Document:

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                                                                   EXHIBIT 10.12
                                                                   -------------

                               MAIN STREET PLAZA
                                 OFFICE LEASE

     THIS OFFICE LEASE ("Lease") is made between Rexco Main Street, LLC, a
California Limited Liability Company ("Landlord"), and Business Bank of
California, a California corporation, ("Tenant"), as of December 20, 2000 (the
"date of this Lease").

                            BASIC LEASE INFORMATION

PROJECT:     The Project consists of a single office building with surface
             parking commonly known as Main Street Plaza, located at  391 Main
             Street, Corona, California.

BUILDING:    The Building consists of a single three-story office building
             commonly known as Main Street Plaza, located at
             391 Main Street, Corona, California.

DESCRIPTION OF THE PREMISES:  Suite 100 (the Premises is as outlined in red or
                              as shown on cross-hatching on Exhibit C).

RENTABLE AREA OF PREMISES:    Suite 100:    Approximately 7,146 square feet.

PERMITTED USE:                Use for administrative, general office, bank
                              branch, and for no other purpose.

SCHEDULED TERM COMMENCEMENT DATE:  June 1, 2001.

SCHEDULED INITIAL TERM: 120 months SCHEDULED EXPIRATION DATE: May 30, 2011.

BASE RENT:
(a)  Initial Monthly Installment of Base Rent: $11,433.60; which is $1.60/sq.
     ft. Modified Gross.
(b)  Subject to increase pursuant to Paragraph 3.1(b) as follows:
     On June 1, 2003 and June 1, 2005 Base Rent to increase five percent (5%),
     over the prior monthly Base Rent.
     On June 1, 2007 and June 1, 2009 Base Rent to increase six percent (6%),
     over the prior monthly Base Rent.

SECURITY DEPOSIT:  None

BASE YEAR FOR OPERATING EXPENSES:  Calendar Year 2002, or other twelve month
                                   period to be designated by Landlord.

TENANT'S PROPORTIONATE SHARE OF BUILDING 10.5% OF PROJECT:  10.5%

PARKING ALLOCATION:   23 unassigned open, uncovered parking spaces; and
                      2 assigned parking spaces.

OCCUPANCY DENSITY:    Four (4) persons per 1,000 rentable square feet of the
                      Premises, excluding Tenant customers (See paragraph 22.6).

ELECTRICAL SERVICE TO THE PREMISES (Modified Gross) (Check only one):

      Paid by Landlord.
---
 X    Separate meter for lighting and wall outlets serving Premises paid by
---   Tenant
      Separate meter for all electric service to Premises (including
---   lighting, wall outlets, heating, and air conditioning) paid by Tenant.

JANITORIAL (Modified Gross):  For Premises at Tenant's cost.
---------------------------

Tenant initials___Landlord initials___

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       For Project Common Area (excluding Premises) at Landlord's cost.

TENANT CONTACT:    Name:
                         ----------------------------------------
                   Telephone Number:
                                     ----------------------------
                   Fax Number:
                               ----------------------------------

ADDRESSES FOR NOTICES:
  To Tenant:                        To Landlord:
  391 Main Street, Suite 100        391 Main Street, Management Office
  Corona, California                Corona, California
  Attn:  Alan J. Lane               Attn: Project Director
  Prior to Commencement Date:       ---AND---
  --------------------------        1467 Wanda Road, Suite 165
  140 S. Arrowhead Ave.             Orange, California 92867
  San Bernardino, CA 91720          Fax No.: (714) 288-9187

TENANT'S BILLING ADDRESS:  Same

LANDLORD'S REMITTANCE ADDRESS:  Rexco Main Street, LLC
                                    1467 Wanda Road, Suite 165
                                    Orange, California 92867
                                    Fax No.: (714) 288-9187

GUARANTOR:  None

BROKER:   Landlord:  None
------
          Tenant:    None

ADDITIONAL TERMS:
----------------

     (a)  Options - two (2) successive five (5) year options (See Paragraph
          22.1)

     (b)  Prepaid Rent - Tenant shall pay the first months Base Rent
          ($11,433.60) upon signing of this Lease.

     (c)  Exclusive commercial bank branch in Project (See paragraph 22.3).

     (d)  Tenant Improvement Credit (See paragraph 22.4).

     IN WITNESS WHEREOF, the parties hereto have executed this Lease, consisting
of the foregoing Basic Lease Information, the following Standard Lease
Provisions consisting of Paragraphs 1 through 22 (the "Standard Lease
Provisions") and Exhibits A, B, C, D, AND E all of which are incorporated herein
by this reference (collectively, this "Lease"). In the event of any conflict
between the provisions of the Basic Lease Information and the provisions of the
Standard Lease Provisions, the Standard Lease Provisions shall control.

"Landlord"                               "Tenant"

Rexco Main Street, LLC,                  Business Bank of California,
a Limited Liability Company              a California corporation

By:                                      By:
   -------------------------                -------------------------

Tenant initials___Landlord initials___

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Larry R. Haupert, General Manager                Alan J. Lane
                                           Its:  President and Chief Executive
                                                 Officer

Date:                                Date:
     -------------------------            -------------------------

                                           By:
                                              ------------------------
                                                  Ruth Adell
                                           Its:   Executive Vice President

                                           Date:
                                                ----------------------

                         [END BASIC LEASE INFORMATION]

                           STANDARD LEASE PROVISIONS

1.   Premises.
     --------

     (a) Landlord hereby leases to Tenant and Tenant hereby leases from
Landlord, subject to all of the terms and conditions set forth herein, those
certain premises (the "Premises") described in the Basic Lease Information and
as outlined in red or as shown in the cross-hatched markings on the floor plan
attached hereto as Exhibit C. The parties agree that for all purposes hereunder
the premises shall be stipulated to contain the number of square feet of
rentable area described in the Basic Lease Information. The Premises are located
in that certain office building (the "Building") whose street address is as
shown in the Basic Lease Information. The Building is located on that certain
land which is also improved with landscaping, parking facilities and other
improvements and appurtenances. Such land, together with all such improvements
and appurtenances and the Building, are all or part of a project which may
consist of more than one building and additional facilities, as described in the
Basic Lease Information (collectively referred to herein as the "Project").
However, Landlord reserves the right to make such reasonable changes, additions
and/or deletions to such land, the Building and the Project and/or the common
areas and parking or other facilities thereof as it shall determine from time to
time.

     (b) The calculation of the Rentable Area of the Premises has been made by
Landlord in accordance with Landlord's standard practices for measuring Rentable
Area. Prior to the Term Commencement Date, Tenant will have an opportunity to
inspect the Premises and the Rentable Area. Landlord and Tenant acknowledge and
agree that the Rentable Area set forth in the Basic Lease Information is
approximate only. In this regard, in the event it is ever determined that the
actual Rentable Area in the Premises is more or less than the amount set forth
in the Basic Lease Information, then: the Rentable Area contained in the Basic
Lease Information shall not be adjusted, no other provision contained in this
Lease which is applicable or subject to the Rentable Area of the Premises in the
Basic Lease Information shall be modified or amended, Landlord shall not be
entitled to recover from Tenant any "deficiency" (which deficiency shall be
based solely on the difference, if any, between the actual rentable area and the
approximate rentable area in the Basic Lease Information, if any) in the amount
of rent previously paid by Tenant pursuant to the Lease, nor shall Landlord be
entitled to increase the rent for any "overage" (which overage shall be based
solely on the difference, if any, between the actual rentable area and the
rentable area set forth in the Basic Lease Information), and Tenant shall not be
entitled to recover from Landlord any refund of the "overage" in the amount of
rent previously paid by Tenant pursuant to the Lease, nor shall Tenant be
entitled to reduction in the amount of rent payable by Tenant in the future
pursuant to this Lease.

2.   Term.
     ----

     (a)   Unless earlier terminated in accordance with the provisions hereof,
the term of this Lease (the "Term") shall be as set forth in the Basic Lease
Information; provided, however, in the event the Term Commencement Date (defined
below) occurs on a date other than the first day of a calendar month, there
shall be added to the Term the partial month ("Partial Lease Month") from the
Term Commencement Date to (but not including) the first day of the calendar
month following the Term Commencement Date.

     (b)   Subject to the provisions of this Paragraph 2, the Term shall
commence on the date (the "Term Commencement Date")

Tenant initials___Landlord initials___

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which is the earlier of the date Landlord delivers the Premises to Tenant or the
date Tenant takes possession or commences use of any portion of the Premises for
any business purpose (including moving in). If this Lease contemplates the
construction of tenant improvements in the Premises by Landlord, Landlord shall
be deemed to have delivered the Premises to Tenant on the date determined by
Landlord's space planner to be the date of substantial completion of the work to
be performed by Landlord (as described in the Improvement Agreement, if any,
attached hereto as Exhibit B) (the "Improvement Agreement"). Notwithstanding the
                   ---------
foregoing, in the event that Landlord is delayed in delivering the Premises by
reason of any act or omission of Tenant, the Term Commencement Date shall be
(unless Tenant takes possession or commences us of the Premises prior thereto)
the date the Premises would have been delivered by Landlord had such Tenant
caused delay(s) not occurred. This Lease shall be a binding contractual
obligation effective upon execution hereof by Landlord and Tenant,
notwithstanding the later commencement of the Term. Tenant acknowledges that
Tenant has inspected and accepts the Premises in their present condition, "as
is", except for tenant improvements (if any) to be constructed by Landlord in
the Premises pursuant to the Improvement Agreement, if any.

     (c)   In the event the Term Commencement Date is delayed or otherwise does
not occur on the Scheduled Term Commencement Date specified in the Basic Lease
Information, this Lease shall not be void or voidable, the Term shall not be
extended (except as provided in Paragraph 2(a)), and Landlord shall not be
liable to Tenant for any loss or damage resulting therefrom; provided that
Tenant shall not be liable for any Rent (defined below) for any period prior to
the Term Commencement date except as may otherwise be provided in this Lease.
Landlord may deliver to Tenant Landlord's standard form "Start-Up Letter" for
Tenant's acknowledgement and confirmation of the Term Commencement Date. Tenant
shall execute and deliver such Start-Up Letter to Landlord within five (5) days
after receipt thereof, but Tenant's failure or refusal to do so shall not negate
Tenant's acceptance of the Premises or affect determination of the Term
Commencement Date.

3.   Rent and Operating Expenses.
     ---------------------------

     3.1   Base Rent.
           ---------

     (a)   Subject to the provisions of this Paragraph 3.1, Tenant agrees to pay
during the Term as Base Rent for the Premises the sums specified in the Basic
Lease Information (as increased from time to time as provided in the Basic Lease
Information or as may otherwise be provided in this Lease)("Base Rent").

     (b)   Base Rent shall increase as set forth in the Basic Lease Information
or as may otherwise be provide in this Lease.

     (c)   Except as expressly provided to the contrary herein, Base Rent shall
be payable in equal consecutive monthly installments, in advance, without
deduction or offset, commencing on the Term Commencement Date and continuing on
the first day of each calendar month thereafter. However, the first full monthly
installment of Base Rent shall be payable upon Tenant's execution of this Lease.
If the Term Commencement Date is a day other than the first day of a calendar
month, then the Rent for the Partial Lease Month (the "Partial Lease Month
Rent") shall be prorated based on a month of 30 days. The Partial Lease Month
Rent shall be payable by Tenant on the first day of the calendar month next
succeeding the Term Commencement Date. Base Rent, all forms of additional rent
payable hereunder by Tenant and all other amounts, fees, payments or charges
payable hereunder by Tenant (collectively, "Additional Rent") shall (i) each
constitute rent payable hereunder (and shall sometimes collectively be referred
to herein as "Rent"), (ii) be payable to Landlord in lawful money of the United
States when due without any prior demand therefore, except as may be expressly
provided to the contrary herein, and (iii) be payable to Landlord at Landlord's
Remittance Address set forth in the Basic Lease Information or to such other
person or to such other place as Landlord may from time to time designate in
writing to Tenant. Any Rent or other amounts payable to Landlord by Tenant
hereunder for any fractional month shall be prorated based on a month of 30
days.

3.2  Operating Expenses.
     ------------------

     (a)   Subject to the provisions of this Lease, Tenant shall pay to Landlord
pursuant to this Paragraph 3.2 as Additional Rent an amount equal to Tenant's
Proportionate Share (defined below) of the excess, if any, of Operating Expenses
(defined below) allocable to each Expense Year (defined below) over Operating
Expenses allocable to the Base year (the "Base Year") specified in the Basic
Lease Information ("Base Year Operating Expenses"). "Tenant's Proportionate
Share" is, subject to the provisions of this Paragraph 3.2, the percentage
number (representing the Premises' share of the Building and the Project) set
forth in the Basic Lease Information. An "Expense Year" is any calendar year
after the Base Year any portion of which falls within the Term.

     (b)   "Operating Expenses" means all reasonable costs, expenses and
obligations incurred or payable by Landlord because of or in connection with the
operation, ownership, repair replacement, restoration, management or maintenance
of the Project during or allocable to the Base Year or an Expense Year (as
applicable) during the Term (other than costs, expenses or obligations
specifically attributable to Tenant or

Tenant initials___Landlord initials___

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other tenants of the Building or Project), all as determined by sound accounting
principles reasonably selected by Landlord and consistently applied, including
without limitation the following:

          (i)  All property taxes, assessments, charges or impositions and other
similar governmental ad valorem or other charges levied on or attributable to
the Project (including personal and real property contained therein) or its
ownership or operation and all taxes, charges, assessments or similar
impositions imposed in lieu or substitution (partially or totally) of the same
(collectively, "Taxes"). "Taxes" shall also include (A) all taxes, assessments,
levies, charges or impositions on any interest of Landlord in the project, the
Premises or in this Lease, or on the occupancy or use of space in the Project or
the Premises; or on the gross or net rentals or income from the Project,
including, without limitation, excise tax, sales tax or gross receipts tax
levied by any federal, state or local governmental entity with respect to the
receipt of Rent; or (B) any possessory taxes charged or levied in lieu of real
estate taxes; and

          (ii) The cost of all utilities, supplies, equipment, tools, materials,
service contracts, janitorial services, waste and refuse disposal, landscaping,
and insurance (with the nature and extent of such insurance to be carried by
Landlord to be determined by Landlord in its sole and absolute discretion);
insurance deductibles; compensation and benefits of all persons who perform
services connected with the operation, management maintenance or repair of the
Project; and maintenance and repair of equipment and other personal property;
costs and fees for administration and management of the Project, whether by
Landlord or by an independent contractor, and other management office
operational expenses; rental expenses for or a reasonable allowance for
depreciation of, personal property used in the operation, management,
maintenance or repair of the Project, license, permit and inspection fees; and
all inspections, activities, alterations, improvements or other matters required
by any governmental or quasi-governmental authority or by Regulations (defined
below), for any reason, including, without limitation, capital improvements,
whether capitalized or not; all capital additions, repairs, replacements and
improvements made to the Project or any portion thereof by Landlord (A) of a
personal property nature and related to the operation, repair, maintenance or
replacement of systems, facilities, equipment or components of (or which
service) the Project or portions thereof, (B) required or provided in connection
with any existing or future applicable municipal, state, federal or other
governmental statutes, rules, requirements, regulations, laws, standards, orders
or ordinances including, without limitation, zoning ordinances and regulations,
and covenants, easements and restrictions of record (collectively,
"Regulations"), (C) which are designed to improve the operating efficiency of
the Project, or (D) determined by Landlord to be required to keep pace or be
consistent with safety or health advances or improvements (with such capital
costs to be amortized over such periods as Landlord shall determine with a
return on capital at such rate as would have been paid by Landlord on funds
borrowed for the purpose of constructing such capital items); common area
repair, resurfacing, replacement, operation and maintenance; security systems or
services, if any, deemed appropriate by Landlord (but without obligation to
provide the same); and any other cost or expense incurred or payable by Landlord
in connection with the operation, ownership repair, replacement, restoration,
management or maintenance of the Project. Notwithstanding the foregoing, Tenant
shall have no obligation to pay any cost or expense related to clean-up of
Hazardous Waste, unless the presence of such Hazardous Waste was caused by the
act or omission of Tenant or Tenant's agents, representatives, customers, or
invitees.

     (c)  Variable items of Operating Expenses (e.g., expenses that are affected
                                                ----
by variations in occupancy levels) for the Base Year and each Expense Year
during which actual occupancy of the Project is less than ninety-five percent
(95%) of the rentable area of the Project shall be appropriately adjusted, in
accordance with sound accounting principles, to reflect ninety-five percent
(95%) occupancy of the existing rentable area of the Project during such period.

     (d)  Prior to or shortly following the commencement of (and from time to
time during) each Expense Year of the Term following the Term Commencement Date,
Landlord shall have the right to give to Tenant a written estimate of Tenant's
Proportionate Share of the projected excess, if any, of the Operating Expenses
for the Project for such year over the Base Year Operating Expenses. Commencing
with the first day of the calendar month following the month in which such
estimate was delivered to Tenant, Tenant shall pay such estimated amount (less
amounts, if any, previously paid toward such excess for such year) to Landlord
in equal monthly installments over the remainder of such calendar year, in
advance on the first day of each month during such year (or remaining months, if
less than all of the year remains ). Subject to the provisions of this Lease,
Landlord shall endeavor to furnish to Tenant within a reasonable period after
the end of each Expense Year a statement (a "Reconciliation Statement")
indicating in reasonable detail the excess, if any, of Operating Expenses
allocable to such Expense Year over Base Year Operating Expenses and the parties
shall, within thirty (30) days thereafter, make any payment or allowance
necessary to adjust Tenant's estimated payments to Tenant's actual share of such
excess as indicated by such annual Reconciliation Statement.

     (e)  Tenant shall pay ten (10) days before delinquency all taxes and
assessments levied against any personal property or trade fixtures of Tenant in
or about the Premises. If any such taxes or assessments are levied against
Landlord or Landlord's property or if the assessed value of the Project is
increased by the inclusion therein of a value placed upon such personal property
or trade fixtures, Tenant shall, within ten

Tenant initials___Landlord initials___

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(10) days of demand, reimburse Landlord for the taxes and assessments so levied
against Landlord, or any such taxes, levies and assessments resulting from such
increase in assessed value.

     (f)  Any delay or failure of Landlord in (i) delivering any estimate or
statement described in this Paragraph 3.2, or (ii) computing or billing Tenant's
Proportionate Share of excess Operating Expenses shall not (A) constitute a
waiver of its right to subsequently deliver such estimate or statement or
require any increase in Rent contemplated by this Paragraph 3.2. Provided that
Tenant is not then in default under this Lease, subject to compliance with
Landlord's standard procedures for the same, Tenant shall have the right, upon
the condition that Tenant shall first pay to Landlord the amount in dispute, to
have independent certified public accountants of national standing (who are not
compensated on a contingency basis) of Tenant's selection (and subject to
Landlord's reasonable approval) review Landlord's Operating Expense books and
records relating to the Expense Year subject to a particular Reconciliation
Statement during the sixty-day (60) period following delivery to Tenant of the
Reconciliation Statement for such Expense Year. If such review discloses a
liability for a refund in excess of ten percent (10%) of Tenant's Proportionate
Share of Operating Expenses previously reported, the cost of such review shall
be borne by Landlord; otherwise such cost shall be borne by Tenant. Tenant
waives the right to dispute or contest, and shall have no right to dispute or
contest, any matter relating to the calculation of Operating Expenses or other
forms of Rent under this Paragraph 3.2 with respect to each Expense Year for
which a Reconciliation Statement is given to Tenant if no claim or dispute with
respect thereto is asserted by Tenant in writing to Landlord within sixty (60)
days of delivery to Tenant of the original or most recent Reconciliation
Statement with respect thereto.

4.   Delinquent Payment; Handling Charges.  In the event Tenant is more than
     ------------------------------------
five (5) days late in paying any amount of Rent or any other payment due under
this Lease, Tenant shall pay Landlord, within ten (10) days of Landlord's
written demand therefor, a late charge equal to ten percent (10%) of the
delinquent amount, or $150.00, whichever amount is greater. In addition, any
amount due from Tenant to Landlord hereunder which is not paid within ten (10)
days of the date due shall bear interest at an annual rate (the "Default Rate")
equal to twelve percent (12%), or the maximum rate allowed by law not to exceed
twelve percent (12%), whichever is greater.

5.   Security Deposit.  Contemporaneously with the execution of this Lease,
     ----------------
Tenant shall pay to Landlord the amount of Security Deposit (the "Security
Deposit") specified in the Basic Lease Information, which shall be held by
Landlord to secure Tenant's performance of its obligations under this Lease.
The Security Deposit is not an advance payment of Rent or a measure or limit of
Landlord's damages upon a default by Tenant or an Event of Default (defined
below).  If Tenant defaults with respect to any provision of this Lease,
Landlord may, but shall not be required to, use, apply or retain all or any part
of the Security Deposit (a) for the payment of any Rent or any other sum in
default, (b) for the payment of any other amount which Landlord may spend or
become obligated to spend by reason of such default by Tenant, and (c) to
compensate Landlord for any other loss or damage which Landlord may suffer by
reason of such default by Tenant.  If any portion of the Security Deposit is so
used or applied, Tenant shall, within ten (10) days after demand therefor by
Landlord, deposit with Landlord cash in an amount sufficient to restore the
Security Deposit to the amount required to be maintained by Tenant hereunder.
Within a reasonable period following expiration or the sooner termination of
this Lease, provided that Tenant has performed all of its obligations hereunder,
Landlord shall return to Tenant the remaining portion of the Security Deposit.
The Security Deposit may not be commingled by Landlord with Landlord's other
funds, and no interest shall be paid thereon.  If Landlord transfers its
interest in the Premises, then Landlord may assign the Security Deposit to the
Transferee and thereafter Landlord shall have no further liability or obligation
for the return of the Security Deposit.  Tenant hereby waives the provisions of
Section 1950.7 of the California Civil Code, and all other provisions of any
Regulations, now or hereinafter in force, which restricts the amount or types of
claim that a landlord may make upon a security deposit or imposes upon a
landlord (or its successors) any obligation with respect to the handling or
return of security deposits.

6.   Utilities and Services.
     ----------------------

     6.1   Services. Subject to the provisions of this Lease, Landlord shall
           --------
furnish to Tenant during the Term (a) city or utility company water at those
points of supply provided for general use of the tenants of the Building; (b)
subject to mandatory and voluntary Regulations, heating and air conditioning
during ordinary business hours of generally recognized business days designated
by Landlord (which in any event shall not include Saturdays, Sundays or legal
holidays)("Business Hours") for the Building at such temperatures and in such
amounts as Landlord reasonably determines is appropriate for normal office use
in the Premises; (c) janitorial services to the common area of the Project
(excluding the Premises) on weekdays, other than on legal holidays; (d)
nonexclusive passenger elevator service; and (e) adequate electrical current
during such Business Hours for equipment that does not require more than 110
volts and whose electrical energy consumption does not exceed normal office
usage in a premises of the size of the Premises, as determined by Landlord. If
Tenant desires any of the services specified in this Paragraph 6.1 at any time
other than during Business Hours, then subject to such nondiscriminatory
conditions and standards as Landlord shall apply to the same, upon the written
request of Tenant, such services shall be supplied to Tenant in accordance with
Landlord's customary procedures for the Building, including such advance request
deadlines as Landlord shall require from time to time, and Tenant shall pay to
Landlord Landlord's then customary charge for such services within ten (10) days
after Landlord has delivered to Tenant an invoice therefor.

Tenant initials___Landlord initials___

                                      22
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Landlord reserves the right to change the supplier or provider of any such
service from time to time. Tenant shall not have the right to obtain any such
service for the Premises directly from a supplier or provider of such service
except as provided in the Basic Lease Information and this Paragraph 6. However,
if the Premises are equipped with a separate electrical meter for electrical
service to the Premises as indicated on the Basic Lease Information, then Tenant
shall pay the separate meter charges. The separate electrical meter may include
lighting and wall outlets only, or all electrical service to the Premises
including lighting, wall outlets, heating and air conditioning, as indicated on
the Basic Lease Information.

     6.2   Excess Utility Use.  Landlord shall not be required to furnish
           ------------------
electrical current for, and Tenant shall not install or use, without Landlord's
written consent, any equipment (a) that requires more than 110 volts (However,
Tenant may install electric services at a higher voltage to the Premises at its
sole cost and expense), (b) whose operation is in excess of, or inconsistent
with, the capacity of the Building (or existing feeders and risers to, or wiring
in, the Premises) or (c) whose electrical energy consumption exceeds normal
office usage of up to three (3) watts of connected load per usable square foot
("Standard Usage"). Subject to the provisions of this Paragraph 6.2, if Tenant's
consumption of electricity exceeds the electricity to be provided by Landlord
above or Standard Usage (which shall be determined by separate metering to be
installed at Tenant's expense or by such other method as Landlord shall
reasonably select), Tenant shall pay to Landlord Landlord's then customary
charge for such excess consumption within ten (10) days after Landlord has
delivered to Tenant an invoice therefor.

     6.3   Restoration of Services.  Following receipt of Tenant's request to do
           -----------------------
so, Landlord shall use good faith efforts to restore any service specifically to
be provided under Paragraph 6.1 that becomes unavailable and which is in
Landlord's reasonable control to restore; provided, however, that in no case
shall the unavailability of such services or any other service (or any
diminution in the quality or quantity thereof) or any interference in Tenant's
business operations within the Premises render Landlord liable to Tenant or any
person using or occupying the Premises under or through Tenant (including,
without limitation, any contractor, employee, agent, invitee or visitor of
Tenant) (each, a "Tenant Party") for any damages of any nature whatsoever caused
thereby, constitute a constructive eviction of Tenant, constitute a breach of
any implied warranty by Landlord, or entitle Tenant to any abatement of Tenant's
rental obligations hereunder.

     6.4   Telecommunications Services.  Tenant may contract separately with
           ---------------------------
providers of telecommunications or cellular products, systems or services for
the Premises.  Even though such products, systems or services may be installed
or provided by such providers in the Building, in consideration for Landlord's
permitting such providers to provide such services to Tenant, Tenant agrees that
Landlord and the Landlord Indemnitees (defined below) shall in no event be
liable to Tenant or any Tenant Party for any damages of any nature whatsoever
arising out of or relating to the products, systems or services provided by such
providers (or any failure, interruption, defect in or loss of the same) or any
acts or omissions of such providers in connection with the same or any
interference in Tenant's business caused thereby.  Tenant waives and releases
all rights and remedies against Landlord and the Landlord Indemnitees that are
inconsistent with the foregoing.

7.   Improvements, Alterations, Repairs and Maintenance.
     --------------------------------------------------
     7.1   Improvements; Alterations.  Any alterations, additions, deletions,
           -------------------------
modifications or utility installations in, of or to the improvements contained
within the Premises (collectively, "Alterations") shall be installed at Tenant's
expense and only in accordance with detailed plans and specifications,
construction methods, and all appropriate permits and licenses, all of which
have been previously submitted to and approved in writing by Landlord, and by a
professionally qualified and licensed contractor and subcontractors approved by
Landlord.  No Alterations in or to the Premises may be made without (a)
Landlord's prior written consent and (b) compliance with such nondiscriminatory
requirements and construction regulations concerning such Alterations as
Landlord may impose from time to time.  Landlord will not be deemed to
unreasonably withhold its consent to any Alteration that violates Regulations,
may affect or be incompatible with the Building's structure or its HVAC,
plumbing, telecommunications, elevator, life-safety, electrical, mechanical or
other basic systems, or the appearance of the interior common areas or exterior
of the Project, or which may interfere with the use or occupancy of any other
portion of the Project.  All Alterations made in or upon the Premises shall, (i)
at Landlord's option, either be removed by Tenant prior to the end of the Term
(and Tenant shall restore the portion of the Premises affected to its condition
existing immediately prior to such Alteration), or shall remain on the Premises
at the end of the Term, (ii) be constructed, maintained, insured and used by
Tenant, at its risk and expense, in a first-class, good and workmanlike manner,
and in accordance with all Regulations, and (iii) shall be subject to payment of
Landlord's Alterations Supervision Fee.  No Alterations Supervision Fee to be
charged for Tenant's Alterations before the Term Commencement Date.  Any
Alterations after the Term Commencement date are subject to Landlord's
Alterations Supervision Fee which includes:  all out-of-pocket costs and
expenses, including but not limited to, plan review, construction supervision,
architectural review, engineering review; plus an administrative charge of
fifteen percent (15%) thereof.  If any Alteration made or initiated by Tenant or
the removal thereof shall cause, trigger or result in any portion of the Project
outside of the Premises, any portion of the Building's shell and core
improvements (including restrooms, if any) within the Premises, or any Building
system inside or outside of the Premises being required by any governmental
authority to be altered, improved or removed, or may otherwise potentially
affect such portions of the Project or any other tenants of the Project,  shall
have the option (but not the obligation) of performing the same at Tenant's
expense, in which case Tenant shall pay to  (within ten (10) days of Landlord's
written demand) in advance Landlord's reasonable estimate of the

Tenant initials___Landlord initials___

                                      23
<PAGE>

cost of such work, and any actual costs of such work in excess of Landlord's
estimate, plus an administrative charge of fifteen percent (15%) thereof. At
least ten (10) days before beginning construction of any Alteration, Tenant
shall give Landlord written notice of the expected commencement date of that
construction to permit to post and record a notice of non-responsibility. Upon
substantial completion of construction, if the law so provides, Tenant shall
cause a timely notice of completion to be recorded in the office of the recorder
of the county in which the Building is located.

     7.2   Repairs and Maintenance.  Tenant shall maintain at all times during
           -----------------------
the Term the Premises and all portions and components of the improvements and
systems contained therein in a first-class, good, clean, safe, and operable
condition, and shall not permit or allow to remain any waste or damage to any
portion of the Premises. Tenant shall repair or replace, as needed, subject to
Landlord's direction and supervision, any damage to the Building or the Project
caused by Tenant or any Tenant Party. If any such damage occurs outside of the
Premises or relates to any Building system, or if Tenant fails to perform
Tenant's obligations under this Paragraph 7.2 or under any other paragraph of
this Lease within ten (10) days after written notice from Landlord (except in
the case of emergency, in which case no notice shall be required), then Landlord
may elect to perform such obligations and repair such damage itself at Tenant's
expense. The cost of all repair or replacement work performed by Landlord under
this Paragraph 7.2, plus an administrative charge of fifteen percent (15%) of
such cost, shall be paid by Tenant to Landlord within ten (10) days of receipt
of Landlord's invoice therefor as Additional Rent. Tenant hereby waives all
common law and statutory rights or provisions inconsistent herewith, whether now
or hereinafter in effect (including, without limitation, Sections 1941, 1941.1,
and 1941.2 of the California Civil Code, as amended from time to time). Landlord
shall use reasonable efforts to maintain the common areas of the Project at all
times during the Term with the cost thereof constituting an Operating Expense
under Paragraph 3.2.

     7.3   Mechanic's Liens.  Tenant shall not cause, suffer or permit any
           ----------------
mechanic's or materialman's lien, claim or stop notice to be filed or asserted
against the Premises, the Building or any funds of Landlord for any work
performed, materials furnished, or obligation incurred by or at the request of
Tenant or any Tenant Party.  If any such lien, claim or notice is filed or
asserted then Tenant shall, within ten (10) days after Landlord has delivered
notice of the same to Tenant, either (a) pay and satisfy in full the amount of
(and eliminate of record) the lien, claim or notice or (b) diligently contest
the same and deliver to Landlord a bond or other security therefor in substance
and amount (and issued by an issuer) satisfactory to Landlord.

8.   Use and No Discrimination.
     -------------------------

     8.1   Use.  Tenant shall continuously occupy and use the Premises only for
           ---
general office and commercial bank branch use or uses incidental thereto, all of
which shall be consistent with the standards of a first class office project
(the "Permitted Use") and shall comply, at Tenant's expense, with all
Regulations relating to the use, condition, alteration, improvement, access to,
and occupancy of the Premises, including without limitation, Regulations
relating to Hazardous Materials (defined below).  Should any Regulation now or
hereafter be imposed on Tenant or Landlord by any governmental body relating to
the use or occupancy of the Premises or the Project common areas by Tenant or
any Tenant Party or concerning occupational, health or safety standards for
employers, employees, or tenants, then Tenant agrees, at its sole cost and
expense, to comply promptly with such Regulations if such Regulations relate to
anything within the Premises or if compliance with such Regulations is within
the control of Tenant and applies to an area outside of the Premises.  Tenant
shall conduct its business and shall cause each Tenant Party to act in such a
manner as to (a) not release or permit the release of any Hazardous Material in,
under, on or about the Project in violation of any Regulations, (b) use or store
any Hazardous Materials (other than incidental amounts of cleaning and office
supplies) in or about the Premises or (c) not create or permit any nuisance or
unreasonable interference with or disturbance of other tenants of the Project or
Landlord in its management of the Project or (d) not create any occupancy
density in the Premises or parking density with respect to Tenant and any Tenant
Party at the Project greater than those specified in the Basic Lease
Information.  "Hazardous Material" means any hazardous, explosive, radioactive,
or toxic substance, material or waste which is or becomes regulated by any
local, state or federal governmental authority or agency, including, without
limitation, any material or substance which is (i) defined or listed as a
"hazardous waste," "extremely hazardous waste," "restricted hazardous waste,"
"hazardous substance," "hazardous material," "pollutant" or "contaminant" under
any Regulation, (ii) a flammable explosive, (iii) radioactive material, (iv) a
polychlorinated biphenyl, (v) asbestos or asbestos containing material, or (vi)
a carcinogen.  Notwithstanding the foregoing, Tenant shall have no obligation to
pay any cost or expense related to clean-up of Hazardous Waste, unless the
presence of such Hazardous Waste was caused by the act or omission of Tenant or
Tenant's agents, representatives, customers, or invitees.

     8.2   No Discrimination In Leases.  Tenant herein covenants by and for
           ---------------------------
itself, and its heirs, executors, administrators and assigns, and all persons
claiming under or through it, and this Lease is made and accepted upon and
subject to the following conditions: That there shall be no discrimination
against or segregation of any person or group of persons, on account of race,
color, creed, religion, sex, marital status, national origin or ancestry, in the
leasing, subleasing, transferring, use, occupancy, tenure or enjoyment of the
land herein leased, nor shall the lessee itself, or any person claiming under or
through it, establish or permit any such practice or practices of discrimination
or segregation with reference to the selection, location, number, use or
occupancy of tenants, lessees, subtenants, sublessees or vendees of the land
herein leased.

Tenant initials___Landlord initials___

                                      24
<PAGE>

This covenant is required by the terms of the Rexco/Main Street Office Project
Disposition and Development Agreement between The Redevelopment Agency of the
City of Corona and Rexco Main Street, LLC dated as of October 4, 2000 for
reference purposes only which shall be recorded in the Official Records of
Riverside County, California (hereinafter the "DDA"). Tenant understands and
agrees that the Project is subject to the terms and conditions of the DDA.

9.   Assignment and Subletting.
     -------------------------

     9.1   Transfers; Consent.  Tenant shall not, without the prior written
           ------------------
consent of Landlord, a (a) assign, transfer, mortgage, hypothecate, or encumber
this Lease or any estate or interest herein, whether directly, indirectly or by
operation of law, (b) permit any other entity to become a Tenant hereunder by
merger, consolidation, or other reorganization, other than a merger,
consolidation or similar business combination between Tenant and another bank or
financial institution, (c) if Tenant is a corporation, partnership, limited
liability company, limited liability partnership, trust association or other
business entity (other than a corporation whose stock is publicly traded),
permit, directly or indirectly, the transfer of any ownership interest in Tenant
so as to result in (i) a change in the current control of Tenant, (ii) a
transfer of twenty-five percent (25%) or more in the aggregate in any twelve
(12) month period in the beneficial ownership of such entity or (iii) transfer
of all or substantially all of the assets of Tenant, (d) sublet any portion of
the Premises, or (e) grant any license, concession, or other right of occupancy
of or with respect to any portion of the Premises, or (f) permit the use of the
Premises by any party other than Tenant or a Tenant Party (each of the events
listed in this Paragraph 9.1 being referred to herein as a "Transfer").  If
Tenant requests Landlord's consent to any Transfer, then at least twenty (20)
business days prior to the effective date of the proposed Transfer, Tenant shall
provide Landlord with a written description of all terms and conditions of the
proposed Transfer and all consideration therefor (including calculation of the
Transfer Profits described below), copies of the proposed documentation, and the
following information relating to the proposed transferee:  name and address;
information reasonably satisfactory to Landlord concerning the transferee's
business and business history; its proposed use of the Premises; banking,
financial, and other credit information, and general references sufficient to
enable Landlord to determine the proposed transferee's creditworthiness and
character.  Landlord shall not unreasonably withhold its consent to any
assignment or subletting of the Premises, provided that the parties agree that
it shall be reasonable for Landlord to withhold any such consent if, without
limitation, Landlord determines in good faith that (A) the proposed transferee
is not of a reasonable financial standing or is not creditworthy, (B) the
proposed transferee is a governmental agency, (C) the proposed transferee, or
any affiliate thereof, is then an occupant in the Project or has engaged in
discussions with Landlord concerning a lease of direct space in the Project, (D)
the proposed Transfer would result in a breach of any obligation of Landlord or
permit any other tenant in the Project to terminate or modify its lease, (E)
there is then in effect an uncured Event of Default, (F) the Transfer would
increase the occupancy density or parking density of the Project or any portion
thereof, (G) the Transfer would result in an undesirable tenant mix for the
Project, as determined in good faith by the Landlord, (H) the proposed
transferee does not enjoy a good reputation, as a business or as a tenant; or
(I) any guarantor of the Lease does not consent to such Transfer in a form
satisfactory to Landlord.  Any Transfer made without Landlord's consent shall be
void and, at Landlord's election, shall constitute an Event of Default by
Tenant.  Tenant shall also, within ten (10) days of written demand therefor, pay
to Landlord $500 as a review fee for each Transfer request, and reimburse
Landlord for its reasonable attorney's fees and all other costs incurred in
connection with considering any request for consent to a proposed Transfer.  If
Landlord consents to a proposed Transfer, then the proposed transferee shall
deliver to Landlord Landlord's standard form transfer consent and agreement
whereby the proposed transferee expressly assumes the Tenant's obligations
hereunder.  Landlord's consent to a Transfer shall not release Tenant from its
obligations under this Lease (or any guarantor of this Lease of its obligations
with respect thereto), but rather Tenant and its transferee shall be jointly and
severally liable for all obligations under this Lease allocable to the space
subject to such Transfer.  Landlord's consent to any Transfer shall not waive
Landlord's rights as to any subsequent Transfers.  In the event of any claim by
Tenant that Landlord has breached its obligations under this Paragraph 9.1,
Tenant's remedies shall be limited to recovery of its out-of-pocket damages
(excluding consequential, incidental and punitive damages, if any,) and
injunctive relief.

     9.2  Cancellation and Recapture.  Notwithstanding Paragraph 9.1, Landlord
          --------------------------
may (but shall not be obligated to), within ten (10) business days after
submission of Tenant's written request for Landlord's consent to an assignment
or subletting, other than a merger, consolidation or similar business
combination between Tenant and another bank or financial institution, cancel
this Lease as to the portion of the Premises proposed to be sublet or subject to
an assignment of this Lease ("Transfer Space") as of the date such proposed
Transfer is proposed to be effective and, thereafter, Landlord may lease such
portion of the Premises to the prospective transferee (or to any other person or
entity or not at all) without liability to Tenant.

10.  Insurance, Waivers, Subrogation and Indemnity.
     ---------------------------------------------

     10.1  Insurance.  Tenant shall maintain throughout the Term each of the
           ---------
insurance policies described on Exhibit E attached hereto
                                ---------

Tenant initials___Landlord initials___

                                      25
<PAGE>

and shall otherwise comply with the obligations and requirements provided on
Exhibit E.
---------

     10.2   Waiver of Subrogation.  Landlord and Tenant each waives any claim,
            ---------------------
loss or cost it might have against the other for any injury to or death of any
person or persons, or damage to or theft, destruction, loss, or loss of use of
any property (a "Loss"), to the extent the same is insured against (or is
required to be insured against under the terms hereof) under any "all risk"
property damage insurance policy covering the Building, the Premises, Landlord's
or Tenant's fixtures, personal property, leasehold improvements, or business,
regardless of whether the negligence of the other party caused such Loss.

     10.3  Indemnity.  Subject to Paragraph 10.2, Tenant shall indemnify, defend
           ---------
and hold Landlord, Rexco Main Street, LLC, a California Limited Liability
Company, and each of its respective directors, shareholders, partners, lenders,
members, managers, contractors, affiliates and employees (collectively,
"Landlord Indemnitees") harmless from and against all claims, demands,
proceedings, losses, obligations, liabilities, causes of action, suits,
judgments, damages, penalties, costs and expenses (including, without
limitation, reasonable attorneys' fees and court costs) arising from or asserted
in connection with the use or occupancy of the Premises by Tenant or any Tenant
Party in, under, on or about the Project, or any negligence or misconduct of
Tenant or of any Tenant Party in or about the Premises, or Tenant's breach of
any of its covenants under this Lease, except in each case to the extent arising
from the negligence or willful misconduct of Landlord or any Landlord
Indemnitee.  Except to the extent expressly provided in this Lease, Tenant
hereby waives all claims against and releases Landlord and each  Landlord
Indemnitee for any injury to or death of persons, damage to property or business
loss in any manner related to (i) acts of God, (ii) acts of third parties, or
(iii) any matter outside of the reasonable control of Landlord.  This Paragraph
10.3 shall survive termination or expiration of this Lease.

11.  Subordination; Attornment.
     -------------------------

     11.1  Subordination.  This Lease is subject and subordinate to all present
           -------------
and future ground or master leases of the Project and to the lien of all
mortgages or deeds of trust (collectively "Security Instruments") now or
hereafter to be made upon the security of any such Security Instruments, unless
the holders of any such mortgages or deeds of trust, or the lessors under such
ground or master leases (such holders and lessors are sometimes collectively
referred to herein as "Holders") require in writing that this Lease be superior
thereto. Notwithstanding any provision of this Paragraph 11 to the contrary, any
Holder of any Security Instrument may at any time subordinate the lien of its
Security Instrument to this Lease without obtaining Tenant's consent by giving
Tenant written notice of such subordination, in which event this Lease shall be
deemed to be senior to the Security Instrument in question. Tenant shall, within
fifteen (15) days of request do so by Landlord, execute acknowledge and deliver
to Landlord such further instruments or assurances as Landlord may deem
necessary or appropriate to evidence or confirm the subordination or superiority
of this Lease to any such Security Instrument; provided, however, that at the
request of Tenant made within five (5) days of any such Landlord request,
Landlord shall use commercially reasonable efforts to obtain for the benefit of
Tenant such Holder's standard nondisturbance agreement. Tenant hereby
irrevocably authorizes Landlord to execute and deliver in the name of Tenant any
such instrument or instruments if Tenant fails to do so within said fifteen (15)
day period.

     11.2  Attornment.  Tenant covenants and agrees that in the event that any
           ----------
proceedings are brought for the foreclosure of any mortgage or deed of trust, or
if any ground or master lease is terminated, it shall attorn, without any
deductions or set-offs whatsoever, to the purchaser upon any such foreclosure
sale, or to the lessor of such ground or master lease, as the case may be, if so
requested to do so by such purchaser or lessor, and to recognize such purchaser
or lessor as "Landlord" under this Lease.  If requested, Tenant shall enter into
a new lease with that successor on the same terms and conditions as are
contained in this Lease (for the unexpired portion of the Term then remaining).

12.  Rules and Regulations.  Tenant shall comply, and shall cause each Tenant
     ---------------------
Party to comply, with the Rules and Regulations of the Building which are
attached hereto as Exhibit A, and all such nondiscriminatory modifications,
                   ---------
additions, deletions and amendments thereto as Landlord shall adopt in good
faith from time to time.

13.  Condemnation.  If the entire Project or Premises are taken by right of
     ------------
eminent domain or conveyed by Landlord in lieu thereof (a "Taking"), this Lease
shall terminate as of the date of the Taking.  If any part of the Project
becomes subject to a Taking and such Taking will prevent Tenant from conducting
its business in the Premises in a manner reasonably comparable to that conducted
immediately before such Taking for a period of more than one hundred eighty
(180) days, then Tenant may terminate this Lease as of the date of such Taking
by giving written notice to Landlord within thirty (30) days after the Taking,
and all Rent paid or payable hereunder shall be apportioned between Landlord and
Tenant as of the date of such Taking.  If any material portion, but less than
all, of the Project, Building or the Premises becomes subject to a Taking, or if
Landlord is required to pay any of the proceeds received for a Taking to any
Holder of any Security Instrument, then Landlord may terminate this Lease by
delivering written notice thereof to Tenant within thirty (30) days after such
Taking, and all Rent paid or payable hereunder shall be apportioned between
Landlord and Tenant as of the date of such Taking.  If this Lease is not so
terminated, then Base Rent thereafter payable hereunder shall be abated for the
duration of the Taking in proportion to that portion of the Premises rendered
untenantable by

Tenant initials___Landlord initials___

                                       26
<PAGE>

such Taking. If any Taking occurs, then Landlord shall receive the entire award
or other compensation for the land on which the Project is situated, the
Project, and other improvements taken, and Tenant may separately pursue a claim
(to the extent it will not reduce Landlord's award) against the condemnor for
the value of Tenant's personal property which Tenant is entitled to remove under
this Lease and moving and relocation costs. Landlord and Tenant agree that the
provisions of this Paragraph 13 and the remaining provisions of this Lease shall
exclusively govern the rights and obligations of the parties with respect to any
Taking of any portion of the Premises, the Building, the Project or the land on
which the Building is located, and Landlord and Tenant hereby waive and release
each and all of their respective common law and statutory rights inconsistent
herewith, whether now or hereinafter in effect (including, without limitation,
Section 1265.130 of the California Code of Civil Procedure, as amended from time
to time).

14.  Fire or Other Casualty.
     ----------------------

     14.1  Repair Estimate; Right to Terminate.  If all or any portion of the
           -----------------------------------
Premises, the Building or the Project is damaged by fire or other casualty (a
"Casualty"), Landlord shall, within ninety (90) days after Landlord's discovery
of such damage, deliver to Tenant its good faith estimate (the "Damage Notice")
of the time period following such notice needed to repair the damage caused by
such Casualty.  Landlord may elect to terminate this Lease in any case where (a)
any portion of the Premises or any material portion of the Project are damaged
and (b) either (i) Landlord estimates in good faith that the repair and
restoration of such damage under Paragraph 14.2 ("Restoration") cannot
reasonably be completed (without the payment of overtime) within two hundred
(200) days of Landlord's actual discovery of such damage, (ii) the Holder of any
Security Instrument requires that application of any insurance proceeds with
respect to such Casualty to be applied to the outstanding balance of the
obligation secured by such Security Instrument, (iii) the costs of such
Restoration is not fully covered by insurance proceeds available to Landlord
and/or payments received by Landlord from tenants, or (iv) Tenant shall be
entitled to an abatement of rent.  Such right of termination shall be
exercisable by Landlord by delivery of written notice to Tenant at any time
following the Casualty until forty-five (45) days following the later of (A)
delivery of the Damage Notice or (B) Landlord's discovery or determination of
any of the events described in clauses (i) through (iv) of the preceding
sentence, and shall be effective upon delivery of such notice of termination (or
if Tenant has not vacated the Premises, upon the expiration of thirty (30) days
thereafter).

     14.2  Repair Obligation; Abatement of Rent.  Subject to the provisions of
           ------------------------------------
Paragraph 14.1, Landlord shall, within a reasonable time after the discovery by
Landlord of any damage resulting from a Casualty, begin to repair the damage to
the Building and the Premises resulting from such Casualty and shall proceed
with reasonable diligence to restore the Building and Premises to substantially
the same condition as existed immediately before such Casualty, except for
modifications required by Regulations, and modifications to the Building or the
Project reasonably deemed desirable by Landlord; provided, however, that
Landlord shall not be required as part of the Restoration to repair or replace
any of the Alterations, furniture, equipment, fixtures, and other improvements
which may have been placed by, or at the request of, Tenant or other occupants
in the Building or the Premises. Landlord shall have no liability for any
inconvenience or annoyance to Tenant or injury to Tenant's business as a result
of any Casualty, regardless of the cause therefor. Base Rent, and Additional
Rent payable under Paragraph 3.2, shall abate if and to the extent a Casualty
damages the Premises or common areas in the Project required and essential for
access thereto and as a result thereof all or a material portion of the Premises
are rendered unfit for occupancy, and are not occupied by Tenant, for the period
of time commencing on the date Tenant vacates the portion of the Premises
affected on account thereof and continuing until the date the Restoration to be
performed by Landlord with respect to the Premises (and/or required common
areas) is substantially complete, as determined by Landlord's architect.
Landlord and Tenant agree that the provisions of this Paragraph 14 and the
remaining provisions of this Lease shall exclusively govern the right and
obligations of the parties with respect to any and all damage to, or destruction
of, all or any portion of the Premises or the Project by Casualty, and Landlord
and Tenant hereby waive and release each and all of their respective common law
and statutory rights inconsistent herewith, whether now or hereinafter in effect
(including, without limitation, Sections 1932(2) and 1933 (4) of the California
Civil Code, as amended from time to time).

15.  Parking.  Tenant shall have the right to the nonexclusive use of such
     -------
portion of the parking facilities of the Project as are designated by Landlord
from time to time for such purpose for the parking of passenger-size motor
vehicles used by Tenant and Tenant Parties only and are not transferable without
Landlord's approval. Landlord may install gate access to the parking areas
and/or a parking structure and charge a fee for use of those areas and/or
structures. The use of such parking facilities shall be subject to the parking
rules and regulations attached hereto as Exhibit A-1, as such rules and
regulations may be modified by Landlord from time to time, for the use of such
facilities. Notwithstanding anything to the contrary, Tenant shall have use of
the twenty-five (25) parking spaces described as the Parking Allocation in the
Basic Lease Information free of charge and Tenant's customers and invitees may
use the visitor parking area, at the Project, to be designated by Landlord, free
of charge.

16.  Events of Default.  Each of the following occurrences shall be an "Event of
     -----------------
Default" and shall constitute a material default and breach of this Lease by
Tenant: (a) any failure to pay any installment of Base Rent, Additional Rent or
to make any other payment required to be made by Tenant hereunder when due; (b)
the abandonment or vacation of the Premises by Tenant, provided, however, that
unless Tenant is using the

Tenant initials___Landlord initials___

                                       27
<PAGE>

Premises for a retail use, abandonment or vacation of the Premises shall not be
an Event of Default so long as no other Event of Default has occurred hereunder
and provided Tenant has given Landlord five (5) days' prior written notice of
its intent to vacate the Premises; (c) any failure by Tenant to execute and
deliver any estoppel certificate or other document or instrument described in
Paragraphs 10 (Insurance) and 11 (Subordination) or 21.2 (Estoppel Certificates)
requested by Landlord, where such failure continues for five (5) days after
delivery of written notice of such failure by Landlord to Tenant; (d) any
failure by Tenant to fully perform any other obligation of Tenant under this
Lease, where such failure continues for thirty (30) days (except where a shorter
period of time is specified in this Lease, in which case such shorter time
period shall apply) after delivery of written notice of such failure by Landlord
to Tenant; (e) the voluntary or involuntary filing of a petition by or against
Tenant or any general partner of Tenant (i) in any bankruptcy or other solvency
proceeding, (ii) seeking any relief under any state or federal debtor relief
laws, (iii) for the appointment of a liquidator or receiver for all or
substantially all of Tenants property or Tenant's interest in this Lease, or
(iv) for the reorganization or modification of Tenant's capital structure
(provided, however, that if such a petition is filed against Tenant, then such
filing shall not be an Event of Default unless Tenant fails to have the
proceedings initiated by such petition dismissed within sixty (60) days after
the filing thereof); (f) the default of any guarantor of Tenant's obligations
hereunder under any guaranty of this Lease, the attempted repudiation or
revocation of any such guaranty, or the participation by any such guarantor in
any other event described in this Paragraph 16 (as if this Paragraph 16 referred
to such guarantor in place of Tenant); or (g) any other event, act or omission
which any other provision of this Lease identifies as an Event of Default. Any
notice of any failure of Tenant required under this Paragraph 16 shall be in
lieu of, and not in addition to, any notice required under Section 1161 et seq.
                                                                        -------
of the California Code of Civil Procedure.

17.  Remedies.  Upon the occurrence of any Event of Default by Tenant, Landlord
     --------
shall have, in addition to any other remedies available to Landlord at law or in
equity (all of which remedies shall be distinct, separate, and cumulative), the
option to pursue any one (1) or more of the following remedies, each and all of
which shall be cumulative and nonexclusive, without any notice or demand
whatsoever:

                (a)   Terminate this Lease, and Landlord may recover from Tenant
the following: (i) the worth at the time of any unpaid rent which has been
earned at the time of such termination; plus (ii) the worth at the time of award
of the amount by which the unpaid rent which would have been earned after
termination until the time of award exceeds the amount of such rental loss that
Tenant proves could have been reasonably avoided; plus (iii) the worth at the
time of award of the amount by which the unpaid rent for the balance of the term
after the time of award exceeds the amount of such rental loss that Tenant
proves could have been reasonably avoided; plus (iv) any other amount necessary
to compensate Landlord for all the detriment proximately caused by Tenant's
failure to perform its obligations under this Lease or which in the ordinary
course of things would be likely to result therefrom (specifically including,
without limitation, brokerage commissions and advertising expenses incurred,
expenses of remodeling the Premises or any portion thereof for a new tenant,
whether for the same or a different use, and any special concessions made to
obtain a new tenant); and (v) at Landlord's election, such other amounts in
addition to or in lieu of the foregoing as may be permitted from time to time by
applicable law. The term "rent" as used in this Paragraph 17(a) shall be deemed
to be and to mean all sums of every nature required to be paid by Tenant
pursuant to the terms of this Lease, whether to Landlord or to others. As used
in Paragraphs 17(a)(i) and (ii), above, the "worth at the time of award" shall
be computed by allowing interest at the Default Rate, but in no case greater
than the maximum amount of such interest permitted by law. As used in Paragraph
17(a)(iii) above, the "worth at the time of award" shall be computed by
discounting such amount at the discount rate of the Federal Reserve Bank of San
Francisco at the time of award plus one percent (1%).

     (b)   Landlord shall have the remedy described in California Civil Code
Section 1951.4 (lessor may continue lease in effect after lessee's breach and
abandonment and recover rent as it becomes due, if lessee has the right to
sublet or assign, subject only to reasonable limitations). Accordingly, if
Landlord does not elect to terminate this Lease on account of any Event of
Default by Tenant, Landlord may, from time to time, without terminating this
Lease, enforce all of its rights and remedies under this Lease, including the
right to recover all Rent as it becomes due.

     (c)   Landlord shall at all times have the rights and remedies (which shall
be cumulative with each other and cumulative and in addition to those rights and
remedies available under Paragraphs 17(a) and 17(b) above, or any law or other
provision of this Lease), without prior demand or notice except as required by
applicable law, to seek any declaratory, injunctive, or other equitable relief,
and specifically enforce this Lease, or restrain or enjoin a violation or breach
of any provision hereof.

     (d)   Following the occurrence of three instances of payment of Rent more
than ten (10) days late in any twelve (12) month period, the late charge set
forth in Paragraph 4 shall apply from the date payment was due and Landlord may,
without prejudice to any other rights or remedies available to it, upon written
notice to Tenant, require that all remaining monthly installments of Rent
payable under this Lease shall be payable by cashier's check or electronic funds
transfer three (3) months in advance, and may require that Tenant increase the
Security Deposit to an amount equal to three times the current month's Rent at
the time of the most recent default. In addition, (i) upon the occurrence of an
Event of Default by Tenant, if the Premises or any portion thereof are sublet,
Landlord may, at its option and in addition and without prejudice to any other

Tenant initials___Landlord initials___

                                       28
<PAGE>

remedies herein provided or provided by law, collect directly from the
sublessee(s) all rentals becoming due to the Tenant and apply such rentals
against the other sums due hereunder to Landlord; (ii) without prejudice to any
other right or remedy of Landlord, if Tenants shall be in default under this
Lease, Landlord may cure the same at the expense of Tenant (A) immediately and
without notice in the case (1) of emergency, (2) where such default unreasonably
interferes with any other tenant in the Building, or (3) where such default will
result in the violation of any Regulation or the cancellation of any insurance
policy maintained by Landlord, and (B) in any other case if such default
continues for ten (10) days following the receipt by Tenant of notice of such
default from Landlord and all costs incurred by Landlord in curing such
default(s), including, without limitation, attorneys' fees, shall be
reimbursable by Tenant as Rent hereunder upon demand, together with interest
thereon, from the date such costs were incurred by Landlord, at the Default
Rate; and (iii) Tenant hereby waives for Tenant and for all those claiming under
Tenant all rights now and hereafter existing to redeem by order or judgment of
any court or by any legal process or writ, Tenant's right of occupancy of the
Premises after any termination of this Lease.

18.  Surrender of Premises.  No act by Landlord shall be deemed an acceptance of
     ---------------------
a surrender of the Premises, and no agreement to accept a surrender of the
Premises shall be valid unless it is in writing and signed by Landlord.  At the
expiration or earlier termination of this Lease, Tenant shall deliver to
Landlord all keys (including any electronic access devices and the like) to the
Premises, and Tenant shall deliver to Landlord the Premises in the same
condition as existed on the date Tenant originally took possession thereof,
ordinary wear and tear excepted, provided that ordinary wear and tear shall not
include repair and clean up items.  By way of example, but without limitation,
repair and clean up items shall include cleaning of all interior walls, carpets
and floors, replacement of damaged or missing ceiling or floor tiles, window
coverings or cover plates, removal of any Tenant-introduced markings, and repair
of all holes and gaps and repainting required thereby, as well as the removal
requirements below.  In addition, prior to the expiration of the Term or any
sooner termination thereof, (a) Tenant shall remove such Alterations as Landlord
shall request and shall restore the portion of the Premises affected by such
Alterations and such removal to its condition existing immediately prior to the
making of such Alterations, (b) Tenant shall remove from the Premises all
unattached trade fixtures, furniture, equipment and personal property located in
the Premises, including, without limitation, phone equipment, wiring, cabling
and all garbage, waste and debris, and (c) Tenant shall repair all damage to the
Premises or the Project caused by any such removal including, without
limitation, full restoration of all holes and gaps resulting from any such
removal and repainting required thereby.  All personal property and fixtures of
Tenant not so removed shall, to the extent permitted under applicable
Regulations, be deemed to have been abandoned by Tenant and may be appropriated,
sold, stored, destroyed, or otherwise disposed of by Landlord without notice to
Tenant and without any obligation to account for such items.

19   Holding Over.  If Tenant holds over after the expiration or earlier
     ------------
termination of the Term hereof, with or without express or implied consent of
Landlord, Tenant shall become and be only a tenant at sufferance at a daily rent
equal to one-thirtieth of the greater of (a) the then prevailing monthly fair
market rental rate as determined by Landlord in its sole and absolute
discretion, or (b) one hundred fifty percent (150%) of the monthly Base Rent
(and estimated Additional Rent payable under Paragraph 3.2) payable by Tenant
immediately prior to such expiration or termination, and otherwise upon the
terms, covenants and conditions herein specified, so far as applicable, as
reasonably determined by Landlord.  Neither any provision hereof nor any
acceptance by Landlord of any Rent after any such expiration or earlier
termination (including, without limitation, through any "lockbox") shall be
deemed a consent to any holdover hereunder or result in a renewal of this Lease
or an extension of the Term, or any waiver of any of Landlord's rights or
remedies with respect to such holdover.  Notwithstanding any provision to the
contrary contained herein, (i) Landlord expressly reserves the right to require
Tenant to surrender possession of the Premises upon the expiration of the Term
or upon the earlier termination hereof or at any time during any holdover, and
the right to assert any remedy at law or in equity to evict Tenant and collect
damages in connection with any such holdover, and (ii) Tenant shall indemnify,
defend and hold Landlord harmless from and against any and all claims, demands,
actions, proceedings, losses, damages, liabilities, obligations, penalties,
costs and expenses, including, without limitation, all lost profits and other
consequential damages, attorneys' fees, consultants' fees and court costs
incurred or suffered by or asserted against Landlord by reason of Tenant's
failure to surrender the Premises on the expiration or earlier termination of
this Lease in accordance with the provisions of this Lease.

20.  Miscellaneous.
     -------------

     21.1   Transfers and Liability.  Landlord may, without restriction, sell
            ------------------------
assign or transfer in any manner all or any portion of the Project, any interest
therein or any of Landlord's rights under this Lease. If Landlord assigns its
right under this Lease, then Landlord shall automatically be released from any
further obligations hereunder, provided that the assignee thereof assumes in
writing all of Landlord's obligations hereunder accruing after such assignment.
The liability of Landlord to Tenant for any default by Landlord under the terms
of this Lease or with respect to any obligation or liability related to the
Premises or the Project shall be recoverable only from the interest of Landlord
in the Project and in no case shall Landlord be liable to Tenant for any lost
profits or damage to business.

     21.2   Estoppel Certificates; Financial Statements.  At any time and from
            -------------------------------------------
time to time during the Term, Tenant shall, without charge, execute, acknowledge
and deliver to Landlord within ten (10) days after Landlord's request therefor,
an estoppel certificate in recordable form containing such factual
certifications and other provisions as are found in the estoppel certificate
forms requested by institutional lenders

Tenant initials___Landlord initials___

                                       29
<PAGE>

and purchasers. Tenant agrees in any case that (a) the foregoing certificate may
be relied on by anyone holding or proposing to acquire any interest in the
Project from or through Landlord or by any mortgagee or lessor or prospective
mortgagee or lessor of the Project or of any interest therein and (b) the form
of estoppel certificate shall be in the form of, at Landlord's election, the
standard form of such present or prospective lender, lessor or purchaser (or any
form substantially similar thereto), or any other form that Landlord shall
reasonably select. At the request of Landlord from time to time, Tenant shall
provide to Landlord within ten (10) days of Landlord's request therefor Tenant's
and any guarantor's current financial statements.

     21.3   Notices.  Notices, requests, consents or other communications
            -------
desired or required to be given by or on behalf of Landlord or Tenant under this
Lease shall be effective only if given in writing and sent by (a) registered or
certified United States mail, postage prepaid, (b) nationally recognized express
mail courier that provides written evidence of delivery, fees prepaid, or (c)
facsimile and United States mail, postage prepaid, and addressed as set forth in
the Basic Lease Information, or at such other address in the State of California
as may be specified from time to time, in writing, or, if to Tenant, at the
Premises.  Any such notice, request, consent, or other communication shall only
be deemed given (i) if sent by registered or certified United States mail, on
the day it is officially delivered to or refused by the intended recipient, (ii)
if sent by nationally recognized express mail courier, on the date it is
delivered by such courier, (iii) if delivered by facsimile, on the date the
sender obtains written telephonic confirmation that the electronic transmission
was received, or (iv) if delivered personally, upon delivery or, if refused by
the intended recipient, upon attempted delivery.

     21.4   Payment by Tenant; Non-Waiver.  Landlord's acceptance of Rent
            -----------------------------
(including, without limitation, through any "lockbox") following an Event of
Default shall not waive Landlord's rights regarding such Event of Default.  No
waiver by Landlord of any violation or breach of any of the terms contained
herein shall waive Landlord's rights regarding any future violation of such
terms. Landlord's acceptance of any partial payment of Rent shall not waive
Landlord's rights with regard to the remaining portion of the Rent that is due,
regardless of any endorsement or other statement on any instrument delivered in
payment of Rent or any writing delivered in connection therewith; accordingly,
Landlord's acceptance of a partial payment of Rent shall not constitute an
accord and satisfaction of the full amount of the Rent that is due.

     21.5   Certain Rights Reserved by Landlord.  Landlord hereby reserves and
            -----------------------------------
shall have the following rights with respect to the Premises and the Project:
(a) to decorate and to make inspections, repairs, alterations, additions,
changes, or improvements, whether structural or otherwise, in and about the
Project, the Building, the Premises or any part thereof; to enter upon the
Premises and, during the continuance of any such work, to temporarily close
doors, entryways, public space, and corridors in the Project or the Building; to
interrupt or suspend temporarily Building services and facilities; to change the
name of the Building or the Project; and to change arrangement and location of
entrances or passageways, doors, and doorways, corridors, elevators, stairs,
restrooms, common areas, or other public parts of the Building or the Project;
(b) to take such measures as Landlord deems advisable in good faith for the
security of the Building and its occupants (but Landlord has no obligation to
provide security); to temporarily deny access to the Building to any person; and
to close the Building after ordinary business hours and on Sundays and Holidays,
subject, however, to Tenant's right to enter when the Building is closed after
ordinary business hours under such rules and regulations as Landlord may
reasonably prescribe from time to time during the Term; and (c) to enter the
Premises at reasonable hours (or at any time in an emergency) to perform
repairs, to take any action authorized hereunder, or to show the Premises to
prospective purchasers or lenders, or, during the last six (6) months of the
Term, prospective tenants. However, in the event any action by Landlord under
this paragraph may cause Tenant to be in violation of any applicable law or
regulation specific to its bank operations, then Tenant shall give Landlord
written notice and shall therein specify what action creates this violation or
potential violation and shall describe in detail what action Tenant requests
that Landlord refrain from taking. In no event shall Landlord be obligated to
review or investigate any laws or regulations which may apply to Tenant's bank
operations, other than to review the actual text of any written notice described
herein.

     21.6   Broker.  In connection with this Lease, Tenant warrants and
            ------
represents that it has had dealings only with the real estate brokers set forth
in the Basic Lease Information and that Tenant knows of no other person or
entity who is, or might be, entitled to a commission, finder's fee, or other
payment in connection with this Lease, and Tenant hereby indemnifies and agrees
to hold Landlord, its agents, members, partners, representatives, officers,
affiliates, shareholders, employees, successors and assigns, harmless from and
against any and all loss, liability and expenses that Landlord may incur should
such warranty and representation prove incorrect, inaccurate, or false.

     21.7   Miscellaneous.  If any clause or provision of this Lease is illegal,
            -------------
invalid, or unenforceable under present or future laws, then the remainder of
this Lease shall not be affected thereby.  This Lease may not be amended except
by instrument in writing signed by Landlord and Tenant.  No provision of this
Lease shall be deemed to have been waived by Landlord unless such waiver is in
writing signed by Landlord.  The terms and conditions contained in this Lease
shall inure to the benefit of and be binding upon the parties hereto, and upon
their respective successors in interest and legal representatives, except as
otherwise herein expressly provided.  This Lease constitutes the entire
agreement between Landlord and Tenant regarding the subject matter hereof and
supersedes all oral statements and prior writings relating thereto.  Tenant

Tenant initials___Landlord initials___

                                       30
<PAGE>

and the person or persons signing on behalf of Tenant represent and warrant that
Tenant has full right and authority to enter into this Lease, and that all
persons signing this Lease on its behalf are authorized to do so. If Tenant is
composed of more than one party, each such party shall be jointly and severally
liable for Tenant's obligations under this Lease. All exhibits and attachments
attached hereto are incorporated herein by this reference. This Lease shall be
governed by and construed in accordance with the laws of the State of
California. In any action which Landlord or Tenant brings to enforce its
respective rights hereunder, the unsuccessful party shall pay all costs incurred
by the prevailing party, including without limitation, reasonable attorneys'
fees and court costs. Tenant shall not record this Lease or any Memorandum
hereof. TO THE MAXIMUM EXTENT PERMITTED BY LAW, LANDLORD AND TENANT EACH WAIVE
RIGHT TO TRIAL BY JURY IN ANY LITIGATION ARISING OUT OF OR WITH RESPECT TO THIS
LEASE. Submission of this Lease to Tenant does not constitute an option or offer
to lease and this Lease is not effective otherwise until execution and delivery
by both Landlord and Tenant. This Lease may be executed in any number of
counterparts, each of which shall be deemed an original. Time is of the essence
as to the performance of each covenant hereunder in which time of performance is
a factor.

22.  Addenda/Additional Provisions.
     -----------------------------

     22.1   Option to Renew.  Tenant shall, provided this Lease is in full force
and effect and Tenant is not and has not been in default under any of the terms
and conditions of this Lease, have two (2) successive option(s) to renew this
Lease for a term of five (5) years each, for the Premises in "as is" condition
and on the same terms and conditions set forth in this Lease, except as modified
by the terms, covenants and conditions set forth below:

     (a)    If Tenant elects to exercise such option, then Tenant shall provide
Landlord with written notice no earlier than the date which is 270 days prior to
the expiration of the then current Term of this Lease, but no later than 5:00
p.m. (Pacific Standard Time) on the date which is 180 days prior to the
expiration of the then current Term of this Lease. If Tenant fails to provide
such notice, Tenant shall have no further or additional right to extend or renew
the term of this Lease.

     (b)    The Base Rent in effect at the expiration of the then current term
of this Lease shall be increased to reflect ninety-five (95%) of the current
fair market rental for comparable space in the Building or Project and in other
similar buildings in the Corona, California rental market as of the date the
renewal term is to commence, taking into account the specific provisions of this
Lease which will remain constant, and the Building amenities, location,
identity, quality, age, conditions, term of lease, tenant improvements, services
provided, and other pertinent items over the term of this Lease.

     (c)    Landlord shall advise Tenant of the new Base Rent for the Premises
for the applicable renewal term which will be based on Landlord's reasonable
determination of fair market rental value, as well as additional terms and
conditions for the renewal term, no later than fifteen (15) days after receipt
of notice of Tenant's exercise of its option to renew. Tenant shall have forty-
five (45) days after receipt of such notification from Landlord to accept the
new Base Rent, terms and conditions. If Tenant does not accept Landlord's
determination of the new Base Rent, it shall be determined as described in
paragraph 22.1(h) below.

     (d)    Notwithstanding anything to the contrary contained in this
Paragraph, in no event shall the Base Rent for any renewal term be less than the
Base Rent in effect at the expiration of the previous term plus Operating
Expense escalations over the previous years. In addition, Landlord shall have no
obligation to provide or pay for any tenant improvements or brokerage
commissions during any renewal term.

     (e)    In the event that the first five (5) year option is exercised by
Tenant, Base Rent to increase by six percent (6%) over the prior months Base
Rent on June 1, 2013 and June 1, 2015. In the event that the second five (5)
year option is exercised by Tenant, then Base Rent to increase by six percent
(6%) over the prior months Base Rent on June 1, 2018; June 1, 2020.

     (f)    Tenant's right to exercise any option(s) to renew under this
Paragraph shall be conditioned upon Tenant occupying the entire Premises and the
same not being occupied by any assignee, subtenant or licensee other than Tenant
or its affiliate at the time of exercise of any option and commencement of the
renewal term. Tenant's exercise of any option to renew shall constitute a
representation by Tenant to Landlord that as of the date of exercise of the
option and the commencement of the applicable renewal term, Tenant does not
intend to seek to assign this Lease in whole or in part, or sublet all or any
portion of the Premises. This paragraph 22.1(f) shall not apply to any successor
bank by merger, consolidation, or other business combination.

     (g)    Any exercise by Tenant of any option to renew under this Paragraph
shall be irrevocable. If requested by Landlord, Tenant agrees to execute a lease
amendment or, at Landlord's option, a new lease agreement for the Building,
reflecting the foregoing terms and conditions, prior to the commencement of the
renewal term. The option(s) to renew granted under this Paragraph is/are not
transferable; the

Tenant initials___Landlord initials___

                                       31
<PAGE>

parties hereto acknowledge and agree that they intend that each option to renew
this Lease under this Paragraph shall be "personal" to the specific Tenant named
in this Lease and that in no event will any assignee or sublessee have any
rights to exercise such option(s) to renew; except that a successor bank by
merger, consolidation, or other business combination shall have the option(s) to
renew under this paragraph 22.1.

     (h)    On June 1, 2011 as to the first five year option and on June 1, 2016
as to the second five year option, the Base Rent shall be adjusted to the Market
Rental Value ("MRV") of the Premises as follows:
              (1)  Four months prior to each Market Rental Value Adjustment Date
                   described above, the Parties shall attempt to agree upon what
                   the new MRV will be on the adjustment date. If agreement
                   cannot be reached, within thirty (30) days, then:
                   (a)  Landlord and Tenant shall immediately appoint a mutually
                        acceptable appraiser or broker to establish the new MRV
                        within the next thirty (30) days. Any associated costs
                        will be split equally between the Parties, or
                   (b)  Both Landlord and Tenant shall each immediately make a
                        reasonable determination of the MRV and submit such
                        determination, in writing, to arbitration in accordance
                        with the following provisions:
                          i.    Within fifteen days thereafter, Landlord and
                          --
                                Tenant shall each select a broker ("Consultant")
                                of their choice to act as an arbitrator. The two
                                arbitrators so appointed shall immediately
                                select a third mutually acceptable Consultant to
                                act as a third arbitrator.
                          ii.   The three arbitrators shall within thirty (30)
                          ---
                                days of the appointment of the third arbitrator
                                reach a decision as to what the actual MRV for
                                the Premises is, and whether Landlord's or
                                Tenant's submitted MRV is the closest thereto.
                                The decision of a majority of the arbitrators
                                shall be binding on the Parties. The submitted
                                MRV which is determined to be the closest to the
                                actual MRV shall thereafter be used by the
                                Parties.
                          iii.  If either of the Parties fails to appoint an
                          ----
                                arbitrator within the specified fifteen (15)
                                days, the arbitrator timely appointed by one of
                                them shall reach a decision on his or her own,
                                and said decision shall be binding on the
                                Parties.
                          iv.   The entire cost of such arbitration shall be
                          ---
                                paid by the party whose submitted MRV is not
                                selected, ie, the one that is NOT the closest to
                                the actual MRV.
              2.   Notwithstanding the foregoing, the new MRV shall not be less
                   than the rent payable for the month immediately preceding the
                   rent adjustment.
            Upon the establishment of each New Market Rental Value:
                          i.    the new MRV will become the new "Base Rent" for
                                the purpose of calculating any further
                                Adjustments, and
                          ii.   the first month of each Market Rental Value term
                                shall become the new "Base Month" for the
                                purpose of calculating any further Adjustments.

     22.2   Signage.  Tenant shall, provided this Lease is in full force and
            -------
effect and Tenant is not, and has not been, in default under any of the Terms
and conditions of this Lease, Tenant shall be allowed to install one (1)
building face mounted sign, per code and requirements of the City of Corona, and
subject to Landlord's reasonable standards, and prior written approval. Tenant
signage shall be furnished and installed at Tenant's expense. Landlord may
request that any contractor installing such signage has appropriate insurance.
Landlord shall reasonably cooperate with Tenant in assisting Tenant in obtaining
any required governmental approvals, at no cost to Landlord. Any Tenant
installed signage will be mounted in such a way that it will not be intrusive on
any surface of the Building.

     22.3   Exclusive Bank in the Project.  Landlord represents and warrants
            -----------------------------
that it will not enter into a lease agreement with any other tenant, in which
the permitted use of any other tenant is a commercial bank branch in the
Project. This representation and warranty regarding a retail bank branch in the
Project, shall only apply to a commercial bank branch, it shall not apply to any
other potentially related financial services, including but not limited to,
insurance services, mortgage services, investment services, lending services,
and any other business enterprise which involves financial services, other than
a commercial bank branch.

     22.4   Tenant Improvement Credit.  Tenant shall be provided a Tenant
            -------------------------
Improvement Credit in an amount to be agreed upon prior to the Term Commencement
Date. The Tenant Improvement Credit shall be in an amount to compensate Tenant
for the cost and expense which Landlord would have incurred, had Landlord
improved the Premises with Tenant Improvements customary for general office and
administrative use. Pursuant to this Lease, Landlord shall deliver to Tenant the
Premises in a shell condition with no tenant improvements and Tenant shall build
out its own tenant improvements.

