mortgage Loans and shall promptly deposit such Escrow Payments in the
        Escrow
        Accounts established pursuant to this Agreement. The contents of each Servicing
        File delivered to the Servicer are and shall be held in trust by the Servicer
        for the benefit of the Master Servicer as the owner thereof or, in the case
        of a
        Securitization, held in trust by the Servicer for the benefit of the
        Securitization trust; the Servicer’s possession of the contents of each
        Servicing File so delivered is for the sole purpose of servicing the related
        Mortgage Loan; and such possession by the Servicer shall be in a custodial
        capacity only. The Servicer shall release its custody of the contents of
        any
        Servicing File only in accordance with written instructions from the Master
        Servicer, and upon request of the Master Servicer, the Servicer shall deliver
        to
        the Master Servicer the Servicing File or a copy of any document contained
        therein; provided,
        however,
        that if
        the Servicer is unable to perform its Loan Servicing obligations with respect
        to
        the related Mortgage Loan after any such release or delivery of the Servicing
        File, then the Servicer’s responsibilities for Loan Servicing with respect to
        such Mortgage Loan may be terminated immediately by the Servicer upon written
        notice to the Master Servicer.

       

      

      
        
          
            
            

          

          
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      Section
        3.07 Inspections.

       

      The
        Servicer shall perform a physical inspection of each Mortgaged Property or
        REO
        Property at least annually for Mortgage Loans with outstanding principal
        balance
        of more than $1,000,000 and every other year for Mortgage Loans with an
        outstanding principal balance of less than or equal to $1,000,000 or if (a)
        the
        related Mortgage Loan becomes a Specially Serviced Mortgage Loan, (b) the
        Master
        Servicer requests such an inspection, or (c) the Servicer, with the approval
        of
        the Master Servicer, determines that it is prudent to conduct such an
        inspection. The Servicer shall prepare a written report of each such inspection
        and shall promptly deliver a copy of such report to the Master Servicer.
        The
        reasonable out-of-pocket expenses incurred by the Servicer in connection
        with
        any such inspections (including any out-of-pocket expenses related to travel
        and
        lodging and any charges incurred through the use of a qualified third party
        to
        perform such services) shall be paid as a Servicing Expense; provided,
        however,
        that
        with respect to the annual (or every other year) inspection of any Mortgaged
        Property or the initial inspection of any Mortgaged Property relating to
        any
        Specially Serviced Mortgage Loan, such expenses shall be borne by the
        Servicer.

       

      Section
        3.08 “Due-on-Sale”
        Clauses; Assumption Agreements.

       

      When
        any
        Borrower proposes to convey or encumber all or any portion of its interests
        in a
        Mortgaged Property, or if such conveyance or encumbrance has actually occurred,
        to the extent that the Servicer has actual knowledge of such conveyance or
        encumbrance, the Servicer shall immediately give notice thereof to the Master
        Servicer and take such related actions as the Master Servicer reasonably
        directs, including (i) waiving or enforcing any due-on-sale clause or
        due-on-encumbrance clause contained in the related Mortgage Loan Documents,
        to
        the extent permitted under the terms of the related Mortgage Loan Documents
        and
        applicable law, (ii) taking or entering into an assumption or substitution
        agreement from or with the Person to whom such Mortgaged Property has been
        or
        shall be conveyed, and (iii) releasing the original Borrower from liability
        upon
        the related Mortgage Loan and substituting the new Borrower as the obligor
        thereon.

       

      To
        the
        extent the Servicer is engaged by the Master Servicer to perform analysis,
        processing and administrative functions in connection with any request by
        a
        Borrower to waive any such due-on-sale clause or due-on-encumbrance clause
        and/or to enter into any such assumption or substitution agreement, the Servicer
        may, as a condition to granting any such request require (to the extent
        permitted by applicable law) that such Borrower pay to it, as Additional
        Servicing Compensation, a reasonable and customary fee consistent with Accepted
        Servicing Practices in connection with such request, together with any related
        costs and expenses incurred by the Servicer; provided,
        however,
        that in
        the event that the Borrower fails or is unable to pay any such costs and
        expenses, or the Master Servicer directs the Servicer to waive any requirement
        that the Borrower pay any such costs or expenses, the same shall be paid
        by the
        Servicer as a Servicing Advance.

       

      

      
        
          
            
            

          

          
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      Section
        3.09 Realization
        Upon Mortgaged Properties.

       

      (a) Upon
        the
        failure of any Borrower to make any required payment of principal, interest
        or
        other amounts due under a Mortgage Loan, or otherwise to perform fully any
        material obligations under any of the related Mortgage Loan Documents, in
        either
        case within any applicable grace period, the Servicer shall, upon discovery
        of
        such failure, promptly notify the Master Servicer in writing. The Servicer
        shall
        issue notices of default, declare events of default, declare due the entire
        outstanding principal balance, and otherwise take all reasonable actions
        under
        the related Mortgage Loan in preparation for the Master Servicer to realize
        upon
        the underlying collateral. With respect to any Specially Serviced Mortgage
        Loan,
        the Servicer shall, as permitted under the provisions of the related Mortgage
        Loan Documents, and subject to the Master Servicer’s prior written consent,
        foreclose upon or otherwise comparably convert the ownership of the related
        Mortgaged Property. In connection with such foreclosure or other conversion,
        the
        Servicer shall, subject to the consent or direction of the Master Servicer,
        follow such practices and procedures as it shall deem necessary or advisable
        and
        as shall be consistent with Accepted Servicing Practices. All costs and expenses
        incurred by the Servicer in any such proceedings shall be paid by the Servicer
        as a Servicing Advance.

       

      (b) If
        title
        to any Mortgaged Property is acquired in foreclosure or by deed in lieu of
        foreclosure, the deed or certificate of sale shall be taken in the name of
        the
        Master Servicer’s nominee, or after Securitization the nominee of the
        Securitization trustee, but in no event shall such deed or certificate be
        taken
        in the name of the Servicer. Notwithstanding any such acquisition of title
        and
        cancellation of the related Mortgage Loan, such Mortgage Loan shall be
        considered to be an REO Mortgage Loan held by the Master Servicer or after
        Securitization the Securitization trustee until such time as the related
        REO
        Property shall be sold, transferred or conveyed by the Master Servicer or
        such
        trustee. Consistent with the foregoing, for purposes of all calculations
        hereunder, so long as such REO Mortgage Loan shall be considered to be an
        outstanding Mortgage Loan, payments and collections with respect to the related
        REO Property received in any month (net of related expenses) shall be applied
        to
        amounts which would have been payable under the related Note in accordance
        with
        the terms of such Note.

       

      (c) Except
        as
        otherwise provided in written instructions delivered to the Servicer by the
        Master Servicer, the Servicer shall not obtain title to any Mortgaged Property
        as a result or in lieu of foreclosure or otherwise, and shall not otherwise
        acquire possession of, or take other action with respect to, any Mortgaged
        Property, if, as a result of any such action, the Master Servicer, or after
        Securitization the Securitization trustee, would be considered to hold title
        to,
        to be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of such
        Mortgaged Property within the meaning of any Environmental Law, or a
“discharger” or “responsible party” thereunder, unless the Servicer has also
        previously determined, based on a report prepared by a Person who regularly
        conducts environmental site assessments, that:

       

      (i) such
        Mortgaged Property is in compliance with applicable Environmental Laws or,
        if
        not, that taking such actions as are necessary to bring such Mortgaged Property
        into compliance therewith is reasonably likely to produce a greater recovery
        on
        a present value basis than not taking such actions; and

       

      

      
        
          
            
            

          

          
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      (ii) there
        are
        no circumstances present on such Mortgaged Property relating to the use,
        management or disposal of any Hazardous Materials for which investigation,
        testing, monitoring, containment, clean-up or remediation could be required
        under any applicable Environmental Law, or that, if any such Hazardous Materials
        are present for which such action could be required, taking such actions
        with
        respect to the affected Mortgaged Property is reasonably likely to produce
        a
        greater recovery on a present value basis than not taking such
        actions.

       

      If
        the
        Servicer has so determined based on satisfaction of the criteria in clauses
        (i)
        and (ii) above that it would be in the best economic interest of the Master
        Servicer, or after Securitization the Securitization trustee, to take any
        such
        actions, the Servicer shall notify the Master Servicer of such proposed action.
        The Servicer shall take such action only if authorized by the Master Servicer
        in
        writing. The costs of any such compliance, containment, clean-up or remediation
        shall be paid by the Servicer as a Servicing Expense.

       

      If
        the
        environmental assessment first obtained by the Servicer with respect to a
        Mortgaged Property indicates that such Mortgaged Property may not be in
        compliance with applicable Environmental Laws or that Hazardous Materials
        may be
        present but does not definitively establish such fact, the Servicer, subject
        to
        the Master Servicer’s prior written consent, shall cause such further
        environmental assessments to be conducted.

       

      (d) The
        environmental site assessments contemplated by Section 3.09(c) shall be prepared
        by any Person who is recommended by the Servicer and approved in writing
        by the
        Master Servicer or such other Person as directed in writing by the Master
        Servicer. The cost of preparation of any environmental assessment shall be
        paid
        by the Servicer as a Servicing Expense.

       

      (e) If
        the
        Servicer determines, pursuant to Section 3.09(c), that taking such actions
        as
        are necessary to bring any Mortgaged Property into compliance with applicable
        Environmental Laws, or taking such actions with respect to the containment,
        clean-up, removal or remediation of hazardous substances, hazardous materials,
        hazardous wastes, or petroleum-based materials affecting any such Mortgaged
        Property, is not reasonably likely to produce a greater recovery on a present
        value basis than not taking such actions, then the Servicer shall take such
        action as directed in writing by the Master Servicer, including, without
        limitation, releasing the lien of the related Mortgage with respect to the
        affected Mortgaged Property.

       

      Section
        3.10 Sale
        of Specially Serviced Mortgage Loans and REO Properties.

       

      (a) With
        respect to any Specially Serviced Mortgage Loan or REO Property, when and
        if
        directed in writing by the Master Servicer, the Servicer shall use its
        Reasonable Efforts to sell to any Person (other than an Affiliate of the
        Servicer) such Specially Serviced Mortgage Loan or REO Property on commercially
        reasonable terms which are consistent with Accepted Servicing Practices;
        provided,
        however,
        that
        any such sale must be approved in writing by the Master Servicer. 

       

      (b) Subject
        to Section 3.10(a), the Servicer shall act on behalf of the Master Servicer
        in
        negotiating and taking any such action necessary or appropriate in connection
        with the sale of any Specially Serviced Mortgage Loan or REO Property, including
        the collection of all amounts payable in connection therewith. Any sale of
        any
        Specially Serviced Mortgage Loan or REO Property shall be without recourse
        to,
        or representation or warranty by, the Master Servicer, the Servicer, or after
        Securitization the Securitization trust (except that any contract of sale
        and
        conveyance documents may contain customary warranties of title and condition).
        The Net Liquidation Proceeds (after deduction of the Disposition Fee) shall
        be
        promptly deposited by the Servicer in the related Collection
        Account.

       

      

      
        
          
            
            

          

          
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      Section
        3.11 Management
        of REO Property.

       

      (a) Upon
        the
        acquisition by the Master Servicer of any REO Property, the Servicer shall
        have
        full power and authority, subject to the specific requirements and prohibitions
        of this Agreement, to do or authorize to be done any and all things in
        connection therewith as are consistent with Accepted Servicing Practices,
        all on
        terms and for such period as the Servicer deems to be in the best economic
        interest of the Master Servicer. The Servicer shall segregate and hold all
        revenues received by it with respect to any REO Property separate and apart
        from
        its own funds and general assets and shall establish and maintain with respect
        to any REO Property one or more Eligible Accounts (each, an “REO
        Account”)
        for
        the purposes set forth herein. REO Accounts shall be Eligible Accounts and
        shall
        be denominated “Midland Loan Services, Inc. in Trust for IMPAC Commercial
        Capital Corporation” or in such other manner as the Master Servicer prescribes.
        The Servicer shall be entitled to any interest or investment income earned
        on
        funds deposited in an REO Account pursuant to Section 3.04. In connection
        therewith, the Servicer shall deposit or cause to be deposited in the REO
        Account within one (1) Business Day after receipt all revenues received by
        it
        with respect to any REO Property (except for any Net Liquidation Proceeds),
        and
        shall withdraw therefrom funds necessary for the proper maintenance, leasing,
        operation, management and sale of any REO Property, including:

       

      (i) all
        insurance premiums due and payable in respect of such REO Property;

       

      (ii) all
        taxes
        and assessments in respect of such REO Property that could result or have
        resulted in the imposition of a lien thereon;

       

      (iii) all
        ground rental payments, if applicable, with respect to such REO Property;
        and

       

      (iv) all
        costs
        and expenses necessary to maintain, lease, operate, manage and sell such
        REO
        Property, including the management fee payable to the property manager engaged
        by Servicer pursuant to Section 3.11(b).

       

      To
        the
        extent that amounts on deposit in any REO Account are insufficient for the
        purposes set forth above, and the Servicer determines that advancing such
        funds
        would constitute a Recoverable Servicing Advance, the Servicer shall consult
        with the Master Servicer regarding such Servicing Advance and upon receipt
        of
        approval from the Master Servicer, make a Servicing Advance. The Servicer
        shall
        withdraw from each REO Account and deposit into the related Collection Account
        on a monthly basis on or prior to the related Remittance Date the income,
        net of
        expenses, received or collected from each REO Property; provided,
        however,
        that
        the Servicer may retain in each REO Account funds sufficient for the payment
        of
        the items set forth in clauses (i) through (iv) above, including, without
        limitation, the creation of reasonable reserves for repairs, replacements,
        and
        necessary capital improvements and other related expenses.

       

      

      
        
          
            
            

          

          
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      (b) The
        Servicer may contract with any Person as a property manager for the operation
        and management of any REO Property; provided,
        however,
        that:

       

      (i) the
        terms
        and conditions of any such contract shall not be inconsistent herewith and
        the
        Master Servicer has provided its written consent (which shall not be
        unreasonably withheld) with respect to such property manager; 

       

      (ii) none
        of
        the provisions of this Section relating to any such contract or to actions
        taken
        through any such Person shall be deemed to relieve the Servicer of any of
        its
        duties and obligations to the Master Servicer with respect to the operation
        and
        management of such REO Property; and

       

      (iii) the
        Servicer shall be obligated with respect thereto to the same extent as if
        it
        alone were performing all duties and obligations in connection with the
        operation and management of such REO Property.

       

      Section
        3.12 Modifications,
        Waivers, Amendments and Consents.

       

      (a) When
        any
        Borrower proposes any modification, waiver or amendment of any term of any
        Mortgage Loan or requests any consents related thereto, the Servicer shall
        immediately give notice thereof to the Master Servicer and take such related
        actions as the Master Servicer directs, except with respect to any Borrower
        proposal or request which involves any required payment from the Borrower
        in the
        nature of Additional Servicing Compensation to which the Servicer is properly
        entitled. All modifications, waivers or amendments of any Mortgage Loan or
        consents related thereto shall be in writing.

       

      (b) To
        the
        extent the Servicer is engaged by the Master Servicer to perform analysis,
        processing and administrative functions in connection with any request by
        a
        Borrower for any consent, modification, waiver or amendment the Servicer
        may, as
        a condition to granting any such request require (to the extent permitted
        by
        applicable law) that such Borrower pay to it, as Additional Servicing
        Compensation, a reasonable and customary fee consistent with Accepted Servicing
        Practices in connection with such request, together with any related costs
        and
        expenses incurred by the Servicer; provided,
        however,
        that in
        the event that the Borrower fails or is unable to pay any such costs and
        expenses, or the Master Servicer directs the Servicer to waive any requirement
        that the Borrower pay any such costs or expenses, the same shall be paid
        by the
        Servicer as a Servicing Advance.

       

      

      
        
          
            
            

          

          
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      ARTICLE
        IV

       

      STATEMENTS
        AND REPORTS

       

      Section
        4.01 Reporting
        by the Servicer.

       

      (a) On
        the
        first Business Day after Determination Date, the Servicer shall render to
        the
        Master Servicer a remittance report, which would include any activity with
        respect to the Mortgage Loans for the period covering the 16th of the prior
        month to the 15th of the current month (or, in the case of the first Remittance
        Date, the Servicing Transfer Date), in a format and containing such information
        as the Master Servicer shall reasonably require. Such report shall be made
        available in both written and electronic format.

       

      (b) Each
        year
        beginning in the calendar year which immediately succeeds the year hereof,
        the
        Servicer shall prepare and file the reports of foreclosures and abandonments
        of
        any Mortgaged Property and the annual information returns with respect to
        each
        Borrower’s debt service payments under the Mortgage Loans as required by
        Sections 6050J and 6050H, respectively, of the Internal Revenue Code and
        the
        rules and regulations promulgated thereunder, as amended.

       

      (c) Not
        later
        than twenty days after each Remittance Date, the Servicer shall forward to
        the
        Master Servicer a statement, setting forth the status of the Accounts as
        of the
        close of business on such Remittance Date showing, for the period from the
        preceding Remittance Date (or, in the case of the first Remittance Date,
        the
        Servicing Transfer Date) to such Remittance Date, the aggregate of deposits
        into
        and withdrawals from the Accounts.

       

      (d) The
        Servicer will provide the Master Servicer with immediate on- line Internet
        website access to Portfolio
        Investor Insight®
with
        respect to the Mortgage Loans,
        subject
        to such reasonable policies, procedures and limitations as the parties may
        agree
        upon from time to time.

       

      (e) The
        Servicer shall use its Reasonable Efforts to promptly collect from each Borrower
        (and forward on to the Master Servicer) the property operating statements,
        rent
        rolls, financial statements and other financial reports which are required
        to be
        delivered by the Borrower pursuant to the related Mortgage Loan Documents.
        The
        Servicer shall promptly (i) review and analyze such items as may be collected;
        (ii) prepare written reports based on such analysis; and (iii) deliver copies
        of
        such written reports to the Master Servicer.

       

      (f) The
        Servicer shall provide the Master Servicer with any summary reports prepared
        by
        any Rating Agency with respect to the Servicer’s ranking by such Rating
        Agency.