     22.5   Automatic Teller Machine/Depository.  Tenant may install one
automatic teller machine and one night depository

Tenant initials___Landlord initials___

                                       32
<PAGE>

(herinafter "ATM/Depository") at a location to be approved in writing by
Landlord. Tenant to pay all costs associated with the ATM/Depository, including
but not limited to, installation, maintenance, security, repair, and insurance.
Tenant agrees to indemnify Landlord for any costs, expenses, liability, claims,
and causes of action of every type, known and unknown, which arises out of, or
is in any way related to the installation, use, presence or operation of the
ATM/Depository. This right to install one ATM/Depository is personal to Tenant
and any successor bank (by merger, consolidation or similar business combination
between Tenant and another bank or financial institution) and Landlord shall be
entitled to charge a fee to any other occupant of the Premises (other than
Tenant or a successor bank) for such ATM/Depository.

     22.6   Occupancy Density.  The Occupancy Density in the Basic Lease
Information of four (4) persons per 1000 rentable square feet of Premises
applies to employees and representatives of Tenant who regularly work in the
Premises, it does not apply to customers and invitees of Tenant that enter the
Premises for periods of short duration to conduct business with Tenant. As to
the number of customers and invitees physically present in the Premises at any
time, Tenant shall comply with all applicable laws and regulations, including
but not limited to, City of Corona occupancy, fire and building codes and
regulations.

     22.7   Real Estate Tax Limitation on Sale of Project.  Notwithstanding
anything contained in this Lease, the Basic Lease Information, the Standard
Lease Provisions, or the Exhibits attached hereto to the contrary, real property
taxes as described in paragraph 3.2(b)(1) will not include any increases in real
property taxes due to the sale of the Building by Landlord during the first ten
(10) years of the term of this Lease. This limitation on increases in real
property taxes as a result of the sale of the Building is personal to Tenant and
any successor bank (by merger, consolidation or similar business combination
between Tenant and another bank or financial institution) and shall not be
assignable and shall not inure to the benefit of any assignee or subtenant. The
limitation on increases in real property taxes as a result of the sale of the
Building shall not apply to any renewal, extension, or option period under this
Lease, including but not limited to the Option to Renew described in paragraph
22.2.

                      [END OF STANDARD LEASE PROVISIONS]

                                   EXHIBIT A
                                   ---------

                             RULES AND REGULATIONS

1.   All approved signs or lettering on doors and walls shall be printed,
     painted, affixed or inscribed at the expense of Tenant by a person or
     vendor approved by Landlord and shall be removed by Tenant at the time of
     vacancy at Tenant's expense.

2.   The directory of the Building or Project will be provided exclusively for
     the display of the name and location of tenants only and Landlord reserves
     the right to charge for any out-of-pocket costs and expenses for the use
                         -----------------------------------------
     thereof and to exclude any other names therefrom.

3.   No curtains, draperies, blinds, shutters, screens or other coverings,
     awnings, hangings, or decorations shall be attached to, hung or placed in,
     or used in connection with, any window or door on the Premises without the
     prior written consent of Landlord. In any event with the prior written
     consent of Landlord, all such items shall be installed inboard of
     Landlord's standard window covering and shall in no way be visible from the
     exterior of the Building. All electrical ceiling fixtures hung in offices
     or spaces along the perimeter of the Building must be fluorescent or of a
     quality, type, design, and bulb color approved by Landlord. No articles
     shall be placed or kept on the window sills so as to be visible from the
     exterior of the Building. No articles shall be placed against glass
     partitions or doors which Landlord considers unsightly from outside
     Tenant's Premises.

4.   The Business Hours for the Building and the Project shall be from 7:00 a.m.
     to 7:00 p.m., Monday through Friday, excluding federal holidays and
     weekends. Landlord reserves the right to change the Business Hours for the
     Building and the Project as Landlord deems appropriate. Landlord reserves
     the right to exclude from the Building and the Project, between the hours
     of 7:00 p.m. and 7:00 a.m. and at all hours on Saturdays, Sundays and legal
     holidays ("Non-Business Hours"), all persons who are not tenants or their
     accompanied guests in the Building. Each tenant shall be responsible for
     all persons for whom it allows to enter the Building or the Project and
     shall be liable to Landlord for all acts of such persons.

     Landlord and its agents shall not be liable for damages for any error
     concerning the admission to, or exclusion from, the Building or the

Tenant initials___Landlord initials___

                                       33
<PAGE>

     Project of any person.

     During the continuance of any invasion, mob, riot, public excitement or
     other circumstance rendering such action advisable in Landlord's opinion,
     Landlord reserves the right (but shall not be obligated) to prevent access
     to the Building and the Project during the continuance of that event by any
     means it considers appropriate for the safety of tenants and protection of
     the Building, property in the Building and the Project.

     However, in the event any action by Landlord under this paragraph may cause
     Tenant to be in violation of any applicable law or regulation specific to
     its bank operations, then Tenant shall give Landlord written notice and
     shall therein specify what action creates this violation or potential
     violation and shall describe in detail what action Tenant requests that
     Landlord refrain from taking. In no event shall Landlord be obligated to
     review or investigate any laws or regulations which may apply to Tenant's
     bank operations, other than to review the actual text of any written notice
     described herein.

5.   All cleaning and janitorial services for the common areas of the Project
     (excluding the Premises and other tenant suites) shall be provided
     exclusively through Landlord. Tenant shall not cause any unnecessary labor
     by reason of Tenant's carelessness or indifference in the preservation of
     good order and cleanliness of its Premises. Landlord shall in no way be
     responsible to Tenant for any loss of property on the Premises, however
     occurring, or for any damage done to Tenant's property by the janitor or
     any other employee or any other person. All cleaning and janitorial
     services for the Premises shall be provided by Tenant at its sole cost and
     expense through a janitorial service or Tenant's employees ("Cleaning
     Personnel"). Cleaning Personnel shall enter the Building during Non-
     Business Hours only. Any janitorial service utilized by Tenant must first
     be approved by Landlord, in writing. Landlord may require the Tenant's
                                                                   --------
     janitorial service to provide evidence of insurance as Landlord deems
     reasonable.

6.   Tenant shall see that all doors of its Premises are closed and securely
     locked and must observe strict care and caution that all water faucets or
     water apparatus, coffee pots or other heat-generating devised are entirely
     shut off before Tenant or its employees leave the Premises, and that all
     utilities shall likewise be carefully shut off, so as to prevent waste or
     damage. Tenant shall be responsible for any damage or injuries sustained by
     other tenants or occupants of the Building or Project or by Landlord for
     noncompliance with this rule. On multiple-tenancy floors, all tenants shall
     keep the door or doors to the Building corridors closed at all times except
     for ingress and egress.

7.   Tenant shall not use any method of heating or air-conditioning other than
     that supplied by Landlord. Tenant shall not waste electricity, water or
     air-conditioning and agrees to cooperate fully with Landlord to assure the
     most effective operation of the Building's heating and air-conditioning,
     and shall refrain from attempting to adjust any controls other than room
     thermostats installed for Tenant's use.

8.   Landlord will furnish Tenant free of charge with two (2) keys to each door
     in the Premises.

9.   The restrooms, toilets, urinals, wash bowls and other apparatus shall not
     be used for any purpose other than that for which they were constructed and
     no foreign substance of any kind whatsoever shall be thrown into them. The
     expense of any breakage, stoppage, or damage resulting from violation of
     this rule shall be borne by the tenant who, or whose employees or invitees,
     shall have caused the breakage, stoppage, or damage.

10.  Tenant shall not use or keep in or on the Premises, the Building or the
     Project any kerosene, gasoline, or inflammable or combustible fluid or
     material.

11.  Tenant shall not use or keep in or on the Premises, the Building or the
     Project any foul or noxious gas or substance. Tenant shall not allow the
     Premises to be occupied or used in a manner offensive or objectionable to
     Landlord or other occupants of the Building by reason of noise, odors
     and/or vibrations or interfere in any way with other tenants or those
     having business therein, nor shall any animals or birds be brought or kept
     in or about the Premises, the Building, or the Project.

12.  No cooking shall be done or permitted by any tenant on the Premises, except
     that use by the tenant of Underwriters' Laboratory (UL) approved equipment,
     refrigerators, and microwave ovens may be used in the Premises for the
     preparation of coffee, tea, hot chocolate and similar beverages, storing
     and heating food for tenants and their employees shall be permitted. All
     uses must be in accordance with all applicable federal, state and city
     laws, codes, ordinances, rules and regulations and the Lease.

Tenant initials___Landlord initials___

                                       34
<PAGE>

13.  Except with the prior consent of Landlord, Tenant shall not sell, or permit
     the sale, at retail, of newspapers, magazines, periodicals, theater tickets
     or any other goods or merchandise in or on the Premises, nor shall Tenant
     carry on, or permit or allow any employee or other person to carry on, the
     business of stenography, typewriting or any similar business in or from the
     Premises for the service or accommodation of occupants of any other portion
     of the Building, nor shall the Premises be used for the storage of
     merchandise or for manufacturing of any kind, or the business of a public
     barber shop, beauty parlor, nor shall the Premises be used for any illegal,
     improper, immoral or objectionable purpose, or any business or activity
     other than that specifically provided for in such Tenant's Lease. Tenant
     shall not accept hairstyling, barbering, shoeshine, nail, massage or
     similar services in the Premises or common area except as authorized by
     Landlord.

14.  If Tenant requires telegraphic, telephonic, telecommunications, data
     processing, burglar alarm or similar services, it shall first obtain, and
     comply with, Landlord's instructions in their installation. The cost of
     purchasing, installation and maintenance of such services shall be borne
     solely by Tenant.

15.  Landlord will direct electricians as to where and how telephone, telegraph
     and electrical wires are to be introduced or installed. No boring or
     cutting for wires will be allowed without the prior written consent of
     Landlord. The location of burglar alarms, telephones, call boxes and other
     office equipment affixed to the Premises shall be subject to the prior
     written approval of Landlord.

16.  Tenant shall not install any radio or television antenna, satellite dish,
     loudspeaker or any other device on the exterior walls or the roof of the
     Building, without Landlord's written consent. Tenant shall not interfere
     with radio or television broadcasting or reception from or in the Building,
     the Project or elsewhere.

17.  Tenant shall not mark, or drive nails, screws or drill into the partitions,
     woodwork or drywall or in any way deface the Premises or any part thereof
     without Landlord's consent. Tenant may install nails and screws in areas of
     the Premises that have been identified for those purposes to Landlord by
     Tenant at the time those walls or partitions were installed in the
     Premises. Tenant shall not lay linoleum, tile, carpet or any other floor
     covering so that the same shall be affixed to the floor or its Premises in
     any manner except as approved in writing by Landlord. The expense of
     repairing any damage resulting from a violation of this rule or the removal
     of any floor covering shall be borne by the tenant by whom, or by whose
     contractors, employees or invitees, the damage shall have been caused.

18.  No furniture, freight, equipment, materials, supplies, packages,
     merchandise or other property will be received in the Building or carried
     up or down the elevators except between such hours and in such elevators as
     shall be designated by Landlord.

     Tenant shall not place a load upon any floor of its Premises which exceeds
     the load per square foot which such floor was designed to carry or which is
     allowed by law. Landlord shall have the right to prescribe the weight, size
     and position of all safes, furniture or other heavy equipment brought into
     the Building. Safes or other heavy objects shall, if considered necessary
     by Landlord, stand on wood strips of such thickness as determined by
     Landlord to be necessary to properly distribute the weight thereof.
     Landlord will not be responsible for loss of or damage to any such safe,
     equipment or property from any cause, and all damage done to the Building
     by moving or maintaining such safe, equipment or other property shall be
     repaired at the expense of Tenant.

     Business machines and mechanical equipment belonging to Tenant which cause
     noise or vibration that may be transmitted to the structure of the Building
     or to any space therein to such a degree as to be objectionable to Landlord
     or to any tenants in the Building shall be placed and maintained by Tenant,
     at Tenant's expense, on vibration eliminators or other devices sufficient
     to eliminate noise or vibration. The persons employed to move such
     equipment in or out of the Building must be acceptable to Landlord.

19.  Tenant shall not install, maintain or operate upon its Premises any vending
     machine without the written consent of Landlord.

20.  There shall not be used in any space, or in the public areas of the Project
     either by Tenant or others, any hand trucks except those equipped with
     rubber tires and side guards or such other material handling equipment as
     Landlord may approve. Tenants using hand trucks shall be required to use
     the freight elevator, or such elevator as Landlord shall designate. No
     other vehicles of any kind shall be brought by Tenant into or kept in or
     about its Premises.

21.  Each tenant shall store all its trash and garbage within the interior of
     the Premises. Tenant shall not place in the trash boxes or receptacles any
     personal trash or any material that may not or cannot be disposed of in the
     ordinary and customary manner of removing and disposing of trash and
     garbage in the city, without violation of any law or ordinance governing
     such disposal. All trash, garbage and refuse disposal shall be made only
     through entry-ways and elevators provided for such purposes and at such
     times as Landlord shall

Tenant initials___Landlord initials___

                                       35
<PAGE>

     designate. If the Building has implemented a building-wide recycling
     program for tenants, Tenant shall use good faith efforts to participate in
     said program.

22.  Canvassing, soliciting, distribution of handbills or any other written
     material and peddling in the Building and the Project are prohibited and
     each tenant shall cooperate to prevent the same. No tenant shall make room-
     to-room solicitation of business from other tenants in the Building or the
     Project, without the written consent of Landlord.

23.  Landlord shall have the right, exercisable without notice and without
     liability to any tenant, to change the name and address of the Building and
     the Project.

24.  Landlord reserves the right to exclude or expel from the Project any person
     who, in Landlord's judgment, is under the influence of alcohol or drugs or
     who commits any act in violation of any of these Rules and Regulations.

25.  Without the prior written consent of Landlord, which shall not be
     unreasonably withheld, Tenant shall not use the name of the Building or the
     Project or any photograph or other likeness of the Building or the Project
     in connection with, or in promoting or advertising, Tenant's business
     except that Tenant may include the Building's or Project's name in Tenant's
     address.

26.  Tenant shall comply with all safety, fire protection and evacuation
     procedures and regulations established by Landlord or any governmental
     agency.

27.  Tenant assumes any and all responsibility for protecting its Premises from
     theft, robbery and pilferage, which includes keeping doors locked and other
     means of entry to the Premises closed.

28.  The requirements of Tenant will be attended to only upon appropriate
     application at the office of the Building by an authorized individual.
     Employees of Landlord shall not perform any work or do anything outside of
     their regular duties unless under special instructions from Landlord, and
     no employees of Landlord will admit any person (tenant or otherwise) to any
     office without specific instructions from Landlord.

29.  Landlord reserves the right to designate the use of the parking spaces on
     the Project. Tenant or Tenant's guests shall park between designated
     parking lines only, and shall not occupy two parking spaces with one car.
     Parking spaces shall be for passenger vehicles only; no boats, trucks,
     trailers, recreational vehicles or other types of vehicles may be parked in
     the parking areas (except that trucks may be loaded and unloaded in
     designated loading areas). Vehicles in violation of the above shall be
     subject to tow-away, at vehicle owner's expense. Vehicles parked on the
     Project overnight without prior written consent of the Landlord shall be
     deemed abandoned and shall be subject to tow-away at vehicle owner's
     expense. No tenant of the Building shall park in visitor or reserved
     parking areas. Any tenant found parking in such designated visitor or
     reserved parking areas or unauthorized areas shall be subject to tow-away
     at vehicle owner's expense. The parking areas shall not be used to provide
     car wash, oil changes, detailing, automotive repair or other services
     unless otherwise approved or furnished by Landlord. Tenant will from time
     to time, upon the request of Landlord, supply Landlord with a list of
     license plate numbers of vehicles owned or operated by its employees or
     agents.

30.  No smoking of any kind shall be permitted anywhere within the Building,
     including, without limitation, the Premises and those areas immediately
     adjacent to the entrances and exits to the Building, or any other area as
     Landlord elects. Smoking in the Project is only permitted in smoking areas
     identified by Landlord, which may be relocated from time to time.

31.  If the Building furnishes common area conference rooms for tenant usage,
     Landlord shall have the right to control each tenant's usage of the
     conference rooms, including limiting tenant usage so that the rooms are
     equally available to all tenants in the Building. Any common area amenities
     or facilities shall be provided from time to time at Landlord's discretion.

32.  Tenant shall not swap or exchange building keys or cardkeys with other
     employees or tenants in the Building or the Project.

33.  Tenant shall be responsible for the observance of all of the foregoing
     Rules and Regulations by Tenant's employees, agents, clients, customers,
     invitees and guests.

34.  These Rules and Regulations are in addition to, and shall not be construed
     to in any way modify, alter or amend, in whole or in part, the

Tenant initials___Landlord initials___

                                       36
<PAGE>

     terms, covenants, agreements and conditions of any lease of any premises in
     the Project.

35.  Landlord may waive any one or more of these Rules and Regulations for the
     benefit of any particular tenant or tenants, but no such waiver by Landlord
     shall be construed as a waiver of such Rules and Regulations in favor of
     any other tenant or tenants, nor prevent Landlord from thereafter enforcing
     any such Rules and Regulations against any or all tenants of the Building.

36.  Landlord reserves the right to make such other and reasonable rules and
     regulations as in its judgment may from time to time be needed for safety
     and security, for care and cleanliness of the Building and the Project and
     for the preservation of good order therein. Tenant agrees to abide by all
     such Rules and Regulations herein stated and any additional rules and
     regulations which are adopted.

                                  EXHIBIT A-1
                                  -----------

                         PARKING RULES AND REGULATIONS

1.   Tenant and its employees and business invitees shall not park any vehicle
     in any stall designated for the exclusive use of any other person and
     Tenant further agrees to employ reasonable measures to assure that its
     employees do not park in any such stall. Tenant agrees to assume
     responsibility for compliance by its employees with all Parking Rules and
     for all losses (including the loss of parking entrance key-cards, if any)
     and other damages caused by Tenant or Tenant's agents, servants, employees,
     contractors, visitors or licensees occurring during or relating to any use
     of the Building's parking facilities. Tenant hereby authorizes Landlord to
     tow away from the Project or attach violation stickers, devices, or notices
     to any vehicle belonging to Tenant or its employees which Landlord in good
     faith determines is parked in violation of the Parking Rules. All costs of
     any such towing or violation device and all applicable violation fees shall
     be payable by Tenant immediately upon demand by Landlord and, at Landlord's
     option, such payment may be required prior to the release of the towed
     vehicle to its owner.

2.   A condition of any parking shall be compliance by the vehicle operator with
     all Parking Rules, including, without limitation, displaying any sticker or
     complying with any other identification system from time to time
     established by Landlord. Landlord expressly reserves the right to refuse to
     permit any person or vehicle in violation of the Parking Rules to enter or
     remain in the parking areas of the Project and to demand return therefrom
     of all parking stickers or other identification supplied by Landlord and
     Tenant hereby agrees to assist Landlord in enforcing all Parking Rules.

3.   In the event any surcharge, regulatory fee or parking tax is at any time
     imposed by any governmental authority, Tenant shall pay all amounts
     applicable to Tenant's parking privileges hereunder to Landlord either in
     advance on the first day of each calendar month concurrently with its
     Monthly Rental Installments or as otherwise billed from time to time by
     Landlord.

4.   Landlord shall not be responsible for enforcing Tenant's exclusive right to
     use any of its reserved parking stalls under the Lease, if any, nor shall
     Tenant have any right to impound, tow or impose any penalty on vehicles
     occupying such spaces.

5.   Landlord shall provide 23 unassigned, open, uncovered parking spaces and 2
     assigned parking spaces free of charge.

6.   Visitor and guest parking shall be within designated visitor parking areas
     established by Landlord.

7.   Cars must be parked entirely within painted stall lines. All directional
     signs and arrows must be observed. All posted speed limits for the parking
     areas shall be observed. If no speed limit is posted for an area, the speed
     limit shall be five (5) miles per hour. Handicap and visitor stalls shall
     be used by handicapped persons or visitors, as applicable.

8.   Parking is prohibited: (a) in areas not striped for parking; (b) in aisles;
     (c) where "no parking" signs are posted; (d) on ramps; (e) in cross hatched
     areas; and (f) in such other areas as may be designated by Landlord.

9.   Parking stickers or any other device or form of identification supplied by
     Landlord from time to time (if any) shall remain the property of Landlord.
     Such parking identification device must be displayed as requested and may
     not be mutilated in any manner. The serial number of the parking
     identification device may not be obliterated. Devices are not transferable
     and any holder in possession of any unauthorized device will be void. There
     will be a replacement charge payable by the parker and such parker's
     appropriate tenant equal

Tenant initials___Landlord initials___

                                       37
<PAGE>

     to the amount posted from time to time by Landlord for loss of any magnetic
     parking card or any parking sticker.

10.  Every parker is required to park and lock his or her own car.  All
     responsibility for damage to cars or persons is assumed by the parker.

11.  Loss or theft of parking identification devices (if issued by Landlord)
     must be reported to Landlord. Any parking identification devices reported
     lost or stolen found on any unauthorized car will be confiscated and the
     illegal holder will be subject to prosecution. Lost or stolen devices found
     by the parker must be reported to Landlord immediately to avoid confusion.

12.  Parking spaces are for the express purpose of parking one automobile per
     space. Washing, waxing, cleaning, or servicing of any vehicle by the parker
     and/or such person's agents is prohibited. The parking areas shall not be
     used for overnight or other storage for vehicles of any type.

13.  Landlord reserves the right to refuse the issuance of parking
     identification or access devices to any tenant and/or such tenant's agents
     or representatives who willfully refuse to comply with Parking Rules and/or
     all applicable governmental ordinances, laws, or agreements.

14.  Tenant shall acquaint its employees and visitors with the Parking Rules, as
     they may be in effect from time to time.

                                   EXHIBIT B
                                   ---------

                             IMPROVEMENT AGREEMENT

1.   In consideration of the mutual covenants contained in the Lease of which
     this Exhibit B is a part, Landlord agrees to perform the initial tenant
     improvement work in the Premises described in the Floor Plan Exhibit C and
     the Description of Improvements Exhibit D. ("Tenant Improvements"):

2.   All the Tenant Improvements described in Exhibits C and D shall be
     performed by Landlord at its cost and expense using Building Standard
     materials and in the Building Standard manner. As used herein, "Building
     Standard" shall mean the standards for a particular item selected from time
     to time by Landlord for the Building or such other standards as may be
     mutually agreed upon between Landlord and Tenant in writing.

3.   Without limiting the "as-is" provisions of the Lease, Tenant accepts the
     Premises in its "as-is" condition and acknowledges that Landlord has no
     obligation to make any changes or improvements to the Premises or to pay
     any costs expended or to be expended in connection with any such changes or
     improvements, other than the Tenant Improvements specified in Exhibit C and
     D.

4.   Tenant shall not perform any work in the Premises (including, without
     limitation, cabling, wiring, fixturization, painting, carpeting,
     replacements or repairs) except in accordance with Paragraphs 7.1 and 7.3
     of the Lease.

5.   Notwithstanding anything to the contrary, Landlord shall not provide any
                                                              ---
     Tenant Improvements.

                        [END OF IMPROVEMENT AGREEMENT]

                                   EXHIBIT C
                                   ---------

                                  FLOOR PLAN

                          391 Main Street, Suite 100
                              Corona, California

Exhibit C is intended only to show the general layout of the Premises as of the
beginning of the term of the Lease.  It does not in any way supersede any of
Landlord's rights with respect to arrangements and/or locations of public parts
of the Building and changes in such arrangement

Tenant initials___Landlord initials___

                                       38
<PAGE>

and/or locations. It is not to scale; any measurements or distances shown should
be taken as approximate.

                                   EXHIBIT D

                          DESCRIPTION OF IMPROVEMENTS
                          ---------------------------

     The following constitutes the Tenant Improvements ("Tenant Improvements")
     for the Premises:  NONE

                                   EXHIBIT E
                                   ---------

                              TENANT'S INSURANCE

Tenant shall, at Tenant's sole cost and expense, procure and keep in effect from
the date of this Lease and at all times until the end of the Term, the following
insurance coverage;

1.   Property Insurance.  Insurance on all personal property and fixtures of
     Tenant and all improvements made by or for Tenant to the Premises on an
     "All Risk" or "Special Form" basis, for the full replacement value of such
     property. Such insurance shall be endorsed to name Landlord, any Holder of
     a Security Instrument and any other party specified by Landlord as a loss
     payee.

2.   Liability Insurance.  Commercial General Liability insurance written on
     an ISO CG 00 01 10 93 or equivalent form, on an occurrence basis, with a
     per occurrence limit of at least $1,000,000, and a minimum general
     aggregate limit of at least $2,000,000, covering bodily injury and property
     damage liability occurring in or about the Premises or arising out of the
     use and occupancy of the Premises or the Project by Tenant or any Tenant
     Party. Such insurance shall include contractual liability coverage insuring
     Tenant's indemnity obligations under this Lease, and shall be endorsed to
     name Landlord, any Holder of a Security Instrument and any other party
     specified by Landlord as an additional insured with regard to liability
     arising out of the ownership, maintenance or use of the Premises.

3.   Worker's Compensation and Employer's Liability Insurance.  (a) Worker's
     Compensation Insurance as required by any Regulation, and (b) Employer's
     Liability Insurance in amounts not less than $1,000,000 each accident for
     bodily injury by accident and for bodily injury by disease, and for each
     employee for bodily injury by disease.

4.   Commercial Auto Liability Insurance.  Commercial auto liability insurance
     with a combined limit of not less than One Million Dollars ($1,000,000) for
     bodily injury and property damage for each accident. Such insurance shall
     cover liability relating to any auto (including owned, hired and non-owned
     autos).

5.   Alterations Requirements.  In the event Tenant shall desire to perform any
     Alterations, Tenant shall deliver to Landlord, prior to commencing such
     Alterations (i) evidence satisfactory to Landlord that Tenant carries
     "Builder's Risk" insurance covering construction of such Alterations in an
     amount and form approved by Landlord, (ii) such other insurance as Landlord
     shall reasonably require, and (iii) a lien and completion bond or other
     security in form and amount satisfactory to Landlord.

6.   General Insurance Requirements.  All coverages described in this Exhibit E
                                                                      ---------
     shall be endorsed to (i) provide Landlord with thirty (30) days' notice of
     cancellation or change in terms; (ii) waive all rights of subrogation by
     the insurance carrier against Landlord; and (iii) be primary and non-
     contributing with Landlord's insurance.  If at any time during the Term the
     amount or coverage of insurance which Tenant is required to carry under
     this Exhibit E is, in Landlord's reasonable judgment, materially less than
          ---------
     the amount or type of insurance coverage typically carried by owners or
     tenants of properties located in the general area in which the Premises are
     located which are similar to and operated for similar purposes as the
     Premises or if Tenant's use of the Premises should change with or without
     Landlord's consent, Landlord shall have the right to require Tenant to
     increase the amount or change the types of insurance coverage required
     under this EXHIBIT E.  All insurance policies required to be carried by
                ---------
     Tenant under this Lease shall be written by companies

Tenant initials___Landlord initials___

                                       39
<PAGE>

     rated AVII or better in "Best's Insurance Guide" and authorized to do
     business in the State of California. Deductible amounts under all insurance
     policies required to be carried by Tenant under this Lease shall not exceed
     $10,000 per occurrence. Tenant shall deliver to Landlord on or before the
     Term Commencement Date, and thereafter at least thirty (30) days before the
     expiration dates of the expired policies, certified copies of Tenant's
     insurance policies, or a certificate evidencing the same issued by the
     insurer thereunder, and, if Tenant shall fail to procure such insurance, or
     to deliver such policies or certificates, Landlord may, at Landlord's
     option and in addition to Landlord's other remedies in the event of a
     default by Tenant under the Lease, procure the same for the account of
     Tenant, and the cost thereof (with interest thereon at the Default Rate)
     shall be paid to Landlord as Additional Rent.

                    [END OF TENANT'S INSURANCE - EXHIBIT E]

Tenant initials___Landlord initials___

                                       40EXECUTION COPY

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

                        RESIDENTIAL ACCREDIT LOANS, INC.,

                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,

                                Master Servicer,

                                       and

                             BANKERS TRUST COMPANY,

                                     Trustee

                               SERIES SUPPLEMENT,

                           DATED AS OF APRIL 1, 2001,

                                       TO

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

                 Mortgage Asset-Backed Pass-Through Certificates

                                 Series 2001-QS4

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

<PAGE>

<TABLE>
<CAPTION>

<S>                                                                                        <C>
Article I    DEFINITIONS....................................................................3

        Section 1.01.  Definitions..........................................................3

        Section 1.02.  Use of Words and Phrases............................................13

Article II   CONVEYANCE OF MORTGAGE LOANS; ORIGINAL

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

        Section 2.01.  Conveyance of Mortgage Loans.

                      (See Section 2.01 of the Standard Terms).............................14

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

        Section 2.03.  Representations, Warranties and Covenants of the

                      Master Servicer and the Company......................................14

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

        Section 2.05. Execution and Authentication of Certificates/Issuance of
                      Certificates Evidencing Interests in REMIC I Certificates............17

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular
                      Interests; Acceptance by the Trustee.................................17

        Section 2.07. Issuance of Certificates Evidencing Interest in REMIC II.............17

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

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

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

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

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

        Section 4.03. Statements to Certificateholders.  (See Section 4.03 of the
                      Standard Terms and Exhibit Three attached hereto)....................26

        Section 4.04. Distribution of Reports to the Trustee and the Company;
                      Advances by the Master Servicer. (See Section 4.04 of the
                      Standard Terms)......................................................26

        Section 4.05. Allocation of Realized Losses. ......................................26

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

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

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

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

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

                                        i
<PAGE>

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

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

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

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

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

        Section 10.03.Designation of REMICs................................................34

        Section 10.04.Distributions on the Uncertificated REMIC I and REMIC II
                      Regular Interests....................................................34

        Section 10.05.Compliance with Withholding Requirements.............................36

Article XI   MISCELLANEOUS PROVISIONS......................................................37

        Section 11.01.Amendment.  (See Section 11.01 of the Standard Terms)................37

        Section 11.02.Recordation of Agreement;  Counterparts.  (See Section 11.02 of
                      the Standard Terms)..................................................37

        Section 11.03.Limitation on Rights of Certificateholders.  (See Section 11.03
                      of the Standard Terms)...............................................37

        Section 11.04.Governing Laws.  (See Section 11.04 of the Standard Terms)...........37

        Section 11.05.Notices..............................................................37

        Section 11.06.Required Notices to Rating Agency and Subservicer.  (See
                      Section 11.06 of the Standard Terms).................................38

        Section 11.07.Severability of Provisions. (See Section 11.07 of the Standard
                      Terms)...............................................................38

        Section 11.08.Supplemental Provisions for Resecuritization.  (See Section
                      11.08 of the Standard Terms).........................................38

        Section 11.09.Allocation of Voting Rights..........................................38

        Section 11.10.No Petition..........................................................38

</TABLE>
                           ii
<PAGE>

                                    EXHIBITS

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

                                        iii

<PAGE>

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

                             PRELIMINARY STATEMENT:

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

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

                                       1
<PAGE>

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

                               AGGREGATE
                                INITIAL                                         STANDARD &
                              CERTIFICATE                                        POOR'S/
               PASS-THROUGH    PRINCIPAL                        MATURITY       ------------     MINIMUM
 DESIGNATION      RATE         BALANCE       FEATURES(1)            DATE            FITCH      DENOMINATIONS(2)
                                      -
<S>     <C>       <C>       <C>                                    <C> <C>                     <C>
Class A-1         6.50%     $88,840,000.00      Senior       April 25, 2031      AAA/AAA       $25,000.00
Class A-1A        7.00%              $0.00(3)Senior/Interest April 25, 2031      AAA/AAA     $2,000,000.00
                                                 Only
Class A-2         7.00%     $75,000,000.00      Senior       April 25, 2031      AAA/AAA       $25,000.00
Class A-3         7.00%     $15,000,000.00   Senior/Retail   April 25, 2031      AAA/AAA       $1,000.00
Class A-4         7.00%     $21,400,000.00   Senior/Lockout  April 25, 2031      AAA/AAA       $25,000.00
Class A-P         0.00%         $58,918.18     Principal     April 25, 2031      AAA/AAA       $25,000.00
                                              Only/Senior
Class A-V       Variable             $0.00     Variable      April 25, 2031      AAA/AAA     (5)
               Rate(4)                         Strip/Senior
Class R-I         7.00%            $100.00   Residual/Senior April 25, 2031      AAA/AAA     (6)
Class R-II        7.00%            $100.00   Residual/Senior April 25, 2031      AAA/AAA           (6)
Class M-1         7.00%      $6,962,400.00     Mezzanine     April 25, 2031       NA/AA        $25,000.00
Class M-2         7.00%      $2,356,500.00     Mezzanine     April 25, 2031        NA/A       $250,000.00
Class M-3         7.00%      $2,249,300.00     Mezzanine     April 25, 2031       NA/BBB      $250,000.00
Class B-1         7.00%        $964,000.00     Subordinate   April 25, 2031       NA/BB       $250,000.00
Class B-2         7.00%        $642,700.00     Subordinate   April 25, 2031        NA/B       $250,000.00
Class B-3         7.00%        $749,829.79     Subordinate   April 25, 2031       NA/NA       $250,000.00

</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $214,223,847.97.

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

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

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

3    As of any date of  determination,  the  notional  amount of the Class  A-1A
     Certificates  will  be  equal  to  1/14th  multiplied  by  the  Certificate
     Principal  Balance of the Class A-1 Certificates  immediately prior to that
     date.

4    The Initial Pass-Through Rate on the Class A-V Certificates is 0.8232%.

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

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

                                       2
<PAGE>

                                    ARTICLE I
                                   DEFINITIONS

Section 1.01...Definitions.

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

        Bankruptcy  Amount:  As of any date of determination  prior to the first
anniversary  of the Cut-off Date, an amount equal to the excess,  if any, of (A)
$146,700 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

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

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

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

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

        The  Bankruptcy  Amount  may be further  reduced by the Master  Servicer
(including  accelerating the manner in which such coverage is reduced)  provided
that prior to any such  reduction,  the Master Servicer shall (i) obtain written
confirmation  from each Rating Agency that such  reduction  shall not reduce the
rating  assigned to any Class of  Certificates  by such Rating  Agency below the

                                       3
<PAGE>

lower of the then-current  rating or the rating assigned to such Certificates as
of the  Closing  Date by such  Rating  Agency  and (ii)  provide  a copy of such
written confirmation to the Trustee.

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

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled "Bankers Trust Company, as trustee, in trust for the registered holders
of  Residential  Accredit  Loans,  Inc.,  Mortgage   Asset-Backed   Pass-Through
Certificates, Series 2001-QS4" and which must be an Eligible Account.

        Certificate Policy:  None.

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

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

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

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

        Closing Date:  April 27, 2001.

     Corporate Trust Office: The principal office of the Trustee at which at any
particular  time its corporate  trust  business  with respect to this  Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument  is  located at 1761 East St.  Andrew  Place,  Santa Ana,  California
92705-4934, Attention: Residential Funding Corporation Series 2001-QS4.

        Cut-off Date:  April 1, 2001.

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

        Discount Net Mortgage Rate:  7.00% per annum.

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

                                       4
<PAGE>

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

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date, an amount equal to: (X) prior to the first anniversary of the Cut-off Date
an amount equal to 2.00% of the aggregate  outstanding  principal balance of all
of the Mortgage Loans as of the Cut-off Date minus the aggregate amount of Fraud
Losses  allocated  solely to one or more  specific  Classes of  Certificates  in
accordance with Section 4.05 of this Series Supplement since the Cut-off Date up
to such date of determination and (Y) from the first to the fifth anniversary of
the Cut-off Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount
as of the most  recent  anniversary  of the  Cut-off  Date and (b)  1.00% of the
aggregate  outstanding  principal balance of all of the Mortgage Loans as of the
most recent  anniversary  of the Cut-off Date minus (2) the aggregate  amount of
Fraud Losses allocated solely to one or more specific Classes of Certificates in
accordance  with Section 4.05 since the most recent  anniversary  of the Cut-off
Date up to such date of determination. On and after the fifth anniversary of the
Cut-off Date, the Fraud Loss Amount shall be zero.

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

        Initial Monthly Payment Fund: $12,014,  representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
on May 1,  2001,  for those  Mortgage  Loans for which the  Trustee  will not be
entitled to receive such payment.

        Initial  Notional Amount:  With respect to the Class A-1A  Certificates,
$6,345,714.  With  respect to the Class A-V  Certificates  or  Subclass  thereof
issued pursuant to Section 5.01(c), the aggregate Cut-off Date Principal Balance
of the  Mortgage  Loans  corresponding  to the  Uncertificated  REMIC I  Regular
Interests Z represented by such Class or Subclass on such date.

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

        Class M-1:  3.25%           Class B-1:  0.45%
        Class M-2:  1.10%           Class B-2:  0.30%
        Class M-3:  1.05%           Class B-3:  0.35%

                                       5
<PAGE>

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

     Interest Only Certificates: Any one of the Class A-1A Certificates or Class
A-V  Certificates.  The  Interest  Only  Certificates  will have no  Certificate
Principal Balance.

        Lockout Certificates:  Any one of the Class A-4 Certificates.

        Lockout  Percentage:  For any  Distribution  Date occurring prior to the
Distribution  Date in May  2006  will  be 0%,  and  for  any  Distribution  Date
thereafter  will be as follows:  30% for any  Distribution  Date on or after May
2006 and prior to May 2007; 40% for any  Distribution  Date on or after May 2007
and prior to May 2008;  60% for any  Distribution  Date on or after May 2008 and
prior to May 2009; 80% for any Distribution  Date on or after May 2009 and prior
to May 2010; and 100% for any Distribution Date thereafter.

     Maturity Date: April 25, 2031, the Distribution Date immediately  following
the latest scheduled maturity date of any Mortgage Loan.

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

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

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

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

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

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

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

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

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

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

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

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

                                       6
<PAGE>

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

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

        Notional Amount:  As of any  Distribution  Date, (i) with respect to the
Class A-1A Certificates, an amount equal to 1/14th multiplied by the Certificate
Principal Balance of the Class A-1 Certificates  immediately prior to such date,
and (ii) with respect to any Class A-V  Certificates or Subclass  thereof issued
pursuant to Section  5.01(c),  the  aggregate  Stated  Principal  Balance of the
Mortgage Loans  corresponding to the Uncertificated  REMIC I Regular Interests Z
represented by such Class or Subclass immediately prior to such date.

        Pass-Through Rate: With respect to the Senior  Certificates  (other than
the Class A-1A Certificates, Class A-V Certificates and Class A-P Certificates),
Class M Certificates and Class B Certificates and any Distribution Date, the per
annum rates set forth in the Preliminary  Statement hereto.  With respect to the
Class A-V  Certificates  (other than any Subclass  thereof) and any Distribution
Date, a rate equal to the weighted  average,  expressed as a percentage,  of the
Pool Strip  Rates of all  Mortgage  Loans as of the Due Date in the  related Due
Period,  weighted on the basis of the respective  Stated  Principal  Balances of
such Mortgage Loans as of the day immediately  preceding such  Distribution Date
(or, with respect to the initial  Distribution Date, at the close of business on
the Cut-off Date).  With respect to the Class A-V  Certificates  and the initial
Distribution  Date the  Pass-Through  Rate is equal to 0.8232%  per annum.  With
respect to any Subclass of Class A-V Certificates  and any Distribution  Date, a
rate equal to the weighted average, expressed as a percentage, of the Pool Strip
Rates of all Mortgage Loans corresponding to the Uncertificated  REMIC I Regular
Interests Z  represented  by such Subclass as of the Due Date in the related Due
Period,  weighted on the basis of the respective  Stated  Principal  Balances of
such Mortgage Loans as of the day immediately  preceding such  Distribution Date
(or with respect to the initial  Distribution  Date, at the close of business on
the Cut-off Date). The Principal Only Certificates have no Pass-Through Rate and
are not entitled to Accrued Certificate Interest.

        Prepayment  Assumption:   The  prepayment  assumption  to  be  used  for
determining  the  accrual of  original  issue  discount  and  premium and market
discount on the  Certificates  for federal income tax purposes,  which assumes a
constant prepayment rate of 16% per annum.

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

        (i)    For any Distribution  Date prior to the Distribution  Date in May
               2006  (unless the  Certificate  Principal  Balances of the Senior
               Certificates  (other than the Class A-P Certificates),  have been
               reduced to zero), 0%.

        (ii)   For any  Distribution  Date not  discussed in clause (i) above on
               which any Class of Subordinate Certificates are outstanding:

                                       7
<PAGE>

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

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

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

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

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

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

                                       8
<PAGE>

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

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

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

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

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

        REMIC I Certificates:  The Class R-I Certificates.

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

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

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

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

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

                                       9
<PAGE>

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$2,142,238  minus the sum of (i) the aggregate  amount of Special  Hazard Losses
allocated  solely to one or more specific  Classes of Certificates in accordance
with Section 4.05 of this Series  Supplement and (ii) the Adjustment  Amount (as
defined below) as most recently calculated.  For each anniversary of the Cut-off
Date, the Adjustment  Amount shall be equal to the amount,  if any, by which the
amount  calculated in accordance  with the preceding  sentence  (without  giving
effect to the deduction of the Adjustment Amount for such  anniversary)  exceeds
the greater of (A) the greatest of (i) twice the outstanding  principal  balance
of the  Mortgage  Loan in the  Trust  Fund  which  has the  largest  outstanding
principal   balance  on  the  Distribution   Date  immediately   preceding  such
anniversary,  (ii) the product of 1.00% multiplied by the outstanding  principal
balance of all Mortgage Loans on the  Distribution  Date  immediately  preceding
such anniversary and (iii) the aggregate  outstanding  principal  balance (as of
the immediately preceding Distribution Date) of the Mortgage Loans in any single
five-digit California zip code area with the largest amount of Mortgage Loans by
aggregate  principal  balance as of such  anniversary and (B) the greater of (i)
the product of 0.50%  multiplied  by the  outstanding  principal  balance of all
Mortgage Loans on the Distribution  Date immediately  preceding such anniversary
multiplied  by a  fraction,  the  numerator  of which is equal to the  aggregate
outstanding  principal  balance (as of the  immediately  preceding  Distribution
Date) of all of the Mortgage  Loans secured by Mortgaged  Properties  located in
the State of California divided by the aggregate  outstanding  principal balance
(as of the  immediately  preceding  Distribution  Date)  of all of the  Mortgage
Loans,  expressed  as a  percentage,  and the  denominator  of which is equal to
28.98%  (which  percentage  is  equal to the  percentage  of  Mortgage  Loans by
aggregate principal balance initially secured by Mortgaged Properties located in
the State of California) and (ii) the aggregate  outstanding  principal  balance
(as of the immediately preceding Distribution Date) of the largest Mortgage Loan
secured by a Mortgaged  Property (or, with respect to a  Cooperative  Loan,  the
related Cooperative Apartment) located in the State of California.

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

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the  aggregate  of the  amounts  calculated  (without  giving  effect to the
related Senior  Percentages) for such  Distribution  Date under clauses (1), (2)
and (3) of Section 4.02(a)(ii)(Y)(A); (ii) such Class's pro rata share, based on
the Certificate Principal Balance of each Class of Subordinate Certificates then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)   (without   giving   effect  to  the  Senior   Accelerated
Distribution  Percentage)  to the  extent  such  collections  are not  otherwise
distributed  to the Senior  Certificates;  (iii) the  product of (x) the related
Prepayment  Distribution  Percentage  and (y)  the  aggregate  of all  Principal
Prepayments in Full received in the related  Prepayment  Period and Curtailments
received in the  preceding  calendar  month  (other  than the  related  Discount
Fraction of such Principal  Prepayments in Full and Curtailments with respect to

                                       10
<PAGE>

a Discount Mortgage Loan) to the extent not payable to the Senior  Certificates;
(iv) if such Class is the Class of  Subordinate  Certificates  with the  Highest
Priority,  any Excess  Subordinate  Principal Amount for such Distribution Date;
and (v) any amounts  described in clauses (i), (ii) and (iii) as determined  for
any previous  Distribution  Date, that remain  undistributed  to the extent that
such amounts are not  attributable  to Realized Losses which have been allocated
to a Class of  Subordinate  Certificates  minus (b) with respect to the Class of
Subordinate  Certificates  with the  Lowest  Priority,  any  Excess  Subordinate
Principal  Amount  for  such  Distribution  Date;  provided,  however,  that the
Subordinate   Principal   Distribution  Amount  for  any  Class  of  Subordinate
Certificates on any  Distribution  Date shall in no event exceed the outstanding
Certificate Principal Balance of such Class of Certificates immediately prior to
such date.

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

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

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

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

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

                                       11
<PAGE>

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

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

 Uncertificated REMIC   Related Classes of Certificates   Pass-Through Rate   Initial Principal
  I Regular Interest                                                               Balance

<S>                             <C>        <C>            <C>                 <C>
          W             Class A-1, Class A-1A             7.00%               $  88,840,000.00

          X             Class A-P                         0.00%               $      58,918.18

          Y             Class A-2, Class A-3, Class       7.00%               $ 125,324,829.79
                        A-4, Class R-II, Class M-1,
                        Class M-2, Class M-3, Class
                        B-1, Class B-2, Class B-3
</TABLE>

        Uncertificated   REMIC  I  Regular   Interests  Z:  Each  of  the  1,130
uncertificated  partial undivided  beneficial  ownership  interests in the Trust
Fund,  numbered  sequentially  from 1 to 1,130,  each relating to the particular
Mortgage  Loan  identified  by  such  sequential  number  on the  Mortgage  Loan
Schedule,  each having no principal  balance,  and each bearing  interest at the
respective  Pool  Strip  Rate on the Stated  Principal  Balance  of the  related
Mortgage Loan.

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

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

        Uncertificated   REMIC  II  Regular  Interests  Z:  Each  of  the  1,130
uncertificated  partial  undivided  beneficial  ownership  interests in REMIC II
numbered  sequentially  from 1 through  1,130 each  relating to the  identically
numbered  Uncertificated  REMIC I Regular  Interests Z, each having no principal
balance and bearing  interest at a rate equal to the related  Pool Strip Rate on
the Stated  Principal  Balance of the Mortgage  Loan related to the  identically
numbered   Uncertificated   REMIC  I  Regular   Interests  Z,   comprising  such
Uncertificated  REMIC  II  Regular  Interest's  pro  rata  share  of the  amount
distributed pursuant to Sections 10.04(a).

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

                                       12
<PAGE>

     Underwriters:  With  respect to the Class A  Certificates  (other  than the
Class A-P  Certificates  and Class A-V  Certificates)  and Class R  Certificates
(other  than a  Percentage  Interest  representing  0.01% of each of the Class R
Certificates),   Salomon   Smith  Barney  Inc.  With  respect  to  the  Class  M
Certificates, Bear, Stearns & Co. Inc.

Section 1.02    .Use of Words and Phrases.

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

                                       13
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

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

(iv) To the best of the Company's knowledge, except with respect to two Mortgage
     Loans  representing  approximately  0.3% of the Mortgage Loans by aggregate
     Stated  Principal  Balance,  if a Mortgage  Loan is secured by a  Mortgaged
     Property with a  Loan-to-Value  Ratio at origination in excess of 80%, such
     Mortgage Loan is the subject of a Primary Insurance Policy that insures (a)
     at least  30% of the  Stated  Principal  Balance  of the  Mortgage  Loan at
     origination if the Loan-to-Value Ratio is between 95.00% and 90.01%, (b) at
     least 25% of such balance if the Loan-to-Value  Ratio is between 90.00% and
     85.01% and (c) at least 12% of such balance if the  Loan-to-Value  Ratio is
     between  85.00% and 80.01%.  To the best of the Company's  knowledge,  each
     such Primary  Insurance  Policy is in full force and effect and the Trustee
     is entitled to the benefits thereunder;

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

                                       14
<PAGE>

(vi)    No more than 0.6% of the Mortgage  Loans by aggregate  Stated  Principal
        Balance  as of the  Cut-off  Date are  secured by  Mortgaged  Properties
        located in any one zip code area in California  and no more than 0.8% of
        the  Mortgage  Loans by  aggregate  Stated  Principal  Balance as of the
        Cut-off Date are secured by Mortgaged  Properties located in any one zip
        code area outside California;

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

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

(ix)    Approximately 52.66% of the Mortgage Loans by aggregate Stated Principal
        Balance as of the Cut-off  Date were  underwritten  under a reduced loan
        documentation  program,  approximately  16.79% of the Mortgage  Loans by
        aggregate  Stated  Principal   Balance  as  of  the  Cut-off  Date  were
        underwritten under a no-stated income program,  and approximately  1.26%
        of the Mortgage Loans by aggregate  Stated  Principal  Balance as of the
        Cut-off Date were underwritten under a no income/no asset program;

(x)     Except with respect to  approximately  22.13% of the  Mortgage  Loans by
        aggregate Stated Principal Balance as of the Cut-off Date, the Mortgagor
        represented in its loan application with respect to the related Mortgage
        Loan that the Mortgaged Property would be owner-occupied;

(xi)    None of the Mortgage Loans is a Buy-Down Mortgage Loan;

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

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

(xiv)   None of the  Mortgage  Loans is a  Cooperative  Loan;  with respect to a
        Mortgage Loan that is a Cooperative  Loan, the Cooperative Stock that is
        pledged  as  security  for the  Mortgage  Loan is held by a person  as a
        tenant-stockholder  (as  defined  in  Section  216  of  the  Code)  in a
        cooperative housing corporation (as defined in Section 216 of the Code);

                                       15
<PAGE>

(xv) With  respect  to each  Mortgage  Loan  originated  under  a  "streamlined"
     Mortgage  Loan  program  (through  which no new or  updated  appraisals  of
     Mortgaged  Properties  are  obtained  in  connection  with the  refinancing
     thereof),  the related Seller has represented  that either (a) the value of
     the  related  Mortgaged  Property  as of the  date  the  Mortgage  Loan was
     originated  was not less than the  appraised  value of such property at the
     time  of  origination   of  the   refinanced   Mortgage  Loan  or  (b)  the
     Loan-to-Value  Ratio of the Mortgage Loan as of the date of  origination of
     the Mortgage Loan generally meets the Company's underwriting guidelines;

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

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

(xviii) None of the Mortgage Loans by aggregate Stated  Principal  Balance as of
        the Cut-off Date will have been made to International  Borrowers, and no
        such  Mortgagor  is  a  member  of a  foreign  diplomatic  mission  with
        diplomatic rank;

(xix)   No Mortgage  Loan provides for payments that are subject to reduction by
        withholding  taxes levied by any foreign  (non-United  States) sovereign
        government; and

(xx) None of the Mortgage Loans are Additional  Collateral Loans and none of the
     Mortgage Loans are Pledged Asset Loans.

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

        Upon discovery by any of the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any of the  representations  and  warranties set
forth  in this  Section  2.03(b)  that  materially  and  adversely  affects  the
interests of the  Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties (any Custodian
being so obligated under a Custodial Agreement);  provided, however, that in the
event of a breach  of the  representation  and  warranty  set  forth in  Section
2.03(b)(xii),  the party  discovering  such breach shall give such notice within
five days of discovery. Within 90 days of its discovery or its receipt of notice
of  breach,  the  Company  shall  either  (i) cure such  breach in all  material
respects or (ii) purchase such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section  2.02;  provided  that the  Company
shall have the option to  substitute  a Qualified  Substitute  Mortgage  Loan or
Loans  for such  Mortgage  Loan if such  substitution  occurs  within  two years
following the Closing Date;  provided that if the omission or defect would cause
the Mortgage Loan to be other than a "qualified  mortgage" as defined in Section
860G(a)(3) of the Code,  any such cure or  repurchase  must occur within 90 days
from the date  such  breach  was  discovered.  Any  such  substitution  shall be
effected  by the  Company  under the same terms and  conditions  as  provided in
Section 2.04 for  substitutions  by  Residential  Funding.  It is understood and

                                       16
<PAGE>

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

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

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

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

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

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

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

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

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

                                       17
<PAGE>

                                  ARTICLE III

                          ADMINISTRATION AND SERVICING

                               OF MORTGAGE LOANS

                     (SEE ARTICLE III OF THE STANDARD TERMS)

                                       18
<PAGE>

                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

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

Section 4.02.  Distributions.

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

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

               (ii) (X) to the Class A-P  Certificates,  the Class A-P Principal
          Distribution Amount; and

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

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

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

                                       19
<PAGE>

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

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

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

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

                                       20
<PAGE>

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

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

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

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

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

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

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

               (vii) to the  Holders  of the Class M-2  Certificates,  an amount
        equal to (x) the  Subordinate  Principal  Distribution  Amount  for such
        Class of Certificates for such  Distribution  Date, minus (y) the amount
        of any Class A-P  Collection  Shortfalls for such  Distribution  Date or
        remaining unpaid for all previous  Distribution Dates, to the extent the
        amounts available pursuant to clause (x) of Sections 4.02(a) (ix), (xi),

                                       21
<PAGE>

        (xiii), (xiv) and (xv) are insufficient  therefor,  applied in reduction
        of the Certificate Principal Balance of the Class M-2 Certificates;

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

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

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

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

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

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

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

                                       22
<PAGE>

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

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

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

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

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

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

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

                                       23
<PAGE>

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

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

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

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

     (ii) second, the Senior Principal  Distribution Amount shall be distributed
as follows:

                      (A) first,  sequentially to the Class R-I Certificates and
               Class R-II  Certificates,  in that order,  in each case until the
               Certificate Principal Balance thereof has been reduced to zero;

                      (B)  second,  to the  Lockout  Certificates,  the  Lockout
               Percentage of the Lockout  Certificates' pro rata share (based on
               the  Certificate   Principal  Balance  thereof  relative  to  the
               aggregate  Certificate Principal Balance of all classes of Senior
               Certificates (other than the Principal Only Certificates)) of the
               Senior  Principal  Distribution  Amount,  until  the  Certificate
               Principal Balance thereof has been reduced to zero;

                      (C) third,  an amount equal to  $1,050,000,  to the extent
               available,  to the Class A-1 Certificates,  until the Certificate
               Principal Balance thereof has been reduced to zero; and

                                       24
<PAGE>

                      (D)  fourth,  sequentially  to the Class  A-2,  Class A-1,
               Class A-3,  and Class A-4  Certificates,  in that order,  in each
               case until the Certificate  Principal  Balances thereof have been
               reduced to zero.

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

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

(e) In addition to the  foregoing  distributions,  with  respect to any Mortgage
Loan that was previously the subject of a Cash Liquidation or an REO Disposition
that resulted in a Realized Loss, in the event that within two years of the date
on which such Realized Loss was determined to have occurred the Master  Servicer
receives  amounts,  which the Master Servicer  reasonably  believes to represent
subsequent recoveries (net of any related liquidation  expenses),  or determines
that it holds surplus amounts previously  reserved to cover estimated  expenses,
specifically  related to such  Mortgage  Loan  (including,  but not  limited to,
recoveries in respect of the  representations and warranties made by the related
Seller pursuant to the applicable Seller's Agreement and assigned to the Trustee
pursuant to Section 2.04),  the Master Servicer shall distribute such amounts to
the applicable Certificateholders of the Class or Classes to which such Realized
Loss was  allocated  (with the amounts to be  distributed  allocated  among such
Classes in the same proportions as such Realized Loss was allocated), and within
each  such  Class to the  Certificateholders  of record  as of the  Record  Date
immediately  preceding  the  date of such  distribution  (or if  such  Class  of
Certificates is no longer outstanding,  to the  Certificateholders  of record at
the  time  that  such  Realized  Loss  was  allocated);  provided  that  no such
distribution to any Class of Certificates of subsequent  recoveries related to a
Mortgage Loan shall exceed, either individually or in the aggregate and together
with any other amounts paid in reimbursement therefor, the amount of the related
Realized Loss that was allocated to such Class of Certificates.  Notwithstanding
the  foregoing,  no  such  distribution  shall  be  made  with  respect  to  the
Certificates of any Class to the extent that either (i) such Class was protected
against the related Realized Loss pursuant to any instrument or fund established
under Section  11.01(e) or (ii) such Class of  Certificates  has been  deposited
into  a  separate  trust  fund  or  other   structuring   vehicle  and  separate
certificates  or other  instruments  representing  interests  therein  have been
issued in one or more classes,  and any of such separate  certificates  or other
instruments  was  protected  against the related  Realized  Loss pursuant to any
limited guaranty, payment obligation, irrevocable letter of credit, surety bond,
insurance  policy or similar  instrument  or a reserve  fund,  or a  combination
thereof. Any amount to be so distributed with respect to the Certificates of any

                                       25
<PAGE>

Class shall be distributed by the Master Servicer to the  Certificateholders  of
record as of the Record Date immediately preceding the date of such distribution
(i) with  respect to the  Certificates  of any Class  (other  than the Class A-V
Certificates),  on a pro rata basis based on the Percentage Interest represented
by each  Certificate  of such Class as of such Record Date and (ii) with respect
to the Class A-V  Certificates,  to the Class A-V  Certificates  or any Subclass
thereof in the same proportion as the related  Realized Loss was allocated.  Any
amounts to be so distributed  shall not be remitted to or  distributed  from the
Trust Fund, and shall constitute  subsequent recoveries with respect to Mortgage
Loans that are no longer assets of the Trust Fund.

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

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

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

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

     Section 4.05. Allocation of Realized Losses.

        Prior to each Distribution Date, the Master Servicer shall determine the
total  amount  of  Realized  Losses,   if  any,  that  resulted  from  any  Cash
Liquidation, Servicing Modification, Debt Service Reduction, Deficient Valuation
or REO Disposition that occurred during the related Prepayment Period or, in the
case of a Servicing  Modification  that  constitutes a reduction of the interest
rate on a Mortgage Loan, the amount of the reduction in the interest  portion of
the  Monthly  Payment  due during the  related  Due  Period.  The amount of each

                                       26
<PAGE>

Realized  Loss shall be  evidenced  by an  Officers'  Certificate.  All Realized
Losses, other than Excess Special Hazard Losses,  Extraordinary  Losses,  Excess
Bankruptcy Losses or Excess Fraud Losses, shall be allocated as follows:  first,
to the Class B-3 Certificates  until the Certificate  Principal  Balance thereof
has been  reduced  to zero;  second,  to the  Class B-2  Certificates  until the
Certificate  Principal  Balance thereof has been reduced to zero;  third, to the
Class B-1 Certificates until the Certificate  Principal Balance thereof has been
reduced to zero;  fourth,  to the Class M-3  Certificates  until the Certificate
Principal  Balance  thereof has been  reduced to zero;  fifth,  to the Class M-2
Certificates until the Certificate Principal Balance thereof has been reduced to
zero;  sixth,  to the Class M-1  Certificates  until the  Certificate  Principal
Balance thereof has been reduced to zero; and, thereafter,  if any such Realized
Losses are on a Discount  Mortgage  Loan,  to the Class A-P  Certificates  in an
amount equal to the Discount Fraction of the principal portion thereof,  and the
remainder of such Realized Losses on the Discount  Mortgage Loans and the entire
amount of such Realized Losses on Non-Discount  Mortgage Loans will be allocated
among all Senior  Certificates  (other than the Class A-P Certificates) on a pro
rata basis,  as described  below.  The principal  portion of any Excess  Special
Hazard Losses,  Excess Bankruptcy Losses,  Excess Fraud Losses and Extraordinary
Losses  on  Discount   Mortgage  Loans  will  be  allocated  to  the  Class  A-P
Certificates  in an  amount  equal  to the  Discount  Fraction  thereof  and the
remainder of the principal  portion of such Realized Losses on Discount Mortgage
Loans and the entire amount of such  Realized  Losses on  Non-Discount  Mortgage
Loans will be allocated among the Senior  Certificates (other than the Class A-P
Certificates)  and Subordinate  Certificates,  on a pro rata basis, as described
below.  The  interest  portion  of any  Excess  Special  Hazard  Losses,  Excess
Bankruptcy  Losses,  Excess  Fraud  Losses  and  Extraordinary  Losses  will  be
allocated to all the Certificates on a pro rata basis.

        As used herein,  an  allocation of a Realized Loss on a "pro rata basis"
among two or more specified Classes of Certificates means an allocation on a pro
rata  basis,  among the  various  Classes  so  specified,  to each such Class of
Certificates  on the  basis  of their  then  outstanding  Certificate  Principal
Balances prior to giving effect to distributions to be made on such Distribution
Date in the case of the  principal  portion of a  Realized  Loss or based on the
Accrued Certificate  Interest thereon payable on such Distribution Date (without
regard to any Compensating  Interest for such Distribution  Date) in the case of
an interest  portion of a Realized  Loss.  Except as  provided in the  following
sentence, any allocation of the principal portion of Realized Losses (other than
Debt Service  Reductions) to a Class of  Certificates  shall be made by reducing
the  Certificate  Principal  Balance  thereof by the amount so allocated,  which
allocation  shall be deemed to have  occurred  on such  Distribution  Date.  Any
allocation of the principal  portion of Realized Losses (other than Debt Service
Reductions) to the Subordinate  Certificates  then  outstanding  with the Lowest
Priority shall be made by operation of the definition of "Certificate  Principal
Balance" and by operation of the provisions of Section  4.02(a).  Allocations of
the  interest  portions of Realized  Losses shall be made in  proportion  to the
amount of Accrued  Certificate  Interest and by operation of the  definition  of
"Accrued  Certificate  Interest"  and by operation of the  provisions of Section
4.02(a).  Allocations of the principal portion of Debt Service  Reductions shall
be made by operation of the provisions of Section  4.02(a).  All Realized Losses
and all other losses  allocated  to a Class of  Certificates  hereunder  will be
allocated  among the  Certificates of such Class in proportion to the Percentage

                                       27
<PAGE>

Interests  evidenced  thereby;  provided that if any Subclasses of the Class A-V
Certificates have been issued pursuant to Section 5.01(c),  such Realized Losses
and other  losses  allocated  to the Class A-V  Certificates  shall be allocated
among  such  Subclasses  in  proportion  to the  respective  amounts  of Accrued
Certificate  Interest payable on such Distribution Date that would have resulted
absent such reductions.

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

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

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

                                       28
<PAGE>

                                   ARTICLE V

                                THE CERTIFICATES

                      (SEE ARTICLE V OF THE STANDARD TERMS)

                                       29
<PAGE>

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                     (SEE ARTICLE VI OF THE STANDARD TERMS)

                                       30
<PAGE>

                                  ARTICLE VII

                                     DEFAULT

                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                       31
<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                    (SEE ARTICLE VIII OF THE STANDARD TERMS)

                                       32
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                       33
<PAGE>

                                   ARTICLE X

                                REMIC PROVISIONS

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

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

Section 10.03. Designation of REMICs.

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

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

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

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

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

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

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

                                       34
<PAGE>

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

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

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

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

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

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

               (iv) Realized Losses allocated to the Class A-2, Class A-3, Class
        A-4,  Class M-1,  Class M-2,  Class M-3, Class B-1, Class B-2, Class B-3
        and Class R-II Certificates under Section 4.05 shall be deemed allocated
        to Uncertificated REMIC I Regular Interest Y; and

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

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

                                       35
<PAGE>

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

Section 10.05. Compliance with Withholding Requirements.

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

                                       36
<PAGE>

ARTICLE XI

<PAGE>

                            MISCELLANEOUS PROVISIONS

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

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

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

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

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

 RECIPIENT                      ADDRESS

Company                 8400 Normandale Lake Boulevard
                        Suite 250, Minneapolis, Minnesota  55437,
                        Attention: President

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

Trustee                 Corporate Trust Office
                        1761 East St. Andrew Place
                        Santa Ana, California 92705-4934,
                        Attention:  Residential Accredit Loans, Inc.
                                Series 2001-QS4

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

Standard & Poor's       55 Water Street
                        New York, New York 10041

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

                                       37
<PAGE>

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

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

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

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

Section 11.09. Allocation of Voting Rights.

               97% of all of the Voting Rights shall be allocated  among Holders
of  Certificates,  other  than  the  Interest  Only  Certificates  and  Class  R
Certificates, in proportion to the outstanding Certificate Principal Balances of
their respective Certificates;  1% of all Voting Rights shall be allocated among
the Holders of the Class A-1A Certificates,  in accordance with their respective
Percentage  Interests;  1% of all Voting  Rights  shall be  allocated  among the
Holders of the Class A-V  Certificates,  in  accordance  with  their  respective
Percentage  Interests;  0.5% of all Voting  Rights shall be allocated  among the
Holders of the Class R-I  Certificates,  in  accordance  with  their  respective
Percentage Interests; and 0.5% of all Voting Rights shall be allocated among the
Holders of the Class R-II  Certificates,  in  accordance  with their  respective
Percentage Interests.

Section 11.10. No Petition.

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

                                       38
<PAGE>

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

                                            RESIDENTIAL ACCREDIT LOANS, INC.
[Seal]

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

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

                                            RESIDENTIAL FUNDING CORPORATION
[Seal]

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

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

                                            BANKERS TRUST COMPANY,
                                                 as Trustee
[Seal]

                                            By:  /s/ Stephen Hessler
                                                 Name: Stephen Hessler
                                                 Title: Vice President

Attest:  /s/ Jennifer Bohannon
      Name:  Jennifer Bohannon
      Title: Assistant Secretary

                                       39
<PAGE>

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

               On the 27th day of April,  2001 before me, a notary public in and
for said  State,  personally  appeared  Randy Van Zee,  known to me to be a Vice
President of Residential  Accredit  Loans,  Inc., one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                               /s/ Brian Bangerter
                                                   Notary Public

 [Notarial Seal]

                                       40
<PAGE>

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

               On the 27th day of April,  2001 before me, a notary public in and
for  said  State,  personally  appeared  Julie  Steinhagen,  known to me to be a
Director  of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                               /s/ Brian Bangerter
                                                   Notary Public

 [Notarial Seal]

                                       41
<PAGE>

STATE OF CALIFORNIA
                                  )
                                  ) ss.:
COUNTY OF ORANGE                  )

               On the 27th day of April,  2001 before me, a notary public in and
for said State,  personally  appeared Stephen Hessler,  known to me to be a Vice
President  of Bankers  Trust  Company,  the New York  banking  corporation  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

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

                                               /s/ Thomas J. Baldwin
                                                  Notary Public

 [Notarial Seal]

                                       42
<PAGE>

                                   EXHIBIT ONE

                             MORTGAGE LOAN SCHEDULE

1

  RUN ON     : 04/23/01           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 18.34.30           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RALI 2001-QS4                                  CUTOFF : 04/01/01
  POOL       : 0004500
             :
             :
  POOL STATUS: F

    RFC LOAN NUMBER                      SUB SERV FEE
    PRINCIPAL BALANCE                    MSTR SERV FEE
    CURR NOTE RATE                       ALL EXP
    RFC NET RATE                         MISC EXP
    NET MTG RATE(INVSTR RATE)            SPREAD
    POST STRIP RATE                      STRIP
  ------------------------------------------------------------------------

      3210946                              .2500
      384,721.34                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      3817180                              .2500
      318,690.03                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      3838831                              .2500
       89,896.12                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      3894176                              .2500
      279,160.26                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      3988025                              .2500
       38,979.85                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      3988027                              .2500
       32,123.65                           .0800
            9.7500                         .0000
            9.5000                         .0000
            9.4200                         .0000
            7.0000                        2.4200
1

      3988063                              .2500
      176,413.19                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      3997703                              .2500
       73,358.43                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4000648                              .2500
      171,000.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4010703                              .2500
      471,090.87                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4019118                              .2500
       62,877.83                           .0800
            9.6250                         .0000
            9.3750                         .0000
            9.2950                         .0000
            7.0000                        2.2950

      4024133                              .2500
      148,267.27                           .0800
            9.2500                         .0000
            9.0000                         .0000
            8.9200                         .0000
            7.0000                        1.9200

      4048399                              .2500
      342,859.54                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4062191                              .2500
      333,372.84                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450
1

      4073840                              .2500
       50,458.70                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4082257                              .2500
      628,053.40                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.0000                        2.0450

      4082328                              .2500
      137,346.02                           .0800
            9.5000                         .0000
            9.2500                         .0000
            9.1700                         .0000
            7.0000                        2.1700

      4099461                              .2500
       88,887.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4106578                              .2500
      229,318.81                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4110328                              .2500
      335,352.79                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4115927                              .2500
       48,923.27                           .0800
            9.0000                         .0000
            8.7500                         .0000
            8.6700                         .0000
            7.0000                        1.6700

      4125470                              .2500
      412,500.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700
1

      4126666                              .2500
      274,639.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4131995                              .2500
      139,896.10                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4139086                              .2500
      112,294.09                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4144719                              .2500
      163,584.75                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4159331                              .2500
       72,257.40                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4160758                              .2500
      406,921.54                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4160765                              .2500
      391,263.91                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      4161325                              .2500
      152,922.73                           .0800
            9.3750                         .0000
            9.1250                         .0000
            9.0450                         .0000
            7.0000                        2.0450
1

      4169207                              .2500
      137,916.40                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4174358                              .2500
      183,776.27                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4177183                              .2500
      493,216.07                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      4180076                              .2500
      206,706.87                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4180587                              .2500
      463,150.74                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4182374                              .2500
      115,866.04                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      4183218                              .2500
       79,894.98                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4190634                              .2500
      299,635.23                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700
1

      4191310                              .2500
      298,832.37                           .0800
            8.8750                         .0000
            8.6250                         .0000
            8.5450                         .0000
            7.0000                        1.5450

      4197943                              .2500
      143,363.31                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4198080                              .2500
      119,830.05                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4200031                              .2500
       29,961.61                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4202157                              .2500
       74,859.18                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      4202392                              .2500
      769,456.54                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4204430                              .2500
      299,265.28                           .0800
            8.5000                         .0000
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      4405259                              .2500
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1

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      4405267                              .2500
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      4405269                              .2500
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1

      4405270                              .2500
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1

      4405278                              .2500
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1

      4405286                              .2500
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      4405292                              .2500
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      4405293                              .2500
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1

      4405294                              .2500
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      4405296                              .2500
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      4405297                              .2500
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      4405298                              .2500
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      4405301                              .2500
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      4405302                              .2500
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      4405303                              .2500
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      4405304                              .2500
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      4405305                              .2500
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      4405307                              .2500
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      4405308                              .2500
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      4405312                              .2500
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1

      4405313                              .2500
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      4405314                              .2500
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      4405318                              .2500
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      4405319                              .2500
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      4405321                              .2500
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      4405323                              .2500
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1

      4405325                              .2500
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      4405326                              .2500
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      4405328                              .2500
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      4405329                              .2500
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      4405331                              .2500
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      4405334                              .2500
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      4405335                              .2500
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1

      4405337                              .2500
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      4405344                              .2500
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1

      4405348                              .2500
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      4405378                              .2500
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1

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1

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1

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            7.0000                        1.5450

      4524053                              .2500
      110,700.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4524055                              .2500
      100,000.00                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4524058                              .2500
       45,600.00                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700

      4524059                              .2500
      136,000.00                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4524421                              .2500
      144,000.00                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4525174                              .2500
      382,500.00                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4527515                              .2500
      356,034.19                           .0800
            8.5000                         .0000
            8.2500                         .0000
            8.1700                         .0000
            7.0000                        1.1700
1

      4528913                              .2500
      299,808.70                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4530073                              .2500
      330,000.00                           .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000

      4530078                              .2500
      204,000.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4531737                              .2500
      263,900.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4531747                              .2500
      124,363.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4531749                              .2500
      142,500.00                           .0800
            8.6250                         .0000
            8.3750                         .0000
            8.2950                         .0000
            7.0000                        1.2950

      4531750                              .2500
      192,000.00                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4531754                              .2500
      172,000.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200
1

      4531760                              .2500
      107,500.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4531769                              .2500
       48,350.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.0000                        1.7950

      4531770                              .2500
       46,850.00                           .0800
            9.1250                         .0000
            8.8750                         .0000
            8.7950                         .0000
            7.0000                        1.7950

      4531774                              .2500
      107,950.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4531775                              .2500
      627,250.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4531779                              .2500
       90,000.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      4531782                              .2500
      106,900.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4531785                              .2500
       57,600.00                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200
1

      4531787                              .2500
      108,000.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4531793                              .2500
       57,600.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4531808                              .2500
       33,000.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      4531823                              .2500
       46,800.00                           .0800
            8.7500                         .0000
            8.5000                         .0000
            8.4200                         .0000
            7.0000                        1.4200

      4531827                              .2500
      465,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450

      4531828                              .2500
       93,750.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450

      4531831                              .2500
      180,000.00                           .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      4531836                              .2500
      130,800.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450
1

      4531849                              .2500
       88,000.00                           .0300
            7.1250                         .0000
            6.8750                         .0000
            6.8450                         .0000
            6.8450                         .0000

      4531850                              .2500
      189,000.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4533120                              .2500
       90,950.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4540778                              .2500
      275,000.00                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4540980                              .2500
      336,000.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4541148                              .2500
      324,764.77                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4541632                              .2500
      320,000.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4541792                              .2500
      130,000.00                           .0800
            8.3750                         .0000
            8.1250                         .0000
            8.0450                         .0000
            7.0000                        1.0450
1

      4546960                              .2500
      107,200.00                           .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            7.0000                         .2950

      4546966                              .2500
      250,000.00                           .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            7.0000                         .1700

      4546970                              .2500
      160,000.00                           .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            7.0000                         .9200

      4546973                              .2500
      180,450.00                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4547031                              .2500
       85,950.00                           .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            7.0000                         .6700

      4561777                              .2500
      192,000.00                           .0300
            7.2500                         .0000
            7.0000                         .0000
            6.9700                         .0000
            6.9700                         .0000

      4568149                              .2500
      300,000.00                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4574053                              .2500
      500,000.00                           .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            7.0000                         .0450
1

      4574057                              .2500
      566,250.00                           .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            7.0000                         .5450

      4574059                              .2500
      343,500.00                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

      4576480                              .2500
      463,696.48                           .0800
            8.1250                         .0000
            7.8750                         .0000
            7.7950                         .0000
            7.0000                         .7950

      4608969                              .2500
      368,000.00                           .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            7.0000                         .4200

  TOTAL NUMBER OF LOANS:     1130
  TOTAL BALANCE........:        214,223,847.97

1

  RUN ON     : 04/23/01            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 18.34.30            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS4        FIXED SUMMARY REPORT      CUTOFF : 04/01/01
  POOL       : 0004500
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        8.1504            6.8750      9.7500
  RFC NET RATE                          7.9002            6.6250      9.5000
  NET MTG RATE(INVSTR RATE)             7.8213            6.5950      9.4200
  POST STRIP RATE                       6.9981            6.5950      7.0000
  SUB SERV FEE                           .2502             .2500       .3750
  MSTR SERV FEE                          .0790             .0300       .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .8232             .0000      2.4200

  TOTAL NUMBER OF LOANS:  1130
  TOTAL BALANCE........:     214,223,847.97

                             ***************************
                             *      END OF REPORT      *
                             ***************************
1

  RUN ON     : 04/23/01           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 18.34.30          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RALI 2001-QS4                                  CUTOFF : 04/01/01
  POOL       : 0004500
             :
             :
  POOL STATUS: F

  RFC LOAN #     S/S CODE          PMT TYPE      ORIGINAL BAL     LOAN FEATURE
                                   ORIG TERM     PRINCIPAL BAL    # OF UNITS
  ORIG RATE                                      ORIGINAL P+I     LTV
  CURR NET                                       CURRENT P+I
  CITY           STATE  ZIP        LOAN PURP     NOTE DATE        MI CO CODE
  SERVICER LOAN #                  PROP TYPE     1ST PMT DATE     MI CVG
  SELLER LOAN #                    OCCP CODE     MATURITY DATE
  INVESTOR LOAN #
  ______________________________________________________________________________

    3210946          253/253             F          385,000.00         ZZ
                                         360        384,721.34          1
                                       7.625          2,725.01         74
                                       7.375          2,725.01
    EL CERRITO       CA   94530          4            02/08/01         00
    949546                               05           04/01/01          0
    949546                               O            03/01/31
    0

    3817180          E84/G02             F          320,000.00         T
                                         360        318,690.03          1
                                       8.000          2,348.05         80
                                       7.750          2,348.05
    SANTA CRUZ       CA   95062          1            09/05/00         00
    0432301497                           05           11/01/00          0
    75501162                             O            10/01/30
    0

    3838831          H37/G02             F           90,000.00         ZZ
                                         360         89,896.12          1
                                       8.750            708.00         90
                                       8.500            708.00
    WINDSOR MILL     MD   21244          1            01/02/01         11
    0432640357                           07           02/01/01         25
    00242994                             O            01/01/31
    0

    3894176          U05/G02             F          280,000.00         ZZ
                                         360        279,160.26          1
                                       8.625          2,177.81         80
                                       8.375          2,177.81
    COLLEYVILLE      TX   76034          5            10/30/00         00
    0432432094                           05           12/01/00          0
1

    3077870                              O            11/01/30
    0

    3988025          286/286             F           39,100.00         ZZ
                                         360         38,979.85          1
                                       8.500            300.65         85
                                       8.250            300.65
    FERGUSON         MO   63135          5            10/26/00         12
    184355                               05           12/01/00         12
    184355                               N            11/01/30
    0

    3988027          286/286             F           32,200.00         ZZ
                                         360         32,123.65          1
                                       9.750            276.65         85
                                       9.500            276.65
    PHILADELPHIA     PA   19148          1            10/20/00         12
    4309                                 05           12/01/00         17
    4309                                 N            11/01/30
    0

    3988063          286/286             F          177,000.00         ZZ
                                         360        176,413.19          4
                                       8.125          1,314.22         66
                                       7.875          1,314.22
    FOREST PARK      IL   60130          2            10/31/00         00
    154264                               05           12/01/00          0
    154264                               N            11/01/30
    0

    3997703          637/G02             F           73,500.00         ZZ
                                         360         73,358.43          1
                                       8.250            552.18         74
                                       8.000            552.18
    LISBON           OH   44432          5            12/06/00         00
    0432572303                           27           02/01/01          0
    0021916804                           O            01/01/31
    0

    4000648          742/G02             F          171,000.00         ZZ
                                         360        171,000.00          1
                                       8.250          1,284.67         57
                                       8.000          1,284.67
    HOPEWELL JUNCTI  NY   12533          5            03/13/01         00
    0432683027                           05           05/01/01          0
    LN6187611                            O            04/01/31
    0

1

    4010703          A35/A35             F          472,000.00         ZZ
                                         360        471,090.87          1
                                       8.250          3,545.97         80
                                       8.000          3,545.97
    SEAFORD          NY   11783          1            12/21/00         00
    LP9443                               05           02/01/01          0
    LP9443                               O            01/01/31
    0

    4019118          K15/G02             F           63,000.00         ZZ
                                         360         62,877.83          1
                                       9.625            535.49         90
                                       9.375            535.49
    PHOENIX          AZ   85009          5            11/22/00         04
    0432447746                           05           01/01/01         25
    021705302314                         O            12/01/30
    0

    4024133          K81/G02             F          148,500.00         ZZ
                                         360        148,267.27          4
                                       9.250          1,221.67         90
                                       9.000          1,221.67
    FT MYERS         FL   33912          1            12/15/00         11
    0432676104                           05           02/01/01         25
    2004406                              N            01/01/31
    0

    4048399          286/286             F          344,000.00         ZZ
                                         360        342,859.54          1
                                       8.125          2,554.19         80
                                       7.875          2,554.19
    CONCORD          CA   94518          5            10/31/00         00
    9773583                              05           12/01/00          0
    9773583                              O            11/01/30
    0

    4062191          964/G02             F          334,000.00         ZZ
                                         360        333,372.84          1
                                       8.375          2,538.64         80
                                       8.125          2,538.64
    CASTRO VALLEY    CA   94546          5            12/05/00         00
    0432677680                           05           02/01/01          0
    93548                                O            01/01/31
    0

    4073840          642/G02             F           51,000.00         ZZ
                                         360         50,458.70          1
                                       8.250            383.15         26
                                       8.000            383.15
1

    DENVER           CO   80210          5            12/22/00         00
    0432506236                           05           02/01/01          0
    12125700                             O            01/01/31
    0

    4082257          286/286             F          630,000.00         ZZ
                                         360        628,053.40          1
                                       9.375          5,240.03         71
                                       9.125          5,240.03
    EVERGREEN        CO   80439          5            10/04/00         00
    152055                               05           11/01/00          0
    152055                               O            10/01/30
    0

    4082328          286/286             F          137,620.00         ZZ
                                         360        137,346.02          1
                                       9.500          1,157.18         67
                                       9.250          1,157.18
    MIAMI            FL   33145          1            11/15/00         00
    9779690                              01           01/01/01          0
    9779690                              O            12/01/30
    0

    4099461          K81/G02             F           89,050.00         ZZ
                                         360         88,887.00          1
                                       8.500            684.72         80
                                       8.250            684.72
    HENDERSON        NV   89014          1            12/18/00         00
    0432647477                           01           02/01/01          0
    1000820                              O            01/01/31
    0

    4106578          637/G02             F          232,000.00         ZZ
                                         360        229,318.81          1
                                       8.000          1,702.34         80
                                       7.750          1,702.34
    SALT LAKE CITY   UT   84117          5            12/22/00         00
    0432550788                           05           02/01/01          0
    0020744306                           O            01/01/31
    0

    4110328          665/G02             F          336,000.00         ZZ
                                         360        335,352.79          1
                                       8.250          2,524.26         80
                                       8.000          2,524.26
    SAN FRANCISCO    CA   94131          1            12/05/00         00
    0432651180                           05           02/01/01          0
    88004205                             O            01/01/31
    0
1

    4115927          163/G02             F           48,950.00         ZZ
                                         360         48,923.27          1
                                       9.000            393.86         70
                                       8.750            393.86
    LAS VEGAS        NV   89119          1            02/15/01         00
    0432651735                           01           04/01/01          0
    1817788235                           N            03/01/31
    0

    4125470          964/G02             F          412,500.00         ZZ
                                         360        412,500.00          1
                                       7.500          2,884.26         75
                                       7.250          2,884.26
    SAN RAFAEL       CA   94901          5            03/13/01         00
    0432680239                           05           05/01/01          0
    97190                                O            04/01/31
    0

    4126666          A50/G02             F          275,000.00         ZZ
                                         360        274,639.00          1
                                       8.125          2,041.87         78
                                       7.875          2,041.87
    THOMASVILLE      GA   31792          2            01/24/01         00
    0432650455                           05           03/01/01          0
    315581                               O            02/01/31
    0

    4131995          731/G02             F          140,000.00         ZZ
                                         360        139,896.10          1
                                       7.500            978.90         80
                                       7.250            978.90
    LOS ANGELES      CA   91040          1            02/21/01         00
    0432657658                           05           04/01/01          0
    412141288                            O            03/01/31
    0

    4139086          664/G02             F          112,500.00         ZZ
                                         360        112,294.09          1
                                       8.500            865.03         75
                                       8.250            865.03
    ABINGTON         PA   19001          5            12/14/00         00
    0432673499                           05           02/01/01          0
    0003654563                           O            01/01/31
    0

    4144719          E45/G02             F          164,000.00         ZZ
                                         360        163,584.75          1
1

                                       7.875          1,189.11         80
                                       7.625          1,189.11
    WINTERVILLE      GA   30648          2            01/31/01         00
    0432629277                           05           03/01/01          0
    107829                               O            02/01/31
    0

    4159331          Q73/G02             F           72,350.00         ZZ
                                         360         72,257.40          1
                                       8.250            543.55         75
                                       8.000            543.55
    FORT SMITH       AR   72908          1            01/25/01         00
    0432604593                           05           03/01/01          0
    2775249                              O            02/01/31
    0

    4160758          286/286             F          408,000.00         ZZ
                                         360        406,921.54          1
                                       8.125          3,029.39         80
                                       7.875          3,029.39
    SIMI VALLEY      CA   93065          1            11/07/00         00
    9006517                              03           01/01/01          0
    9006517                              O            12/01/30
    0

    4160765          286/286             F          392,000.00         ZZ
                                         360        391,263.91          1
                                       8.375          2,979.49         80
                                       8.125          2,979.49
    WALNUT CREEK     CA   94595          1            12/04/00         00
    2122646                              05           02/01/01          0
    2122646                              O            01/01/31
    0

    4161325          Q49/G02             F          153,000.00         ZZ
                                         360        152,922.73          4
                                       9.375          1,272.58         90
                                       9.125          1,272.58
    PLAINFIELD       NJ   07060          1            02/22/01         11
    0432659167                           05           04/01/01         25
    30108800                             N            03/01/31
    0

    4169207          U59/G02             F          138,000.00         ZZ
                                         360        137,916.40          1
                                       8.500          1,061.10         54
                                       8.250          1,061.10
    BROOKLYN         NY   11218          2            03/08/01         00
    0432672566                           05           04/09/01          0
1

    800701121                            N            03/09/31
    0

    4174358          E45/G02             F          184,000.00         ZZ
                                         360        183,776.27          1
                                       8.500          1,414.80         80
                                       8.250          1,414.80
    CARROLLTON       GA   30117          2            01/30/01         00
    0432628923                           05           03/01/01          0
    85617                                O            02/01/31
    0

    4177183          163/G02             F          493,500.00         ZZ
                                         360        493,216.07          1
                                       8.750          3,882.37         68
                                       8.500          3,882.37
    SIMSBURY         CT   06070          5            02/08/01         00
    0432660702                           05           04/01/01          0
    3217813934                           O            03/01/31
    0

    4180076          F26/G02             F          207,000.00         ZZ
                                         360        206,706.87          2
                                       7.750          1,482.97         60
                                       7.500          1,482.97
    SEATTLE          WA   98107          5            01/19/01         00
    0432655249                           05           03/01/01          0
    7142714405                           N            02/01/31
    0

    4180587          637/G02             F          464,000.00         ZZ
                                         360        463,150.74          1
                                       8.500          3,567.76         80
                                       8.250          3,567.76
    ALPHARETTA       GA   30005          5            12/15/00         00
    0432642197                           05           02/01/01          0
    0021817341                           O            01/01/31
    0

    4182374          U05/G02             F          116,000.00         ZZ
                                         360        115,866.04          1
                                       8.750            912.57         80
                                       8.500            912.57
    GALVESTON        TX   77554          5            01/24/01         00
    0432603280                           05           03/01/01          0
    3097736                              O            02/01/31
    0

1

    4183218          U59/G02             F           80,000.00         ZZ
                                         360         79,894.98          2
                                       8.125            594.00         32
                                       7.875            594.00
    BROOKLYN         NY   11238          5            01/24/01         00
    0432584852                           05           03/01/01          0
    800662086                            O            02/01/31
    0

    4190634          E22/G02             F          300,000.00         ZZ
                                         360        299,635.23          1
                                       8.500          2,306.74         79
                                       8.250          2,306.74
    BOSTON           MA   02110          2            01/12/01         00
    0412294829                           08           03/01/01          0
    0412294829                           N            02/01/31
    0

    4191310          163/G02             F          299,000.00         ZZ
                                         360        298,832.37          1
                                       8.875          2,378.98         90
                                       8.625          2,378.98
    FOX ISLAND       WA   98333          1            02/07/01         11
    0432672624                           05           04/01/01         25
    817798978                            N            03/01/31
    0

    4197943          A33/G02             F          146,400.00         ZZ
                                         360        143,363.31          1
                                       7.875          1,061.50         80
                                       7.625          1,061.50
    LIVONIA          MI   48154          1            01/31/01         00
    0432604387                           05           03/01/01          0
    015096557                            O            02/01/31
    0

    4198080          P01/G02             F          120,000.00         ZZ
                                         360        119,830.05          1
                                       7.750            859.70         80
                                       7.500            859.70
    FORT WASHINGTON  MD   20744          5            01/26/01         00
    0432608727                           05           03/01/01          0
    00003507                             O            02/01/31
    0

    4200031          E22/G02             F           30,000.00         ZZ
                                         360         29,961.61          1
                                       8.250            225.38         39
                                       8.000            225.38
1

    JOURDANTON       TX   78026          5            01/11/01         00
    0412318107                           05           03/01/01          0
    0412318107                           O            02/01/31
    0

    4202157          A33/G02             F           75,000.00         ZZ
                                         360         74,859.18          1
                                       8.375            570.05         35
                                       8.125            570.05
    WYOMING          MI   49418          5            12/20/00         00
    0432640530                           05           02/01/01          0
    00000                                O            01/01/31
    0

    4202392          822/G02             F          770,000.00         T
                                         360        769,456.54          1
                                       7.750          5,516.38         55
                                       7.500          5,516.38
    BETHANY BEACH    DE   19930          5            02/14/01         00
    0432670651                           03           04/01/01          0
    3626051579                           O            03/01/31
    0

    4204430          526/526             F          300,000.00         ZZ
                                         360        299,265.28          1
                                       8.500          2,306.74         68
                                       8.250          2,306.74
    HEBER            UT   84032          1            12/01/00         00
    0432771                              05           01/01/01          0
    0432771                              N            12/01/30
    0

    4204530          526/526             F           79,000.00         ZZ
                                         360         78,851.65          1
                                       8.375            600.46         59
                                       8.125            600.46
    KINGMAN          AZ   86401          5            12/14/00         00
    0433922                              05           02/01/01          0
    0433922                              O            01/01/31
    0

    4204602          526/526             F           84,500.00         ZZ
                                         360         84,223.89          1
                                       8.000            620.03         70
                                       7.750            620.03
    TEMPE            AZ   85283          5            12/27/00         00
    0434814                              05           02/01/01          0
    0434814                              O            01/01/31
    0
1

    4204914          T29/G02             F           57,600.00         ZZ
                                         360         57,526.29          1
                                       8.250            432.73         90
                                       8.000            432.73
    PHOENIX          AZ   85016          1            01/23/01         04
    0432628410                           01           03/01/01         25
    9999999                              O            02/01/31
    0

    4207800          F89/G02             F           75,600.00         ZZ
                                         360         75,498.20          1
                                       8.000            554.73         80
                                       7.750            554.73
    ROMOLAND         CA   92585          1            01/23/01         00
    0432623874                           03           03/01/01          0
    1166226                              N            02/01/31
    0

    4210492          F61/G02             F          108,000.00         ZZ
                                         360        107,868.68          1
                                       8.500            830.43         40
                                       8.250            830.43
    REDMOND          WA   98052          5            01/23/01         00
    0432637866                           05           03/01/01          0
    010016CU                             N            02/01/31
    0

    4211318          E46/G02             F          230,800.00         ZZ
                                         360        230,438.11          1
                                       8.250          1,733.92         78
                                       8.000          1,733.92
    EXETER TOWNSHIP  PA   19606          2            01/29/01         00
    0432684132                           05           03/01/01          0
    50535                                O            02/01/31
    0

    4212339          721/G02             F          116,800.00         ZZ
                                         360        116,522.85          1
                                       8.250            877.48         80
                                       8.000            877.48
    BELLEVILLE       IL   62223          1            12/14/00         00
    0432639987                           05           02/01/01          0
    00000                                O            01/01/31
    0

    4213959          F96/G02             F          108,000.00         ZZ
                                         360        107,758.22          1
1

                                       8.125            801.90         90
                                       7.875            801.90
    HOPATCONG        NJ   07843          1            01/24/01         10
    0432580017                           05           03/01/01         25
    0004454                              O            02/01/31
    0

    4214565          Q73/G02             F          400,000.00         ZZ
                                         360        399,738.34          1
                                       8.125          2,969.99         90
                                       7.875          2,969.99
    CORINTH          MS   38834          4            02/09/01         11
    0432637981                           05           04/01/01         25
    2724753                              O            03/01/31
    0

    4214758          E45/G02             F           38,500.00         ZZ
                                         360         38,453.19          1
                                       8.500            296.03         50
                                       8.250            296.03
    PORT ST LUCIE    FL   34953          1            02/02/01         00
    0432629145                           05           03/01/01          0
    105875                               O            02/01/31
    0

    4215513          E82/G02             F          100,000.00         ZZ
                                         360         99,683.79          1
                                       8.750            786.70         80
                                       8.500            786.70
    CLIFTON          NJ   07013          1            01/18/01         00
    0400345435                           01           03/01/01          0
    0400345435                           O            02/01/31
    0

    4216819          964/G02             F          143,450.00         ZZ
                                         360        143,343.54          4
                                       7.500          1,003.02         95
                                       7.250          1,003.02
    YUBA CITY        CA   95993          1            02/01/01         04
    0432606416                           05           04/01/01         30
    100735                               O            03/01/31
    0

    4217205          U62/G02             F           94,000.00         ZZ
                                         360         93,879.71          1
                                       8.250            706.19         75
                                       8.000            706.19
    RICHARDSON       TX   75080          5            01/11/01         00
    0432562361                           05           03/01/01          0
1

    2001222919                           O            02/01/31
    0

    4218641          U05/G02             F          144,000.00         ZZ
                                         360        143,824.90          1
                                       8.500          1,107.24         80
                                       8.250          1,107.24
    TIOGA            TX   76271          5            01/26/01         00
    0432654861                           05           03/01/01          0
    3098887                              O            02/01/31
    0

    4218741          420/G02             F          392,000.00         ZZ
                                         360        391,523.37          4
                                       8.500          3,014.14         80
                                       8.250          3,014.14
    SANTA ROSA       CA   95407          1            12/28/00         00
    0432657526                           05           03/01/01          0
    478826                               N            02/01/31
    0

    4219452          420/G02             F          380,000.00         E
                                         360        379,537.97          4
                                       8.500          2,921.87         80
                                       8.250          2,921.87
    SANTA ROSA       CA   95407          1            12/28/00         00
    0432653178                           05           03/01/01          0
    475699                               N            02/01/31
    0

    4220399          L75/G02             F          500,000.00         T
                                         360        499,609.94          1
                                       7.250          3,410.89         80
                                       7.000          3,410.89
    ATLANTIC BEACH   NC   28512          2            02/14/01         00
    0432663946                           05           04/01/01          0
    555672158                            O            03/01/31
    0

    4220654          E84/G02             F          144,000.00         ZZ
                                         360        143,846.16          1
                                       9.125          1,171.63         90
                                       8.875          1,171.63
    ARLINGTON HEIGH  IL   60005          1            01/26/01         10
    0432639995                           05           03/01/01         25
    11205710                             N            02/01/31
    0

1

    4222767          U59/G02             F          104,000.00         ZZ
                                         360        103,863.48          1
                                       8.125            772.20         36
                                       7.875            772.20
    YPSILANTI        MI   48197          5            02/16/01         00
    0432654002                           05           03/22/01          0
    80074929                             O            02/22/31
    0

    4222777          F28/G02             F          104,000.00         ZZ
                                         360        103,710.86          1
                                       7.875            754.07         80
                                       7.625            754.07
    COLUMBUS         OH   43229          2            11/30/00         00
    0432586527                           05           01/01/01          0
    6320733                              O            12/01/30
    0

    4229204          U62/G02             F          140,000.00         ZZ
                                         360        139,893.47          1
                                       7.375            966.95         70
                                       7.125            966.95
    FERNANDINA BEAC  FL   32034          2            02/23/01         00
    0432677011                           05           04/01/01          0
    2001234915                           O            03/01/31
    0

    4229217          K81/G02             F          294,000.00         ZZ
                                         360        293,573.08          1
                                       7.625          2,080.91         77
                                       7.375          2,080.91
    SOUTH JORDAN     UT   84095          2            01/26/01         00
    0432632958                           05           03/01/01          0
    5700017                              O            02/01/31
    0

    4230348          624/G02             F           68,000.00         ZZ
                                         360         67,903.71          1
                                       7.750            487.16         80
                                       7.500            487.16
    VENICE           UT   84701          1            01/26/01         00
    0432629764                           05           03/01/01          0
    64500310013F                         O            02/01/31
    0

    4231400          964/G02             F          260,000.00         T
                                         360        259,816.50          1
                                       7.750          1,862.67         80
                                       7.500          1,862.67
1

    PALM DESERT      CA   92260          1            01/29/01         00
    0432663466                           05           04/01/01          0
    101557                               O            03/01/31
    0

    4234140          369/G02             F          160,500.00         ZZ
                                         360        160,414.58          2
                                       9.125          1,305.89         80
                                       8.875          1,305.89
    FORT WORTH       TX   76140          2            02/08/01         00
    0432657377                           05           04/01/01          0
    0072750243                           N            03/01/31
    0

    4238686          N74/G02             F           62,400.00         ZZ
                                         360         62,362.20          1
                                       8.500            479.80         80
                                       8.250            479.80
    BELTON           SC   29627          5            01/31/01         00
    0432641934                           05           04/01/01          0
    0028038010                           O            03/01/31
    0

    4239348          286/286             F           54,000.00         ZZ
                                         360         53,893.31          1
                                       8.125            400.95         48
                                       7.875            400.95
    INDIANAPOLIS     IN   46236          1            12/29/00         00
    221794                               03           02/01/01          0
    221794                               O            01/01/31
    0

    4239360          286/286             F          102,450.00         ZZ
                                         360        102,237.08          1
                                       7.875            742.84         75
                                       7.625            742.84
    FREDERICK        MD   21702          2            12/26/00         00
    67034                                03           02/01/01          0
    67034                                N            01/01/31
    0

    4239402          286/286             F          122,400.00         ZZ
                                         360        122,033.07          1
                                       8.625            952.02         80
                                       8.375            952.02
    PHOENIX          AZ   85032          1            10/10/00         00
    171162                               05           12/01/00          0
    171162                               O            11/01/30
    0
1

    4239462          286/286             F          152,000.00         ZZ
                                         360        151,691.96          1
                                       8.000          1,115.33         80
                                       7.750          1,115.33
    VIRGINIA BEACH   VA   23451          1            12/15/00         00
    212443                               03           02/01/01          0
    212443                               O            01/01/31
    0

    4239498          286/286             F           86,400.00         ZZ
                                         360         86,224.89          1
                                       8.000            633.98         80
                                       7.750            633.98
    REMINDERVILLE    OH   44202          1            12/14/00         00
    85924                                05           02/01/01          0
    85924                                O            01/01/31
    0

    4239500          286/286             F           95,600.00         ZZ
                                         360         95,353.59          1
                                       8.250            718.22         80
                                       8.000            718.22
    BEDFORD          IN   47421          1            11/22/00         00
    175031                               05           01/01/01          0
    175031                               O            12/01/30
    0

    4239549          286/286             F          481,500.00         ZZ
                                         360        480,641.02          1
                                       8.625          3,745.06         90
                                       8.375          3,745.06
    SAN JOSE         CA   95127          1            12/19/00         23
    9787443                              05           02/01/01          0
    9787443                              O            01/01/31
    0

    4239585          286/286             F           98,100.00         ZZ
                                         360         97,901.22          1
                                       8.000            719.82         90
                                       7.750            719.82
    TACOMA           WA   98418          1            12/13/00         12
    9963006                              05           02/01/01         25
    9963006                              O            01/01/31
    0

    4239914          665/G02             F          368,000.00         ZZ
                                         360        367,491.82          1
1

                                       7.875          2,668.26         80
                                       7.625          2,668.26
    GLEN ELLYN       IL   60137          2            02/22/01         00
    0432652410                           05           04/01/01          0
    88100432                             O            03/01/31
    0

    4240694          T90/G02             F           60,300.00         ZZ
                                         360         60,300.00          2
                                       8.750            474.38         90
                                       8.500            474.38
    NEW ORLEANS      LA   70114          1            03/06/01         12
    0432677508                           05           05/01/01         25
    42631                                N            04/01/31
    0

    4241028          163/G02             F          300,000.00         ZZ
                                         360        299,798.71          1
                                       8.000          2,201.29         57
                                       7.750          2,201.29
    HUNTINGTON BEAC  CA   92648          1            02/09/01         00
    0432675478                           05           04/01/01          0
    617926298                            N            03/01/31
    0

    4241029          T90/G02             F           60,300.00         ZZ
                                         360         60,300.00          2
                                       8.750            474.38         90
                                       8.500            474.38
    NEW ORLEANS      LA   70114          1            03/06/01         12
    0432677805                           05           05/01/01         25
    42987                                N            04/01/31
    0

    4242108          369/G02             F          160,600.00         ZZ
                                         360        160,514.53          2
                                       9.125          1,306.70         78
                                       8.875          1,306.70
    FORT WORTH       TX   76140          2            02/08/01         00
    0432659118                           05           04/01/01          0
    14181840                             N            03/01/31
    0

    4245757          U05/G02             F          165,600.00         ZZ
                                         360        165,499.68          3
                                       8.500          1,273.32         90
                                       8.250          1,273.32
    CHICAGO          IL   60651          1            02/28/01         01
    0432660306                           05           04/01/01         25
1

    3100622                              N            03/01/31
    0

    4246187          163/G02             F          373,000.00         ZZ
                                         360        372,779.78          1
                                       8.625          2,901.16         66
                                       8.375          2,901.16
    LAS VEGAS        NV   89117          5            02/22/01         00
    0432675593                           03           04/01/01          0
    1817881188                           N            03/01/31
    0

    4248658          964/G02             F          164,000.00         ZZ
                                         360        163,898.06          1
                                       8.375          1,246.52         80
                                       8.125          1,246.52
    APACHE JUNCTION  AZ   85219          1            02/28/01         00
    0432669588                           05           04/01/01          0
    104341                               O            03/01/31
    0

    4248948          E22/G02             F           86,000.00         ZZ
                                         360         85,889.94          1
                                       8.250            646.09         47
                                       8.000            646.09
    RINGWOOD         NJ   07456          5            01/23/01         00
    0412305732                           05           03/01/01          0
    0412305732                           O            02/01/31
    0

    4248966          E22/G02             F          103,800.00         ZZ
                                         360        103,656.67          1
                                       7.875            752.62         76
                                       7.625            752.62
    WAYNESVILLE      NC   28786          2            01/25/00         00
    0412330375                           05           03/01/01          0
    0412330375                           O            02/01/31
    0

    4249917          A33/G02             F           60,000.00         ZZ
                                         360         59,966.36          1
                                       8.875            477.39         46
                                       8.625            477.39
    OLIVET           MI   49076          5            02/22/01         00
    0432662112                           05           04/01/01          0
    07120980141                          O            03/01/31
    0

1

    4250758          477/G02             F          268,000.00         ZZ
                                         360        267,820.18          1
                                       8.000          1,966.49         80
                                       7.750          1,966.49
    CYPRESS          CA   90630          5            02/06/01         00
    0432677425                           05           04/01/01          0
    0100026                              O            03/01/31
    0

    4250998          N60/G02             F          195,000.00         T
                                         360        194,624.40          1
                                       8.250          1,464.97         75
                                       8.000          1,464.97
    VAIL             CO   81657          1            12/29/00         00
    0432643716                           21           02/01/01          0
    512170385                            O            01/01/31
    0

    4251276          P59/G02             F           48,800.00         ZZ
                                         360         48,767.25          1
                                       8.000            358.08         80
                                       7.750            358.08
    LAKE LOS ANGELE  CA   93535          1            01/31/01         00
    0432682136                           05           04/01/01          0
    1851                                 O            03/01/31
    0

    4251496          964/G02             F           83,600.00         ZZ
                                         360         83,380.97          1
                                       7.750            598.92         80
                                       7.500            598.92
    LAS VEGAS        NV   89123          1            01/22/01         00
    0432580918                           03           03/01/01          0
    99896                                O            02/01/31
    0

    4252167          A33/G02             F          117,000.00         ZZ
                                         360        116,934.41          1
                                       8.875            930.90         90
                                       8.625            930.90
    SOUTH LYON       MI   48178          1            02/16/01         11
    0432649754                           05           04/01/01         25
    100027008560980                      O            03/01/31
    0

    4252540          P01/G02             F           62,128.00         ZZ
                                         360         62,096.63          2
                                       9.375            516.75         80
                                       9.125            516.75
1

    ALBANY           NY   12208          1            02/09/01         00
    0432650075                           05           04/01/01          0
    00003529                             N            03/01/31
    0

    4253601          E45/G02             F           76,500.00         ZZ
                                         360         76,454.83          4
                                       8.625            595.01         90
                                       8.375            595.01
    OCALA            FL   34475          1            02/07/01         04
    0432629269                           05           04/01/01         25
    113699                               N            03/01/31
    0

    4256615          420/G02             F          399,700.00         ZZ
                                         360        399,445.13          1
                                       8.250          3,002.81         64
                                       8.000          3,002.81
    OCCIDENTAL       CA   95465          2            02/22/01         00
    0432649549                           05           04/01/01          0
    00500055                             O            03/01/31
    0

    4256691          964/G02             F          142,400.00         ZZ
                                         360        142,198.35          1
                                       7.750          1,020.17         80
                                       7.500          1,020.17
    ENCINO  (AREA)   CA   91436          1            01/11/01         00
    0432627537                           01           03/01/01          0
    95538                                O            02/01/31
    0

    4257375          696/G02             F          135,800.00         ZZ
                                         360        135,607.68          1
                                       7.750            972.89         80
                                       7.500            972.89
    SELBYVILLE       DE   19975          1            01/31/01         00
    0432579969                           05           03/01/01          0
    21401004                             O            02/01/31
    0

    4258583          B57/G02             F           74,100.00         ZZ
                                         360         74,052.75          3
                                       8.250            556.69         95
                                       8.000            556.69
    APPLE VALLEY     CA   92308          1            02/02/01         11
    0432619146                           05           04/01/01         30
    2016163                              O            03/01/31
    0
1

    4258697          F61/G02             F           76,000.00         ZZ
                                         360         75,946.36          1
                                       7.750            544.47         89
                                       7.500            544.47
    GRANDVIEW        WA   98930          1            02/27/01         11
    0432648475                           05           04/01/01         25
    010209S                              O            03/01/31
    0

    4259017          E22/G02             F          133,800.00         ZZ
                                         360        133,519.17          1
                                       8.000            981.78         86
                                       7.750            981.78
    MIAMI            FL   33175          2            01/26/01         01
    0412221459                           05           03/01/01         25
    0412221459                           O            02/01/31
    0

    4259129          E22/G02             F           88,000.00         ZZ
                                         360         87,884.47          1
                                       8.125            653.40         80
                                       7.875            653.40
    SANTA CLARITA    CA   91351          1            01/26/01         00
    0412347650                           05           03/01/01          0
    0412347650                           O            02/01/31
    0

    4259161          E22/G02             F           84,000.00         ZZ
                                         360         83,886.90          2
                                       8.000            616.36         80
                                       7.750            616.36
    SACHSE           TX   75048          1            01/31/01         00
    0412364879                           05           03/01/01          0
    0412364879                           O            02/01/31
    0

    4259957          T90/G02             F          151,200.00         ZZ
                                         360        151,119.54          4
                                       9.125          1,230.21         90
                                       8.875          1,230.21
    HOUSTON          TX   77082          1            02/09/01         12
    0432617173                           05           04/01/01         25
    32092                                N            03/01/31
    0

    4260003          E45/G02             F          404,250.00         ZZ
                                         360        404,005.11          1
1

                                       8.500          3,108.33         75
                                       8.250          3,108.33
    BUFORD           GA   30519          5            02/12/01         00
    0432651628                           05           04/01/01          0
    114179                               O            03/01/31
    0

    4260179          U05/G02             F          400,000.00         ZZ
                                         360        399,731.61          1
                                       8.000          2,935.06         68
                                       7.750          2,935.06
    WESTLAKE         CA   91361          5            02/23/01         00
    0432664282                           05           04/01/01          0
    3104622                              O            03/01/31
    0

    4264255          B57/G02             F          135,000.00         T
                                         360        134,902.29          1
                                       7.625            955.52         73
                                       7.375            955.52
    LAGUNA NIGUEL    CA   92677          1            02/05/01         00
    0432619310                           01           04/01/01          0
    2110638                              O            03/01/31
    0

    4265451          F28/G02             F           88,000.00         ZZ
                                         360         87,348.06          1
                                       8.125            653.40         80
                                       7.875            653.40
    TWP OF CAMBRIDG  MI   49230          1            12/29/00         00
    0432586535                           05           02/01/01          0
    64663038                             O            01/01/31
    0

    4268071          E47/G02             F          240,000.00         ZZ
                                         360        239,817.38          1
                                       7.375          1,657.62         80
                                       7.125          1,657.62
    TUSTIN           CA   92780          5            02/12/01         00
    0432642619                           05           04/01/01          0
    7331012772                           O            03/01/31
    0

    4268147          E84/G02             F           52,000.00         ZZ
                                         360         51,963.30          2
                                       7.750            372.53         80
                                       7.500            372.53
    BALTIMORE        MD   21224          1            02/16/01         00
    0432653970                           05           04/01/01          0
1

    70305647                             O            03/01/31
    0

    4271573          U05/G02             F          424,000.00         ZZ
                                         360        423,722.64          1
                                       8.125          3,148.19         80
                                       7.875          3,148.19
    SAN JOSE         CA   95132          1            02/21/01         00
    0432681179                           05           04/01/01          0
    3109876                              O            03/01/31
    0

    4273922          964/G02             F          139,000.00         ZZ
                                         360        138,808.05          1
                                       7.875          1,007.85         83
                                       7.625          1,007.85
    DENVER           CO   80233          2            01/22/01         10
    0432588879                           05           03/01/01         12
    100783                               O            02/01/31
    0

    4275641          E84/G02             F          399,950.00         ZZ
                                         360        399,667.72          1
                                       7.750          2,865.29         80
                                       7.500          2,865.29
    AUSTIN           TX   78730          1            02/08/01         00
    0432653962                           03           04/01/01          0
    32601474                             O            03/01/31
    0

    4276112          H22/G02             F          209,200.00         ZZ
                                         360        209,200.00          1
                                       7.375          1,444.89         80
                                       7.125          1,444.89
    JACKSON HEIGHTS  NY   11370          1            03/23/01         00
    0432683134                           05           05/01/01          0
    0101009                              O            04/01/31
    0

    4276354          964/G02             F          371,750.00         ZZ
                                         360        371,480.94          1
                                       7.625          2,631.22         76
                                       7.375          2,631.22
    SCOTTSDALE       AZ   85259          5            02/13/01         00
    0432650984                           03           04/01/01          0
    101488                               O            03/01/31
    0

1

    4277412          E22/G02             F           85,250.00         ZZ
                                         360         85,140.91          1
                                       8.250            640.45         56
                                       8.000            640.45
    MOORESVILLE      NC   28115          5            01/25/01         00
    0412338907                           05           03/01/01          0
    0412338907                           O            02/01/31
    0

    4277429          E22/G02             F           70,650.00         ZZ
                                         360         70,604.95          1
                                       8.250            530.77         90
                                       8.000            530.77
    ALTUS            OK   73521          1            02/02/01         04
    0412357188                           05           04/01/01         25
    0412357188                           O            03/01/31
    0

    4277529          P01/G02             F          100,750.00         ZZ
                                         360        100,699.12          2
                                       9.375            837.99         65
                                       9.125            837.99
    ALBANY           NY   12205          5            02/15/01         00
    0432660157                           05           04/01/01          0
    00003527                             N            03/01/31
    0

    4281096          N74/G02             F          300,000.00         ZZ
                                         360        299,793.54          1
                                       7.875          2,175.21         75
                                       7.625          2,175.21
    LOGAN            UT   84341          5            02/07/01         00
    0432652816                           05           04/01/01          0
    0028063010                           O            03/01/31
    0

    4283645          069/G02             F          340,000.00         ZZ
                                         360        339,766.01          1
                                       7.875          2,465.24         80
                                       7.625          2,465.24
    TORRANCE         CA   90505          1            02/14/01         00
    0432664027                           05           04/01/01          0
    88112198                             O            03/01/31
    0

    4283843          A46/G02             F           36,750.00         ZZ
                                         360         36,730.44          1
                                       9.125            299.01         95
                                       8.875            299.01
1

    HOUSTON          TX   77058          1            02/26/01         04
    0432654531                           01           04/01/01         30
    0292696                              O            03/01/31
    0

    4287975          F96/G02             F          171,000.00         ZZ
                                         360        170,906.60          1
                                       9.000          1,375.90         90
                                       8.750          1,375.90
    PISCATAWAY       NJ   08854          5            02/27/01         01
    0432647907                           05           04/01/01         30
    0101230                              O            03/01/31
    0

    4289414          E22/G02             F          127,200.00         ZZ
                                         360        127,019.86          1
                                       7.750            911.28         80
                                       7.500            911.28
    SOUTH BURLINGTO  VT   05403          1            02/05/01         00
    0412291064                           05           03/01/01          0
    0412291064                           O            02/01/31
    0

    4289594          163/G02             F          400,000.00         ZZ
                                         360        399,763.84          1
                                       8.625          3,111.16         80
                                       8.375          3,111.16
    SAN DIEGO        CA   92116          5            02/12/01         00
    0432665610                           05           04/01/01          0
    1417913403                           O            03/01/31
    0

    4289645          M66/G02             F           97,750.00         ZZ
                                         360         97,618.38          1
                                       8.000            717.26         85
                                       7.750            717.26
    MILLMONT         PA   17845          1            01/29/01         11
    0432595106                           05           03/01/01         12
    90400141                             O            02/01/31
    0

    4289911          H37/G02             F          184,000.00         ZZ
                                         360        183,894.14          3
                                       8.750          1,447.53         80
                                       8.500          1,447.53
    NORTH ATTLEBORO  MA   02760          5            02/16/01         00
    0432651115                           05           04/01/01          0
    00254154                             N            03/01/31
    0
1

    4293641          470/G02             F          332,000.00         ZZ
                                         360        331,765.68          1
                                       7.750          2,378.49         80
                                       7.500          2,378.49
    SONOMA           CA   95476          5            02/08/01         00
    0432646347                           05           04/01/01          0
    75010516                             O            03/01/31
    0

    4295515          H58/G02             F          465,000.00         ZZ
                                         360        464,663.45          1
                                       7.625          3,291.24         75
                                       7.375          3,291.24
    SANTA CLARA      CA   95050          5            02/14/01         00
    0432653673                           05           04/01/01          0
    59738                                O            03/01/31
    0

    4296775          U05/G02             F          149,500.00         ZZ
                                         360        149,308.69          1
                                       8.250          1,123.14         78
                                       8.000          1,123.14
    ROSEVILLE        CA   95661          5            01/04/01         00
    0432672483                           05           03/01/01          0
    3093714                              N            02/01/31
    0

    4296982          E76/G02             F          115,000.00         ZZ
                                         360        114,837.15          1
                                       7.750            823.87         77
                                       7.500            823.87
    GRANDVIEW        TX   76050          4            01/23/01         00
    0432597508                           05           03/01/01          0
    10002738                             O            02/01/31
    0

    4298015          U59/G02             F           65,600.00         ZZ
                                         360         65,511.50          1
                                       7.990            480.89         80
                                       7.740            480.89
    DERRY            NH   03038          5            02/26/01         00
    0432644029                           05           03/20/01          0
    800750473                            O            02/20/31
    0

    4298235          575/G02             F          127,900.00         ZZ
                                         360        127,809.73          1
1

                                       7.750            916.29         80
                                       7.500            916.29
    WASHINGTON       DC   20037          1            02/12/01         00
    0432641231                           06           04/01/01          0
    10726610                             O            03/01/31
    0

    4301839          369/G02             F          108,700.00         ZZ
                                         360        108,700.00          1
                                       8.500            835.81         80
                                       8.250            835.81
    PEORIA           AZ   85381          1            03/05/01         00
    0432678159                           03           05/01/01          0
    72773245                             O            04/01/31
    0

    4302762          M82/G02             F          230,000.00         ZZ
                                         360        229,829.30          1
                                       7.500          1,608.20         64
                                       7.250          1,608.20
    GAINESVILLE      GA   30506          5            02/26/01         00
    0432651289                           05           04/01/01          0
    1                                    O            03/01/31
    0

    4303126          664/G02             F          157,500.00         ZZ
                                         360        157,402.10          2
                                       8.375          1,197.12         90
                                       8.125          1,197.12
    PORTLAND         OR   97217          1            02/15/01         11
    0432660504                           05           04/01/01         25
    0003774379                           N            03/01/31
    0

    4304709          E82/G02             F          152,000.00         ZZ
                                         360        151,687.19          1
                                       7.500          1,062.81         78
                                       7.250          1,062.81
    EGG HARBOR       NJ   08234          2            02/05/01         00
    0400379616                           05           04/01/01          0
    3008859                              O            03/01/31
    0

    4305455          926/926             F          189,000.00         T
                                         360        188,160.25          1
                                       8.375          1,436.54         75
                                       8.125          1,436.54
    HILTON HEAD ISL  SC   29928          1            08/28/00         00
    163020146                            05           10/01/00          0
1

    163020146                            O            09/01/30
    0

    4307206          E45/G02             F          123,750.00         ZZ
                                         360        123,675.03          2
                                       8.500            951.53         75
                                       8.250            951.53
    NOKOMIS          FL   34275          1            02/21/01         00
    0432628212                           05           04/01/01          0
    112985                               O            03/01/31
    0

    4308693          420/G02             F          360,000.00         ZZ
                                         360        359,745.92          1
                                       7.750          2,579.08         78
                                       7.500          2,579.08
    BERKELEY         CA   94702          5            02/14/01         00
    0432661239                           05           04/01/01          0
    51000026                             O            03/01/31
    0

    4309489          975/G02             F          220,000.00         ZZ
                                         360        220,000.00          1
                                       8.000          1,614.28         50
                                       7.750          1,614.28
    TUSTIN           CA   92782          5            03/02/01         00
    0432675544                           03           05/01/01          0
    2010516                              N            04/01/31
    0

    4309815          420/G02             F          650,000.00         ZZ
                                         360        649,529.55          1
                                       7.625          4,600.66         66
                                       7.375          4,600.66
    SANTA ROSA       CA   95403          5            02/15/01         00
    0432671451                           03           04/01/01          0
    00500105                             O            03/01/31
    0

    4310590          455/G02             F          145,000.00         ZZ
                                         360        144,902.71          1
                                       8.000          1,063.96         75
                                       7.750          1,063.96
    BREVARD          NC   28712          1            02/19/01         00
    0432668788                           05           04/01/01          0
    42000775                             O            03/01/31
    0

1

    4310664          A19/G02             F          154,800.00         ZZ
                                         360        154,800.00          3
                                       8.750          1,217.81         90
                                       8.500          1,217.81
    SALEM            MA   01970          1            03/21/01         10
    0432682086                           05           05/01/01         25
    4310664                              N            04/01/31
    0

    4310791          964/G02             F          140,400.00         ZZ
                                         360        140,210.95          1
                                       8.000          1,030.21         90
                                       7.750          1,030.21
    LOVELAND         CO   80538          1            02/01/01         11
    0432629236                           05           03/01/01         25
    99535                                O            02/01/31
    0

    4310811          P45/G02             F          457,500.00         ZZ
                                         360        457,222.84          1
                                       8.500          3,517.78         40
                                       8.250          3,517.78
    CRESTED BUTTE    CO   81224          5            02/22/01         00
    0432670966                           05           04/01/01          0
    1                                    O            03/01/31
    0

    4310856          664/G02             F           96,000.00         ZZ
                                         360         95,891.96          2
                                       8.875            763.82         80
                                       8.625            763.82
    ROCKFORD         IL   61108          1            01/11/01         00
    0432664100                           05           03/01/01          0
    0003786670                           N            02/01/31
    0

    4310983          G75/G75             F           69,600.00         ZZ
                                         360         69,374.98          1
                                       8.250            522.89         80
                                       8.000            522.89
    RICHMOND         VA   23225          1            12/15/00         00
    04218613                             05           02/01/01          0
    04218613                             O            01/01/31
    0

    4311025          S27/G02             F          327,000.00         ZZ
                                         360        326,791.48          1
                                       8.250          2,456.65         74
                                       8.000          2,456.65
1

    WINDERMERE       FL   34786          1            02/15/01         00
    0432636215                           03           04/01/01          0
    1010007342                           O            03/01/31
    0

    4311231          J95/G02             F           61,500.00         ZZ
                                         360         61,361.04          1
                                       8.375            467.45         46
                                       8.125            467.45
    PORTLAND         OR   97217          5            12/19/00         00
    0432608156                           05           02/01/01          0
    0017620485                           O            01/01/31
    0

    4311236          J95/G02             F          146,250.00         ZZ
                                         360        146,048.06          1
                                       7.875          1,060.41         77
                                       7.625          1,060.41
    HEPHZIBAH        GA   30815          2            01/17/01         00
    0432623809                           05           03/01/01          0
    0023223373                           O            02/01/31
    0

    4313782          A52/G02             F          200,000.00         ZZ
                                         360        199,878.84          1
                                       8.500          1,537.83         40
                                       8.250          1,537.83
    TYBEE ISLAND     GA   31328          2            02/22/01         00
    0432672830                           05           04/01/01          0
    13911                                N            03/01/31
    0

    4314020          P59/G02             F           41,250.00         ZZ
                                         360         41,225.64          1
                                       8.625            320.84         75
                                       8.375            320.84
    BAKERSFIELD      CA   93305          5            02/13/01         00
    0432645729                           05           04/01/01          0
    LA000375                             N            03/01/31
    0

    4314614          964/G02             F          238,400.00         ZZ
                                         360        238,231.74          1
                                       7.750          1,707.93         80
                                       7.500          1,707.93
    FOLSOM           CA   95630          5            02/20/01         00
    0432664225                           05           04/01/01          0
    103778                               O            03/01/31
    0
1

    4316081          U59/G02             F          102,000.00         ZZ
                                         360        101,931.56          1
                                       8.000            748.44         76
                                       7.750            748.44
    NEWNAN           GA   30263          5            02/23/01         00
    0432655835                           05           04/01/01          0
    800775061                            O            03/01/31
    0

    4316667          P01/G02             F          117,500.00         ZZ
                                         240        117,297.39          1
                                       7.875            973.70         78
                                       7.625            973.70
    SEVERN           MD   21144          5            02/23/01         00
    0432653376                           05           04/01/01          0
    01001004                             O            03/01/21
    0

    4316737          822/G02             F           55,930.00         ZZ
                                         360         55,856.57          3
                                       8.125            415.28         70
                                       7.875            415.28
    LANCASTER        PA   17602          1            01/22/01         00
    0432608073                           05           03/01/01          0
    0106083929                           O            02/01/31
    0

    4317367          964/G02             F          452,000.00         ZZ
                                         360        451,726.18          1
                                       8.500          3,475.49         80
                                       8.250          3,475.49
    PORTLAND         OR   97219          2            02/15/01         00
    0432660256                           03           04/01/01          0
    105567                               O            03/01/31
    0

    4318675          E22/G02             F           94,050.00         ZZ
                                         360         93,985.27          3
                                       7.875            681.93         90
                                       7.625            681.93
    FT. LAUDERDALE   FL   33315          1            02/09/01         10
    0412361123                           05           04/01/01         25
    0412361123                           N            03/01/31
    0

    4319758          A33/G02             F          147,350.00         ZZ
                                         360        147,275.59          2
1

                                       9.375          1,225.58         87
                                       9.125          1,225.58
    MILFORD          MI   48381          2            02/16/01         10
    0432668663                           05           04/01/01         25
    100027008230954                      N            03/01/31
    0

    4321194          L20/G02             F          178,400.00         ZZ
                                         360        178,264.26          4
                                       7.375          1,232.16         80
                                       7.125          1,232.16
    ROY              UT   84067          2            02/15/01         00
    0432628659                           05           04/01/01          0
    271188                               N            03/01/31
    0

    4321324          168/168             F          384,000.00         ZZ
                                         360        383,456.21          1
                                       7.750          2,751.02         80
                                       7.500          2,751.02
    GOLETA           CA   93117          1            01/30/01         00
    0439589819                           05           03/01/01          0
    0439589819                           O            02/01/31
    0

    4321702          B60/G02             F          220,000.00         ZZ
                                         360        219,866.72          4
                                       8.500          1,691.61         80
                                       8.250          1,691.61
    INGLEWOOD        CA   90301          1            02/05/01         00
    0432609279                           05           04/01/01          0
    309213                               N            03/01/31
    0

    4321850          168/168             F          145,000.00         ZZ
                                         360        144,900.21          1
                                       7.875          1,051.35         54
                                       7.625          1,051.35
    EAST HAMPTON     NY   11937          2            01/31/01         00
    0249663201                           05           04/01/01          0
    0249663201                           O            03/01/31
    0

    4322364          477/G02             F          280,000.00         ZZ
                                         360        279,838.91          3
                                       8.750          2,202.76         80
                                       8.500          2,202.76
    OAKLAND          CA   94608          1            02/15/01         00
    0432657666                           05           04/01/01          0
1

    120162                               N            03/01/31
    0

    4323173          E45/G02             F          110,400.00         T
                                         360        110,333.12          1
                                       8.500            848.88         80
                                       8.250            848.88
    KISSIMMEE        FL   34743          1            02/16/01         00
    0432656809                           05           04/01/01          0
    113545                               O            03/01/31
    0

    4323455          E45/G02             F          133,200.00         ZZ
                                         360        133,119.31          1
                                       8.500          1,024.19         90
                                       8.250          1,024.19
    MACON            GA   31216          2            02/16/01         11
    0432627958                           05           04/01/01         25
    117214                               O            03/01/31
    0

    4324395          H76/H76             F          145,000.00         ZZ
                                         360        144,897.66          1
                                       7.750          1,038.80         35
                                       7.500          1,038.80
    NANTUCKET        MA   02554          2            02/21/01         00
    2001372432                           05           04/01/01          0
    2001372432                           O            03/01/31
    0

    4325380          E22/G02             F           76,500.00         ZZ
                                         360         76,447.35          3
                                       7.875            554.68         90
                                       7.625            554.68
    NEW LONDON       CT   06320          1            02/12/01         04
    0412334328                           05           04/01/01         25
    0412334328                           O            03/01/31
    0

    4325801          E86/G02             F           84,000.00         ZZ
                                         360         83,897.86          1
                                       8.500            645.89         80
                                       8.250            645.89
    COPAKE           NY   12516          1            01/26/01         00
    0432638013                           05           03/01/01          0
    0000085426                           O            02/01/31
    0

1

    4326544          U05/G02             F          145,600.00         ZZ
                                         360        145,507.16          1
                                       8.250          1,093.84         80
                                       8.000          1,093.84
    MANCHACA         TX   78662          5            02/20/01         00
    0432664373                           05           04/01/01          0
    3102133                              O            03/01/31
    0

    4326776          A52/G02             F          190,000.00         ZZ
                                         360        189,884.89          1
                                       8.500          1,460.94         80
                                       8.250          1,460.94
    BUFORD           GA   30518          5            02/21/01         00
    0432657062                           05           04/01/01          0
    13974                                O            03/01/31
    0

    4327359          225/225             F           85,000.00         ZZ
                                         360         84,768.31          1
                                       8.125            631.12         53
                                       7.875            631.12
    FRANKLIN TWP     NJ   08873          1            12/04/00         00
    6513803                              01           02/01/01          0
    6513803                              O            01/01/31
    0

    4327527          L16/G02             F          398,000.00         ZZ
                                         360        397,746.21          1
                                       8.250          2,990.04         80
                                       8.000          2,990.04
    DRAPER           UT   84020          2            02/28/01         00
    0432647188                           05           04/01/01          0
    0445836                              O            03/01/31
    0

    4328185          U05/G02             F          340,000.00         ZZ
                                         360        339,794.02          4
                                       8.500          2,614.31         80
                                       8.250          2,614.31
    OAKLAND          CA   94605          1            02/07/01         00
    0432632917                           05           04/01/01          0
    3101879                              O            03/01/31
    0

    4328304          964/G02             F           99,200.00         ZZ
                                         360         99,131.73          1
                                       7.875            719.27         80
                                       7.625            719.27
1

    BEND             OR   97702          2            02/22/01         00
    0432675676                           05           04/01/01          0
    107091                               O            03/01/31
    0

    4328506          975/G02             F          343,000.00         ZZ
                                         360        342,757.92          1
                                       7.750          2,457.29         78
                                       7.500          2,457.29
    SANTA BARBARA    CA   93111          2            02/21/01         00
    0432671014                           05           04/01/01          0
    2002944                              O            03/01/31
    0

    4328663          Q64/G02             F           40,000.00         ZZ
                                         360         39,978.15          1
                                       9.000            321.85         20
                                       8.750            321.85
    FLORHAM PARK     NJ   07932          5            02/16/01         00
    0432666923                           01           04/01/01          0
    5200320000                           N            03/01/31
    0

    4329366          737/G02             F           42,300.00         ZZ
                                         360         42,280.27          1
                                       9.750            363.42         90
                                       9.500            363.42
    MILWAUKEE        WI   53204          1            02/21/01         12
    0432657419                           05           04/01/01         25
    2014900                              N            03/01/31
    0

    4330069          A60/G02             F          175,500.00         ZZ
                                         360        175,500.00          1
                                       8.375          1,333.93         90
                                       8.125          1,333.93
    ISLIP            NY   11751          5            02/26/01         04
    0432650257                           05           05/01/01         25
    12308                                O            04/01/31
    0

    4330742          253/253             F          324,900.00         ZZ
                                         360        324,664.84          1
                                       7.625          2,299.63         95
                                       7.375          2,299.63
    ALBUQUERQUE      NM   87111          1            02/28/01         14
    963282                               05           04/01/01         30
    963282                               O            03/01/31
    0
1

    4330787          477/G02             F          118,000.00         ZZ
                                         360        117,928.51          1
                                       8.500            907.32         68
                                       8.250            907.32
    MISSION VIEJO    CA   92691          2            02/21/01         00
    0432672509                           01           04/01/01          0
    0100103                              N            03/01/31
    0

    4331290          A52/G02             F           52,000.00         ZZ
                                         360         52,000.00          1
                                       8.250            390.66         80
                                       8.000            390.66
    MARIETTA         GA   30064          5            03/08/01         00
    0432664365                           05           05/01/01          0
    13786                                O            04/01/31
    0

    4332093          U28/G02             F          350,000.00         ZZ
                                         360        349,759.14          1
                                       7.875          2,537.74         76
                                       7.625          2,537.74
    RALEIGH          NC   27609          5            02/06/01         00
    0432676385                           05           04/01/01          0
    HARLICKA                             O            03/01/31
    0

    4332179          700/G02             F          168,000.00         ZZ
                                         360        167,805.98          1
                                       8.750          1,321.66         80
                                       8.500          1,321.66
    WEST COVINA      CA   91791          5            01/18/01         00
    0432653079                           05           03/01/01          0
    00254924                             O            02/01/31
    0

    4332181          U28/G02             F          113,500.00         ZZ
                                         360        113,421.89          1
                                       7.875            822.95         82
                                       7.625            822.95
    GAINESVILLE      GA   30506          2            02/05/01         04
    0432631745                           05           04/01/01         12
    YOUNG                                O            03/01/31
    0

    4332669          455/G02             F          122,310.00         ZZ
                                         360        122,237.78          1
1

                                       8.625            951.32         90
                                       8.375            951.32
    STOCKBRIDGE      GA   30281          1            02/22/01         01
    0432650067                           05           04/01/01         25
    09001081                             O            03/01/31
    0

    4333386          E46/G02             F           75,000.00         ZZ
                                         360         74,954.56          1
                                       8.500            576.69         50
                                       8.250            576.69
    MARLTON          NJ   08053          1            02/22/01         00
    0432649804                           05           04/01/01          0
    00500406                             O            03/01/31
    0

    4333422          E76/G02             F           40,500.00         ZZ
                                         360         40,475.46          1
                                       8.500            311.41         90
                                       8.250            311.41
    WAXAHACHIE       TX   75165          1            02/20/01         19
    0432634947                           05           04/01/01         25
    10003613                             N            03/01/31
    0

    4333636          196/G02             F          116,550.00         ZZ
                                         360        116,384.23          1
                                       8.000            855.21         90
                                       7.750            855.21
    BAILEY           CO   80421          1            01/30/01         10
    0432599843                           05           03/01/01         25
    1396085                              O            02/01/31
    0

    4334011          964/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.375          3,453.38         75
                                       7.125          3,453.38
    REDONDO BEACH    CA   90277          5            02/28/01         00
    0432669356                           05           05/01/01          0
    106842                               O            04/01/31
    0

    4334367          H19/G02             F          168,000.00         ZZ
                                         360        167,898.22          4
                                       8.500          1,291.78         80
                                       8.250          1,291.78
    BARRE            VT   05641          1            02/23/01         00
    0432643765                           05           04/01/01          0
1

    0010043743                           O            03/01/31
    0

    4335959          975/G02             F          323,000.00         ZZ
                                         360        322,772.03          1
                                       7.750          2,314.01         67
                                       7.500          2,314.01
    SAN JOSE         CA   95111          2            02/08/01         00
    0432676088                           05           04/01/01          0
    2010447                              O            03/01/31
    0

    4336182          T44/G02             F          133,000.00         ZZ
                                         360        132,913.00          1
                                       8.125            987.52         73
                                       7.875            987.52
    PLACERVILLE      CA   95667          1            02/26/01         00
    0432673903                           05           04/01/01          0
    9051791                              O            03/01/31
    0

    4337730          E22/G02             F          136,000.00         ZZ
                                         360        135,901.57          1
                                       7.625            962.60         80
                                       7.375            962.60
    MIRAMAR          FL   33027          2            02/08/01         00
    0412344335                           03           04/01/01          0
    0412344335                           O            03/01/31
    0

    4338422          806/G02             F          180,350.00         ZZ
                                         360        180,100.94          1
                                       7.875          1,307.67         80
                                       7.625          1,307.67
    CORONA           CA   92881          1            01/05/01         00
    0432609576                           29           03/01/01          0
    1130000486                           O            02/01/31
    0

    4339419          758/G02             F          532,000.00         ZZ
                                         360        532,000.00          1
                                       8.250          3,996.74         79
                                       8.000          3,996.74
    HIGHLAND PARK    TX   75209          5            03/05/01         00
    0432660454                           05           05/01/01          0
    42447                                O            04/01/31
    0

1

    4339584          286/286             F           91,100.00         ZZ
                                         360         90,766.41          1
                                       7.625            644.81         80
                                       7.375            644.81
    ATLANTA          GA   30318          1            01/16/01         00
    225842                               01           03/01/01          0
    225842                               O            02/01/31
    0

    4339590          286/286             F          142,000.00         ZZ
                                         360        141,747.70          1
                                       7.750          1,017.31         80
                                       7.500          1,017.31
    VISTA            CA   92084          1            01/04/01         00
    9779930                              09           03/01/01          0
    9779930                              O            02/01/31
    0

    4341952          U05/G02             F          283,500.00         ZZ
                                         360        283,314.55          1
                                       8.125          2,104.98         90
                                       7.875          2,104.98
    LITCHFIELD       AZ   85340          1            02/21/01         01
    0432669596                           05           04/01/01         25
    3102707                              O            03/01/31
    0

    4342109          U05/G02             F          329,500.00         ZZ
                                         360        329,284.46          1
                                       8.125          2,446.53         65
                                       7.875          2,446.53
    SAN LEANDRO      CA   94577          5            02/21/01         00
    0432654804                           05           04/01/01          0
    3108352                              O            03/01/31
    0

    4342416          E45/G02             F           44,000.00         ZZ
                                         360         43,973.35          1
                                       8.500            338.32         71
                                       8.250            338.32
    HAZLEHURST       GA   31539          5            02/22/01         00
    0432623619                           05           04/01/01          0
    109429                               N            03/01/31
    0

    4342995          742/G02             F           59,000.00         ZZ
                                         360         59,000.00          1
                                       8.500            453.66         80
                                       8.250            453.66
1

    ROCHESTER        NY   14625          1            03/05/01         00
    0432672616                           05           05/01/01          0
    6230213                              N            04/01/31
    0

    4343188          253/253             F          272,000.00         ZZ
                                         360        272,000.00          1
                                       7.375          1,878.64         77
                                       7.125          1,878.64
    EL CAJON         CA   92020          5            03/16/01         00
    963603                               05           05/01/01          0
    963603                               O            04/01/31
    0

    4346297          964/G02             F          250,000.00         ZZ
                                         360        249,823.55          1
                                       7.750          1,791.03         74
                                       7.500          1,791.03
    LAS VEGAS        NV   89110          5            02/21/01         00
    0432683878                           05           04/01/01          0
    104504                               O            03/01/31
    0

    4346463          E22/G02             F           85,050.00         ZZ
                                         360         84,995.77          1
                                       8.250            638.95         90
                                       8.000            638.95
    BRADENTON        FL   34243          1            02/16/01         10
    0412379216                           05           04/01/01         25
    0412379216                           O            03/01/31
    0

    4347034          E82/G02             F          143,000.00         ZZ
                                         360        142,899.07          1
                                       7.750          1,024.47         85
                                       7.500          1,024.47
    SEATTLE          WA   98168          2            02/12/01         04
    0400365102                           05           04/01/01         12
    0400365102                           O            03/01/31
    0

    4347281          P45/G02             F           72,000.00         ZZ
                                         360         71,957.49          1
                                       8.625            560.01         79
                                       8.375            560.01
    CHIPLEY          FL   32428          5            02/22/01         00
    0432673564                           05           04/01/01          0
    1                                    O            03/01/31
    0
1

    4347745          163/G02             F          305,000.00         ZZ
                                         360        304,790.10          1
                                       7.875          2,211.46         77
                                       7.625          2,211.46
    JACKSONVILLE     OR   97530          5            02/14/01         00
    0432675585                           05           04/01/01          0
    817887706                            O            03/01/31
    0

    4348153          964/G02             F          115,000.00         ZZ
                                         360        114,922.84          1
                                       8.000            843.83         73
                                       7.750            843.83
    LAKE OSWEGO      OR   97035          1            02/28/01         00
    0432670578                           01           04/01/01          0
    101801                               O            03/01/31
    0

    4348576          455/G02             F           65,600.00         ZZ
                                         360         65,600.00          1
                                       8.875            521.94         80
                                       8.625            521.94
    NEW SMYRNA BEAC  FL   32168          1            03/09/01         00
    0432676963                           05           05/01/01          0
    22000655                             N            04/01/31
    0

    4348877          168/168             F           74,250.00         T
                                         360         74,201.43          3
                                       8.125            551.30         90
                                       7.875            551.30
    BROCKPORT        NY   14420          1            02/09/01         10
    0249686406                           05           04/01/01         25
    0249686406                           O            03/01/31
    0

    4349346          M82/G02             F          165,000.00         ZZ
                                         360        165,000.00          1
                                       9.375          1,372.39         65
                                       9.125          1,372.39
    DAWSONVILLE      GA   30534          5            03/05/01         00
    0432679728                           05           05/01/01          0
    10994                                O            04/01/31
    0

    4349495          721/G02             F           40,000.00         ZZ
                                         360         39,948.80          1
1

                                       8.250            300.51         50
                                       8.000            300.51
    ST PAUL          MN   55107          1            01/09/01         00
    0432630440                           05           03/01/01          0
    7890895030                           O            02/01/31
    0

    4349559          K15/G02             F           71,700.00         ZZ
                                         360         71,657.66          1
                                       8.625            557.68         85
                                       8.375            557.68
    RICHMOND         IN   47374          5            02/23/01         11
    0432648269                           05           04/01/01         12
    033705302243                         O            03/01/31
    0

    4350015          F96/G02             F          184,000.00         ZZ
                                         360        183,863.45          3
                                       7.500          1,286.55         80
                                       7.250          1,286.55
    CITY OF GARFIEL  NJ   07026          1            02/23/01         00
    0432642429                           05           04/01/01          0
    0004051                              N            03/01/31
    0

    4350218          N74/G02             F          207,200.00         ZZ
                                         360        207,050.03          1
                                       7.625          1,466.55         80
                                       7.375          1,466.55
    AUSTIN           TX   78750          5            02/23/01         00
    0432641959                           05           04/01/01          0
    0028183010                           O            03/01/31
    0

    4350255          967/G02             F          158,250.00         ZZ
                                         360        158,163.56          3
                                       9.000          1,273.32         90
                                       8.750          1,273.32
    PRESCOTT         AZ   86305          1            02/22/01         14
    0432671980                           05           04/01/01         25
    6243810                              N            03/01/31
    0

    4350950          964/G02             F           70,000.00         ZZ
                                         360         69,959.73          1
                                       8.750            550.69         75
                                       8.500            550.69
    NEWPORT          OR   97365          5            02/21/01         00
    0432669661                           01           04/01/01          0
1

    108114                               N            03/01/31
    0

    4351080          253/253             F          588,000.00         ZZ
                                         360        587,615.36          1
                                       8.125          4,365.89         75
                                       7.875          4,365.89
    GLENWOOD SPRING  CO   81601          5            02/09/01         00
    962500                               03           04/01/01          0
    962500                               O            03/01/31
    0

    4351770          163/G02             F          290,000.00         ZZ
                                         360        289,790.11          1
                                       7.625          2,052.60         73
                                       7.375          2,052.60
    RYDAL            GA   30171          5            02/27/01         00
    0432672749                           05           04/01/01          0
    7717971971                           O            03/01/31
    0

    4352100          964/G02             F          153,000.00         ZZ
                                         360        152,902.44          1
                                       8.250          1,149.44         90
                                       8.000          1,149.44
    PASO ROBLES      CA   93446          1            02/19/01         01
    0432667996                           05           04/01/01         25
    103522                               O            03/01/31
    0

    4352253          830/G02             F          468,000.00         ZZ
                                         360        467,652.68          1
                                       7.500          3,272.32         80
                                       7.250          3,272.32
    LAGUNA NIGUEL    CA   92677          5            03/01/01         00
    0432670602                           05           04/01/01          0
    545180                               O            03/01/31
    0

    4353405          742/G02             F          275,000.00         ZZ
                                         360        274,857.43          1
                                       9.250          2,262.36         69
                                       9.000          2,262.36
    FLUSHING         NY   11357          5            02/23/01         00
    0432641827                           05           04/01/01          0
    6256085                              O            03/01/31
    0

1

    4353784          P67/G02             F          111,200.00         ZZ
                                         360        111,200.00          3
                                       7.875            806.28         80
                                       7.625            806.28
    MANCHESTER       NH   03103          1            03/05/01         00
    0432649481                           05           05/01/01          0
    0445691                              N            04/01/31
    0

    4353791          964/G02             F          431,200.00         ZZ
                                         360        431,200.00          1
                                       7.750          3,089.17         80
                                       7.500          3,089.17
    GLENDALE         CA   91208          1            03/05/01         00
    0432697324                           05           05/01/01          0
    109142                               O            04/01/31
    0

    4354196          U05/G02             F          108,000.00         ZZ
                                         360        107,929.35          1
                                       8.125            801.90         80
                                       7.875            801.90
    GRANTS PASS      OR   97527          2            02/02/01         00
    0432618577                           05           04/01/01          0
    3103642                              O            03/01/31
    0

    4354769          514/G02             F          105,600.00         ZZ
                                         360        104,521.56          1
                                       9.250            868.75         80
                                       9.000            868.75
    FORT WASHINGTON  MD   20744          1            11/10/00         00
    0432665594                           05           01/01/01          0
    577366                               O            12/01/30
    0

    4354838          L16/G02             F          108,000.00         ZZ
                                         360        107,927.53          1
                                       8.000            792.47         80
                                       7.750            792.47
    PROVO            UT   84606          2            02/12/01         00
    0432618197                           05           04/01/01          0
    W0101075                             O            03/01/31
    0

    4354993          P34/G02             F          132,000.00         ZZ
                                         360        131,781.21          1
                                       8.500          1,014.97         83
                                       8.250          1,014.97
1

    NEW MILFORD      CT   06776          5            02/12/01         10
    0432640258                           05           04/01/01         12
    414282                               O            03/01/31
    0

    4355425          A33/G02             F          120,800.00         ZZ
                                         360        120,800.00          1
                                       8.500            928.85         80
                                       8.250            928.85
    WALLED LAKE      MI   48390          2            03/15/01         00
    0432675643                           05           05/01/01          0
    015095477                            O            04/01/31
    0

    4355693          E45/G02             F          100,000.00         ZZ
                                         360         99,932.91          1
                                       8.000            733.76         77
                                       7.750            733.76
    HIALEAH GARDENS  FL   33016          1            03/01/01         00
    0432662690                           05           04/01/01          0
    116696                               O            03/01/31
    0

    4355827          168/168             F           56,000.00         ZZ
                                         360         55,965.19          1
                                       8.375            425.64         44
                                       8.125            425.64
    BOONVILLE        NY   13309          5            02/07/01         00
    0189694238                           05           04/01/01          0
    0189694238                           O            03/01/31
    0

    4358067          U42/G02             F          130,500.00         ZZ
                                         360        130,432.35          4
                                       9.250          1,073.59         90
                                       9.000          1,073.59
    AUSTIN           TX   78704          1            02/27/01         12
    0432669018                           05           04/01/01         25
    10100143                             N            03/01/31
    0

    4358097          P45/G02             F           87,000.00         ZZ
                                         360         86,947.30          1
                                       8.500            668.95         83
                                       8.250            668.95
    ARIVACA          AZ   85601          5            02/27/01         04
    0432672715                           05           04/01/01         12
    GE246                                O            03/01/31
    0
1

    4358774          T90/G02             F          103,500.00         ZZ
                                         360        103,435.67          2
                                       8.375            786.67         90
                                       8.125            786.67
    NEW ORLEANS      LA   70124          1            02/23/01         12
    0432672467                           05           04/01/01         30
    41227                                O            03/01/31
    0

    4360314          M66/G02             F          300,000.00         ZZ
                                         360        299,798.70          1
                                       8.000          2,201.30         76
                                       7.750          2,201.30
    NORTH HALEDON    NJ   07508          5            02/27/01         00
    0432664969                           05           04/01/01          0
    143182                               O            03/01/31
    0

    4360496          286/286             F           67,800.00         ZZ
                                         360         67,638.14          2
                                       8.625            527.34         80
                                       8.375            527.34
    MILWAUKEE        WI   53214          1            11/20/00         00
    156079                               05           01/01/01          0
    156079                               N            12/01/30
    0

    4360589          286/286             F           51,200.00         ZZ
                                         360         51,071.35          1
                                       8.375            389.16         80
                                       8.125            389.16
    AKRON            OH   44307          5            11/15/00         00
    154697                               05           01/01/01          0
    154697                               N            12/01/30
    0

    4360590          286/286             F           60,800.00         ZZ
                                         360         60,647.26          1
                                       8.375            462.12         80
                                       8.125            462.12
    AKRON            OH   44310          5            11/15/00         00
    154698                               05           01/01/01          0
    154698                               N            12/01/30
    0

    4360591          286/286             F           68,000.00         ZZ
                                         360         67,829.15          1
1

                                       8.375            516.85         80
                                       8.125            516.85
    AKRON            OH   44310          5            11/15/00         00
    154699                               05           01/01/01          0
    154699                               N            12/01/30
    0

    4360592          286/286             F           72,000.00         ZZ
                                         360         71,819.12          1
                                       8.375            547.25         80
                                       8.125            547.25
    AKRON            OH   44301          5            11/15/00         00
    154700                               05           01/01/01          0
    154700                               N            12/01/30
    0

    4360593          286/286             F           48,800.00         ZZ
                                         360         48,677.37          1
                                       8.375            370.92         80
                                       8.125            370.92
    AKRON            OH   44306          5            11/15/00         00
    154701                               05           01/01/01          0
    154701                               N            12/01/30
    0

    4360594          286/286             F           52,800.00         ZZ
                                         360         52,667.34          1
                                       8.375            401.32         80
                                       8.125            401.32
    AKRON            OH   44307          5            11/15/00         00
    156340                               05           01/01/01          0
    156340                               N            12/01/30
    0

    4360595          286/286             F           76,800.00         ZZ
                                         360         76,607.03          1
                                       8.375            583.74         80
                                       8.125            583.74
    TALLMADGE        OH   44278          5            11/15/00         00
    156341                               05           01/01/01          0
    156341                               N            12/01/30
    0

    4360608          286/286             F           43,350.00         ZZ
                                         360         43,266.48          1
                                       8.250            325.68         85
                                       8.000            325.68
    ROCKFORD         IL   61103          5            12/01/00         10
    204149                               05           02/01/01         20
1

    204149                               N            01/01/31
    0

    4360617          286/286             F           50,400.00         ZZ
                                         360         50,302.92          1
                                       8.250            378.64         80
                                       8.000            378.64
    W COLUMBIA       SC   29169          5            01/04/01         00
    160235                               05           02/01/01          0
    160235                               N            01/01/31
    0

    4360635          286/286             F           43,200.00         ZZ
                                         360         43,085.81          1
                                       8.125            320.76         80
                                       7.875            320.76
    SPRINGFIELD      OH   45503          2            11/21/00         00
    163947                               05           01/01/01          0
    163947                               N            12/01/30
    0

    4360636          286/286             F           15,200.00         ZZ
                                         360         15,160.80          1
                                       8.250            114.20         80
                                       8.000            114.20
    DAYTON           OH   45403          2            11/21/00         00
    163951                               05           01/01/01          0
    163951                               N            12/01/30
    0

    4360661          286/286             F           99,500.00         ZZ
                                         360         99,298.36          1
                                       8.000            730.10         80
                                       7.750            730.10
    TUCSON           AZ   85719          1            12/13/00         00
    159627                               05           02/01/01          0
    159627                               N            01/01/31
    0

    4360791          742/G02             F          154,000.00         ZZ
                                         360        153,904.28          2
                                       8.375          1,170.51         70
                                       8.125          1,170.51
    BROOKLYN         NY   11208          1            02/13/01         00
    0432653129                           07           04/01/01          0
    6223176                              N            03/01/31
    0

1

    4361030          286/286             F          374,400.00         ZZ
                                         360        373,782.33          1
                                       7.875          2,714.66         80
                                       7.625          2,714.66
    FREMONT          CA   94538          1            01/24/01         00
    241823                               05           03/01/01          0
    241823                               O            02/01/31
    0

    4361223          286/286             F          539,000.00         ZZ
                                         360        538,310.23          1
                                       8.250          4,049.33         72
                                       8.000          4,049.33
    TUCSON           AZ   85749          5            01/04/01         00
    161172                               05           03/01/01          0
    161172                               O            02/01/31
    0

    4361224          286/286             F          502,000.00         ZZ
                                         360        501,271.01          1
                                       7.625          3,553.13         80
                                       7.375          3,553.13
    BOULDER          CO   80304          1            01/31/01         00
    224777                               03           03/01/01          0
    224777                               O            02/01/31
    0

    4361226          286/286             F          384,800.00         ZZ
                                         360        384,268.62          1
                                       7.875          2,790.07         80
                                       7.625          2,790.07
    ATLANTA          GA   30318          1            01/12/01         00
    225058                               05           03/01/01          0
    225058                               O            02/01/31
    0

    4361227          286/286             F          224,000.00         ZZ
                                         360        223,682.80          1
                                       7.750          1,604.76         70
                                       7.500          1,604.76
    DURHAM           NC   27707          5            01/26/01         00
    227334                               05           03/01/01          0
    227334                               O            02/01/31
    0

    4361228          286/286             F          288,000.00         ZZ
                                         360        287,630.62          1
                                       8.250          2,163.65         80
                                       8.000          2,163.65
1