       

      (g) Unless
        otherwise specifically stated herein, if the Servicer is required to deliver
        any
        statement, report or information under any provisions of this Agreement,
        the
        Servicer may satisfy such obligation by (x) physically delivering a paper
        copy
        of such statement, report or information, (y) delivering such statement,
        report
        or information in a commonly used electronic format, or (z) making such
        statement, report or information available on the Servicer's Internet website,
        unless this Agreement expressly specifies a particular method of
        delivery.

       

      

      
        
          
            
            

          

          
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      Section
        4.02 Annual
        Statements of Compliance.
        

       

      (a) The
        Servicer will deliver to the Depositor, the Issuing Entity and the Trustee,
        with
        a copy to the Credit Enhancer, not later than March 15th of each calendar
        year,
        beginning in 2007, an Officer’s Certificate (an “Annual Statement of
        Compliance”) stating that, as to each signatory thereof, (i) a review of the
        activities of the Servicer during the preceding calendar year and of its
        performance under this Agreement or other applicable agreement has been made
        under such officer’s supervision and (ii) to the best of such officer’s
        knowledge, based on such review, the Servicer has fulfilled all of its material
        obligations under this Agreement in all material respects throughout such
        year,
        or, if there has been a failure to fulfill any such obligation in any material
        respect, specifying each such failure known to such officer and the nature
        and
        status of cure provisions thereof. Such Annual Statement of Compliance shall
        contain no restrictions or limitations on its use.

       

      Failure
        of the Servicer to timely comply with this Section 4.02 shall be deemed an
        Event
        of Default, and the Master Servicer may, in addition to whatever rights the
        Master Servicer may have under this Agreement and at law or equity or to
        damages, including injunctive relief and specific performance, upon notice
        immediately terminate all the rights and obligations of the Servicer under
        this
        Agreement and in and to the Mortgage Loans and the proceeds thereof without
        compensating the Servicer except for compensation due under Section 8.01(b)
        and
        the right to the Excess Servicing Strip.

       

      (b) The
        Servicer shall deliver to the Depositor, the Issuing Entity and the Trustee,
        with a copy to the Credit Enhancer, promptly after having obtained knowledge
        thereof, but in no event later than five Business Days thereafter, written
        notice by means of an Officer’s Certificate of any event which with the giving
        of notice or the lapse of time or both, would become an Event of
        Default.

       

      Section
        4.03 Assessments
        of Compliance and Attestation Reports.
        

       

      On
        and
        after January 1, 2006, the Servicer shall service and administer the Mortgage
        Loans in accordance with all applicable requirements of the Servicing Criteria.
        Pursuant to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1123 of
        Regulation AB, the Servicer shall deliver to the Issuing Entity, the Trustee,
        the Depositor, the Credit Enhancer and each Rating Agency on or before March
        15th of each calendar year beginning in 2007, a report regarding the Servicer’s
        assessment of compliance (an “Assessment of Compliance”) with the Servicing
        Criteria during the preceding calendar year. The Assessment of Compliance
        must
        be reasonably satisfactory to the Trustee, and as set forth in Regulation
        AB,
        the Assessment of Compliance must contain the following:

       

      (a) A
        statement by such officer of its responsibility for assessing compliance
        with
        the Servicing Criteria applicable to the Servicer;

       

      

      
        
          
            
            

          

          
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      (b) A
        statement by such officer that such officer used the Servicing Criteria attached
        as Exhibit B hereto, and which will also be attached to the Assement of
        Compliance, to assess compliance with the Servicing Criteria applicable to
        the
        Servicer;

       

      (c) An
        assessment by such officer of the Servicer’s compliance with the applicable
        Servicing Criteria for the period consisting of the preceding calendar year,
        including disclosure of any material instance of noncompliance with respect
        thereto during such period, which assessment shall be based on the activities
        it
        performs with respect to asset-backed securities transactions taken as a
        whole
        involving the Servicer, that are backed by the same asset type as the Mortgage
        Loans;

       

      (d) A
        statement that a registered public accounting firm has issued an attestation
        report on the Servicer’s Assessment of Compliance for the period consisting of
        the preceding calendar year; and

       

      (e) A
        statement as to which of the Servicing Criteria, if any, are not applicable
        to
        the Servicer, which statement shall be based on the activities it performs
        with
        respect to asset-backed securities transactions taken as a whole involving
        the
        Servicer, that are backed by the same asset type as the Mortgage
        Loans.

       

      Such
        report at a minimum shall address each of the Servicing Criteria specified
        on
        Exhibit B hereto which are indicated as applicable to the Servicer.

       

      On
        or
        before March 15 of each calendar year beginning in 2007, the Servicer shall
        furnish to the Issuing Entity, the Trustee, the Depositor, the Credit Enhancer
        and each Rating Agency a report (an “Attestation Report”) by a registered public
        accounting firm that attests to, and reports on, the Assessment of Compliance
        made by the Servicer, as required by Rules 13a-18 and 15d-18 of the Exchange
        Act
        and Item 1122(b) of Regulation AB, which Attestation Report must be made
        in
        accordance with standards for attestation reports issued or adopted by the
        Public Company Accounting Oversight Board. 

       

      Failure
        of the Servicer to timely comply with this Section 4.03 shall be deemed an
        Event
        of Default, and the Master Servicer may, in addition to whatever rights the
        Master Servicer may have under this Agreement and at law or equity or to
        damages, including injunctive relief and specific performance, upon notice
        immediately terminate all the rights and obligations of the Servicer under
        this
        Agreement and in and to the Mortgage Loans and the proceeds thereof without
        compensating the Servicer except for compensation due under Section 8.01(b)
        and
        the right to the Excess Servicing Strip.

       

      Section
        4.04 Exchange
        Act Reporting.

       

      The
        Servicer shall fully cooperate with the Master Servicer in connection with
        the
        Trust’s satisfying the reporting requirements under the Exchange
        Act.

       

      Within
        12
        calendar days after each Distribution Date, the Trustee shall, in accordance
        with industry standards, file with the Commission via the Electronic Data
        Gathering and Retrieval System ("EDGAR"), a Distribution Report on Form 10-D,
        signed by the Depositor, with a copy of the monthly statement to be furnished
        by
        the Trustee to the Certificateholders for such Distribution Date. Any disclosure
        in addition to the monthly statement required to be included on the Form
        10-D
        (“Additional Form 10-D Disclosure”) shall be determined and prepared by the
        entity that is indicated in Exhibit C as the responsible party for providing
        that information, if other than the Trustee.

       

      

      
        
          
            
            

          

          
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      For
        so
        long as the Trust is subject to the Exchange Act reporting requirements,
        within
        3 calendar days after the related Distribution Date, each entity that is
        indicated in Exhibit C as the responsible party for providing Additional
        Form
        10-D Disclosure shall be required to provide to the Trustee and the Depositor,
        to the extent known by a responsible party thereof, clearly identifying which
        item of Form 10-D the information relates to, any Additional Form 10-D
        Disclosure, if applicable.

       

      Within
        four (4) Business Days after the occurrence of an event requiring disclosure
        on
        Form 8-K (each such event, a "Reportable
        Event"),
        the
        Depositor shall prepare and file any Form 8-K, as required by the Exchange
        Act,
        in addition to the initial Form 8-K in connection with the issuance of the
        Certificates. Any disclosure or information related to a Reportable Event
        or
        that is otherwise required to be included on Form 8-K ("Form
        8-K Disclosure Information")
        shall
        be determined and prepared by the entity that is indicated in Exhibit C as
        the
        responsible party for providing that information.

       

      For
        so
        long as the Trust is subject to the Exchange Act reporting requirements,
        no
        later than the end of business on the second Business Day after the occurrence
        of a Reportable Event, the entity that is indicated in Exhibit C as the
        responsible party for providing Form 8-K Disclosure Information shall be
        required to provide to the Depositor, to the extent known by a responsible
        officer thereof, the form and substance of any Form 8-K Disclosure Information,
        if applicable. 

       

      Any
        disclosure or information that is required to be included on Form 10-K
        ("Additional
        Form 10-K Disclosure")
        shall
        be determined and prepared by the entity that is indicated in Exhibit C as
        the
        responsible party for providing that information, if other than the
        Trustee.

       

      On
        or
        prior to (x) March 15, 2007 and (y) unless and until a Form 15 Suspension
        Notice
        shall have been filed, prior to March 31 of each year thereafter, each entity
        that is indicated in Exhibit C as the responsible party for providing Additional
        Form 10-K Disclosure shall be required to provide to the Trustee and the
        Depositor, to the extent known by a responsible party thereof, the form and
        substance of any Additional Form 10-K Disclosure Information, if
        applicable.

       

      ARTICLE
        V

       

      SERVICER’S
        COMPENSATION AND EXPENSES

       

      Section
        5.01 Servicing
        Compensation.

       

      As
        consideration for servicing the Mortgage Loans subject to this Agreement,
        the
        Servicer shall be entitled to a Servicing Fee for each Mortgage Loan remaining
        subject to this Agreement during any calendar month or part thereof. Such
        Servicing Fee shall be payable monthly on the Remittance Date and shall be
        computed on the basis of the same outstanding principal balance and for the
        period with respect to which any related interest payment on the related
        Mortgage Loan is computed. The Servicer may pay itself the Servicing Fee
        on each
        Remittance Date from amounts on deposit in the related Collection
        Account.

       

      

      
        
          
            
            

          

          
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      As
        further compensation for its activities hereunder, the Servicer shall be
        entitled to retain any payments or collections received by it which are in
        the
        nature of Additional Servicing Compensation.

       

      As
        compensation for its special servicing activities hereunder, the Servicer
        shall
        be entitled to the Special Servicing Fee for each Specially Serviced Mortgage
        Loan or REO Property remaining subject to this Agreement during any calendar
        month or part thereof. Such Special Servicing Fee shall be payable monthly
        on
        the Remittance Date and shall be computed on the basis of the same outstanding
        principal balance and for the period with respect to which any related interest
        payment on the related Mortgage Loan is computed. The Servicer may pay itself
        the Special Servicing Fee on each Remittance Date from amounts on deposit
        in the
        related Collection Account. The Servicer shall not be entitled to the Servicing
        Fee for any Mortgage Loan in the event the Servicer is entitled to receive
        the
        Special Servicing Fee for such Mortgage Loan.

       

      In
        addition to the other servicing compensation provided for in this Agreement,
        and
        not in lieu thereof, the Servicer shall be entitled to (i) the Disposition
        Fee,
        which shall be payable out of Net Liquidation Proceeds prior to the deposit
        of
        Net Liquidation Proceeds into the Collection Account; and (ii) the Workout
        Fee
        which shall be payable on each Remittance Date.

       

      To
        the
        extent that amounts on deposit in the Collection Account are insufficient
        for
        the payment of the Servicing Fee, Special Servicing Fee or Workout Fee, the
        Master Servicer shall pay any such shortfall to the Servicer within ten (10)
        Business Days after the Master Servicer’s receipt of an itemized invoice
        therefor.

       

      The
        Servicer shall be required to pay all expenses incurred by it in connection
        with
        its servicing activities hereunder and shall not be entitled to reimbursement
        thereof except as specifically provided for herein.

       

      Notwithstanding
        anything herein to the contrary, Midland Loan Services, Inc. (and its successors
        and assigns) shall also be entitled to the Excess Servicing Strip with respect
        to the Mortgage Loans that it is servicing and may at its option assign or
        pledge to any third party or retain for itself the Excess Servicing Strip.
        To
        the extent the Servicer has not retained the Excess Servicing Strip pursuant
        to
        Section 3.03 hereof, the Master Servicer (or its successor hereunder, if
        any)
        shall pay the Excess Servicing Strip to the holder of the Excess Servicing
        Strip
        (i.e., Midland Loan Services, Inc. or any such third party) at such time
        and to
        the extent the Master Servicer is entitled to receive payment of its Master
        Servicing Fees hereunder, notwithstanding any resignation or termination
        of the
        Master Servicer hereunder. In the event that Midland Loan Services, Inc.
        is
        terminated or resigns as servicer, it (and its successors and assigns) will
        be
        entitled to retain the Excess Servicing Strip.

       

      

      
        
          
            
            

          

          
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      Section
        5.02 Servicing
        Advances.

       

      (a) Notwithstanding
        any other provision hereof, the Servicer shall obtain the written approval
        of
        the Master Servicer prior to incurring any Servicing Advance that is over
        $5,000.00 per item, except for any Servicing Expense which is (i) incurred
        by
        the Servicer pursuant to Sections 3.02(b) or 3.05 or (ii) made for any purposes
        other than those described in item (i) above, and is not over $15,000.00
        and is
        made in an emergency situation to preserve and protect the Mortgaged Property
        or
        the safety of the public in connection with such Mortgaged Property. The
        Servicer may cause any Servicing Expenses to be paid directly from the related
        Collection Account. The Servicer not be required to make any Servicing Advance
        that is not a Recoverable Servicing Advance.

       

      (b) The
        Servicer shall make its reasonable efforts to collect or cause to be collected
        all payments required under the terms and provisions of the Mortgage Loans
        and
        shall follow collection procedures comparable to the collection procedures
        of
        prudent institutional mortgage loan servicer servicing mortgage loans for
        their
        own account to the extent such procedures shall be consistent with this
        Agreement. Consistent with the foregoing, the Servicer may in its discretion
        (i)
        waive or permit to be waived any late payment charge, assumption fee, or
        any
        penalty interest in connection with the prepayment of a Mortgage Loan and
        (ii)
        suspend or reduce or permit to be suspended or reduced regular monthly payments
        for a period of up to six months, or arrange or permit an arrangement with
        a
        Mortgagor for a scheduled liquidation of delinquencies. The Servicer shall
        have
        no obligation to make any Advances other than Servicing Advances.

       

      (c) The
        Master Servicer and the Servicer shall in all cases have a right prior to
        the
        Certificateholders to any particular funds on deposit in the Custodial Account
        from time to time for the reimbursement or payment of its Servicing Fee,
        Excess
        Servicing Strip, Servicing Advances, Servicing Expenses and any other amounts
        reimbursable thereto in accordance with Section 3.11 of the PSA, but only
        if and
        to the extent such amounts are to be reimbursed or paid from such particular
        funds on deposit in the Custodial Account pursuant to the express terms of
        the
        PSA.

       

      ARTICLE
        VI

       

      THE
        SERVICER AND THE MASTER SERVICER

       

      Section
        6.01 Servicer
        Not to Assign; Merger or Consolidation of the Servicer.

       

      (a) Except
        as
        otherwise provided for in this Section or in Section 2.02, the Servicer may
        not
        assign this Agreement or any of its rights, powers, duties or obligations
        hereunder without the written consent of the Master Servicer; provided, however,
        that the Servicer may, after 60 days written notice to Master Servicer, assign
        this Agreement to a Qualified Affiliate without the written consent of the
        Master Servicer.

       

      (b) The
        Servicer may be merged or consolidated with or into any Person, or transfer
        all
        or substantially all of its assets to any Person, in which case any Person
        resulting from any merger or consolidation to which it shall be a party,
        or any
        Person succeeding to its business shall be the successor of the Servicer
        hereunder, and shall be deemed to have assumed all of the liabilities of
        the
        Servicer hereunder. The Servicer shall provide written notice to the Master
        Servicer of any such merger, consolidation, or transfer.

       

      

      
        
          
            
            

          

          
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      Section
        6.02 Liability
        and Indemnification of the Servicer and the Master Servicer.

       

      Neither
        the Servicer nor its Affiliates nor any of the directors, officers, employees
        or
        agents thereof shall be under any liability to the Master Servicer or any
        third
        party for taking or refraining from taking any action, in good faith pursuant
        to
        or in connection with this Agreement, or for errors in judgment; provided,
        however,
        that
        this provision shall not protect the Servicer or any such Person against
        any
        liability which would otherwise be imposed on the Servicer or any such Person
        by
        reason of the Servicer’s willful misfeasance, bad faith or negligence (except to
        the extent such liability is related to the Servicer’s performance of Special
        Services, in which event a gross negligence standard shall apply) in the
        performance of its duties hereunder. The Servicer and any director, officer,
        employee or agent thereof may rely in good faith on any document of any kind
        which, prima facie, is properly executed and submitted by any appropriate
        Person
        respecting any matters arising hereunder. The Servicer and any director,
        officer, employee agent, or Affiliate thereof shall be indemnified and held
        harmless by the Master Servicer against any claim, loss, liability or expense
        incurred, including reasonable attorneys’ fees, in connection with any claim,
        legal action, investigation or proceeding relating to this Agreement, the
        Servicer’s performance hereunder, or any specific action which the Master
        Servicer authorized or requested the Servicer to perform pursuant to this
        Agreement, as such are incurred, except for any claim, loss, liability or
        expense incurred by reason of the Servicer’s willful misfeasance, bad faith,
        negligence (except to the extent such liability is related to the Servicer’s
        performance of Special Services, in which event a gross negligence standard
        shall apply) or breach of the Servicer’s representations and warranties set
        forth in Section 7.01. Notwithstanding the exception set forth in the preceding
        sentence, in the event that the Servicer sustains any claim, loss, liability
        or
        expense by reason of such exception and which results from any overcharges
        to
        Borrowers under the Mortgage Loans, to the extent that such overcharges were
        collected by the Servicer and remitted to the Master Servicer, the Master
        Servicer shall promptly remit such overcharge to the related Borrower after
        the
        Master Servicer’s receipt of written notice from the Servicer regarding such
        overcharge.

       

      The
        Master Servicer and any director, officer, employee or agent thereof shall
        be
        indemnified and held harmless by the Servicer against any claim loss, liability
        or expense incurred, including reasonable attorneys’ fees, by reason of (i) the
        Servicer’s willful misfeasance, bad faith or negligence (except to the extent
        such liability is related to the Servicer’s performance of Special Services, in
        which event a gross negligence standard shall apply) in the performance of
        its
        duties hereunder or the failure of the Servicer to perform its duties hereunder
        in accordance with this Agreement or (ii) a breach of the Servicer’s
        representations and warranties set forth in Section 7.01.

       

      The
        provisions of this Section shall survive any termination of the rights and
        obligations of the Servicer hereunder.

       

      

      
        
          
            
            

          

          
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      ARTICLE
        VII

       

      REPRESENTATIONS
        AND WARRANTIES; DEFAULT

       

      Section
        7.01 Representations
        and Warranties.

       

      (a) The
        Servicer hereby makes the following representations and warranties to the
        Master
        Servicer:

       

      (i) Due
        Organization, Qualification and Authority.
        The
        Servicer is a corporation duly organized, validly existing and in good standing
        under the laws of the State of Delaware, and is duly qualified to transact
        business as a foreign corporation, in good standing and licensed in each
        state
        to the extent necessary to ensure the enforceability of each Mortgage Loan
        and
        to perform its duties and obligations under this Agreement in accordance
        with
        the terms of this Agreement; the Servicer has the full power, authority and
        legal right to execute and deliver this Agreement and to perform in accordance
        herewith; the Servicer has duly authorized the execution, delivery and
        performance of this Agreement and has duly executed and delivered this
        Agreement; this Agreement constitutes the valid, legal, binding obligation
        of
        the Servicer, except as enforceability may be limited by bankruptcy, insolvency,
        reorganization, receivership, moratorium or other laws relating to or affecting
        the rights of creditors generally and by general principles of equity
        (regardless of whether such enforcement is considered in a proceeding in
        equity
        or at law);

       

      (ii) No
        Conflicts.
        Neither
        the execution and delivery of this Agreement, nor the fulfillment of or
        compliance with the terms and conditions of this Agreement by the Servicer,
        will
        (i) conflict with or result in a breach of any of the terms, conditions or
        provisions of the Servicer’s certificate of incorporation, as amended, or
        bylaws, as amended, or any agreement or instrument to which the Servicer
        is now
        a party or by which it (or any of its properties) is bound, or constitute
        a
        default or result in an acceleration under any of the foregoing; (ii) conflict
        with or result in a breach of any legal restriction if compliance therewith
        is
        necessary (a) to ensure the enforceability of any Mortgage Loan, or (b) for
        the
        Servicer to perform its obligations under this Agreement in accordance with
        the
        terms hereof; (iii) result in the violation of any law, rule, regulation,
        order,
        judgment or decree to which the Servicer or its property is subject if
        compliance therewith is necessary (a) to ensure the enforceability of any
        Mortgage Loan, or (b) for the Servicer to perform its obligations under this
        Agreement in accordance with the terms hereof; or (iv) result in the creation
        or
        imposition of any lien, charge or encumbrance that would have a material
        adverse
        effect upon any of its properties pursuant to the terms of any mortgage,
        contract, deed of trust or other instrument, or materially impair the ability
        of
        the Master Servicer to realize on the Mortgage Loans;

       

      (iii) No
        Litigation Pending.
        There
        is no action, suit, or proceeding pending or to Servicer’s knowledge threatened
        against the Servicer which, either in any one instance or in the aggregate,
        would draw into question the validity of this Agreement or the Mortgage Loans,
        or would be likely to impair materially the ability of the Servicer to perform
        its duties and obligations under the terms of this Agreement;

       

      

      
        
          
            
            

          

          
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      (iv) No
        Consent Required.
        No
        consent, approval, authorization or order of, or registration or filing with,
        or
        notice to, any court or governmental agency or body having jurisdiction or
        regulatory authority over the Servicer is required for (i) the Servicer’s
        execution and delivery of, this Agreement, or (ii) the consummation of the
        transactions contemplated by this Agreement, or, to the extent required,
        such
        consent, approval, authorization, order, registration, filing or notice has
        been
        obtained, made or given (as applicable), except that the Servicer may not
        be
        duly qualified to transact business as a foreign corporation or licensed
        in one
        or more states if such qualification or licensing is not necessary (a) to
        ensure
        the enforceability of any Mortgage Loan, or (b) for the Servicer to perform
        its
        obligations under this Agreement in accordance with the terms
        hereof.

       

      (b) The
        Master Servicer hereby makes the following representations and warranties
        to the
        Servicer:

       

      Due
        Authority.
        The
        Master Servicer has the full power, authority and legal right to execute
        and
        deliver this Agreement and to perform in accordance herewith; the Master
        Servicer has duly authorized the execution, delivery and performance of this
        Agreement and has duly executed and delivered this Agreement; the Master
        Servicer, prior to Securitization, is the Master Servicer and the holder
        of the
        Mortgage Loans; the Master Servicer, and after Securitization, the Master
        Servicer, has the right to authorize the Servicer to perform the actions
        contemplated herein; this Agreement constitutes the valid, legal, binding
        obligation of the Master Servicer, except as enforceability may be limited
        by
        bankruptcy, insolvency, reorganization, receivership, moratorium or other
        laws
        relating to or affecting the rights of creditors generally and by general
        principles of equity (regardless of whether such enforcement is considered
        in a
        proceeding in equity or at law).

       

      Section
        7.02 Events
        of Default.

       

      “Event
        of
        Default”, wherever used herein, means any one of the following
        events:

       

      (a) any
        failure by the Servicer to remit to the Master Servicer any payment required
        to
        be so remitted by the Servicer under the terms of this Agreement when and
        as due
        which continues unremedied by the Servicer for a period of one (1) Business
        Day
        after the date on which such remittance was due; or

       

      (b) any
        failure on the part of the Servicer duly to observe or perform in any material
        respect any other of the covenants or agreements on the part of the Servicer
        contained in this Agreement, or any representation or warranty set forth
        by the
        Servicer in Section 7.01 shall be untrue or incorrect in any material respect,
        and, in either case, such failure or breach materially and adversely affects
        the
        value of any Mortgage Loan or Mortgaged Property or the priority of the lien
        on
        any Mortgaged Property or the interest of the Master Servicer therein, which
        in
        either case continues unremedied for a period of thirty (30) days after the
        date
        on which written notice of such failure or breach, requiring the same to
        be
        remedied, shall have been given to the Servicer by the Master Servicer (or
        such
        extended period of time reasonably approved by the Master Servicer provided
        that
        the Servicer is diligently proceeding in good faith to cure such failure
        or
        breach); or

       

      

      
        
          
            
            

          

          
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      (c) a
        decree
        or order of a court or agency or supervisory authority having jurisdiction
        in
        respect of the Servicer for the commencement of an involuntary case under
        any
        present or future federal or state bankruptcy, insolvency or similar law,
        for
        the appointment of a conservator or receiver or liquidator in any insolvency,
        readjustment of debt, marshalling of assets and liabilities or similar
        proceedings, or for the winding-up or liquidation of its affairs shall have
        been
        entered against the Servicer, and such decree or order shall remain in force
        undischarged or unstayed for a period of 60 days; or

       

      (d) the
        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 Servicer or of or
        relating to all or substantially all of its property; or

       

      (e) the
        Servicer shall admit in writing its inability to pay its debts generally
        as they
        become due, file a petition to take advantage of any applicable federal or
        state
        bankruptcy, insolvency or similar law, make an assignment for the benefit
        of its
        creditors or voluntarily suspend payment of its obligations; or

       

      (f) failure
        by the Servicer to duly perform, within the required time period, its
        obligations under Sections 4.02 or 4.03 of this Servicing
        Agreement;

       

      then,
        and
        in each and every case, so long as an Event of Default shall not have been
        remedied, the Master Servicer may, by notice in writing to the Servicer,
        in
        addition to whatever rights the Master Servicer may have at law or in equity,
        including injunctive relief and specific performance, terminate all of the
        rights and obligations of the Servicer under this Agreement and in and to
        the
        Mortgage Loans and the proceeds thereof, without the Master Servicer incurring
        any penalty or fee of any kind whatsoever in connection therewith; provided,
        however,
        that
        such termination shall be without prejudice to any rights of the Servicer
        relating to the payment of its Servicing Fees, Special Servicing Fees,
        Disposition Fees, Workout Fees, Additional Servicing Compensation, the Excess
        Servicing Strip and the reimbursement of any Servicing Advances and Servicing
        Expenses which have been made by it under the terms of this Agreement through
        and including the date of such termination (together with interest thereon
        at
        the Advance Rate). Except as otherwise expressly provided in this Agreement,
        no
        remedy provided for by this Agreement shall be exclusive of any other remedy,
        and each and every remedy shall be cumulative and in addition to any other
        remedy, and no delay or omission to exercise any right or remedy shall impair
        any such right or remedy or shall be deemed to be a waiver of any Event of
        Default. On or after the receipt by the Servicer of such written notice of
        termination from the Master Servicer, all authority and power of the Servicer
        under this Agreement, whether with respect to the Mortgage Loans or otherwise,
        shall pass to and be vested in the Master Servicer, and the Servicer agrees
        to
        cooperate with the Master Servicer in effecting the termination of the
        Servicer’s responsibilities and rights hereunder, including, without limitation,
        the transfer of the Servicing Files and the funds held in the Accounts as
        set
        forth in Section 8.01.

       

      The
        Master Servicer may waive any default by the Servicer in the performance
        of its
        obligations hereunder and its consequences. Upon any such waiver of a past
        default, such default shall cease to exist, and any Event of Default arising
        therefrom shall be deemed to have been remedied for every purpose of this
        Agreement. No such waiver shall extend to any subsequent or other default
        or
        impair any right consequent thereon except to the extent expressly so
        waived.

       

      

      
        
          
            
            

          

          
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      ARTICLE
        VIII

       

      TERMINATION;
        TRANSFER OF MORTGAGE LOANS

       

      Section
        8.01 Termination
        of Agreement.

       

      (a) This
        Agreement may be terminated by the Servicer with respect to any Mortgage
        Loans,
        without cause, upon ninety (90) days written notice to the Master
        Servicer.

       

      (b) Termination
        pursuant to this Section or as otherwise provided herein shall be without
        prejudice to any rights of the Master Servicer or the Servicer which may
        have
        accrued through the date of termination hereunder. Upon such termination,
        the
        Servicer shall (i) remit all funds in the related Accounts to the Master
        Servicer or such other Person designated by the Master Servicer, net of accrued
        Servicing Fees, Special Servicing Fees, Disposition Fees, Workout Fees,
        Additional Servicing Compensation, Servicing Advances (with interest theron
        at
        the Advance Rate), Servicing Expenses (with interest theron at the Advance
        Rate)
        and the Excess Servicing Strip through the termination date to which the
        Servicer would be entitled to payment or reimbursement hereunder; (ii) deliver
        all related Servicing Files to the Master Servicer or to Persons designated
        by
        the Master Servicer; and (iii) fully cooperate with the Master Servicer and
        any
        new servicer to effectuate an orderly transition of Loan Servicing of the
        related Mortgage Loans. Upon such termination, any Servicing Fees, Additional
        Servicing Compensation, Servicing Advances (with interest theron at the Advance
        Rate), Servicing Expenses (with interest theron at the Advance Rate) and
        the
        Excess Servicing Strip which remain unpaid or unreimbursed after the Servicer
        has netted out such amounts pursuant to the preceding sentence shall be remitted
        by the Master Servicer to the Servicer within ten (10) Business Days after
        the
        Master Servicer’s receipt of an itemized invoice therefor.

       

      (c) Notwithstanding
        anything herein to the contrary, the Servicer’s rights and obligations under
        this Agreement shall expressly survive a termination of the Master Servicer’s
        servicing rights pursuant to the PSA (except a termination of the Master
        Servicer caused by an Event of Default of the Servicer). In the event of
        such a
        termination, any successor Master Servicer or the Trustee (if it assumes
        the
        servicing obligations of the Master Servicer) shall be deemed to automatically
        have assumed and agreed to this Agreement without further action upon becoming
        the successor Master Servicer. 

       

      ARTICLE
        IX

       

      MISCELLANEOUS
        PROVISIONS

       

      Section
        9.01 Amendment;
        Waiver.

       

      This
        Agreement contains the entire agreement between the parties relating to the
        subject matter hereof, and no term or provision hereof may be amended or
        waived
        unless such amendment or waiver is in writing and signed by the party against
        whom such amendment or waiver is sought to be enforced. The Servicer shall
        not
        consent to any such amendment to the Agreement unless the Servicer receives
        an
        Officer’s Certificate from the Master Servicer stating that the Master Servicer,
        after consultation with its accountants, does not believe that the amendment
        will result in the Securitization trust failing to qualify as a “qualifying
        special-purpose entity” as defined in Statement of Financial Accounting
        Standards Number 140.

       

      

      
        
          
            
            

          

          
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      Section
        9.02 Governing
        Law.

       

      This
        Agreement shall be 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, without giving effect to principles
        of
        conflicts of laws.

       

      Section
        9.03 Notices.

       

      All
        demands, notices and communications hereunder shall be in writing and addressed
        in each case as follows:

       

      
        	 	
                (i)

              	
                if
                  to the Master Servicer, at:

              

      

       

      IMPAC
        Funding Corporation

      19500
        Jamboree Road 

      Irvine,
        California 92612 

      Attention:
        Mr. Ron Morrison

      Telecopy
        No.: (714) 475-3969

       

      
        	 	
                (ii)

              	
                if
                  to the Servicer, by U.S. Mail at:

              

      

       

      Midland
        Loan Services, Inc.

      P.O.
        Box
        25965

      Shawnee
        Mission, KS 66225-5965

      Attention:
        President

      Facsimile
        No.: (913) 253-9001

       

      or
        by
        delivery to: 

       

      Midland
        Loan Services, Inc.

      10851
        Mastin, Suite 300

      Overland
        Park, KS 66210

      Attention:
        President

       

      with
        a
        copy to:

       

      Dechert
        LLP

      30
        Rockefeller Plaza

      New
        York,
        NY 10112

      Attn:
        Stephanie
        M. Tita

      Facsimile
        No.: (212) 698-3594

       

      Any
        of
        the above-referenced Persons may change its address for notices hereunder
        by
        giving notice of such change to the other Persons. All notices and demands
        shall
        be deemed to have been given at the time of the delivery at the address of
        such
        Person for notices hereunder if personally delivered, mailed by certified
        or
        registered mail, postage prepaid, return receipt requested, or sent by overnight
        courier or telecopy; provided,
        however,
        that
        any notice delivered after normal business hours of the recipient or on a
        day
        which is not a Business Day shall be deemed to have been given on the next
        succeeding Business Day.

       

      

      
        
          
            
            

          

          
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      To
        the
        extent that any demand, notice or communication hereunder is given to the
        Servicer by a Responsible Officer of the Master Servicer, such Responsible
        Officer shall be deemed to have the requisite power and authority to bind
        the
        Master Servicer with respect to such communication, and the Servicer may
        conclusively rely upon and shall be protected in acting or refraining from
        acting upon any such communication. To the extent that any demand, notice
        or
        communication hereunder is given to the Master Servicer by a Responsible
        Officer
        of the Servicer, such Responsible Officer shall be deemed to have the requisite
        power and authority to bind the Servicer with respect to such communication,
        and
        the Master Servicer may conclusively rely upon and shall be protected in
        acting
        or refraining from acting upon any such communication.

       

      Section
        9.04 Severability
        of Provisions.
        

       

      If
        one or
        more of the provisions of this Agreement shall be for any reason whatever
        held
        invalid or unenforceable, such provisions shall be deemed severable from
        the
        remaining covenants, agreements and provisions of this Agreement and such
        invalidity or unenforceability shall in no way affect the validity or
        enforceability of such remaining provisions or the rights of any parties
        thereunder. To the extent permitted by law, the parties hereto hereby waive
        any
        provision of law that renders any provision of this Agreement invalid or
        unenforceable in any respect.

       

      Section
        9.05 Inspection
        and Audit Rights.
        

       

      The
        Servicer shall at its expense deliver, or otherwise make available, to the
        Master Servicer annually during the term of this Agreement a report, by an
        independent third party audit firm registered with the Public Company Accounting
        Oversight Board and of good repute in the financial services industry, that
        describes the Servicer’s security and control policies and procedures and is in
        the form as described in the then-current Statement of Auditing Standard
        70 of
        the American Institute of Certified Public Accountants (the “Type II SAS 70
        Report”), which report shall be no more than one (1) year old. The Servicer
        shall also provide to the Master Servicer, upon request, a “roll forward”
certification of Servicer’s management assertion (unattested by the Servicer’s
        auditor), relative to the Type II SAS 70 Report, for the recent reporting
        period
        covered by the Type II SAS 70 Report through and including December 31 of
        the
        most recent previous calendar year. 

      

      The
        Servicer agrees that, on reasonable prior notice, it will permit any agent
        or
        representative of the Master Servicer, during the Servicer's normal business
        hours, to audit and examine all the books of account, records, reports and
        other
        documents of the Servicer specifically relating to the Mortgage Loans, to
        make
        copies and extracts therefrom, to cause such books to be audited by an audit
        firm selected by the Master Servicer, and to discuss matters relating to
        the
        Mortgage Loans with the Servicer's officers and employees. All audits carried
        out in accordance with this paragraph shall be at the expense of the Master
        Servicer, and any support from the Servicer required by the Master Servicer
        relative to any such audit (including the completion of any required forms)
        shall be compensated by the Master Servicer at the standard time and materials
        rates customarily charged by the Servicer; provided, however, that the Servicer
        shall not be compensated for the first fifty (50) hours of such support in
        each
        calendar year; and provided further that any remediation, or support required
        to
        demonstrate issue remediation, shall not be charged to the Master Servicer,
        and
        shall be at the Servicer’s sole cost and expense. The Master Servicer
        understands and agrees that in conducting such audits, its agents and/or
        representatives shall be subject to all reasonable security policies and
        procedures relative to any facility of the Servicer.

      

      
        
          
            
            

          

          
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      Section
        9.06 Binding
        Effect; No Partnership; Counterparts.

       

      The
        provisions of this Agreement shall be binding upon and inure to the benefit
        of
        the respective successors and permitted assigns of the parties hereto. Nothing
        herein contained shall be deemed or construed to create a partnership or
        joint
        venture between the parties hereto and the services of the Servicer shall
        be
        rendered as an independent contractor for the Master Servicer. For the purpose
        of facilitating the execution 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
        9.07 Protection
        of Confidential Information; No Solicitation.

       

      The
        Servicer shall keep confidential and shall not divulge to any party, without
        the
        Master Servicer’s prior written consent, any information pertaining to the
        Mortgage Loans, the Mortgaged Properties, or the Borrowers except to the
        extent
        that (a) it is appropriate for the Servicer to do so (i) in working with
        legal
        counsel, auditors, other advisors, taxing authorities or other governmental
        agencies, (ii) in accordance with Accepted Servicing Practices or (iii) when
        required by any law, regulation, ordinance, court order or subpoena or (b)
        the
        Servicer is disseminating general statistical information relating to the
        mortgage loans being serviced by the Servicer (including the Mortgage Loans)
        so
        long as the Servicer does not identify the Master Servicer or the
        Borrowers.