    CHICAGO          IL   60613          5            01/25/01         00
    225331                               01           03/01/01          0
    225331                               O            02/01/31
    0

    4361229          286/286             F          392,000.00         ZZ
                                         360        391,052.31          1
                                       7.500          2,740.93         80
                                       7.250          2,740.93
    HOOVER           AL   35242          1            01/05/01         00
    174086                               03           02/01/01          0
    174086                               O            01/01/31
    0

    4361230          286/286             F          328,000.00         ZZ
                                         360        327,535.51          1
                                       7.750          2,349.83         80
                                       7.500          2,349.83
    DELAFIELD        WI   53018          5            01/26/01         00
    224341                               05           03/01/01          0
    224341                               O            02/01/31
    0

    4361231          286/286             F          311,000.00         ZZ
                                         360        310,602.01          1
                                       8.250          2,336.44         75
                                       8.000          2,336.44
    MORRIS           NJ   07960          2            01/22/01         00
    58066                                05           03/01/01          0
    58066                                O            02/01/31
    0

    4361232          286/286             F          461,000.00         ZZ
                                         360        460,363.40          1
                                       7.875          3,342.57         74
                                       7.625          3,342.57
    PEORIA           AZ   85382          2            01/08/01         00
    224315                               05           03/01/01          0
    224315                               O            02/01/31
    0

    4361233          286/286             F          358,000.00         ZZ
                                         360        357,480.12          1
                                       7.625          2,533.91         80
                                       7.375          2,533.91
    GREAT FALLS      VA   22066          5            01/23/01         00
    67767                                05           03/01/01          0
    67767                                O            02/01/31
    0
1

    4361234          286/286             F          265,000.00         T
                                         360        264,677.05          1
                                       8.500          2,037.63         75
                                       8.250          2,037.63
    KANEOHE          HI   96744          5            01/29/01         00
    220077                               05           03/01/01          0
    220077                               O            02/01/31
    0

    4361235          286/286             F          500,000.00         T
                                         360        499,326.77          1
                                       8.000          3,668.83         80
                                       7.750          3,668.83
    HILTON HEAD ISL  SC   29926          1            01/29/01         00
    9981684                              03           03/01/01          0
    9981684                              O            02/01/31
    0

    4361236          286/286             F          523,600.00         ZZ
                                         360        522,876.95          1
                                       7.875          3,796.47         75
                                       7.625          3,796.47
    CLIFTON          VA   22315          2            01/26/01         00
    241887                               03           03/01/01          0
    241887                               O            02/01/31
    0

    4361237          286/286             F          612,000.00         ZZ
                                         360        611,088.76          1
                                       7.500          4,279.20         80
                                       7.250          4,279.20
    SANTA ANA        CA   92705          5            01/25/01         00
    239016                               05           03/01/01          0
    239016                               O            02/01/31
    0

    4361238          286/286             F          140,000.00         ZZ
                                         360        139,801.74          1
                                       7.750          1,002.98         80
                                       7.500          1,002.98
    JACKSONVILLE     FL   32223          1            01/26/01         00
    79137                                03           03/01/01          0
    79137                                O            02/01/31
    0

    4361239          286/286             F          533,200.00         ZZ
                                         360        532,444.91          1
1

                                       7.750          3,819.91         73
                                       7.500          3,819.91
    DENVER           NC   28037          2            01/26/01         00
    158746                               05           03/01/01          0
    158746                               O            02/01/31
    0

    4361240          286/286             F          412,000.00         ZZ
                                         360        411,431.06          1
                                       7.875          2,987.29         80
                                       7.625          2,987.29
    GREER            SC   29650          2            01/11/01         00
    94244                                03           03/01/01          0
    94244                                O            02/01/31
    0

    4361241          286/286             F          358,400.00         ZZ
                                         360        357,892.46          1
                                       7.750          2,567.62         80
                                       7.500          2,567.62
    HOUSTON          TX   77019          2            01/16/01         00
    9796845                              05           03/01/01          0
    9796845                              O            02/01/31
    0

    4361242          286/286             F          188,000.00         ZZ
                                         360        187,759.42          1
                                       8.250          1,412.38         77
                                       8.000          1,412.38
    SHINGLETOWN      CA   96088          2            01/24/01         00
    9797575                              05           03/01/01          0
    9797575                              O            02/01/31
    0

    4361243          286/286             F          380,000.00         ZZ
                                         360        379,293.34          1
                                       7.500          2,657.02         50
                                       7.250          2,657.02
    SONOMA           CA   95476          5            01/24/01         00
    9798555                              05           03/01/01          0
    9798555                              O            02/01/31
    0

    4361244          286/286             F          348,000.00         ZZ
                                         360        347,392.46          1
                                       7.875          2,523.24         80
                                       7.625          2,523.24
    CAMPBELL         CA   95008          1            01/18/01         00
    9793872                              05           03/01/01          0
1

    9793872                              O            02/01/31
    0

    4361245          286/286             F          424,000.00         ZZ
                                         360        423,429.12          1
                                       8.000          3,111.16         80
                                       7.750          3,111.16
    OXNARD           CA   93030          5            01/19/01         00
    9791462                              03           03/01/01          0
    9791462                              O            02/01/31
    0

    4361246          286/286             F          440,000.00         ZZ
                                         360        439,407.58          1
                                       8.000          3,228.56         67
                                       7.750          3,228.56
    SEBASTOPOL       CA   95472          2            01/23/01         00
    9788780                              05           03/01/01          0
    9788780                              O            02/01/31
    0

    4361247          286/286             F          345,600.00         ZZ
                                         360        345,043.93          1
                                       7.625          2,446.14         80
                                       7.375          2,446.14
    SAN MATEO        CA   94401          2            01/19/01         00
    9788941                              05           03/01/01          0
    9788941                              O            02/01/31
    0

    4361248          286/286             F          518,000.00         ZZ
                                         360        517,320.01          1
                                       8.125          3,846.14         70
                                       7.875          3,846.14
    WESTON           MA   02193          2            01/18/01         00
    9794894                              05           03/01/01          0
    9794894                              O            02/01/31
    0

    4361249          286/286             F          324,000.00         ZZ
                                         360        323,435.14          1
                                       7.875          2,349.22         80
                                       7.625          2,349.22
    TACOMA           WA   98406          2            01/23/01         00
    9794142                              05           03/01/01          0
    9794142                              O            02/01/31
    0

1

    4361250          286/286             F          302,000.00         ZZ
                                         360        301,463.46          1
                                       7.750          2,163.56         61
                                       7.500          2,163.56
    SAN FRANCISCO    CA   94109          5            01/17/01         00
    9793030                              01           03/01/01          0
    9793030                              O            02/01/31
    0

    4361251          286/286             F          415,200.00         ZZ
                                         360        414,654.96          1
                                       8.125          3,082.85         80
                                       7.875          3,082.85
    MORGAN HILL      CA   95037          1            01/18/01         00
    9789673                              03           03/01/01          0
    9789673                              O            02/01/31
    0

    4361252          286/286             F          512,000.00         ZZ
                                         360        511,084.49          1
                                       7.500          3,579.98         80
                                       7.250          3,579.98
    MAPLETON         UT   84664          2            01/26/01         00
    9961095                              05           03/01/01          0
    9961095                              O            02/01/31
    0

    4361253          286/286             F          448,000.00         ZZ
                                         360        447,381.36          1
                                       7.875          3,248.31         70
                                       7.625          3,248.31
    SANTA BARBARA    CA   93105          2            01/18/01         00
    9794082                              05           03/01/01          0
    9794082                              O            02/01/31
    0

    4361254          286/286             F          500,000.00         ZZ
                                         360        499,273.92          1
                                       7.625          3,538.97         80
                                       7.375          3,538.97
    CAREFREE         AZ   85377          1            01/26/01         00
    9801717                              05           03/01/01          0
    9801717                              O            02/01/31
    0

    4361255          286/286             F          508,000.00         ZZ
                                         360        507,262.32          1
                                       7.625          3,595.59         77
                                       7.375          3,595.59
1

    SAN CLEMENTE     CA   92673          2            01/12/01         00
    9960936                              03           03/01/01          0
    9960936                              O            02/01/31
    0

    4361256          286/286             F          505,000.00         ZZ
                                         360        504,302.64          1
                                       7.875          3,661.60         75
                                       7.625          3,661.60
    PLEASANTON       CA   94588          2            01/19/01         00
    9793251                              05           03/01/01          0
    9793251                              O            02/01/31
    0

    4361257          286/286             F          500,000.00         ZZ
                                         360        499,291.94          1
                                       7.750          3,582.06         68
                                       7.500          3,582.06
    SAN JOSE         CA   95133          2            01/24/01         00
    9798712                              05           03/01/01          0
    9798712                              O            02/01/31
    0

    4361258          286/286             F          420,000.00         ZZ
                                         360        419,462.52          1
                                       8.250          3,155.32         70
                                       8.000          3,155.32
    UNION CITY       CA   94587          2            01/16/01         00
    9789997                              05           03/01/01          0
    9789997                              O            02/01/31
    0

    4361259          286/286             F          360,800.00         ZZ
                                         360        360,314.21          1
                                       8.000          2,647.42         80
                                       7.750          2,647.42
    SAN DIEGO        CA   92128          1            01/26/01         00
    9791250                              03           03/01/01          0
    9791250                              O            02/01/31
    0

    4361260          286/286             F          336,000.00         ZZ
                                         360        335,535.67          1
                                       7.875          2,436.23         70
                                       7.625          2,436.23
    SAN JOSE         CA   95122          2            01/19/01         00
    9795502                              05           03/01/01          0
    9795502                              O            02/01/31
    0
1

    4361261          286/286             F          434,000.00         ZZ
                                         360        433,415.64          1
                                       8.000          3,184.54         80
                                       7.750          3,184.54
    ESCONDIDO        CA   92029          2            01/18/01         00
    9962021                              05           03/01/01          0
    9962021                              O            02/01/31
    0

    4362313          U05/G02             F          147,250.00         ZZ
                                         360        147,167.45          4
                                       8.875          1,171.59         87
                                       8.625          1,171.59
    SACRAMENTO       CA   95821          1            02/27/01         01
    0432681211                           05           04/01/01         30
    3106066                              O            03/01/31
    0

    4362335          926/926             F          400,000.00         ZZ
                                         360        399,710.49          1
                                       7.625          2,831.18         80
                                       7.375          2,831.18
    HILTON HEAD ISL  SC   29928          1            02/27/01         00
    163021565                            03           04/01/01          0
    163021565                            O            03/01/31
    0

    4362638          420/G02             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       7.750          1,919.99         79
                                       7.500          1,919.99
    SANTA ROSA       CA   95403          5            03/09/01         00
    0432672517                           05           05/01/01          0
    51000083                             O            04/01/31
    0

    4363623          526/526             F           71,200.00         ZZ
                                         360         71,101.68          1
                                       7.875            516.25         80
                                       7.625            516.25
    EL PASO          TX   79912          1            01/05/01         00
    0432735                              05           03/01/01          0
    0432735                              O            02/01/31
    0

    4363663          526/526             F           47,200.00         ZZ
                                         360         47,131.46          1
1

                                       7.625            334.08         80
                                       7.375            334.08
    HOUSTON          TX   77024          1            01/12/01         00
    0434101                              01           03/01/01          0
    0434101                              N            02/01/31
    0

    4363697          526/526             F           30,950.00         ZZ
                                         360         30,888.83          1
                                       8.125            229.81         39
                                       7.875            229.81
    CHANNELVIEW      TX   77530          1            12/29/00         00
    0434657                              03           02/01/01          0
    0434657                              O            01/01/31
    0

    4363708          526/526             F          119,700.00         ZZ
                                         360        119,538.82          1
                                       8.000            878.32         90
                                       7.750            878.32
    MESA             AZ   85205          1            01/12/01         12
    0434828                              05           03/01/01         25
    0434828                              N            02/01/31
    0

    4363741          526/526             F          130,000.00         ZZ
                                         360        129,833.63          1
                                       8.250            976.65         73
                                       8.000            976.65
    WESTMINSTER      CO   80031          5            01/03/01         00
    0435277                              07           03/01/01          0
    0435277                              O            02/01/31
    0

    4363752          526/526             F           70,000.00         ZZ
                                         360         69,854.53          1
                                       7.875            507.55         61
                                       7.625            507.55
    MOBILE           AL   36606          1            12/28/00         00
    0435449                              05           02/01/01          0
    0435449                              O            01/01/31
    0

    4363773          526/526             F          125,000.00         ZZ
                                         360        124,813.88          3
                                       7.500            874.02         74
                                       7.250            874.02
    BRIDGEPORT       CT   06604          2            01/22/01         00
    0435696                              05           03/01/01          0
1

    0435696                              O            02/01/31
    0

    4363779          526/526             F           40,500.00         ZZ
                                         360         40,448.18          1
                                       8.250            304.26         90
                                       8.000            304.26
    DALLAS           TX   75219          1            01/08/01         11
    0435765                              01           03/01/01         25
    0435765                              O            02/01/31
    0

    4363782          526/526             F           65,200.00         ZZ
                                         300         65,067.91          1
                                       8.250            514.07         80
                                       8.000            514.07
    FORT LAUDER      FL   33301          1            01/10/01         00
    0435780                              01           03/01/01          0
    0435780                              O            02/01/26
    0

    4363792          526/526             F           55,750.00         ZZ
                                         360         55,671.05          1
                                       7.750            399.40         50
                                       7.500            399.40
    MIAMI            FL   33190          1            01/08/01         00
    0435911                              07           03/01/01          0
    0435911                              O            02/01/31
    0

    4363849          526/526             F          103,800.00         ZZ
                                         360        103,667.18          1
                                       8.250            779.81         71
                                       8.000            779.81
    HARTSELLE        AL   35640          2            01/25/01         00
    0436740                              05           03/01/01          0
    0436740                              O            02/01/31
    0

    4363854          526/526             F           50,000.00         ZZ
                                         360         49,936.02          1
                                       8.250            375.63         53
                                       8.000            375.63
    APACHE JUNCTION  AZ   85219          5            01/09/01         00
    0436801                              05           03/01/01          0
    0436801                              O            02/01/31
    0

1

    4363872          526/526             F           83,300.00         ZZ
                                         360         83,184.98          1
                                       7.875            603.98         85
                                       7.625            603.98
    TUCSON           AZ   85730          5            01/10/01         12
    0437142                              05           03/01/01         12
    0437142                              O            02/01/31
    0

    4363874          526/526             F          135,200.00         ZZ
                                         360        135,017.96          1
                                       8.000            992.05         80
                                       7.750            992.05
    SEDONA           AZ   86336          1            01/16/01         00
    0437209                              05           03/01/01          0
    0437209                              O            02/01/31
    0

    4363971          U28/G02             F          110,650.00         ZZ
                                         360        110,575.76          1
                                       8.000            811.91         80
                                       7.750            811.91
    MCDONOUGH        GA   30253          1            02/28/01         00
    0432652725                           05           04/01/01          0
    1                                    O            03/01/31
    0

    4364377          420/G02             F          205,000.00         ZZ
                                         360        204,855.31          1
                                       7.750          1,468.65         65
                                       7.500          1,468.65
    SANTA ROSA       CA   95403          5            02/28/01         00
    0432670909                           05           04/01/01          0
    11000113                             O            03/01/31
    0

    4365579          E22/G02             F          115,000.00         ZZ
                                         360        114,918.84          1
                                       7.750            823.87         89
                                       7.500            823.87
    OHATCHEE         AL   36271          1            02/20/01         11
    0412354110                           05           04/01/01         25
    0412354110                           O            03/01/31
    0

    4365651          T86/G02             F           38,200.00         ZZ
                                         240         38,144.59          1
                                       9.250            349.87         56
                                       9.000            349.87
1

    LULOW            VT   05149          5            02/09/01         00
    0432643831                           05           04/01/01          0
    166VT                                O            03/01/21
    0

    4365662          T86/G02             F          102,000.00         ZZ
                                         360        101,944.28          2
                                       9.000            820.72         80
                                       8.750            820.72
    BALLSTON         NY   12020          2            02/02/01         00
    0432643807                           05           04/01/01          0
    1137                                 O            03/01/31
    0

    4367671          B49/G02             F          114,400.00         ZZ
                                         360        114,321.27          1
                                       7.875            829.48         80
                                       7.625            829.48
    CRESTONE         CO   81131          1            02/27/01         00
    0432646883                           03           04/01/01          0
    000155150551                         O            03/01/31
    0

    4367902          A06/G02             F          179,900.00         ZZ
                                         360        179,900.00          1
                                       7.750          1,288.83         90
                                       7.500          1,288.83
    BIRMINGHAM       MI   48009          1            03/15/01         12
    0432678175                           05           05/01/01         25
    20103134                             N            04/01/31
    0

    4369364          E45/G02             F           87,900.00         ZZ
                                         360         87,837.96          1
                                       7.750            629.73         80
                                       7.500            629.73
    COVINGTON        GA   30014          1            02/26/01         00
    0432657476                           05           04/01/01          0
    118467                               O            03/01/31
    0

    4369371          624/G02             F          140,600.00         ZZ
                                         360        140,600.00          2
                                       7.875          1,019.45         90
                                       7.625          1,019.45
    PORTLAND         OR   97212          1            03/12/01         11
    0432673523                           05           05/01/01         25
    85802610023F                         N            04/01/31
    0
1

    4369384          K89/G02             F           85,500.00         ZZ
                                         360         85,396.02          1
                                       8.500            657.43         90
                                       8.250            657.43
    MIAMI            FL   33154          1            01/31/01         14
    0432639573                           08           03/01/01         25
    200012028                            N            02/01/31
    0

    4369414          624/G02             F           99,000.00         ZZ
                                         360         98,936.88          1
                                       8.250            743.75         74
                                       8.000            743.75
    HANFORD          CA   93230          2            02/15/01         00
    0432623247                           05           04/01/01          0
    36500310476F                         N            03/01/31
    0

    4369426          624/G02             F           99,000.00         ZZ
                                         360         98,936.88          1
                                       8.250            743.75         73
                                       8.000            743.75
    HANFORD          CA   93230          2            02/15/01         00
    0432622066                           05           04/01/01          0
    36500310476F                         N            03/01/31
    0

    4369429          624/G02             F           99,000.00         ZZ
                                         360         98,936.88          1
                                       8.250            743.75         74
                                       8.000            743.75
    HANFORD          CA   93230          2            02/15/01         00
    0432628220                           05           04/01/01          0
    36500310486F                         N            03/01/31
    0

    4369503          253/253             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       8.000          1,966.49         80
                                       7.750          1,966.49
    LA CRESCENTA     CA   91214          5            03/05/01         00
    963933                               05           05/01/01          0
    963933                               O            04/01/31
    0

    4370035          737/G02             F          136,800.00         ZZ
                                         360        136,721.29          4
1

                                       8.750          1,076.21         90
                                       8.500          1,076.21
    APACHE JUNCTION  AZ   85219          1            02/28/01         01
    0432681765                           05           04/01/01         25
    598290                               N            03/01/31
    0

    4371300          624/G02             F          255,000.00         ZZ
                                         360        255,000.00          1
                                       7.750          1,826.85         73
                                       7.500          1,826.85
    SAN JUAN BAUTIS  CA   95045          5            03/12/01         00
    0432672376                           05           05/01/01          0
    88611010403F                         O            04/01/31
    0

    4372108          696/G02             F          300,000.00         ZZ
                                         360        299,798.71          1
                                       8.000          2,201.29         80
                                       7.750          2,201.29
    ALEXANDRIA       VA   22314          1            02/16/01         00
    0432640480                           05           04/01/01          0
    22601004                             O            03/01/31
    0

    4372604          K30/G02             F          116,500.00         ZZ
                                         360        116,427.59          1
                                       8.375            885.48         66
                                       8.125            885.48
    MARYVILLE        TN   37801          2            02/28/01         00
    0432648277                           05           04/01/01          0
    0075378                              N            03/01/31
    0

    4372810          136/136             F          190,000.00         ZZ
                                         360        189,872.51          1
                                       8.000          1,394.16         80
                                       7.750          1,394.16
    LINCOLN PARK     NJ   07035          1            02/15/01         00
    4616100                              05           04/01/01          0
    4616100                              O            03/01/31
    0

    4375607          E45/G02             F           73,500.00         ZZ
                                         360         73,427.41          1
                                       9.500            618.03         62
                                       9.250            618.03
    LAKE WORTH       FL   33461          1            02/09/01         00
    0432628261                           05           03/01/01          0
1

    113532                               O            02/01/31
    0

    4375911          696/G02             F          120,000.00         ZZ
                                         360        119,919.48          1
                                       8.000            880.52         90
                                       7.750            880.52
    HYATTSVILLE      MD   20782          1            02/22/01         12
    0432624658                           05           04/01/01         25
    30101014                             O            03/01/31
    0

    4376002          N74/G02             F          174,506.00         ZZ
                                         360        174,506.00          1
                                       7.625          1,235.14         84
                                       7.375          1,235.14
    LEWISVILLE       TX   75067          2            02/27/01         10
    0432680213                           05           05/01/01         12
    0028249010                           O            04/01/31
    0

    4376035          E45/G02             F          360,000.00         ZZ
                                         360        359,562.28          2
                                       8.500          2,768.09         76
                                       8.250          2,768.09
    TYBEE ISLAND     GA   31328          2            01/31/01         00
    0432629855                           05           03/01/01          0
    108461                               O            02/01/31
    0

    4376171          E45/G02             F          137,000.00         ZZ
                                         360        136,871.66          1
                                       9.750          1,177.04         52
                                       9.500          1,177.04
    ELLIJAY          GA   30540          5            02/05/01         00
    0432629079                           05           03/01/01          0
    104922                               N            02/01/31
    0

    4376240          F32/G02             F          247,100.00         T
                                         360        247,100.00          1
                                       8.375          1,878.14         70
                                       8.125          1,878.14
    ATLANTA          GA   30307          5            02/28/01         00
    0432679454                           05           05/01/01          0
    235314240                            O            04/01/31
    0

1

    4376330          253/253             F          149,520.00         ZZ
                                         360        149,417.10          1
                                       7.875          1,084.13         80
                                       7.625          1,084.13
    LITTLETON        CO   80123          1            02/28/01         00
    963255                               01           04/01/01          0
    963255                               O            03/01/31
    0

    4376361          E45/G02             F          787,500.00         ZZ
                                         360        787,035.07          1
                                       8.625          6,125.09         70
                                       8.375          6,125.09
    PALM BEACH       FL   33480          1            02/15/01         00
    0432628972                           05           04/01/01          0
    116582                               O            03/01/31
    0

    4376440          H37/G02             F          143,000.00         ZZ
                                         360        143,000.00          1
                                       7.375            988.00         80
                                       7.125            988.00
    HERSHEY          PA   17033          2            03/14/01         00
    0432684165                           05           05/01/01          0
    00255920                             O            04/01/31
    0

    4377251          H47/G02             F           73,850.00         ZZ
                                         360         73,802.90          1
                                       8.250            554.82         70
                                       8.000            554.82
    TUCSON           AZ   85710          1            02/23/01         00
    0432638690                           03           04/01/01          0
    1                                    N            03/01/31
    0

    4378255          624/G02             F           65,000.00         ZZ
                                         360         64,958.56          1
                                       8.250            488.32         52
                                       8.000            488.32
    JOHNSTOWN        CO   80534          1            02/28/01         00
    0432642338                           05           04/01/01          0
    73014410173F                         N            03/01/31
    0

    4378341          E22/G02             F          116,000.00         ZZ
                                         360        115,920.17          1
                                       7.875            841.08         80
                                       7.625            841.08
1

    AVENTURA         FL   33180          1            02/23/01         00
    0412432072                           01           04/01/01          0
    0412432072                           O            03/01/31
    0

    4378571          E82/G02             F          119,700.00         ZZ
                                         360        119,513.36          1
                                       7.625            847.23         76
                                       7.375            847.23
    MIAMI            FL   33174          2            02/22/01         00
    0400372314                           05           04/01/01          0
    1496878                              O            03/01/31
    0

    4379093          163/G02             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.875          2,668.26         80
                                       7.625          2,668.26
    FORT SALONGA     NY   11768          1            03/13/01         00
    0432673713                           05           05/01/01          0
    1000233145                           O            04/01/31
    0

    4380478          U59/G02             F           75,600.00         ZZ
                                         360         75,547.98          1
                                       7.875            548.15         62
                                       7.625            548.15
    TUCSON           AZ   85701          1            03/08/01         00
    0432672418                           05           04/08/01          0
    800722295                            O            03/08/31
    0

    4380491          700/G02             F          279,350.00         ZZ
                                         360        279,147.82          1
                                       7.625          1,977.22         80
                                       7.375          1,977.22
    IRVINE           CA   92614          1            02/15/01         00
    0432638765                           01           04/01/01          0
    0000158619                           O            03/01/31
    0

    4380529          E45/G02             F          423,750.00         ZZ
                                         360        423,136.10          1
                                       9.625          3,601.83         75
                                       9.375          3,601.83
    ATLANTA          GA   30307          5            12/21/00         00
    0432628881                           05           02/01/01          0
    102309                               O            01/01/31
    0
1

    4380768          L47/G02             F          100,000.00         ZZ
                                         360         99,927.63          1
                                       7.625            707.79         44
                                       7.375            707.79
    PHILADELPHIA     PA   19106          1            02/02/01         00
    0432670529                           07           04/01/01          0
    0010102                              O            03/01/31
    0

    4381952          L16/G02             F           92,000.00         ZZ
                                         360         91,949.75          1
                                       9.000            740.25         64
                                       8.750            740.25
    COMMERCE CITY    CO   80022          5            02/28/01         00
    0432646529                           05           04/01/01          0
    W0102152                             N            03/01/31
    0

    4382003          L16/G02             F           86,000.00         ZZ
                                         360         85,953.02          1
                                       9.000            691.98         65
                                       8.750            691.98
    COMMERCE CITY    CO   80022          5            02/28/01         00
    0432647642                           05           04/01/01          0
    W0102127                             N            03/01/31
    0

    4382469          964/G02             F          412,425.00         ZZ
                                         360        412,425.00          1
                                       7.250          2,813.47         75
                                       7.000          2,813.47
    SAN RAFAEL       CA   94903          1            03/06/01         00
    0432684025                           05           05/01/01          0
    110191                               O            04/01/31
    0

    4383575          F19/G02             F          428,000.00         ZZ
                                         360        428,000.00          1
                                       7.500          2,992.64         80
                                       7.250          2,992.64
    DAVENPORT        CA   95017          1            03/06/01         00
    0432679694                           05           05/01/01          0
    624776                               O            04/01/31
    0

    4383599          U45/G02             F           60,000.00         ZZ
                                         360         59,963.65          1
1

                                       8.500            461.35         45
                                       8.250            461.35
    FARMINGTON       UT   84025          5            03/01/01         00
    0432652972                           05           04/01/01          0
    6153010209                           O            03/01/31
    0

    4384263          E22/G02             F          112,000.00         ZZ
                                         360        111,924.85          1
                                       8.000            821.82         80
                                       7.750            821.82
    SACRAMENTO       CA   95820          2            02/19/01         00
    0412398141                           05           04/01/01          0
    0412398141                           O            03/01/31
    0

    4384283          E22/G02             F          140,000.00         ZZ
                                         360        139,903.65          1
                                       7.875          1,015.10         80
                                       7.625          1,015.10
    SOUTHLAKE        TX   76092          1            02/26/01         00
    0412416547                           05           04/01/01          0
    0412416547                           O            03/01/31
    0

    4385519          T89/G02             F           52,250.00         ZZ
                                         360         52,201.04          1
                                       9.750            448.91         95
                                       9.500            448.91
    COLUMBIA         SC   29206          1            01/31/01         11
    0432635654                           01           03/01/01         30
    W393228                              O            02/01/31
    0

    4386873          964/G02             F          318,750.00         T
                                         360        318,750.00          1
                                       8.000          2,338.88         75
                                       7.750          2,338.88
    MARTINEZ         CA   94553          5            03/08/01         00
    0432678803                           05           05/01/01          0
    108944                               O            04/01/31
    0

    4387274          163/G02             F          330,400.00         ZZ
                                         360        330,209.91          1
                                       8.750          2,599.26         80
                                       8.500          2,599.26
    SAN DIEGO        CA   92106          1            02/28/01         00
    0432672400                           05           04/01/01          0
1

    1417849482                           O            03/01/31
    0

    4387377          E45/G02             F          123,200.00         ZZ
                                         360        123,127.26          1
                                       8.625            958.24         80
                                       8.375            958.24
    TOWNSEND         GA   31331          2            02/16/01         00
    0432669091                           05           04/01/01          0
    88886                                O            03/01/31
    0

    4388711          E45/G02             F          128,000.00         ZZ
                                         360        127,922.46          1
                                       8.500            984.21         80
                                       8.250            984.21
    LAGRANGE         GA   30240          1            02/15/01         00
    0432628246                           05           04/01/01          0
    110525                               O            03/01/31
    0

    4389922          624/G02             F          310,650.00         ZZ
                                         360        310,650.00          1
                                       8.375          2,361.16         95
                                       8.125          2,361.16
    CONCORD          CA   94521          1            03/01/01         11
    0432661403                           05           05/01/01         30
    31300310126F                         O            04/01/31
    0

    4390943          E22/G02             F           58,000.00         ZZ
                                         360         57,948.75          1
                                       8.250            435.73         51
                                       8.000            435.73
    VASSAR           MI   48768          5            02/22/01         00
    0412392987                           05           04/01/01          0
    0412392987                           O            03/01/31
    0

    4390954          E22/G02             F          152,000.00         ZZ
                                         360        151,919.11          1
                                       9.125          1,236.72         95
                                       8.875          1,236.72
    SMITHS           AL   36877          5            02/21/01         04
    0412405227                           05           04/01/01         30
    0412405227                           O            03/01/31
    0

1

    4391834          806/G02             F          232,200.00         ZZ
                                         360        232,036.11          1
                                       7.750          1,663.51         80
                                       7.500          1,663.51
    CHULA VISTA      CA   91911          1            02/06/01         00
    0432680833                           05           04/01/01          0
    1050093552                           O            03/01/31
    0

    4392028          144/144             F           50,000.00         ZZ
                                         360         49,963.81          1
                                       7.625            353.90         41
                                       7.375            353.90
    WHITE PLAINS     NY   10601          1            02/06/01         00
    160662205                            06           04/01/01          0
    160662205                            O            03/01/31
    0

    4393936          962/G02             F           89,000.00         ZZ
                                         360         88,941.78          4
                                       8.125            660.82         90
                                       7.875            660.82
    FARGO            ND   58102          1            02/28/01         14
    0432638666                           05           04/01/01         25
    091300353                            N            03/01/31
    0

    4393949          225/G02             F          332,000.00         ZZ
                                         360        331,564.17          1
                                       8.125          2,465.10         80
                                       7.875          2,465.10
    CHICAGO          IL   60614          5            01/05/01         00
    0432631265                           01           03/01/01          0
    7231475                              O            02/01/31
    0

    4394350          225/G02             F          314,000.00         ZZ
                                         360        313,566.40          1
                                       7.875          2,276.72         85
                                       7.625          2,276.72
    NAPERVILLE       IL   60564          5            01/12/01         10
    0432631257                           03           03/01/01         12
    7230308                              O            02/01/31
    0

    4394360          E47/G02             F          103,500.00         ZZ
                                         360        103,440.46          4
                                       8.750            814.23         90
                                       8.500            814.23
1

    OSWEGO           IL   60543          1            03/05/01         10
    0432674125                           05           04/01/01         25
    7360511246                           N            03/01/31
    0

    4396773          E22/G02             F          244,800.00         ZZ
                                         360        244,662.76          2
                                       8.875          1,947.74         90
                                       8.625          1,947.74
    REVERE           MA   02151          1            02/28/01         10
    0412384992                           05           04/01/01         25
    0412384992                           N            03/01/31
    0

    4396774          E22/G02             F           64,600.00         ZZ
                                         360         64,558.81          1
                                       8.250            485.32         95
                                       8.000            485.32
    MIAMI            FL   33056          5            02/23/01         10
    0412385627                           07           04/01/01         30
    0412385627                           O            03/01/31
    0

    4396779          E22/G02             F          135,000.00         ZZ
                                         360        134,904.71          3
                                       7.750            967.16         90
                                       7.500            967.16
    HOUSTON          TX   77009          1            02/22/01         04
    0412387920                           05           04/01/01         25
    0412387920                           N            03/01/31
    0

    4396783          E22/G02             F           91,900.00         ZZ
                                         360         91,841.40          1
                                       8.250            690.41         80
                                       8.000            690.41
    GARLAND          TX   75044          1            02/27/01         00
    0412389124                           05           04/01/01          0
    0412389124                           O            03/01/31
    0

    4396849          E22/G02             F           99,000.00         ZZ
                                         360         98,930.12          1
                                       7.750            709.25         64
                                       7.500            709.25
    ROSEVILLE        CA   95678          2            02/26/01         00
    0412422461                           05           04/01/01          0
    0412422461                           N            03/01/31
    0
1

    4396857          E22/G02             F           21,000.00         ZZ
                                         360         20,987.92          1
                                       8.750            165.21         70
                                       8.500            165.21
    CLEARWATER       FL   33764          1            02/28/01         00
    0412424947                           01           04/01/01          0
    0412424947                           N            03/01/31
    0

    4396866          E22/G02             F           87,600.00         ZZ
                                         360         87,539.72          1
                                       7.875            635.16         80
                                       7.625            635.16
    THE COLONY       TX   75056          1            02/28/01         00
    0412432627                           05           04/01/01          0
    0412432627                           O            03/01/31
    0

    4396908          Q64/G02             F           94,500.00         ZZ
                                         360         94,385.10          4
                                       8.500            726.62         70
                                       8.250            726.62
    SARASOTA         FL   34236          1            01/26/01         00
    0432634087                           05           03/01/01          0
    7201010621                           N            02/01/31
    0

    4397031          758/G02             F          130,500.00         ZZ
                                         360        130,254.98          1
                                       8.375            991.89         90
                                       8.125            991.89
    CHANDLER         AZ   85249          1            12/15/00         14
    0432635985                           03           02/01/01         25
    270441                               N            01/01/31
    0

    4397103          E82/G02             F          222,500.00         ZZ
                                         360        222,371.99          2
                                       8.750          1,750.41         65
                                       8.500          1,750.41
    QUINCY           MA   02171          1            02/28/01         00
    0400385001                           05           04/01/01          0
    0400385001                           N            03/01/31
    0

    4397105          E82/G02             F           64,800.00         ZZ
                                         360         64,756.52          1
1

                                       8.000            475.48         90
                                       7.750            475.48
    LOUISVILLE       KY   40211          1            02/28/01         04
    0400393724                           05           04/01/01         25
    0400393724                           O            03/01/31
    0

    4397113          E82/G02             F          154,000.00         ZZ
                                         360        153,894.02          1
                                       7.875          1,116.61         80
                                       7.625          1,116.61
    KENT             CT   06757          1            02/23/01         00
    0400379582                           05           04/01/01          0
    0400379582                           O            03/01/31
    0

    4397349          225/G02             F          592,000.00         ZZ
                                         360        591,549.53          2
                                       7.375          4,088.80         74
                                       7.125          4,088.80
    MOUNTAIN VIEW    CA   94041          5            02/12/01         00
    0432632263                           05           04/01/01          0
    7240587                              O            03/01/31
    0

    4398932          455/G02             F           73,600.00         ZZ
                                         360         73,558.73          1
                                       8.875            585.60         80
                                       8.625            585.60
    NEW SMYRNA BEAC  FL   32168          1            02/16/01         00
    0432676724                           05           04/01/01          0
    22000653                             N            03/01/31
    0

    4399095          N34/G02             F          185,500.00         ZZ
                                         360        185,500.00          1
                                       8.250          1,393.60         70
                                       8.000          1,393.60
    WOOD DALE        IL   60191          5            03/12/01         00
    0432679256                           05           05/01/01          0
    1                                    O            04/01/31
    0

    4399828          T90/G02             F          154,300.00         ZZ
                                         360        154,300.00          4
                                       8.875          1,227.68         80
                                       8.625          1,227.68
    KENNER           LA   70065          1            03/09/01         00
    0432681336                           05           05/01/01          0
1

    42536                                N            04/01/31
    0

    4400115          K88/G02             F          364,000.00         ZZ
                                         360        363,773.75          1
                                       8.375          2,766.67         80
                                       8.125          2,766.67
    LONG BEACH       NJ   07740          1            02/26/01         00
    0432672459                           08           04/01/01          0
    14163                                O            03/01/31
    0

    4401561          624/G02             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.875          2,610.25         80
                                       7.625          2,610.25
    PACIFICA         CA   94044          1            03/07/01         00
    0432666865                           05           05/01/01          0
    88613010336F                         O            04/01/31
    0

    4402362          E22/G02             F          108,500.00         ZZ
                                         360        108,429.03          1
                                       8.125            805.61         78
                                       7.875            805.61
    COVINGTON        LA   70433          2            02/22/01         00
    0412363624                           05           04/01/01          0
    0412363624                           O            03/01/31
    0

    4402391          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       7.875            841.08         80
                                       7.625            841.08
    GAINESVILLE      TX   76240          1            03/01/01         00
    0412425381                           05           05/01/01          0
    0412425381                           O            04/01/31
    0

    4402395          E22/G02             F          173,600.00         ZZ
                                         360        173,474.35          1
                                       7.625          1,228.73         80
                                       7.375          1,228.73
    GILBERT          AZ   85233          1            02/27/01         00
    0412432338                           03           04/01/01          0
    0412432338                           O            03/01/31
    0

1

    4402397          E22/G02             F          110,400.00         ZZ
                                         360        110,400.00          1
                                       8.250            829.40         80
                                       8.000            829.40
    LEANDER          TX   78641          1            03/01/01         00
    0412435729                           03           05/01/01          0
    0412435729                           O            04/01/31
    0

    4403746          253/253             F          112,000.00         ZZ
                                         360        112,000.00          1
                                       7.750            802.38         80
                                       7.500            802.38
    FORT WORTH       TX   76107          1            03/07/01         00
    964136                               05           05/01/01          0
    964136                               O            04/01/31
    0

    4404166          964/G02             F          496,000.00         ZZ
                                         360        496,000.00          1
                                       7.750          3,553.41         80
                                       7.500          3,553.41
    SAN FRANCISCO    CA   94116          5            03/09/01         00
    0432680551                           05           05/01/01          0
    400111868                            O            04/01/31
    0

    4405196          286/286             F           68,850.00         ZZ
                                         360         68,472.81          1
                                       8.875            547.81         90
                                       8.625            547.81
    CLEVELAND        OH   44111          1            01/26/01         01
    202305                               05           03/01/01         25
    202305                               O            02/01/31
    0

    4405198          286/286             F           60,000.00         ZZ
                                         360         59,934.19          1
                                       9.000            482.78         55
                                       8.750            482.78
    ST LOUIS         MO   63122          5            01/29/01         00
    236748                               05           03/01/01          0
    236748                               N            02/01/31
    0

    4405199          286/286             F          113,625.00         ZZ
                                         360        113,517.22          1
                                       9.000            914.26         75
                                       8.750            914.26
1

    ST LOUIS         MO   63122          5            02/01/01         00
    236749                               05           04/01/01          0
    236749                               N            03/01/31
    0

    4405200          286/286             F           52,500.00         ZZ
                                         360         52,442.42          1
                                       9.000            422.43         75
                                       8.750            422.43
    KIRKWOOD         MO   63122          5            01/29/01         00
    236751                               05           03/01/01          0
    236751                               N            02/01/31
    0

    4405201          286/286             F          232,200.00         ZZ
                                         360        231,362.52          1
                                       8.625          1,806.03         90
                                       8.375          1,806.03
    GAITHERSBURG     MD   20877          1            09/29/00         11
    118734                               05           11/01/00         30
    118734                               O            10/01/30
    0

    4405202          286/286             F          384,000.00         ZZ
                                         360        382,660.84          2
                                       8.875          3,055.28         80
                                       8.625          3,055.28
    CHICAGO          IL   60647          1            09/07/00         00
    142034                               05           11/01/00          0
    142034                               O            10/01/30
    0

    4405203          286/286             F           69,600.00         ZZ
                                         360         69,519.61          1
                                       8.750            547.55         80
                                       8.500            547.55
    WATERBURY        CT   06704          5            01/26/01         00
    9648596                              05           03/01/01          0
    9648596                              N            02/01/31
    0

    4405204          286/286             F          297,550.00         ZZ
                                         360        297,169.21          1
                                       8.250          2,235.40         68
                                       8.000          2,235.40
    ASHBURN          VA   20147          2            01/19/01         00
    243764                               03           03/01/01          0
    243764                               N            02/01/31
    0
1

    4405205          286/286             F           47,600.00         ZZ
                                         360         47,530.88          1
                                       7.625            336.91         80
                                       7.375            336.91
    CINCINNATI       OH   45209          1            01/31/01         00
    255826                               05           03/01/01          0
    255826                               N            02/01/31
    0

    4405207          286/286             F           58,500.00         ZZ
                                         360         58,435.84          2
                                       9.000            470.71         90
                                       8.750            470.71
    ST LOUIS         MO   63118          1            01/26/01         11
    228910                               05           03/01/01         25
    228910                               N            02/01/31
    0

    4405208          286/286             F           58,500.00         ZZ
                                         360         58,412.12          2
                                       9.000            470.71         90
                                       8.750            470.71
    ST LOUIS         MO   63118          1            01/26/01         11
    237177                               05           03/01/01         25
    237177                               N            02/01/31
    0

    4405213          286/286             F           86,250.00         ZZ
                                         360         86,160.22          1
                                       9.250            709.56         75
                                       9.000            709.56
    WESTFIELD        MA   01089          5            01/05/01         00
    239211                               05           03/01/01          0
    239211                               N            02/01/31
    0

    4405214          286/286             F           72,900.00         ZZ
                                         360         72,779.64          4
                                       9.000            586.57         90
                                       8.750            586.57
    ST LOUIS         MO   63118          1            01/05/01         11
    236789                               05           02/01/01         25
    236789                               N            01/01/31
    0

    4405215          286/286             F           92,700.00         ZZ
                                         360         92,595.66          4
1

                                       8.875            737.57         90
                                       8.625            737.57
    COLUMBUS         OH   43204          1            01/15/01         10
    160774                               05           03/01/01         25
    160774                               N            02/01/31
    0

    4405217          286/286             F           62,000.00         ZZ
                                         360         61,914.37          1
                                       7.875            449.55         90
                                       7.625            449.55
    HUBBARD          OH   44425          1            01/30/01         01
    240814                               05           03/01/01         25
    240814                               N            02/01/31
    0

    4405218          286/286             F          190,000.00         ZZ
                                         360        189,762.98          1
                                       8.375          1,444.14         78
                                       8.125          1,444.14
    LAS VEGAS        NV   89102          1            01/05/01         00
    76450                                05           03/01/01          0
    76450                                O            02/01/31
    0

    4405219          286/286             F           39,600.00         ZZ
                                         360         39,558.78          1
                                       9.250            325.78         90
                                       9.000            325.78
    ST LOUIS         MO   63133          1            01/12/01         11
    236288                               05           03/01/01         25
    236288                               N            02/01/31
    0

    4405221          286/286             F          274,500.00         T
                                         360        274,082.24          1
                                       8.750          2,159.50         80
                                       8.500          2,159.50
    KEY WEST         FL   33040          1            01/12/01         00
    224656                               03           03/01/01          0
    224656                               O            02/01/31
    0

    4405222          286/286             F           67,500.00         ZZ
                                         360         67,427.87          1
                                       9.125            549.21         90
                                       8.875            549.21
    JACKSONVILLE     FL   32219          1            02/01/01         12
    215680                               05           03/01/01         25
1

    215680                               N            02/01/31
    0

    4405223          286/286             F           64,800.00         ZZ
                                         360         64,727.07          1
                                       8.875            515.58         80
                                       8.625            515.58
    LITTLE FALLS     NJ   07424          1            01/17/01         00
    149928                               01           03/01/01          0
    149928                               O            02/01/31
    0

    4405224          286/286             F          136,000.00         ZZ
                                         360        135,384.24          1
                                       8.750          1,069.92         80
                                       8.500          1,069.92
    BEACHWOOD        OH   44122          5            08/25/00         00
    132214                               05           10/01/00          0
    132214                               O            09/01/30
    0

    4405225          286/286             F           36,000.00         ZZ
                                         360         35,961.53          1
                                       9.125            292.91         75
                                       8.875            292.91
    PROVIDENCE       RI   02907          5            01/16/01         00
    9360454                              05           03/01/01          0
    9360454                              N            02/01/31
    0

    4405226          286/286             F           58,500.00         ZZ
                                         360         58,425.12          1
                                       8.250            439.50         90
                                       8.000            439.50
    TAPPAHANNOCK     VA   22560          1            01/10/01         12
    239925                               05           03/01/01         25
    239925                               O            02/01/31
    0

    4405227          286/286             F           19,800.00         ZZ
                                         360         19,770.73          1
                                       9.125            161.10         90
                                       8.875            161.10
    DAYTON           OH   45416          1            01/26/01         10
    252834                               05           03/01/01         25
    252834                               N            02/01/31
    0

1

    4405228          286/286             F          375,000.00         ZZ
                                         360        374,532.21          1
                                       8.375          2,850.27         74
                                       8.125          2,850.27
    KEY WEST         FL   33040          2            01/22/01         00
    215966                               05           03/01/01          0
    215966                               O            02/01/31
    0

    4405229          286/286             F          108,000.00         ZZ
                                         360        107,884.60          3
                                       9.125            878.73         90
                                       8.875            878.73
    NEW HAVEN        CT   06405          1            01/30/01         11
    253251                               05           03/01/01         25
    253251                               N            02/01/31
    0

    4405230          286/286             F          352,000.00         ZZ
                                         360        350,824.48          1
                                       9.000          2,832.28         80
                                       8.750          2,832.28
    ASHBURN          VA   20147          1            09/29/00         00
    169572                               03           11/01/00          0
    169572                               O            10/01/30
    0

    4405232          286/286             F           58,500.00         ZZ
                                         360         58,404.16          2
                                       8.250            439.50         90
                                       8.000            439.50
    NORRISTOWN       PA   19401          1            01/15/01         11
    171459                               05           03/01/01         25
    171459                               N            02/01/31
    0

    4405234          286/286             F          108,000.00         ZZ
                                         360        107,881.56          3
                                       9.000            869.00         90
                                       8.750            869.00
    GLASSBORO        NJ   08028          1            01/26/01         11
    257173                               05           03/01/01         25
    257173                               N            02/01/31
    0

    4405235          286/286             F           45,000.00         ZZ
                                         360         44,942.40          1
                                       8.250            338.08         75
                                       8.000            338.08
1

    BOLIVAR          TN   38008          5            01/30/01         00
    244290                               05           03/01/01          0
    244290                               N            02/01/31
    0

    4405237          286/286             F          119,950.00         ZZ
                                         360        119,811.47          4
                                       8.750            943.65         90
                                       8.500            943.65
    AUSTIN           TX   78752          1            01/09/01         11
    175225                               05           03/01/01         25
    175225                               N            02/01/31
    0

    4405238          286/286             F           54,000.00         ZZ
                                         360         53,945.24          4
                                       9.375            449.15         90
                                       9.125            449.15
    CAMPBELL         OH   44405          1            01/05/01         11
    212166                               05           03/01/01         25
    212166                               N            02/01/31
    0

    4405239          286/286             F           34,200.00         ZZ
                                         360         33,999.63          1
                                       9.375            284.46         90
                                       9.125            284.46
    CANTON           OH   44703          1            05/18/00         10
    54552                                05           07/01/00         25
    54552                                N            06/01/30
    0

    4405240          286/286             F           48,350.00         ZZ
                                         360         48,268.07          2
                                       8.875            384.70         90
                                       8.625            384.70
    SPRINGFIELD      MA   01105          1            12/29/00         11
    219462                               05           02/01/01         25
    219462                               N            01/01/31
    0

    4405243          286/286             F           45,000.00         T
                                         360         44,949.34          1
                                       8.875            358.05         75
                                       8.625            358.05
    FORT WAYNE       IN   46806          5            01/19/01         00
    220855                               05           03/01/01          0
    220855                               O            02/01/31
    0
1

    4405244          286/286             F          101,250.00         ZZ
                                         360        101,138.96          2
                                       9.000            814.69         90
                                       8.750            814.69
    VENTNOR CITY     NJ   08406          1            01/31/01         12
    150163                               05           03/01/01         25
    150163                               N            02/01/31
    0

    4405246          286/286             F           42,750.00         ZZ
                                         360         42,705.51          2
                                       9.250            351.69         90
                                       9.000            351.69
    MEMPHIS          TN   38118          1            01/12/01         12
    156145                               05           03/01/01         25
    156145                               N            02/01/31
    0

    4405247          286/286             F           42,750.00         ZZ
                                         360         42,705.51          2
                                       9.250            351.69         90
                                       9.000            351.69
    MEMPHIS          TN   38115          1            01/12/01         10
    225002                               05           03/01/01         25
    225002                               N            02/01/31
    0

    4405248          286/286             F           52,200.00         ZZ
                                         360         52,148.44          2
                                       9.500            438.93         90
                                       9.250            438.93
    DAYTON           OH   45410          1            01/23/01         10
    182068                               05           03/01/01         25
    182068                               N            02/01/31
    0

    4405249          286/286             F          103,800.00         ZZ
                                         360        103,685.14          1
                                       9.125            844.56         80
                                       8.875            844.56
    BALTIMORE        MD   21226          2            01/25/01         00
    235688                               05           03/01/01          0
    235688                               O            02/01/31
    0

    4405250          286/286             F           76,050.00         ZZ
                                         360         75,924.43          1
1

                                       9.000            611.92         90
                                       8.750            611.92
    LAWNSIDE         NJ   08045          1            01/04/01         11
    223025                               05           02/01/01         25
    223025                               N            01/01/31
    0

    4405251          286/286             F          112,000.00         ZZ
                                         360        111,823.40          4
                                       8.625            871.13         80
                                       8.375            871.13
    ST LOUIS         MO   63118          1            01/19/01         00
    237027                               05           03/01/01          0
    237027                               N            02/01/31
    0

    4405252          286/286             F          144,000.00         ZZ
                                         360        143,846.14          4
                                       9.125          1,171.64         90
                                       8.875          1,171.64
    ST LOUIS         MO   63118          1            01/05/01         11
    236656                               05           03/01/01         25
    236656                               N            02/01/31
    0

    4405253          286/286             F          122,100.00         ZZ
                                         360        121,951.52          1
                                       8.500            938.85         80
                                       8.250            938.85
    PEORIA           AZ   85382          1            01/03/01         00
    221106                               03           03/01/01          0
    221106                               N            02/01/31
    0

    4405254          286/286             F          148,000.00         ZZ
                                         360        147,795.61          1
                                       7.875          1,073.11         80
                                       7.625          1,073.11
    SILVER SPRING    MD   20904          1            01/31/01         00
    250023                               05           03/01/01          0
    250023                               O            02/01/31
    0

    4405255          286/286             F          114,300.00         ZZ
                                         360        114,174.65          3
                                       9.000            919.69         90
                                       8.750            919.69
    HOLLYWOOD        FL   33020          1            01/09/01         12
    215816                               05           03/01/01         25
1

    215816                               N            02/01/31
    0

    4405258          286/286             F          135,900.00         ZZ
                                         360        135,747.04          1
                                       8.875          1,081.29         90
                                       8.625          1,081.29
    LARGO            FL   33773          5            01/17/01         11
    236831                               05           03/01/01         25
    236831                               O            02/01/31
    0

    4405259          286/286             F           93,750.00         ZZ
                                         360         93,580.27          1
                                       8.250            704.32         75
                                       8.000            704.32
    NEW BRAUNFELS    TX   78130          5            01/31/01         00
    227238                               05           03/01/01          0
    227238                               N            02/01/31
    0

    4405260          286/286             F          189,000.00         ZZ
                                         360        188,781.72          4
                                       8.750          1,486.87         90
                                       8.500          1,486.87
    MORROW           GA   30260          1            01/31/01         11
    174078                               05           03/01/01         25
    174078                               N            02/01/31
    0

    4405262          286/286             F           47,920.00         ZZ
                                         360         47,841.83          1
                                       8.500            368.47         80
                                       8.250            368.47
    MASTIC BEACH     NY   11951          1            01/17/01         00
    9487330                              05           03/01/01          0
    9487330                              N            02/01/31
    0

    4405263          286/286             F          173,700.00         ZZ
                                         360        173,437.23          3
                                       9.250          1,428.99         90
                                       9.000          1,428.99
    HOUSTON          TX   77008          1            01/30/01         12
    4459                                 05           03/01/01         25
    4459                                 N            02/01/31
    0

1

    4405264          286/286             F           50,000.00         ZZ
                                         360         49,947.96          1
                                       9.250            411.34         90
                                       9.000            411.34
    GARLAND          TX   75043          1            01/31/01         10
    241300                               05           03/01/01         25
    241300                               N            02/01/31
    0

    4405266          286/286             F           63,000.00         ZZ
                                         360         62,809.62          4
                                       9.500            529.74         90
                                       9.250            529.74
    NILES            OH   44446          1            09/29/00         11
    126813                               05           11/01/00         25
    126813                               N            10/01/30
    0

    4405267          286/286             F          148,000.00         ZZ
                                         360        147,919.15          1
                                       9.000          1,190.85         80
                                       8.750          1,190.85
    EVANSTON         IL   60201          1            02/01/01         00
    225323                               05           04/01/01          0
    225323                               N            03/01/31
    0

    4405268          286/286             F           65,000.00         ZZ
                                         360         64,926.85          1
                                       8.875            517.17         69
                                       8.625            517.17
    PALATINE         IL   60067          1            01/31/01         00
    229165                               05           03/01/01          0
    229165                               N            02/01/31
    0

    4405269          286/286             F           65,000.00         ZZ
                                         360         64,926.85          1
                                       8.875            517.17         69
                                       8.625            517.17
    PALATINE         IL   60067          1            01/31/01         00
    229166                               05           03/01/01          0
    229166                               N            02/01/31
    0

    4405270          286/286             F           65,000.00         ZZ
                                         360         64,926.85          1
                                       8.875            517.17         69
                                       8.625            517.17
1

    PALATINE         IL   60067          1            01/31/01         00
    229167                               05           03/01/01          0
    229167                               N            02/01/31
    0

    4405271          286/286             F           65,000.00         ZZ
                                         360         64,926.85          1
                                       8.875            517.17         69
                                       8.625            517.17
    PALATINE         IL   60067          1            01/31/01         00
    229168                               05           03/01/01          0
    229168                               N            02/01/31
    0

    4405272          286/286             F           32,800.00         ZZ
                                         360         32,759.08          2
                                       8.875            260.98         80
                                       8.625            260.98
    TOLEDO           OH   43609          5            01/31/01         00
    205061                               05           03/01/01          0
    205061                               N            02/01/31
    0

    4405273          286/286             F           76,500.00         ZZ
                                         360         76,413.90          2
                                       8.875            608.67         90
                                       8.625            608.67
    FREEHOLD         NJ   07728          1            01/09/01         04
    97365                                05           03/01/01         25
    97365                                N            02/01/31
    0

    4405274          286/286             F          100,200.00         ZZ
                                         360        100,081.25          1
                                       8.625            779.35         90
                                       8.375            779.35
    PHILADELPHIA     PA   19128          1            01/29/01         11
    171469                               05           03/01/01         25
    171469                               N            02/01/31
    0

    4405275          286/286             F          252,000.00         ZZ
                                         360        251,685.63          1
                                       8.375          1,915.39         32
                                       8.125          1,915.39
    PROVIDENCE       RI   02906          1            01/31/01         00
    9360376                              05           03/01/01          0
    9360376                              O            02/01/31
    0
1

    4405276          286/286             F          365,500.00         ZZ
                                         360        365,044.05          1
                                       8.375          2,778.07         85
                                       8.125          2,778.07
    FALLS CHURCH     VA   22043          1            01/31/01         01
    251110                               03           03/01/01         12
    251110                               O            02/01/31
    0

    4405277          286/286             F          274,900.00         ZZ
                                         360        274,574.24          1
                                       8.625          2,138.14         88
                                       8.375          2,138.14
    TAMPA            FL   33626          1            01/30/01         10
    227579                               05           03/01/01         25
    227579                               O            02/01/31
    0

    4405278          286/286             F           86,400.00         ZZ
                                         360         86,283.65          1
                                       8.000            633.98         80
                                       7.750            633.98
    BALTIMORE        MD   21234          1            01/31/01         00
    241630                               05           03/01/01          0
    241630                               O            02/01/31
    0

    4405279          286/286             F          214,000.00         ZZ
                                         360        213,608.29          1
                                       8.500          1,645.48         80
                                       8.250          1,645.48
    MALVERN          OH   44644          5            12/15/00         00
    213579                               05           02/01/01          0
    213579                               O            01/01/31
    0

    4405280          286/286             F           40,860.00         ZZ
                                         360         40,817.46          1
                                       9.250            336.15         90
                                       9.000            336.15
    KANSAS CITY      MO   64109          1            01/05/01         11
    236741                               05           03/01/01         25
    236741                               N            02/01/31
    0

    4405281          286/286             F           72,900.00         ZZ
                                         360         72,822.11          4
1

                                       9.125            593.14         90
                                       8.875            593.14
    ST LOUIS         MO   63111          1            01/29/01         11
    237157                               05           03/01/01         25
    237157                               N            02/01/31
    0

    4405282          286/286             F           24,900.00         ZZ
                                         360         24,872.68          1
                                       9.000            200.36         89
                                       8.750            200.36
    ST LOUIS         MO   63129          1            01/18/01         21
    236978                               01           03/01/01         25
    236978                               O            02/01/31
    0

    4405283          286/286             F           60,750.00         ZZ
                                         360         60,681.62          2
                                       8.875            483.36         90
                                       8.625            483.36
    ST LOUIS         MO   63118          1            02/01/01         11
    237690                               05           03/01/01         25
    237690                               N            02/01/31
    0

    4405284          286/286             F           44,400.00         ZZ
                                         360         44,335.38          3
                                       9.250            365.27         90
                                       9.000            365.27
    BERLIN           NH   03570          1            01/09/01         11
    188164                               05           03/01/01         25
    188164                               N            02/01/31
    0

    4405285          286/286             F          140,000.00         ZZ
                                         360        139,802.24          1
                                       9.000          1,126.48         80
                                       8.750          1,126.48
    COCONUT CREEK    FL   33073          5            01/05/01         00
    215949                               03           03/01/01          0
    215949                               O            02/01/31
    0

    4405286          286/286             F           36,000.00         ZZ
                                         360         35,928.91          3
                                       9.000            289.67         90
                                       8.750            289.67
    RUTLAND          VT   05701          1            01/05/01         11
    201374                               05           03/01/01         25
1

    201374                               N            02/01/31
    0

    4405287          286/286             F           63,000.00         ZZ
                                         360         62,929.10          2
                                       8.875            501.26         90
                                       8.625            501.26
    GREENWOOD        IN   46142          1            01/23/01         12
    226464                               05           03/01/01         25
    226464                               N            02/01/31
    0

    4405288          286/286             F          204,000.00         ZZ
                                         360        203,776.28          1
                                       9.000          1,641.44         80
                                       8.750          1,641.44
    CHESTERFIELD     MO   63017          5            01/05/01         00
    236611                               05           03/01/01          0
    236611                               O            02/01/31
    0

    4405289          286/286             F          135,000.00         ZZ
                                         360        134,848.06          1
                                       8.875          1,074.13         90
                                       8.625          1,074.13
    FREDERICK        MD   21701          1            01/12/01         12
    239117                               05           03/01/01         25
    239117                               O            02/01/31
    0

    4405290          286/286             F           32,400.00         ZZ
                                         360         32,313.84          1
                                       8.375            246.27         90
                                       8.125            246.27
    HAMPTON          VA   23664          1            01/19/01         11
    66996                                05           03/01/01         25
    66996                                N            02/01/31
    0

    4405291          286/286             F           96,000.00         ZZ
                                         360         95,636.01          1
                                       8.500            738.16         80
                                       8.250            738.16
    ANGOLA           IN   46703          5            01/24/01         00
    225755                               05           03/01/01          0
    225755                               O            02/01/31
    0

1

    4405292          286/286             F          135,500.00         ZZ
                                         360        135,351.40          1
                                       9.000          1,090.27         63
                                       8.750          1,090.27
    LAGRANGE         KY   40031          5            01/24/01         00
    160068                               05           03/01/01          0
    160068                               O            02/01/31
    0

    4405293          286/286             F           86,400.00         ZZ
                                         360         86,184.10          4
                                       9.500            726.50         90
                                       9.250            726.50
    ST LOUIS         MO   63116          1            10/10/00         10
    177011                               05           12/01/00         25
    177011                               N            11/01/30
    0

    4405294          286/286             F          105,000.00         ZZ
                                         360        104,881.83          1
                                       8.875            835.43         73
                                       8.625            835.43
    ST CHARLES       MO   63303          5            01/22/01         00
    236766                               03           03/01/01          0
    236766                               O            02/01/31
    0

    4405295          286/286             F           94,500.00         ZZ
                                         360         94,193.24          2
                                       8.750            743.44         90
                                       8.500            743.44
    PROVIDENCE       RI   02903          1            01/31/01         11
    242748                               05           03/01/01         25
    242748                               N            02/01/31
    0

    4405296          286/286             F          129,150.00         ZZ
                                         360        128,672.12          1
                                       8.500            993.06         90
                                       8.250            993.06
    CHARLOTTESVILLE  VA   22911          1            09/27/00         10
    131265                               03           11/01/00         25
    131265                               O            10/01/30
    0

    4405297          286/286             F           48,060.00         ZZ
                                         360         48,007.28          1
                                       9.000            386.71         90
                                       8.750            386.71
1

    KANSAS CITY      MO   64127          1            01/31/01         11
    237858                               05           03/01/01         25
    237858                               N            02/01/31
    0

    4405298          286/286             F           37,800.00         ZZ
                                         360         37,594.15          1
                                       7.625            267.55         90
                                       7.375            267.55
    COLFAX           LA   71417          1            01/19/01         11
    237035                               05           03/01/01         25
    237035                               O            02/01/31
    0

    4405299          286/286             F          167,900.00         ZZ
                                         360        167,586.14          1
                                       8.750          1,320.88         85
                                       8.500          1,320.88
    TRAFALGAR        IN   46181          1            01/05/01         10
    220886                               05           02/01/01         12
    220886                               O            01/01/31
    0

    4405300          286/286             F          148,000.00         ZZ
                                         360        147,800.71          1
                                       8.000          1,085.98         80
                                       7.750          1,085.98
    ROANOKE          VA   24018          1            01/08/01         00
    240442                               05           03/01/01          0
    240442                               O            02/01/31
    0

    4405301          286/286             F          650,000.00         ZZ
                                         360        649,032.21          1
                                       7.500          4,544.89         60
                                       7.250          4,544.89
    KEY WEST         FL   33040          2            01/23/01         00
    216307                               05           03/01/01          0
    216307                               O            02/01/31
    0

    4405302          286/286             F          102,340.00         ZZ
                                         360        102,177.39          4
                                       9.000            823.46         69
                                       8.750            823.46
    ATLANTA          GA   30318          5            01/05/01         00
    173277                               05           03/01/01          0
    173277                               N            02/01/31
    0
1

    4405303          286/286             F           47,700.00         ZZ
                                         360         47,640.49          3
                                       8.375            362.56         90
                                       8.125            362.56
    TRENTON CITY     NJ   08611          1            01/30/01         10
    212815                               05           03/01/01         25
    212815                               N            02/01/31
    0

    4405304          286/286             F          133,200.00         ZZ
                                         360        133,057.70          4
                                       9.125          1,083.76         90
                                       8.875          1,083.76
    DALLAS           TX   75208          1            01/12/01         11
    175631                               05           03/01/01         25
    175631                               N            02/01/31
    0

    4405305          286/286             F          227,000.00         ZZ
                                         360        226,659.50          2
                                       8.000          1,665.65         68
                                       7.750          1,665.65
    PALISADES PARK   NJ   07650          2            01/22/01         00
    57951                                05           03/01/01          0
    57951                                O            02/01/31
    0

    4405307          286/286             F          144,000.00         ZZ
                                         360        143,837.94          3
                                       8.875          1,145.73         80
                                       8.625          1,145.73
    MIAMI            FL   33137          1            01/16/01         00
    97417                                05           03/01/01          0
    97417                                O            02/01/31
    0

    4405308          286/286             F          123,300.00         ZZ
                                         360        123,133.25          3
                                       8.875            981.04         90
                                       8.625            981.04
    FRESNO           CA   93722          1            01/19/01         01
    9614371                              05           03/01/01         25
    9614371                              N            02/01/31
    0

    4405311          286/286             F           87,750.00         ZZ
                                         360         87,656.24          4
1

                                       9.125            713.97         75
                                       8.875            713.97
    ST LOUIS         MO   63014          1            01/22/01         00
    237019                               05           03/01/01          0
    237019                               N            02/01/31
    0

    4405312          286/286             F           58,200.00         ZZ
                                         360         58,134.50          3
                                       8.875            463.07         60
                                       8.625            463.07
    PROVIDENCE       RI   02908          5            01/31/01         00
    9360554                              05           03/01/01          0
    9360554                              N            02/01/31
    0

    4405313          286/286             F          125,000.00         ZZ
                                         360        124,866.43          3
                                       9.125          1,017.05         65
                                       8.875          1,017.05
    JERSEY CITY      NJ   07305          5            01/30/01         00
    178817                               05           03/01/01          0
    178817                               N            02/01/31
    0

    4405314          286/286             F          274,500.00         ZZ
                                         360        274,221.66          1
                                       9.375          2,283.16         90
                                       9.125          2,283.16
    CALIFON          NJ   07830          1            01/19/01         01
    239299                               05           03/01/01         25
    239299                               O            02/01/31
    0

    4405315          286/286             F           90,000.00         ZZ
                                         360         89,789.85          3
                                       8.500            692.03         90
                                       8.250            692.03
    WATERBURY        CT   06708          1            01/31/01         11
    9648585                              05           03/01/01         25
    9648585                              O            02/01/31
    0

    4405317          286/286             F           76,500.00         ZZ
                                         360         76,416.11          2
                                       9.000            615.54         90
                                       8.750            615.54
    SPRINGFIELD      MA   01108          1            01/25/01         11
    240709                               05           03/01/01         25
1

    240709                               N            02/01/31
    0

    4405318          286/286             F           76,500.00         ZZ
                                         360         76,370.37          1
                                       8.875            608.67         89
                                       8.625            608.67
    SEGUIN           TX   78155          1            01/18/01         11
    175562                               27           03/01/01         30
    175562                               O            02/01/31
    0

    4405319          286/286             F           52,000.00         ZZ
                                         360         51,896.78          1
                                       8.500            399.84         80
                                       8.250            399.84
    TYBEE ISLAND     GA   31328          5            01/25/01         00
    226627                               05           03/01/01          0
    226627                               O            02/01/31
    0

    4405321          286/286             F           93,600.00         ZZ
                                         360         93,499.98          2
                                       9.125            761.57         90
                                       8.875            761.57
    LEES SUMMIT      MO   64086          1            01/10/01         11
    236788                               05           03/01/01         25
    236788                               N            02/01/31
    0

    4405323          286/286             F          209,550.00         ZZ
                                         360        209,260.62          1
                                       7.875          1,519.39         75
                                       7.625          1,519.39
    LONGMONT         CO   80503          1            01/24/01         00
    189177                               03           03/01/01          0
    189177                               N            02/01/31
    0

    4405325          286/286             F          107,200.00         ZZ
                                         360        106,956.89          1
                                       8.875            852.94         80
                                       8.625            852.94
    ALLEN            TX   75002          2            11/21/00         00
    174729                               05           01/01/01          0
    174729                               N            12/01/30
    0

1

    4405326          286/286             F           72,000.00         ZZ
                                         360         71,918.96          3
                                       8.875            572.87         90
                                       8.625            572.87
    PHILADELPHIA     PA   19149          1            01/11/01         10
    224422                               05           03/01/01         25
    224422                               N            02/01/31
    0

    4405328          286/286             F           71,000.00         ZZ
                                         360         70,915.84          2
                                       8.625            552.24         74
                                       8.375            552.24
    CLEVELAND        OH   44111          5            01/04/01         00
    220652                               05           03/01/01          0
    220652                               N            02/01/31
    0

    4405329          286/286             F           57,600.00         ZZ
                                         360         57,535.16          1
                                       8.875            458.30         90
                                       8.625            458.30
    MCKEE CITY       NJ   08232          1            01/24/01         10
    221363                               05           03/01/01         25
    221363                               N            02/01/31
    0

    4405331          286/286             F          100,000.00         ZZ
                                         360         99,890.33          1
                                       9.000            804.63         80
                                       8.750            804.63
    FRESNO           CA   93704          1            01/31/01         00
    9614384                              05           03/01/01          0
    9614384                              N            02/01/31
    0

    4405332          286/286             F           67,050.00         ZZ
                                         360         66,974.54          4
                                       8.875            533.48         90
                                       8.625            533.48
    NEW ORLEANS      LA   70115          1            01/12/01         11
    224918                               05           03/01/01         25
    224918                               N            02/01/31
    0

    4405334          286/286             F          162,000.00         ZZ
                                         360        161,740.30          2
                                       8.500          1,245.64         90
                                       8.250          1,245.64
1

    JERSEY CITY      NJ   07302          1            01/30/01         01
    97429                                05           03/01/01         25
    97429                                O            02/01/31
    0

    4405335          286/286             F           35,100.00         ZZ
                                         360         35,063.46          1
                                       9.250            288.76         90
                                       9.000            288.76
    YORK             PA   17404          1            01/12/01         10
    220871                               05           03/01/01         25
    220871                               N            02/01/31
    0

    4405337          286/286             F           63,750.00         ZZ
                                         360         63,681.90          1
                                       9.125            518.69         75
                                       8.875            518.69
    COLUMBUS         OH   43220          1            01/22/01         00
    224666                               01           03/01/01          0
    224666                               N            02/01/31
    0

    4405340          286/286             F           89,900.00         ZZ
                                         360         89,775.85          1
                                       7.875            651.84         90
                                       7.625            651.84
    DOVER            PA   17315          1            01/31/01         12
    9638769                              05           03/01/01         30
    9638769                              O            02/01/31
    0

    4405341          286/286             F          147,200.00         ZZ
                                         360        146,866.23          2
                                       8.875          1,171.19         80
                                       8.625          1,171.19
    GARFIELD         NJ   07026          1            11/15/00         00
    57779                                05           01/01/01          0
    57779                                O            12/01/30
    0

    4405343          286/286             F          255,000.00         ZZ
                                         360        254,678.39          2
                                       9.000          2,051.79         75
                                       8.750          2,051.79
    QUEENS           NY   11412          1            01/12/01         00
    4346                                 05           03/01/01          0
    4346                                 O            02/01/31
    0
1

    4405344          286/286             F          108,000.00         ZZ
                                         360        107,730.17          1
                                       7.875            783.08         80
                                       7.625            783.08
    VERNON           NJ   07462          1            01/29/01         00
    178782                               05           03/01/01          0
    178782                               O            02/01/31
    0

    4405345          286/286             F           27,680.00         ZZ
                                         360         27,550.18          1
                                       9.375            230.23         80
                                       9.125            230.23
    LEWISTOWN        PA   17044          5            06/30/00         00
    9533071                              05           08/01/00          0
    9533071                              N            07/01/30
    0

    4405346          286/286             F          103,500.00         ZZ
                                         360        103,370.87          1
                                       8.375            786.68         90
                                       8.125            786.68
    OCEAN            NJ   07712          1            02/01/01         12
    252372                               05           03/01/01         25
    252372                               O            02/01/31
    0

    4405347          286/286             F          234,000.00         ZZ
                                         360        233,736.65          1
                                       8.875          1,861.81         75
                                       8.625          1,861.81
    BOULDER          CO   80303          5            01/19/01         00
    224713                               05           03/01/01          0
    224713                               O            02/01/31
    0

    4405348          286/286             F          183,150.00         ZZ
                                         360        182,927.30          1
                                       8.500          1,408.27         90
                                       8.250          1,408.27
    SOLANA BEACH     CA   92075          1            01/11/01         01
    9792390                              01           03/01/01         25
    9792390                              O            02/01/31
    0

    4405349          286/286             F          114,300.00         ZZ
                                         360        114,168.00          3
1

                                       8.750            899.20         90
                                       8.500            899.20
    HAMDEN           CT   06517          1            01/30/01         14
    9793828                              05           03/01/01         25
    9793828                              N            02/01/31
    0

    4405350          286/286             F          204,000.00         ZZ
                                         360        203,782.05          2
                                       9.125          1,659.81         89
                                       8.875          1,659.81
    MANSFIELD        MA   02048          2            01/12/01         14
    9787068                              05           03/01/01         25
    9787068                              O            02/01/31
    0

    4405351          286/286             F           94,500.00         ZZ
                                         360         94,390.87          1
                                       8.750            743.43         90
                                       8.500            743.43
    MIAMI            FL   33182          1            01/16/01         10
    9791782                              01           03/01/01         25
    9791782                              O            02/01/31
    0

    4405352          286/286             F          141,600.00         ZZ
                                         360        141,298.76          1
                                       8.375          1,076.26         80
                                       8.125          1,076.26
    SPRINGFIELD      OR   97477          2            01/23/01         00
    9796611                              05           03/01/01          0
    9796611                              O            02/01/31
    0

    4405353          286/286             F          138,000.00         ZZ
                                         360        137,832.21          1
                                       8.500          1,061.10         40
                                       8.250          1,061.10
    LAKE ARROWHEAD   CA   92352          1            01/16/01         00
    9765259                              05           03/01/01          0
    9765259                              N            02/01/31
    0

    4405354          286/286             F           98,100.00         ZZ
                                         360         97,980.72          1
                                       8.500            754.30         90
                                       8.250            754.30
    GALVESTON        TX   77551          1            01/18/01         01
    9793934                              05           03/01/01         25
1

    9793934                              O            02/01/31
    0

    4405355          286/286             F          157,500.00         ZZ
                                         360        157,303.54          2
                                       8.375          1,197.11         90
                                       8.125          1,197.11
    HOUSTON          TX   77006          1            01/19/01         01
    9792260                              05           03/01/01         25
    9792260                              O            02/01/31
    0

    4405356          286/286             F          118,000.00         T
                                         360        117,852.79          1
                                       8.375            896.89         80
                                       8.125            896.89
    BIG BEAR LAKE    CA   92315          1            01/22/01         00
    9791819                              05           03/01/01          0
    9791819                              O            02/01/31
    0

    4405357          286/286             F          127,800.00         ZZ
                                         360        127,632.24          1
                                       8.125            948.91         90
                                       7.875            948.91
    GILBERT          AZ   85234          1            01/24/01         01
    9796558                              03           03/01/01         25
    9796558                              O            02/01/31
    0

    4405359          286/286             F          130,500.00         ZZ
                                         360        130,360.50          4
                                       9.125          1,061.79         90
                                       8.875          1,061.79
    CHICAGO          IL   60623          1            01/26/01         10
    9781149                              05           03/01/01         25
    9781149                              N            02/01/31
    0

    4405360          286/286             F           45,500.00         ZZ
                                         360         45,450.11          1
                                       9.000            366.10         70
                                       8.750            366.10
    VIRGINIA BEACH   VA   23462          5            01/26/01         00
    9796750                              05           03/01/01          0
    9796750                              N            02/01/31
    0

1

    4405362          286/286             F          180,000.00         ZZ
                                         360        179,792.12          2
                                       8.750          1,416.06         90
                                       8.500          1,416.06
    CHICAGO          IL   60639          1            01/18/01         11
    9795427                              05           03/01/01         25
    9795427                              O            02/01/31
    0

    4405365          286/286             F           44,550.00         ZZ
                                         360         44,483.10          3
                                       9.000            358.46         90
                                       8.750            358.46
    CANTON           OH   44706          1            01/26/01         11
    9795476                              05           03/01/01         25
    9795476                              N            02/01/31
    0

    4405366          286/286             F           40,850.00         ZZ
                                         360         40,797.72          1
                                       8.250            306.89         75
                                       8.000            306.89
    CONNERSVILLE     IN   47331          2            01/18/01         00
    9790991                              05           03/01/01          0
    9790991                              N            02/01/31
    0

    4405367          286/286             F          104,000.00         ZZ
                                         360        103,888.88          1
                                       9.125            846.18         80
                                       8.875            846.18
    PHOENIX          AZ   85007          1            01/29/01         00
    9799261                              05           03/01/01          0
    9799261                              N            02/01/31
    0

    4405368          286/286             F           96,300.00         ZZ
                                         360         96,176.76          4
                                       8.250            723.47         90
                                       8.000            723.47
    BLUE MOUND       IL   62513          1            01/29/01         10
    9797538                              05           03/01/01         25
    9797538                              N            02/01/31
    0

    4405369          286/286             F           66,950.00         ZZ
                                         360         66,868.59          3
                                       8.500            514.79         65
                                       8.250            514.79
1

    FLICKVILLE       PA   18064          5            01/31/01         00
    9798604                              05           03/01/01          0
    9798604                              N            02/01/31
    0

    4405370          286/286             F          108,450.00         ZZ
                                         360        108,321.48          4
                                       8.625            843.51         90
                                       8.375            843.51
    REDDING          CA   96003          1            01/23/01         14
    9796024                              05           03/01/01         25
    9796024                              N            02/01/31
    0

    4405371          286/286             F          143,550.00         ZZ
                                         360        143,312.99          3
                                       9.000          1,155.04         90
                                       8.750          1,155.04
    HAVERHILL        MA   01832          1            01/05/01         12
    9784891                              05           02/01/01         25
    9784891                              N            01/01/31
    0

    4405372          286/286             F          103,600.00         T
                                         360        103,477.24          1
                                       8.625            805.79         80
                                       8.375            805.79
    MIAMI BEACH      FL   33139          1            01/19/01         00
    9797413                              01           03/01/01          0
    9797413                              O            02/01/31
    0

    4405375          286/286             F          190,000.00         ZZ
                                         360        189,744.19          1
                                       8.000          1,394.15         89
                                       7.750          1,394.15
    AURORA           UT   84620          2            01/17/01         11
    9793744                              05           03/01/01         25
    9793744                              O            02/01/31
    0

    4405376          286/286             F          148,500.00         ZZ
                                         360        148,353.34          1
                                       9.500          1,248.67         90
                                       9.250          1,248.67
    TINLEY PARK      IL   60477          1            01/30/01         10
    9797064                              03           03/01/01         25
    9797064                              N            02/01/31
    0
1

    4405377          286/286             F          371,700.00         ZZ
                                         360        371,292.42          1
                                       9.000          2,990.78         90
                                       8.750          2,990.78
    SAVAGE           MN   55378          1            01/12/01         11
    9794624                              05           03/01/01         25
    9794624                              O            02/01/31
    0

    4405378          286/286             F          188,500.00         ZZ
                                         360        188,252.55          1
                                       8.125          1,399.61         76
                                       7.875          1,399.61
    TRACY            CA   95377          1            01/11/01         00
    9791739                              05           03/01/01          0
    9791739                              N            02/01/31
    0

    4405379          286/286             F          448,000.00         ZZ
                                         360        447,482.62          1
                                       8.750          3,524.42         90
                                       8.500          3,524.42
    MILPITAS         CA   95035          2            01/05/01         01
    9789353                              05           03/01/01         25
    9789353                              O            02/01/31
    0

    4405380          286/286             F          272,000.00         ZZ
                                         360        271,524.06          1
                                       7.875          1,972.19         80
                                       7.625          1,972.19
    SALINAS          CA   93905          2            01/22/01         00
    9782656                              05           03/01/01          0
    9782656                              O            02/01/31
    0

    4405381          286/286             F          142,800.00         ZZ
                                         360        142,639.29          1
                                       8.875          1,136.18         80
                                       8.625          1,136.18
    SANTA ANA        CA   92704          1            01/25/01         00
    9797744                              05           03/01/01          0
    9797744                              O            02/01/31
    0

    4405382          286/286             F           51,600.00         ZZ
                                         360         51,544.89          1
1

                                       9.125            419.83         80
                                       8.875            419.83
    MONTICELLO       IL   61856          1            01/19/01         00
    9796994                              05           03/01/01          0
    9796994                              N            02/01/31
    0

    4405383          286/286             F          235,350.00         ZZ
                                         360        235,078.20          4
                                       8.750          1,851.50         90
                                       8.500          1,851.50
    SACRAMENTO       CA   95818          1            01/16/01         14
    9791195                              05           03/01/01         25
    9791195                              N            02/01/31
    0

    4405384          286/286             F           45,000.00         ZZ
                                         360         44,951.94          3
                                       9.125            366.13         90
                                       8.875            366.13
    BALTIMORE        MD   21217          1            01/30/01         10
    9799404                              05           03/01/01         25
    9799404                              N            02/01/31
    0

    4405385          286/286             F           86,250.00         ZZ
                                         360         86,157.85          1
                                       9.125            701.76         72
                                       8.875            701.76
    BEL AIR          MD   21014          2            01/17/01         00
    9792053                              05           03/01/01          0
    9792053                              N            02/01/31
    0

    4405386          286/286             F          355,000.00         ZZ
                                         360        354,497.28          2
                                       7.750          2,543.26         59
                                       7.500          2,543.26
    DALY CITY        CA   94015          2            01/08/01         00
    9790407                              05           03/01/01          0
    9790407                              O            02/01/31
    0

    4405387          286/286             F          318,750.00         ZZ
                                         360        318,381.88          4
                                       8.750          2,507.61         85
                                       8.500          2,507.61
    HOUSTON          TX   77006          1            01/24/01         01
    9786494                              05           03/01/01         20
1

    9786494                              N            02/01/31
    0

    4405388          286/286             F          156,600.00         ZZ
                                         360        156,389.14          1
                                       8.000          1,149.08         90
                                       7.750          1,149.08
    DENVER           CO   80211          1            01/24/01         12
    9797557                              05           03/01/01         25
    9797557                              O            02/01/31
    0

    4405389          286/286             F          229,500.00         ZZ
                                         360        229,248.34          3
                                       9.000          1,846.61         90
                                       8.750          1,846.61
    DORCHESTER (BOS  MA   02124          1            01/29/01         14
    9794110                              05           03/01/01         25
    9794110                              N            02/01/31
    0

    4405391          286/286             F           80,000.00         ZZ
                                         360         79,852.69          1
                                       8.250            601.01         80
                                       8.000            601.01
    WALES            UT   84667          5            01/10/01         00
    9793765                              05           03/01/01          0
    9793765                              O            02/01/31
    0

    4405392          286/286             F          187,900.00         ZZ
                                         360        187,688.54          1
                                       8.875          1,495.02         80
                                       8.625          1,495.02
    SANTEE           CA   92071          1            01/05/01         00
    9751624                              05           03/01/01          0
    9751624                              N            02/01/31
    0

    4405393          286/286             F          459,000.00         ZZ
                                         360        458,332.27          4
                                       7.875          3,328.07         90
                                       7.625          3,328.07
    HAYWARD          CA   94544          1            01/11/01         12
    9793534                              05           03/01/01         25
    9793534                              O            02/01/31
    0

1

    4405394          286/286             F          188,000.00         ZZ
                                         360        187,788.44          1
                                       8.875          1,495.81         35
                                       8.625          1,495.81
    CHICAGO          IL   60614          2            01/11/01         00
    9787531                              05           03/01/01          0
    9787531                              N            02/01/31
    0

    4405395          286/286             F           96,800.00         ZZ
                                         360         96,636.01          4
                                       8.875            770.18         80
                                       8.625            770.18
    PALMDALE         CA   93550          1            12/27/00         00
    9963901                              05           02/01/01          0
    9963901                              N            01/01/31
    0

    4405396          286/286             F          207,000.00         ZZ
                                         360        206,773.01          4
                                       9.000          1,665.57         90
                                       8.750          1,665.57
    PAWTUCKET        RI   02860          1            01/31/01         14
    9776909                              05           03/01/01         25
    9776909                              N            02/01/31
    0

    4405399          286/286             F          279,200.00         ZZ
                                         360        278,833.50          4
                                       8.125          2,073.05         80
                                       7.875          2,073.05
    VACAVILLE        CA   95688          1            01/22/01         00
    9796791                              05           03/01/01          0
    9796791                              N            02/01/31
    0

    4405401          286/286             F          112,500.00         ZZ
                                         360        112,385.93          1
                                       9.375            935.72         90
                                       9.125            935.72
    MIAMI            FL   33184          1            01/18/01         01
    9795579                              01           03/01/01         25
    9795579                              O            02/01/31
    0

    4405402          286/286             F          292,000.00         ZZ
                                         360        291,644.95          1
                                       8.500          2,245.23         80
                                       8.250          2,245.23
1

    SAN JOSE         CA   95111          1            01/24/01         00
    9798239                              05           03/01/01          0
    9798239                              O            02/01/31
    0

    4405403          286/286             F          157,500.00         ZZ
                                         360        157,327.29          2
                                       9.000          1,267.28         75
                                       8.750          1,267.28
    LOMA LINDA       CA   92354          1            01/04/01         00
    9786412                              05           03/01/01          0
    9786412                              N            02/01/31
    0

    4405404          286/286             F          375,000.00         ZZ
                                         360        374,544.03          1
                                       8.500          2,883.43         75
                                       8.250          2,883.43
    SAN JOSE         CA   95123          2            01/05/01         00
    9792908                              05           03/01/01          0
    9792908                              O            02/01/31
    0

    4405405          286/286             F          130,500.00         ZZ
                                         360        130,341.32          1
                                       8.500          1,003.43         90
                                       8.250          1,003.43
    BANNING          CA   92220          1            01/11/01         23
    9783171                              05           03/01/01          0
    9783171                              O            02/01/31
    0

    4405406          286/286             F          110,700.00         ZZ
                                         360        110,550.94          2
                                       8.000            812.28         90
                                       7.750            812.28
    OLYMPIA          WA   98502          1            01/12/01         01
    9792022                              05           03/01/01         25
    9792022                              N            02/01/31
    0

    4405407          286/286             F          310,500.00         ZZ
                                         360        310,159.53          4
                                       9.000          2,498.35         90
                                       8.750          2,498.35
    FOUNTAIN HILLS   AZ   85268          1            01/12/01         10
    9796272                              05           03/01/01         25
    9796272                              O            02/01/31
    0
1

    4405408          286/286             F          650,000.00         ZZ
                                         360        649,209.67          1
                                       8.500          4,997.94         73
                                       8.250          4,997.94
    SAN JOSE         CA   95125          2            01/12/01         00
    9792483                              05           03/01/01          0
    9792483                              O            02/01/31
    0

    4405409          286/286             F           90,000.00         ZZ
                                         360         89,887.73          3
                                       8.375            684.07         90
                                       8.125            684.07
    REDDING          CA   96002          1            01/19/01         14
    9794735                              05           03/01/01         25
    9794735                              N            02/01/31
    0

    4405410          286/286             F          247,000.00         ZZ
                                         360        246,742.91          3
                                       9.250          2,032.01         95
                                       9.000          2,032.01
    STOCKTON         CA   95207          1            01/01/01         10
    9780664                              05           03/01/01         30
    9780664                              O            02/01/31
    0

    4405411          286/286             F           56,000.00         ZZ
                                         360         55,922.67          1
                                       7.875            406.04         80
                                       7.625            406.04
    REDLANDS         CA   92374          1            01/22/01         00
    9960858                              05           03/01/01          0
    9960858                              N            02/01/31
    0

    4405412          286/286             F          284,000.00         ZZ
                                         360        283,654.70          1
                                       8.500          2,183.71         80
                                       8.250          2,183.71
    SAN JOSE         CA   95111          1            01/05/01         00
    9790092                              05           03/01/01          0
    9790092                              N            02/01/31
    0

    4405413          286/286             F           92,000.00         ZZ
                                         360         91,896.48          1
1

                                       8.875            731.99         80
                                       8.625            731.99
    SALEM            OR   97301          1            01/25/01         00
    9798409                              05           03/01/01          0
    9798409                              N            02/01/31
    0

    4405414          286/286             F          218,750.00         ZZ
                                         360        218,484.02          4
                                       8.500          1,682.00         70
                                       8.250          1,682.00
    GROVER BEACH     CA   93433          1            01/09/01         00
    9794287                              05           03/01/01          0
    9794287                              N            02/01/31
    0

    4405415          286/286             F          119,200.00         ZZ
                                         360        119,055.07          1
                                       8.500            916.54         80
                                       8.250            916.54
    PHILOMATH        OR   97370          1            01/22/01         00
    9792917                              05           03/01/01          0
    9792917                              O            02/01/31
    0

    4405475          286/286             F           36,900.00         ZZ
                                         360         36,861.59          1
                                       9.250            303.57         90
                                       9.000            303.57
    WICHITA          KS   67213          1            01/26/01         11
    237233                               05           03/01/01         25
    237233                               N            02/01/31
    0

    4406970          758/G02             F          187,200.00         ZZ
                                         360        186,848.48          1
                                       8.375          1,422.86         90
                                       8.125          1,422.86
    CHANDLER         AZ   85249          1            12/15/00         12
    0432657336                           03           02/01/01         25
    270442                               N            01/01/31
    0

    4407106          455/G02             F          500,000.00         ZZ
                                         360        499,647.10          1
                                       7.750          3,582.07         80
                                       7.500          3,582.07
    ATLANTA          GA   30019          1            02/28/01         00
    0432673184                           03           04/01/01          0
1

    09001090                             O            03/01/31
    0

    4409485          E22/G02             F           68,000.00         ZZ
                                         360         67,958.81          1
                                       8.500            522.86         80
                                       8.250            522.86
    WINSTON SALEM    NC   27105          1            03/02/01         00
    0412352866                           05           04/01/01          0
    0412352866                           N            03/01/31
    0

    4409487          E22/G02             F          138,000.00         ZZ
                                         360        137,905.03          1
                                       7.875          1,000.60         90
                                       7.625          1,000.60
    WRAY             CO   80758          2            02/26/01         04
    0412360836                           05           04/01/01         25
    0412360836                           O            03/01/31
    0

    4409518          E22/G02             F          352,000.00         ZZ
                                         360        351,763.82          1
                                       8.000          2,582.85         80
                                       7.750          2,582.85
    WINCHESTER       MA   01890          5            02/26/01         00
    0412413833                           05           04/01/01          0
    0412413833                           O            03/01/31
    0

    4409526          E22/G02             F          111,600.00         ZZ
                                         360        111,530.64          2
                                       8.375            848.24         90
                                       8.125            848.24
    CARSON CITY      NV   89701          1            02/28/01         01
    0412423824                           05           04/01/01         25
    0412423824                           N            03/01/31
    0

    4409539          E22/G02             F           41,600.00         ZZ
                                         360         41,576.68          1
                                       8.875            330.99         80
                                       8.625            330.99
    AUGUSTA          GA   30906          2            03/02/01         00
    0412440737                           05           04/01/01          0
    0412440737                           N            03/01/31
    0

1

    4409766          225/G02             F          206,550.00         ZZ
                                         360        206,217.72          2
                                       9.125          1,680.56         90
                                       8.875          1,680.56
    HOUSTON          TX   77019          1            12/27/00         14
    0432632164                           05           02/01/01         25
    7229754                              N            01/01/31
    0

    4410069          225/G02             F          296,650.00         ZZ
                                         360        296,260.58          1
                                       8.125          2,202.62         90
                                       7.875          2,202.62
    MOORPARK         CA   93021          1            01/09/01         11
    0432630986                           03           03/01/01         25
    7231760                              N            02/01/31
    0

    4410170          225/G02             F          345,000.00         ZZ
                                         360        344,580.50          1
                                       8.500          2,652.76         75
                                       8.250          2,652.76
    DALY CITY        CA   94015          2            12/29/00         00
    0432631117                           05           03/01/01          0
    7230577                              O            02/01/31
    0

    4410459          225/G02             F          464,000.00         ZZ
                                         360        463,335.72          1
                                       8.125          3,445.19         80
                                       7.875          3,445.19
    CASTRO VALLEY    CA   94552          1            01/12/01         00
    0432630903                           05           03/01/01          0
    7233813                              O            02/01/31
    0

    4411135          225/G02             F          408,750.00         ZZ
                                         360        408,185.54          1
                                       7.875          2,963.73         75
                                       7.625          2,963.73
    SAN JOSE         CA   95125          5            01/11/01         00
    0432629632                           03           03/01/01          0
    7232163                              O            02/01/31
    0

    4412468          975/G02             F          424,000.00         ZZ
                                         360        424,000.00          1
                                       7.375          2,928.46         80
                                       7.125          2,928.46
1

    BURBANK          CA   91504          1            03/12/01         00
    0432667483                           05           05/01/01          0
    2011154                              O            04/01/31
    0

    4413034          664/G02             F          189,500.00         ZZ
                                         360        189,500.00          3
                                       8.500          1,457.10         95
                                       8.250          1,457.10
    MINNEAPOLIS      MN   55418          1            03/13/01         01
    0432681898                           05           05/01/01         30
    0003901063                           O            04/01/31
    0

    4414841          950/G02             F          242,000.00         ZZ
                                         360        242,000.00          1
                                       8.375          1,839.37         80
                                       8.125          1,839.37
    CARNATION        WA   98014          2            03/12/01         00
    0432675718                           05           05/01/01          0
    E0102037                             O            04/01/31
    0

    4415356          P44/G02             F          121,410.00         ZZ
                                         360        121,410.00          3
                                       9.000            976.89         90
                                       8.750            976.89
    WORCESTER        MA   01610          1            03/09/01         04
    0432683738                           05           05/01/01         25
    019045                               N            04/01/31
    0

    4415834          624/G02             F          194,750.00         ZZ
                                         360        194,625.82          1
                                       8.250          1,463.09         95
                                       8.000          1,463.09
    MANTECA          CA   95336          5            02/28/01         11
    0432664340                           05           04/01/01         30
    90000010023F                         O            03/01/31
    0

    4416396          E22/G02             F          462,050.00         ZZ
                                         360        461,777.20          1
                                       8.625          3,593.78         86
                                       8.375          3,593.78
    CLIFFSIDE PARK   NJ   07010          1            03/05/01         04
    0412286734                           05           04/01/01         30
    0412286734                           O            03/01/31
    0
1

    4416415          E22/G02             F           88,000.00         ZZ
                                         360         87,946.69          1
                                       8.500            676.64         80
                                       8.250            676.64
    VALLEY           WA   99181          1            02/28/01         00
    0412389363                           05           04/01/01          0
    0412389363                           O            03/01/31
    0

    4416416          E22/G02             F          111,200.00         ZZ
                                         360        111,125.38          1
                                       8.000            815.95         80
                                       7.750            815.95
    ALLEN            TX   75002          2            02/27/01         00
    0412393506                           05           04/01/01          0
    0412393506                           O            03/01/31
    0

    4416419          E22/G02             F          116,000.00         ZZ
                                         360        115,913.91          1
                                       7.500            811.09         80
                                       7.250            811.09
    PALM CITY        FL   34990          2            02/27/01         00
    0412396426                           09           04/01/01          0
    0412396426                           O            03/01/31
    0

    4416438          E22/G02             F           58,500.00         ZZ
                                         360         58,500.00          2
                                       9.250            481.27         90
                                       9.000            481.27
    NEW ORLEANS      LA   70125          1            03/05/01         04
    0412416786                           05           05/01/01         25
    0412416786                           N            04/01/31
    0

    4416440          E22/G02             F           95,100.00         ZZ
                                         360         94,896.30          1
                                       7.750            681.31         80
                                       7.500            681.31
    SOUTH LYON       MI   48178          1            03/05/01         00
    0412417818                           01           04/01/01          0
    0412417818                           O            03/01/31
    0

    4416444          E22/G02             F          128,800.00         ZZ
                                         360        128,684.29          1
1

                                       7.875            933.89         80
                                       7.625            933.89
    MIDLAND          MI   48642          1            03/05/01         00
    0412423097                           05           04/01/01          0
    0412423097                           O            03/01/31
    0

    4416580          T35/G02             F           56,000.00         ZZ
                                         360         55,960.48          1
                                       7.750            401.19         88
                                       7.500            401.19
    NEW ORLEANS      LA   70114          1            03/06/01         04
    0400397097                           05           04/01/01         25
    398771                               N            03/01/31
    0

    4416738          168/168             F          179,200.00         ZZ
                                         360        179,076.68          1
                                       7.875          1,299.32         80
                                       7.625          1,299.32
    FRANKLIN SQUARE  NY   11010          1            02/27/01         00
    0189699353                           05           04/01/01          0
    0189699353                           O            03/01/31
    0

    4417461          168/168             F          216,000.00         ZZ
                                         360        215,855.07          1
                                       8.000          1,584.93         80
                                       7.750          1,584.93
    HOPEWELL JCT     NY   12533          1            02/27/01         00
    0189715227                           05           04/01/01          0
    0189715227                           O            03/01/31
    0

    4419126          975/G02             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.250          2,387.62         78
                                       7.000          2,387.62
    WALNUT           CA   91789          5            03/01/01         00
    0432672129                           05           05/01/01          0
    2010192                              O            04/01/31
    0

    4419532          950/G02             F           79,500.00         ZZ
                                         360         79,500.00          1
                                       8.625            618.34         75
                                       8.375            618.34
    BREMERTON        WA   98310          5            03/07/01         00
    0432676666                           03           05/01/01          0
1

    E7102039                             N            04/01/31
    0

    4419713          E47/G02             F          183,500.00         ZZ
                                         360        183,500.00          1
                                       7.250          1,251.79         77
                                       7.000          1,251.79
    LOS ANGELES      CA   90008          2            03/09/01         00
    0432675726                           05           05/01/01          0
    7331012809                           O            04/01/31
    0

    4419775          950/G02             F          468,750.00         ZZ
                                         360        468,086.19          1
                                       7.750          3,358.18         75
                                       7.500          3,358.18
    SEATTLE          WA   98199          1            01/30/01         00
    0432641470                           05           03/01/01          0
    E0101041                             N            02/01/31
    0

    4420872          696/G02             F          304,450.00         ZZ
                                         360        304,260.77          1
                                       8.375          2,314.04         80
                                       8.125          2,314.04
    SILVER SPRING    MD   20904          1            02/26/01         00
    0432672236                           03           04/01/01          0
    30100208                             O            03/01/31
    0

    4421049          E98/G02             F          123,750.00         ZZ
                                         360        123,671.09          1
                                       8.250            929.69         70
                                       8.000            929.69
    AITKIN           MN   56431          5            02/23/01         00
    0432647634                           05           04/01/01          0
    84LILJ414919                         O            03/01/31
    0

    4422214          964/G02             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.500          4,544.89         74
                                       7.250          4,544.89
    PALOS VERDES ES  CA   90274          1            03/06/01         00
    0432683894                           05           05/01/01          0
    109029                               O            04/01/31
    0

1

    4423436          624/G02             F           89,250.00         ZZ
                                         360         89,250.00          1
                                       8.875            710.11         75
                                       8.625            710.11
    FORT COLLINS     CO   80527          5            03/12/01         00
    0432667558                           05           05/01/01          0
    73013810263F                         N            04/01/31
    0

    4423467          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       8.750            786.70         79
                                       8.500            786.70
    CORTEZ           CO   81321          2            03/06/01         00
    0412371619                           05           05/01/01          0
    0412371619                           N            04/01/31
    0

    4423469          E22/G02             F          288,000.00         ZZ
                                         240        287,503.41          1
                                       7.875          2,386.59         74
                                       7.625          2,386.59
    SAN JOSE         CA   95116          5            02/23/01         00
    0412374845                           05           04/01/01          0
    0412374845                           O            03/01/21
    0

    4423478          E22/G02             F          128,500.00         ZZ
                                         360        128,424.13          1
                                       8.625            999.46         80
                                       8.375            999.46
    MIAMI            FL   33145          5            03/01/01         00
    0412397606                           05           04/01/01          0
    0412397606                           O            03/01/31
    0

    4423479          E22/G02             F           86,400.00         ZZ
                                         360         86,347.66          1
                                       8.500            664.34         90
                                       8.250            664.34
    CARPENTERSVILLE  IL   60110          1            03/06/01         04
    0412399701                           05           04/01/01         25
    0412399701                           N            03/01/31
    0

    4423480          E22/G02             F          236,500.00         ZZ
                                         360        236,500.00          1
                                       7.500          1,653.64         68
                                       7.250          1,653.64
1

    SEATTLE          WA   98103          2            03/01/01         00
    0412402067                           05           05/01/01          0
    0412402067                           O            04/01/31
    0

    4423482          E22/G02             F           41,150.00         ZZ
                                         360         41,125.07          1
                                       8.500            316.41         90
                                       8.250            316.41
    LEIGHTON         AL   35646          1            03/06/01         04
    0412407587                           05           04/01/01         25
    0412407587                           O            03/01/31
    0

    4423484          E22/G02             F          472,000.00         ZZ
                                         360        472,000.00          1
                                       7.625          3,340.79         80
                                       7.375          3,340.79
    SAN CARLOS       CA   94070          5            02/28/01         00
    0412409195                           05           05/01/01          0
    0412409195                           O            04/01/31
    0

    4423493          E22/G02             F          116,000.00         ZZ
                                         360        115,927.90          1
                                       8.375            881.68         80
                                       8.125            881.68
    PLANO            TX   75075          5            02/28/01         00
    0412418758                           05           04/01/01          0
    0412418758                           O            03/01/31
    0

    4423509          E22/G02             F          136,000.00         ZZ
                                         360        135,901.57          1
                                       7.625            962.60         80
                                       7.375            962.60
    ASHEVILLE        NC   28804          1            03/05/01         00
    0412432874                           05           04/01/01          0
    0412432874                           O            03/01/31
    0

    4423511          E22/G02             F           95,100.00         ZZ
                                         360         95,029.43          1
                                       7.500            664.95         80
                                       7.250            664.95
    CEDAR HILL       TX   75104          1            03/02/01         00
    0412434722                           05           04/01/01          0
    0412434722                           O            03/01/31
    0
1

    4423513          E22/G02             F           71,920.00         ZZ
                                         360         71,879.68          1
                                       8.875            572.23         80
                                       8.625            572.23
    LAKE WORTH       FL   33460          1            03/06/01         00
    0412436537                           05           04/01/01          0
    0412436537                           N            03/01/31
    0

    4423642          K15/G02             F           63,600.00         ZZ
                                         360         63,600.00          1
                                       8.875            506.03         89
                                       8.625            506.03
    NORTON SHORES    MI   49444          5            03/16/01         04
    0432674638                           05           05/01/01         25
    035905302863                         O            04/01/31
    0

    4426225          B23/G02             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.875          2,320.22         80
                                       7.625          2,320.22
    ANAHEIM          CA   92807          2            03/08/01         00
    0432679546                           03           05/01/01          0
    88004354                             O            04/01/31
    0

    4426317          E84/G02             F          400,000.00         ZZ
                                         360        399,724.72          1
                                       7.875          2,900.28         88
                                       7.625          2,900.28
    SUNRIVER         OR   97707          1            02/15/01         10
    0432653996                           03           04/01/01         25
    61700848                             O            03/01/31
    0

    4426680          E84/G02             F          120,000.00         ZZ
                                         360        119,854.09          1
                                       8.500            922.70         80
                                       8.250            922.70
    RED FEATHERS LA  CO   80545          5            01/26/01         00
    0432639920                           05           03/01/01          0
    32700092                             O            02/01/31
    0

    4427072          E84/G02             F          119,000.00         ZZ
                                         360        118,866.07          1
1

                                       8.875            946.82         70
                                       8.625            946.82
    AURORA           CO   80013          5            02/02/01         00
    0432639961                           03           03/01/01          0
    80013019                             N            02/01/31
    0

    4428656          H81/G02             F          216,000.00         ZZ
                                         360        215,878.90          1
                                       8.875          1,718.60         80
                                       8.625          1,718.60
    ELMWOOD PARK     IL   60707          5            02/23/01         00
    0432655371                           05           04/01/01          0
    WH11818                              O            03/01/31
    0

    4429220          696/G02             F          229,500.00         ZZ
                                         360        229,353.65          1
                                       8.250          1,724.16         90
                                       8.000          1,724.16
    WASHINGTON       DC   20001          1            02/28/01         12
    0432651073                           05           04/01/01         25
    31201094                             O            03/01/31
    0

    4429367          E84/G02             F          261,000.00         ZZ
                                         360        260,706.28          1
                                       8.875          2,076.63         75
                                       8.625          2,076.63
    EL PASO          TX   79912          1            01/30/01         00
    0432639904                           03           03/01/01          0
    32601878                             O            02/01/31
    0

    4429376          E84/G02             F           77,700.00         ZZ
                                         360         77,612.55          1
                                       8.875            618.22         70
                                       8.625            618.22
    LAKEWOOD         CO   80227          5            01/30/01         00
    0432639896                           09           03/01/01          0
    80013018                             N            02/01/31
    0

    4430092          E22/G02             F          275,000.00         ZZ
                                         360        274,815.48          1
                                       8.000          2,017.85         64
                                       7.750          2,017.85
    FREMONT          CA   94539          5            02/26/01         00
    0412380594                           05           04/01/01          0
1

    0412380594                           O            03/01/31
    0

    4430098          E22/G02             F           54,400.00         ZZ
                                         360         54,367.88          1
                                       8.625            423.12         80
                                       8.375            423.12
    EL PASO          TX   79922          5            03/01/01         00
    0412396020                           05           04/01/01          0
    0412396020                           O            03/01/31
    0

    4430101          E22/G02             F          198,000.00         ZZ
                                         360        197,880.05          1
                                       8.500          1,522.45         80
                                       8.250          1,522.45
    JUNEAU           AK   99801          5            02/22/01         00
    0412399438                           05           04/01/01          0
    0412399438                           O            03/01/31
    0

    4430114          E22/G02             F          125,100.00         ZZ
                                         360        125,100.00          1
                                       8.625            973.01         90
                                       8.375            973.01
    EL PASO          TX   79934          1            03/06/01         04
    0412415275                           05           05/01/01         25
    0412415275                           O            04/01/31
    0

    4430119          E22/G02             F           50,650.00         ZZ
                                         360         50,650.00          1
                                       9.375            421.28         80
                                       9.125            421.28
    POPLAR GROVE     IL   61065          1            03/07/01         00
    0412422578                           03           05/01/01          0
    0412422578                           N            04/01/31
    0

    4430122          E22/G02             F          113,000.00         ZZ
                                         360        112,927.95          1
                                       8.250            848.93         80
                                       8.000            848.93
    SAINT ALBANS     VT   05478          5            03/02/01         00
    0412431496                           05           04/01/01          0
    0412431496                           O            03/01/31
    0

1

    4430276          E82/G02             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       7.875          3,480.33         80
                                       7.625          3,480.33
    WHITTIER         CA   90601          5            03/06/01         00
    0400378683                           05           05/01/01          0
    0400378683                           O            04/01/31
    0

    4430432          H06/G02             F          243,000.00         ZZ
                                         360        242,874.01          3
                                       9.250          1,999.11         90
                                       9.000          1,999.11
    MINNEAPOLIS      MN   55407          1            02/23/01         01
    0432650042                           05           04/01/01         25
    126031                               N            03/01/31
    0

    4430836          E84/G02             F          380,000.00         ZZ
                                         360        379,710.85          1
                                       7.375          2,624.57         80
                                       7.125          2,624.57
    ALBANY           OR   97321          2            02/15/01         00
    0432653988                           03           04/01/01          0
    61600365                             O            03/01/31
    0

    4431328          H22/G02             F          260,000.00         ZZ
                                         360        260,000.00          2
                                       7.500          1,817.96         80
                                       7.250          1,817.96
    ASTORIA          NY   11105          2            03/12/01         00
    0432679389                           05           05/01/01          0
    0102006                              O            04/01/31
    0

    4431639          Q99/G02             F          221,000.00         ZZ
                                         360        220,722.90          1
                                       8.350          1,675.86         85
                                       8.100          1,675.86
    OLYMPIC          WA   98502          5            02/21/01         14
    0432673549                           05           03/28/01         12
    1                                    O            02/28/31
    0

    4432332          967/G02             F          158,250.00         ZZ
                                         360        158,163.56          3
                                       9.000          1,273.32         90
                                       8.750          1,273.32
1

    PRESCOTT         AZ   86305          1            02/22/01         14
    0432654978                           05           04/01/01         25
    195007380                            N            03/01/31
    0

    4432785          168/168             F          151,000.00         ZZ
                                         360        150,906.14          1
                                       8.375          1,147.71         63
                                       8.125          1,147.71
    BLOOMINGTON      MN   55438          5            02/21/01         00
    0189720018                           05           04/01/01          0
    0189720018                           O            03/01/31
    0

    4433283          168/168             F          162,300.00         ZZ
                                         360        162,199.12          1
                                       8.375          1,233.60         74
                                       8.125          1,233.60
    WOOD DALE        IL   60191          2            02/21/01         00
    0189719982                           05           04/01/01          0
    0189719982                           O            03/01/31
    0

    4433464          E23/G02             F          303,000.00         ZZ
                                         360        303,000.00          1
                                       7.500          2,118.62         80
                                       7.250          2,118.62
    ALPINE           CA   91901          1            03/15/01         00
    0432676369                           05           05/01/01          0
    71001130                             O            04/01/31
    0

    4433583          624/G02             F          488,000.00         ZZ
                                         360        488,000.00          2
                                       7.625          3,454.03         80
                                       7.375          3,454.03
    SANTA CRUZ       CA   95062          1            03/15/01         00
    0432682656                           05           05/01/01          0
    46000610176F                         O            04/01/31
    0

    4433830          E84/G02             F          375,000.00         ZZ
                                         360        374,721.70          1
                                       7.500          2,622.05         60
                                       7.250          2,622.05
    PORTLAND         OR   97236          5            02/21/01         00
    0432640027                           05           04/01/01          0
    61301671                             O            03/01/31
    0
1

    4433860          E84/G02             F          134,400.00         ZZ
                                         360        134,248.74          1
                                       8.875          1,069.35         80
                                       8.625          1,069.35
    EL PASO          TX   79922          1            01/29/01         00
    0432636843                           05           03/01/01          0
    32601861                             O            02/01/31
    0

    4434054          E84/G02             F          156,000.00         ZZ
                                         360        154,519.71          1
                                       8.750          1,227.25         75
                                       8.500          1,227.25
    AUSTIN           TX   78751          2            01/26/01         00
    0432640217                           05           03/01/01          0
    32601857                             N            02/01/31
    0

    4434249          E84/G02             F          157,000.00         ZZ
                                         360        156,886.36          1
                                       7.625          1,111.24         75
                                       7.375          1,111.24
    GRASS VALLEY     CA   95945          1            02/19/01         00
    0432652923                           05           04/01/01          0
    75510308                             O            03/01/31
    0

    4436082          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          3
                                       8.000          2,935.06         90
                                       7.750          2,935.06
    PT RICHMOND      CA   94801          1            02/28/01         01
    0412367138                           05           05/01/01         25
    0412367138                           O            04/01/31
    0

    4436091          E22/G02             F           59,850.00         ZZ
                                         360         59,850.00          1
                                       8.875            476.19         90
                                       8.625            476.19
    KATY             TX   77449          1            03/07/01         04
    0412408585                           03           05/01/01         25
    0412408585                           N            04/01/31
    0

    4436105          E22/G02             F          140,000.00         ZZ
                                         360        140,000.00          1
1

                                       7.875          1,015.10         80
                                       7.625          1,015.10
    PORTLAND         OR   97202          2            02/24/01         00
    0412430407                           05           05/01/01          0
    0412430407                           O            04/01/31
    0

    4436106          E22/G02             F          240,350.00         ZZ
                                         360        240,350.00          4
                                       8.250          1,805.67         95
                                       8.000          1,805.67
    AUBURN           WA   98002          1            03/04/01         10
    0412438277                           05           05/01/01         30
    0412438277                           O            04/01/31
    0

    4436108          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          1
                                       8.250            811.37         90
                                       8.000            811.37
    ROSELLE          IL   60172          1            03/08/01         04
    0412440083                           09           05/01/01         25
    0412440083                           N            04/01/31
    0

    4436109          E22/G02             F           65,100.00         ZZ
                                         360         65,100.00          2
                                       8.875            517.96         90
                                       8.625            517.96
    FORT WORTH       TX   76114          1            03/07/01         01
    0412441776                           05           05/01/01         25
    0412441776                           N            04/01/31
    0

    4436110          E22/G02             F          155,500.00         ZZ
                                         360        155,500.00          4
                                       9.000          1,251.19         90
                                       8.750          1,251.19
    FORT WORTH       TX   76114          1            03/07/01         01
    0412441875                           05           05/01/01         25
    0412441875                           N            04/01/31
    0

    4436117          E22/G02             F          145,500.00         ZZ
                                         360        145,500.00          1
                                       8.500          1,118.77         75
                                       8.250          1,118.77
    AURORA           CO   80013          1            03/08/01         00
    0412451403                           05           05/01/01          0
1

    0412451403                           N            04/01/31
    0

    4436456          E82/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.750          1,432.82         69
                                       7.500          1,432.82
    HILLSBORO        OR   97123          1            03/09/01         00
    0400392890                           05           05/01/01          0
    0400392890                           O            04/01/31
    0

    4436457          E82/G02             F          120,000.00         ZZ
                                         360        120,000.00          2
                                       8.750            944.04         80
                                       8.500            944.04
    CLIFTON          NJ   07011          1            03/09/01         00
    0400392593                           05           05/01/01          0
    0400392593                           N            04/01/31
    0

    4436458          E82/G02             F          447,000.00         ZZ
                                         360        447,000.00          1
                                       8.375          3,397.52         90
                                       8.125          3,397.52
    DEEPHAVEN        MN   55391          2            03/06/01         04
    0400373973                           05           05/01/01         25
    4369265                              O            04/01/31
    0

    4440894          964/G02             F          150,300.00         ZZ
                                         360        150,300.00          1
                                       8.000          1,102.85         90
                                       7.750          1,102.85
    FAIR OAKS        CA   95628          1            03/15/01         04
    0432674893                           05           05/01/01         25
    113472                               O            04/01/31
    0

    4441186          964/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
                                       7.625          1,613.77         73
                                       7.375          1,613.77
    PASO ROBLES      CA   93446          2            03/14/01         00
    0432680189                           05           05/01/01          0
    109997                               O            04/01/31
    0

1

    4442050          286/286             F          111,200.00         ZZ
                                         360        111,121.51          1
                                       7.750            796.66         80
                                       7.500            796.66
    ANNAPOLIS        MD   21401          1            02/12/01         00
    258387                               03           04/01/01          0
    258387                               N            03/01/31
    0

    4442051          286/286             F          300,000.00         ZZ
                                         360        299,782.86          1
                                       7.625          2,123.39         87
                                       7.375          2,123.39
    COLLEYVILLE      TX   76034          1            02/14/01         12
    228301                               03           04/01/01         25
    228301                               O            03/01/31
    0

    4442052          286/286             F          292,300.00         ZZ
                                         360        291,912.14          1
                                       9.125          2,378.25         89
                                       8.875          2,378.25
    ATLANTA          GA   30324          2            02/01/01         01
    174237                               01           03/01/01         25
    174237                               N            02/01/31
    0

    4442053          286/286             F          296,000.00         ZZ
                                         360        295,131.94          1
                                       9.625          2,515.97         80
                                       9.250          2,515.97
    TOWSON           MD   21286          1            09/28/00         00
    9653983                              05           11/01/00          0
    9653983                              O            10/01/30
    0

    4443380          E22/G02             F           55,400.00         T
                                         360         55,400.00          1
                                       8.750            435.83         80
                                       8.500            435.83
    KALISPELL        MT   59901          1            03/01/01         00
    0412302655                           05           05/01/01          0
    0412302655                           O            04/01/31
    0

    4443396          E22/G02             F           41,850.00         ZZ
                                         360         41,850.00          1
                                       9.375            348.09         90
                                       9.125            348.09
1

    ANGOLA           IN   46703          1            03/09/01         04
    0412410722                           05           05/01/01         25
    0412410722                           O            04/01/31
    0

    4443401          E22/G02             F          103,500.00         ZZ
                                         360        103,443.47          3
                                       9.000            832.78         90
                                       8.750            832.78
    UNION GAP        WA   98903          1            03/04/01         10
    0412416562                           05           04/01/01         25
    0412416562                           N            03/01/31
    0

    4443408          E22/G02             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       8.000          2,751.62         79
                                       7.750          2,751.62
    DESOTO           TX   75115          1            03/09/01         00
    0412425068                           05           05/01/01          0
    0412425068                           O            04/01/31
    0

    4443411          E22/G02             F           23,400.00         ZZ
                                         360         23,400.00          1
                                       9.500            196.76         90
                                       9.250            196.76
    BYRON CENTER     MI   49315          1            03/09/01         04
    0412426850                           05           05/01/01         25
    0412426850                           N            04/01/31
    0

    4443412          E22/G02             F          114,000.00         ZZ
                                         360        114,000.00          1
                                       8.875            907.04         44
                                       8.625            907.04
    BULVERDE         TX   78163          5            03/05/01         00
    0412429037                           05           05/01/01          0
    0412429037                           O            04/01/31
    0

    4443417          E22/G02             F          427,000.00         ZZ
                                         360        427,000.00          1
                                       7.625          3,022.28         80
                                       7.375          3,022.28
    BELLEVUE         WA   98008          5            03/04/01         00
    0412434300                           05           05/01/01          0
    0412434300                           O            04/01/31
    0
1

    4443423          E22/G02             F           56,525.00         ZZ
                                         360         56,525.00          1
                                       8.125            419.70         85
                                       7.875            419.70
    TALLAHASSEE      FL   32311          1            03/09/01         10
    0412436453                           05           05/01/01         20
    0412436453                           N            04/01/31
    0

    4443424          E22/G02             F           71,400.00         ZZ
                                         360         71,400.00          1
                                       8.125            530.14         85
                                       7.875            530.14
    TALLAHASSEE      FL   32311          1            03/09/01         10
    0412436461                           05           05/01/01         20
    0412436461                           N            04/01/31
    0

    4443430          E22/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       8.500          1,660.85         80
                                       8.250          1,660.85
    HURST            TX   76054          1            03/09/01         00
    0412441552                           05           05/01/01          0
    0412441552                           N            04/01/31
    0

    4443434          E22/G02             F          200,000.00         T
                                         360        200,000.00          1
                                       8.250          1,502.53         71
                                       8.000          1,502.53
    CARMICHAEL       CA   95608          1            03/06/01         00
    0412452393                           05           05/01/01          0
    0412452393                           O            04/01/31
    0

    4443437          E22/G02             F           89,600.00         ZZ
                                         360         89,600.00          1
                                       7.875            649.66         80
                                       7.625            649.66
    GARLAND          TX   75040          1            03/09/01         00
    0412461436                           05           05/01/01          0
    0412461436                           O            04/01/31
    0

    4446250          286/286             F          412,800.00         ZZ
                                         360        412,485.89          1
1

                                       7.375          2,851.11         80
                                       7.125          2,851.11
    WALNUT           CA   91789          1            02/15/01         00
    9796663                              05           04/01/01          0
    9796663                              O            03/01/31
    0

    4446259          286/286             F          424,000.00         ZZ
                                         360        423,708.21          1
                                       7.875          3,074.29         80
                                       7.625          3,074.29
    SAN BRUNO        CA   94066          1            02/20/01         00
    9790422                              05           04/01/01          0
    9790422                              O            03/01/31
    0

    4446271          286/286             F          420,000.00         ZZ
                                         360        419,703.57          1
                                       7.750          3,008.93         75
                                       7.500          3,008.93
    SAN FRANCISCO    CA   94134          1            02/15/01         00
    9806226                              05           04/01/01          0
    9806226                              O            03/01/31
    0

    4447312          286/286             F          368,600.00         ZZ
                                         360        368,333.22          1
                                       7.625          2,608.93         75
                                       7.375          2,608.93
    LIVERMORE        CA   94550          1            02/12/01         00
    9800028                              05           04/01/01          0
    9800028                              N            03/01/31
    0

    4448269          076/076             F          126,900.00         ZZ
                                         360        126,600.85          1
                                       8.750            998.32         51
                                       8.500            998.32
    KILLINGWORTH     CT   06419          5            12/12/00         00
    0012392                              05           02/01/01          0
    0012392                              O            01/01/31
    0

    4448270          076/076             F          200,000.00         ZZ
                                         360        199,774.93          1
                                       8.875          1,591.29         71
                                       8.625          1,591.29
    AUBURN           ME   04210          2            01/18/01         00
    0439110                              05           03/01/01          0
1

    0439110                              O            02/01/31
    0

    4448271          076/076             F          256,500.00         ZZ
                                         360        256,239.92          1
                                       9.375          2,133.44         79
                                       9.125          2,133.44
    BARRINGTON       IL   60010          2            01/05/01         00
    0891179                              05           03/01/01          0
    0891179                              O            02/01/31
    0

    4448272          076/076             F          135,000.00         ZZ
                                         360        134,814.96          1
                                       8.625          1,050.02         74
                                       8.375          1,050.02
    NORTH HAVEN      CT   06473          1            01/29/01         00
    2408188                              05           03/01/01          0
    2408188                              O            02/01/31
    0

    4448274          076/076             F           74,000.00         ZZ
                                         360         73,910.02          1
                                       8.500            569.00         39
                                       8.250            569.00
    ISLIP TERRACE    NY   11752          1            01/18/01         00
    2669572                              05           03/01/01          0
    2669572                              O            02/01/31
    0

    4448275          076/076             F          112,000.00         ZZ
                                         360        111,784.26          1
                                       8.250            841.42         75
                                       8.000            841.42
    CHESWICK         PA   15024          5            12/22/00         00
    2671658                              05           02/01/01          0
    2671658                              O            01/01/31
    0

    4448276          076/076             F          144,000.00         ZZ
                                         360        143,736.42          1
                                       8.500          1,107.24         80
                                       8.250          1,107.24
    AVON LAKE        OH   44012          1            12/29/00         00
    2722920                              05           02/01/01          0
    2722920                              O            01/01/31
    0

1

    4448278          076/076             F          176,000.00         ZZ
                                         360        175,780.44          1
                                       8.375          1,337.73         80
                                       8.125          1,337.73
    BURLINGTON       WI   53105          1            01/18/01         00
    2877589                              05           03/01/01          0
    2877589                              O            02/01/31
    0

    4448279          076/076             F          190,400.00         ZZ
                                         360        190,162.48          1
                                       8.375          1,447.18         80
                                       8.125          1,447.18
    IRA TOWNSHIP     MI   48023          1            01/10/01         00
    2881894                              05           03/01/01          0
    2881894                              O            02/01/31
    0

    4448280          076/076             F          180,000.00         ZZ
                                         360        179,662.01          1
                                       8.375          1,368.13         80
                                       8.125          1,368.13
    FREELAND         MI   48623          1            12/18/00         00
    2913258                              05           02/01/01          0
    2913258                              O            01/01/31
    0

    4448281          076/076             F          162,999.00         ZZ
                                         360        162,715.58          1
                                       8.750          1,282.32         70
                                       8.500          1,282.32
    LITTLE ROCK      AR   72205          2            12/29/00         00
    2931037                              05           02/01/01          0
    2931037                              N            01/01/31
    0

    4448282          076/076             F          209,080.00         ZZ
                                         360        208,838.54          4
                                       8.750          1,644.83         80
                                       8.500          1,644.83
    PORTSMOUTH       NH   03801          1            01/04/01         00
    2941613                              05           03/01/01          0
    2941613                              N            02/01/31
    0

    4448283          076/076             F          103,500.00         ZZ
                                         360        103,353.43          1
                                       7.750            741.49         66
                                       7.500            741.49
1

    PORTLAND         OR   97236          2            01/19/01         00
    3017633                              01           03/01/01          0
    3017633                              O            02/01/31
    0

    4448284          076/076             F          153,600.00         ZZ
                                         360        153,387.89          1
                                       7.875          1,113.71         80
                                       7.625          1,113.71
    HASTINGS         MN   55033          2            01/16/01         00
    3064924                              05           03/01/01          0
    3064924                              O            02/01/31
    0

    4448285          076/076             F           99,000.00         ZZ
                                         360         98,827.86          1
                                       8.750            778.84         90
                                       8.500            778.84
    HOUSTON          TX   77088          1            01/02/01         01
    3129744                              09           02/01/01         25
    3129744                              O            01/01/31
    0

    4448286          076/076             F          168,000.00         ZZ
                                         360        167,499.83          1
                                       8.625          1,306.69         80
                                       8.375          1,306.69
    HOWELL           NJ   07731          1            01/29/01         00
    3286263                              05           03/01/01          0
    3286263                              O            02/01/31
    0

    4448287          076/076             F          101,473.00         ZZ
                                         360        101,364.59          1
                                       9.125            825.62         43
                                       8.875            825.62
    SAN JOSE         CA   95132          1            01/22/01         00
    3286775                              01           03/01/01          0
    3286775                              N            02/01/31
    0

    4448288          076/076             F          113,500.00         ZZ
                                         360        113,361.99          3
                                       8.500            872.72         59
                                       8.250            872.72
    NEW ORLEANS      LA   70117          5            01/02/01         00
    3740355                              05           03/01/01          0
    3740355                              O            02/01/31
    0
1

    4448289          076/076             F          105,000.00         ZZ
                                         360        104,826.16          1
                                       8.250            788.83         70
                                       8.000            788.83
    CUYAHOGA FALLS   OH   44221          5            01/08/01         00
    3740570                              05           03/01/01          0
    3740570                              O            02/01/31
    0

    4448290          076/076             F          127,600.00         ZZ
                                         360        127,410.01          1
                                       7.500            892.20         80
                                       7.250            892.20
    LOVINGSTON       VA   22938          1            01/05/01         00
    3743964                              05           03/01/01          0
    3743964                              O            02/01/31
    0

    4448291          076/076             F          160,000.00         ZZ
                                         360        159,815.23          1
                                       8.750          1,258.72         80
                                       8.500          1,258.72
    GREENVILLE       MS   38701          1            01/10/01         00
    3753333                              05           03/01/01          0
    3753333                              O            02/01/31
    0

    4448292          076/076             F          114,500.00         ZZ
                                         360        114,349.69          1
                                       8.125            850.16         71
                                       7.875            850.16
    LINCOLN          NE   68521          2            01/25/01         00
    3806781                              05           03/01/01          0
    3806781                              O            02/01/31
    0

    4448293          076/076             F          190,000.00         ZZ
                                         360        189,756.85          1
                                       8.250          1,427.41         64
                                       8.000          1,427.41
    MATTAPOISETT     MA   02739          1            01/26/01         00
    3848323                              05           03/01/01          0
    3848323                              O            02/01/31
    0

    4448294          076/076             F          225,950.00         ZZ
                                         360        225,689.05          1
1

                                       8.750          1,777.55         70
                                       8.500          1,777.55
    GEORGETOWN       TX   78628          1            01/23/01         00
    3849861                              05           03/01/01          0
    3849861                              N            02/01/31
    0

    4448295          076/076             F           52,800.00         ZZ
                                         360         52,742.08          2
                                       9.000            424.85         80
                                       8.750            424.85
    SAINT LOUIS      MO   63115          1            01/30/01         00
    3863517                              05           03/01/01          0
    3863517                              N            02/01/31
    0

    4448296          076/076             F           34,500.00         ZZ
                                         360         34,456.97          1
                                       8.375            262.22         75
                                       8.125            262.22
    LUBBOCK          TX   79413          1            01/24/01         00
    3868218                              05           03/01/01          0
    3868218                              O            02/01/31
    0

    4448297          076/076             F          138,000.00         ZZ
                                         360        137,897.58          1
                                       7.500            964.92         58
                                       7.250            964.92
    ELMSFORD         NY   10523          1            02/09/01         00
    3931085                              05           04/01/01          0
    3931085                              O            03/01/31
    0

    4448298          076/076             F           65,000.00         ZZ
                                         360         64,926.85          1
                                       8.875            517.17         65
                                       8.625            517.17
    MESA             AZ   85210          5            02/01/01         00
    3975205                              05           03/01/01          0
    3975205                              N            02/01/31
    0

    4448299          076/076             F          100,000.00         ZZ
                                         360         99,901.23          1
                                       9.500            840.86         64
                                       9.250            840.86
    GORHAM           ME   04038          1            01/31/01         00
    4065885                              05           03/01/01          0
1

    4065885                              O            02/01/31
    0

    4448300          076/076             F          240,000.00         ZZ
                                         360        239,715.58          1
                                       8.625          1,866.70         62
                                       8.375          1,866.70
    PAPILLION        NE   68133          2            01/10/01         00
    7149310                              05           03/01/01          0
    7149310                              O            02/01/31
    0

    4452919          E22/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
                                       8.375            649.86         90
                                       8.125            649.86
    EAST FISHKILL    NY   12590          1            03/12/01         04
    0412297798                           05           05/01/01         25
    0412297798                           O            04/01/31
    0

    4452921          E22/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       7.625          1,528.83         80
                                       7.375          1,528.83
    KEY WEST         FL   33040          1            03/12/01         00
    0412319816                           05           05/01/01          0
    0412319816                           O            04/01/31
    0

    4452924          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          4
                                       8.250          1,690.35         75
                                       8.000          1,690.35
    PORTLAND         OR   97202          1            03/06/01         00
    0412365223                           05           05/01/01          0
    0412365223                           N            04/01/31
    0

    4452935          E22/G02             F          124,000.00         ZZ
                                         360        124,000.00          1
                                       8.375            942.49         80
                                       8.125            942.49
    LEXINGTON        MI   48450          5            03/07/01         00
    0412386062                           05           05/01/01          0
    0412386062                           O            04/01/31
    0

1

    4452964          E22/G02             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       8.875          1,400.34         80
                                       8.625          1,400.34
    HEMPSTEAD        NY   11550          5            03/12/01         00
    0412423949                           05           05/01/01          0
    0412423949                           N            04/01/31
    0

    4452977          E22/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       8.625          1,944.48         66
                                       8.375          1,944.47
    LAKELAND         MI   48143          5            03/07/01         00
    0412437113                           05           05/01/01          0
    0412437113                           O            04/01/31
    0

    4452979          E22/G02             F           63,450.00         ZZ
                                         360         63,450.00          3
                                       8.750            499.16         90
                                       8.500            499.16
    GRAND RAPIDS     MI   49503          1            03/12/01         04
    0412439754                           05           05/01/01         25
    0412439754                           N            04/01/31
    0

    4452983          E22/G02             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       7.500          3,670.88         80
                                       7.250          3,670.88
    FREMONT          CA   94536          5            03/05/01         00
    0412446056                           05           05/01/01          0
    0412446056                           O            04/01/31
    0

    4452989          E22/G02             F          199,650.00         ZZ
                                         360        199,650.00          1
                                       8.375          1,517.48         80
                                       8.125          1,517.48
    POMPANO BEACH    FL   33069          1            03/12/01         00
    0412464455                           09           05/01/01          0
    0412464455                           O            04/01/31
    0

    4453310          168/168             F          175,000.00         T
                                         360        174,899.31          1
                                       8.750          1,376.73         70
                                       8.500          1,376.73
1

    BOCA RATON       FL   33496          1            02/28/01         00
    69643654                             01           04/01/01          0
    69643654                             O            03/01/31
    0

    4457224          964/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.750          1,432.82         83
                                       7.500          1,432.82
    LAS VEGAS        NV   89123          2            03/16/01         12
    0432673804                           05           05/01/01         12
    107769                               O            04/01/31
    0

    4458218          G18/G02             F          201,600.00         ZZ
                                         360        201,484.01          1
                                       8.750          1,585.99         90
                                       8.500          1,585.99
    MINNEPAOLIS      MN   55417          1            03/05/01         04
    0432670313                           05           04/01/01         25
    09DM101006                           N            03/01/31
    0

    4458281          642/G02             F          135,150.00         ZZ
                                         360        135,150.00          1
                                       7.750            968.23         85
                                       7.500            968.23
    EASLEY           SC   29640          5            03/08/01         10
    0432677722                           05           05/01/01         12
    02110701                             O            04/01/31
    0

    4458689          163/163             F          500,000.00         ZZ
                                         360        499,655.90          1
                                       7.875          3,625.35         39
                                       7.625          3,625.35
    MOORESVILLE      NC   28117          2            02/01/01         00
    0402094036                           03           04/01/01          0
    0402094036                           O            03/01/31
    0

    4459437          944/G02             F          296,250.00         ZZ
                                         360        296,024.57          1
                                       7.375          2,046.13         75
                                       7.125          2,046.13
    SAN JOSE         CA   95127          2            02/16/01         00
    0432662989                           05           04/01/01          0
    W00121712                            O            03/01/31
    0
1

    4459534          K15/G02             F           99,000.00         ZZ
                                         360         99,000.00          1
                                       8.875            787.69         90
                                       8.625            787.69
    RAYMOND          NH   03077          5            03/16/01         04
    0432677342                           05           05/01/01         25
    033305304348                         O            04/01/31
    0

    4463065          E22/G02             F          120,000.00         ZZ
                                         360        120,000.00          3
                                       8.500            922.70         75
                                       8.250            922.70
    COLUMBUS         GA   31904          5            03/08/01         00
    0412341836                           05           05/01/01          0
    0412341836                           O            04/01/31
    0

    4463070          E22/G02             F          108,150.00         ZZ
                                         360        108,150.00          1
                                       8.250            812.49         80
                                       8.000            812.49
    TEANECK          NJ   07666          1            03/13/01         00
    0412380784                           05           05/01/01          0
    0412380784                           N            04/01/31
    0

    4463080          E22/G02             F           85,700.00         ZZ
                                         360         85,700.00          1
                                       8.500            658.96         89
                                       8.250            658.96
    COLEMAN          MI   48618          5            03/08/01         04
    0412412207                           05           05/01/01         25
    0412412207                           O            04/01/31
    0

    4463084          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.750            716.41         44
                                       7.500            716.41
    LONGBOAT KEY     FL   34228          2            03/13/01         00
    0412421737                           22           05/01/01          0
    0412421737                           N            04/01/31
    0

    4463085          E22/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
1

                                       7.750          1,862.67         57
                                       7.500          1,862.67
    LONG BOAT KEY    FL   34228          2            03/13/01         00
    0412421745                           22           05/01/01          0
    0412421745                           N            04/01/31
    0

    4463090          E22/G02             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       8.750          2,950.13         75
                                       8.500          2,950.13
    SOUTH LAKE TAHO  CA   96150          5            02/28/01         00
    0412423675                           05           05/01/01          0
    0412423675                           N            04/01/31
    0

    4463091          E22/G02             F          152,000.00         ZZ
                                         360        152,000.00          1
                                       9.000          1,223.03         95
                                       8.750          1,223.03
    MIAMI            FL   33177          5            03/08/01         10
    0412425605                           05           05/01/01         30
    0412425605                           O            04/01/31
    0

    4463092          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       7.750          1,611.93         41
                                       7.500          1,611.93
    SLOUGHHOUSE      CA   95683          5            03/05/01         00
    0412426215                           05           05/01/01          0
    0412426215                           O            04/01/31
    0

    4463093          E22/G02             F           32,400.00         ZZ
                                         360         32,400.00          3
                                       9.250            266.55         90
                                       9.000            266.55
    FT. WAYNE        IN   46808          1            03/13/01         04
    0412426454                           05           05/01/01         25
    0412426454                           N            04/01/31
    0

    4463096          E22/G02             F          270,000.00         ZZ
                                         360        270,000.00          1
                                       7.750          1,934.31         75
                                       7.500          1,934.31
    SALINAS          CA   93906          5            03/02/01         00
    0412428955                           05           05/01/01          0
1

    0412428955                           O            04/01/31
    0

    4463117          E22/G02             F          126,400.00         ZZ
                                         360        126,400.00          4
                                       8.625            983.13         80
                                       8.375            983.13
    BENBROOK         TX   76116          2            03/13/01         00
    0412461691                           05           05/01/01          0
    0412461691                           N            04/01/31
    0

    4463118          E22/G02             F          197,100.00         ZZ
                                         360        197,100.00          1
                                       7.750          1,412.05         80
                                       7.500          1,412.05
    HENDERSON        CO   80640          1            03/12/01         00
    0412461758                           03           05/01/01          0
    0412461758                           O            04/01/31
    0

    4463366          526/526             F          328,000.00         ZZ
                                         360        327,630.87          1
                                       8.875          2,609.72         75
                                       8.625          2,609.72
    TOWNSEND         MA   01469          1            01/19/01         00
    0389202                              05           03/01/01          0
    0389202                              O            02/01/31
    0

    4463368          526/526             F          142,500.00         ZZ
                                         360        142,339.65          1
                                       8.875          1,133.79         64
                                       8.625          1,133.79
    LEBANON          OR   97355          1            01/22/01         00
    0391538                              05           03/01/01          0
    0391538                              O            02/01/31
    0

    4463369          526/526             F          270,000.00         ZZ
                                         360        269,836.43          1
                                       8.500          2,076.07         80
                                       8.250          2,076.07
    LAPORTE          CO   80536          2            01/29/01         00
    0404399                              05           04/01/01          0
    0404399                              O            03/01/31
    0

1

    4463373          526/526             F          133,700.00         ZZ
                                         360        133,616.89          1
                                       8.375          1,016.22         80
                                       8.125          1,016.22
    GILBERT          AZ   85234          1            02/16/01         00
    0425810                              07           04/01/01          0
    0425810                              O            03/01/31
    0

    4463375          526/526             F          126,000.00         ZZ
                                         360        125,807.66          1
                                       7.375            870.25         90
                                       7.125            870.25
    MARIETTA         GA   30067          2            02/01/01         12
    0426566                              05           03/01/01         25
    0426566                              O            02/01/31
    0

    4463377          526/526             F          100,000.00         ZZ
                                         360         99,934.58          1
                                       8.125            742.50         45
                                       7.875            742.50
    CATHEDRAL CITY   CA   92234          1            02/01/01         00
    0427407                              07           04/01/01          0
    0427407                              O            03/01/31
    0

    4463378          526/526             F          380,000.00         T
                                         360        379,475.26          1
                                       7.875          2,755.26         65
                                       7.625          2,755.26
    SANTA ROSA       FL   32459          2            01/16/01         00
    0428759                              05           03/01/01          0
    0428759                              O            02/01/31
    0

    4463379          526/526             F          296,000.00         T
                                         360        295,806.38          1
                                       8.125          2,197.79         66
                                       7.875          2,197.79
    VAIL             CO   81657          2            02/26/01         00
    0428885                              01           04/01/01          0
    0428885                              O            03/01/31
    0

    4463383          526/526             F           60,300.00         ZZ
                                         360         60,261.55          1
                                       8.250            453.01         90
                                       8.000            453.01
1

    AKRON            OH   44302          1            02/13/01         12
    0431108                              05           04/01/01         25
    0431108                              N            03/01/31
    0

    4463384          526/526             F          145,000.00         ZZ
                                         360        144,900.21          1
                                       7.875          1,051.35         87
                                       7.625          1,051.35
    CORAL SPRINGS    FL   33076          1            02/08/01         01
    0431271                              07           04/01/01         25
    0431271                              O            03/01/31
    0

    4463385          526/526             F          129,900.00         ZZ
                                         360        129,725.10          1
                                       8.000            953.16         80
                                       7.750            953.16
    JENSEN BEACH     FL   34957          1            01/31/01         00
    0432461                              07           03/01/01          0
    0432461                              O            02/01/31
    0

    4463387          526/526             F          479,200.00         ZZ
                                         360        478,878.47          1
                                       8.000          3,516.20         80
                                       7.750          3,516.20
    DEDHAM           MA   02026          1            02/15/01         00
    0433039                              05           04/01/01          0
    0433039                              O            03/01/31
    0

    4463389          526/526             F          210,000.00         ZZ
                                         360        209,724.33          3
                                       8.125          1,559.24         77
                                       7.875          1,559.24
    DORCHESTER       MA   02124          2            01/24/01         00
    0433559                              05           03/01/01          0
    0433559                              O            02/01/31
    0

    4463395          526/526             F          564,650.00         ZZ
                                         360        563,963.44          1
                                       8.500          4,341.67         46
                                       8.250          4,341.67
    KILL DEVIL       NC   27948          5            01/30/01         00
    0434682                              05           03/01/01          0
    0434682                              N            02/01/31
    0
1

    4463396          526/526             F          150,000.00         T
                                         360        149,899.35          1
                                       8.000          1,100.65         75
                                       7.750          1,100.65
    LOVELAND         CO   80538          2            02/15/01         00
    0434816                              03           04/01/01          0
    0434816                              O            03/01/31
    0

    4463398          526/526             F           41,200.00         ZZ
                                         360         41,149.91          1
                                       8.500            316.79         78
                                       8.250            316.79
    SHOW LOW         AZ   85901          2            02/01/01         00
    0435171                              05           03/01/01          0
    0435171                              N            02/01/31
    0

    4463399          526/526             F          137,500.00         ZZ
                                         360        137,412.32          1
                                       8.250          1,032.99         62
                                       8.000          1,032.99
    FT COLLINS       CO   80526          2            02/14/01         00
    0435361                              05           04/01/01          0
    0435361                              O            03/01/31
    0

    4463402          526/526             F          587,250.00         T
                                         360        586,517.45          1
                                       8.375          4,463.52         75
                                       8.125          4,463.52
    SCOTTSDALE       AZ   85255          1            01/04/01         00
    0435491                              07           03/01/01          0
    0435491                              O            02/01/31
    0

    4463403          526/526             F          535,000.00         ZZ
                                         360        534,602.95          1
                                       7.500          3,740.80         79
                                       7.250          3,740.80
    VISTA            CA   92084          1            02/01/01         00
    0435539                              05           04/01/01          0
    0435539                              O            03/01/31
    0

    4463405          526/526             F          189,000.00         ZZ
                                         360        188,776.04          4
1

                                       8.625          1,470.02         90
                                       8.375          1,470.02
    MORROW           GA   30260          1            01/30/01         01
    0435632                              05           03/01/01         25
    0435632                              N            02/01/31
    0

    4463406          526/526             F          189,000.00         ZZ
                                         360        188,776.04          4
                                       8.625          1,470.02         90
                                       8.375          1,470.02
    MORROW           GA   30260          1            01/30/01         01
    0435633                              05           03/01/01         25
    0435633                              N            02/01/31
    0

    4463408          526/526             F           99,000.00         ZZ
                                         360         98,940.03          4
                                       8.500            761.22         66
                                       8.250            761.22
    CHICAGO          IL   60617          2            02/14/01         00
    0435703                              05           04/01/01          0
    0435703                              N            03/01/31
    0

    4463409          526/526             F           14,800.00         ZZ
                                         360         14,789.55          1
                                       7.750            106.03         80
                                       7.500            106.03
    BALTIMORE        MD   21206          1            02/16/01         00
    0435705                              07           04/01/01          0
    0435705                              N            03/01/31
    0

    4463410          526/526             F          157,500.00         ZZ
                                         360        157,293.26          4
                                       8.125          1,169.43         75
                                       7.875          1,169.43
    KENT             WA   98032          5            01/26/01         00
    0435852                              05           03/01/01          0
    0435852                              N            02/01/31
    0

    4463411          526/526             F           68,250.00         ZZ
                                         360         68,204.21          1
                                       8.000            500.79         75
                                       7.750            500.79
    PLAINSBORO       NJ   08536          1            02/27/01         00
    0436111                              01           04/01/01          0
1

    0436111                              N            03/01/31
    0

    4463412          526/526             F           69,300.00         ZZ
                                         360         69,252.31          1
                                       7.875            502.47         75
                                       7.625            502.47
    PLAINSBORO       NJ   08536          1            02/06/01         00
    0436157                              01           04/01/01          0
    0436157                              N            03/01/31
    0

    4463415          526/526             F          673,000.00         ZZ
                                         360        672,570.85          1
                                       8.250          5,056.02         62
                                       8.000          5,056.02
    BOULDER CITY     NV   89005          5            02/01/01         00
    0436221                              07           04/01/01          0
    0436221                              O            03/01/31
    0

    4463416          526/526             F          118,000.00         ZZ
                                         360        117,856.52          1
                                       8.500            907.32         61
                                       8.250            907.32
    CAMBRIDGE        MA   02138          2            02/06/01         00
    0436383                              01           03/01/01          0
    0436383                              N            02/01/31
    0

    4463417          526/526             F          370,000.00         ZZ
                                         360        369,526.50          1
                                       8.250          2,779.69         74
                                       8.000          2,779.69
    SCOTTSDALE       AZ   85259          5            01/30/01         00
    002339                               05           03/01/01          0
    002339                               O            02/01/31
    0

    4463419          526/526             F          117,600.00         ZZ
                                         360        117,517.00          1
                                       7.750            842.50         80
                                       7.500            842.50
    DALLAS           TX   75208          1            02/14/01         00
    0436632                              05           04/01/01          0
    0436632                              O            03/01/31
    0

1

    4463421          526/526             F           90,000.00         ZZ
                                         360         89,887.72          1
                                       8.375            684.07         75
                                       8.125            684.07
    OREGON CITY      OR   97045          1            01/26/01         00
    0436731                              01           03/01/01          0
    0436731                              N            02/01/31
    0

    4463422          526/526             F           90,000.00         ZZ
                                         360         89,887.72          1
                                       8.375            684.07         75
                                       8.125            684.07
    OREGON CITY      OR   97045          1            01/26/01         00
    0436734                              01           03/01/01          0
    0436734                              N            02/01/31
    0

    4463423          526/526             F          228,750.00         ZZ
                                         360        228,611.42          1
                                       8.500          1,758.89         75
                                       8.250          1,758.89
    OCEANSIDE        CA   92057          5            02/07/01         00
    0436787                              07           04/01/01          0
    0436787                              O            03/01/31
    0

    4463425          526/526             F           62,625.00         ZZ
                                         360         62,588.03          1
                                       8.625            487.09         75
                                       8.375            487.09
    NEWBERN          TN   38059          5            02/08/01         00
    0436909                              05           04/01/01          0
    0436909                              O            03/01/31
    0

    4463426          526/526             F          224,000.00         ZZ
                                         360        223,841.91          1
                                       7.750          1,604.76         70
                                       7.500          1,604.76
    LEE              MA   01238          5            02/27/01         00
    0437075                              05           04/01/01          0
    0437075                              O            03/01/31
    0

    4463427          526/526             F          220,000.00         ZZ
                                         360        219,848.60          1
                                       7.875          1,595.15         24
                                       7.625          1,595.15
1

    PRESCOTT         AZ   86303          5            02/22/01         00
    0437127                              05           04/01/01          0
    0437127                              O            03/01/31
    0

    4463428          526/526             F          162,000.00         ZZ
                                         360        161,787.33          1
                                       8.125          1,202.85         90
                                       7.875          1,202.85
    LAS VEGAS        NV   89115          1            02/02/01         12
    0437133                              05           03/01/01         25
    0437133                              N            02/01/31
    0

    4463429          526/526             F           75,600.00         ZZ
                                         360         75,498.20          1
                                       8.000            554.73         90
                                       7.750            554.73
    ALEXANDRIA       VA   22312          1            01/31/01         11
    0437159                              01           03/01/01         25
    0437159                              N            02/01/31
    0

    4463432          526/526             F          351,000.00         ZZ
                                         360        350,792.77          3
                                       8.625          2,730.04         90
                                       8.375          2,730.04
    FLUSHING         NY   11369          1            02/06/01         11
    0437345                              05           04/01/01         25
    0437345                              N            03/01/31
    0

    4463433          526/526             F          155,000.00         ZZ
                                         360        154,811.53          1
                                       8.500          1,191.82         75
                                       8.250          1,191.82
    WESTMINSTER      CO   80234          5            01/26/01         00
    0437431                              05           03/01/01          0
    0437431                              O            02/01/31
    0

    4463434          526/526             F          320,700.00         ZZ
                                         360        320,473.66          1
                                       7.750          2,297.53         79
                                       7.500          2,297.53
    AURORA           CO   80015          5            02/07/01         00
    0437449                              07           04/01/01          0
    0437449                              O            03/01/31
    0
1

    4463441          526/526             F          532,500.00         ZZ
                                         360        531,868.96          1
                                       8.625          4,141.73         75
                                       8.375          4,141.73
    EVERGREEN        CO   80439          5            01/29/01         00
    0437976                              07           03/01/01          0
    0437976                              O            02/01/31
    0

    4463442          526/526             F          125,950.00         ZZ
                                         360        125,796.86          1
                                       8.500            968.45         70
                                       8.250            968.45
    ENGLEWOOD        CO   80110          5            01/31/01         00
    0437978                              05           03/01/01          0
    0437978                              O            02/01/31
    0

    4463444          526/526             F          660,000.00         ZZ
                                         360        659,579.14          1
                                       8.250          4,958.36         80
                                       8.000          4,958.36
    HOUSTON          TX   77024          1            02/09/01         00
    0438097                              05           04/01/01          0
    0438097                              O            03/01/31
    0

    4463446          526/526             F          230,000.00         ZZ
                                         360        229,867.67          1
                                       8.750          1,809.41         58
                                       8.500          1,809.41
    HYDE PARK        MA   02136          5            02/21/01         00
    0438253                              05           04/01/01          0
    0438253                              N            03/01/31
    0

    4463448          526/526             F          285,000.00         ZZ
                                         360        284,662.27          1
                                       8.625          2,216.70         95
                                       8.375          2,216.70
    JAMAICA PLAIN    MA   02130          1            01/31/01         11
    0438300                              05           03/01/01         30
    0438300                              O            02/01/31
    0

    4463452          526/526             F          452,000.00         ZZ
                                         360        451,359.92          1
1

                                       7.750          3,238.18         80
                                       7.500          3,238.18
    WEST LINN        OR   97068          5            01/26/01         00
    0438350                              03           03/01/01          0
    0438350                              O            02/01/31
    0

    4463453          526/526             F          334,000.00         ZZ
                                         360        333,787.02          1
                                       8.250          2,509.23         60
                                       8.000          2,509.23
    DOVER            MA   02030          5            02/02/01         00
    0438407                              05           04/01/01          0
    0438407                              O            03/01/31
    0

    4463457          526/526             F          162,000.00         ZZ
                                         360        161,899.30          1
                                       8.375          1,231.32         80
                                       8.125          1,231.32
    DURANGO          CO   81301          1            02/09/01         00
    0438524                              05           04/01/01          0
    0438524                              O            03/01/31
    0

    4463459          526/526             F          193,500.00         ZZ
                                         360        193,382.77          1
                                       8.500          1,487.85         90
                                       8.250          1,487.85
    LOWELL           MA   01850          1            02/26/01         11
    0438601                              05           04/01/01         25
    0438601                              N            03/01/31
    0

    4463461          526/526             F          328,000.00         ZZ
                                         360        327,547.06          1
                                       7.875          2,378.23         80
                                       7.625          2,378.23
    WESTMINSTER      CO   80031          5            01/26/01         00
    0438609                              07           03/01/01          0
    0438609                              O            02/01/31
    0