       

      In
        addition to the foregoing, neither the Servicer nor any of its Affiliates
        shall
        (i) provide any employee of the Servicer or its Affiliates that is directly
        involved in the solicitation of borrowers in connection with the origination
        of
        mortgage loans by the Servicer and its Affiliates access to any reports,
        documents or information in respect of any Borrower, Mortgaged Property or
        Mortgage Loan which the Servicer has received pursuant to its Loan Servicing
        obligations hereunder, or (ii) use any such reports, documents or information
        in
        connection with such solicitation of borrowers. Failure of the Servicer to
        comply with its obligations under this Section shall result in an Event of
        Default hereunder.

       

      

      
        
          
            
            

          

          
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      Section
        9.08 General
        Interpretive Principles.

       

      For
        purposes of this Agreement, except as otherwise expressly provided or unless
        the
        context otherwise requires:

       

      (a) the
        terms
        defined in this Agreement have the meanings assigned to them in this Agreement
        and include the plural as well as the singular, and the use of any gender
        herein
        shall be deemed to include the other gender;

       

      (b) accounting
        terms not otherwise defined herein have the meanings assigned to them in
        accordance with generally accepted accounting principles;

       

      (c) references
        herein to an “Article,” “Section,” or other subdivision without reference to a
        document are to the designated Article, Section or other applicable subdivision
        of this Agreement;

       

      (d) reference
        to a Section, subsection, paragraph or other subdivision without further
        reference to a specific Section is a reference to such Section, subsection,
        paragraph or other subdivision, as the case may be, as contained in the same
        Section in which the reference appears; 

       

      (e) the
        words
“herein,” “hereof,” “hereunder” and other words of similar import refer to this
        Agreement as a whole and not to any particular provision;

       

      (f) the
        term
“include” or “including” shall mean without limitation by reason of enumeration;
        and

       

      (g) the
        Article, Section and subsection headings herein are for convenience of reference
        only, and shall not limit or otherwise affect the meaning of the provisions
        contained therein.

       

      Section
        9.09 Further
        Agreements.

       

      The
        Servicer and the Master Servicer each agree to execute and deliver to the
        other
        such additional documents, instruments or agreements as may be reasonably
        requested by the other and as may be necessary or appropriate to effectuate
        the
        purposes of this Agreement.

       

      [SIGNATURE
        PAGE FOLLOWS]

       

      

      

      
        
          
            
            

          

          
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      IN
        WITNESS WHEREOF, the Master Servicer and the Servicer have caused this Agreement
        to be duly executed by their respective officers thereunto duly authorized
        as of
        the date first above written.

       

      
        	 	
                IMPAC
                  FUNDING CORPORATION

                 

                By:                    

                Name:
                  Nancy
                  Pollard        

                Title:
                  EVP                

                
                   

                  (“Master
                    Servicer”)

                

              	 
	 	 	 
	 	
                MIDLAND
                  LOAN SERVICES, INC.

                 

                By:                    

                Name:                    

                Title:                    

                
                   

                  (“Servicer”)

                

              	 

      

       

      

      
        
          
            
            

          

          
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      EXHIBIT
        A

      

      Servicing
        File Listing

       

      
        	
                1)

              	
                Copy
                  of executed Note (including addendums, amendments, modifications,
                  etc., as
                  they may apply), Loan Agreement and Guaranty Agreement (if
                  applicable).

              

      

       

      
        	
                2)

              	
                Copy
                  of executed and filed Deed of Trust/Mortgage (including addendums,
                  amendments, modifications, etc., as they may
                  apply).

              

      

       

      
        	
                3)

              	
                Copy
                  of Assignment of Leases and Rents and Security Agreement, if separate
                  from
                  the Deed of Trust/Mortgage.

              

      

       

      
        	
                4)

              	
                Copy
                  of any other legal document(s) referenced in the Note, Deed of
                  Trust/Mortgage, Security Agreement, Loan Agreement or Guaranty
                  Agreement.

              

      

       

      
        	
                5)

              	
                Copies
                  of all filed UCC Financing Statements and Lien
                  Searches.

              

      

       

      
        	
                6)

              	
                Loan
                  Closing Statement.

              

      

       

      
        	
                7)

              	
                Borrower
                  (and Guarantor, if applicable) financial and operating statements,
                  tax
                  returns, tax identification number(s), mailing address(es), phone
                  number(s), and fax number(s). Also include property operating and
                  financial statements if prepared
                  separately.

              

      

       

      
        	
                8)

              	
                Special
                  Reserve Agreement(s), if
                  applicable.

              

      

       

      
        	
                9)

              	
                Property
                  Information - paid tax receipts, insurance policy(ies), appraisal(s),
                  flood certificate(s), and environmental
                  reports.

              

      

       

      
        	
                10)

              	
                Underwriting
                  File.

              

      

       

      
        	
                11)

              	
                Checks/Wires
                  for prepaid interest, tax and insurance impounds, and special
                  reserves.

              

      

       

      
        	
                12)

              	
                Lockbox
                  agreement(s), if applicable.

              

      

       

      
        	
                13)

              	
                If
                  special arrangements have been made with the borrower and/or guarantor
                  that are not noted in the legal documents, a memorandum detailing
                  the
                  situation.

              

      

      
 

      

      
        
          
            
            

          

          
            S-39

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        B

      

      SERVICING
        CRITERIA TO BE ADDRESSED

      IN
        ASSESSMENT OF COMPLIANCE

      (RMBS
        unless otherwise noted)

       

      Where
        there are multiple checks for criteria the attesting party will identify
        in
        their management assertion that they are attesting only to the portion of
        the
        distribution chain they are responsible for in the related transaction
        agreements.

      

      Key: X
        - obligation

      
        	 	 	 	 	 
	
                Reg
                  AB Reference

              	
                Servicing
                  Criteria

              	
                Servicer

              	
                Master
                  Servicer

              	
                Trustee

              
	 	
                General
                  Servicing Considerations

              	 	 	 
	
                1122(d)(1)(i)

              	
                Policies
                  and procedures are instituted to monitor any performance or other
                  triggers
                  and events of default in accordance with the transaction
                  agreements.

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(1)(ii)

              	
                If
                  any material servicing activities are outsourced to third parties,
                  policies and procedures are instituted to monitor the third party’s
                  performance and compliance with such servicing activities.

              	
                To
                  the extent applicable

              	
                X

              	 
	
                1122(d)(1)(iii)

              	
                Any
                  requirements in the transaction agreements to maintain a back-up
                  servicer
                  for the Pool Assets are maintained. 

              	 	 	 
	
                1122(d)(1)(iv)

              	
                A
                  fidelity bond and errors and omissions policy is in effect on the
                  party
                  participating in the servicing function throughout the reporting
                  period in
                  the amount of coverage required by and otherwise in accordance
                  with the
                  terms of the transaction agreements. 

              	
                X

              	
                X

              	 

      

      

      
        
          
            
            

          

          
            S-40

            
              

            

          

          
            
            

          

        

      

      

      

      
        	 	 	 	 	 
	 	
                Cash
                  Collection and Administration

              	 	 	 
	
                1122(d)(2)(i)

              	
                Payments
                  on pool assets are deposited into the appropriate custodial bank
                  accounts
                  and related bank clearing accounts no more than two business days
                  following receipt, or such other number of days specified in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(ii)

              	
                Disbursements
                  made via wire transfer on behalf of an obligor or to an investor
                  are made
                  only by authorized personnel. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(iii)

              	
                Advances
                  of funds or guarantees regarding collections, cash flows or distributions,
                  and any interest or other fees charged for such advances, are made,
                  reviewed and approved as specified in the transaction agreements.
                  

              	 	
                X

              	 
	
                1122(d)(2)(iv)

              	
                The
                  related accounts for the transaction, such as cash reserve accounts
                  or
                  accounts established as a form of over collateralization, are separately
                  maintained (e.g., with respect to commingling of cash) as set forth
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(v)

              	
                Each
                  custodial account is maintained at a federally insured depository
                  institution as set forth in the transaction agreements. For purposes
                  of
                  this criterion, "federally insured depository institution" with
                  respect to
                  a foreign financial institution means a foreign financial institution
                  that
                  meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange
                  Act.
                  

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(2)(vi)

              	
                Unissued
                  checks are safeguarded so as to prevent unauthorized access.
                  

              	
                If
                  applicable

              	 	 
	
                1122(d)(2)(vii)
                  

              	
                Reconciliations
                  are prepared on a monthly basis for all asset-backed securities
                  related
                  bank accounts, including custodial accounts and related bank clearing
                  accounts. These reconciliations are (A) mathematically accurate;
                  (B)
                  prepared within 30 calendar days after the bank statement cutoff
                  date, or
                  such other number of days specified in the transaction agreements;
                  (C)
                  reviewed and approved by someone other than the person who prepared
                  the
                  reconciliation; and (D) contain explanations for reconciling items.
                  These
                  reconciling items are resolved within 90 calendar days of their
                  original
                  identification, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	
                X

              	
                X

              

      

      

      
        
          
            
            

          

          
            S-41

            
              

            

          

          
            
            

          

        

      

      

      

      
        	 	 	 	 	 
	 	
                Investor
                  Remittances and Reporting

              	 	 	 
	
                1122(d)(3)(i)

              	
                Reports
                  to investors, including those to be filed with the Commission,
                  are
                  maintained in accordance with the transaction agreements and applicable
                  Commission requirements. Specifically, such reports (A) are prepared
                  in
                  accordance with timeframes and other terms set forth in the transaction
                  agreements; (B) provide information calculated in accordance with
                  the
                  terms specified in the transaction agreements; (C) are filed with
                  the
                  Commission as required by its rules and regulations; and (D) agree
                  with
                  investors’ or the trustee’s records as to the total unpaid principal
                  balance and number of Pool Assets serviced by the Servicer.
                  

              	 	
                X

              	
                X

              
	
                1122(d)(3)(ii)

              	
                Amounts
                  due to investors are allocated and remitted in accordance with
                  timeframes,
                  distribution priority and other terms set forth in the transaction
                  agreements. 

              	 	
                X

              	
                X

              

      

      

      
        
          
            
            

          

          
            S-42

            
              

            

          

          
            
            

          

        

      

      

      

      
        	 	 	 	 	 
	
                1122(d)(3)(iii)

              	
                Disbursements
                  made to an investor are posted within two business days to the
                  Servicer’s
                  investor records, or such other number of days specified in the
                  transaction agreements. 

              	 	
                X

              	
                X

              
	
                1122(d)(3)(iv)

              	
                Amounts
                  remitted to investors per the investor reports agree with cancelled
                  checks, or other form of payment, or custodial bank statements.
                  

              	 	
                X

              	
                X

              
	 	
                Pool
                  Asset Administration

              	 	 	 
	
                1122(d)(4)(i)
                  

              	
                Collateral
                  or security on pool assets is maintained as required by the transaction
                  agreements or related pool asset documents. 

              	 	
                X

              	
                X

              
	
                1122(d)(4)(ii)

              	
                Pool
                  assets and related documents are safeguarded as required by the
                  transaction agreements 

              	 	
                X

              	
                X

              
	
                1122(d)(4)(iii)

              	
                Any
                  additions, removals or substitutions to the asset pool are made,
                  reviewed
                  and approved in accordance with any conditions or requirements
                  in the
                  transaction agreements. 

              	
                X

              	
                X

              	
                X

              
	
                1122(d)(4)(iv)

              	
                Payments
                  on pool assets, including any payoffs, made in accordance with
                  the related
                  pool asset documents are posted to the Servicer’s obligor records
                  maintained no more than two business days after receipt, or such
                  other
                  number of days specified in the transaction agreements, and allocated
                  to
                  principal, interest or other items (e.g., escrow) in accordance
                  with the
                  related pool asset documents. 

              	
                X

              	 	 
	
                1122(d)(4)(v)

              	
                The
                  Servicer’s records regarding the pool assets agree with the Servicer’s
                  records with respect to an obligor’s unpaid principal balance.
                  

              	
                X

              	 	 

      

      

      
        
          
            
            

          

          
            S-43

            
              

            

          

          
            
            

          

        

      

      

      

      
        	 	 	 	 	 
	
                1122(d)(4)(vi)

              	
                Changes
                  with respect to the terms or status of an obligor's pool assets
                  (e.g.,
                  loan modifications or re-agings) are made, reviewed and approved
                  by
                  authorized personnel in accordance with the transaction agreements
                  and
                  related pool asset documents. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(vii)

              	
                Loss
                  mitigation or recovery actions (e.g., forbearance plans, modifications
                  and
                  deeds in lieu of foreclosure, foreclosures and repossessions, as
                  applicable) are initiated, conducted and concluded in accordance
                  with the
                  timeframes or other requirements established by the transaction
                  agreements. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(viii)

              	
                Records
                  documenting collection efforts are maintained during the period
                  a pool
                  asset is delinquent in accordance with the transaction agreements.
                  Such
                  records are maintained on at least a monthly basis, or such other
                  period
                  specified in the transaction agreements, and describe the entity’s
                  activities in monitoring delinquent pool assets including, for
                  example,
                  phone calls, letters and payment rescheduling plans in cases where
                  delinquency is deemed temporary (e.g., illness or unemployment).
                  

              	
                X

              	 	 
	
                1122(d)(4)(ix)

              	
                Adjustments
                  to interest rates or rates of return for pool assets with variable
                  rates
                  are computed based on the related pool asset documents. 

              	
                X

              	
                X

              	 
	
                1122(d)(4)(x)

              	
                Regarding
                  any funds held in trust for an obligor (such as escrow accounts):
                  (A) such
                  funds are analyzed, in accordance with the obligor’s pool asset documents,
                  on at least an annual basis, or such other period specified in
                  the
                  transaction agreements; (B) interest on such funds is paid, or
                  credited,
                  to obligors in accordance with applicable pool asset documents
                  and state
                  laws; and (C) such funds are returned to the obligor within 30
                  calendar
                  days of full repayment of the related pool assets, or such other
                  number of
                  days specified in the transaction agreements. 

              	
                X

              	 	 

      

      

      
        
          
            
            

          

          
            S-44

            
              

            

          

          
            
            

          

        

      

      

      

      
        	 	 	 	 	 
	
                1122(d)(4)(xi)

              	
                Payments
                  made on behalf of an obligor (such as tax or insurance payments)
                  are made
                  on or before the related penalty or expiration dates, as indicated
                  on the
                  appropriate bills or notices for such payments, provided that such
                  support
                  has been received by the Servicer at least 30 calendar days prior
                  to these
                  dates, or such other number of days specified in the transaction
                  agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xii)

              	
                Any
                  late payment penalties in connection with any payment to be made
                  on behalf
                  of an obligor are paid from the Servicer’s funds and not charged to the
                  obligor, unless the late payment was due to the obligor’s error or
                  omission. 

              	
                X

              	 	 
	
                1122(d)(4)(xiii)

              	
                Disbursements
                  made on behalf of an obligor are posted within two business days
                  to the
                  obligor’s records maintained by the Servicer, or such other number of days
                  specified in the transaction agreements. 

              	
                X

              	 	 
	
                1122(d)(4)(xiv)
                  

              	
                Delinquencies,
                  charge-offs and uncollectible accounts are recognized and recorded
                  in
                  accordance with the transaction agreements. 

              	
                X

              	
                X

              	 

      

      

      
        
          
            
            

          

          
            S-45

            
              

            

          

          
            
            

          

        

      

      

      

      
        	 	 	 	 	 
	
                1122(d)(4)(xv)

              	
                Any
                  external enhancement or other support, identified in Item 1114(a)(1)
                  through (3) or Item 1115 of Regulation AB, is maintained as set
                  forth in
                  the transaction agreements. 

              	 	
                X

              	
                X

              

      

      

      

      
        
          
            
            

          

          
            S-46

            
              

            

          

          
            
            

          

        

      

       

      
        EXHIBIT
          C

        

        FORM
          10-D, FORM 8-K AND FORM 10-K

        REPORTING
          RESPONSIBILITY

        

        As
          to
          each item described below, the entity indicated as the Responsible Party
          shall
          be primarily responsible for reporting the information to the Trustee pursuant
          to Section 3.25 of the PSA. If the Trustee is indicated below as to any
          item,
          then the Trustee is primarily responsible for obtaining that
          information.

        

        Under
          Item 1 of Form 10-D: a) items marked "4.02 statement" are required to be
          included in the periodic Distribution Date statement under Section 4.02
          of the
          PSA, provided by the Trustee based on information received from the Master
          Servicer; and b) items marked "Form 10-D report" are required to be in
          the Form
          10-D report but not the 4.02 statement, provided by the party indicated.
          Information under all other Items of Form 10-D is to be included in the
          Form
          10-D report.

        
          	 	 	 	 
	
                  Form

                	
                  Item

                	
                  Description

                	
                  Responsible
                    Party

                
	
                  10-D

                	
                  Must
                    be filed within 15 days of the Distribution Date.

                
	
                  1

                	
                  Distribution
                    and Pool Performance Information

                	 
	
                  Item
                    1121(a) - Distribution and Pool Performance
                    Information

                	 
	
                  (1)
                    Any applicable record dates, accrual dates, determination dates
                    for
                    calculating distributions and actual distribution dates for the
                    distribution period.

                	
                  4.02
                    statement

                
	
                  (2)
                    Cash flows received and the sources thereof for distributions,
                    fees and
                    expenses.

                	
                  4.02
                    statement

                
	
                  (3)
                    Calculated amounts and distribution of the flow of funds for
                    the period
                    itemized by type and priority of payment, including:

                	
                  4.02
                    statement

                
	
                  (i)
                    Fees or expenses accrued and paid, with an identification of
                    the general
                    purpose of such fees and the party receiving such fees or
                    expenses.

                	
                  4.02
                    statement

                
	
                  (ii)
                    Payments accrued or paid with respect to enhancement or other
                    support
                    identified in Item 1114 of Regulation AB (such as insurance premiums
                    or
                    other enhancement maintenance fees), with an identification of
                    the general
                    purpose of such payments and the party receiving such
                    payments.

                	
                  4.02
                    statement

                
	
                  (iii)
                    Principal, interest and other distributions accrued and paid
                    on the
                    asset-backed securities by type and by class or series and any
                    principal
                    or interest shortfalls or carryovers.

                	
                  4.02
                    statement

                

        

        
          
            
            

          

          
            S-47

            
              

            

          

          
            
            

          

        

         

        
          	 	 	 	 
	 	 	
                  (iv)
                    The amount of excess cash flow or excess spread and the disposition
                    of
                    excess cash flow.