    4463462          526/526             F          260,000.00         ZZ
                                         360        259,811.82          1
                                       7.625          1,840.26         73
                                       7.375          1,840.26
    DENVER           CO   80202          1            02/07/01         00
    0438624                              08           04/01/01          0
1

    0438624                              N            03/01/31
    0

    4463465          526/526             F          185,000.00         ZZ
                                         360        184,763.24          1
                                       8.250          1,389.85         73
                                       8.000          1,389.85
    GOODYEAR         AZ   85338          1            01/30/01         00
    0438698                              07           03/01/01          0
    0438698                              O            02/01/31
    0

    4463469          526/526             F          345,000.00         ZZ
                                         360        344,756.51          1
                                       7.750          2,471.62         75
                                       7.500          2,471.62
    SOUTH SAN FRANC  CA   94080          5            02/22/01         00
    0438751                              05           04/01/01          0
    0438751                              O            03/01/31
    0

    4463470          526/526             F          112,500.00         ZZ
                                         360        112,435.27          1
                                       8.750            885.04         90
                                       8.500            885.04
    PHOENIX          AZ   85040          1            02/14/01         12
    0438785                              05           04/01/01         25
    0438785                              N            03/01/31
    0

    4463471          526/526             F          112,500.00         ZZ
                                         360        112,435.27          1
                                       8.750            885.04         90
                                       8.500            885.04
    PHOENIX          AZ   85040          1            02/14/01         12
    0438786                              05           04/01/01         25
    0438786                              N            03/01/31
    0

    4463472          526/526             F          277,500.00         ZZ
                                         360        277,336.16          1
                                       8.625          2,158.37         75
                                       8.375          2,158.37
    BALDWIN          NY   11510          1            02/15/01         00
    0438844                              05           04/01/01          0
    0438844                              O            03/01/31
    0

1

    4463473          526/526             F          250,000.00         ZZ
                                         360        249,645.96          1
                                       7.750          1,791.03         67
                                       7.500          1,791.03
    ENGLEWOOD        CO   80112          5            01/26/01         00
    0438847                              05           03/01/01          0
    0438847                              O            02/01/31
    0

    4463474          526/526             F          349,900.00         ZZ
                                         360        349,659.20          1
                                       7.875          2,537.02         70
                                       7.625          2,537.02
    LITTLETON        CO   80123          5            02/07/01         00
    0438849                              05           04/01/01          0
    0438849                              O            03/01/31
    0

    4463477          526/526             F          216,000.00         ZZ
                                         360        215,855.07          1
                                       8.000          1,584.93         80
                                       7.750          1,584.93
    CAVE CREEK       AZ   85331          1            02/12/01         00
    0438930                              07           04/01/01          0
    0438930                              O            03/01/31
    0

    4463478          526/526             F          400,000.00         ZZ
                                         360        399,757.68          1
                                       8.500          3,075.65         79
                                       8.250          3,075.65
    FENTON           MO   63026          2            02/23/01         00
    0438939                              05           04/01/01          0
    0438939                              O            03/01/31
    0

    4463479          526/526             F           88,200.00         ZZ
                                         360         88,146.57          1
                                       8.500            678.18         90
                                       8.250            678.18
    SAN DIEGO        CA   92102          1            02/14/01         12
    0438956                              05           04/01/01         25
    0438956                              N            03/01/31
    0

    4463486          526/526             F          186,300.00         ZZ
                                         360        186,061.59          3
                                       8.250          1,399.61         89
                                       8.000          1,399.61
1

    FT LAUDERDALE    FL   33315          1            02/02/01         01
    0439165                              05           03/01/01         25
    0439165                              N            02/01/31
    0

    4463491          526/526             F           45,900.00         ZZ
                                         360         45,841.26          3
                                       8.250            344.83         90
                                       8.000            344.83
    ST LOUIS         MO   63118          1            01/30/01         04
    0439209                              05           03/01/01         25
    0439209                              N            02/01/31
    0

    4463492          526/526             F          990,000.00         ZZ
                                         360        989,265.28          1
                                       7.500          6,922.22         60
                                       7.250          6,922.22
    ASPEN            CO   81611          5            02/13/01         00
    0439211                              05           04/01/01          0
    0439211                              O            03/01/31
    0

    4463493          526/526             F          360,000.00         ZZ
                                         360        359,758.45          1
                                       8.000          2,641.56         80
                                       7.750          2,641.56
    ZEBULON          NC   27597          5            02/02/01         00
    0439222                              05           04/01/01          0
    0439222                              O            03/01/31
    0

    4463494          526/526             F           63,200.00         ZZ
                                         360         63,159.70          1
                                       8.250            474.80         80
                                       8.000            474.80
    INKSTER          MI   48141          1            02/06/01         00
    0439253                              05           04/01/01          0
    0439253                              N            03/01/31
    0

    4463498          526/526             F          770,000.00         ZZ
                                         360        769,039.46          1
                                       8.375          5,852.56         70
                                       8.125          5,852.56
    SCOTTSDLAE       AZ   85260          5            01/26/01         00
    0439276                              05           03/01/01          0
    0439276                              O            02/01/31
    0
1

    4463499          526/526             F          101,250.00         ZZ
                                         360        101,191.75          1
                                       8.750            796.53         75
                                       8.500            796.53
    MINOT            ND   58701          5            02/16/01         00
    0439302                              05           04/01/01          0
    0439302                              O            03/01/31
    0

    4463503          526/526             F           45,600.00         ZZ
                                         360         45,570.92          1
                                       8.250            342.58         80
                                       8.000            342.58
    HIALEAH          FL   33016          1            02/21/01         00
    0439373                              01           04/01/01          0
    0439373                              N            03/01/31
    0

    4463504          526/526             F          103,410.00         ZZ
                                         360        103,347.36          1
                                       8.500            795.13         90
                                       8.250            795.13
    JACKSONVILLE     FL   32210          1            02/16/01         12
    0439374                              05           04/01/01         25
    0439374                              N            03/01/31
    0

    4463505          526/526             F           45,450.00         ZZ
                                         360         45,393.31          1
                                       8.375            345.45         90
                                       8.125            345.45
    COLUMBUS         GA   31904          1            02/01/01         12
    0439386                              05           03/01/01         25
    0439386                              N            02/01/31
    0

    4463506          526/526             F          315,000.00         ZZ
                                         360        314,777.67          1
                                       7.750          2,256.70         90
                                       7.500          2,256.70
    BIRMINGHAM       MI   48009          2            02/13/01         12
    0439404                              01           04/01/01         25
    0439404                              N            03/01/31
    0

    4463507          526/526             F          126,000.00         ZZ
                                         360        125,850.68          3
1

                                       8.625            980.02         90
                                       8.375            980.02
    MESA             AZ   85205          1            01/29/01         01
    0439429                              05           03/01/01         25
    0439429                              N            02/01/31
    0

    4463511          526/526             F          270,000.00         ZZ
                                         360        269,627.16          1
                                       7.875          1,957.69         80
                                       7.625          1,957.69
    PINCREST         FL   33156          5            01/30/01         00
    0439514                              05           03/01/01          0
    0439514                              O            02/01/31
    0

    4463512          526/526             F           95,900.00         ZZ
                                         360         95,840.39          1
                                       8.375            728.91         75
                                       8.125            728.91
    EAST LANSING     MI   48823          1            02/02/01         00
    0439531                              05           04/01/01          0
    0439531                              O            03/01/31
    0

    4463513          526/526             F          169,500.00         ZZ
                                         360        169,391.91          1
                                       8.250          1,273.40         75
                                       8.000          1,273.40
    HIGHLANDS RANCH  CO   80126          1            02/09/01         00
    0439560                              07           04/01/01          0
    0439560                              N            03/01/31
    0

    4463514          526/526             F           54,000.00         ZZ
                                         360         53,934.35          1
                                       8.500            415.21         90
                                       8.250            415.21
    CHANDLER         AZ   85225          1            01/29/01         12
    0439573                              07           03/01/01         25
    0439573                              N            02/01/31
    0

    4463515          526/526             F          170,100.00         ZZ
                                         360        170,002.13          3
                                       8.750          1,338.18         90
                                       8.500          1,338.18
    BALTIMORE        MD   21217          1            02/27/01         12
    0439580                              05           04/01/01         25
1

    0439580                              N            03/01/31
    0

    4463516          526/526             F           63,000.00         ZZ
                                         360         62,956.65          1
                                       7.875            456.79         90
                                       7.625            456.79
    HOUSTON          TX   77057          1            02/22/01         01
    0439581                              01           04/01/01         25
    0439581                              O            03/01/31
    0

    4463519          526/526             F          108,500.00         ZZ
                                         360        108,425.33          1
                                       7.875            786.70         70
                                       7.625            786.70
    GOLDEN           CO   80401          5            02/26/01         00
    0439631                              01           04/01/01          0
    0439631                              N            03/01/31
    0

    4463520          526/526             F          362,200.00         ZZ
                                         360        361,712.32          1
                                       8.000          2,657.70         89
                                       7.750          2,657.70
    LIBERTY          UT   84310          2            01/31/01         12
    0439651                              05           03/01/01         25
    0439651                              O            02/01/31
    0

    4463523          526/526             F          435,000.00         ZZ
                                         360        434,677.17          1
                                       7.500          3,041.58         80
                                       7.250          3,041.58
    AURORA           CO   80016          5            02/16/01         00
    0439720                              05           04/01/01          0
    0439720                              O            03/01/31
    0

    4463524          526/526             F          214,400.00         ZZ
                                         360        214,266.74          1
                                       8.375          1,629.59         80
                                       8.125          1,629.59
    SOUTHBURY        CT   06488          5            02/20/01         00
    0439724                              05           04/01/01          0
    0439724                              O            03/01/31
    0

1

    4463529          526/526             F          166,500.00         ZZ
                                         360        166,286.93          1
                                       8.250          1,250.86         90
                                       8.000          1,250.86
    WEST VALLEY CIT  UT   84120          1            01/31/01         12
    0439805                              05           03/01/01         25
    0439805                              N            02/01/31
    0

    4463530          526/526             F          166,500.00         ZZ
                                         360        166,286.93          1
                                       8.250          1,250.86         90
                                       8.000          1,250.86
    WEST VALLEY CIT  UT   84120          1            01/31/01         12
    0439806                              05           03/01/01         25
    0439806                              N            02/01/31
    0

    4463532          526/526             F           72,375.00         ZZ
                                         360         72,282.38          1
                                       8.250            543.73         75
                                       8.000            543.73
    SCOTTSDALE       AZ   85254          1            01/31/01         00
    0439811                              01           03/01/01          0
    0439811                              N            02/01/31
    0

    4463533          526/526             F          108,000.00         T
                                         360        107,915.75          1
                                       7.250            736.75         80
                                       7.000            736.75
    FRIENDSWOOD      TX   77546          1            02/27/01         00
    0439822                              07           04/01/01          0
    0439822                              O            03/01/31
    0

    4463535          526/526             F           93,600.00         ZZ
                                         360         93,533.94          1
                                       7.750            670.56         80
                                       7.500            670.56
    DURANGO          CO   81301          1            02/08/01         00
    0439859                              05           04/01/01          0
    0439859                              O            03/01/31
    0

    4463537          526/526             F          150,000.00         ZZ
                                         360        149,782.19          1
                                       7.625          1,061.69         79
                                       7.375          1,061.69
1

    PHOENIX          AZ   85022          5            02/01/01         00
    0439971                              03           03/01/01          0
    0439971                              O            02/01/31
    0

    4463538          526/526             F          252,000.00         ZZ
                                         360        251,839.31          3
                                       8.250          1,893.19         80
                                       8.000          1,893.19
    VALLEJO          CA   94590          1            02/13/01         00
    0439993                              05           04/01/01          0
    0439993                              N            03/01/31
    0

    4463540          526/526             F          164,200.00         ZZ
                                         360        164,084.11          1
                                       7.750          1,176.35         90
                                       7.500          1,176.35
    PHOENIX          AZ   85050          1            02/16/01         12
    0440001                              03           04/01/01         25
    0440001                              N            03/01/31
    0

    4463541          526/526             F          144,000.00         ZZ
                                         360        143,910.50          1
                                       8.375          1,094.50         90
                                       8.125          1,094.50
    BERGENFIELD      NJ   07621          1            02/02/01         12
    0440003                              05           04/01/01         25
    0440003                              O            03/01/31
    0

    4463542          526/526             F          127,500.00         ZZ
                                         360        127,407.72          1
                                       7.625            902.44         48
                                       7.375            902.44
    SHOW LOW         AZ   85901          5            02/01/01         00
    0440004                              03           04/01/01          0
    0440004                              O            03/01/31
    0

    4463543          526/526             F          136,000.00         ZZ
                                         360        135,921.76          1
                                       8.750          1,069.91         80
                                       8.500          1,069.91
    BALTIMORE        MD   21217          5            02/27/01         00
    0440005                              05           04/01/01          0
    0440005                              N            03/01/31
    0
1

    4463546          526/526             F           76,500.00         ZZ
                                         360         76,453.65          1
                                       8.500            588.22         90
                                       8.250            588.22
    SABATTUS         ME   04280          1            02/26/01         11
    0440037                              05           04/01/01         25
    0440037                              N            03/01/31
    0

    4463547          526/526             F          164,800.00         ZZ
                                         360        164,689.43          1
                                       8.000          1,209.24         80
                                       7.750          1,209.24
    LAKEWOOD         CO   80228          2            02/22/01         00
    0440082                              05           04/01/01          0
    0440082                              O            03/01/31
    0

    4463548          526/526             F          432,000.00         ZZ
                                         360        431,679.39          1
                                       7.500          3,020.61         80
                                       7.250          3,020.61
    PHOENIX          AZ   85023          1            02/01/01         00
    0440090                              03           04/01/01          0
    0440090                              O            03/01/31
    0

    4463549          526/526             F          190,000.00         ZZ
                                         360        189,865.90          3
                                       7.750          1,361.18         95
                                       7.500          1,361.18
    LOS ANGELES      CA   90026          1            02/13/01         12
    0440091                              05           04/01/01         30
    0440091                              O            03/01/31
    0

    4463552          526/526             F          300,000.00         ZZ
                                         360        299,813.53          1
                                       8.375          2,280.22         80
                                       8.125          2,280.22
    MIAMI            FL   33129          1            02/05/01         00
    0440191                              22           04/01/01          0
    0440191                              O            03/01/31
    0

    4463554          526/526             F          487,500.00         ZZ
                                         360        487,164.51          1
1

                                       7.875          3,534.71         75
                                       7.625          3,534.71
    SCOTTSDALE       AZ   85260          2            02/07/01         00
    0440212                              05           04/01/01          0
    0440212                              O            03/01/31
    0

    4463560          526/526             F          103,500.00         ZZ
                                         360        103,434.00          1
                                       8.250            777.56         90
                                       8.000            777.56
    PHOENIX          AZ   85014          1            02/09/01         12
    0440364                              05           04/01/01         25
    0440364                              N            03/01/31
    0

    4463561          526/526             F          103,500.00         ZZ
                                         360        103,434.00          1
                                       8.250            777.56         90
                                       8.000            777.56
    PHOENIX          AZ   85014          1            02/09/01         12
    0440368                              05           04/01/01         25
    0440368                              N            03/01/31
    0

    4463562          526/526             F          451,000.00         ZZ
                                         360        450,681.69          1
                                       7.750          3,231.02         61
                                       7.500          3,231.02
    ELIZABETH        CO   80107          5            02/22/01         00
    0440378                              05           04/01/01          0
    0440378                              O            03/01/31
    0

    4463563          526/526             F          103,500.00         ZZ
                                         360        103,426.95          1
                                       7.750            741.49         90
                                       7.500            741.49
    WEST PALM B      FL   33406          1            02/15/01         01
    0440417                              05           04/01/01         25
    0440417                              N            03/01/31
    0

    4463566          526/526             F          221,250.00         ZZ
                                         360        221,112.48          1
                                       8.375          1,681.66         75
                                       8.125          1,681.66
    MARIETTA         GA   30064          1            02/16/01         00
    0440455                              07           04/01/01          0
1

    0440455                              O            03/01/31
    0

    4463567          526/526             F          147,750.00         ZZ
                                         360        147,650.86          1
                                       8.000          1,084.14         90
                                       7.750          1,084.14
    PHOENIX          AZ   85050          1            02/16/01         12
    0440493                              07           04/01/01         25
    0440493                              N            03/01/31
    0

    4463568          526/526             F           64,000.00         ZZ
                                         360         63,958.13          1
                                       8.125            475.20         58
                                       7.875            475.20
    PRESCOTT VALLEY  AZ   86314          1            02/08/01         00
    0440500                              05           04/01/01          0
    0440500                              O            03/01/31
    0

    4463569          526/526             F          440,000.00         ZZ
                                         360        439,704.77          1
                                       8.000          3,228.56         80
                                       7.750          3,228.56
    DALY CITY        CA   94014          5            02/23/01         00
    0440502                              05           04/01/01          0
    0440502                              O            03/01/31
    0

    4463570          526/526             F          100,000.00         ZZ
                                         360         99,936.23          1
                                       8.250            751.27         53
                                       8.000            751.27
    SOLDOTNA         AK   99669          5            02/08/01         00
    0440508                              05           04/01/01          0
    0440508                              N            03/01/31
    0

    4463571          526/526             F           85,500.00         ZZ
                                         360         85,445.48          1
                                       8.250            642.33         82
                                       8.000            642.33
    PHOENIX          AZ   85012          1            02/12/01         12
    0440524                              05           04/01/01         20
    0440524                              N            03/01/31
    0

1

    4463572          526/526             F          146,640.00         ZZ
                                         360        146,541.61          1
                                       8.000          1,075.99         90
                                       7.750          1,075.99
    PHOENIX          AZ   85050          1            02/16/01         12
    0440559                              05           04/01/01         25
    0440559                              N            03/01/31
    0

    4463573          526/526             F           68,400.00         ZZ
                                         360         68,356.38          1
                                       8.250            513.87         90
                                       8.000            513.87
    KINGSLAND        GA   31548          1            02/13/01         12
    0440561                              05           04/01/01         25
    0440561                              N            03/01/31
    0

    4463574          526/526             F          144,900.00         ZZ
                                         360        144,802.78          1
                                       8.000          1,063.22         80
                                       7.750          1,063.22
    LAS VEGAS        NV   89144          1            02/15/01         00
    0440563                              07           04/01/01          0
    0440563                              N            03/01/31
    0

    4463576          526/526             F          132,300.00         ZZ
                                         360        132,215.63          1
                                       8.250            993.93         90
                                       8.000            993.93
    PHOENIX          AZ   85050          2            02/15/01         12
    0440565                              07           04/01/01         25
    0440565                              N            03/01/31
    0

    4463578          526/526             F          136,000.00         ZZ
                                         360        135,913.28          1
                                       8.250          1,021.72         80
                                       8.000          1,021.72
    SNOWFLAKE        AZ   85937          1            02/20/01         00
    0440596                              05           04/01/01          0
    0440596                              O            03/01/31
    0

    4463581          526/526             F          125,600.00         ZZ
                                         360        125,498.08          1
                                       7.625            888.99         80
                                       7.375            888.99
1

    DEARBORN         MI   48126          5            02/22/01         00
    0440632                              05           04/01/01          0
    0440632                              O            03/01/31
    0

    4463582          526/526             F          134,900.00         ZZ
                                         360        134,807.16          1
                                       7.875            978.12         90
                                       7.625            978.12
    SCOTTSDALE       AZ   85257          1            02/15/01         12
    0440650                              05           04/01/01         25
    0440650                              N            03/01/31
    0

    4463583          526/526             F          250,000.00         ZZ
                                         360        249,819.06          1
                                       7.625          1,769.48         74
                                       7.375          1,769.48
    EVERGREEN        CO   80439          5            02/22/01         00
    0440695                              05           04/01/01          0
    0440695                              O            03/01/31
    0

    4463584          526/526             F          199,000.00         ZZ
                                         360        198,855.97          1
                                       7.625          1,408.51         77
                                       7.375          1,408.51
    DENVER           CO   80210          5            02/22/01         00
    0440733                              05           04/01/01          0
    0440733                              O            03/01/31
    0

    4463586          526/526             F           49,950.00         ZZ
                                         360         49,918.15          1
                                       8.250            375.26         90
                                       8.000            375.26
    MESA             AZ   85202          1            02/08/01         12
    0440760                              01           04/01/01         25
    0440760                              N            03/01/31
    0

    4463587          526/526             F          400,000.00         ZZ
                                         360        399,703.14          1
                                       7.500          2,796.86         80
                                       7.250          2,796.86
    WESTFIELD        NJ   07090          5            02/20/01         00
    0440879                              05           04/01/01          0
    0440879                              O            03/01/31
    0
1

    4463588          526/526             F          172,000.00         ZZ
                                         360        171,884.59          1
                                       8.000          1,262.08         80
                                       7.750          1,262.08
    PLANO            TX   75093          1            02/23/01         00
    0440964                              07           04/01/01          0
    0440964                              O            03/01/31
    0

    4463589          526/526             F          234,000.00         ZZ
                                         360        233,842.99          1
                                       8.000          1,717.01         90
                                       7.750          1,717.01
    CARLSBAD         CA   92008          1            02/20/01         12
    0440971                              01           04/01/01         25
    0440971                              N            03/01/31
    0

    4463591          526/526             F           88,200.00         ZZ
                                         360         88,143.76          1
                                       8.250            662.62         90
                                       8.000            662.62
    TEMPE            AZ   85282          1            02/21/01         12
    0440983                              07           04/01/01         25
    0440983                              N            03/01/31
    0

    4463592          526/526             F           87,300.00         ZZ
                                         360         87,244.33          1
                                       8.250            655.86         90
                                       8.000            655.86
    MESA             AZ   85208          1            02/16/01         12
    0440984                              05           04/01/01         25
    0440984                              N            03/01/31
    0

    4463593          526/526             F           60,750.00         ZZ
                                         360         60,711.27          1
                                       8.250            456.39         90
                                       8.000            456.39
    CHANDLER         AZ   85225          1            02/21/01         12
    0440985                              07           04/01/01         25
    0440985                              N            03/01/31
    0

    4463598          526/526             F          423,500.00         ZZ
                                         360        423,208.55          1
1

                                       7.875          3,070.67         70
                                       7.625          3,070.67
    ATLANTA          GA   30345          1            02/21/01         00
    0441068                              05           04/01/01          0
    0441068                              O            03/01/31
    0

    4463599          526/526             F          162,000.00         ZZ
                                         360        161,896.70          1
                                       8.250          1,217.05         90
                                       8.000          1,217.05
    SYRACUSE         UT   84075          1            02/14/01         12
    0441077                              05           04/01/01         25
    0441077                              N            03/01/31
    0

    4463600          526/526             F           94,500.00         ZZ
                                         360         94,441.26          1
                                       8.375            718.27         90
                                       8.125            718.27
    PHOENIX          AZ   85007          1            02/15/01         12
    0441092                              05           04/01/01         25
    0441092                              N            03/01/31
    0

    4463601          526/526             F           45,000.00         ZZ
                                         360         44,971.31          1
                                       8.250            338.07         90
                                       8.000            338.07
    TYLER            TX   75701          1            02/23/01         12
    0441180                              05           04/01/01         25
    0441180                              N            03/01/31
    0

    4463603          526/526             F          115,200.00         ZZ
                                         360        115,128.40          1
                                       8.375            875.60         80
                                       8.125            875.60
    PHOENIX          AZ   85032          5            02/15/01         00
    0441227                              05           04/01/01          0
    0441227                              N            03/01/31
    0

    4463604          526/526             F          119,200.00         ZZ
                                         360        119,125.91          1
                                       8.375            906.01         80
                                       8.125            906.01
    APACHE JUNCTION  AZ   85219          5            02/15/01         00
    0441228                              05           04/01/01          0
1

    0441228                              N            03/01/31
    0

    4463606          526/526             F          300,000.00         ZZ
                                         360        299,818.26          3
                                       8.500          2,306.74         69
                                       8.250          2,306.74
    ATLANTA          GA   30318          5            02/26/01         00
    0441296                              05           04/01/01          0
    0441296                              O            03/01/31
    0

    4463608          526/526             F           76,000.00         ZZ
                                         360         75,953.96          1
                                       8.500            584.37         55
                                       8.250            584.37
    PARK CITY        UT   84060          1            02/16/01         00
    0441396                              01           04/01/01          0
    0441396                              N            03/01/31
    0

    4463609          526/526             F          244,300.00         ZZ
                                         360        244,140.19          1
                                       8.125          1,813.92         80
                                       7.875          1,813.92
    PUNTA GORDA      FL   33955          1            02/23/01         00
    0441551                              01           04/01/01          0
    0441551                              O            03/01/31
    0

    4463610          526/526             F          104,400.00         ZZ
                                         360        104,331.71          1
                                       8.125            775.17         90
                                       7.875            775.17
    MESA             AZ   85212          1            02/21/01         12
    0441590                              03           04/01/01         25
    0441590                              N            03/01/31
    0

    4463611          526/526             F          168,800.00         ZZ
                                         360        168,686.74          1
                                       8.000          1,238.59         80
                                       7.750          1,238.59
    PHOENIX          AZ   85050          1            02/22/01         00
    0441599                              05           04/01/01          0
    0441599                              O            03/01/31
    0

1

    4463612          526/526             F          128,000.00         ZZ
                                         360        127,914.11          1
                                       8.000            939.22         80
                                       7.750            939.22
    BRADENTON        FL   34209          1            02/23/01         00
    0441604                              03           04/01/01          0
    0441604                              O            03/01/31
    0

    4463613          526/526             F          137,250.00         ZZ
                                         360        137,157.91          2
                                       8.000          1,007.09         90
                                       7.750          1,007.09
    APACHE JUNCTION  AZ   85219          1            02/22/01         12
    0441605                              05           04/01/01         25
    0441605                              N            03/01/31
    0

    4463614          526/526             F          116,000.00         ZZ
                                         360        115,918.13          3
                                       7.750            831.04         80
                                       7.500            831.04
    TEMPE            AZ   85281          5            02/22/01         00
    0441651                              05           04/01/01          0
    0441651                              O            03/01/31
    0

    4463727          E82/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       8.375          1,216.12         63
                                       8.125          1,216.12
    CHICAGO          IL   60622          5            03/07/01         00
    0400387064                           05           05/01/01          0
    0400387064                           N            04/01/31
    0

    4470714          K15/G02             F          121,500.00         ZZ
                                         360        121,500.00          1
                                       8.750            955.84         90
                                       8.500            955.84
    MORIARTY         NM   87035          5            03/22/01         04
    0432679298                           27           05/01/01         25
    033505301368                         O            04/01/31
    0

    4471276          964/G02             F          500,000.00         ZZ
                                         360        499,655.90          1
                                       7.875          3,625.35         75
                                       7.625          3,625.35
1

    WOLCOTT          CO   81655          5            02/13/01         00
    0432665289                           05           04/01/01          0
    100165                               O            03/01/31
    0

    4471597          E22/G02             F          133,000.00         ZZ
                                         360        133,000.00          1
                                       8.375          1,010.90         95
                                       8.125          1,010.90
    OMAHA            NE   68117          2            03/09/01         04
    0412350639                           05           05/01/01         30
    0412350639                           O            04/01/31
    0

    4471599          E22/G02             F           79,200.00         ZZ
                                         360         79,200.00          1
                                       8.375            601.98         90
                                       8.125            601.98
    GREENVILLE       SC   29605          5            03/09/01         04
    0412365280                           05           05/01/01         25
    0412365280                           O            04/01/31
    0

    4471600          E22/G02             F           95,000.00         ZZ
                                         360         95,000.00          1
                                       8.750            747.37         46
                                       8.500            747.37
    JOHNSON CITY     TX   78636          5            03/06/01         00
    0412365421                           05           05/01/01          0
    0412365421                           O            04/01/31
    0

    4471606          E22/G02             F          123,750.00         ZZ
                                         360        123,750.00          1
                                       9.000            995.72         78
                                       8.750            995.72
    MARBLE FALLS     TX   78654          5            03/09/01         00
    0412379893                           03           05/01/01          0
    0412379893                           O            04/01/31
    0

    4471607          E22/G02             F           57,200.00         ZZ
                                         360         57,200.00          1
                                       8.875            455.11         80
                                       8.625            455.11
    CANADIAN         TX   79014          5            03/09/01         00
    0412391609                           05           05/01/01          0
    0412391609                           O            04/01/31
    0
1

    4471612          E22/G02             F          276,700.00         ZZ
                                         360        276,700.00          1
                                       7.625          1,958.47         74
                                       7.375          1,958.47
    HOUSTON          TX   77379          2            03/09/01         00
    0412416042                           03           05/01/01          0
    0412416042                           O            04/01/31
    0

    4471616          E22/G02             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       7.375          2,458.80         80
                                       7.125          2,458.80
    HUNTINGTON BEAC  CA   92646          5            03/07/01         00
    0412419822                           05           05/01/01          0
    0412419822                           O            04/01/31
    0

    4471625          E22/G02             F           38,500.00         ZZ
                                         360         38,500.00          1
                                       8.500            296.03         13
                                       8.250            296.03
    FULLERTON        CA   92831          2            03/06/01         00
    0412430860                           05           05/01/01          0
    0412430860                           O            04/01/31
    0

    4471635          E22/G02             F          102,850.00         ZZ
                                         240        102,850.00          1
                                       8.250            876.35         85
                                       8.000            876.35
    RAYTOWN          MO   64133          5            03/09/01         01
    0412438327                           05           05/01/01         12
    0412438327                           O            04/01/21
    0

    4471647          E22/G02             F           76,500.00         ZZ
                                         360         76,500.00          1
                                       8.375            581.46         85
                                       8.125            581.46
    ROYAL PALM BEAC  FL   33411          5            03/08/01         10
    0412445314                           05           05/01/01         12
    0412445314                           O            04/01/31
    0

    4471651          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
1

                                       7.875          2,900.28         80
                                       7.625          2,900.28
    FAYETTEVILLE     GA   30215          5            03/09/01         00
    0412448409                           05           05/01/01          0
    0412448409                           O            04/01/31
    0

    4471657          E22/G02             F          136,400.00         ZZ
                                         360        136,400.00          1
                                       8.375          1,036.74         80
                                       8.125          1,036.74
    WEST DUNDEE      IL   60118          1            03/14/01         00
    0412452468                           05           05/01/01          0
    0412452468                           O            04/01/31
    0

    4471660          E22/G02             F           48,150.00         ZZ
                                         360         48,150.00          3
                                       9.000            387.43         90
                                       8.750            387.43
    FLINT            MI   48503          1            03/14/01         04
    0412454050                           05           05/01/01         25
    0412454050                           N            04/01/31
    0

    4471661          E22/G02             F          728,000.00         ZZ
                                         360        728,000.00          1
                                       8.250          5,469.22         61
                                       8.000          5,469.22
    FAIRPLAY         CO   80440          5            03/09/01         00
    0412454613                           05           05/01/01          0
    0412454613                           O            04/01/31
    0

    4471663          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       8.250            751.27         80
                                       8.000            751.27
    NOBLESVILLE      IN   46060          1            03/14/01         00
    0412456105                           03           05/01/01          0
    0412456105                           O            04/01/31
    0

    4471666          E22/G02             F          181,360.00         ZZ
                                         360        181,360.00          1
                                       7.750          1,299.29         80
                                       7.500          1,299.29
    DURANGO          CO   81301          1            03/14/01         00
    0412461808                           03           05/01/01          0
1

    0412461808                           O            04/01/31
    0

    4472630          L81/G02             F           54,480.00         ZZ
                                         360         54,445.26          1
                                       8.250            409.29         80
                                       8.000            409.29
    PALMDALE         CA   93552          1            02/08/01         00
    0432653723                           05           04/01/01          0
    10000442                             N            03/01/31
    0

    4474815          K89/G02             F          141,300.00         ZZ
                                         360        141,300.00          1
                                       7.625          1,000.12         90
                                       7.375          1,000.12
    MIAMI            FL   33183          1            03/19/01         10
    0432678829                           03           05/01/01         25
    200103059                            O            04/01/31
    0

    4475352          696/G02             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       7.500          3,321.27         50
                                       7.250          3,321.27
    WASHINGTON       DC   20007          1            03/12/01         00
    0432653061                           05           05/01/01          0
    25601049                             O            04/01/31
    0

    4476009          K21/G02             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       7.375          2,873.21         80
                                       7.125          2,873.21
    ENCINO           CA   91316          1            03/21/01         00
    0432694289                           05           05/01/01          0
    0114015                              O            04/01/31
    0

    4477217          E22/G02             F          323,000.00         ZZ
                                         360        323,000.00          4
                                       9.125          2,628.03         95
                                       8.875          2,628.03
    LOS ANGELES      CA   90007          1            03/12/01         04
    0412372005                           05           05/01/01         30
    0412372005                           O            04/01/31
    0

1

    4477219          E22/G02             F          154,000.00         ZZ
                                         360        154,000.00          1
                                       8.750          1,211.52         93
                                       8.500          1,211.52
    PACOIMA          CA   91331          5            03/06/01         04
    0412383028                           05           05/01/01         30
    0412383028                           O            04/01/31
    0

    4477233          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          1
                                       8.875          1,909.55         80
                                       8.625          1,909.55
    SOUTH SAN FRANC  CA   94080          1            03/12/01         00
    0412432437                           05           05/01/01          0
    0412432437                           N            04/01/31
    0

    4477234          E22/G02             F          236,000.00         ZZ
                                         360        236,000.00          1
                                       8.875          1,877.72         80
                                       8.625          1,877.72
    DALY CITY        CA   94015          1            03/07/01         00
    0412434391                           05           05/01/01          0
    0412434391                           N            04/01/31
    0

    4477236          E22/G02             F          100,818.00         ZZ
                                         360        100,818.00          1
                                       7.875            731.00         80
                                       7.625            731.00
    DENTON           TX   76201          1            03/15/01         00
    0412435463                           05           05/01/01          0
    0412435463                           O            04/01/31
    0

    4477237          E22/G02             F           75,600.00         ZZ
                                         360         75,600.00          1
                                       7.750            541.61         80
                                       7.500            541.61
    NAVARRE          FL   32566          1            03/13/01         00
    0412438293                           05           05/01/01          0
    0412438293                           O            04/01/31
    0

    4477240          E22/G02             F          129,600.00         ZZ
                                         360        129,600.00          1
                                       9.000          1,042.79         90
                                       8.750          1,042.79
1

    ARLINGTON        TX   76010          1            03/15/01         10
    0412443046                           05           05/01/01         25
    0412443046                           N            04/01/31
    0

    4477242          E22/G02             F          111,600.00         ZZ
                                         360        111,600.00          1
                                       8.000            818.88         90
                                       7.750            818.88
    ARLINGTON        TX   76018          1            03/14/01         04
    0412444184                           05           05/01/01         25
    0412444184                           N            04/01/31
    0

    4477248          E22/G02             F          155,000.00         ZZ
                                         360        155,000.00          1
                                       7.875          1,123.86         89
                                       7.625          1,123.86
    BIG PINE KEY     FL   33043          1            03/15/01         10
    0412458028                           05           05/01/01         25
    0412458028                           O            04/01/31
    0

    4477255          E22/G02             F          312,000.00         T
                                         360        312,000.00          1
                                       8.500          2,399.01         57
                                       8.250          2,399.01
    MARCO ISLAND     FL   34145          1            03/15/01         00
    0412466351                           05           05/01/01          0
    0412466351                           O            04/01/31
    0

    4477258          E22/G02             F          142,100.00         ZZ
                                         360        142,100.00          2
                                       8.500          1,092.63         90
                                       8.250          1,092.63
    NORTH BERGEN     NJ   07047          1            03/15/01         04
    0412478737                           05           05/01/01         25
    0412478737                           N            04/01/31
    0

    4477259          E22/G02             F          153,750.00         ZZ
                                         360        153,750.00          1
                                       8.750          1,209.55         75
                                       8.500          1,209.55
    NEDERLAND        CO   80466          5            03/15/01         00
    0412480295                           05           05/01/01          0
    0412480295                           N            04/01/31
    0
1

    4477333          E82/G02             F          199,050.00         ZZ
                                         360        199,050.00          1
                                       8.375          1,512.92         90
                                       8.125          1,512.92
    MOUNT LAUREL     NJ   08054          1            03/16/01         04
    0400382461                           09           05/01/01         25
    0400382461                           O            04/01/31
    0

    4477337          E82/G02             F          194,000.00         ZZ
                                         360        194,000.00          1
                                       7.875          1,406.63         75
                                       7.625          1,406.63
    CLARENCE         NY   14032          2            03/07/01         00
    0400336434                           05           05/01/01          0
    0400336434                           O            04/01/31
    0

    4480274          665/G02             F          344,000.00         ZZ
                                         360        343,769.18          1
                                       8.000          2,524.15         80
                                       7.750          2,524.15
    SAN JOSE         CA   95122          1            02/16/01         00
    0432652618                           05           04/01/01          0
    88100663                             O            03/01/31
    0

    4480331          624/G02             F          348,750.00         ZZ
                                         360        348,750.00          2
                                       8.000          2,559.00         75
                                       7.750          2,559.00
    SANTA BARBARA    CA   93105          1            03/14/01         00
    0432677250                           05           05/01/01          0
    72200110146F                         O            04/01/31
    0

    4480498          964/G02             F          270,000.00         ZZ
                                         360        270,000.00          1
                                       7.750          1,934.31         79
                                       7.500          1,934.31
    GARDEN GROVE     CA   92844          5            03/12/01         00
    0432680247                           05           05/01/01          0
    109033                               O            04/01/31
    0

    4483863          696/G02             F          121,200.00         ZZ
                                         360        121,120.71          1
1

                                       8.125            899.91         80
                                       7.875            899.91
    ALEXANDRIA       VA   22315          1            02/26/01         00
    0432655801                           01           04/01/01          0
    24601043                             O            03/01/31
    0

    4485002          664/G02             F          125,000.00         ZZ
                                         360        124,920.29          1
                                       8.250            939.09         42
                                       8.000            939.09
    LINCOLNWOOD      IL   60712          5            02/19/01         00
    0432675791                           05           04/01/01          0
    0003789666                           O            03/01/31
    0

    4486275          E22/G02             F          189,000.00         ZZ
                                         360        189,000.00          1
                                       8.625          1,470.02         80
                                       8.375          1,470.02
    POLAND           IN   47868          2            03/12/01         00
    0412342784                           05           05/01/01          0
    0412342784                           O            04/01/31
    0

    4486286          E22/G02             F           44,100.00         ZZ
                                         360         44,100.00          1
                                       8.375            335.19         90
                                       8.125            335.19
    VIRGINIA BEACH   VA   23452          1            03/15/01         04
    0412400350                           01           05/01/01         25
    0412400350                           N            04/01/31
    0

    4486287          E22/G02             F          625,000.00         ZZ
                                         360        625,000.00          1
                                       7.750          4,477.58         50
                                       7.500          4,477.58
    LITTLETON        CO   80121          2            03/12/01         00
    0412402638                           03           05/01/01          0
    0412402638                           O            04/01/31
    0

    4486289          E22/G02             F          207,000.00         ZZ
                                         360        207,000.00          3
                                       8.500          1,591.65         90
                                       8.250          1,591.65
    RENTON           WA   98055          1            03/12/01         11
    0412404006                           05           05/01/01         25
1

    0412404006                           N            04/01/31
    0

    4486294          E22/G02             F           58,000.00         ZZ
                                         360         58,000.00          1
                                       8.625            451.12         80
                                       8.375            451.12
    LAMAR            MS   38642          5            03/12/01         00
    0412414484                           27           05/01/01          0
    0412414484                           O            04/01/31
    0

    4486295          E22/G02             F           16,000.00         ZZ
                                         360         16,000.00          1
                                       9.125            130.18         80
                                       8.875            130.18
    NEWPORT          ME   04953          1            03/16/01         00
    0412415739                           05           05/01/01          0
    0412415739                           N            04/01/31
    0

    4486296          E22/G02             F           26,400.00         ZZ
                                         360         26,400.00          1
                                       8.875            210.05         80
                                       8.625            210.05
    DALLAS           TX   75241          5            03/16/01         00
    0412418063                           05           05/01/01          0
    0412418063                           N            04/01/31
    0

    4486297          E22/G02             F           26,400.00         ZZ
                                         360         26,400.00          1
                                       8.875            210.05         80
                                       8.625            210.05
    DALLAS           TX   75241          5            03/16/01         00
    0412418188                           05           05/01/01          0
    0412418188                           N            04/01/31
    0

    4486301          E22/G02             F          115,200.00         ZZ
                                         360        115,200.00          1
                                       8.375            875.60         80
                                       8.125            875.60
    AURORA           CO   80010          5            03/14/01         00
    0412421299                           05           05/01/01          0
    0412421299                           O            04/01/31
    0

1

    4486304          E22/G02             F          188,000.00         ZZ
                                         360        188,000.00          2
                                       8.250          1,412.38         80
                                       8.000          1,412.38
    WOODHAVEN        NY   11421          2            03/12/01         00
    0412423931                           05           05/01/01          0
    0412423931                           O            04/01/31
    0

    4486306          E22/G02             F           52,650.00         ZZ
                                         360         52,650.00          1
                                       8.500            404.83         65
                                       8.250            404.83
    DETROIT          MI   48219          5            03/16/01         00
    0412425910                           05           05/01/01          0
    0412425910                           N            04/01/31
    0

    4486307          E22/G02             F           93,600.00         ZZ
                                         360         93,600.00          4
                                       9.000            753.13         90
                                       8.750            753.13
    FLORENCE         AL   35630          1            03/16/01         04
    0412426512                           05           05/01/01         25
    0412426512                           N            04/01/31
    0

    4486314          E22/G02             F           59,250.00         ZZ
                                         360         59,250.00          1
                                       8.250            445.13         79
                                       8.000            445.13
    ROSCOMMON        MI   48653          5            03/12/01         00
    0412436271                           05           05/01/01          0
    0412436271                           O            04/01/31
    0

    4486316          E22/G02             F          397,000.00         T
                                         360        397,000.00          1
                                       7.750          2,844.16         80
                                       7.500          2,844.16
    WESTCLIFFE       CO   81252          1            03/16/01         00
    0412438889                           03           05/01/01          0
    0412438889                           O            04/01/31
    0

    4486317          E22/G02             F          228,000.00         ZZ
                                         360        228,000.00          1
                                       7.875          1,653.16         80
                                       7.625          1,653.16
1

    AUSTIN           TX   78748          5            03/12/01         00
    0412439333                           05           05/01/01          0
    0412439333                           O            04/01/31
    0

    4486319          E22/G02             F           34,200.00         ZZ
                                         360         34,200.00          2
                                       8.500            262.97         90
                                       8.250            262.97
    KALAMAZOO        MI   49001          1            03/16/01         04
    0412441040                           05           05/01/01         25
    0412441040                           N            04/01/31
    0

    4486331          E22/G02             F          138,400.00         ZZ
                                         360        138,400.00          1
                                       8.000          1,015.53         80
                                       7.750          1,015.53
    SOUTH LAKE TAHO  CA   96150          1            03/13/01         00
    0412452302                           05           05/01/01          0
    0412452302                           O            04/01/31
    0

    4486336          E22/G02             F          164,000.00         ZZ
                                         360        164,000.00          1
                                       8.250          1,232.08         80
                                       8.000          1,232.08
    RICHARDSON       TX   75080          1            03/13/01         00
    0412456980                           05           05/01/01          0
    0412456980                           O            04/01/31
    0

    4486337          E22/G02             F          125,100.00         ZZ
                                         360        125,100.00          1
                                       7.625            885.45         90
                                       7.375            885.45
    FLOWER MOUND     TX   75028          1            03/14/01         01
    0412460347                           05           05/01/01         25
    0412460347                           O            04/01/31
    0

    4486342          E22/G02             F           84,000.00         ZZ
                                         360         84,000.00          1
                                       7.750            601.79         80
                                       7.500            601.79
    METAIRIE         LA   70005          1            03/16/01         00
    0412469728                           05           05/01/01          0
    0412469728                           O            04/01/31
    0
1

    4486376          806/G02             F          148,400.00         ZZ
                                         360        148,295.26          1
                                       7.750          1,063.16         80
                                       7.500          1,063.16
    HIGLEY           AZ   85236          1            02/19/01         00
    0432676823                           03           04/01/01          0
    1150092892                           O            03/01/31
    0

    4487172          462/G02             F          237,400.00         ZZ
                                         360        237,252.43          1
                                       8.375          1,804.42         75
                                       8.125          1,804.42
    UNIVERSITY PARK  FL   34201          1            02/28/01         00
    0432679512                           03           04/01/01          0
    0009320805                           O            03/01/31
    0

    4487384          E82/G02             F           84,800.00         ZZ
                                         360         84,800.00          1
                                       8.375            644.54         78
                                       8.125            644.54
    DEWITT           NY   13224          1            03/16/01         00
    0400402921                           05           05/01/01          0
    0400402921                           O            04/01/31
    0

    4487386          E82/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.875          2,030.19         66
                                       7.625          2,030.19
    SCITUATE         MA   02066          5            03/13/01         00
    0400396867                           05           05/01/01          0
    0400396867                           O            04/01/31
    0

    4490632          624/G02             F          215,200.00         ZZ
                                         360        215,200.00          1
                                       7.750          1,541.72         80
                                       7.500          1,541.72
    SEATTLE          WA   98121          1            03/22/01         00
    0432683803                           01           05/01/01          0
    8530021033F                          O            04/01/31
    0

    4490973          E82/G02             F          236,000.00         ZZ
                                         360        236,000.00          2
1

                                       7.375          1,629.99         77
                                       7.125          1,629.99
    LOS ANGELES      CA   90039          2            03/06/01         00
    0400393070                           05           05/01/01          0
    0400393070                           O            04/01/31
    0

    4490977          E82/G02             F           72,000.00         ZZ
                                         360         72,000.00          1
                                       8.000            528.31         80
                                       7.750            528.31
    NEW CUMBERLAND   PA   17070          1            03/14/01         00
    0400395299                           05           05/01/01          0
    0400395299                           N            04/01/31
    0

    4491117          696/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.625          2,831.17         77
                                       7.375          2,831.17
    ALEXANDRIA       VA   22314          1            03/15/01         00
    0432655405                           05           05/01/01          0
    24601040                             N            04/01/31
    0

    4491267          964/G02             F          296,250.00         ZZ
                                         360        296,250.00          1
                                       7.750          2,122.37         75
                                       7.500          2,122.37
    CARMEL VALLEY    CA   93924          5            03/09/01         00
    0432680015                           05           05/01/01          0
    96601                                O            04/01/31
    0

    4494038          E22/G02             F          262,500.00         ZZ
                                         360        262,500.00          1
                                       8.625          2,041.70         50
                                       8.375          2,041.70
    MASON            OH   45040          2            03/14/01         00
    0412295883                           03           05/01/01          0
    0412295883                           O            04/01/31
    0

    4494044          E22/G02             F          141,800.00         ZZ
                                         360        141,800.00          1
                                       7.625          1,003.65         76
                                       7.375          1,003.65
    RICHFIELD        UT   84701          2            03/07/01         00
    0412363772                           05           05/01/01          0
1

    0412363772                           O            04/01/31
    0

    4494056          E22/G02             F          230,000.00         ZZ
                                         360        230,000.00          4
                                       8.875          1,829.98         87
                                       8.625          1,829.98
    LOWELL           MA   01851          2            03/14/01         10
    0412392250                           05           05/01/01         25
    0412392250                           O            04/01/31
    0

    4494058          E22/G02             F          377,500.00         ZZ
                                         360        377,500.00          1
                                       7.125          2,543.29         77
                                       6.875          2,543.29
    PACIFICA         CA   94044          5            03/10/01         00
    0412394033                           05           05/01/01          0
    0412394033                           O            04/01/31
    0

    4494067          E22/G02             F           33,250.00         ZZ
                                         360         33,250.00          1
                                       9.000            267.54         95
                                       8.750            267.54
    GADSDEN          AL   35903          1            03/19/01         10
    0412418436                           05           05/01/01         30
    0412418436                           O            04/01/31
    0

    4494070          E22/G02             F          135,000.00         ZZ
                                         360        135,000.00          1
                                       7.750            967.16         90
                                       7.500            967.16
    METAIRIE         LA   70002          1            03/19/01         01
    0412423469                           05           05/01/01         25
    0412423469                           O            04/01/31
    0

    4494075          E22/G02             F          224,000.00         ZZ
                                         360        224,000.00          1
                                       7.625          1,585.46         90
                                       7.375          1,585.46
    PUYALLUP         WA   98371          2            03/12/01         11
    0412427155                           05           05/01/01         25
    0412427155                           O            04/01/31
    0

1

    4494076          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       8.125          1,188.00         80
                                       7.875          1,188.00
    HOOKSETT         NH   03016          2            03/14/01         00
    0412428229                           01           05/01/01          0
    0412428229                           O            04/01/31
    0

    4494079          E22/G02             F          492,000.00         ZZ
                                         360        492,000.00          1
                                       7.750          3,524.75         80
                                       7.500          3,524.75
    SAN GABRIEL      CA   91775          5            03/13/01         00
    0412430373                           05           05/01/01          0
    0412430373                           O            04/01/31
    0

    4494082          E22/G02             F          100,000.00         T
                                         360        100,000.00          1
                                       8.250            751.27         73
                                       8.000            751.27
    PASO ROBLES      CA   93446          5            03/05/01         00
    0412432163                           05           05/01/01          0
    0412432163                           O            04/01/31
    0

    4494092          E22/G02             F          238,500.00         ZZ
                                         360        238,500.00          2
                                       7.625          1,688.09         90
                                       7.375          1,688.09
    MIAMI            FL   33145          1            03/16/01         04
    0412441008                           05           05/01/01         25
    0412441008                           N            04/01/31
    0

    4494098          E22/G02             F          570,500.00         ZZ
                                         360        570,500.00          1
                                       8.000          4,186.13         70
                                       7.750          4,186.13
    AUSTIN           TX   78703          5            03/13/01         00
    0412443541                           05           05/01/01          0
    0412443541                           O            04/01/31
    0

    4494100          E22/G02             F           42,500.00         ZZ
                                         360         42,500.00          1
                                       7.750            304.48         85
                                       7.500            304.48
1

    HOUSTON          TX   77022          1            03/19/01         01
    0412443715                           05           05/01/01         12
    0412443715                           O            04/01/31
    0

    4494101          E22/G02             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       7.875            942.59         80
                                       7.625            942.59
    TROY             MI   48098          2            03/13/01         00
    0412444754                           01           05/01/01          0
    0412444754                           O            04/01/31
    0

    4494107          E22/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       8.750          1,353.12         80
                                       8.500          1,353.12
    FRASER           MI   48026          5            03/13/01         00
    0412448151                           05           05/01/01          0
    0412448151                           O            04/01/31
    0

    4494114          E22/G02             F          200,000.00         ZZ
                                         360        200,000.00          1
                                       7.125          1,347.44         40
                                       6.875          1,347.44
    MILWAUKIE        OR   97267          1            03/13/01         00
    0412453094                           05           05/01/01          0
    0412453094                           O            04/01/31
    0

    4494115          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       8.000          2,935.06         80
                                       7.750          2,935.06
    CAMPBELL         CA   95008          5            03/13/01         00
    0412453540                           05           05/01/01          0
    0412453540                           O            04/01/31
    0

    4494119          E22/G02             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.875          2,697.26         80
                                       7.625          2,697.26
    SAN JOSE         CA   95139          5            03/13/01         00
    0412456410                           05           05/01/01          0
    0412456410                           O            04/01/31
    0
1

    4494120          E22/G02             F          240,000.00         ZZ
                                         360        240,000.00          2
                                       8.000          1,761.03         74
                                       7.750          1,761.03
    SAN LEANDRO      CA   94577          5            03/12/01         00
    0412457160                           05           05/01/01          0
    0412457160                           O            04/01/31
    0

    4494124          E22/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       7.750          1,031.63         80
                                       7.500          1,031.63
    WILTON MANORS    FL   33311          1            03/19/01         00
    0412461394                           05           05/01/01          0
    0412461394                           O            04/01/31
    0

    4494126          E22/G02             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       8.125          3,898.11         75
                                       7.875          3,898.11
    COLLEYVILLE      TX   76034          5            03/14/01         00
    0412462525                           03           05/01/01          0
    0412462525                           O            04/01/31
    0

    4495640          964/G02             F          342,400.00         ZZ
                                         360        342,158.33          1
                                       7.750          2,453.00         80
                                       7.500          2,453.00
    LOS ANGELES      CA   90045          1            02/20/01         00
    0432669505                           05           04/01/01          0
    97443                                O            03/01/31
    0

    4495736          700/G02             F          500,000.00         ZZ
                                         360        499,681.17          1
                                       8.250          3,756.33         75
                                       8.000          3,756.33
    LAGUNA NIGUEL    CA   92677          1            02/23/01         00
    0432667129                           03           04/01/01          0
    00256129                             O            03/01/31
    0

    4496327          624/G02             F          161,100.00         ZZ
                                         360        161,100.00          1
1

                                       7.625          1,140.26         90
                                       7.375          1,140.26
    CEDAR CITY       UT   84720          2            03/22/01         11
    0432680437                           05           05/01/01         25
    64200210303F                         O            04/01/31
    0

    4500434          562/G02             F          259,200.00         ZZ
                                         360        259,200.00          1
                                       7.875          1,879.38         90
                                       7.625          1,879.38
    TUCKAHOE         NY   10707          1            03/26/01         04
    0432682383                           05           05/01/01         25
    297002363                            O            04/01/31
    0

    4501874          B23/G02             F          260,000.00         ZZ
                                         360        260,000.00          1
                                       7.625          1,840.26         80
                                       7.375          1,840.26
    FOOTHILL RANCH   CA   92610          5            03/14/01         00
    0432684140                           03           05/01/01          0
    88004363                             O            04/01/31
    0

    4502262          E22/G02             F          163,200.00         ZZ
                                         360        163,200.00          1
                                       8.250          1,226.07         80
                                       8.000          1,226.07
    SANTA PAULA      CA   93060          5            03/10/01         00
    0412413221                           05           05/01/01          0
    0412413221                           O            04/01/31
    0

    4502277          E22/G02             F          103,200.00         ZZ
                                         360        103,200.00          1
                                       8.125            766.26         80
                                       7.875            766.26
    CHEYENNE         WY   82001          2            03/07/01         00
    0412443616                           05           05/01/01          0
    0412443616                           O            04/01/31
    0

    4502282          E22/G02             F          129,000.00         ZZ
                                         360        129,000.00          1
                                       8.500            991.90         59
                                       8.250            991.90
    AURORA           CO   80015          2            03/15/01         00
    0412445892                           05           05/01/01          0
1

    0412445892                           O            04/01/31
    0

    4502293          E22/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       7.375            863.34         78
                                       7.125            863.34
    COLUMBIA FALLS   MT   59912          2            03/12/01         00
    0412455206                           05           05/01/01          0
    0412455206                           O            04/01/31
    0

    4502303          E22/G02             F           51,000.00         ZZ
                                         360         51,000.00          1
                                       8.750            401.22         85
                                       8.500            401.22
    WINSTON SALEM    NC   27107          1            03/20/01         04
    0412471104                           05           05/01/01         12
    0412471104                           O            04/01/31
    0

    4502309          E22/G02             F          108,000.00         T
                                         360        108,000.00          1
                                       8.000            792.47         80
                                       7.750            792.47
    ST AUGUSTINE     FL   32080          1            03/20/01         00
    0412479214                           05           05/01/01          0
    0412479214                           O            04/01/31
    0

    4509681          E22/G02             F           91,200.00         ZZ
                                         360         91,200.00          1
                                       8.375            693.19         73
                                       8.125            693.19
    ROBSTOWN         TX   78380          5            03/16/01         00
    0412316945                           05           05/01/01          0
    0412316945                           O            04/01/31
    0

    4509689          E22/G02             F          100,700.00         ZZ
                                         360        100,700.00          1
                                       9.250            828.43         90
                                       9.000            828.43
    BROOKLINE        MA   02146          1            03/21/01         01
    0412400566                           01           05/01/01         25
    0412400566                           N            04/01/31
    0

1

    4509690          E22/G02             F          100,700.00         ZZ
                                         360        100,700.00          1
                                       9.250            828.43         90
                                       9.000            828.43
    BROOKLINE        MA   02146          1            03/21/01         01
    0412400764                           01           05/01/01         25
    0412400764                           N            04/01/31
    0

    4509694          E22/G02             F           54,250.00         E
                                         360         54,250.00          2
                                       8.750            426.78         70
                                       8.500            426.78
    OKLAHOMA CITY    OK   73107          1            03/14/01         00
    0412406324                           05           05/01/01          0
    0412406324                           N            04/01/31
    0

    4509714          E22/G02             F          114,000.00         ZZ
                                         360        114,000.00          1
                                       8.375            866.48         95
                                       8.125            866.48
    NEWARK           DE   19711          5            03/16/01         04
    0412447138                           05           05/01/01         30
    0412447138                           O            04/01/31
    0

    4509715          E22/G02             F           40,000.00         ZZ
                                         360         40,000.00          1
                                       9.000            321.85         80
                                       8.750            321.85
    SPRINGFIELD      OR   97477          1            03/15/01         00
    0412447625                           05           05/01/01          0
    0412447625                           N            04/01/31
    0

    4509717          E22/G02             F          123,500.00         ZZ
                                         360        123,500.00          1
                                       8.125            916.98         95
                                       7.875            916.98
    WORCESTER        MA   01603          2            03/16/01         01
    0412448862                           05           05/01/01         30
    0412448862                           O            04/01/31
    0

    4509718          E22/G02             F          117,000.00         ZZ
                                         360        117,000.00          2
                                       8.625            910.01         90
                                       8.375            910.01
1

    GEORGETOWN       TX   78626          1            03/21/01         10
    0412449654                           05           05/01/01         25
    0412449654                           N            04/01/31
    0

    4509720          E22/G02             F          117,000.00         ZZ
                                         360        117,000.00          2
                                       8.625            910.01         90
                                       8.375            910.01
    GEORGETOWN       TX   78626          1            03/21/01         10
    0412450264                           05           05/01/01         25
    0412450264                           N            04/01/31
    0

    4509722          E22/G02             F           64,000.00         ZZ
                                         360         64,000.00          1
                                       8.500            492.10         76
                                       8.250            492.10
    MESQUITE         TX   75149          5            03/16/01         00
    0412454704                           05           05/01/01          0
    0412454704                           O            04/01/31
    0

    4509731          E22/G02             F          245,250.00         ZZ
                                         360        245,250.00          2
                                       8.500          1,885.76         90
                                       8.250          1,885.76
    OAK PARK         IL   60302          1            03/21/01         10
    0412461519                           05           05/01/01         25
    0412461519                           N            04/01/31
    0

    4509736          E22/G02             F           52,800.00         ZZ
                                         360         52,800.00          1
                                       8.625            410.67         80
                                       8.375            410.67
    PASADENA         TX   77502          5            03/21/01         00
    0412472466                           05           05/01/01          0
    0412472466                           N            04/01/31
    0

    4509737          E22/G02             F           35,000.00         ZZ
                                         360         35,000.00          1
                                       9.000            281.62         55
                                       8.750            281.62
    LACOMBE          LA   70445          5            03/16/01         00
    0412473308                           05           05/01/01          0
    0412473308                           O            04/01/31
    0
1

    4509740          E22/G02             F          100,700.00         ZZ
                                         360        100,700.00          1
                                       9.000            810.25         90
                                       8.750            810.25
    BROOKLINE        MA   02446          1            03/21/01         01
    0412474793                           01           05/01/01         25
    0412474793                           N            04/01/31
    0

    4509741          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       9.000          1,810.40         90
                                       8.750          1,810.40
    BROOKLINE        MA   02446          1            03/21/01         01
    0412474843                           01           05/01/01         25
    0412474843                           N            04/01/31
    0

    4509742          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       8.750          1,770.08         90
                                       8.500          1,770.08
    BROOKLINE        MA   02446          1            03/21/01         01
    0412474876                           01           05/01/01         25
    0412474876                           N            04/01/31
    0

    4509743          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       8.750          1,770.08         90
                                       8.500          1,770.08
    BROOKLINE        MA   02446          1            03/21/01         01
    0412474884                           01           05/01/01         25
    0412474884                           N            04/01/31
    0

    4509744          E22/G02             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       9.000          1,810.40         90
                                       8.750          1,810.40
    BROOKLINE        MA   02446          1            03/21/01         01
    0412474892                           01           05/01/01         25
    0412474892                           N            04/01/31
    0

    4509745          E22/G02             F          100,700.00         ZZ
                                         360        100,700.00          1
1

                                       9.000            810.25         90
                                       8.750            810.25
    BROOKLINE        MA   02446          1            03/21/01         01
    0412474900                           01           05/01/01         25
    0412474900                           N            04/01/31
    0

    4509749          E22/G02             F          125,000.00         ZZ
                                         360        125,000.00          1
                                       6.875            821.16         74
                                       6.625            821.16
    ALLEN            TX   75002          1            03/20/01         00
    0412477556                           05           05/01/01          0
    0412477556                           O            04/01/31
    0

    4509750          E22/G02             F          384,000.00         ZZ
                                         360        384,000.00          1
                                       7.750          2,751.02         80
                                       7.500          2,751.02
    GOLETA           CA   93117          5            03/14/01         00
    0412478422                           03           05/01/01          0
    0412478422                           O            04/01/31
    0

    4509752          E22/G02             F          387,000.00         ZZ
                                         360        387,000.00          4
                                       8.375          2,941.48         90
                                       8.125          2,941.48
    BROOKLYN         NY   11233          1            03/21/01         10
    0412489445                           05           05/01/01         25
    0412489445                           O            04/01/31
    0

    4509753          E22/G02             F          318,250.00         ZZ
                                         360        318,250.00          1
                                       7.625          2,252.55         95
                                       7.375          2,252.55
    HOUSTON          TX   77021          1            03/20/01         01
    0412491169                           05           05/01/01         30
    0412491169                           O            04/01/31
    0

    4510308          E22/G02             F           66,150.00         ZZ
                                         360         66,150.00          1
                                       8.000            485.39         90
                                       7.750            485.39
    TAMPA            FL   33603          1            03/21/01         10
    0412417214                           05           05/01/01         25
1

    0412417214                           O            04/01/31
    0

    4510309          E22/G02             F          105,450.00         ZZ
                                         360        105,450.00          1
                                       8.750            829.58         95
                                       8.500            829.58
    TUSCALOOSA       AL   35401          2            03/16/01         10
    0412425647                           05           05/01/01         30
    0412425647                           O            04/01/31
    0

    4510310          E22/G02             F           85,500.00         ZZ
                                         360         85,500.00          1
                                       9.000            687.95         95
                                       8.750            687.95
    DELRAY BEACH     FL   33444          5            03/16/01         10
    0412474488                           05           05/01/01         30
    0412474488                           O            04/01/31
    0

    4510438          964/G02             F          156,950.00         E
                                         360        156,950.00          1
                                       7.375          1,084.01         75
                                       7.125          1,084.01
    SPARKS           NV   89436          1            03/02/01         00
    0432684074                           03           05/01/01          0
    104440                               N            04/01/31
    0

    4513115          076/076             F           75,500.00         ZZ
                                         360         74,826.91          4
                                       8.625            587.24         90
                                       8.375            587.24
    EAST MOLINE      IL   61244          1            11/30/00         01
    0863088                              05           01/01/01         25
    0863088                              N            12/01/30
    0

    4513116          076/076             F          350,000.00         ZZ
                                         360        349,375.60          1
                                       8.625          2,722.27         72
                                       8.375          2,722.27
    SCOTTSDALE       AZ   85254          2            12/15/00         00
    2743448                              03           02/01/01          0
    2743448                              O            01/01/31
    0

1

    4513117          076/076             F          451,000.00         ZZ
                                         360        450,153.14          1
                                       8.375          3,427.93         80
                                       8.125          3,427.93
    FREMONT          CA   94538          1            12/13/00         00
    3129774                              05           02/01/01          0
    3129774                              O            01/01/31
    0

    4513118          076/076             F          432,000.00         ZZ
                                         360        431,447.15          1
                                       8.250          3,245.48         80
                                       8.000          3,245.48
    WASHINGTON       DC   20016          1            01/17/01         00
    3815354                              05           03/01/01          0
    3815354                              O            02/01/31
    0

    4513119          076/076             F          490,000.00         ZZ
                                         360        488,643.09          1
                                       8.375          3,724.35         70
                                       8.125          3,724.35
    SEA ISLE CITY    NJ   08243          1            11/30/00         00
    3910833                              01           01/01/01          0
    3910833                              N            12/01/30
    0

    4513120          076/076             F          308,000.00         ZZ
                                         360        307,605.83          1
                                       8.250          2,313.91         80
                                       8.000          2,313.91
    CINCINNATI       OH   45236          5            02/02/01         00
    3974245                              05           03/01/01          0
    3974245                              O            02/01/31
    0

    4516200          E22/G02             F          272,000.00         ZZ
                                         360        272,000.00          1
                                       7.500          1,901.86         80
                                       7.250          1,901.86
    SCOTTSDALE       AZ   85254          5            03/19/01         00
    0412353583                           05           05/01/01          0
    0412353583                           O            04/01/31
    0

    4516202          E22/G02             F          156,800.00         ZZ
                                         360        156,800.00          1
                                       8.125          1,164.24         83
                                       7.875          1,164.24
1

    CALHAN           CO   80808          2            03/19/01         01
    0412367419                           05           05/01/01         12
    0412367419                           O            04/01/31
    0

    4516211          E22/G02             F          157,500.00         ZZ
                                         360        157,500.00          1
                                       7.750          1,128.35         90
                                       7.500          1,128.35
    BURNSVILLE       MN   55337          2            03/20/01         04
    0412391203                           05           05/01/01         25
    0412391203                           O            04/01/31
    0

    4516214          E22/G02             F           89,600.00         T
                                         360         89,600.00          1
                                       8.250            673.13         80
                                       8.000            673.13
    CORSICANA        TX   75110          1            03/21/01         00
    0412395436                           05           05/01/01          0
    0412395436                           O            04/01/31
    0

    4516215          E22/G02             F          495,000.00         ZZ
                                         360        495,000.00          1
                                       8.000          3,632.13         68
                                       7.750          3,632.13
    SAN MATEO        CA   94403          2            03/14/01         00
    0412402315                           03           05/01/01          0
    0412402315                           O            04/01/31
    0

    4516217          E22/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       7.375          1,187.96         80
                                       7.125          1,187.96
    TUALATIN         OR   97062          2            03/16/01         00
    0412403768                           05           05/01/01          0
    0412403768                           O            04/01/31
    0

    4516222          E22/G02             F           65,700.00         ZZ
                                         360         65,700.00          2
                                       9.000            528.64         90
                                       8.750            528.64
    DURHAM           NC   27705          1            03/26/01         10
    0412412850                           05           05/01/01         25
    0412412850                           N            04/01/31
    0
1

    4516224          E22/G02             F           44,000.00         T
                                         360         44,000.00          1
                                       8.500            338.32         80
                                       8.250            338.32
    TOMS RIVER       NJ   08753          1            03/26/01         00
    0412413601                           05           05/01/01          0
    0412413601                           O            04/01/31
    0

    4516229          E22/G02             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.750          2,794.01         74
                                       7.500          2,794.01
    EL DORADO HILLS  CA   95762          5            03/07/01         00
    0412420135                           05           05/01/01          0
    0412420135                           O            04/01/31
    0

    4516230          E22/G02             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       8.625            808.90         79
                                       8.375            808.90
    SAN ANTONIO      TX   78245          5            03/22/01         00
    0412420580                           05           05/01/01          0
    0412420580                           N            04/01/31
    0

    4516233          E22/G02             F          122,400.00         ZZ
                                         360        122,400.00          4
                                       8.250            919.55         80
                                       8.000            919.55
    DAYTON           OH   45419          2            03/23/01         00
    0412423337                           05           05/01/01          0
    0412423337                           N            04/01/31
    0

    4516234          E22/G02             F          122,400.00         ZZ
                                         360        122,400.00          4
                                       8.250            919.55         80
                                       8.000            919.55
    DAYTON           OH   45419          2            03/23/01         00
    0412423352                           05           05/01/01          0
    0412423352                           N            04/01/31
    0

    4516235          E22/G02             F          122,400.00         ZZ
                                         360        122,400.00          4
1

                                       8.250            919.55         80
                                       8.000            919.55
    DAYTON           OH   45419          2            03/23/01         00
    0412423386                           05           05/01/01          0
    0412423386                           N            04/01/31
    0

    4516237          E22/G02             F          122,400.00         ZZ
                                         360        122,400.00          4
                                       8.250            919.55         80
                                       8.000            919.55
    DAYTON           OH   45419          2            03/23/01         00
    0412423436                           05           05/01/01          0
    0412423436                           N            04/01/31
    0

    4516239          E22/G02             F          110,250.00         ZZ
                                         360        110,250.00          1
                                       8.750            867.34         90
                                       8.500            867.34
    CINCINNATI       OH   45224          1            03/22/01         04
    0412423568                           05           05/01/01         25
    0412423568                           N            04/01/31
    0

    4516253          E22/G02             F           54,900.00         ZZ
                                         360         54,900.00          4
                                       8.875            436.81         90
                                       8.625            436.81
    ELKHART          IN   46516          1            03/26/01         04
    0412432825                           05           05/01/01         25
    0412432825                           N            04/01/31
    0

    4516259          E22/G02             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       8.500            522.86         65
                                       8.250            522.86
    PRESCOTT VALLEY  AZ   86314          5            03/21/01         00
    0412435935                           05           05/01/01          0
    0412435935                           O            04/01/31
    0

    4516265          E22/G02             F          332,100.00         ZZ
                                         360        332,100.00          4
                                       8.875          2,642.34         90
                                       8.625          2,642.34
    BROOKLYN         NY   11233          1            03/22/01         01
    0412438376                           05           05/01/01         25
1

    0412438376                           O            04/01/31
    0

    4516269          E22/G02             F          472,500.00         ZZ
                                         360        472,500.00          1
                                       7.375          3,263.44         75
                                       7.125          3,263.44
    LOS ANGELES      CA   90048          5            03/12/01         00
    0412439879                           05           05/01/01          0
    0412439879                           O            04/01/31
    0

    4516270          E22/G02             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       7.875          2,247.72         49
                                       7.625          2,247.72
    FRISCO           TX   75034          5            03/19/01         00
    0412440752                           03           05/01/01          0
    0412440752                           O            04/01/31
    0

    4516273          E22/G02             F          358,800.00         ZZ
                                         360        358,800.00          1
                                       7.625          2,539.56         80
                                       7.375          2,539.56
    MARTINEZ         CA   94553          1            03/20/01         00
    0412442584                           05           05/01/01          0
    0412442584                           O            04/01/31
    0

    4516274          E22/G02             F           50,000.00         ZZ
                                         360         50,000.00          1
                                       8.375            380.04         90
                                       8.125            380.04
    NORTH FORT MEYE  FL   33903          5            03/21/01         10
    0412442816                           05           05/01/01         25
    0412442816                           O            04/01/31
    0

    4516278          E22/G02             F          302,400.00         ZZ
                                         360        302,400.00          1
                                       7.875          2,192.61         80
                                       7.625          2,192.61
    HAYWARD          CA   94545          1            03/14/01         00
    0412443905                           03           05/01/01          0
    0412443905                           N            04/01/31
    0

1

    4516281          E22/G02             F          280,000.00         ZZ
                                         360        280,000.00          1
                                       7.875          2,030.19         80
                                       7.625          2,030.19
    LAS VEGAS        NV   89149          2            03/16/01         00
    0412446205                           05           05/01/01          0
    0412446205                           O            04/01/31
    0

    4516283          E22/G02             F          102,700.00         ZZ
                                         360        102,700.00          1
                                       8.500            789.67         79
                                       8.250            789.67
    MUNCIE           IN   47304          2            03/21/01         00
    0412446791                           05           05/01/01          0
    0412446791                           O            04/01/31
    0

    4516287          E22/G02             F          227,000.00         ZZ
                                         360        227,000.00          1
                                       7.750          1,626.26         70
                                       7.500          1,626.26
    AUSTIN           TX   78734          5            03/19/01         00
    0412448391                           05           05/01/01          0
    0412448391                           O            04/01/31
    0

    4516297          E22/G02             F          376,000.00         ZZ
                                         360        376,000.00          1
                                       7.750          2,693.71         80
                                       7.500          2,693.71
    SAN PEDRO        CA   90732          1            03/19/01         00
    0412453409                           05           05/01/01          0
    0412453409                           O            04/01/31
    0

    4516300          E22/G02             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.625          2,831.17         80
                                       7.375          2,831.17
    GENOA            NV   89411          1            03/22/01         00
    0412454456                           03           05/01/01          0
    0412454456                           O            04/01/31
    0

    4516301          E22/G02             F          190,800.00         ZZ
                                         360        190,800.00          1
                                       7.625          1,350.47         80
                                       7.375          1,350.47
1

    NORTH HILLS      CA   91343          1            03/19/01         00
    0412454894                           05           05/01/01          0
    0412454894                           O            04/01/31
    0

    4516304          E22/G02             F          148,000.00         ZZ
                                         360        148,000.00          1
                                       7.375          1,022.20         74
                                       7.125          1,022.20
    PLANTATION       FL   33324          2            03/23/01         00
    0412456188                           03           05/01/01          0
    0412456188                           O            04/01/31
    0

    4516318          E22/G02             F           58,838.00         ZZ
                                         360         58,838.00          1
                                       9.000            473.42         95
                                       8.750            473.42
    PENSACOLA        FL   32507          1            03/21/01         10
    0412462939                           05           05/01/01         30
    0412462939                           O            04/01/31
    0

    4516328          E22/G02             F          158,500.00         ZZ
                                         360        158,500.00          1
                                       7.750          1,135.51         83
                                       7.500          1,135.51
    BROKEN ARROW     OK   74012          5            03/19/01         01
    0412466484                           05           05/01/01         12
    0412466484                           O            04/01/31
    0

    4516332          E22/G02             F          247,500.00         ZZ
                                         360        247,500.00          1
                                       7.500          1,730.56         75
                                       7.250          1,730.56
    CLOVERDALE       CA   95425          5            03/16/01         00
    0412467532                           05           05/01/01          0
    0412467532                           O            04/01/31
    0

    4516338          E22/G02             F           72,675.00         ZZ
                                         360         72,675.00          1
                                       8.625            565.26         95
                                       8.375            565.26
    LAUDERDALE LAKE  FL   33319          1            03/22/01         10
    0412469587                           03           05/01/01         30
    0412469587                           O            04/01/31
    0
1

    4516340          E22/G02             F          216,000.00         ZZ
                                         360        216,000.00          1
                                       8.125          1,603.79         80
                                       7.875          1,603.79
    BASALT           CO   81621          5            03/22/01         00
    0412469769                           09           05/01/01          0
    0412469769                           N            04/01/31
    0

    4516341          E22/G02             F          119,700.00         ZZ
                                         360        119,700.00          1
                                       8.875            952.39         87
                                       8.625            952.39
    SANDY            UT   84094          2            03/13/01         10
    0412469868                           05           05/01/01         30
    0412469868                           O            04/01/31
    0

    4516345          E22/G02             F          186,000.00         ZZ
                                         360        186,000.00          1
                                       8.000          1,364.80         80
                                       7.750          1,364.80
    CHICAGO          IL   60656          1            03/26/01         00
    0412470718                           05           05/01/01          0
    0412470718                           O            04/01/31
    0

    4516346          E22/G02             F           54,000.00         ZZ
                                         360         54,000.00          1
                                       8.875            429.65         90
                                       8.625            429.65
    COLUMBUS         OH   43207          1            03/22/01         04
    0412470726                           05           05/01/01         25
    0412470726                           N            04/01/31
    0

    4516351          E22/G02             F          296,000.00         ZZ
                                         360        296,000.00          1
                                       7.125          1,994.21         80
                                       6.875          1,994.21
    SIMI VALLEY      CA   93063          1            03/20/01         00
    0412471872                           05           05/01/01          0
    0412471872                           O            04/01/31
    0

    4516355          E22/G02             F          420,000.00         ZZ
                                         360        420,000.00          1
1

                                       7.250          2,865.14         80
                                       7.000          2,865.14
    SACRAMENTO       CA   95829          5            03/16/01         00
    0412472987                           05           05/01/01          0
    0412472987                           O            04/01/31
    0

    4516361          E22/G02             F          119,150.00         ZZ
                                         360        119,150.00          1
                                       7.750            853.61         90
                                       7.500            853.61
    MARYSVILLE       OH   43040          1            03/26/01         04
    0412474348                           05           05/01/01         25
    0412474348                           O            04/01/31
    0

    4516363          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       9.000            804.62         59
                                       8.750            804.62
    AUSTIN           TX   78759          5            03/22/01         00
    0412475071                           03           05/01/01          0
    0412475071                           N            04/01/31
    0

    4516365          E22/G02             F          208,000.00         ZZ
                                         360        208,000.00          1
                                       7.500          1,454.37         80
                                       7.250          1,454.37
    HOUSTON          TX   77095          5            03/17/01         00
    0412476210                           03           05/01/01          0
    0412476210                           O            04/01/31
    0

    4516369          E22/G02             F           71,500.00         ZZ
                                         360         71,500.00          1
                                       8.250            537.16         64
                                       8.000            537.16
    JACKSONVILLE     FL   32250          5            03/19/01         00
    0412478166                           05           05/01/01          0
    0412478166                           O            04/01/31
    0

    4516376          E22/G02             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       7.625          2,583.45         60
                                       7.375          2,583.45
    SAN FRANCISCO    CA   94116          1            03/15/01         00
    0412480428                           05           05/01/01          0
1

    0412480428                           N            04/01/31
    0

    4516378          E22/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       7.125          1,077.95         77
                                       6.875          1,077.95
    ANAHEIM          CA   92807          1            03/21/01         00
    0412480998                           09           05/01/01          0
    0412480998                           O            04/01/31
    0

    4516379          E22/G02             F           38,500.00         ZZ
                                         360         38,500.00          1
                                       9.125            313.25         67
                                       8.875            313.25
    EVANSTON         WY   82930          2            03/16/01         00
    0412481087                           05           05/01/01          0
    0412481087                           N            04/01/31
    0

    4516382          E22/G02             F          198,900.00         ZZ
                                         360        198,900.00          1
                                       7.625          1,407.80         85
                                       7.375          1,407.80
    CHARLESTON       SC   29492          1            03/22/01         10
    0412481673                           03           05/01/01         12
    0412481673                           O            04/01/31
    0

    4516390          E22/G02             F          160,750.00         ZZ
                                         360        160,750.00          1
                                       7.125          1,083.00         90
                                       6.875          1,083.00
    ROWLETT          TX   75089          1            03/26/01         01
    0412484958                           03           05/01/01         25
    0412484958                           O            04/01/31
    0

    4516399          E22/G02             F           64,800.00         ZZ
                                         360         64,800.00          4
                                       9.000            521.40         90
                                       8.750            521.40
    VICTORIA         TX   77901          1            03/22/01         01
    0412490724                           05           05/01/01         25
    0412490724                           N            04/01/31
    0

1

    4516400          E22/G02             F           64,800.00         ZZ
                                         360         64,800.00          4
                                       9.000            521.40         90
                                       8.750            521.40
    VICTORIA         TX   77901          1            03/22/01         01
    0412490807                           05           05/01/01         25
    0412490807                           N            04/01/31
    0

    4516520          E82/G02             F          120,000.00         ZZ
                                         360        120,000.00          1
                                       7.500            839.06         74
                                       7.250            839.06
    RAPID CITY       SD   57702          2            03/15/01         00
    0400379905                           05           05/01/01          0
    0400379905                           O            04/01/31
    0

    4518421          P67/G02             F           75,600.00         ZZ
                                         360         75,600.00          2
                                       8.750            594.75         90
                                       8.500            594.75
    CHICOPEE         MA   01020          1            03/23/01         04
    0432683431                           05           05/01/01         25
    1                                    N            04/01/31
    0

    4521165          E86/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       8.625          2,333.37         90
                                       8.375          2,333.37
    YONKERS          NY   10705          1            03/09/01         04
    0432674042                           05           05/01/01         25
    88647                                O            04/01/31
    0

    4522066          168/168             F          200,000.00         ZZ
                                         360        199,862.36          1
                                       7.875          1,450.14         80
                                       7.625          1,450.14
    ALEXANDRIA       VA   22308          1            02/26/01         00
    803236                               05           04/01/01          0
    803236                               O            03/01/31
    0

    4523980          E22/G02             F          106,850.00         ZZ
                                         360        106,850.00          1
                                       9.000            859.74         73
                                       8.750            859.74
1

    RHOME            TX   76078          5            03/27/01         00
    0412374019                           05           05/01/01          0
    0412374019                           N            04/01/31
    0

    4524002          E22/G02             F          117,800.00         ZZ
                                         360        117,800.00          1
                                       9.000            947.85         95
                                       8.750            947.85
    BOCA RATON       FL   33432          1            03/27/01         10
    0412438483                           08           05/01/01         30
    0412438483                           O            04/01/31
    0

    4524004          E22/G02             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       8.250          2,366.49         74
                                       8.000          2,366.49
    HARRISVILLE      MI   48740          5            03/22/01         00
    0412441065                           05           05/01/01          0
    0412441065                           O            04/01/31
    0

    4524010          E22/G02             F           66,000.00         ZZ
                                         360         66,000.00          1
                                       8.500            507.48         80
                                       8.250            507.48
    ALBUQUERQUE      NM   87110          1            03/27/01         00
    0412450991                           05           05/01/01          0
    0412450991                           O            04/01/31
    0

    4524012          E22/G02             F          268,000.00         ZZ
                                         360        268,000.00          1
                                       7.125          1,805.57         80
                                       6.875          1,805.57
    JACKSONVILLE     FL   32207          2            03/22/01         00
    0412455693                           05           05/01/01          0
    0412455693                           O            04/01/31
    0

    4524025          E22/G02             F          182,000.00         ZZ
                                         360        182,000.00          4
                                       8.250          1,367.31         80
                                       8.000          1,367.31
    COLORADO SPRING  CO   80915          1            03/27/01         00
    0412469553                           05           05/01/01          0
    0412469553                           N            04/01/31
    0
1

    4524034          E22/G02             F           44,100.00         ZZ
                                         360         44,100.00          1
                                       8.750            346.93         90
                                       8.500            346.93
    HOUSTON          TX   77054          1            03/27/01         01
    0412482945                           01           05/01/01         25
    0412482945                           O            04/01/31
    0

    4524035          E22/G02             F          186,000.00         ZZ
                                         360        186,000.00          1
                                       8.250          1,397.36         90
                                       8.000          1,397.36
    PARKER           CO   80134          5            03/22/01         01
    0412483315                           03           05/01/01         25
    0412483315                           O            04/01/31
    0

    4524036          E22/G02             F          116,000.00         ZZ
                                         360        116,000.00          1
                                       8.000            851.17         80
                                       7.750            851.17
    ROWLETT          TX   75089          1            03/27/01         00
    0412483752                           05           05/01/01          0
    0412483752                           O            04/01/31
    0

    4524041          E22/G02             F           75,650.00         ZZ
                                         360         75,650.00          2
                                       8.875            601.91         85
                                       8.625            601.91
    KENNER           LA   70065          1            03/27/01         01
    0412488785                           05           05/01/01         20
    0412488785                           N            04/01/31
    0

    4524042          E22/G02             F           75,650.00         ZZ
                                         360         75,650.00          2
                                       8.875            601.91         85
                                       8.625            601.91
    KENNER           LA   70065          1            03/27/01         01
    0412488819                           05           05/01/01         20
    0412488819                           N            04/01/31
    0

    4524043          E22/G02             F           75,650.00         ZZ
                                         360         75,650.00          2
1

                                       8.875            601.91         85
                                       8.625            601.91
    KENNER           LA   70062          1            03/27/01         01
    0412488827                           05           05/01/01         20
    0412488827                           N            04/01/31
    0

    4524053          E22/G02             F          110,700.00         ZZ
                                         360        110,700.00          1
                                       7.500            774.03         34
                                       7.250            774.03
    LONG BEACH       CA   90808          1            03/28/01         00
    0412495988                           05           05/01/01          0
    0412495988                           O            04/01/31
    0

    4524055          E22/G02             F          100,000.00         ZZ
                                         360        100,000.00          1
                                       7.750            716.41         76
                                       7.500            716.41
    MIAMI SHORES     FL   33138          1            03/27/01         00
    0412502304                           05           05/01/01          0
    0412502304                           O            04/01/31
    0

    4524058          E22/G02             F           45,600.00         ZZ
                                         360         45,600.00          1
                                       8.500            350.62         95
                                       8.250            350.62
    LAUDERDALE LAKE  FL   33313          1            03/27/01         10
    0412506644                           01           05/01/01         30
    0412506644                           O            04/01/31
    0

    4524059          E22/G02             F          136,000.00         ZZ
                                         360        136,000.00          1
                                       7.750            974.32         80
                                       7.500            974.32
    BOCA RATON       FL   33433          1            03/27/01         00
    0412513392                           01           05/01/01          0
    0412513392                           O            04/01/31
    0

    4524421          E82/G02             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       7.750          1,031.63         90
                                       7.500          1,031.63
    COLLIERVILLE     TN   38017          1            03/16/01         04
    0400399671                           05           05/01/01         25
1

    0400399671                           N            04/01/31
    0

    4525174          168/168             F          382,500.00         ZZ
                                         360        382,500.00          1
                                       7.625          2,707.31         80
                                       7.375          2,707.31
    CARLSBAD         CA   92009          1            03/07/01         00
    0439617049                           03           05/01/01          0
    0439617049                           O            04/01/31
    0

    4527515          286/286             F          356,250.00         ZZ
                                         360        356,034.19          1
                                       8.500          2,739.25         75
                                       8.250          2,739.25
    SANTA CRUZ       CA   95062          1            02/27/01         00
    9809454                              05           04/01/01          0
    9809454                              N            03/01/31
    0

    4528913          168/168             F          300,000.00         ZZ
                                         360        299,808.70          1
                                       8.250          2,253.80         75
                                       8.000          2,253.80
    SAN JOSE         CA   95127          2            02/06/01         00
    439589975                            05           04/01/01          0
    439589975                            O            03/01/31
    0

    4530073          696/G02             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.125          2,223.27         52
                                       6.875          2,223.27
    VIENNA           VA   22181          1            03/23/01         00
    0432671758                           03           05/01/01          0
    25100173                             O            04/01/31
    0

    4530078          696/G02             F          204,000.00         ZZ
                                         360        204,000.00          1
                                       7.500          1,426.40         80
                                       7.250          1,426.40
    OAKTON           VA   22124          2            03/21/01         00
    0432672392                           03           05/01/01          0
    10101039                             O            04/01/31
    0

1

    4531737          E22/G02             F          263,900.00         ZZ
                                         360        263,900.00          1
                                       7.875          1,913.46         80
                                       7.625          1,913.46
    CORTLANDT MANOR  NY   10567          1            03/28/01         00
    0412312472                           05           05/01/01          0
    0412312472                           O            04/01/31
    0

    4531747          E22/G02             F          124,363.00         ZZ
                                         360        124,363.00          1
                                       8.250            934.30         90
                                       8.000            934.30
    RIVERVIEW        FL   33569          1            03/28/01         10
    0412396392                           05           05/01/01         25
    0412396392                           O            04/01/31
    0

    4531749          E22/G02             F          142,500.00         ZZ
                                         360        142,500.00          1
                                       8.625          1,108.35         95
                                       8.375          1,108.35
    MIDDLETOWN       NY   10940          5            03/23/01         04
    0412400228                           05           05/01/01         30
    0412400228                           O            04/01/31
    0

    4531750          E22/G02             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       7.625          1,358.96         80
                                       7.375          1,358.96
    SAN ANTONIO      TX   78261          2            03/23/01         00
    0412401226                           05           05/01/01          0
    0412401226                           O            04/01/31
    0

    4531754          E22/G02             F          172,000.00         ZZ
                                         360        172,000.00          1
                                       8.750          1,353.12         78
                                       8.500          1,353.12
    NEWPORT          RI   02840          2            03/23/01         00
    0412415986                           05           05/01/01          0
    0412415986                           O            04/01/31
    0

    4531760          E22/G02             F          107,500.00         ZZ
                                         360        107,500.00          1
                                       7.500            751.66         90
                                       7.250            751.66
1

    LYMAN            WY   82937          2            03/23/01         04
    0412426660                           05           05/01/01         25
    0412426660                           O            04/01/31
    0

    4531769          E22/G02             F           48,350.00         ZZ
                                         360         48,350.00          1
                                       9.125            393.39         75
                                       8.875            393.39
    SKIATOOK         OK   74070          5            03/23/01         00
    0412441693                           05           05/01/01          0
    0412441693                           N            04/01/31
    0

    4531770          E22/G02             F           46,850.00         ZZ
                                         360         46,850.00          1
                                       9.125            381.19         75
                                       8.875            381.19
    SKIATOOK         OK   74070          5            03/23/01         00
    0412441750                           05           05/01/01          0
    0412441750                           N            04/01/31
    0

    4531774          E22/G02             F          107,950.00         ZZ
                                         360        107,950.00          2
                                       7.875            782.71         85
                                       7.625            782.71
    POST FALLS       ID   83854          2            03/20/01         10
    0412445298                           05           05/01/01         12
    0412445298                           N            04/01/31
    0

    4531775          E22/G02             F          627,250.00         ZZ
                                         360        627,250.00          1
                                       8.000          4,602.54         65
                                       7.750          4,602.54
    LOS ALTOS        CA   94022          1            03/21/01         00
    0412448235                           05           05/01/01          0
    0412448235                           O            04/01/31
    0

    4531779          E22/G02             F           90,000.00         ZZ
                                         360         90,000.00          1
                                       8.375            684.07         90
                                       8.125            684.07
    TROY             MI   48083          1            03/28/01         04
    0412452187                           05           05/01/01         25
    0412452187                           N            04/01/31
    0
1

    4531782          E22/G02             F          106,900.00         ZZ
                                         360        106,900.00          2
                                       7.875            775.10         85
                                       7.625            775.10
    POST FALLS       ID   83854          2            03/14/01         10
    0412454985                           05           05/01/01         12
    0412454985                           N            04/01/31
    0

    4531785          E22/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
                                       7.750            412.65         80
                                       7.500            412.65
    CINCINNATI       OH   45215          1            03/28/01         00
    0412458382                           05           05/01/01          0
    0412458382                           N            04/01/31
    0

    4531787          E22/G02             F          108,000.00         ZZ
                                         360        108,000.00          2
                                       8.125            801.90         90
                                       7.875            801.90
    COEUR D'ALENE    ID   83815          2            03/14/01         10
    0412459372                           05           05/01/01         25
    0412459372                           N            04/01/31
    0

    4531793          E22/G02             F           57,600.00         ZZ
                                         360         57,600.00          1
                                       8.125            427.68         80
                                       7.875            427.68
    SOUTH PALM BEAC  FL   33480          1            03/28/01         00
    0412465353                           08           05/01/01          0
    0412465353                           N            04/01/31
    0

    4531808          E22/G02             F           33,000.00         ZZ
                                         360         33,000.00          1
                                       8.375            250.82         66
                                       8.125            250.82
    HARRISON         MI   48625          5            03/23/01         00
    0412474298                           05           05/01/01          0
    0412474298                           O            04/01/31
    0

    4531823          E22/G02             F           46,800.00         ZZ
                                         360         46,800.00          1
1

                                       8.750            368.18         90
                                       8.500            368.18
    SAN ANTONIO      TX   78212          1            03/26/01         01
    0412485633                           05           05/01/01         25
    0412485633                           N            04/01/31
    0

    4531827          E22/G02             F          465,000.00         ZZ
                                         360        465,000.00          1
                                       7.375          3,211.64         78
                                       7.125          3,211.64
    SAN JOSE         CA   95124          5            03/23/01         00
    0412491094                           05           05/01/01          0
    0412491094                           O            04/01/31
    0

    4531828          E22/G02             F           93,750.00         ZZ
                                         360         93,750.00          4
                                       8.375            712.57         75
                                       8.125            712.57
    HARVEY           LA   70058          1            03/28/01         00
    0412492415                           05           05/01/01          0
    0412492415                           N            04/01/31
    0

    4531831          E22/G02             F          180,000.00         ZZ
                                         360        180,000.00          1
                                       7.250          1,227.92         80
                                       7.000          1,227.92
    HIGHLANDS RANCH  CO   80130          1            03/28/01         00
    0412494296                           05           05/01/01          0
    0412494296                           O            04/01/31
    0

    4531836          E22/G02             F          130,800.00         ZZ
                                         360        130,800.00          1
                                       7.875            948.39         80
                                       7.625            948.39
    WESTMINSTER      CO   80030          1            03/27/01         00
    0412498032                           05           05/01/01          0
    0412498032                           O            04/01/31
    0

    4531849          E22/G02             F           88,000.00         ZZ
                                         360         88,000.00          2
                                       7.125            592.87         80
                                       6.875            592.87
    DALLAS           TX   75206          1            03/28/01         00
    0412513194                           05           05/01/01          0
1

    0412513194                           N            04/01/31
    0

    4531850          E22/G02             F          189,000.00         ZZ
                                         360        189,000.00          1
                                       8.000          1,386.82         90
                                       7.750          1,386.82
    GRAND JUNCTION   CO   81506          1            03/28/01         01
    0412513525                           03           05/01/01         25
    0412513525                           O            04/01/31
    0

    4533120          K81/G02             F           90,950.00         ZZ
                                         360         90,950.00          1
                                       8.000            667.36         80
                                       7.750            667.36
    LAS VEGAS        NV   89144          1            03/02/01         00
    0432677482                           01           05/01/01          0
    1001223                              O            04/01/31
    0

    4540778          E82/G02             F          275,000.00         ZZ
                                         360        275,000.00          2
                                       7.750          1,970.13         69
                                       7.500          1,970.13
    MELROSE          MA   02176          5            03/23/01         00
    0400392445                           05           05/01/01          0
    0400392445                           O            04/01/31
    0

    4540980          163/163             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       7.500          2,349.36         80
                                       7.250          2,349.36
    VIRGINIA BEACH   VA   23452          1            03/09/01         00
    80443135                             05           05/01/01          0
    80443135                             O            04/01/31
    0

    4541148          163/163             F          325,000.00         ZZ
                                         360        324,764.77          1
                                       7.625          2,300.33         85
                                       7.375          2,300.33
    ORLANDO          FL   32835          5            02/28/01         12
    8101548                              03           04/01/01         12
    8101548                              O            03/01/31
    0

1

    4541632          168/168             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       8.000          2,348.05         80
                                       7.750          2,348.05
    ELMHURST         IL   60126          5            03/09/01         00
    0189717092                           05           05/01/01          0
    0189717092                           O            04/01/31
    0

    4541792          168/168             F          130,000.00         ZZ
                                         360        130,000.00          1
                                       8.375            988.09         63
                                       8.125            988.09
    NORTH BABYLON    NY   11703          5            03/14/01         00
    0189727993                           05           05/01/01          0
    0189727993                           O            04/01/31
    0

    4546960          E82/G02             F          107,200.00         ZZ
                                         360        107,200.00          1
                                       7.625            758.75         79
                                       7.375            758.75
    EAST LYME        CT   06333          2            03/26/01         00
    0400382073                           05           05/01/01          0
    1935885                              O            04/01/31
    0

    4546966          E82/G02             F          250,000.00         ZZ
                                         360        250,000.00          1
                                       7.500          1,748.04         79
                                       7.250          1,748.04
    DANA POINT       CA   92624          5            03/22/01         00
    0400399481                           05           05/01/01          0
    0400399481                           O            04/01/31
    0

    4546970          E82/G02             F          160,000.00         ZZ
                                         360        160,000.00          1
                                       8.250          1,202.03         80
                                       8.000          1,202.03
    ORLAND PARK      IL   60462          1            03/30/01         00
    0400406229                           05           05/01/01          0
    0400406229                           O            04/01/31
    0

    4546973          E82/G02             F          180,450.00         ZZ
                                         360        180,450.00          1
                                       7.750          1,292.77         90
                                       7.500          1,292.77
1

    MARLBOROUGH      MA   01752          1            03/30/01         04
    0400398384                           05           05/01/01         25
    0400398384                           N            04/01/31
    0

    4547031          G52/G02             F           85,950.00         ZZ
                                         360         85,950.00          4
                                       8.000            630.67         90
                                       7.750            630.67
    HOBBS            NM   88240          1            03/09/01         10
    0432676245                           05           05/01/01         25
    56500448                             O            04/01/31
    0

    4561777          253/253             F          192,000.00         ZZ
                                         360        192,000.00          1
                                       7.250          1,309.78         66
                                       7.000          1,309.78
    CHAPEL HILL      NC   27516          1            03/15/01         00
    963889                               03           05/01/01          0
    963889                               O            04/01/31
    0

    4568149          E22/G02             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       8.125          2,227.49         76
                                       7.875          2,227.49
    SAN JUAN CAPIST  CA   92675          1            03/15/01         00
    0412456956                           05           05/01/01          0
    0412456956                           N            04/01/31
    0

    4574053          696/G02             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.375          3,453.38         80
                                       7.125          3,453.38
    MIDDLEBURG       VA   20117          1            03/30/01         00
    0432682987                           05           05/01/01          0
    25101070                             O            04/01/31
    0

    4574057          696/G02             F          566,250.00         ZZ
                                         360        566,250.00          1
                                       7.875          4,105.71         75
                                       7.625          4,105.71
    DELAPLANE        VA   20144          1            03/29/01         00
    0432682672                           05           05/01/01          0
    50101038                             O            04/01/31
    0
1

    4574059          696/G02             F          343,500.00         ZZ
                                         360        343,500.00          1
                                       7.750          2,460.88         79
                                       7.500          2,460.88
    ALEXANDRIA       VA   22301          1            03/30/01         00
    0432682862                           05           05/01/01          0
    23101021                             O            04/01/31
    0

    4576480          225/G02             F          464,000.00         ZZ
                                         360        463,696.48          1
                                       8.125          3,445.19         80
                                       7.875          3,445.19
    MILLBRAE         CA   94030          1            02/07/01         00
    0432695476                           05           04/01/01          0
    7235057                              O            03/01/31
    0

    4608969          168/168             F          368,000.00         ZZ
                                         360        368,000.00          1
                                       7.750          2,636.40         71
                                       7.500          2,636.40
    PASADENA         CA   91107          1            03/16/01         00
    0439616476                           05           05/01/01          0
    0439616476                           O            04/01/31
    0

   TOTAL NUMBER OF LOANS   :      1,130

   TOTAL ORIGINAL BALANCE  :   214,401,315.00

   TOTAL PRINCIPAL BALANCE :   214,223,847.97

   TOTAL ORIGINAL P+I      :     1,596,981.36

   TOTAL CURRENT P+I       :     1,596,981.35

                             ***************************
                             *      END OF REPORT      *
                             ***************************

<PAGE>

                                   EXHIBIT TWO

                         SCHEDULE OF DISCOUNT FRACTIONS

Loan Number     Current Balance Net Mortgage Rate  Discount Fraction  PO Balance
4509749 "$125,000.00 "  0.06595 0.057857143     "$7,232.14 "
4494058 "$377,500.00 "  0.06845 0.022142857     "$8,358.93 "
4494114 "$200,000.00 "  0.06845 0.022142857     "$4,428.57 "
4516351 "$296,000.00 "  0.06845 0.022142857     "$6,554.29 "
4516378 "$160,000.00 "  0.06845 0.022142857     "$3,542.86 "
4516390 "$160,750.00 "  0.06845 0.022142857     "$3,559.46 "
4524012 "$268,000.00 "  0.06845 0.022142857     "$5,934.29 "
4530073 "$330,000.00 "  0.06845 0.022142857     "$7,307.14 "
4531849 "$88,000.00 "   0.06845 0.022142857     "$1,948.57 "
4561777 "$192,000.00 "  0.0697  0.004285714     $822.86
4220399 "$499,609.94 "  0.0697  0.004285714     "$2,141.19 "
4531831 "$180,000.00 "  0.0697  0.004285714     $771.43
4463533 "$107,915.75 "  0.0697  0.004285714     $462.50
4419713 "$183,500.00 "  0.0697  0.004285714     $786.43
4419126 "$350,000.00 "  0.0697  0.004285714     "$1,500.00 "
4382469 "$412,425.00 "  0.0697  0.004285714     "$1,767.54 "
4516355 "$420,000.00 "  0.0697  0.004285714     "$1,800.00 "

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

(i) (a) the amount of such distribution to the  Certificateholders of such Class
applied  to  reduce  the  Certificate  Principal  Balance  thereof,  and (b) the
aggregate amount included therein representing Principal Prepayments;

(ii) the amount of such  distribution  to Holders of such Class of  Certificates
allocable to interest;

(iii) if the  distribution  to the Holders of such Class of Certificates is less
than the full amount that would be  distributable  to such Holders if there were
sufficient funds available therefor, the amount of the shortfall;

(iv) the amount of any Advance by the Master Servicer pursuant to Section 4.04;

(v) the number and Pool Stated  Principal  Balance of the  Mortgage  Loans after
giving effect to the distribution of principal on such Distribution Date;

(vi) the aggregate  Certificate  Principal Balance of each Class of Certificates
and each of the Senior Percentage and Subordinate Class Percentage, after giving
effect  to  the  amounts  distributed  on  such  Distribution  Date,  separately
identifying any reduction  thereof due to Realized Losses other than pursuant to
an actual distribution of principal;

(vii) the  related  Subordinate  Principal  Distribution  Amount and  Prepayment
Distribution Percentage, if applicable;

(viii) on the basis of the most recent reports furnished to it by Sub-Servicers,
the  number  and  aggregate  principal  balances  of  Mortgage  Loans  that  are
Delinquent (A) 30-59 days, (B) 60-89 days and (C) 90 or more days and the number
and aggregate principal balance of Mortgage Loans that are in foreclosure;

(ix)  the  number,  aggregate  principal  balance  and  book  value  of any  REO
Properties;

(x) the aggregate  Accrued  Certificate  Interest  remaining unpaid, if any, for
each Class of Certificates, after giving effect to the distribution made on such
Distribution Date;

(xi) the Special  Hazard Amount,  Fraud Loss Amount and Bankruptcy  Amount as of
the close of business on such  Distribution Date and a description of any change
in the calculation of such amounts;

(xii) the weighted  average Pool Strip Rate for such  Distribution  Date and the
Pass-Through  Rate with respect to the Class A-V Certificates and each Subclass,
if any, thereof;

(xiii)  the  Notional  Amount  with  respect  to each  class  of  Interest  Only
Certificates and each Subclass Notional Amount;

(xiv)   the occurrence of the Credit Support Depletion Date;

<PAGE>

(xv) the related Senior Accelerated  Distribution  Percentage applicable to such
distribution;

(xvi)   the related Senior Percentage for such Distribution Date;

(xvii)  the aggregate amount of Realized Losses for such Distribution Date;

(xviii) the aggregate  amount of any recoveries on previously  foreclosed  loans
from  Sellers due to a breach of a  representation  or warranty  assigned to the
Trustee pursuant to Section 2.04;

(xix) the weighted  average  remaining  term to maturity of the  Mortgage  Loans
after giving effect to the amounts distributed on such Distribution Date; and

(xx) the weighted  average  Mortgage  Rates of the  Mortgage  Loans after giving
effect to the amounts distributed on such Distribution Date.

        In the case of  information  furnished  pursuant to clauses (i) and (ii)
above,  the amounts shall be expressed as a dollar amount per Certificate with a
$1,000 denomination.

        The   Trustee's   internet   website   will   initially  be  located  at
http://www-apps.gis.deutsche-bank.com/invr.  Assistance in using the website can
be  obtained  by  calling  the  Trustee's  Shareholder  Relations  desk at (800)
735-7777.  To receive this statement via first class mail, telephone the Trustee
at (800) 735-7777.

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF APRIL 1, 2001

                                                              EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of April 1, 2001

                        Residential Accredit Loans, Inc.
                       Mortgage Asset-Backed Pass-Through Certificates

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

<PAGE>
<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                            PAGE

<S>                                                                                        <C>
Article I         DEFINITIONS...............................................................2

        Section 1.01. Definitions...........................................................2

        Section 1.02. Use of Words and Phrases.............................................30

Article II        CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES..........31

        Section 2.01. Conveyance of Mortgage Loans.........................................31

        Section 2.02. Acceptance by Trustee................................................37

        Section 2.03. Representations, Warranties and Covenants of the Master
               Servicer
               and the Company.............................................................38

        Section 2.04. Representations and Warranties of Sellers............................40

        Section 2.05. Execution and Authentication of Certificates/Issuance of
               Certificates Evidencing Interests in REMIC I Certificates...................41

        Section 2.06. Conveyance of Uncertificated REMIC I and REMIC II Regular
               Interests; Acceptance by the Trustee........................................42

        Section 2.07. Issuance of Certificates Evidencing Interests in REMIC II............42

        Section 2.08. Purposes and Powers of the Trust.....................................42

Article III       ADMINISTRATION AND SERVICING OF MORTGAGE LOANS...........................43

        Section 3.01. Master Servicer to Act as Servicer...................................43

        Section 3.02. Subservicing Agreements Between Master Servicer and
               Subservicers; Enforcement of Subservicers' and Sellers' Obligations.........44

        Section 3.03. Successor Subservicers...............................................45

        Section 3.04. Liability of the Master Servicer.....................................46

        Section 3.05. No Contractual Relationship Between Subservicer and Trustee or
               Certificateholders..........................................................46

        Section 3.06. Assumption or Termination of Subservicing Agreements by Trustee........
               46

        Section 3.07. Collection of Certain Mortgage Loan Payments;  Deposits to
               Custodial Account...........................................................47

        Section 3.08. Subservicing Accounts; Servicing Accounts............................49

        Section 3.09. Access to Certain Documentation and  Information Regarding the
               Mortgage Loans..............................................................50

        Section 3.10. Permitted Withdrawals from the Custodial Account.....................51

                                      i
<PAGE>

        Section 3.11. Maintenance of the Primary Insurance  Policies; Collections
               Thereunder..................................................................53

        Section 3.12. Maintenance of Fire Insurance and  Omissions and Fidelity
               Coverage....................................................................53

        Section 3.13. Enforcement of Due-on-Sale Clauses; Assumption and
               Modification Agreements; Certain Assignments................................55

        Section 3.14. Realization Upon Defaulted Mortgage Loans............................57

        Section 3.15. Trustee to Cooperate; Release of Mortgage Files......................60

        Section 3.16. Servicing and Other Compensation; Compensating Interest..............62

        Section 3.17. Reports to the Trustee and the Company...............................63

        Section 3.18. Annual Statement as to Compliance....................................63

        Section 3.19. Annual Independent Public Accountants' Servicing Report..............63

        Section 3.20. Rights of the Company in Respect of the Master Servicer..............64

        Section 3.21. Administration of Buydown Funds......................................64

Article IV        PAYMENTS TO CERTIFICATEHOLDERS...........................................66

        Section 4.01. Certificate Account..................................................66

        Section 4.02. Distributions........................................................66

        Section 4.03. Statements to Certificateholders.....................................66

        Section 4.04. Distribution of Reports to the Trustee and  the Company;
               Advances by the Master Servicer.............................................67

        Section 4.05. Allocation of Realized Losses........................................69

        Section 4.06. Reports of Foreclosures and Abandonment of Mortgaged Property........69

        Section 4.07. Optional Purchase of Defaulted Mortgage Loans........................69

        Section 4.08. Surety Bond..........................................................69

Article V         THE CERTIFICATES.........................................................71

        Section 5.01. The Certificates.....................................................71

        Section 5.02. Registration of Transfer and Exchange of Certificates................73

        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates....................78

        Section 5.04. Persons Deemed Owners................................................79

        Section 5.05. Appointment of Paying Agent..........................................79

                                        ii
<PAGE>

Article VI        THE COMPANY AND THE MASTER SERVICER......................................80

        Section 6.01. Respective Liabilities of the Company and the Master Servicer........80

        Section 6.02. Merger or Consolidation of the Company or the Master Servicer;
               Assignment of Rights and Delegation of Duties by Master Servicer............80

        Section 6.03. Limitation on Liability of the Company,  the Master Servicer
               and Others..................................................................81

        Section 6.04. Company and Master Servicer Not to Resign............................82

Article VII       DEFAULT..................................................................83

        Section 7.01. Events of Default....................................................83

        Section 7.02. Trustee or Company to Act; Appointment of Successor..................85

        Section 7.03. Notification to Certificateholders...................................86

        Section 7.04. Waiver of Events of Default..........................................86

Article VIII      CONCERNING THE TRUSTEE...................................................87

        Section 8.01. Duties of Trustee....................................................87

        Section 8.02. Certain Matters Affecting the Trustee................................88

        Section 8.03. Trustee Not Liable for Certificates or Mortgage Loans................90

        Section 8.04. Trustee May Own Certificates.........................................90

        Section 8.05. Master Servicer to Pay Trustee's Fees  and Expenses;
               Indemnification.............................................................90

        Section 8.06. Eligibility Requirements for Trustee.................................91

        Section 8.07. Resignation and Removal of the Trustee...............................91

        Section 8.08. Successor Trustee....................................................92

        Section 8.09. Merger or Consolidation of Trustee...................................93

        Section 8.10. Appointment of Co-Trustee or Separate Trustee........................93

        Section 8.11. Appointment of Custodians............................................94

        Section 8.12. Appointment of Office or Agency......................................94

Article IX        TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES.....................96

        Section 9.01. Optional  Purchase by the Master Servicer of All Certificates;
               Termination Upon Purchase by the Master Servicer or Liquidation of All
               Mortgage Loans..............................................................96

                                        iii
<PAGE>

        Section 9.02. Additional Termination Requirements..................................99

        Section 9.03. Termination of Multiple REMICs......................................100

Article X         REMIC PROVISIONS........................................................101

        Section 10.01.REMIC Administration................................................101

        Section 10.02.Master Servicer, REMIC Administrator and Trustee Indemnification....104

        Section 10.03.Designation of REMIC(s).............................................105

Article XI        MISCELLANEOUS PROVISIONS................................................106

        Section 11.01.Amendment...........................................................106

        Section 11.02.Recordation of Agreement; Counterparts..............................108

        Section 11.03.Limitation on Rights of Certificateholders..........................109

        Section 11.04.Governing Law.......................................................109

        Section 11.05.Notices.............................................................110

        Section 11.06.Required Notices to Rating Agency and Subservicer...................110

        Section 11.07.Severability of Provisions..........................................110

        Section 11.08.Supplemental Provisions for Resecuritization........................111

        Section 11.09.Allocation of Voting Rights.........................................111

        Section 11.10.No Petition.........................................................111

                                        iv
<PAGE>

                                    EXHIBITS

Exhibit A:            Form of Class A Certificate
Exhibit B:            Form of Class M Certificate
Exhibit C:            Form of Class B Certificate
Exhibit D:            Form of Class R Certificate
Exhibit E:            Form of Seller/Servicer Contract
Exhibit F:            Forms of Request for Release
Exhibit G-1:          Form of Transfer Affidavit and Agreement
Exhibit G-2:          Form of Transferor Certificate
Exhibit H:            Form of Investor Representation Letter
Exhibit I:            Form of Transferor Representation Letter
Exhibit J:            Form of Rule 144A Investment Representation Letter
Exhibit K:            Text of Amendment to Pooling and Servicing Agreement Pursuant to
                      Section 11.01(e) for a Limited Guaranty
Exhibit L:            Form of Limited Guaranty
Exhibit M:            Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:            Request for Exchange Form

                                        v
</TABLE>

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of April 1, 2001 (the "Standard Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or  "Agreement"),  among  RESIDENTIAL  ACCREDIT  LOANS,  INC., as the
company  (together with its permitted  successors and assigns,  the  "Company"),
RESIDENTIAL FUNDING CORPORATION, as master servicer (together with its permitted
successors  and assigns,  the "Master  Servicer"),  and the trustee named in the
applicable  Series  Supplement  (together  with  its  permitted  successors  and
assigns, the "Trustee").

                             PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  asset-backed  pass-through
certificates  (collectively,  the  "Certificates"),   to  be  issued  under  the
Agreement in multiple  classes,  which in the aggregate will evidence the entire
beneficial ownership interest in the Mortgage Loans.

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

                                       1
<PAGE>

ARTICLE I

                                   DEFINITIONS

Section 1.01.  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

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

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

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

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

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

                                       2
<PAGE>

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property  and other  property of whatever  kind or  description  now existing or
hereafter  acquired  which is  pledged as  security  for the  repayment  of such
Mortgage  Loan,  (ii)  third-party  guarantees,  and (A) all money,  securities,
security entitlements,  accounts, general intangibles,  instruments,  documents,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

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

                                       3
<PAGE>

     Ambac:  Ambac  Assurance  Corporation  (formerly  known as AMBAC  Indemnity
Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds, Curtailments,  Mortgage Loan purchases
made  pursuant  to  Section  2.02,   2.03,   2.04  or  4.07  and  Mortgage  Loan
substitutions  made  pursuant  to Section  2.03 or 2.04  received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master  Servicer has deemed to
have been received in the preceding month in accordance  with Section  3.07(b)),
and Principal  Prepayments in Full made after the related Prepayment Period, and
(ii) payments which represent  early receipt of scheduled  payments of principal
and interest due on a date or dates subsequent to the related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

        Assignment:  An  assignment  of the  Mortgage,  notice  of  transfer  or
equivalent  instrument,  in recordable  form,  sufficient  under the laws of the
jurisdiction  wherein  the related  Mortgaged  Property is located to reflect of
record  the  sale  of the  Mortgage  Loan to the  Trustee  for  the  benefit  of
Certificateholders,   which   assignment,   notice  of  transfer  or  equivalent
instrument  may be in the  form  of one or  more  blanket  assignments  covering
Mortgages  secured  by  Mortgaged  Properties  located  in the same  county,  if
permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date and amounts deposited in the Custodial

                                       4
<PAGE>

Account in connection  with the  substitution of Qualified  Substitute  Mortgage
Loans,  (ii)  the  amount  of any  Advance  made  on the  immediately  preceding
Certificate  Account Deposit Date, (iii) any amount deposited in the Certificate
Account on the related  Certificate  Account Deposit Date pursuant to the second
paragraph  of Section  3.12(a),  (iv) any amount  deposited  in the  Certificate
Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not
permitted to withdraw  from the  Custodial  Account or the  Certificate  Account
pursuant to Section 3.16(e), (vi) any amount received by the Trustee pursuant to
the Surety Bond in respect of such  Distribution  Date and (vii) the proceeds of
any Pledged Assets received by the Master Servicer, reduced by (b) the sum as of
the close of business on the  immediately  preceding  Determination  Date of (w)
aggregate Foreclosure Profits, (x) the Amount Held for Future Distribution,  and
(y) amounts  permitted to be withdrawn by the Master Servicer from the Custodial
Account  in  respect  of  the  Mortgage  Loans  pursuant  to  clauses  (ii)-(x),
inclusive,  of Section 3.10(a).  Such amount shall be determined  separately for
each  Loan  Group.  Additionally,  with  respect  to any  Mortgage  Pool that is
comprised of two or more Loan Groups,  if on any Distribution  Date Compensating
Interest  provided  pursuant  to this  Section  3.16(e) is less than  Prepayment
Interest  Shortfalls incurred on the Mortgage Loans in connection with Principal
Prepayments  in Full and  Curtailments  made in the prior calendar  month,  such
Compensating  Interest  shall  be  allocated  on such  Distribution  Date to the
Available  Distribution  Amount  for each  Loan  Group  on a pro  rata  basis in
accordance with the respective  amounts of such Prepayment  Interest  Shortfalls
incurred  on  the  Mortgage  Loans  in  such  Loan  Group  in  respect  of  such
Distribution Date.

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

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest  under the related  Mortgage  Loan and any  premiums on any  applicable
primary hazard  insurance  policy and any related escrow  payments in respect of
such Mortgage Loan are being advanced on a current basis by the Master  Servicer
or a  Subservicer,  in either case  without  giving  effect to any Debt  Service
Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

                                       5
<PAGE>

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

     Certificate Account Deposit Date: As to any Distribution Date, the Business
Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

        Certificate Insurer: As defined in the Series Supplement.

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

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

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

                                       6
<PAGE>

     (ii) in the  case of each  Accrual  Certificate,  an  amount  equal  to the
          aggregate  Accrued  Certificate  Interest  added  to  the  Certificate
          Principal Balance thereof prior to such date of determination, minus

     (iii)the sum of (x) the  aggregate  of all amounts  previously  distributed
          with respect to such Certificate (or any predecessor  Certificate) and
          applied to reduce the Certificate  Principal  Balance thereof pursuant
          to  Section  4.02(a)  and  (y)  the  aggregate  of all  reductions  in
          Certificate  Principal  Balance  deemed to have occurred in connection
          with  Realized  Losses  which  were   previously   allocated  to  such
          Certificate (or any predecessor Certificate) pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates then outstanding.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

     Class A-P Certificate:  Any one of the  Certificates  designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

                                       7
<PAGE>

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

                                       8
<PAGE>

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

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

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

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

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

                                       9
<PAGE>

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date: As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a corporation if all of its  activities  are subject to tax and,  except for the
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and

                                       10
<PAGE>

"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate

                                       11
<PAGE>

Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

(a)     losses that are of the type that would be covered by the  fidelity  bond
        and the errors and omissions  insurance policy required to be maintained
        pursuant to Section 3.12(b) but are in excess of the coverage maintained
        thereunder;

(b)     nuclear reaction or nuclear radiation or radioactive contamination,  all
        whether  controlled or uncontrolled,  and whether such loss be direct or
        indirect,  proximate  or  remote  or be in whole or in part  caused  by,
        contributed to or aggravated by a peril covered by the definition of the
        term "Special Hazard Loss";

(c)     hostile or warlike action in time of peace or war,  including  action in
        hindering,  combating  or  defending  against  an actual,  impending  or
        expected attack:

     1.   by any government or sovereign  power,  de jure or de facto, or by any
          authority maintaining or using military, naval or air forces; or

     2.   by military, naval or air forces; or

     3.   by an agent of any such government, power, authority or forces;

(d)  any weapon of war employing atomic fission or radioactive  force whether in
     time of peace or war; or

(e)     insurrection,  rebellion, revolution, civil war, usurped power or action
        taken by  governmental  authority in  hindering,  combating or defending
        against such an occurrence,  seizure or destruction  under quarantine or
        customs  regulations,  confiscation by order of any government or public
        authority; or risks of contraband or illegal transportation or trade.

     Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

                                       12
<PAGE>

     FASIT:  A "financial  asset  securitization  investment  trust"  within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch:  Fitch, Inc. or its successor in interest.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

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

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates  then  outstanding  with  the  earliest  priority  for
payments pursuant to Section 4.02(a),  in the following order:  Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans

                                       13
<PAGE>

for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

     Insurer:  Any named  insurer  under  any  Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        Interim Certification:  As defined in Section 2.02.

        International Borrower: In connection with any Mortgage Loan, a borrower
who  is (a) a  United  States  citizen  employed  in a  foreign  country,  (b) a
non-permanent resident alien employed in the United States or (c) a citizen of a
country  other than the United States with income  derived from sources  outside
the United States.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

                                       14
<PAGE>

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02 (a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

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

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.

        MLCC:  Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

                                       15
<PAGE>

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

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

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

     Mortgage Pool: The pool of mortgage  loans,  including all Loan Groups,  if
any, consisting of the Mortgage Loans.

     Mortgage  Rate:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

                                       16
<PAGE>

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

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

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

     Nonsubserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

        Outstanding  Mortgage  Loan:  As  to  any  Due  Date,  a  Mortgage  Loan
(including an REO Property) which was not the subject of a Principal  Prepayment
in Full,  Cash  Liquidation  or REO  Disposition  and which  was not  purchased,
deleted or  substituted  for prior to such Due Date  pursuant  to Section  2.02,
2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

                                       17
<PAGE>

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

(i)     obligations  of or guaranteed as to principal and interest by the United
        States or any agency or  instrumentality  thereof when such  obligations
        are backed by the full faith and credit of the United States;

(ii)    repurchase  agreements on  obligations  specified in clause (i) maturing
        not more than one month from the date of acquisition  thereof,  provided
        that the unsecured  obligations of the party agreeing to repurchase such
        obligations  are at the time rated by each Rating  Agency in its highest
        short-term rating available;

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

(iv)    commercial  paper and demand notes  (having  original  maturities of not
        more than 365 days) of any  corporation  incorporated  under the laws of
        the United States or any state thereof which on the date of  acquisition
        has been rated by each Rating  Agency in its highest  short-term  rating
        available;  provided that such  commercial  paper shall have a remaining
        maturity of not more than 30 days;

                                       18
<PAGE>

(v)  a money  market  fund or a qualified  investment  fund rated by each Rating
     Agency in its highest long-term rating available; and

(vi)    other  obligations  or  securities  that are  acceptable  to each Rating
        Agency as a  Permitted  Investment  hereunder  and will not  reduce  the
        rating assigned to any Class of Certificates by such Rating Agency below
        the lower of the  then-current  rating or the  rating  assigned  to such
        Certificates as of the Closing Date by such Rating Agency,  as evidenced
        in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

     Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.

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

     Pledged Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined  Collateral  LLC, at the direction of or for the benefit of
the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property and other property of whatever kind or description  pledged by Combined
Collateral LLC as security in respect of any Realized  Losses in connection with
such Mortgage  Loan up to the Pledged  Amount for such  Mortgage  Loan,  and any
related  collateral,  or such other collateral as may be set forth in the Series
Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

                                       19
<PAGE>

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
in which that  Distribution  Date occurs and ending on the 15th day of the month
in which such Distribution Date occurs.

     Primary  Insurance  Policy:   Each  primary  policy  of  mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

     Principal  Only  Certificates:  A Class of  Certificates  not  entitled  to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

     Principal  Prepayment  in Full:  Any  Principal  Prepayment  of the  entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

     Program  Guide:  Collectively,  the Client Guide and the Servicer Guide for
Residential Funding's Expanded Criteria Mortgage Program.

                                       20
<PAGE>

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate
               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi)   have a Pool  Strip  Rate  equal to or  greater  than  that of the
               Deleted Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

                                       21
<PAGE>

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

          (a)  as to which a Cash  Liquidation or REO  Disposition has occurred,
               an amount (not less than zero) equal to (i) the Stated  Principal
               Balance of the Mortgage  Loan (or REO Property) as of the date of
               Cash Liquidation or REO Disposition,  plus (ii) interest (and REO
               Imputed  Interest,  if any) at the Net Mortgage Rate from the Due
               Date  as  to  which   interest  was  last  paid  or  advanced  to
               Certificateholders  up to the Due Date in the Due Period  related
               to the  Distribution  Date on which  such  Realized  Loss will be
               allocated  pursuant  to  Section  4.05  on the  Stated  Principal
               Balance  of such  Mortgage  Loan  (or REO  Property)  outstanding
               during  each  Due  Period  that  such  interest  was not  paid or
               advanced,  minus (iii) the proceeds,  if any, received during the
               month  in  which  such  Cash  Liquidation  (or  REO  Disposition)
               occurred,  to the extent applied as recoveries of interest at the
               Net Mortgage Rate and to principal of the Mortgage  Loan,  net of
               the portion  thereof  reimbursable  to the Master Servicer or any
               Subservicer  with  respect to related  Advances or expenses as to
               which  the  Master   Servicer  or   Subservicer  is  entitled  to
               reimbursement  thereunder  but  which  have not  been  previously
               reimbursed,

        (b)    which is the subject of a Servicing Modification,  (i) the amount
               by  which  the  interest  portion  of a  Monthly  Payment  or the
               principal balance of such Mortgage Loan was reduced, and (ii) any
               such amount with  respect to a Monthly  Payment that was or would
               have been due in the  month  immediately  following  the month in
               which  a  Principal  Prepayment  or the  Purchase  Price  of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

                                       22
<PAGE>

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

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

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

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

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related

                                       23
<PAGE>

Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

     Security  Agreement:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     Seller: As to any Mortgage Loan, a Person, including any Subservicer,  that
executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

                                       24
<PAGE>

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

(i)     for any  Distribution  Date after the 60th  Distribution  Date but on or
        prior to the 72nd  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 70% of the related  Subordinate  Percentage
        for such Distribution Date;

(ii)    for any  Distribution  Date after the 72nd  Distribution  Date but on or
        prior to the 84th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 60% of the related  Subordinate  Percentage
        for such Distribution Date;

(iii)   for any  Distribution  Date after the 84th  Distribution  Date but on or
        prior to the 96th  Distribution  Date, the related Senior Percentage for
        such  Distribution Date plus 40% of the related  Subordinate  Percentage
        for such Distribution Date;

(iv)    for any  Distribution  Date after the 96th  Distribution  Date but on or
        prior to the 108th  Distribution Date, the related Senior Percentage for
        such  Distribution Date plus 20% of the related  Subordinate  Percentage
        for such Distribution Date; and

(v)  for any  Distribution  Date  thereafter,  the  Senior  Percentage  for such
     Distribution Date;

provided, however,

        (i) that any scheduled reduction to the Senior Accelerated  Distribution
Percentage  described above shall not occur as of any  Distribution  Date unless
either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the  Subordinate  Certificates,  is less than 50% or (Y) the outstanding
        principal  balance of Mortgage Loans delinquent 60 days or more averaged
        over the last six months,  as a percentage of the aggregate  outstanding
        principal  balance  of all  Mortgage  Loans  averaged  over the last six
        months, does not exceed 2% and (2) Realized Losses on the Mortgage Loans
        to date  for such  Distribution  Date if  occurring  during  the  sixth,
        seventh,  eighth, ninth or tenth year (or any year thereafter) after the
        Closing Date are less than 30%, 35%, 40%, 45% or 50%,  respectively,  of
        the sum of the Initial Certificate Principal Balances of the Subordinate
        Certificates or

                (b)(1)  the  outstanding  principal  balance of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

                                       25
<PAGE>

        (ii) that for any  Distribution  Date on which the Senior  Percentage is
greater  than  the  Senior  Percentage  as  of  the  Closing  Date,  the  Senior
Accelerated  Distribution  Percentage for such  Distribution Date shall be 100%,
or,  if the  Mortgage  Pool is  comprised  of two or more Loan  Groups,  for any
Distribution  Date on which the weighted  average of the Senior  Percentages for
each Loan Group,  weighted on the basis of the Stated Principal  Balances of the
Mortgage  Loans in the related Loan Group,  exceeds the weighted  average of the
initial Senior Percentages  (calculated on such basis) for each Loan Group, each
of the Senior  Accelerated  Distribution  Percentages for such Distribution Date
will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage: As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

     Series: All of the Certificates  issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

     Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

                                       26
<PAGE>

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such  Mortgage  Loan or REO  Property,  in each case which  were  distributed
pursuant to Section 4.02 on any previous Distribution Date, and (c) any Realized
Loss  allocated  to  Certificateholders  with  respect  thereto for any previous
Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the

                                       27
<PAGE>

denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation, the Addendum and Assignment Agreement, dated as of
November 24, 1998, between the Master Servicer and GMAC Mortgage Corporation, as
such agreement may be amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond

                                       28
<PAGE>

covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

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

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

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

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

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

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

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

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

                                       29
<PAGE>

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States Person or U.S.  Person:  (i) A citizen or resident of the
United  States,  (ii) a  corporation,  partnership  or other entity treated as a
corporation  or  partnership  for United  States  federal  income  tax  purposes
organized in or under the laws of the United  States or any state thereof or the
District of Columbia (unless, in the case of a partnership, Treasury regulations
provide  otherwise),  provided that, for purposes solely of the  restrictions on
the transfer of residual interests,  no partnership or other entity treated as a
partnership  for United States federal income tax purposes shall be treated as a
United States  Person or U.S.  Person unless all persons that own an interest in
such partnership  either directly or indirectly through any chain of entities no
one of which is a corporation  for United States federal income tax purposes are
required by the  applicable  operating  agreement to be United  States  Persons,
(iii) an estate the  income of which is  includible  in gross  income for United
States tax purposes, regardless of its source, or (iv) a trust if a court within
the  United   States  is  able  to  exercise   primary   supervision   over  the
administration of the trust and one or more United States persons have authority
to control all substantial decisions of the trust. Notwithstanding the preceding
sentence,  to the extent  provided in Treasury  regulations,  certain  Trusts in
existence on August 20, 1996, and treated as United States persons prior to such
date, that elect to continue to be treated as United States persons will also be
a U.S. Person.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

Section 1.02.  Use of Words and Phrases.

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

                                       30
<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;

                        ORIGINAL ISSUANCE OF CERTIFICATES

Section 2.01.  Conveyance of Mortgage Loans.

(a) The Company,  concurrently  with the  execution  and delivery  hereof,  does
hereby assign to the Trustee without recourse all the right,  title and interest
of the  Company  in and  to the  Mortgage  Loans,  including  all  interest  and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).  In connection  with such transfer and  assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

(b) In connection with such  assignment,  except as set forth in Section 2.01(c)
and subject to Section  2.01(d)  below,  the Company does hereby deliver to, and
deposit with, the Trustee,  or to and with one or more  Custodians,  as the duly
appointed  agent or  agents  of the  Trustee  for such  purpose,  the  following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee,  and showing an unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    The  original  Mortgage,  noting the presence of the MIN of the Mortgage
        Loan and language indicating that the Mortgage Loan is a MOM Loan if the
        Mortgage  Loan is a MOM  Loan,  with  evidence  of  recording  indicated
        thereon or a copy of the Mortgage with  evidence of recording  indicated
        thereon;

(iii)   Unless  the  Mortgage  Loan is  registered  on the  MERS(R)  System,  an
        original  Assignment  of the  Mortgage to the Trustee  with  evidence of
        recording  indicated  thereon or a copy of such assignment with evidence
        of recording indicated thereon;

(iv)    The original recorded  assignment or assignments of the Mortgage showing
        an  unbroken  chain of title from the  originator  thereof to the Person
        assigning  it to the  Trustee  (or to  MERS,  if the  Mortgage  Loan  is
        registered on the MERS(R)  System and noting the presence of a MIN) with
        evidence of recordation noted thereon or attached thereto,  or a copy of
        such  assignment  or  assignments  of  the  Mortgage  with  evidence  of
        recording indicated thereon; and

(v)     The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Mortgage Loan or a copy of each
        modification, assumption agreement or preferred loan agreement.

                                       31
<PAGE>

        and (II) with respect to each Cooperative Loan so assigned:

(i)     The original  Mortgage Note,  endorsed  without recourse to the order of
        the  Trustee  and showing an  unbroken  chain of  endorsements  from the
        originator  thereof to the Person  endorsing it to the Trustee,  or with
        respect to any Destroyed  Mortgage Note, an original lost note affidavit
        from the related Seller or Residential Funding stating that the original
        Mortgage Note was lost, misplaced or destroyed,  together with a copy of
        the related Mortgage Note;

(ii)    A counterpart of the Cooperative Lease and the Assignment of Proprietary
        Lease  to  the  originator  of the  Cooperative  Loan  with  intervening
        assignments  showing an unbroken chain of title from such  originator to
        the Trustee;

(iii)   The related  Cooperative  Stock  Certificate,  representing  the related
        Cooperative  Stock  pledged  with  respect  to  such  Cooperative  Loan,
        together  with an  undated  stock  power (or other  similar  instrument)
        executed in blank;

(iv) The original  recognition  agreement by the Cooperative of the interests of
     the mortgagee with respect to the related Cooperative Loan;

(v)     The Security Agreement;

(vi)    Copies of the original UCC-1 financing  statement,  and any continuation
        statements,  filed by the originator of such Cooperative Loan as secured
        party, each with evidence of recording thereof,  evidencing the interest
        of the  originator  under the Security  Agreement and the  Assignment of
        Proprietary Lease;

(vii)   Copies  of  the  filed  UCC-3   assignments  of  the  security  interest
        referenced in clause (vi) above showing an unbroken  chain of title from
        the originator to the Trustee,  each with evidence of recording thereof,
        evidencing the interest of the originator  under the Security  Agreement
        and the Assignment of Proprietary Lease;

(viii)  An executed assignment of the interest of the originator in the Security
        Agreement, Assignment of Proprietary Lease and the recognition agreement
        referenced in clause (iv) above, showing an unbroken chain of title from
        the originator to the Trustee;

(ix)    The  original of each  modification,  assumption  agreement or preferred
        loan agreement, if any, relating to such Cooperative Loan; and

(x)     An executed UCC-1  financing  statement  showing the Master  Servicer as
        debtor,  the Company as secured party and the Trustee as assignee and an
        executed UCC-1 financing statement showing the Company as debtor and the
        Trustee  as  secured  party,  each  in a  form  sufficient  for  filing,
        evidencing the interest of such debtors in the Cooperative Loans.

(c) The Company may, in lieu of  delivering  the original of the  documents  set
forth in Section  2.01(b)(I)(ii),  (iii), (iv) and (v) and Section  (b)(II)(ii),

                                       32
<PAGE>

(iv), (vii), (ix) and (x) (or copies thereof as permitted by Section 2.01(b)) to
the Trustee or the Custodian or Custodians, deliver such documents to the Master
Servicer, and the Master Servicer shall hold such documents in trust for the use
and benefit of all present and future  Certificateholders  until such time as is
set forth in the next  sentence.  Within  thirty  Business  Days  following  the
earlier  of (i)  the  receipt  of the  original  of  all  of  the  documents  or
instruments set forth in Section 2.01(b)(I)(ii), (iii), (iv) and (v) and Section
(b)(II)(ii),  (iv),  (vii), (ix) and (x) (or copies thereof as permitted by such
Section)  for any  Mortgage  Loan and (ii) a written  request by the  Trustee to
deliver those  documents  with respect to any or all of the Mortgage  Loans then
being held by the Master Servicer,  the Master Servicer shall deliver a complete
set of such documents to the Trustee or the Custodian or Custodians that are the
duly appointed agent or agents of the Trustee.

(d)  Notwithstanding  the provisions of Section 2.01(c),  in connection with any
Mortgage Loan, if the Company  cannot deliver the original of the Mortgage,  any
assignment,  modification,  assumption agreement or preferred loan agreement (or
copy thereof as permitted by Section 2.01(b)) with evidence of recording thereon
concurrently  with the execution and delivery of this Agreement because of (i) a
delay caused by the public  recording  office where such  Mortgage,  assignment,
modification,  assumption  agreement or preferred loan agreement as the case may
be,  has been  delivered  for  recordation,  or (ii) a delay in the  receipt  of
certain information  necessary to prepare the related  assignments,  the Company
shall  deliver  or  cause  to be  delivered  to the  Trustee  or the  respective
Custodian  a  copy  of  such  Mortgage,  assignment,  modification,   assumption
agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation  statements with regard to each financing statement and
assignment  relating to  Cooperative  Loans as to which the related  Cooperative
Apartment is located outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

                                       33
<PAGE>

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

(e) Residential  Funding hereby assigns to the Trustee its security  interest in
and to any Additional Collateral or Pledged Assets, its right to receive amounts
due or to become due in respect of any  Additional  Collateral or Pledged Assets
pursuant to the related  Subservicing  Agreement  and its rights as  beneficiary
under the Surety  Bond in  respect  of any  Additional  Collateral  Loans.  With
respect to any  Additional  Collateral  Loan or Pledged Asset Loan,  Residential
Funding  shall  cause to be filed in the  appropriate  recording  office a UCC-3
statement  giving notice of the assignment of the related  security  interest to
the Trust Fund and shall  thereafter  cause the timely  filing of all  necessary
continuation statements with regard to such financing statements.

(f) It is  intended  that the  conveyance  by the  Company to the Trustee of the
Mortgage  Loans as provided for in this  Section 2.01 be and the  Uncertificated
REMIC Regular Interests,  if any (as provided for in Section 2.06), be construed
as a  sale  by the  Company  to  the  Trustee  of the  Mortgage  Loans  and  any
Uncertificated    REMIC    Regular    Interests   for   the   benefit   of   the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential  Funding,  or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended  that (a) this  Agreement  shall be a  security  agreement  within  the
meaning of  Articles  8 and 9 of the New York  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction; (b) the conveyance
provided  for in Section  2.01 shall be deemed to be, and hereby is, (1) a grant
by the  Company to the Trustee of a security  interest  in all of the  Company's
right (including the power to convey title thereto), title and interest, whether
now owned or  hereafter  acquired,  in and to any and all  general  intangibles,

                                       34
<PAGE>

accounts,  chattel  paper,  instruments,  documents,  money,  deposit  accounts,
certificates  of  deposit,  goods,  letters  of  credit,  advices  of credit and
investment  property  and other  property of whatever  kind or  description  now
existing or hereafter acquired consisting of, arising from or relating to any of
the  following:  (A) the  Mortgage  Loans,  including  (i) with  respect to each
Cooperative Loan, the related Mortgage Note, Security  Agreement,  Assignment of
Proprietary  Lease,  Cooperative Stock  Certificate and Cooperative  Lease, (ii)
with respect to each Mortgage Loan other than a  Cooperative  Loan,  the related
Mortgage  Note and  Mortgage,  and (iii) any  insurance  policies  and all other
documents in the related  Mortgage File, (B) all amounts payable pursuant to the
Mortgage  Loans in accordance  with the terms  thereof,  (C) any  Uncertificated
REMIC  Regular  Interests and (D) all proceeds of the  conversion,  voluntary or
involuntary,  of the  foregoing  into  cash,  instruments,  securities  or other
property,  including  without  limitation  all amounts from time to time held or
invested in the  Certificate  Account or the Custodial  Account,  whether in the
form of cash, instruments, securities or other property and (2) an assignment by
the  Company  to the  Trustee  of  any  security  interest  in  any  and  all of
Residential Funding's right (including the power to convey title thereto), title
and interest,  whether now owned or hereafter  acquired,  in and to the property
described  in the  foregoing  clauses  (1)(A),  (B),  (C)  and  (D)  granted  by
Residential Funding to the Company pursuant to the Assignment Agreement; (c) the
possession  by the Trustee,  the  Custodian or any other agent of the Trustee of
Mortgage Notes or such other items of property as constitute instruments, money,
negotiable documents,  goods, letters of credit,  advices of credit,  investment
property,  certificated  securities  or  chattel  paper  shall be  deemed  to be
"possession  by the secured  party," or  possession  by a purchaser  or a person
designated  by such  secured  party,  for  purposes of  perfecting  the security
interest  pursuant  to the  Minnesota  Uniform  Commercial  Code and the Uniform
Commercial Code of any other  applicable  jurisdiction as in effect  (including,
without  limitation,   Sections  8-106,  9-305  and  9-115  thereof);   and  (d)
notifications to persons holding such property, and acknowledgments, receipts or
confirmations from persons holding such property,  shall be deemed notifications
to,   or   acknowledgments,   receipts   or   confirmations   from,   securities
intermediaries, bailees or agents of, or persons holding for (as applicable) the
Trustee for the purpose of perfecting  such security  interest under  applicable
law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements  as may be  occasioned  by (1) any  change  of  name  of  Residential
Funding, the Company or the Trustee (such preparation and filing shall be at the
expense of the Trustee,  if occasioned by a change in the Trustee's  name),  (2)
any change of location of the place of business or the chief executive office of
Residential  Funding  or the  Company,  (3)  any  transfer  of any  interest  of
Residential  Funding or the Company in any Mortgage  Loan or (4) any transfer of

                                       35
<PAGE>

any interest of Residential  Funding or the Company in any Uncertificated  REMIC
Regular Interest.

(g) The Master  Servicer  hereby  acknowledges  the receipt by it of the Initial
Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial  Monthly
Payment Fund in the  Custodial  Account and shall  include such Initial  Monthly
Payment Fund in the Available  Distribution Amount for the initial  Distribution
Date.  Notwithstanding  anything  herein to the  contrary,  the Initial  Monthly
Payment Fund shall not be an asset of any REMIC.  To the extent that the Initial
Monthly Payment Fund constitutes a reserve fund for federal income tax purposes,
(1) it shall be an outside  reserve  fund and not an asset of any REMIC,  (2) it
shall be owned by the Seller  and (3)  amounts  transferred  by any REMIC to the
Initial  Monthly  Payment Fund shall be treated as  transferred to the Seller or
any  successor,  all within the meaning of Section  1.860G-2(h)  of the Treasury
Regulations.

(h) The Company agrees that the sale of each Pledged Asset Loan pursuant to this
Agreement will also constitute the assignment, sale, setting-over,  transfer and
conveyance  to the  Trustee,  without  recourse  (but  subject to the  Company's
covenants,  representations and warranties specifically provided herein), of all
of the Company's  obligations and all of the Company's right, title and interest
in, to and under,  whether now  existing or  hereafter  acquired as owner of the
Mortgage  Loan with  respect to all money,  securities,  security  entitlements,
accounts, general intangibles,  instruments, documents, certificates of deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever kind or  description  consisting of, arising from or related to (i) the
Assigned Contracts, (ii) all rights, powers and remedies of the Company as owner
of such  Mortgage  Loan  under or in  connection  with the  Assigned  Contracts,
whether arising under the terms of such Assigned  Contracts,  by statute, at law
or in equity,  or otherwise arising out of any default by the Mortgagor under or
in connection with the Assigned Contracts,  including all rights to exercise any
election  or  option  or to make any  decision  or  determination  or to give or
receive any notice, consent,  approval or waiver thereunder,  (iii) all security
interests  in and lien of the  Company  as owner  of such  Mortgage  Loan in the
Pledged  Amounts and all money,  securities,  security  entitlements,  accounts,
general   intangibles,   instruments,   documents,   certificates   of  deposit,
commodities  contracts,  and other  investment  property  and other  property of
whatever  kind or  description  and all cash and non-cash  proceeds of the sale,
exchange,  or  redemption  of,  and all stock or  conversion  rights,  rights to
subscribe,  liquidation  dividends or preferences,  stock  dividends,  rights to
interest, dividends, earnings, income, rents, issues, profits, interest payments
or  other  distributions  of cash or  other  property  that is  credited  to the
Custodial  Account,  (iv)  all  documents,  books  and  records  concerning  the
foregoing  (including  all computer  programs,  tapes,  disks and related  items
containing  any such  information)  and (v) all  insurance  proceeds  (including
proceeds  from the  Federal  Deposit  Insurance  Corporation  or the  Securities
Investor  Protection  Corporation or any other insurance  company) of any of the
foregoing  or  replacements  thereof  or  substitutions  therefor,  proceeds  of
proceeds and the  conversion,  voluntary  or  involuntary,  of any thereof.  The
foregoing transfer,  sale,  assignment and conveyance does not constitute and is
not intended to result in the creation,  or an assumption by the Trustee, of any
obligation of the Company,  or any other person in  connection  with the Pledged
Assets or under any  agreement or  instrument  relating  thereto,  including any
obligation to the Mortgagor, other than as owner of the Mortgage Loan.

                                       36
<PAGE>

Section 2.02.  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(i)  above  (except  that for  purposes of such  acknowledgement  only, a
Mortgage  Note may be endorsed in blank) and declares that it, or a Custodian as
its  agent,  holds  and  will  hold  such  documents  and  the  other  documents
constituting a part of the Mortgage Files delivered to it, or a Custodian as its
agent, and the rights of Residential Funding with respect to any Pledged Assets,
Additional  Collateral  and the Surety Bond assigned to the Trustee  pursuant to
Section  2.01,  in trust  for the use and  benefit  of all  present  and  future
Certificateholders.  The Trustee or Custodian (such Custodian being so obligated
under a Custodial Agreement) agrees, for the benefit of  Certificateholders,  to
review each Mortgage File delivered to it pursuant to Section  2.01(b) within 45
days  after  the  Closing  Date  to  ascertain   that  all  required   documents
(specifically as set forth in Section 2.01(b)), have been executed and received,
and that such documents  relate to the Mortgage Loans identified on the Mortgage
Loan Schedule, as supplemented, that have been conveyed to it, and to deliver to
the Trustee a certificate (the "Interim  Certification")  to the effect that all
documents  required to be delivered  pursuant to Section 2.01(b) above have been
executed  and  received and that such  documents  relate to the  Mortgage  Loans
identified on the Mortgage Loan Schedule,  except for any  exceptions  listed on
Schedule A attached to such Interim Certification. Upon delivery of the Mortgage
Files by the  Company or the Master  Servicer,  the  Trustee  shall  acknowledge
receipt (or, with respect to Mortgage  Loans  subject to a Custodial  Agreement,
and based  solely upon a receipt or  certification  executed  by the  Custodian,
receipt by the respective  Custodian as the duly appointed agent of the Trustee)
of the documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account  maintained  by it pursuant  to Section  3.07 and,  upon  receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without  recourse,  as shall be necessary to vest in the Seller or its
designee or the  Subservicer  or its designee,  as the case may be, any Mortgage
Loan released  pursuant  hereto and  thereafter  such Mortgage Loan shall not be
part of the Trust Fund. In furtherance of the foregoing,  if the  Subservicer or

                                       37
<PAGE>

Seller  that  repurchases  the  Mortgage  Loan is not a  member  of MERS and the
Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at its own
expense and without any right of reimbursement,  shall cause MERS to execute and
deliver an  assignment  of the  Mortgage  in  recordable  form to  transfer  the
Mortgage from MERS to such  Subservicer  or Seller and shall cause such Mortgage
to be removed from  registration  on the MERS(R) System in accordance with MERS'
rules and  regulations.  It is understood  and agreed that the obligation of the
Seller  or the  Subservicer,  as the case  may be,  to so cure or  purchase  any
Mortgage  Loan as to which a material  and  adverse  defect in or  omission of a
constituent  document  exists shall  constitute the sole remedy  respecting such
defect or omission available to  Certificateholders  or the Trustee on behalf of
the Certificateholders.

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

(a) The Master  Servicer  hereby  represents and warrants to the Trustee for the
benefit of the Certificateholders that:

(i)     The Master Servicer is a corporation  duly organized,  validly  existing
        and in good standing under the laws governing its creation and existence
        and is or will be in compliance with the laws of each state in which any
        Mortgaged  Property  is located to the  extent  necessary  to ensure the
        enforceability  of each Mortgage  Loan in  accordance  with the terms of
        this Agreement;

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

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

(iv)    The  Master  Servicer  is not in  default  with  respect to any order or
        decree of any court or any order,  regulation  or demand of any federal,
        state,  municipal  or  governmental  agency,  which  default  might have
        consequences  that would  materially and adversely  affect the condition
        (financial  or  other)  or  operations  of the  Master  Servicer  or its
        properties or might have  consequences  that would materially  adversely
        affect its performance hereunder;

                                       38
<PAGE>

(v)     No  litigation  is  pending  or,  to the best of the  Master  Servicer's
        knowledge,  threatened  against the Master Servicer which would prohibit
        its entering into this  Agreement or performing  its  obligations  under
        this Agreement;

(vi)    The  Master  Servicer  will  comply  in  all  material  respects  in the
        performance of this Agreement with all reasonable rules and requirements
        of each insurer under each Required Insurance Policy;

(vii)   No  information,  certificate  of an  officer,  statement  furnished  in
        writing or report delivered to the Company, any Affiliate of the Company
        or the Trustee by the Master  Servicer  will,  to the  knowledge  of the
        Master Servicer, contain any untrue statement of a material fact or omit
        a  material  fact  necessary  to  make  the  information,   certificate,
        statement or report not misleading;
(viii)  The Master  Servicer has examined each  existing,  and will examine each
        new,  Subservicing  Agreement  and is or will be familiar with the terms
        thereof.  The terms of each  existing  Subservicing  Agreement  and each
        designated Subservicer are acceptable to the Master Servicer and any new
        Subservicing Agreements will comply with the provisions of Section 3.02;
        and

(ix)    The  Master  Servicer  is a member  of MERS in good  standing,  and will
        comply in all material respects with the rules and procedures of MERS in
        connection  with the servicing of the Mortgage Loans that are registered
        with MERS.

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

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master Servicer to cure such breach
or to so purchase such Mortgage Loan shall constitute the sole remedy in respect
of a breach of a  representation  and warranty set forth in this Section 2.03(a)
available   to  the   Certificateholders   or  the  Trustee  on  behalf  of  the
Certificateholders.

(b)  Representations and warranties relating to the Mortgage Loans are set forth
in Section 2.03(b) of the Series Supplement.

                                       39
<PAGE>

Section 2.04.  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's Agreement applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment of the Mortgage in recordable  form, if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage Loan for such month and thereafter  Residential Funding shall
be entitled to retain all amounts  received in respect of such Deleted  Mortgage
Loan.  The Master  Servicer shall amend or cause to be amended the Mortgage Loan
Schedule,  and, if the Deleted  Mortgage Loan was a Discount  Mortgage Loan, the
Schedule of Discount  Fractions,  for the benefit of the  Certificateholders  to
reflect the removal of such Deleted  Mortgage Loan and the  substitution  of the
Qualified  Substitute  Mortgage  Loan or Loans  and the  Master  Servicer  shall
deliver the amended  Mortgage Loan Schedule,  and, if the Deleted  Mortgage Loan
was a Discount Mortgage Loan, the amended Schedule of Discount Fractions, to the
Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans
shall be subject to the terms of this  Agreement  and the  related  Subservicing

                                       40
<PAGE>

Agreement in all respects,  the related  Seller shall be deemed to have made the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

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

               As provided in Section 2.05 of the Series Supplement.

                                       41
<PAGE>

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

               As provided in Section 2.06 of the Series Supplement.

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

               As provided in Section 2.07 of the Series Supplement.

Section 2.08.  Purposes and Powers of the Trust.

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

(a)  to sell the Certificates to the Company in exchange for the Mortgage Loans;

(b)     to enter into and perform its obligations under this Agreement;

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

(d)  subject  to  compliance  with  this  Agreement,  to  engage  in such  other
     activities as may be required in connection with  conservation of the Trust
     Fund and the making of distributions to the Certificateholders.

               The  trust  is  hereby  authorized  to  engage  in the  foregoing
activities. Notwithstanding the provisions of Section 11.01, the trust shall not
engage in any activity other than in connection with the foregoing or other than
as required or authorized by the terms of this Agreement  while any  Certificate
is outstanding, and this Section 2.08 may not be amended, without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                       42
<PAGE>

ARTICLE III

<PAGE>

                          ADMINISTRATION AND SERVICING

                                OF MORTGAGE LOANS

Section 3.01.  Master Servicer to Act as Servicer.