                	
                  4.02
                    statement

                
	
                  (4)
                    Beginning and ending principal balances of the asset-backed
                    securities.

                	
                  4.02
                    statement

                
	
                  (5)
                    Interest rates applicable to the pool assets and the asset-backed
                    securities, as applicable. Consider providing interest rate information
                    for pool assets in appropriate distributional groups or incremental
                    ranges.

                	
                  4.02
                    statement

                
	
                  (6)
                    Beginning and ending balances of transaction accounts, such as
                    reserve
                    accounts, and material account activity during the period.

                	
                  4.02
                    statement

                
	
                  (7)
                    Any amounts drawn on any credit enhancement or other support
                    identified in
                    Item 1114 of Regulation AB, as applicable, and the amount of
                    coverage
                    remaining under any such enhancement, if known and
                    applicable.

                	
                  4.02
                    statement

                
	
                  (8)
                    Number and amount of pool assets at the beginning and ending
                    of each
                    period, and updated pool composition information, such as weighted
                    average
                    coupon, weighted average life, weighted average remaining term,
                    pool
                    factors and prepayment amounts.

                	
                  4.02
                    statement

                   

                  Updated
                    pool composition information fields to be as specified by Depositor
                    from
                    time to time

                
	
                  (9)
                    Delinquency and loss information for the period. 

                   

                  In
                    addition, describe any material changes to the information specified
                    in
                    Item 1100(b)(5) of Regulation AB regarding the pool
                    assets.

                	
                  4.02
                    statement.

                   

                   

                  Form
                    10-D report: Depositor

                
	
                  (10)
                    Information on the amount, terms and general purpose of any advances
                    made
                    or reimbursed during the period, including the general use of
                    funds
                    advanced and the general source of funds for
                    reimbursements.

                	
                  4.02
                    statement

                
	
                  (11)
                    Any material modifications, extensions or waivers to pool asset
                    terms,
                    fees, penalties or payments during the distribution period or
                    that have
                    cumulatively become material over time.

                	
                  Form
                    10-D report; Servicer

                
	
                  (12)
                    Material breaches of pool asset representations or warranties
                    or
                    transaction covenants.

                	
                  Form
                    10-D report: Servicer

                

        

        
          
            
            

          

          
            S-48

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 
	 	 	
                  (13)
                    Information on ratio, coverage or other tests used for determining
                    any
                    early amortization, liquidation or other performance trigger
                    and whether
                    the trigger was met.

                	
                  4.02
                    statement

                
	
                  (14)
                    Information regarding any new issuance of asset-backed securities
                    backed
                    by the same asset pool, 

                  [information
                    regarding] any pool asset changes (other than in connection with
                    a pool
                    asset converting into cash in accordance with its terms), such
                    as
                    additions or removals in connection with a prefunding or revolving
                    period
                    and pool asset substitutions and repurchases (and purchase rates,
                    if
                    applicable), and cash flows available for future purchases, such
                    as the
                    balances of any prefunding or revolving accounts, if
                    applicable.

                  Disclose
                    any material changes in the solicitation, credit-granting, underwriting,
                    origination, acquisition or pool selection criteria or procedures,
                    as
                    applicable, used to originate, acquire or select the new pool
                    assets.

                	
                  Form
                    10-D report: Depositor

                   

                  Form
                    10-D report: Depositor

                   

                   

                   

                   

                  Form
                    10-D report: Depositor

                
	
                  Item
                    1121(b) - Pre-Funding or Revolving Period Information

                  Updated
                    pool information as required under Item 1121(b).

                	
                  Depositor

                
	
                  2

                	
                  Legal
                    Proceedings

                	 
	
                  Item
                    1117 - Legal proceedings pending against the following entities,
                    or their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                  Seller

                  Depositor

                  Trustee

                  Trustee

                  Issuing
                    entity

                  Master
                    Servicer

                  Originator
                    

                  Custodian

                	
                   

                   

                   

                  Seller

                  Depositor

                  Trustee

                  Trustee

                  Depositor

                  Master
                    Servicer

                  Originator

                  Custodian

                
	
                  3

                	
                  Sales
                    of Securities and Use of Proceeds

                	 
	
                  Information
                    from Item 2(a) of Part II of Form 10-Q:

                   

                  With
                    respect to any sale of securities by the sponsor, depositor or
                    issuing
                    entity, that are backed by the same asset pool or are otherwise
                    issued by
                    the issuing entity, whether or not registered, provide the sales
                    and use
                    of proceeds information in Item 701 of Regulation S-K. Pricing
                    information
                    can be omitted if securities were not registered.

                	
                   

                   

                   

                  Depositor

                

        

        
          
            
            

          

          
            S-49

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 
	 	
                  4

                	
                  Defaults
                    Upon Senior Securities

                	 
	
                  Information
                    from Item 3 of Part II of Form 10-Q:

                   

                  Report
                    the occurrence of any Event of Default (after expiration of any
                    grace
                    period and provision of any required notice)

                	
                   

                   

                   

                  N/A

                
	
                  5

                	
                  Submission
                    of Matters to a Vote of Security Holders

                	 
	
                  Information
                    from Item 4 of Part II of Form 10-Q

                	
                  Trustee

                
	
                  6

                	
                  Significant
                    Obligors of Pool Assets

                	 
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information*

                	
                  N/A

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Item.

                	 
	
                  7

                	
                  Significant
                    Enhancement Provider Information

                	 
	
                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information*

                  Determining
                    applicable disclosure threshold

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                   

                  N/A

                   

                  N/A

                
	
                  Item
                    1115(b) - Derivative Counterparty Financial Information*

                  Determining
                    current maximum probable exposure

                  Determining
                    current significance percentage

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                   

                  [TBD]

                   

                  [TBD]

                   

                  Depositor

                
	
                  *This
                    information need only be reported on the Form 10-D for the distribution
                    period in which updated information is required pursuant to the
                    Items.

                	 
	
                  8

                	
                  Other
                    Information

                	 
	
                  Disclose
                    any information required to be reported on Form 8-K during the
                    period
                    covered by the Form 10-D but not reported

                	
                  The
                    Responsible Party for the applicable Form 8-K item as indicated
                    below

                

        

        
          
            
            

          

          
            S-50

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 
	 	
                  9

                	
                  Exhibits

                	 
	
                  Distribution
                    report

                	
                  Trustee

                
	
                  Exhibits
                    required by Item 601 of Regulation S-K, such as material
                    agreements

                	
                  Depositor

                
	
                  8-K

                	
                  Must
                    be filed within four business days of an event reportable on
                    Form
                    8-K.

                
	
                  1.01

                	
                  Entry
                    into a Material Definitive Agreement

                	 
	
                  Disclosure
                    is required regarding entry into or amendment of any definitive
                    agreement
                    that is material to the securitization, even if depositor is
                    not a party.
                    

                  Examples:
                    servicing agreement, custodial agreement.

                  Note:
                    disclosure not required as to definitive agreements that are
                    fully
                    disclosed in the prospectus

                	
                  Depositor

                
	
                  1.02

                	
                  Termination
                    of a Material Definitive Agreement

                	 
	
                  Disclosure
                    is required regarding termination of any definitive agreement that is
                    material to the securitization (other than expiration in accordance
                    with
                    its terms), even if depositor is not a party. 

                  Examples:
                    servicing agreement, custodial agreement.

                	
                  Depositor

                
	
                  1.03

                	
                  Bankruptcy
                    or Receivership

                	 
	
                  Disclosure
                    is required regarding the bankruptcy or receivership, if known
                    to the
                    Depositor, Servicer or Trustee, with respect to any of the following:
                    

                  Sponsor
                    (Seller), Depositor, Servicer, Trustee, Swap Provider,
                    Custodian

                	
                  Depositor/Servicer

                
	
                  2.04

                	
                  Triggering
                    Events that Accelerate or Increase a Direct Financial Obligation
                    or an
                    Obligation under an Off-Balance Sheet Arrangement

                	 
	
                  Includes
                    an early amortization, performance trigger or other event, including
                    event
                    of default, that would materially alter the payment priority/distribution
                    of cash flows/amortization schedule.

                  Disclosure
                    will be made of events other than waterfall triggers which are
                    disclosed
                    in the 4.02 statement

                	
                  N/A

                

        

        
          
            
            

          

          
            S-51

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 
	 	
                  3.03

                	
                  Material
                    Modification to Rights of Security Holders

                	 
	
                  Disclosure
                    is required of any material modification to documents defining
                    the rights
                    of Certificateholders, including the Pooling and Servicing
                    Agreement

                	
                  Party
                    requesting material modification

                
	
                  5.03

                	
                  Amendments
                    to Articles of Incorporation or Bylaws; Change in Fiscal
                    Year

                	 
	
                  Disclosure
                    is required of any amendment "to the governing documents of the
                    issuing
                    entity"

                	
                  Depositor

                
	
                  5.06

                	
                  Change
                    in Shell Company Status

                	 
	
                  [Not
                    applicable to ABS issuers]

                	
                  Depositor

                
	
                  6.01

                	
                  ABS
                    Informational and Computational Material

                	 
	
                  [Not
                    included in reports to be filed under Section 4.07]

                	
                  Depositor

                
	
                  6.02

                	
                  Change
                    of Master Servicer or Trustee

                	 
	
                  Requires
                    disclosure of any removal, replacement, substitution or addition
                    of any
                    master servicer, affiliated servicer, other servicer servicing
                    10% or more
                    of pool assets at time of report, other material servicers, certificate
                    administrator or trustee. Reg AB disclosure about any new servicer
                    or
                    trustee is also required.

                	
                  Trustee
                    or Master Servicer

                
	
                  6.03

                	
                  Change
                    in Credit Enhancement or Other External Support

                	 
	
                  Covers
                    termination of any enhancement in manner other than by its terms,
                    the
                    addition of an enhancement, or a material change in the enhancement
                    provided. Applies to external credit enhancements as well as
                    derivatives.
                    Reg AB disclosure about any new enhancement provider is also
                    required.

                	
                  Depositor

                
	
                  6.04

                	
                  Failure
                    to Make a Required Distribution

                	
                  Trustee

                
	
                  6.05

                	
                  Securities
                    Act Updating Disclosure

                	 
	
                  If
                    any material pool characteristic differs by 5% or more at the
                    time of
                    issuance of the securities from the description in the final
                    prospectus,
                    provide updated Reg AB disclosure about the actual asset
                    pool.

                	
                  Depositor

                
	
                  If
                    there are any new servicers or originators required to be disclosed
                    under
                    Regulation AB as a result of the foregoing, provide the information
                    called
                    for in Items 1108 and 1110 respectively.

                	
                  Depositor

                

        

        
          
            
            

          

          
            S-52

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 
	 	
                  7.01

                	
                  Regulation
                    FD Disclosure

                	
                  Depositor

                
	
                  8.01

                	
                  Other
                    Events

                	 
	
                  Any
                    event, with respect to which information is not otherwise called
                    for in
                    Form 8-K, that the registrant deems of importance to security
                    holders.

                	
                  Depositor

                
	
                  9.01

                	
                  Financial
                    Statements and Exhibits

                	
                  The
                    Responsible Party applicable to reportable event

                
	
                  10-K

                	
                  Must
                    be filed within 90 days of the fiscal year end for the
                    registrant.

                
	
                  9B

                	
                  Other
                    Information

                	 
	
                  Disclose
                    any information required to be reported on Form 8-K during the
                    fourth
                    quarter covered by the Form 10-K but not reported

                	
                  The
                    Responsible Party for the applicable Form 8-K item as indicated
                    above

                
	
                  15

                	
                  Exhibits
                    and Financial Statement Schedules

                	 
	
                  Item
                    1112(b) - Significant
                    Obligor Financial Information

                	
                  N/A

                
	
                  Item
                    1114(b)(2) - Credit Enhancement Provider Financial
                    Information

                  Determining
                    applicable disclosure threshold

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                   

                  N/A

                   

                  N/A

                
	
                  Item
                    1115(b) - Derivative Counterparty Financial Information

                  Determining
                    current maximum probable exposure

                  Determining
                    current significance percentage

                  Obtaining
                    required financial information or effecting incorporation by
                    reference

                	
                   

                   

                  [TBD]

                   

                  [TBD]

                   

                  Depositor

                
	
                  Item
                    1117
                    -
                    Legal proceedings pending against the following entities, or
                    their
                    respective property, that is material to Certificateholders,
                    including
                    proceedings known to be contemplated by governmental
                    authorities:

                	 
	
                  Seller

                  Depositor

                  Trustee

                  Issuing
                    entity

                  Master
                    Servicer

                  Originator
                    

                  Custodian

                	
                  Seller

                  Depositor

                  Trustee

                  Issuing
                    entity

                  Master
                    Servicer

                  Originator
                    

                  Custodian

                

        

        
          
            
            

          

          
            S-53

            
              

            

          

          
            
            

          

        

        

        
          	 	 	 	 
	 	 	
                  Item
                    1119 - Affiliations and relationships between the following entities,
                    or
                    their respective affiliates, that are material to
                    Certificateholders:

                  Seller

                  Depositor

                  Trustee

                   

                   

                   

                   

                  Issuing
                    entity

                  Master
                    Servicer

                  Originator
                    

                  Custodian
                    

                  Credit
                    Enhancer/Support Provider, if any

                  Significant
                    Obligor, if any

                	
                   

                   

                   

                  Seller

                  Depositor

                  Trustee
                    (only with respect to affiliations with the sponsor, depositor
                    or issuing
                    entity)

                  Issuing
                    entity

                  Master
                    Servicer

                  Originator
                    

                  Custodian
                    

                  Depositor

                  Depositor

                
	
                  Item
                    1122 - Assessment of Compliance with Servicing
                    Criteria

                	
                  Each
                    Party participating in the servicing function

                
	
                  Item
                    1123 -Servicer Compliance Statement

                	
                  Master
                    Servicer

                

        

         

      

      
 

      
        
          
            
            

          

          
            S-54

            
              

            

          

          
            
            

          

        

      

      

      EXHIBIT
        T

       

      FORM
        OF
        ITEM 1115 AGREEMENT

       

      ITEM
        1115
        AGREEMENT

       

      Item
        1115
        Agreement (this “Agreement”), dated as of November 16, 2006, among Impac Funding
        Corporation (the “Sponsor”), Impac Secured Assets Corp. (the “Depositor”) and
        Bank of America, N.A. (the “Derivative Provider”).

       

      RECITALS

       

      WHEREAS,
        the Depositor has a filed a registration statement on Form S-3 (a “Registration
        Statement”) with the U.S. Securities and Exchange Commission (the “Commission”)
        for purposes of offering mortgage-backed or asset-backed notes and/or
        certificates (the “Securities”) through one or more special purpose vehicles
        (each, an “Issuing Entity”);

       

      WHEREAS,
        from time to time, on or prior to the closing date of a securitization (the
        “Closing Date”) pursuant to which Securities are offered (each, a
“Securitization”), the Derivative Provider enters into certain derivative
        agreements with the Issuing Entity (or a trustee or securities or swap
        administrator or other person acting in a similar capacity in connection
        with
        such Securitization (each, an “Administrator”)), or the Derivative Provider
        enters into certain derivative agreements with the Sponsor or an affiliate
        of
        the Sponsor and such derivative agreements are assigned to the Issuing Entity
        or
        an Administrator (each, in either case, a “Derivative Agreement”);

       

      WHEREAS,
        the Derivative Provider agrees and acknowledges that the Sponsor and the
        Depositor are required under Regulation AB (as defined herein) to disclose
        certain financial data and/or financial statements with respect to the
        Derivative Provider, depending on the applicable “significance percentage” for
        each Derivative Agreement as calculated from time to time in accordance with
        Item 1115 of Regulation AB;

       

      WHEREAS,
        the Sponsor, on behalf of itself and each Issuing Entity through which it
        effects Securitizations, the Depositor and the Derivative Provider, desire
        to
        set forth certain rights and obligations with regard to financial data and/or
        financial statements which the Sponsor and the Depositor are required to
        disclose in accordance with Regulation AB (as defined herein) and certain
        related matters.

       

      NOW,
        THEREFORE, in consideration of the mutual agreements set forth herein and
        for
        other good and valuable consideration the receipt and adequacy of which is
        hereby acknowledged, the parties hereby agree as follows:

       

      I. DEFINITIONS.

       

      Additional
        Termination Event: With respect to any Derivative Agreement, as defined in
        the
        related Master Agreement. 

       

      Affected
        Party: With respect to any Derivative Agreement, as defined in the related
        Master Agreement.

       

      Business
        Day: Any day other than a Saturday, a Sunday or any day on which banking
        institutions in the states where the parties are located are authorized or
        obligated by law, executive order or governmental decree to be
        closed.

       

      Company
        Information: As defined in Addendum A.

       

      

      
        
          
            
            

          

          
            T-1

            
              

            

          

          
            
            

          

        

      

      

      Company
        Financial Information: With respect to each Securitization, the financial
        data
        described in Item 1115(b)(1) of Regulation AB or the financial statements
        described in Item 1115(b)(2) of Regulation AB, in either case with respect
        to
        the Derivative Provider and any affiliated entities providing derivative
        instruments to the related Issuing Entity and/or Administrator; provided,
        that
        the Derivative Provider shall not be required to calculate the “significance
        percentage” for purposes of this Agreement.

       

      GAAP:
        As
        defined in Section 3(a)(ii).

       

      Exchange
        Act: The Securities Exchange Act of 1934, as amended, and the rules and
        regulations promulgated thereunder.

       

      Exchange
        Act Reports: With respect to an Issuing Entity, all Distribution Reports
        on Form
        10-D, Current Reports on Form 8-K and Annual Reports on Form 10-K and any
        amendments thereto, required to be filed with respect to such Issuing Entity
        pursuant to the Exchange Act.

       

      Free
        Writing Prospectus: With respect to each Securitization, the free writing
        prospectus or prospectuses prepared in connection with the public offering
        and
        sale of the related Securities and used to price such Securities.

       

      Master
        Agreement: With respect to any Derivative Agreement, the ISDA Master Agreement
        referenced in such Derivative Agreement, together with any Schedule, Credit
        Support Annex and Confirmations forming a part thereof or incorporated therein
        by reference, or, if no such ISDA Master Agreement exists, the ISDA Master
        Agreement deemed to apply to such Derivative Agreement pursuant to its terms,
        together with any Schedule, Credit Support Annex and Confirmations deemed
        to
        form a part thereof or to be incorporated therein by reference.

       

      Prospectus
        Supplement: With respect to each Securitization, the prospectus supplement
        prepared in connection with the public offering and sale of the related
        Securities.

       

      Regulation
        AB: Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R.
        §§229.1100-229.1123, as such may be amended from time to time, and subject
        to
        such clarification and interpretation as have been provided by the Commission
        in
        the adopting release (Asset-Backed Securities, Securities Act Release No.
        33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the
        Commission, or as may be provided by the Commission or its staff from time
        to
        time.

       

      Securities
        Act: The Securities Act of 1933, as amended, and the rules and regulations
        promulgated thereunder.

       

      II. INFORMATION
        TO BE PROVIDED BY THE DERIVATIVE PROVIDER.

       

      
        	 	
                A.

              	
                Prior
                  to printing the Free Writing Prospectus and/or Prospectus Supplement
                  relating to each Securitization, the Derivative Provider, at its
                  own
                  expense, shall:

              

      

       

      
        	 	
                1.

              	
                provide
                  to the Depositor such information as is reasonably requested by
                  the
                  Depositor for the purpose of compliance with Item 1115(a)(1) of
                  Regulation
                  AB or the Securities Act in respect of such Securitization, which
                  information shall include, at a
                  minimum:

              

      

       

      
        	 	
                (i)

              	
                the
                  Derivative Provider’s legal name (and any
                  d/b/a),

              

      

       

      
        	 	
                (ii)

              	
                the
                  organizational form of the Derivative Provider,

              

      

       

      
        	 	
                (iii)

              	
                a
                  description of the general character of the business of the Derivative
                  Provider,

              

      

       

      

      
        
          
            
            

          

          
            T-2

            
              

            

          

          
            
            

          

        

      

      

      
        	 	
                (iv)

              	
                a
                  description of any affiliation or relationship (as set forth in
                  Item
                  1119(a)) between the Derivative Provider and any of the following
                  parties:

              

      

       

      
        	 	
                (a)

              	
                the
                  Sponsor (or any other sponsor identified to the Derivative Provider
                  by the
                  Sponsor or the Depositor),

              

      

       

      
        	 	
                (b)

              	
                any
                  servicer (or other person acting in a similar capacity) identified
                  to the
                  Derivative Provider by the Sponsor or the
                  Depositor,

              

      

       

      
        	 	
                (c)

              	
                any
                  trustee (or other person acting in a similar capacity) identified
                  to the
                  Derivative Provider by the Sponsor or the
                  Depositor,

              

      

       

      
        	 	
                (d)

              	
                any
                  originator identified to the Derivative Provider by the Sponsor
                  or the
                  Depositor,

              

      

       

      
        	 	
                (e)

              	
                any
                  enhancement or support provider identified to the Derivative Provider
                  by
                  the Sponsor or the Depositor, and

              

      

       

      
        	 	
                (f)

              	
                any
                  other material Securitization party identified to the Derivative
                  Provider
                  by the Sponsor or the Depositor,

              

      

       

      
        	 	
                (v)

              	
                information
                  relating to any legal or governmental proceedings pending against
                  the
                  Derivative Provider that would be material to investors in the
                  Securities;
                  and

              

      

       

      
        	 	
                (vi)

              	
                any
                  other information that is required for the purpose of compliance
                  (as
                  determined by the Depositor in its reasonable discretion) with
                  the
                  Securities Act; and

              

      

       

      
        	 	
                2.

              	
                if
                  reasonably requested by the Depositor for the purpose of compliance
                  with
                  Item 1115(b) of Regulation AB with respect to such Securitization,
                  provide
                  to the Depositor the Company Financial Information described in
                  Item
                  1115(b)(1) of Regulation AB or Item 1115(b)(2) of Regulation AB
                  (as
                  specified by the Depositor).

              

      

       

      
        	 	
                B.

              	
                Following
                  the Closing Date with respect to each
                  Securitization:

              

      

       

      
        	 	
                1.

              	
                for
                  so long as the Depositor is required to file Exchange Act Reports
                  in
                  respect of the related Issuing Entity, the Derivative Provider,
                  at its own
                  expense, shall no later than the 25th
                  calendar day of each month, notify the Depositor in writing of
                  any known
                  material affiliations or relationships that develop following the
                  Closing
                  Date between the Derivative Provider and any of the parties specified
                  in
                  Section 2(a)(i)(D) (and any other parties identified in writing
                  by the
                  Depositor), and provide to the Depositor a description of such
                  affiliations or relationships;

              

      

       

      
        	 	
                2.

              	
                if,
                  on any Business Day for so long as the Depositor is required to
                  file
                  Exchange Act Reports in respect of the related Issuing Entity,
                  the
                  Depositor provides written notice to the Derivative Provider that
                  the
                  “significance percentage” for any Derivative Agreement relating to such
                  Securitization (calculated separately or in the aggregate with
                  other
                  Derivative Agreements for such Securitization, such aggregation
                  as
                  determined by the Depositor in its sole discretion), is (x) 10%
                  or more
                  (but less than 20%) or (y) 20% or more, in each case based on a
                  reasonable
                  good-faith determination by the Depositor of the “significance percentage”
                  in accordance with Item 1115 of Regulation AB (the providing of
                  such
                  notice, a “Derivative Disclosure Event”), the Derivative Provider, at its
                  own expense, shall within ten (10) Business Days following receipt
                  of such
                  notice, either:

              

      

       

      

      
        
          
            
            

          

          
            T-3

            
              

            

          

          
            
            

          

        

      

      

      
        	 	
                (i)

              	
                provide
                  to the Depositor the Company Financial Information described in
                  (x) Item
                  1115(b)(1) of Regulation AB or (y) Item 1115(b)(2) of Regulation
                  AB,
                  respectively,

              

      

       

      
        	 	
                (ii)

              	
                with
                  respect to each Derivative Agreement entered into in connection
                  with such
                  Securitization, cause another entity to replace the Derivative
                  Provider as
                  a party to such Derivative Agreement or, if such replacement cannot
                  be
                  effected, to enter into a replacement derivative agreement on terms
                  substantially identical to such Derivative Agreement (as determined
                  by the
                  Depositor in its sole discretion), which entity (1) meets or exceeds
                  (or a
                  guarantor, as applicable, for such entity meets or exceeds) any
                  rating
                  agency criteria set forth in, or otherwise applicable to, such
                  Derivative
                  Agreement (as determined by the Depositor in its sole discretion),
                  (2) has
                  entered into an agreement with Sponsor and Depositor substantially
                  in the
                  form of this Agreement, (3) has agreed to comply with the immediately
                  preceding clause (A) and Section 2(b)(iii), and (4) has been approved
                  by
                  the Depositor (which approval shall not be unreasonably
                  withheld),

              

      

       

      
        	 	
                (iii)

              	
                obtain
                  a guaranty of the Derivative Provider’s obligations under the Derivative
                  Agreement from an affiliate of the Derivative Provider, which affiliate
                  (1) meets or exceeds any rating agency criteria set forth in, or
                  otherwise
                  applicable to, such Derivative Agreement (as determined by the
                  Depositor
                  in its sole discretion), (2) has entered into an agreement with
                  the
                  Sponsor and Depositor substantially in the form of this Agreement,
                  (3) has
                  agreed to comply with the immediately preceding clause (A) and
                  Section
                  2(b)(iii) such that the information provided in respect of such
                  affiliate
                  will satisfy any requirements under Item 1115 of Regulation AB
                  that are
                  applicable to the Derivative Provider (as determined by the Depositor
                  in
                  its sole discretion), and (4) has been approved by the Depositor
                  (which
                  approval shall not be unreasonably withheld),
                  or

              

      

       

      
        	 	
                (iv)

              	
                post
                  collateral in an amount sufficient to reduce the “significance percentage”
                  for purposes of Item 1115 of Regulation AB with respect to any
                  Derivative
                  Agreement relating to such Securitization, calculated separately
                  or in the
                  aggregate with other Derivative Agreements for such Securitization
                  (such
                  aggregation and calculation of the “significance percentage” as determined
                  by the Depositor in its sole discretion) (1) to 8% if the Depositor
                  has
                  notified the Derivative Provider that the “significance percentage” is 10%
                  or more (but less than 20%) or (2) to 18% if the Depositor has
                  notified
                  the Derivative Provider that the “significance percentage” is 20% or more;
                  and

              

      

       

      

      
        
          
            
            

          

          
            T-4

            
              

            

          

          
            
            

          

        

      

      

      
        	 	
                3.

              	
                for
                  so long (A) as the Depositor is required to file Exchange Act Reports
                  in
                  respect of the related Issuing Entity and (B) the “significance
                  percentage” for any Derivative Agreement relating to such Securitization
                  (calculated separately or in the aggregate with other Derivative
                  Agreements for such Securitization) is (x) 10% or more (but less
                  than 20%)
                  or (y) 20% or more, in each case based on a reasonable good-faith
                  determination by the Depositor of the significance percentage in
                  accordance with Item 1115 of Regulation AB, if the Derivative Provider
                  has
                  provided Company Financial Information to the Depositor pursuant
                  to
                  Section 2(a)(ii) or Section 2(b)(ii), the Derivative Provider,
                  at its own
                  expense, shall within five (5) Business Days of the release of
                  any updated
                  Company Financial Information, provide to the Depositor such updated
                  Company Financial Information.

              

      

       

      
        	 	
                C.

              	
                The
                  Derivative Provider shall provide all Company Financial Information
                  provided pursuant to this Section 2 in Microsoft Word® format, Microsoft
                  Excel® format or another format suitable for conversion to the format
                  required for filing by the Depositor with the Commission via the
                  Electronic Data Gathering and Retrieval System (EDGAR) (for avoidance
                  of
                  doubt, Company Financial Information shall not be provided in .pdf
                  format); alternatively, if permitted by Regulation AB (as determined
                  by
                  the Sponsor in its sole discretion), the Derivative Provider may
                  provide
                  such Company Financial Information by providing to the Depositor
                  written
                  consent to incorporate by reference in Exchange Act Reports of
                  the
                  Depositor such Company Financial Information from reports filed
                  by the
                  Derivative Provider pursuant to the Exchange Act. In addition,
                  the
                  Derivative Provider shall also provide Company Financial Information
                  provided pursuant to Section 2(a)(ii) in a format appropriate for
                  use in
                  the related Free Writing Prospectus and Prospectus Supplement.
                  If any
                  Company Financial Information provided pursuant to this Section
                  2 has been
                  audited, the Derivative Provider shall cause its outside accounting
                  firm
                  to provide to the Depositor such accounting firm’s written consent to the
                  filing or incorporation by reference in the Exchange Act Reports
                  of the
                  Depositor of such accounting firm’s report relating to its audits of such
                  Company Financial Information.

              

      

       

      III. REPRESENTATIONS
        AND WARRANTIES OF THE DERIVATIVE PROVIDER.

       

      The
        Derivative Provider represents and warrants to the Depositor, as of the date
        on
        which the Derivative Provider first provides Company Financial Information
        to
        the Depositor under Section 2(a)(ii), Section 2(b)(ii) or Section 2(b)(iii),
        that, except as disclosed in writing to the Depositor prior to such
        date:

       

      
        	 	
                A.

              	
                the
                  outside accounting firm that certifies the financial statements
                  and
                  supporting schedules included in Company Financial Information
                  (as
                  applicable) is an independent registered public accounting firm
                  as
                  required by the Securities Act;

              

      

       

      
        	 	
                B.

              	
                the
                  selected financial data and summary financial information included
                  in the
                  Company Financial Information present fairly the information shown
                  therein
                  and have been compiled on a basis consistent with that of the audited
                  financial statements of the Derivative
                  Provider;

              

      

       

      

      
        
          
            
            

          

          
            T-5

            
              

            

          

          
            
            

          

        

      

      

      
        	 	
                C.

              	
                the
                  financial statements included in the Company Financial Information
                  present
                  fairly the consolidated financial position of the Derivative Provider
                  (or
                  the entity that consolidates the Derivative Provider) and its consolidated
                  subsidiaries as of the dates indicated and the consolidated results
                  of
                  their operations and cash flows for the periods specified; except
                  as
                  otherwise stated in the Company Financial Information, such financial
                  statements have been prepared in conformity with United States
                  generally
                  accepted accounting principles (“GAAP”) applied on a consistent basis; and
                  the supporting schedules included in the Company Financial Information
                  present fairly in accordance with GAAP the information required
                  to be
                  stated therein; and

              

      

       

      
        	 	
                D.

              	
                the
                  Company Financial Information and other Company Information included
                  in
                  any Free Writing Prospectus or Prospectus Supplement or referenced
                  via a
                  website link or incorporated by reference in the Registration Statement
                  (including through filing on an Exchange Act Report), at the time
                  they
                  were or hereafter are filed with the Commission, complied in all
                  material
                  respects with the requirements of Item 1115(b) of Regulation AB
                  (in the
                  case of the Company Financial Information), and did not and will
                  not
                  contain an untrue statement of a material fact or omit to state
                  a material
                  fact required to be stated therein or necessary in order to make
                  the
                  statements therein, in the light of the circumstances under which
                  they
                  were made, not misleading.

              

      

       

      IV. THIRD
        PARTY BENEFICIARIES.

       

      The
        Derivative Provider agrees that the terms of this Agreement shall be
        incorporated by reference into any Derivative Agreement so that each Issuing
        Entity or Administrator that is a party to a Derivative Agreement shall be
        an
        express third party beneficiary of this Agreement. 

       

      V. INDEMNIFICATION.

       

      
        	 	
                A.

              	
                The
                  Derivative Provider indemnification set forth in Addendum A hereto
                  is
                  incorporated by reference herein.

              

      

       

      VI. ADDITIONAL
        TERMINATION EVENTS.

       

      
        	 	
                A.

              	
                Any
                  failure by the Derivative Provider to comply with the requirements
                  of
                  Section 2(b)(ii) or so much of Section 2(b)(iii) as relates to
                  Section
                  2(b)(ii), shall immediately and automatically, without notice,
                  constitute
                  an Additional Termination Event under each Derivative Agreement,
                  with
                  respect to which the Derivative Provider shall be the sole Affected
                  Party.

              

      

       

      
        	 	
                B.

              	
                Any
                  failure of the Derivative Provider to satisfy the requirements
                  of Section
                  2(b)(ii) within ten (10) calendar days of any Derivative Disclosure
                  Event
                  shall constitute an Additional Termination Event under each Derivative
                  Agreement, which respect to which the Derivative Provider shall
                  be the
                  sole Affected Party. 

              

      

       

      
        	 	
                C.

              	
                Following
                  a termination of a Derivative Agreement resulting from an Additional
                  Termination Event set forth in this Section 6, a termination payment
                  (if
                  any) shall be payable under such Derivative Agreement by the applicable
                  party as determined under Section 6(e)(ii) of the related Master
                  Agreement, with Market Quotation and Second Method being the applicable
                  method for determining such termination payment (notwithstanding
                  anything
                  in such Derivative Agreement to the
                  contrary).

              

      

       

      

      
        
          
            
            

          

          
            T-6

            
              

            

          

          
            
            

          

        

      

      

      
        	 	
                D.

              	
                In
                  the event that a replacement entity or replacement derivative agreement
                  has been secured in accordance with Section 2(b)(ii)(B), or a guarantor
                  has been secured in accordance with Section 2(b)(ii)(C), the Derivative
                  Provider shall promptly reimburse the Issuing Entity for all reasonable
                  incidental expenses incurred by the Issuing Entity in connection
                  with the
                  replacement of the Derivative Provider or Derivative Agreement
                  or addition
                  of such guarantor. The provisions of this paragraph shall not limit
                  whatever rights the Issuing Entity may have under other provisions
                  of this
                  Agreement or otherwise, whether in equity or at law, such as an
                  action for
                  damages, specific performance or injunctive
                  relief.

              

      

       

      VII. MISCELLANEOUS.

       

      
        	 	
                A.

              	
                Construction.
                  Throughout this Agreement, as the context requires, (i) the singular
                  tense
                  and number includes the plural, and the plural tense and number
                  includes
                  the singular, (ii) the past tense includes the present, and the
                  present
                  tense includes the past, and (iii) references to parties, sections,
                  schedules, and exhibits mean the parties, sections, schedules,
                  and
                  exhibits of and to this Agreement. The section headings in this
                  Agreement
                  are inserted only as a matter of convenience, and in no way define,
                  limit,
                  extend, or interpret the scope of this Agreement or of any particular
                  section.

              

      

       

      
        	 	
                B.

              	
                Assignment.
                  No party to this Agreement may assign its rights under this Agreement
                  without the prior written consent of the other parties hereto.
                  Subject to
                  the foregoing, this Agreement shall be binding on and inure to
                  the benefit
                  of the parties and their respective successors and permitted
                  assigns.

              

      

       

      
        	 	
                C.

              	
                Notices.
                  All notices and other communications hereunder will be in writing
                  (including by facsimile) and effective only upon receipt, and,
                  if sent to
                  the Derivative Provider will be mailed or delivered to Bank of
                  America,
                  N.A., Sears Tower, 233 South Wacker Drive, Suite 2800, Chicago,
                  Illinois
                  60606, fax # 866 255 1444, Attn: Swap Operations, with a copy to
                  Bank of
                  America, N.A., 100 N. Tryon St., NC1-007-13-01, Charlotte, North
                  Carolina
                  28255, fax # 704-386-4113, Attn: Global Markets Trading Agreements,
                  if
                  sent to the Sponsor will be mailed or delivered to Impac Funding
                  Corporation, 19500 Jamboree Road, Irvine, California 92612, fax
                  #
                  949-475-3972, Attn: General Counsel, and if sent to the Depositor
                  will be
                  mailed or delivered to Impac Secured Assets Corp., 19500 Jamboree
                  Road,
                  Irvine, California 92612, fax # 949-475-3972, Attn: General
                  Counsel.

              

      

       

      
        	 	
                D.

              	
                Governing
                  Law. This Agreement shall be governed by and construed in accordance
                  with
                  the internal laws of the State of New York without regard to the
                  conflict
                  of laws principles thereof (other than Sections 5-1401 and 5-1402
                  of the
                  New York General Obligations Law).

              

      

       

      
        	 	
                E.

              	
                Additional
                  Documents. Each party hereto agrees to execute any and all further
                  documents and writings and to perform such other actions which
                  may be or
                  become necessary or expedient to effectuate and carry out this
                  Agreement.

              

      

       

      
        	 	
                F.

              	
                Amendment
                  and Waiver. This Agreement may not be modified or amended except
                  by an
                  instrument in writing signed by the parties hereto. No waiver of
                  any
                  provision of this Agreement or of any rights or obligations of
                  any party
                  under this Agreement shall be effective unless in writing and signed
                  by
                  the party or parties waiving compliance, and shall be effective
                  only in
                  the specific instance and for the specific purpose stated in that
                  writing.

              

      

       

      

      
        
          
            
            

          

          
            T-7

            
              

            

          

          
            
            

          

        

      

      

      
        	 	
                G.

              	
                Counterparts.
                  This Agreement may be executed in one or more counterparts, each
                  of which
                  shall be deemed an original, all of which together shall constitute
                  one
                  and the same instrument.

              

      

       

      
        	 	
                H.

              	
                Severability.
                  Any provision hereof which is prohibited or unenforceable shall
                  be
                  ineffective only to the extent of such prohibition or unenforceability
                  without invalidating the remaining provisions
                  hereof.

              

      

       

      
        	 	
                I.

              	
                Integration.
                  This Agreement contains the entire understanding of the parties
                  with
                  respect to the subject matter hereof. There are no restrictions,
                  agreements, promises, representations, warranties, covenants or
                  undertakings with respect to the subject matter hereof other than
                  those
                  expressly set forth or referred to herein. This Agreement supersedes
                  all
                  prior agreements and understandings between the parties with respect
                  to
                  its subject matter.

              

      

       

      [Signature
        Page Follows]

      
 

      
        
          
            
            

          

          
            T-8

            
              

            

          

          
            
            

          

        

      

      

      IN
        WITNESS WHEREOF, the parties hereto have caused their names to be signed
        hereto
        by their respective officers thereunto duly authorized as of the day and
        year
        first above written.

       

      IMPAC
        FUNDING CORPORATION

       

      By:                                

      Name:  

      Title:  

       

       

      IMPAC
        SECURED ASSETS CORP.

      
         

        By:                                

        Name:  

        Title:  

         

         

      

      BANK
        OF
        AMERICA, N.A.

      
         

        By:                                

        Name:  

        Title:  

      

      

 

      
        
          
            
            

          

          
            T-9

            
              

            

          

          
            
            

          

        

      

      

      Addendum
        A

       

      The
        Derivative Provider agrees to indemnify and hold harmless the Depositor and
        the
        Sponsor and each of their directors and officers and affiliates and each
        person,
        if any, who controls the Depositor within the meaning of Section 15 of the
        Securities Act or Section 20 of the Exchange Act (collectively, the “Impac
        Indemnified Parties”), against any and all actual losses, claims, expenses,
        damages or liabilities to which the Impac Indemnified Parties may become
        subject, under the Securities Act or otherwise, insofar as such losses, claims,
        expenses, damages or liabilities (or actions in respect thereof) arise out
        of or
        are based upon any untrue statement or alleged untrue statement of a material
        fact or omission of a material fact necessary in order to make the statements
        made, in light of the circumstances under which they were made, not misleading
        in any Company Financial Information to be provided by the Derivative Provider
        pursuant to Section 2 of this Agreement that is required to be filed in any
        Exchange Act report (the “Company Information”). The Derivative Provider will
        reimburse such reasonable legal or other expenses actually incurred by the
        Impac
        Indemnified Parties in connection with investigating or defending any such
        loss,
        claim, damage, liability or action. This indemnity agreement will be in addition
        to any liability which the Derivative Provider may otherwise have.

       

      Promptly
        after receipt by an indemnified party under this Agreement of notice of the
        commencement of any action described therein, such indemnified party will,
        if a
        claim in respect thereof is to be made against the indemnifying party under
        this
        Agreement, notify in writing the indemnifying party of the commencement thereof,
        but the omission so to notify the indemnifying party will not relieve the
        indemnifying party from any liability that it may have to any indemnified
        party
        (a) under this Agreement except to the extent that the omission to notify
        the
        indemnifying party with respect to this Agreement materially adversely affects
        the indemnifying party's ability to perform under this Agreement or (b)
        otherwise than under this Agreement. In case any such action is brought against
        any indemnified party, and it notifies the indemnifying party of the
        commencement thereof, the indemnifying party will be entitled to participate
        therein, and, to the extent that it may wish to do so, jointly with any other
        indemnifying party similarly notified, to assume the defense thereof, with
        counsel reasonably satisfactory to such indemnified party (who shall not,
        except
        with the consent of the indemnified party, be counsel to the indemnifying
        party), and, after notice from the indemnifying party to such indemnified
        party
        under this clause (b), such indemnifying party shall not be liable for any
        legal
        or other expenses subsequently incurred by such indemnified party in connection
        with the defense thereof other than reasonable costs of
        investigation.

       

      Any
        indemnified party shall have the right to employ separate counsel in any
        such
        action and to participate in the defense thereof, but the fees and expenses
        of
        such counsel shall be at the expense of such indemnified party unless: (i)
        the
        employment thereof has been specifically authorized by the indemnifying party
        in
        writing; (ii) such indemnified party shall have been advised by such counsel
        that there may be one or more legal defenses available to it which are different
        from or additional to those available to the indemnifying party and in the
        reasonable judgment of such counsel it is advisable for such indemnified
        party
        to employ separate counsel; (iii) a conflict or potential conflict exists
        (based
        on advice of counsel to the indemnified party) between the indemnified party
        and
        the indemnifying party (in which case the indemnifying party will not have
        the
        right to direct the defense of such action on behalf of the indemnified party)
        or (iv) the indemnifying party has failed to assume the defense of such action
        and employ counsel reasonably satisfactory to the indemnified party, in which
        case, if such indemnified party notifies the indemnifying party in writing
        that
        it elects to employ separate counsel at the expense of the indemnifying party,
        the indemnifying party shall not have the right to assume the defense of
        such
        action on behalf of such indemnified party, it being understood, however,
        the
        indemnifying party shall not, in connection with any one such action or separate
        but substantially similar or related actions in the same jurisdiction arising
        out of the same general allegations or circumstances, be liable for the
        reasonable fees and expenses of more than one separate firm of attorneys
        (in
        addition to local counsel) at any time for all such indemnified parties,
        which
        firm shall be designated in writing by the indemnified party.

       

      

      
        
          
            
            

          

          
            T-10

            
              

            

          

          
            
            

          

        

      

      

      Each
        indemnified party, as a condition of the indemnity agreement contained in
        clause
        (a) above, shall use its best efforts to cooperate with the indemnifying
        party
        in the defense of any such action or claim. No indemnifying party shall be
        liable for any settlement of any such action or claim effected without its
        written consent (which consent shall not be unreasonably withheld), but if
        settled with its written consent or if there be a final judgment for the
        plaintiff in any such action, the indemnifying party agrees to indemnify
        and
        hold harmless any indemnified party from and against any loss or liability
        (to
        the extent set forth in clause (a) above) by reason of such settlement or
        judgment.

       

      If
        the
        indemnification provided for in clause (a) above is unavailable or insufficient
        to hold harmless an indemnified party under clause (a) above, then each
        indemnifying party shall contribute to the amount paid or payable by such
        indemnified party as a result of the losses, claims, expenses, damages or
        liabilities referred to in clause (a) above (i) in such proportion as is
        appropriate to reflect the relative benefits received by the Depositor on
        the
        one hand and the Derivative Provider on the other from the offering of the
        underwritten securities or (ii) if the allocation provided by clause (e)(i)
        above is not permitted by applicable law, in such proportion as is appropriate
        to reflect not only the relative benefits referred to in clause (e)(i) above
        but
        also the relative fault of the Depositor on the one hand and the Bank on
        the
        other in connection with the statements or omissions which resulted in such
        losses, claims, expenses, damages or liabilities as well as any other relevant
        equitable considerations. The relative benefits received by the Depositor
        on the
        one hand and the Derivative Provider on the other shall be deemed to be in
        the
        same proportion as the total net proceeds from the offering (before deducting
        expenses) received by the Depositor bear to the total fees received by the
        Derivative Provider. The relative fault shall be determined by reference
        to,
        among other things, whether the untrue or alleged untrue statement of a material
        fact or the omission or alleged omission to state a material fact relates
        to
        information supplied by the Depositor or by the Derivative Provider and the
        parties’ relative intent, knowledge, access to information and opportunity to
        correct or prevent such untrue statement or omission. The amount paid by
        an
        indemnified party as a result of the losses, claims, expenses, damages or
        liabilities referred to above in the first sentence of this clause (e) shall
        be
        deemed to include any legal or other expenses reasonably incurred by such
        indemnified party in connection with investigating or defending any action
        or
        claim which is the subject of this clause (e). No person guilty of fraudulent
        misrepresentation (within the meaning of Section 11 (f) of the Securities
        Act)
        shall be entitled to contribution from any person who was not guilty of such
        fraudulent misrepresentation.

       

      
        
          
          

        

        
          T-11Exhibit 4.1

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE
HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR
REASONABLY ACCEPTABLE TO THE COMPANY TO SUCH EFFECT, THE SUBSTANCE OF WHICH
SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR
OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN "ACCREDITED INVESTOR" AS
DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT.

                         COMMON STOCK PURCHASE WARRANT

                To Purchase __________ Shares of Common Stock of

                                  BIONOVO, INC.

      THIS COMMON STOCK PURCHASE WARRANT (this "Warrant") CERTIFIES that, for
value received, _________________________ (the "Holder"), is entitled, upon the
terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after the date of issuance of this Warrant (the
"Initial Exercise Date") and on or prior to the five year anniversary of the
Initial Exercise Date (the "Termination Date") but not thereafter, to subscribe
for and purchase from Bionovo, Inc., a Delaware corporation (the "Company"), up
to _______________ shares (the "Warrant Shares") of Common Stock, par value
$0.0001 per share, of the Company (the "Common Stock"). The purchase price of
one share of Common Stock (the "Exercise Price") under this Warrant shall be
$2.25 subject to adjustment hereunder.

      In addition to the terms defined elsewhere in this Warrant the following
capitalized terms shall have the following meanings:

      "Business Day" means any day other than a Saturday, Sunday or legal
holiday in the State of California.

      "Person" means an individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof)
or any other entity of any kind.

<PAGE>

      "Registration Statement" means a registration statement filed by the
Company with the Securities and Exchange Commission ("SEC") for a public
offering and sale of securities of the Company (other than a registration
statement on Form S-8 or Form S-4, or their successors, or any other form for a
limited purpose, or any registration statement covering only securities proposed
to be issued in exchange for securities or assets of another corporation).

      "Subscription Agreement" means that certain Subscription Agreement entered
into between the original Holder of this Warrant and Bionovo, Inc., which
provided for, among other things, the original purchase of this Warrant from
Bionovo, Inc.

      "Trading Day" means (i) a day on which the Common Stock is traded or
quoted on a Trading Market, or (ii) if the Common Stock is not traded or quoted
on a Trading Market, a day on which the Common Stock is quoted in the
over-the-counter market as reported by the National Quotation Bureau
Incorporated (or any similar organization or agency succeeding to its functions
of reporting price); provided, that in the event that the Common Stock is not
traded or quoted as set forth in (i), and (ii) hereof, that Trading Day shall
mean a Business Day.

      "Trading Market" means the following markets or exchanges on which the
Common Stock is listed or quoted for trading on the date in question: the NASDAQ
Capital Market, the American Stock Exchange, the New York Stock Exchange, the
NASDAQ National Market or the OTC Bulletin Board.

      1. Title to Warrant. Prior to the Termination Date and subject to
compliance with applicable laws and Section 7 of this Warrant, this Warrant and
all rights hereunder are transferable, in whole or in part, to up to three (3)
Persons in any 12 month period, at the office or agency of the Company by the
Holder in person or by duly authorized attorney, upon surrender of this Warrant
together with the Assignment Form annexed hereto properly endorsed. The
transferee shall sign an investment letter in form and substance reasonably
satisfactory to the Company.

      2. Authorization of Shares. The Company covenants that all Warrant Shares
which may be issued upon the exercise of the purchase rights represented by this
Warrant will, upon exercise of such purchase rights in accordance with the terms
and conditions of this Warrant, including, without limitation, payment of the
Exercise Price, be duly authorized, validly issued, fully paid and nonassessable
and free from all taxes, liens and charges in respect of the issue thereof
(other than taxes in respect of any transfer occurring contemporaneously with
such issue).

      3. Exercise of Warrant.

            (a) Exercise of the purchase rights represented by this Warrant may
      be made at any time or times on or after the Initial Exercise Date and on
      or before the Termination Date by delivery to the Company of a duly
      executed facsimile copy of the Notice of Exercise Form annexed hereto, at
      the office of the Company (or such other office or agency of the Company
      as it may designate by notice in writing to the registered Holder at the
      address of such Holder appearing on the books of the Company); provided,
      however, the Holder shall also have surrendered this Warrant to the
      Company and the Company shall have received payment of the aggregate
      Exercise Price of the Warrant Shares thereby purchased by wire transfer or
      cashier's check drawn on a United States bank. Certificates for shares
      purchased hereunder shall be delivered to the Holder promptly following
      the latest to occur of delivery to the Company of the Notice of Exercise
      Form, surrender of this Warrant and payment of the aggregate Exercise
      Price as set forth above. This Warrant shall be deemed to have been
      exercised and the Warrant Shares (to which the exercise relates) shall be
      deemed to have been issued, and Holder or any other person so designated
      to be named therein shall be deemed to have become a holder of record of
      such shares for all purposes, as of the date of the latest to occur of (i)
      delivery to the Company of the Notice of Exercise Form, (ii) surrender of
      this Warrant and (iii) payment of the aggregate Exercise Price as set
      forth above and all taxes required to be paid by the Holder, if any,
      pursuant to Section 5 ("Exercise Date").

                                       2
<PAGE>

            (b) If this Warrant shall have been exercised in part, the Company
      shall, at the time of delivery of the certificate or certificates
      representing Warrant Shares, deliver to Holder a new Warrant evidencing
      the rights of Holder to purchase the unpurchased Warrant Shares called for
      by this Warrant, which new Warrant shall in all other respects be
      identical with this Warrant.

            (c) Subject to the provisions of this Section 3, if there is (i) an
      effective Registration Statement registering the resale of the Warrant
      Shares by the Holder, and (ii) the average of the closing market share
      price of the Common Stock during a period of ten (10) consecutive Trading
      Days (the "Measurement Period," which period shall not have commenced
      until after such Registration Statement shall have been declared effective
      by the SEC) equals or exceeds $2.75 (the "Threshold Price") (subject to
      adjustment for reverse and forward stock splits, stock dividends, stock
      combinations and other similar transactions of the Common Stock that occur
      after the date of the Subscription Agreement), then the Company may,
      within three (3) Trading Days of such period or event, call for
      cancellation of all or any portion of this Warrant for which a Notice of
      Exercise has not yet been delivered (such right, a "Call"). To exercise
      this right, the Company must deliver to the Holder an irrevocable written
      notice (a "Call Notice"), indicating therein the unexercised portion of
      this Warrant to which such notice applies. Deposit of such Call Notice
      with a recognized courier service, a recognized overnight delivery service
      or with the U.S. Postal Service in accordance with Section 17(d) within
      the above three (3) Trading Day period shall be considered a timely Call.
      If the conditions set forth above for such Call are satisfied, from the
      period from the date of the Call Notice through and including the Call
      Date (as defined below), then any portion of this Warrant subject to such
      Call Notice for which a Notice of Exercise and applicable aggregate
      Exercise Price shall not have been received from and after the date of the
      Call Notice will be cancelled at 6:30 p.m. (Pacific Standard Time) on the
      sixtieth (60th) calendar day after the date the Call Notice is sent to the
      Holder (such date, the "Call Date"). Any unexercised portion of this
      Warrant to which the Call Notice does not pertain will be unaffected by
      such Call Notice. In furtherance thereof, the Company covenants and agrees
      that it will honor all Notices of Exercise with respect to Warrant Shares
      subject to a Call Notice that are tendered, with the applicable aggregate
      Exercise Price, from the time of delivery of the Call Notice through 6:30
      p.m. (PST) on the Call Date. The parties agree that any Notice of Exercise
      delivered following a Call Notice shall first reduce to zero the number of
      Warrant Shares subject to such Call Notice prior to reducing the remaining
      Warrant Shares available for purchase under this Warrant. For example, if
      (x) this Warrant then permits the Holder to acquire 100 Warrant Shares,
      (y) a Call Notice pertains to 75 Warrant Shares, and (z) prior to 6:30
      p.m. (PST) on the Call Date the Holder tenders a Notice of Exercise in
      respect of 50 Warrant Shares, then (1) on the Call Date the right under
      this Warrant to acquire 25 Warrant Shares will be automatically cancelled,
      (2) the Company, in the time and manner required under this Warrant, will
      have issued and delivered to the Holder 50 Warrant Shares in respect of
      the exercise following receipt of the Call Notice, and (3) the Holder may,
      until the Termination Date, exercise this Warrant for 25 Warrant Shares
      (subject to adjustment as herein provided and subject to subsequent Call
      Notices). Subject again to the provisions of this Section 3(c), the
      Company may deliver subsequent Call Notices for any portion of this
      Warrant for which the Holder shall not have delivered a Notice of
      Exercise. The Company's right to Call the Warrant shall be exercised
      ratably among all holders of warrants issued pursuant to Subscription
      Agreements entered into as part of the same financing.

                                       3
<PAGE>

      4. No Fractional Shares or Scrip. No fractional shares or scrip
representing fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which the Holder would otherwise be
entitled to purchase upon such exercise, the Company shall pay a cash adjustment
in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price.

      5. Charges, Taxes and Expenses. Issuance of certificates for Warrant
Shares shall be made without charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such certificate, all
of which taxes and expenses shall be paid by the Company, and such certificates
shall be issued in the name of the Holder or in such name or names as may be
directed by the Holder; provided, however, that in the event certificates for
Warrant Shares are to be issued in a name other than the name of the Holder,
this Warrant when surrendered for exercise shall be accompanied by the
Assignment Form attached hereto duly executed by the Holder; and the Company may
require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto.

      6. Closing of Books. The Company will not close its stockholder books or
records in any manner which prevents the timely exercise of this Warrant,
pursuant to the terms hereof.

      7. Transfer, Division and Combination.

            (a) Subject to compliance with any applicable securities laws and
      the conditions set forth in Sections 1 and 7(e) hereof, and to the last
      sentence of Section 1.8 of the Subscription Agreement and the first
      sentence of Section 1.10 of the Subscription Agreement, this Warrant and
      all rights hereunder are transferable, in whole or in part, upon surrender
      of this Warrant at the principal office of the Company, together with a
      written assignment of this Warrant substantially in the form attached
      hereto duly executed by the Holder or its agent or attorney and funds
      sufficient to pay any transfer taxes payable upon the making of such
      transfer. Upon such surrender and, if required, such payment, the Company
      shall execute and deliver a new Warrant or Warrants in the name of the
      assignee or assignees and in the denomination or denominations specified
      in such instrument of assignment, and shall issue to the assignor a new
      Warrant evidencing the portion of this Warrant not so assigned, and this
      Warrant shall promptly be cancelled.

                                       4
<PAGE>

            (b) This Warrant may be divided or combined with other Warrants (if
      such other Warrants are upon the same terms, other than number of Warrant
      Shares, as this Warrant) upon presentation hereof at the aforesaid office
      of the Company, together with a written notice specifying the names and
      denominations in which new Warrants are to be issued, signed by the Holder
      or its agent or attorney. Subject to compliance with Section 7(a), as to
      any transfer which may be involved in such division or combination, the
      Company shall execute and deliver a new Warrant or Warrants in exchange
      for the Warrant or Warrants to be divided or combined in accordance with
      such notice.

            (c) The Company shall prepare, issue and deliver at its own expense
      (other than transfer taxes) the new Warrant or Warrants under this Section
      7.

            (d) The Company agrees to maintain, at its aforesaid office, books
      for the registration and the registration of transfer of the Warrants.

            (e) If, at the time of the surrender of this Warrant in connection
      with any transfer of this Warrant, the transfer of this Warrant shall not
      be registered pursuant to an effective registration statement under the
      Securities Act and under applicable state securities or blue sky laws, the
      Company may require, as a condition of allowing such transfer (i) that the
      Holder or transferee of this Warrant, as the case may be, furnish to the
      Company a written opinion of counsel reasonably acceptable to the Company
      (which opinion shall be in form, substance and scope customary for
      opinions of counsel in comparable transactions) to the effect that such
      transfer may be made without registration under the Securities Act and
      under applicable state securities or blue sky laws, (ii) that the holder
      or transferee execute and deliver to the Company an investment letter in
      form and substance acceptable to the Company and (iii) that the transferee
      be an "accredited investor" as defined in Rule 501 promulgated under the
      Securities Act or a qualified institutional buyer as defined in Rule
      144A(a) under the Securities Act.

      8. No Rights as Shareholder until Exercise. This Warrant does not entitle
the Holder to any voting rights or other rights as a shareholder of the Company
prior to the exercise hereof. Upon the exercise of this Warrant, the Warrant
Shares so purchased shall be, and be deemed to be, issued to such Holder as the
record owner of such shares as of the close of business on the Exercise Date
with respect to such exercise.

      9. Loss, Theft, Destruction or Mutilation of Warrant. The Company
covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant, and in case
of loss, theft or destruction, of indemnity or security reasonably satisfactory
to it, and upon surrender and cancellation of such Warrant, if mutilated, the
Company will make and deliver a new Warrant of like tenor and dated as of such
cancellation, in lieu of such Warrant.

                                       5
<PAGE>

      10. Saturdays, Sundays, Holidays, etc. If the last or appointed day for
the taking of any action or the expiration of any right required or granted
herein shall be a Saturday, Sunday or a legal holiday, then such action may be
taken or such right may be exercised on the next succeeding day not a Saturday,
Sunday or legal holiday.

      11. Adjustments of Exercise Price and Number of Warrant Shares; Stock
Splits, etc. The number and kind of securities purchasable upon the exercise of
this Warrant and the Exercise Price shall be subject to adjustment from time to
time upon the happening of any of the following. In case the Company shall (i)
pay a dividend in shares of Common Stock or make a distribution in shares of
Common Stock to holders of its outstanding Common Stock, (ii) subdivide its
outstanding shares of Common Stock into a greater number of shares, (iii)
combine its outstanding shares of Common Stock into a smaller number of shares
of Common Stock, or (iv) issue any shares of its capital stock in a
reclassification of the Common Stock, then the number of Warrant Shares
purchasable upon exercise of this Warrant immediately prior thereto shall be
adjusted so that the Holder shall be entitled to receive the kind and number of
Warrant Shares or other securities of the Company which it would have owned or
have been entitled to receive had such Warrant been exercised in advance
thereof. Upon each such adjustment of the kind and number of Warrant Shares or
other securities of the Company which are purchasable hereunder, the Holder
shall thereafter be entitled to purchase the number of Warrant Shares or other
securities resulting from such adjustment at an Exercise Price per Warrant Share
or other security obtained by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of Warrant Shares purchasable
pursuant hereto immediately prior to such adjustment and dividing by the number
of Warrant Shares or other securities of the Company that are purchasable
pursuant hereto immediately after such adjustment. An adjustment made pursuant
to this paragraph shall become effective immediately after the effective date of
such event retroactive to the record date, if any, for such event. For example,
if the Company declared a 1-for-4 reverse stock split and 400 Warrant Shares
were purchasable hereunder, then immediately after such 1-for-4 reverse stock
split the Warrant Shares purchasable hereunder would become 100 and the Exercise
Price would become $9.00 per share. Such Exercise Price is obtained by
multiplying the current $2.25 Exercise Price by 400 Warrant Shares purchasable
under this example and dividing the product by 100 Warrant Shares purchasable
after the 1-for-4 reverse stock split.

      12. Reorganization, Reclassification, Merger, Consolidation or Disposition
of Assets. In case the Company shall reorganize its capital, reclassify its
capital stock, consolidate or merge with or into another corporation (where the
Company is not the surviving corporation or where there is a change in or
distribution with respect to the Common Stock of the Company), or sell, transfer
or otherwise dispose all or substantially all of its property, assets or
business to another corporation and, pursuant to the terms of such
reorganization, reclassification, merger, consolidation or disposition of
assets, shares of common stock of the successor or acquiring corporation, or any
cash, shares of stock or other securities or property of any nature whatsoever
(including warrants or other subscription or purchase rights) in addition to or
in lieu of common stock of the successor or acquiring corporation ("Other
Property"), are to be received by or distributed to the holders of Common Stock
of the Company, then the Holder shall have the right thereafter to receive, upon
exercise of this Warrant, the number of shares of common stock of the successor
or acquiring corporation or of the Company, if it is the surviving corporation,
and Other Property receivable upon or as a result of such reorganization,
reclassification, merger, consolidation or disposition of assets by a Holder of
the number of shares of Common Stock for which this Warrant is exercisable
immediately prior to such event. In case of any such reorganization,
reclassification, merger, consolidation or disposition of assets ("Extraordinary
Transaction"), the successor or acquiring corporation (if other than the
Company) shall expressly assume the due and punctual observance and performance
of each and every covenant and condition of this Warrant to be performed and
observed by the Company and all the obligations and liabilities hereunder,
subject to such modifications as may be deemed appropriate (as determined in
good faith by resolution of the Board of Directors of the Company) in order to
provide for adjustments of Warrant Shares for which this Warrant is exercisable
which shall be as nearly equivalent as practicable to the adjustments provided
for in this Section 12. As soon as commercially practicable following the
Extraordinary Transaction, the successor or acquiring corporation (if other than
the Company), shall deliver to Holder a new warrant in repacement of this
Warrant consistent with the provisions referenced in the immediately preceding
sentence against receipt by such successor or acquiring corporation of the
original of this Warrant. For purposes of this Section 12, "common stock of the
successor or acquiring corporation" shall include stock of such corporation of
any class which is not preferred as to dividends or assets over any other class
of stock of such corporation and which is not subject to redemption and shall
also include any evidences of indebtedness, shares of stock or other securities
which are convertible into or exchangeable for any such stock, either
immediately or upon the arrival of a specified date or the happening of a
specified event and any warrants or other rights to subscribe for or purchase
any such stock. The foregoing provisions of this Section 12 shall similarly
apply to successive reorganizations, reclassifications, mergers, consolidations
or disposition of assets.

                                       6
<PAGE>

      13. 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.

      14. Notice of Adjustment. Whenever the number of Warrant Shares or number
or kind of securities or other property purchasable upon the exercise of this
Warrant or the Exercise Price is adjusted, as herein provided, the Company shall
give notice thereof to the Holder, which notice shall state the number of
Warrant Shares (and other securities or property) purchasable upon the exercise
of this Warrant and the Exercise Price of such Warrant Shares (and other
securities or property) after such adjustment, setting forth a brief statement
of the facts requiring such adjustment and setting forth the computation by
which such adjustment was made.

      15. Notice of Corporate Action. If at any time:

            (a) the Company shall take a record of the holders of its Common
      Stock for the purpose of entitling them to receive a dividend or other
      distribution, or any right to subscribe for or purchase any evidences of
      its indebtedness, any shares of stock of any class or any other securities
      or property, or to receive any other right, or

                                       7
<PAGE>

            (b) there shall be any capital reorganization of the Company, any
      reclassification or recapitalization of the capital stock of the Company
      or any consolidation or merger of the Company with (other than a
      consolidation or merger in which the Company is the surviving
      corporation), or any sale, transfer or other disposition of all or
      substantially all the property, assets or business of the Company to,
      another corporation, or

            (c) there shall be a voluntary or involuntary dissolution,
      liquidation or winding up of the Company;

then, in any one or more of such cases, the Company shall give to Holder (i) at
least fifteen (15) days' prior written notice of the date on which a record date
shall be selected for such dividend, distribution or right or for determining
rights to vote in respect of any such reorganization, reclassification, merger,
consolidation, sale, transfer, disposition, liquidation or winding up, and (ii)
in the case of any such reorganization, reclassification, merger, consolidation,
sale, transfer, disposition, dissolution, liquidation or winding up, at least
fifteen (15) days' prior written notice of the date when the same shall take
place. Such notice in accordance with the foregoing clause also shall specify
(i) the date on which any such record is to be taken for the purpose of such
dividend, distribution or right, the date on which the holders of Common Stock
shall be entitled to any such dividend, distribution or right, and the amount
and character thereof, and (ii) the date on which any such reorganization,
reclassification, merger, consolidation, sale, transfer, disposition,
dissolution, liquidation or winding up is to take place and the time, if any
such time is to be fixed, as of which the holders of Common Stock shall be
entitled to exchange their Warrant Shares for securities or other property
deliverable upon such disposition, dissolution, liquidation or winding up. Each
such written notice shall be sufficiently given if addressed to Holder at the
last address of Holder appearing on the books of the Company and delivered in
accordance with Section 17(d).

      16. Authorized Shares. The Company covenants that during the period the
Warrant is outstanding, it will reserve from its authorized and unissued Common
Stock a sufficient number of shares to provide for the issuance of the Warrant
Shares upon the exercise of any purchase rights under this Warrant (the
"Required Minimum"). If, on any date, the number of authorized but unissued (and
otherwise unreserved) shares of Common Stock is less than the Required Minimum
on such date, then the Board of Directors of the Company shall use commercially
reasonable efforts to amend the Company's certificate or articles of
incorporation to increase the number of authorized but unissued shares of Common
Stock to at least the number of shares of Common Stock that would result from
the full exercise of the Warrant Shares at such time, as soon as possible and in
any event not later than the 75th day after such date. The Company further
covenants that its issuance of this Warrant shall constitute full authority to
its officers who are charged with the duty of executing stock certificates to
execute and issue the necessary certificates for the Warrant Shares upon the
exercise of the purchase rights under this Warrant. The Company will take all
such reasonable action as may be necessary to assure that such Warrant Shares
may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of the Trading Market upon which the Common
Stock may be listed.

                                       8
<PAGE>

      Except and to the extent as waived or consented to by the Holder, the
Company shall not by any action, including, without limitation, amending its
certificate of incorporation or through any reorganization, transfer of assets,
consolidation, merger, dissolution, issue or sale of securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of this Warrant. Without limiting the generality of the foregoing, the
Company will (a) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in
par value, (b) take all such action as may be necessary or appropriate in order
that the Company may validly and legally issue fully paid and nonassessable
Warrant Shares upon the exercise of this Warrant, and (c) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof as may be necessary
to enable the Company to perform its obligations under this Warrant.

      Before taking any action which would result in an adjustment in the number
of Warrant Shares for which this Warrant is exercisable or in the Exercise
Price, the Company shall obtain all such authorizations or exemptions thereof,
or consents thereto, as may be necessary from any public regulatory body or
bodies having jurisdiction thereof.

      17. Miscellaneous.

            (a) Governing Law. This Warrant shall be governed by and construed
      in accordance with the internal laws of the State of California without
      regard to the conflicts of laws principles thereof. The parties hereto
      hereby irrevocably agree that any suit or proceeding arising directly
      and/or indirectly pursuant to or under this Warrant, shall be brought
      solely in a federal or state courts located in the State of California. By
      its execution hereof, the parties hereby covenant and irrevocably submit
      to the in personam jurisdiction of the federal and state courts located in
      the State of California and agree that any process in any such action may
      be served upon any of them personally, or by certified mail or registered
      mail upon them or their agent, return receipt requested, with the same
      full force and effect as if personally served upon them in the State of
      California. The parties hereto waive any claim that any such jurisdiction
      is not a convenient forum for any such suit or proceeding and any defense
      or lack of in personam jurisdiction with respect thereto.

            (b) Restrictions. The Holder acknowledges that the Warrant Shares
      acquired upon the exercise of this Warrant, if not registered, will have
      restrictions upon resale imposed by state and federal securities laws.

            (c) Nonwaiver and Attorneys' Fees. No course of dealing or any delay
      or failure to exercise any right hereunder on the part of Holder shall
      operate as a waiver of such right or otherwise prejudice Holder's rights,
      powers or remedies, notwithstanding the fact that all rights hereunder
      terminate on the Termination Date. If any action, suit, arbitration or
      other proceeding for the enforcement of this Warrant is brought with
      respect to or because of an alleged dispute, breach, default or
      misrepresentation in connection with any of the provisions hereof, the
      successful or prevailing party shall be entitled to recover reasonable
      attorneys' fees and other costs incurred in that proceeding, in addition
      to any other relief to which it or he may be entitled.

                                       9
<PAGE>

            (d) Notices. All notices that are required or may be given pursuant
      to this Warrant must be in writing and delivered personally, by a
      recognized courier service, by a recognized overnight delivery service, or
      by registered or certified mail, postage prepaid, to the parties at the
      following addresses (or to the attention of such other Person or such
      other address as any party may provide to the other parties by notice in
      accordance with this section):

            If to the Holder:

            Attention:
                       ---------------------------------
            Telephone:
                       ---------------------------------

            With a copy to:

            Attention:
                       ---------------------------------
            Telephone:
                       ---------------------------------

            If to the Company:

            5858 Horton Street, Suite 375
            Emeryville, CA 94608
            Attention: Isaac Cohen
            Telephone: (510) 601-2000

            With a copy to:

            Greenberg Traurig, LLP
            Met Life Building
            200 Park Avenue
            New York, NY 10166
            Attention: Robert H. Cohen, Esq.
            Telephone: (212) 801-9200

                                       10
<PAGE>

      Any such notice or other communication will be deemed to have been given
      and received (whether actually received or not) on the day it is
      personally delivered or delivered by courier or overnight delivery service
      or, if mailed, when actually received.

            (e) Remedies. Holder, in addition to being entitled to exercise all
      rights granted by law, including recovery of damages, will be entitled to
      specific performance of its rights under this Warrant. The Company agrees
      that monetary damages would not be adequate compensation for any loss
      incurred by reason of a breach by it of the provisions of this Warrant and
      hereby agrees to waive the defense in any action for specific performance
      that a remedy at law would be adequate.

            (f) Successors and Assigns. Subject to applicable securities laws,
      this Warrant and the rights and obligations evidenced hereby shall inure
      to the benefit of and be binding upon the successors of the Company and
      the successors and permitted assigns of Holder. The provisions of this
      Warrant are intended to be for the benefit of all Holders from time to
      time of this Warrant and shall be enforceable by any such Holder.

            (g) Amendment. This Warrant may be modified or amended only with the
      written consent of the Company and the Holder. Waiver of any provision of
      this Warrant shall be in writing.

            (h) Severability. Wherever possible, each provision of this Warrant
      shall be interpreted in such manner as to be effective and valid under
      applicable law, but if any provision of this Warrant shall be prohibited
      by or invalid under applicable law, such provision shall be ineffective to
      the extent of such prohibition or invalidity, without invalidating the
      remainder of such provisions or the remaining provisions of this Warrant.

            (i) Headings. The headings used in this Warrant are for the
      convenience of reference only and shall not, for any purpose, be deemed a
      part of this Warrant.

                              ********************

                                       11
<PAGE>

      IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by
its officer thereunto duly authorized.

Dated:  ___________ ___, 2007

                                        BIONOVO, INC.

                                        By:
                                           -------------------------------------
                                        Name:
                                        Title:

                                       12
<PAGE>

                               NOTICE OF EXERCISE

To:______Bionovo, Inc.

      (1) The undersigned hereby elects to purchase ________ Warrant Shares of
the Company pursuant to the terms of the attached Warrant (only if exercised in
full), and tenders herewith payment of the exercise price in full, together with
all applicable transfer taxes, if any.

      (2) Payment shall take the form of lawful money of the United States.

      (3) Please issue a certificate or certificates representing said Warrant
Shares in the name of the undersigned or in such other name as is specified
below:

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

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

The Warrant Shares shall be delivered to the following:

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

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

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

      (4) Accredited Investor. The undersigned is an "accredited investor" as
defined in Regulation D under the Securities Act of 1933, as amended.

                                        [PURCHASER]

                                        By:
                                           -------------------------------------
                                        Name:
                                        Title:

                                        Dated:
                                              ----------------------------------

<PAGE>

                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)

      FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby
are hereby assigned to

                                                whose address is
-----------------------------------------------

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

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

                                        Dated:  ______________, _______

                           Holder's Signature:
                                              ----------------------------------

                           Holder's Address:
                                            ------------------------------------

Signature Guaranteed:
                     -----------------------------------

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of the Warrant, without alteration or enlargement or any
change whatsoever, and must be guaranteed by a bank or trust company. Officers
of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

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