(a) The Master  Servicer  shall  service and  administer  the Mortgage  Loans in
accordance  with the terms of this Agreement and the  respective  Mortgage Loans
and shall have full power and authority, acting alone or through Subservicers as
provided in Section 3.02,  to do any and all things which it may deem  necessary
or desirable in  connection  with such  servicing  and  administration.  Without
limiting the generality of the foregoing, the Master Servicer in its own name or
in the name of a Subservicer  is hereby  authorized and empowered by the Trustee
when the Master  Servicer or the  Subservicer,  as the case may be,  believes it
appropriate  in its best  judgment,  to execute  and  deliver,  on behalf of the
Certificateholders  and the Trustee or any of them,  any and all  instruments of
satisfaction or cancellation,  or of partial or full release or discharge, or of
consent to assumption or modification in connection with a proposed  conveyance,
or of  assignment  of any  Mortgage  and Mortgage  Note in  connection  with the
repurchase  of a Mortgage  Loan and all other  comparable  instruments,  or with
respect to the  modification  or  re-recording  of a Mortgage for the purpose of
correcting the Mortgage,  the subordination of the lien of the Mortgage in favor
of a public utility company or government  agency or unit with powers of eminent
domain,  the  taking  of a  deed  in  lieu  of  foreclosure,  the  commencement,
prosecution  or  completion  of  judicial  or  non-judicial   foreclosure,   the
conveyance of a Mortgaged  Property to the related  Insurer,  the acquisition of
any property  acquired by  foreclosure  or deed in lieu of  foreclosure,  or the
management,  marketing and conveyance of any property acquired by foreclosure or
deed in lieu of foreclosure  with respect to the Mortgage Loans and with respect
to the Mortgaged  Properties.  The Master  Servicer  further is  authorized  and
empowered by the Trustee, on behalf of the  Certificateholders  and the Trustee,
in its own name or in the name of the  Subservicer,  when the Master Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment to register  any  Mortgage  Loan on the  MERS(R)  System,  or cause the
removal from the  registration  of any Mortgage Loan on the MERS(R)  System,  to
execute and deliver, on behalf of the Trustee and the  Certificateholders or any
of them, any and all instruments of assignment and other comparable  instruments
with respect to such  assignment  or  re-recording  of a Mortgage in the name of
MERS,  solely as nominee for the Trustee and its  successors  and  assigns.  Any
expenses  incurred in  connection  with the actions  described in the  preceding
sentence  shall be borne by the  Master  Servicer  in  accordance  with  Section
3.16(c), with no right of reimbursement;  provided, that if, as a result of MERS
discontinuing  or becoming unable to continue  operations in connection with the
MERS System,  it becomes necessary to remove any Mortgage Loan from registration
on the MERS System and to arrange for the assignment of the related Mortgages to
the  Trustee,  then any related  expenses  shall be  reimbursable  to the Master
Servicer.  Notwithstanding the foregoing, subject to Section 3.07(a), the Master
Servicer  shall not permit any  modification  with respect to any Mortgage  Loan
that would both  constitute a sale or exchange of such  Mortgage Loan within the
meaning  of  Section  1001 of the  Code  and any  proposed,  temporary  or final
regulations  promulgated  thereunder  (other than in connection  with a proposed
conveyance  or  assumption  of such Mortgage Loan that is treated as a Principal

                                       43
<PAGE>

Prepayment  in Full  pursuant  to Section  3.13(d)  hereof)  and cause any REMIC
formed under the Series Supplement to fail to qualify as a REMIC under the Code.
The Trustee  shall  furnish the Master  Servicer with any powers of attorney and
other  documents  necessary  or  appropriate  to enable the Master  Servicer  to
service and administer the Mortgage  Loans.  The Trustee shall not be liable for
any action  taken by the Master  Servicer  or any  Subservicer  pursuant to such
powers of attorney.  In servicing and administering any Nonsubserviced  Mortgage
Loan,  the Master  Servicer  shall,  to the extent  not  inconsistent  with this
Agreement,  comply with the Program  Guide as if it were the  originator of such
Mortgage Loan and had retained the servicing  rights and  obligations in respect
thereof.  In connection with servicing and administering the Mortgage Loans, the
Master  Servicer  and any  Affiliate  of the  Master  Servicer  (i) may  perform
services such as  appraisals  and  brokerage  services that are not  customarily
provided by servicers  of mortgage  loans,  and shall be entitled to  reasonable
compensation  therefor in accordance  with Section 3.10 and (ii) may, at its own
discretion and on behalf of the Trustee,  obtain credit  information in the form
of a "credit score" from a credit repository.

(b) All costs incurred by the Master  Servicer or by  Subservicers  in effecting
the timely payment of taxes and  assessments  on the  properties  subject to the
Mortgage Loans shall not, for the purpose of calculating  monthly  distributions
to the  Certificateholders,  be added to the  amount  owing  under  the  related
Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so permit,
and  such  costs  shall  be  recoverable  to the  extent  permitted  by  Section
3.10(a)(ii).

(c) The Master Servicer may enter into one or more agreements in connection with
the offering of pass-through certificates evidencing interests in one or more of
the  Certificates  providing  for the payment by the Master  Servicer of amounts
received by the Master Servicer as servicing compensation hereunder and required
to cover certain  Prepayment  Interest  Shortfalls on the Mortgage Loans,  which
payment  obligation  will  thereafter be an  obligation  of the Master  Servicer
hereunder.

Section 3.02.  Subservicing Agreements Between Master Servicer and Subservicers;
     Enforcement of Subservicers' and Sellers' Obligations.

(a) The Master Servicer may continue in effect  Subservicing  Agreements entered
into by Residential Funding and Subservicers prior to the execution and delivery
of  this  Agreement,  and  may  enter  into  new  Subservicing  Agreements  with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer

                                       44
<PAGE>

may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

(b) As part of its servicing activities hereunder,  the Master Servicer, for the
benefit of the Trustee and the Certificateholders, shall use its best reasonable
efforts  to  enforce  the  obligations  of each  Subservicer  under the  related
Subservicing  Agreement and of each Seller under the related Seller's  Agreement
insofar as the  Company's  rights with respect to Seller's  obligation  has been
assigned to the Trustee hereunder, to the extent that the non-performance of any
such Seller's  obligation would have a material and adverse effect on a Mortgage
Loan, including,  without limitation, the obligation to purchase a Mortgage Loan
on account of  defective  documentation,  as described  in Section  2.02,  or on
account of a breach of a  representation  or  warranty,  as described in Section
2.04. Such enforcement,  including, without limitation, the legal prosecution of
claims,  termination  of  Subservicing  Agreements  or Seller's  Agreements,  as
appropriate,  and the pursuit of other  appropriate  remedies,  shall be in such
form and carried  out to such an extent and at such time as the Master  Servicer
would employ in its good faith business  judgment and which are normal and usual
in its general mortgage servicing activities.  The Master Servicer shall pay the
costs of such enforcement at its own expense,  and shall be reimbursed  therefor
only (i) from a general recovery  resulting from such enforcement to the extent,
if any,  that such  recovery  exceeds  all amounts due in respect of the related
Mortgage Loan or (ii) from a specific  recovery of costs,  expenses or attorneys
fees against the party against whom such  enforcement is directed.  For purposes
of clarification  only, the parties agree that the foregoing is not intended to,
and does not,  limit the  ability of the Master  Servicer to be  reimbursed  for
expenses  that are incurred in  connection  with the  enforcement  of a Seller's
obligations  (insofar  as the  Company's  rights with  respect to such  Seller's
obligations  have been assigned to the Trustee  hereunder) and are  reimbursable
pursuant to Section 3.10(a)(viii).

Section 3.03.  Successor Subservicers.

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master

                                       45
<PAGE>

Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

Section 3.04.  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and  conditions as if the Master
Servicer alone were servicing and  administering  the Mortgage Loans. The Master
Servicer  shall be entitled to enter into any agreement  with a  Subservicer  or
Seller for  indemnification of the Master Servicer and nothing contained in this
Agreement shall be deemed to limit or modify such indemnification.

Section 3.05.  No Contractual Relationship Between Subservicer and
                      Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

Section 3.06.  Assumption or Termination of Subservicing Agreements by Trustee.

(a) If the Master Servicer shall for any reason no longer be the master servicer
(including by reason of an Event of Default),  the Trustee,  its designee or its
successor shall thereupon assume all of the rights and obligations of the Master
Servicer under each Subservicing  Agreement that may have been entered into. The
Trustee,  its designee or the successor servicer for the Trustee shall be deemed
to have  assumed  all of the  Master  Servicer's  interest  therein  and to have
replaced  the Master  Servicer as a party to the  Subservicing  Agreement to the
same extent as if the  Subservicing  Agreement had been assigned to the assuming
party  except  that the Master  Servicer  shall not  thereby be  relieved of any
liability or obligations under the Subservicing Agreement.

(b) The Master Servicer shall, upon request of the Trustee but at the expense of
the Master  Servicer,  deliver to the assuming  party all  documents and records
relating  to each  Subservicing  Agreement  and the  Mortgage  Loans  then being
serviced and an accounting of amounts collected and held by it and otherwise use
its  best  efforts  to  effect  the  orderly  and  efficient  transfer  of  each
Subservicing Agreement to the assuming party.

                                       46
<PAGE>

Section 3.07.  Collection of Certain Mortgage Loan Payments;
                      Deposits to Custodial Account.

(a) The Master  Servicer shall make  reasonable  efforts to collect all payments
called for under the terms and provisions of the Mortgage  Loans,  and shall, to
the extent such procedures shall be consistent with this Agreement and the terms
and provisions of any related Primary Insurance  Policy,  follow such collection
procedures as it would employ in its good faith business  judgment and which are
normal and usual in its general mortgage servicing  activities.  Consistent with
the  foregoing,  the Master  Servicer may in its  discretion  (i) waive any late
payment charge or any prepayment  charge or penalty  interest in connection with
the  prepayment of a Mortgage Loan and (ii) extend the Due Date for payments due
on a Mortgage Loan in accordance with the Program Guide; provided, however, that
the Master Servicer shall first determine that any such waiver or extension will
not impair the coverage of any related  Primary  Insurance  Policy or materially
adversely  affect  the lien of the  related  Mortgage.  In the event of any such
arrangement,  the Master  Servicer  shall make  timely  advances  on the related
Mortgage Loan during the scheduled  period in accordance  with the  amortization
schedule of such  Mortgage Loan without  modification  thereof by reason of such
arrangements  unless  otherwise  agreed  to by the  Holders  of the  Classes  of
Certificates affected thereby;  provided,  however, that no such extension shall
be made if any such advance would be a Nonrecoverable  Advance.  Consistent with
the terms of this Agreement,  the Master Servicer may also waive, modify or vary
any  term  of any  Mortgage  Loan  or  consent  to the  postponement  of  strict
compliance with any such term or in any manner grant indulgence to any Mortgagor
if  in  the  Master   Servicer's   determination   such  waiver,   modification,
postponement  or  indulgence is not  materially  adverse to the interests of the
Certificateholders  (taking into account any estimated  Realized Loss that might
result absent such action); provided,  however, that the Master Servicer may not
modify  materially  or permit  any  Subservicer  to modify  any  Mortgage  Loan,
including  without  limitation any  modification  that would change the Mortgage
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the  liquidation of the related  Mortgage Loan or except in connection with
prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan), or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; and provided, further, that no
such  modification  shall reduce the interest  rate on a Mortgage Loan below the
sum of the Pool Strip Rate and the sum of the rates at which the  Servicing  Fee
and the  Subservicing  Fee  with  respect  to such  Mortgage  Loan  accrues.  In
connection with any Curtailment of a Mortgage Loan, the Master Servicer,  to the
extent not  inconsistent  with the terms of the Mortgage  Note and local law and
practice,  may permit the Mortgage Loan to be reamortized  such that the Monthly
Payment is  recalculated  as an amount that will fully  amortize  the  remaining
Stated  Principal  Balance  thereof by the original  Maturity  Date based on the
original  Mortgage  Rate;  provided,  that  such  re-amortization  shall  not be
permitted if it would  constitute a reissuance  of the Mortgage Loan for federal
income  tax  purposes,  except  if such  reissuance  is  described  in  Treasury
Regulation Section 1.860G-2(b)(3).

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

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<PAGE>

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

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

(iii)Insurance  Proceeds and Liquidation  Proceeds (net of any related  expenses
     of the Subservicer);

(iv)    All proceeds of any Mortgage Loans  purchased  pursuant to Section 2.02,
        2.03,  2.04  or  4.07  and  all  amounts  required  to be  deposited  in
        connection with the substitution of a Qualified Substitute Mortgage Loan
        pursuant to Section 2.03 or 2.04;

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

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

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

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

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

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

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<PAGE>

(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

(c) The Master  Servicer  shall use its best  efforts  to cause the  institution
maintaining the Custodial  Account to invest the funds in the Custodial  Account
attributable to the Mortgage Loans in Permitted  Investments  which shall mature
not later than the  Certificate  Account Deposit Date next following the date of
such investment (with the exception of the Amount Held for Future  Distribution)
and which shall not be sold or disposed of prior to their maturities. All income
and gain  realized  from any such  investment  shall be for the  benefit  of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal  or order from time to time.  The amount of any  losses  incurred  in
respect of any such  investments  attributable  to the  investment of amounts in
respect of the Mortgage Loans shall be deposited in the Custodial Account by the
Master Servicer out of its own funds  immediately as realized  without any right
of reimbursement.

(d) The Master  Servicer shall give notice to the Trustee and the Company of any
change  in the  location  of the  Custodial  Account  and  the  location  of the
Certificate Account prior to the use thereof.

Section 3.08.  Subservicing Accounts; Servicing Accounts.

(a) In those cases where a Subservicer  is servicing a Mortgage Loan pursuant to
a  Subservicing  Agreement,  the Master  Servicer  shall cause the  Subservicer,
pursuant to the  Subservicing  Agreement,  to establish and maintain one or more
Subservicing  Accounts which shall be an Eligible Account or, if such account is
not an Eligible Account, shall generally satisfy the requirements of the Program
Guide and be otherwise acceptable to the Master Servicer and each Rating Agency.
The  Subservicer  will be  required  thereby  to deposit  into the  Subservicing
Account  on a daily  basis  all  proceeds  of  Mortgage  Loans  received  by the
Subservicer,  less its Subservicing Fees and unreimbursed advances and expenses,
to the extent  permitted  by the  Subservicing  Agreement.  If the  Subservicing
Account is not an Eligible Account,  the Master Servicer shall be deemed to have
received such monies upon receipt  thereof by the  Subservicer.  The Subservicer
shall not be  required  to  deposit  in the  Subservicing  Account  payments  or
collections  in the nature of  prepayment  charges or late charges or assumption
fees.  On or before the date  specified  in the Program  Guide,  but in no event
later  than  the  Determination  Date,  the  Master  Servicer  shall  cause  the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

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<PAGE>

(b)  The  Subservicer  may  also  be  required,  pursuant  to  the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such  Curtailment to the first day of the following month. Any amounts paid by a
Subservicer  pursuant to the preceding  sentence shall be for the benefit of the
Master Servicer as additional servicing compensation and shall be subject to its
withdrawal or order from time to time pursuant to Sections 3.10(a)(iv) and (v).

(c) In addition to the Custodial Account and the Certificate Account, the Master
Servicer  shall  for any  Nonsubserviced  Mortgage  Loan,  and  shall  cause the
Subservicers  for Subserviced  Mortgage Loans to,  establish and maintain one or
more Servicing  Accounts and deposit and retain therein all collections from the
Mortgagors   (or  advances  from   Subservicers)   for  the  payment  of  taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

(d) The Master Servicer shall advance the payments  referred to in the preceding
subsection  that  are not  timely  paid by the  Mortgagors  or  advanced  by the
Subservicers  on the date when the tax,  premium  or other  cost for which  such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

Section 3.09.  Access to Certain Documentation and
                      Information Regarding the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the

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<PAGE>

supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

Section 3.10.  Permitted Withdrawals from the Custodial Account.

(a) The  Master  Servicer  may,  from  time to time  as  provided  herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

(i)  to make  deposits  into the  Certificate  Account in the amounts and in the
     manner provided for in Section 4.01;

(ii) to reimburse itself or the related Subservicer for previously  unreimbursed
     advances or expenses made pursuant to Sections 3.01,  3.07(a),  3.08, 3.11,
     3.12(a),  3.14 and 4.04 or otherwise  reimbursable pursuant to the terms of
     this Agreement,  such withdrawal right being limited to amounts received on
     particular  Mortgage  Loans  (including,  for this  purpose,  REO Proceeds,
     Insurance Proceeds,  Liquidation Proceeds and proceeds from the purchase of
     a  Mortgage  Loan  pursuant  to Section  2.02,  2.03,  2.04 or 4.07)  which
     represent  (A) Late  Collections  of  Monthly  Payments  for which any such
     advance was made in the case of Subservicer  Advances or Advances  pursuant
     to  Section  4.04 and (B)  recoveries  of  amounts in respect of which such
     advances were made in the case of Servicing Advances;

(iii)to pay to itself or the related  Subservicer (if not previously retained by
     such  Subservicer)  out of each payment  received by the Master Servicer on
     account of interest on a Mortgage Loan as contemplated by Sections 3.14 and
     3.16, an amount equal to that  remaining  portion of any such payment as to
     interest (but not in excess of the Servicing Fee and the Subservicing  Fee,
     if not  previously  retained)  which,  when  deducted,  will  result in the
     remaining  amount of such interest  being interest at the Net Mortgage Rate
     (or Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan) on
     the amount specified in the  amortization  schedule of the related Mortgage
     Loan as the  principal  balance  thereof  at the  beginning  of the  period
     respecting which such interest was paid after giving effect to any previous
     Curtailments;

(iv) to pay to itself as  additional  servicing  compensation  any  interest  or
     investment  income  earned  on funds  and other  property  deposited  in or
     credited to the Custodial  Account that it is entitled to withdraw pursuant
     to Section 3.07(c);

(v)  to pay to itself  as  additional  servicing  compensation  any  Foreclosure
     Profits,  any amounts  remitted by  Subservicers  as interest in respect of
     Curtailments  pursuant  to  Section  3.08(b),  and  any  amounts  paid by a
     Mortgagor in connection  with a Principal  Prepayment in Full in respect of
     interest for any period during the calendar  month in which such  Principal
     Prepayment in Full is to be distributed to the Certificateholders;

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<PAGE>

(vi)    to pay to itself,  a Subservicer,  a Seller,  Residential  Funding,  the
        Company  or any  other  appropriate  Person,  as the case  may be,  with
        respect to each  Mortgage Loan or property  acquired in respect  thereof
        that has been  purchased  or otherwise  transferred  pursuant to Section
        2.02,  2.03,  2.04, 4.07 or 9.01, all amounts  received  thereon and not
        required to be distributed to the  Certificateholders  as of the date on
        which  the  related  Stated  Principal  Balance  or  Purchase  Price  is
        determined;

(vii)   to reimburse  itself or the related  Subservicer for any  Nonrecoverable
        Advance  or  Advances  in  the  manner  and to the  extent  provided  in
        subsection (c) below, any Advance made in connection with a modification
        of a Mortgage  Loan that is in default or, in the judgment of the Master
        Servicer, default is reasonably foreseeable pursuant to Section 3.07(a),
        to  the  extent  the  amount  of  the  Advance  has  been  added  to the
        outstanding  principal  balance of the  Mortgage  Loan,  or any  Advance
        reimbursable to the Master Servicer pursuant to Section 4.02(a);

(viii)  to  reimburse  itself  or  the  Company  for  expenses  incurred  by and
        reimbursable to it or the Company  pursuant to Sections  3.01(a),  3.11,
        3.13,  3.14(c),  6.03,  10.01  or  otherwise,   or  in  connection  with
        enforcing,   in  accordance   with  this   Agreement,   any  repurchase,
        substitution or indemnification  obligation of any Seller (other than an
        Affiliate of the Company) pursuant to the related Seller's Agreement;

(ix)    to reimburse itself for Servicing  Advances  expended by it (a) pursuant
        to Section  3.14 in good faith in  connection  with the  restoration  of
        property  damaged by an Uninsured  Cause, and (b) in connection with the
        liquidation  of a Mortgage Loan or disposition of an REO Property to the
        extent not otherwise reimbursed pursuant to clause (ii) or (viii) above;
        and

(x)  to withdraw  any amount  deposited  in the  Custodial  Account that was not
     required to be deposited therein pursuant to Section 3.07.

(b) Since, in connection with withdrawals  pursuant to clauses (ii),  (iii), (v)
and (vi), the Master Servicer's entitlement thereto is limited to collections or
other  recoveries on the related  Mortgage Loan, the Master  Servicer shall keep
and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for
the purpose of justifying any withdrawal from the Custodial  Account pursuant to
such clauses.

(c) The Master  Servicer  shall be entitled to  reimburse  itself or the related
Subservicer  for any advance made in respect of a Mortgage  Loan that the Master
Servicer  determines  to be a  Nonrecoverable  Advance  by  withdrawal  from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

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<PAGE>

Section 3.11.  Maintenance of the Primary Insurance
                      Policies; Collections Thereunder.

(a) The Master  Servicer shall not take, or permit any  Subservicer to take, any
action which would result in non-coverage under any applicable Primary Insurance
Policy  of any  loss  which,  but for the  actions  of the  Master  Servicer  or
Subservicer,  would have been  covered  thereunder.  To the extent  coverage  is
available,  the Master Servicer shall keep or cause to be kept in full force and
effect each such Primary  Insurance  Policy until the  principal  balance of the
related Mortgage Loan secured by a Mortgaged  Property is reduced to 80% or less
of  the  Appraised  Value  in  the  case  of  such  a  Mortgage  Loan  having  a
Loan-to-Value  Ratio at origination in excess of 80%, provided that such Primary
Insurance  Policy  was in  place as of the  Cut-off  Date  and the  Company  had
knowledge  of such  Primary  Insurance  Policy.  The  Master  Servicer  shall be
entitled to cancel or permit the discontinuation of any Primary Insurance Policy
as to any Mortgage Loan, if the Stated Principal Balance of the Mortgage Loan is
reduced  below an  amount  equal to 80% of the  appraised  value of the  related
Mortgaged  Property as  determined  in any  appraisal  thereof after the Closing
Date,  or if the  Loan-to-Value  Ratio  is  reduced  below  80% as a  result  of
principal  payments on the Mortgage  Loan after the Closing  Date.  In the event
that the Company  gains  knowledge  that as of the Closing Date, a Mortgage Loan
had a Loan-to-Value Ratio at origination in excess of 80% and is not the subject
of a Primary  Insurance  Policy (and was not  included in any  exception  to the
representation in Section 2.03(b)(iv)) and that such Mortgage Loan has a current
Loan-to-Value  Ratio in excess  of 80% then the  Master  Servicer  shall use its
reasonable  efforts to obtain and  maintain  a Primary  Insurance  Policy to the
extent  that such a policy is  obtainable  at a  reasonable  price.  The  Master
Servicer shall not cancel or refuse to renew any such Primary  Insurance  Policy
applicable to a  Nonsubserviced  Mortgage  Loan,  or consent to any  Subservicer
canceling or refusing to renew any such Primary Insurance Policy applicable to a
Mortgage  Loan  subserviced  by it, that is in effect at the date of the initial
issuance  of the  Certificates  and is  required  to be kept in force  hereunder
unless the replacement Primary Insurance Policy for such canceled or non-renewed
policy is maintained with an insurer whose  claims-paying  ability is acceptable
to each Rating  Agency for mortgage  pass-through  certificates  having a rating
equal to or better  than the  lower of the  then-current  rating  or the  rating
assigned to the Certificates as of the Closing Date by such Rating Agency.

(b) In  connection  with its  activities  as  administrator  and servicer of the
Mortgage  Loans,  the Master  Servicer agrees to present or to cause the related
Subservicer to present,  on behalf of the Master Servicer,  the Subservicer,  if
any, the Trustee and Certificateholders, claims to the related Insurer under any
Primary Insurance Policies, in a timely manner in accordance with such policies,
and,  in this  regard,  to take or cause to be taken such  reasonable  action as
shall be  necessary  to permit  recovery  under any Primary  Insurance  Policies
respecting  defaulted  Mortgage  Loans.  Pursuant to Section 3.07, any Insurance
Proceeds  collected  by or  remitted  to the Master  Servicer  under any Primary
Insurance  Policies  shall be deposited  in the  Custodial  Account,  subject to
withdrawal pursuant to Section 3.10.

Section 3.12.  Maintenance of Fire Insurance and
               Omissions and Fidelity Coverage.

(a) The Master  Servicer  shall cause to be  maintained  for each  Mortgage Loan
(other than a Cooperative  Loan) fire  insurance  with  extended  coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such

                                       53
<PAGE>

Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.  The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed
in lieu of  foreclosure,  of any Mortgage Loan (other than a Cooperative  Loan),
fire  insurance  with extended  coverage in an amount which is at least equal to
the  amount  necessary  to avoid  the  application  of any  co-insurance  clause
contained in the related hazard insurance policy.  Pursuant to Section 3.07, any
amounts  collected by the Master  Servicer  under any such policies  (other than
amounts to be  applied to the  restoration  or repair of the  related  Mortgaged
Property  or property  thus  acquired or amounts  released to the  Mortgagor  in
accordance with the Master  Servicer's  normal  servicing  procedures)  shall be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10. Any cost incurred by the Master Servicer in maintaining any such insurance
shall  not,  for  the  purpose  of  calculating  monthly  distributions  to  the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

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<PAGE>

(b) The Master Servicer shall obtain and maintain at its own expense and keep in
full force and effect  throughout the term of this Agreement a blanket  fidelity
bond and an errors and omissions insurance policy covering the Master Servicer's
officers and employees and other persons acting on behalf of the Master Servicer
in connection with its activities  under this Agreement.  The amount of coverage
shall be at least equal to the coverage  that would be required by Fannie Mae or
Freddie Mac,  whichever is greater,  with respect to the Master  Servicer if the
Master Servicer were servicing and  administering  the Mortgage Loans for Fannie
Mae or Freddie  Mac.  In the event that any such bond or policy  ceases to be in
effect, the Master Servicer shall obtain a comparable replacement bond or policy
from an issuer or insurer, as the case may be, meeting the requirements, if any,
of the  Program  Guide and  acceptable  to the  Company.  Coverage of the Master
Servicer under a policy or bond obtained by an Affiliate of the Master  Servicer
and  providing the coverage  required by this Section  3.12(b) shall satisfy the
requirements of this Section 3.12(b).

Section 3.13.  Enforcement of Due-on-Sale Clauses; Assumption and
                      Modification Agreements; Certain Assignments.

(a) When any  Mortgaged  Property  is  conveyed  by the  Mortgagor,  the  Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

(i)     the  Master  Servicer  shall not be deemed to be in  default  under this
        Section 3.13(a) by reason of any transfer or assumption which the Master
        Servicer is restricted by law from preventing; and

(ii)    if the Master Servicer  determines that it is reasonably likely that any
        Mortgagor will bring,  or if any Mortgagor  does bring,  legal action to
        declare invalid or otherwise avoid  enforcement of a due-on-sale  clause
        contained in any Mortgage Note or Mortgage,  the Master  Servicer  shall
        not be  required to enforce the  due-on-sale  clause or to contest  such
        action.

(b) Subject to the Master  Servicer's duty to enforce any due-on-sale  clause to
the  extent  set  forth in  Section  3.13(a),  in any case in which a  Mortgaged
Property  is to be conveyed  to a Person by a  Mortgagor,  and such Person is to
enter into an assumption or modification agreement or supplement to the Mortgage
Note  or  Mortgage  which  requires  the  signature  of  the  Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant

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<PAGE>

modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction  involving  the  assumption  or transfer (A) the Mortgage  Loan will
continue  to be secured by a first  mortgage  lien  pursuant to the terms of the
Mortgage,  (B) such transaction will not adversely affect the coverage under any
Required Insurance Policies,  (C) the Mortgage Loan will fully amortize over the
remaining term thereof, (D) no material term of the Mortgage Loan (including the
interest  rate on the  Mortgage  Loan) will be altered  nor will the term of the
Mortgage  Loan be  changed  and (E) if the  seller/transferor  of the  Mortgaged
Property is to be released  from  liability on the Mortgage  Loan,  such release
will  not  (based  on  the  Master   Servicer's  or  Subservicer's   good  faith
determination)  adversely affect the  collectability  of the Mortgage Loan. Upon
receipt of appropriate  instructions from the Master Servicer in accordance with
the  foregoing,  the Trustee shall execute any  necessary  instruments  for such
assumption  or  substitution  of  liability as directed in writing by the Master
Servicer.  Upon the closing of the transactions  contemplated by such documents,
the Master  Servicer shall cause the originals or true and correct copies of the
assumption agreement, the release (if any), or the modification or supplement to
the Mortgage  Note or Mortgage to be  delivered to the Trustee or the  Custodian
and deposited  with the Mortgage File for such Mortgage  Loan. Any fee collected
by the  Master  Servicer  or  such  related  Subservicer  for  entering  into an
assumption or substitution of liability agreement will be retained by the Master
Servicer or such Subservicer as additional servicing compensation.

(c) The Master Servicer or the related Subservicer, as the case may be, shall be
entitled  to approve a request  from a  Mortgagor  for a partial  release of the
related  Mortgaged  Property,  the  granting of an easement  thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

(d) Subject to any other applicable terms and conditions of this Agreement,  the
Trustee and Master  Servicer  shall be entitled to approve an assignment in lieu
of  satisfaction  with respect to any Mortgage  Loan,  provided the obligee with
respect to such Mortgage Loan  following such proposed  assignment  provides the
Trustee and Master  Servicer  with a "Lender  Certification  for  Assignment  of
Mortgage  Loan" in the form attached  hereto as Exhibit M, in form and substance

                                       56
<PAGE>

satisfactory to the Trustee and Master  Servicer,  providing the following:  (i)
that the substance of the assignment is, and is intended to be, a refinancing of
such  Mortgage;  (ii) that the Mortgage Loan  following the proposed  assignment
will have a rate of  interest at least 0.25  percent  below or above the rate of
interest on such Mortgage Loan prior to such proposed assignment; and (iii) that
such  assignment  is at the request of the borrower  under the related  Mortgage
Loan. Upon approval of an assignment in lieu of satisfaction with respect to any
Mortgage Loan, the Master  Servicer shall receive cash in an amount equal to the
unpaid  principal  balance of and accrued interest on such Mortgage Loan and the
Master  Servicer shall treat such amount as a Principal  Prepayment in Full with
respect to such Mortgage Loan for all purposes hereof.

Section 3.14.  Realization Upon Defaulted Mortgage Loans.

(a) The Master  Servicer shall  foreclose upon or otherwise  comparably  convert
(which may include an REO Acquisition) the ownership of properties securing such
of the  Mortgage  Loans as come into and  continue in default and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant  to  Section  3.07.  In  connection  with  such  foreclosure  or  other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds,  Insurance Proceeds,  or REO Proceeds  (respecting which it shall have
priority for purposes of  withdrawals  from the  Custodial  Account  pursuant to
Section 3.10, whether or not such expenses and charges are actually  recoverable
from related Liquidation Proceeds,  Insurance Proceeds or REO Proceeds).  In the
event of such a determination  by the Master  Servicer  pursuant to this Section
3.14(a),  the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section 3.10.

               In addition to the foregoing,  the Master  Servicer shall use its
best  reasonable  efforts to realize upon any Additional  Collateral for such of
the Additional  Collateral  Loans as come into and continue in default and as to
which no  satisfactory  arrangements  can be made for  collection  of delinquent
payments pursuant to Section 3.07;  provided that the Master Servicer shall not,
on behalf of the Trustee,  obtain title to any such  Additional  Collateral as a
result of or in lieu of the  disposition  thereof  or  otherwise;  and  provided
further  that (i) the Master  Servicer  shall not proceed  with  respect to such
Additional  Collateral  in any manner  that would  impair the ability to recover
against the  related  Mortgaged  Property,  and (ii) the Master  Servicer  shall
proceed with any REO Acquisition in a manner that preserves the ability to apply
the  proceeds  of such  Additional  Collateral  against  amounts  owed under the
defaulted  Mortgage Loan. Any proceeds realized from such Additional  Collateral
(other than amounts to be released to the Mortgagor or the related  guarantor in
accordance  with  procedures  that the Master Servicer would follow in servicing

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<PAGE>

loans  held for its own  account,  subject  to the terms and  conditions  of the
related  Mortgage  and  Mortgage  Note and to the  terms and  conditions  of any
security agreement,  guarantee agreement,  mortgage or other agreement governing
the  disposition  of the  proceeds  of  such  Additional  Collateral)  shall  be
deposited in the Custodial  Account,  subject to withdrawal  pursuant to Section
3.10.  Any other  payment  received  by the Master  Servicer  in respect of such
Additional  Collateral  shall be deposited in the Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               For so long as the Master  Servicer is the Master  Servicer under
the Credit  Support  Pledge  Agreement,  the Master  Servicer  shall perform its
obligations  under the Credit Support Pledge  Agreement in accordance  with such
Agreement   and  in  a   manner   that  is  in  the   best   interests   of  the
Certificateholders.  Further,  the Master Servicer shall use its best reasonable
efforts to realize upon any Pledged  Assets for such of the Pledged  Asset Loans
as  come  into  and  continue  in  default  and  as  to  which  no  satisfactory
arrangements  can be made for  collection  of  delinquent  payments  pursuant to
Section  3.07;  provided  that the Master  Servicer  shall not, on behalf of the
Trustee,  obtain title to any such  Pledged  Assets as a result of or in lieu of
the disposition  thereof or otherwise;  and provided further that (i) the Master
Servicer  shall not proceed with  respect to such  Pledged  Assets in any manner
that would impair the ability to recover against the related Mortgaged Property,
and (ii) the Master  Servicer shall proceed with any REO Acquisition in a manner
that  preserves the ability to apply the proceeds of such Pledged Assets against
amounts owed under the defaulted  Mortgage Loan. Any proceeds realized from such
Pledged  Assets  (other  than  amounts to be released  to the  Mortgagor  or the
related  guarantor in accordance  with procedures that the Master Servicer would
follow in  servicing  loans held for its own  account,  subject to the terms and
conditions  of the  related  Mortgage  and  Mortgage  Note and to the  terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

               Concurrently  with the foregoing,  the Master Servicer may pursue
any  remedies  that  may  be  available  in  connection   with  a  breach  of  a
representation and warranty with respect to any such Mortgage Loan in accordance
with Sections  2.03 and 2.04.  However,  the Master  Servicer is not required to
continue to pursue both  foreclosure  (or similar  remedies) with respect to the
Mortgage Loans and remedies in connection with a breach of a representation  and
warranty if the Master Servicer determines in its reasonable discretion that one
such  remedy is more likely to result in a greater  recovery as to the  Mortgage
Loan. Upon the occurrence of a Cash  Liquidation or REO  Disposition,  following
the deposit in the  Custodial  Account of all  Insurance  Proceeds,  Liquidation
Proceeds and other  payments and  recoveries  referred to in the  definition  of
"Cash  Liquidation"  or "REO  Disposition,"  as applicable,  upon receipt by the
Trustee of written  notification of such deposit signed by a Servicing  Officer,
the Trustee or any  Custodian,  as the case may be, shall  release to the Master
Servicer the related  Mortgage  File and the Trustee  shall  execute and deliver
such instruments of transfer or assignment  prepared by the Master Servicer,  in
each case without recourse, as shall be necessary to vest in the Master Servicer
or its designee,  as the case may be, the related  Mortgage Loan, and thereafter

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<PAGE>

such  Mortgage  Loan shall not be part of the Trust  Fund.  Notwithstanding  the
foregoing or any other  provision of this  Agreement,  in the Master  Servicer's
sole discretion  with respect to any defaulted  Mortgage Loan or REO Property as
to either of the following provisions, (i) a Cash Liquidation or REO Disposition
may be deemed to have  occurred if  substantially  all  amounts  expected by the
Master Servicer to be received in connection with the related defaulted Mortgage
Loan or REO Property have been  received,  and (ii) for purposes of  determining
the amount of any Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any
other  unscheduled  collections  or the amount of any Realized  Loss, the Master
Servicer may take into account minimal amounts of additional  receipts  expected
to be received or any estimated  additional  liquidation expenses expected to be
incurred in connection with the related defaulted Mortgage Loan or REO Property.

(b) If title to any  Mortgaged  Property is acquired by the Trust Fund as an REO
Property  by  foreclosure  or by  deed  in  lieu  of  foreclosure,  the  deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

(c) If the Trust Fund  acquires  any REO  Property as  aforesaid or otherwise in
connection  with a default or imminent  default on a Mortgage  Loan,  the Master
Servicer on behalf of the Trust Fund shall  dispose of such REO Property as soon
as   practicable,   giving   due   consideration   to  the   interests   of  the
Certificateholders,  but in all cases  within three full years after the taxable
year of its acquisition by the Trust Fund for purposes of Section  860G(a)(8) of
the Code (or such shorter  period as may be  necessary  under  applicable  state
(including  any state in which such  property  is located)  law to maintain  the
status of any portion of any REMIC formed under the Series Supplement as a REMIC
under  applicable state law and avoid taxes resulting from such property failing
to be foreclosure property under applicable state law) or, at the expense of the
Trust Fund, request, more than 60 days before the day on which such grace period
would  otherwise  expire,  an extension  of such grace period  unless the Master
Servicer  (subject  to Section  10.01(f))  obtains for the Trustee an Opinion of
Counsel,  addressed to the Trustee and the Master  Servicer,  to the effect that
the  holding by the Trust Fund of such REO  Property  subsequent  to such period
will not  result in the  imposition  of taxes on  "prohibited  transactions"  as
defined in Section  860F of the Code or cause any REMIC  formed under the Series
Supplement to fail to qualify as a REMIC (for federal (or any  applicable  State
or  local)  income  tax  purposes)  at  any  time  that  any   Certificates  are
outstanding, in which case the Trust Fund may continue to hold such REO Property
(subject to any  conditions  contained in such  Opinion of Counsel).  The Master
Servicer shall be entitled to be reimbursed  from the Custodial  Account for any
costs  incurred in  obtaining  such  Opinion of Counsel,  as provided in Section

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<PAGE>

3.10.  Notwithstanding  any other provision of this  Agreement,  no REO Property
acquired by the Trust Fund shall be rented (or allowed to continue to be rented)
or otherwise used by or on behalf of the Trust Fund in such a manner or pursuant
to any terms  that  would (i) cause  such REO  Property  to fail to  qualify  as
"foreclosure  property" within the meaning of Section  860G(a)(8) of the Code or
(ii) subject the Trust Fund to the imposition of any federal income taxes on the
income earned from such REO  Property,  including any taxes imposed by reason of
Section 860G(c) of the Code,  unless the Master Servicer has agreed to indemnify
and hold  harmless  the Trust Fund with  respect to the  imposition  of any such
taxes.

(d) The  proceeds  of any Cash  Liquidation,  REO  Disposition  or  purchase  or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and unpaid  interest on the Mortgage  Loan,  and any related REO Imputed
Interest,  at the Net Mortgage  Rate (or the  Modified Net Mortgage  Rate in the
case of a Modified Mortgage Loan) to the Due Date prior to the Distribution Date
on which such amounts are to be distributed; third, to the Certificateholders as
a recovery of principal on the Mortgage Loan (or REO Property)(provided that, if
such  recovery is of an amount  previously  allocated  to one or more Classes of
Certificates  as a Realized Loss,  such recovery  shall be allocated  among such
Classes in the same  proportions as the allocation of such Realized  Losses and,
if any such Class of  Certificates  to which such Realized Loss was allocated is
no longer  outstanding,  such  subsequent  recovery  shall be distributed to the
persons who were the Holders of such Class of Certificates when it was retired);
fourth,  to all Servicing Fees and Subservicing  Fees payable therefrom (and the
Master  Servicer and the Subservicer  shall have no claims for any  deficiencies
with  respect to such fees which  result  from the  foregoing  allocation);  and
fifth, to Foreclosure Profits.

(e) In the event of a default on a Mortgage  Loan one or more of whose  obligors
is not a United States Person, in connection with any foreclosure or acquisition
of a deed in lieu of foreclosure  (together,  "foreclosure")  in respect of such
Mortgage Loan, the Master Servicer will cause  compliance with the provisions of
Treasury Regulation Section  1.1445-2(d)(3) (or any successor thereto) necessary
to assure that no withholding tax obligation arises with respect to the proceeds
of such  foreclosure  except  to the  extent,  if  any,  that  proceeds  of such
foreclosure are required to be remitted to the obligors on such Mortgage Loan.

Section 3.15.  Trustee to Cooperate; Release of Mortgage Files.

(a) Upon becoming aware of the payment in full of any Mortgage Loan, or upon the
receipt by the Master  Servicer of a  notification  that payment in full will be
escrowed in a manner  customary  for such  purposes,  the Master  Servicer  will
immediately  notify the Trustee (if it holds the related  Mortgage  File) or the
Custodian by a certification of a Servicing Officer (which  certification  shall
include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Custodial
Account   pursuant  to  Section  3.07  have  been  or  will  be  so  deposited),
substantially  in one of the forms attached hereto as Exhibit F, or, in the case
of the Custodian,  an electronic  request in a form acceptable to the Custodian,
requesting  delivery to it of the Mortgage  File.  Within two  Business  Days of
receipt of such certification and request,  the Trustee shall release,  or cause
the Custodian to release, the related Mortgage File to the Master Servicer.  The

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Master  Servicer  is  authorized  to execute and  deliver to the  Mortgagor  the
request for  reconveyance,  deed of  reconveyance  or release or satisfaction of
mortgage or such  instrument  releasing the lien of the Mortgage,  together with
the Mortgage Note with, as appropriate, written evidence of cancellation thereon
and to cause the removal  from the  registration  on the MERS(R)  System of such
Mortgage  and to  execute  and  deliver,  on  behalf  of  the  Trustee  and  the
Certificateholders  or any of them, any and all  instruments of  satisfaction or
cancellation or of partial or full release.  No expenses  incurred in connection
with any instrument of satisfaction or deed of reconveyance  shall be chargeable
to the Custodial Account or the Certificate Account.

(b) From time to time as is appropriate  for the servicing or foreclosure of any
Mortgage Loan, the Master  Servicer shall deliver to the Custodian,  with a copy
to the Trustee, a certificate of a Servicing Officer substantially in one of the
forms  attached  as  Exhibit F  hereto,  or,  in the case of the  Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession  of all, or any document  constituting  part of, the Mortgage File be
released to the Master Servicer and certifying as to the reason for such release
and that such release will not  invalidate  any insurance  coverage  provided in
respect of the Mortgage Loan under any Required  Insurance Policy.  Upon receipt
of the foregoing,  the Trustee shall deliver, or cause the Custodian to deliver,
the Mortgage  File or any document  therein to the Master  Servicer.  The Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

(c) The Trustee or the Master Servicer on the Trustee's behalf shall execute and
deliver to the Master Servicer, if necessary, any court pleadings,  requests for
trustee's sale or other documents necessary to the foreclosure or trustee's sale
in respect of a  Mortgaged  Property  or to any legal  action  brought to obtain
judgment  against any  Mortgagor on the Mortgage Note or Mortgage or to obtain a
deficiency judgment,  or to enforce any other remedies or rights provided by the
Mortgage Note or Mortgage or otherwise  available at law or in equity.  Together
with such documents or pleadings (if signed by the Trustee), the Master Servicer
shall deliver to the Trustee a  certificate  of a Servicing  Officer  requesting
that such pleadings or documents be executed by the Trustee and certifying as to
the reason such  documents or pleadings  are required and that the execution and
delivery thereof by the Trustee will not invalidate any insurance coverage under
any Required  Insurance Policy or invalidate or otherwise affect the lien of the
Mortgage,  except  for the  termination  of such a lien upon  completion  of the
foreclosure or trustee's sale.

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<PAGE>

Section 3.16.  Servicing and Other Compensation; Compensating Interest.

(a) The Master Servicer, as compensation for its activities hereunder,  shall be
entitled  to receive  on each  Distribution  Date the  amounts  provided  for by
clauses  (iii),  (iv),  (v) and (vi) of Section  3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

(b)  Additional  servicing  compensation  in the  form  of  prepayment  charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

(c) The Master  Servicer  shall be  required  to pay,  or cause to be paid,  all
expenses  incurred by it in connection with its servicing  activities  hereunder
(including  payment of premiums for the Primary Insurance  Policies,  if any, to
the extent such premiums are not required to be paid by the related  Mortgagors,
and the fees and  expenses of the Trustee  and any  Custodian)  and shall not be
entitled to reimbursement  therefor except as specifically  provided in Sections
3.10 and 3.14.

(d) The Master  Servicer's  right to receive  servicing  compensation may not be
transferred in whole or in part except in connection with the transfer of all of
its   responsibilities  and  obligations  of  the  Master  Servicer  under  this
Agreement.

(e)  Notwithstanding  any  other  provision  herein,  the  amount  of  servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section 3.10(a)(iii), and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled pursuant to Section  3.10(a)(iii),  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

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Section 3.17.  Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

Section 3.18.  Annual Statement as to Compliance.

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate Insurer on or before March 31 of each year, beginning with the first
March 31 that occurs at least six months  after the Cut-off  Date,  an Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master  Servicer  has  complied in all  material  respects  with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage Bankers and has fulfilled all of its material  obligations  relating to
this Agreement in all material  respects  throughout such year, or, if there has
been material  noncompliance  with such servicing  standards or a default in the
fulfillment  in all material  respects of any such  obligation  relating to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status  thereof  and (iii) to the best of such  officers'  knowledge,
each  Subservicer  has  complied  in all  material  respects  with  the  minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers and has  fulfilled all of its material  obligations  under its
Subservicing  Agreement in all material  respects  throughout  such year, or, if
there  has been  material  noncompliance  with  such  servicing  standards  or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status thereof.

Section 3.19.  Annual Independent Public Accountants' Servicing Report.

        On or before  March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in

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the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

Section 3.20.  Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee.  The Company shall not have any  responsibility  or
liability  for any action or failure  to act by the Master  Servicer  and is not
obligated  to  supervise  the  performance  of the  Master  Servicer  under this
Agreement or otherwise.

Section 3.21.  Administration of Buydown Funds

(a) With respect to any Buydown  Mortgage  Loan, the  Subservicer  has deposited
Buydown Funds in an account that satisfies the  requirements  for a Subservicing
Account  (the  "Buydown   Account").   The  Master   Servicer  shall  cause  the
Subservicing  Agreement to require  that upon receipt from the  Mortgagor of the
amount due on a Due Date for each Buydown  Mortgage Loan, the  Subservicer  will
withdraw from the Buydown Account the  predetermined  amount that, when added to
the amount due on such date from the Mortgagor,  equals the full Monthly Payment
and  transmit  that  amount in  accordance  with the  terms of the  Subservicing
Agreement to the Master  Servicer  together with the related payment made by the
Mortgagor or advanced by the Subservicer.

(b) If the  Mortgagor  on a  Buydown  Mortgage  Loan  prepays  such  loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the

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Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

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                                   ARTICLE IV

                         PAYMENTS TO CERTIFICATEHOLDERS

Section 4.01.  Certificate Account.

(a) The Master  Servicer on behalf of the Trustee shall establish and maintain a
Certificate  Account in which the Master Servicer shall cause to be deposited on
behalf of the Trustee on or before 2:00 P.M.  New York time on each  Certificate
Account  Deposit Date by wire transfer of immediately  available funds an amount
equal to the sum of (i) any Advance for the immediately succeeding  Distribution
Date,  (ii) any amount  required  to be  deposited  in the  Certificate  Account
pursuant to Section  3.12(a),  (iii) any amount  required to be deposited in the
Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any amount
required  to be  paid  pursuant  to  Section  9.01  and (v)  all  other  amounts
constituting the Available  Distribution  Amount for the immediately  succeeding
Distribution Date.

(b) The Trustee shall, upon written request from the Master Servicer,  invest or
cause the institution maintaining the Certificate Account to invest the funds in
the Certificate Account in Permitted  Investments  designated in the name of the
Trustee for the  benefit of the  Certificateholders,  which  shall  mature or be
payable  on  demand  not  later  than  the  Business  Day  next   preceding  the
Distribution  Date next following the date of such  investment  (except that (i)
any  investment  in the  institution  with  which  the  Certificate  Account  is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.

Section 4.02.  Distributions.

                      As provided in Section 4.02 of the Series Supplement.

Section 4.03.  Statements to Certificateholders.

     (a) Concurrently with each distribution  charged to the Certificate Account
and with respect to each  Distribution Date the Master Servicer shall forward to
the Trustee and the Trustee  shall either  forward by mail or make  available to
each Holder and the Company,  via the Trustee's  internet  website,  a statement
(and at its option,  any additional  files containing the same information in an
alternative  format) setting forth information as to each Class of Certificates,
the  Mortgage  Pool and, if the  Mortgage  Pool is comprised of two or more Loan
Groups,  each Loan Group, to the extent applicable.  This statement will include
the information set forth in an exhibit to the Series  Supplement.  Such exhibit
shall set forth the Trustee's  internet  website  address  together with a phone

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number.  The Trustee  shall mail to each  Holder  that  requests a paper copy by
telephone  a paper  copy via first  class  mail.  The  Trustee  may  modify  the
distribution  procedures set forth in this Section provided that such procedures
are no less  convenient  for the  Certificateholders.  The Trustee shall provide
prior   notification   to   the   Company,   the   Master   Servicer   and   the
Certificateholders  regarding  any such  modification.  In addition,  the Master
Servicer shall provide to any manager of a trust fund  consisting of some or all
of the Certificates,  upon reasonable request, such additional information as is
reasonably  obtainable by the Master  Servicer at no  additional  expense to the
Master Servicer.

     (b) Within a reasonable period of time after the end of each calendar year,
the Master Servicer shall prepare,  or cause to be prepared,  and shall forward,
or cause to be  forwarded,  to each Person who at any time  during the  calendar
year was the  Holder  of a  Certificate,  other  than a Class R  Certificate,  a
statement  containing the  information  set forth in clauses (i) and (ii) of the
exhibit to the Series Supplement  referred to in subsection (a) above aggregated
for such calendar year or applicable  portion  thereof  during which such Person
was a Certificateholder.  Such obligation of the Master Servicer shall be deemed
to have been satisfied to the extent that substantially  comparable  information
shall be provided by the Master  Servicer  pursuant to any  requirements  of the
Code.

     (c) Within a reasonable period of time after the end of each calendar year,
the Master Servicer shall prepare,  or cause to be prepared,  and shall forward,
or cause to be  forwarded,  to each Person who at any time  during the  calendar
year  was the  Holder  of a Class R  Certificate,  a  statement  containing  the
applicable  distribution  information  provided  pursuant to this  Section  4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

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

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

     (a) Prior to the close of business on the  Determination  Date,  the Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

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(b) On or before 2:00 P.M.  New York time on each  Certificate  Account  Deposit
Date, the Master  Servicer shall either (i) deposit in the  Certificate  Account
from its own funds, or funds received therefor from the Subservicers,  an amount
equal to the  Advances  to be made by the  Master  Servicer  in  respect  of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the  Certificate  Account
on or before 11:00 A.M. New York time on any future Certificate  Account Deposit
Date to the  extent  that  funds  attributable  to the  Mortgage  Loans that are
available in the  Custodial  Account for deposit in the  Certificate  Account on
such   Certificate   Account  Deposit  Date  shall  be  less  than  payments  to
Certificateholders  required to be made on the following  Distribution Date. The
Master  Servicer  shall be entitled to use any Advance made by a Subservicer  as
described in Section 3.07(b) that has been deposited in the Custodial Account on
or before  such  Distribution  Date as part of the  Advance  made by the  Master
Servicer pursuant to this Section 4.04. The amount of any reimbursement pursuant
to Section 4.02(a) in respect of outstanding  Advances on any Distribution  Date
shall be allocated to specific  Monthly Payments due but delinquent for previous
Due Periods,  which  allocation  shall be made,  to the extent  practicable,  to
Monthly Payments which have been delinquent for the longest period of time. Such
allocations  shall be  conclusive  for purposes of  reimbursement  to the Master
Servicer from recoveries on related Mortgage Loans pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer

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hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

Section 4.05.  Allocation of Realized Losses.

     As provided in Section 4.05 of the Series Supplement.

Section 4.06.  Reports of Foreclosures and Abandonment of Mortgaged Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged  Property required by Sections 6050H,  6050J and 6050P,
respectively,  of the Code, and deliver to the Trustee an Officers'  Certificate
on or before  March 31 of each year  stating  that such reports have been filed.
Such reports  shall be in form and  substance  sufficient  to meet the reporting
requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

Section 4.07.  Optional Purchase of Defaulted Mortgage Loans.

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however,  the Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

Section 4.08.  Surety Bond.

(a) If a Required  Surety  Payment is payable  pursuant  to the Surety Bond with
respect to any Additional  Collateral  Loan, the Master Servicer shall so notify
the Trustee as soon as reasonably  practicable  and the Trustee  shall  promptly
complete  the notice in the form of  Attachment  1 to the Surety  Bond and shall
promptly submit such notice to the Surety as a claim for a Required Surety.  The
Master  Servicer shall upon request assist the Trustee in completing such notice

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and shall  provide  any  information  requested  by the  Trustee  in  connection
therewith.

(b) Upon receipt of a Required  Surety  Payment from the Surety on behalf of the
Holders of Certificates,  the Trustee shall deposit such Required Surety Payment
in the Certificate Account and shall distribute such Required Surety Payment, or
the proceeds thereof, in accordance with the provisions of Section 4.02.
(c) The  Trustee  shall (i)  receive  as  attorney-in-fact  of each  Holder of a
Certificate  any Required  Surety  Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

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                                   ARTICLE V

                                THE CERTIFICATES

Section 5.01.  The Certificates.

(a) The Senior, Class M, Class B and Class R Certificates shall be substantially
in the forms set forth in Exhibits A, B, C and D,  respectively,  and shall,  on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar  for  authentication  and delivery to or upon the order of the Company
upon receipt by the Trustee or one or more Custodians of the documents specified
in Section 2.01. The Certificates shall be issuable in the minimum denominations
designated in the Preliminary Statement to the Series Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

(b) Except as provided below, registration of Book-Entry Certificates may not be
transferred by the Trustee except to another Depository that agrees to hold such
Certificates  for the respective  Certificate  Owners with  Ownership  Interests
therein. The Holders of the Book-Entry  Certificates shall hold their respective
Ownership  Interests in and to each of such Certificates  through the book-entry
facilities  of the  Depository  and,  except  as  provided  below,  shall not be
entitled to Definitive Certificates in respect of such Ownership Interests.  All
transfers by Certificate Owners of their respective  Ownership  Interests in the
Book-Entry  Certificates  shall  be  made  in  accordance  with  the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be

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deemed  inconsistent  if they are made with  respect  to  different  Certificate
Owners.  The Trustee may establish a reasonable  record date in connection  with
solicitations  of consents from or voting by  Certificateholders  and shall give
notice to the Depository of such record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

(c) From time to time  Residential  Funding,  as the initial Holder of the Class
A-V  Certificates,  may  exchange  such  Holder's  Class  A-V  Certificates  for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

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Section 5.02.  Registration of Transfer and Exchange of Certificates.

(a) The  Trustee  shall cause to be kept at one of the offices or agencies to be
appointed by the Trustee in  accordance  with the  provisions  of Section 8.12 a
Certificate Register in which, subject to such reasonable  regulations as it may
prescribe, the Trustee shall provide for the registration of Certificates and of
transfers  and  exchanges of  Certificates  as herein  provided.  The Trustee is
initially  appointed  Certificate  Registrar  for  the  purpose  of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

(b) Upon surrender for registration of transfer of any Certificate at any office
or agency of the Trustee  maintained  for such purpose  pursuant to Section 8.12
and,  in the  case  of any  Class  M,  Class  B or  Class  R  Certificate,  upon
satisfaction  of the conditions  set forth below,  the Trustee shall execute and
the Certificate  Registrar shall  authenticate  and deliver,  in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

(c) At the option of the  Certificateholders,  Certificates may be exchanged for
other Certificates of authorized denominations of a like Class (or Subclass) and
aggregate  Percentage  Interest,  upon  surrender  of  the  Certificates  to  be
exchanged  at any such  office  or  agency.  Whenever  any  Certificates  are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

(d) No transfer,  sale,  pledge or other  disposition  of a Class B  Certificate
shall be made unless such transfer,  sale, pledge or other disposition is exempt
from the  registration  requirements  of the Securities Act of 1933, as amended,
and any applicable  state securities laws or is made in accordance with said Act
and laws.  In the event that a transfer of a Class B  Certificate  is to be made
either (i)(A) the Trustee shall require a written Opinion of Counsel  acceptable
to and in form and  substance  satisfactory  to the Trustee and the Company that
such transfer may be made pursuant to an exemption,  describing  the  applicable
exemption  and the  basis  therefor,  from  said Act and  laws or is being  made
pursuant to said Act and laws,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company  or the Master  Servicer  (except  that,  if such
transfer is made by the Company or the Master Servicer or any Affiliate thereof,
the Company or the Master  Servicer  shall  provide  such  Opinion of Counsel at
their own  expense);  provided that such Opinion of Counsel will not be required
in connection with the initial  transfer of any such  Certificate by the Company
or any  Affiliate  thereof to the Company or an Affiliate of the Company and (B)
the Trustee shall require the  transferee  to execute a  representation  letter,

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substantially in the form of Exhibit H hereto, and the Trustee shall require the
transferor  to execute a  representation  letter,  substantially  in the form of
Exhibit I hereto,  each acceptable to and in form and substance  satisfactory to
the Company and the Trustee  certifying to the Company and the Trustee the facts
surrounding such transfer,  which representation letters shall not be an expense
of the Trustee, the Company or the Master Servicer; provided, however, that such
representation  letters will not be required in connection  with any transfer of
any such  Certificate by the Company or any Affiliate  thereof to the Company or
an Affiliate of the Company,  and the Trustee shall be entitled to  conclusively
rely upon a representation  (which, upon the request of the Trustee,  shall be a
written representation) from the Company, of the status of such transferee as an
Affiliate  of  the  Company  or  (ii)  the  prospective  transferee  of  such  a
Certificate shall be required to provide the Trustee, the Company and the Master
Servicer  with an  investment  letter  substantially  in the form of  Exhibit  J
attached hereto (or such other form as the Company in its sole discretion  deems
acceptable), which investment letter shall not be an expense of the Trustee, the
Company or the Master Servicer,  and which investment  letter states that, among
other  things,  such  transferee  (A) is a  "qualified  institutional  buyer" as
defined  under Rule 144A,  acting for its own  account or the  accounts of other
"qualified  institutional  buyers" as defined under Rule 144A,  and (B) is aware
that the proposed  transferor intends to rely on the exemption from registration
requirements  under the  Securities  Act of 1933,  as amended,  provided by Rule
144A. The Holder of any such  Certificate  desiring to effect any such transfer,
sale, pledge or other disposition shall, and does hereby agree to, indemnify the
Trustee, the Company, the Master Servicer and the Certificate  Registrar against
any liability that may result if the transfer, sale, pledge or other disposition
is not so exempt or is not made in accordance with such federal and state laws.

(e)  (i) In the  case  of any  Class  B or  Class R  Certificate  presented  for
     registration  in the  name of any  Person,  either  (A) the  Trustee  shall
     require  an  Opinion of  Counsel  acceptable  to and in form and  substance
     satisfactory  to the  Trustee,  the Company and the Master  Servicer to the
     effect that the purchase or holding of such Class B or Class R  Certificate
     is permissible  under  applicable law, will not constitute or result in any
     non-exempt  prohibited  transaction  under  Section  406  of  the  Employee
     Retirement  Income Security Act of 1974, as amended  ("ERISA"),  or Section
     4975 of the Code (or comparable  provisions of any subsequent  enactments),
     and will not subject the Trustee, the Company or the Master Servicer to any
     obligation or liability  (including  obligations or liabilities under ERISA
     or  Section  4975 of the  Code) in  addition  to those  undertaken  in this
     Agreement, which Opinion of Counsel shall not be an expense of the Trustee,
     the Company or the Master Servicer or (B) the prospective  Transferee shall
     be  required to provide the  Trustee,  the Company and the Master  Servicer
     with a certification  to the effect set forth in paragraph six of Exhibit H
     (with respect to any Class B Certificate) or paragraph  fourteen of Exhibit
     G-1 (with respect to any Class R  Certificate),  which the Trustee may rely
     upon without further inquiry or investigation, or such other certifications
     as the Trustee may deem  desirable or necessary in order to establish  that
     such Transferee or the Person in whose name such  registration is requested
     either (a) is not an  employee  benefit  plan or other plan  subject to the
     prohibited  transaction provisions of ERISA or Section 4975 of the Code, or
     any Person (including an investment manager, a named fiduciary or a trustee
     of any such  plan) who is using  "plan  assets"  of any such plan to effect
     such acquisition  (each, a "Plan Investor") or (b) in the case of any Class
     B Certificate,  the following conditions are satisfied: (i) such Transferee
     is an insurance company,  (ii) the source of funds used to purchase or hold
     such  Certificate  (or interest  therein) is an "insurance  company general
     account" (as defined in U.S.  Department  of Labor  Prohibited  Transaction

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     Class  Exemption  ("PTCE")  95-60,  and (iii) the  conditions  set forth in
     Sections I and III of PTCE  95-60 have been  satisfied  (each  entity  that
     satisfies this clause (b), a "Complying Insurance Company").

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

               (iii) (A) If any Class M Certificate (or any interest therein) is
               acquired  or  held  by any  Person  that  does  not  satisfy  the
               conditions  described  in  paragraph  (ii)  above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

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

(f) (i) Each Person who has or who acquires any Ownership  Interest in a Class R
Certificate  shall be deemed by the  acceptance or acquisition of such Ownership
Interest  to have  agreed to be bound by the  following  provisions  and to have
irrevocably  authorized the Trustee or its designee under clause  (iii)(A) below
to deliver  payments  to a Person  other than such Person and to  negotiate  the
terms of any  mandatory  sale under  clause  (iii)(B)  below and to execute  all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

(A)  Each  Person  holding or  acquiring  any  Ownership  Interest  in a Class R
     Certificate  shall be a Permitted  Transferee and shall promptly notify the
     Trustee of any  change or  impending  change in its  status as a  Permitted
     Transferee.

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(B)  In connection  with any proposed  Transfer of any  Ownership  Interest in a
     Class R  Certificate,  the Trustee shall require  delivery to it, and shall
     not register the Transfer of any Class R Certificate  until its receipt of,
     (I) an affidavit and agreement (a "Transfer  Affidavit and  Agreement,"  in
     the form attached hereto as Exhibit G-1) from the proposed  Transferee,  in
     form and substance  satisfactory to the Master  Servicer,  representing and
     warranting,  among other things, that it is a Permitted Transferee, that it
     is not acquiring its Ownership  Interest in the Class R Certificate that is
     the subject of the proposed Transfer as a nominee, trustee or agent for any
     Person who is not a  Permitted  Transferee,  that for so long as it retains
     its Ownership Interest in a Class R Certificate, it will endeavor to remain
     a Permitted  Transferee,  and that it has reviewed the  provisions  of this
     Section 5.02(f) and agrees to be bound by them, and (II) a certificate,  in
     the form  attached  hereto as  Exhibit  G-2,  from the  Holder  wishing  to
     transfer the Class R Certificate, in form and substance satisfactory to the
     Master Servicer,  representing and warranting,  among other things, that no
     purpose of the proposed  Transfer is to impede the assessment or collection
     of tax.

(C)  Notwithstanding  the delivery of a Transfer  Affidavit  and  Agreement by a
     proposed Transferee under clause (B) above, if a Responsible Officer of the
     Trustee who is assigned to this  Agreement  has actual  knowledge  that the
     proposed  Transferee  is not a  Permitted  Transferee,  no  Transfer  of an
     Ownership  Interest in a Class R Certificate  to such  proposed  Transferee
     shall be effected.

(D)  Each  Person  holding or  acquiring  any  Ownership  Interest  in a Class R
     Certificate  shall agree (x) to require a Transfer  Affidavit and Agreement
     from any  other  Person  to whom  such  Person  attempts  to  transfer  its
     Ownership  Interest in a Class R  Certificate  and (y) not to transfer  its
     Ownership  Interest  unless it provides a certificate to the Trustee in the
     form attached hereto as Exhibit G-2.

(E)  Each  Person  holding  or  acquiring  an  Ownership  Interest  in a Class R
     Certificate,  by  purchasing  an  Ownership  Interest in such  Certificate,
     agrees  to give  the  Trustee  written  notice  that it is a  "pass-through
     interest  holder"  within the  meaning of  Temporary  Treasury  Regulations
     Section   1.67-3T(a)(2)(i)(A)   immediately  upon  acquiring  an  Ownership
     Interest  in a Class R  Certificate,  if it is, or is holding an  Ownership
     Interest in a Class R Certificate  on behalf of, a  "pass-through  interest
     holder."

(ii)    The Trustee will register the Transfer of any Class R  Certificate  only
        if it shall have  received  the  Transfer  Affidavit  and  Agreement,  a
        certificate of the Holder  requesting such transfer in the form attached
        hereto as Exhibit G-2 and all of such other documents as shall have been
        reasonably  required by the Trustee as a condition to such registration.
        Transfers of the Class R Certificates  to Non-United  States Persons and
        Disqualified  Organizations  (as  defined in Section  860E(e)(5)  of the
        Code) are prohibited.

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<PAGE>

(iii)(A) If any  Disqualified  Organization  shall  become a holder of a Class R
     Certificate,   then  the  last  preceding  Permitted  Transferee  shall  be
     restored,  to the extent permitted by law, to all rights and obligations as
     Holder thereof  retroactive to the date of registration of such Transfer of
     such Class R  Certificate.  If a  Non-United  States  Person shall become a
     holder of a Class R  Certificate,  then the last  preceding  United  States
     Person shall be restored, to the extent permitted by law, to all rights and
     obligations as Holder thereof  retroactive to the date of  registration  of
     such  Transfer  of such Class R  Certificate.  If a  transfer  of a Class R
     Certificate  is   disregarded   pursuant  to  the  provisions  of  Treasury
     Regulations  Section 1.860E-1 or Section 1.860G-3,  then the last preceding
     Permitted Transferee shall be restored,  to the extent permitted by law, to
     all rights and  obligations  as Holder  thereof  retroactive to the date of
     registration  of such  Transfer  of such Class R  Certificate.  The Trustee
     shall be under no liability to any Person for any  registration of Transfer
     of a Class R  Certificate  that is in fact not  permitted  by this  Section
     5.02(f) or for making any  payments due on such  Certificate  to the holder
     thereof or for taking any other  action with  respect to such holder  under
     the provisions of this Agreement.

     (B)  If any  purported  Transferee  shall  become  a  Holder  of a  Class R
          Certificate in violation of the  restrictions  in this Section 5.02(f)
          and to the extent that the  retroactive  restoration  of the rights of
          the Holder of such Class R Certificate as described in clause (iii)(A)
          above  shall be  invalid,  illegal or  unenforceable,  then the Master
          Servicer  shall  have the right,  without  notice to the holder or any
          prior  holder  of such  Class R  Certificate,  to  sell  such  Class R
          Certificate  to a purchaser  selected  by the Master  Servicer on such
          terms as the Master  Servicer may choose.  Such  purported  Transferee
          shall  promptly  endorse  and  deliver  each  Class R  Certificate  in
          accordance  with  the  instructions  of  the  Master  Servicer.   Such
          purchaser  may be the Master  Servicer  itself or any Affiliate of the
          Master  Servicer.  The proceeds of such sale,  net of the  commissions
          (which may include  commissions  payable to the Master Servicer or its
          Affiliates),  expenses and taxes due, if any,  will be remitted by the
          Master Servicer to such purported Transferee. The terms and conditions
          of any sale under this clause (iii)(B) shall be determined in the sole
          discretion of the Master  Servicer,  and the Master Servicer shall not
          be liable to any  Person  having an  Ownership  Interest  in a Class R
          Certificate as a result of its exercise of such discretion.

(iv) The Master Servicer, on behalf of the Trustee,  shall make available,  upon
     written request from the Trustee, all information  necessary to compute any
     tax imposed (A) as a result of the Transfer of an  Ownership  Interest in a
     Class R  Certificate  to any  Person  who is a  Disqualified  Organization,
     including the  information  regarding  "excess  inclusions" of such Class R
     Certificates  required to be provided to the Internal  Revenue  Service and
     certain   Persons   as   described   in   Treasury   Regulations   Sections
     1.860D-1(b)(5)  and  1.860E-2(a)(5),  and (B) as a result of any  regulated
     investment  company,  real  estate  investment  trust,  common  trust fund,
     partnership, trust, estate or organization described in Section 1381 of the
     Code that holds an Ownership  Interest in a Class R  Certificate  having as
     among its  record  holders  at any time any  Person  who is a  Disqualified

                                       77
<PAGE>

     Organization. Reasonable compensation for providing such information may be
     required by the Master Servicer from such Person.

(v)     The  provisions  of this Section  5.02(f) set forth prior to this clause
        (v) may be modified,  added to or eliminated,  provided that there shall
        have been delivered to the Trustee the following:

(A)  written  notification  from  each  Rating  Agency  to the  effect  that the
     modification,  addition to or elimination of such provisions will not cause
     such Rating Agency to downgrade its  then-current  ratings,  if any, of any
     Class of the Senior, Class M or Class B Certificates below the lower of the
     then-current  rating or the rating assigned to such  Certificates as of the
     Closing Date by such Rating Agency; and

(B)  subject  to  Section  10.01(f),  an  Officers'  Certificate  of the  Master
     Servicer  stating  that the  Master  Servicer  has  received  an Opinion of
     Counsel, in form and substance  satisfactory to the Master Servicer, to the
     effect that such  modification,  addition to or absence of such  provisions
     will not cause any portion of any REMIC formed under the Series  Supplement
     to cease to  qualify  as a REMIC and will not cause (x) any  portion of any
     REMIC formed under the Series  Supplement to be subject to an  entity-level
     tax caused by the Transfer of any Class R Certificate to a Person that is a
     Disqualified  Organization or (y) a Certificateholder  or another Person to
     be  subject to a  REMIC-related  tax  caused by the  Transfer  of a Class R
     Certificate to a Person that is not a Permitted Transferee.

(g) No service charge shall be made for any transfer or exchange of Certificates
of any Class,  but the Trustee may require  payment of a sum sufficient to cover
any tax or  governmental  charge  that may be  imposed  in  connection  with any
transfer or exchange of Certificates.

(h) All Certificates surrendered for transfer and exchange shall be destroyed by
the Certificate Registrar.

Section 5.03.  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the

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<PAGE>

Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate  issued  pursuant to this  Section  shall  constitute  complete  and
indefeasible  evidence of ownership in the Trust Fund, as if originally  issued,
whether or not the lost,  stolen or destroyed  Certificate shall be found at any
time.

Section 5.04.  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

Section 5.05.  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

                                       79
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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

Section 6.01.  Respective Liabilities of the Company and the Master Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

Section 6.02.  Merger or  Consolidation  of the Company or the Master  Servicer;
     Assignment of Rights and Delegation of Duties by Master Servicer.

(a) The  Company  and the  Master  Servicer  will each keep in full  effect  its
existence, rights and franchises as a corporation under the laws of the state of
its  incorporation,  and will each obtain and preserve its  qualification  to do
business  as  a  foreign   corporation  in  each   jurisdiction  in  which  such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

(b) Any Person  into which the Company or the Master  Servicer  may be merged or
consolidated,  or any corporation  resulting from any merger or consolidation to
which  the  Company  or the  Master  Servicer  shall be a party,  or any  Person
succeeding to the business of the Company or the Master  Servicer,  shall be the
successor of the Company or the Master Servicer,  as the case may be, hereunder,
without the  execution  or filing of any paper or any further act on the part of
any of the parties  hereto,  anything  herein to the  contrary  notwithstanding;
provided, however, that the successor or surviving Person to the Master Servicer
shall be qualified to service  mortgage loans on behalf of Fannie Mae or Freddie
Mac; and  provided  further that each Rating  Agency's  ratings,  if any, of the
Senior,  Class M or Class B  Certificates  in effect  immediately  prior to such
merger or consolidation will not be qualified,  reduced or withdrawn as a result
thereof (as evidenced by a letter to such effect from each Rating Agency).

(c)  Notwithstanding  anything else in this Section 6.02 and Section 6.04 to the
contrary,  the Master Servicer may assign its rights and delegate its duties and
obligations  under  this  Agreement;  provided  that the Person  accepting  such
assignment  or  delegation  shall be a  Person  which is  qualified  to  service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's
rating of the Classes of Certificates that have been rated in effect immediately

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prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

Section 6.03.  Limitation on Liability of the Company,
                      the Master Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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Section 6.04.  Company and Master Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

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                                  ARTICLE VII

                                     DEFAULT

Section 7.01.  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

(i)  the Master  Servicer shall fail to distribute or cause to be distributed to
     the Holders of  Certificates of any Class any  distribution  required to be
     made under the terms of the  Certificates  of such Class and this Agreement
     and, in either case, such failure shall continue unremedied for a period of
     5 days after the date upon which written notice of such failure,  requiring
     such failure to be remedied,  shall have been given to the Master  Servicer
     by the  Trustee or the Company or to the Master  Servicer,  the Company and
     the  Trustee  by the  Holders  of  Certificates  of such  Class  evidencing
     Percentage Interests aggregating not less than 25%; or

(ii) the Master  Servicer  shall  fail to  observe  or  perform in any  material
     respect any other of the  covenants or agreements on the part of the Master
     Servicer  contained in the  Certificates  of any Class or in this Agreement
     and such failure shall continue  unremedied for a period of 30 days (except
     that such  number of days  shall be 15 in the case of a failure  to pay the
     premium for any Required  Insurance Policy) after the date on which written
     notice of such failure,  requiring the same to be remedied, shall have been
     given to the  Master  Servicer  by the  Trustee or the  Company,  or to the
     Master Servicer, the Company and the Trustee by the Holders of Certificates
     of  any  Class  evidencing,  in the  case  of any  such  Class,  Percentage
     Interests aggregating not less than 25%; or

(iii)   a decree or order of a court or agency or supervisory  authority  having
        jurisdiction in the premises in an involuntary case under any present or
        future  federal  or  state  bankruptcy,  insolvency  or  similar  law or
        appointing a conservator  or receiver or  liquidator in any  insolvency,
        readjustment  of debt,  marshalling of assets and liabilities or similar
        proceedings,  or for the winding-up or liquidation of its affairs, shall
        have been entered  against the Master  Servicer and such decree or order
        shall have remained in force undischarged or unstayed for a period of 60
        days; or

(iv)    the Master Servicer shall consent to the appointment of a conservator or
        receiver  or  liquidator  in  any  insolvency,   readjustment  of  debt,
        marshalling of assets and  liabilities,  or similar  proceedings  of, or
        relating  to,  the  Master  Servicer  or  of,  or  relating  to,  all or
        substantially all of the property of the Master Servicer; or

(v)     the Master  Servicer  shall  admit in writing its  inability  to pay its
        debts  generally as they become due,  file a petition to take  advantage
        of, or commence a voluntary  case under,  any  applicable  insolvency or
        reorganization  statute,  make  an  assignment  for the  benefit  of its

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<PAGE>

        creditors, or voluntarily suspend payment of its obligations; or

(vi)    the Master Servicer shall notify the Trustee pursuant to Section 4.04(b)
        that it is unable to deposit in the Certificate  Account an amount equal
        to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

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Section 7.02.  Trustee or Company to Act; Appointment of Successor.

(a) On and after the time the Master  Servicer  receives a notice of termination
pursuant to Section 7.01 or resigns in accordance with Section 6.04, the Trustee
or, upon notice to the Company and with the Company's  consent  (which shall not
be unreasonably withheld) a designee (which meets the standards set forth below)
of the Trustee, shall be the successor in all respects to the Master Servicer in
its capacity as servicer under this Agreement and the  transactions set forth or
provided for herein and shall be subject to all the responsibilities, duties and
liabilities  relating  thereto  placed on the Master  Servicer  (except  for the
responsibilities, duties and liabilities contained in Sections 2.02 and 2.03(a),
excluding  the duty to notify  related  Subservicers  or Sellers as set forth in
such  Sections,  and its  obligations  to  deposit  amounts in respect of losses
incurred  prior to such notice or  termination on the investment of funds in the
Custodial  Account or the Certificate  Account  pursuant to Sections 3.07(c) and
4.01(b) by the terms and provisions hereof); provided, however, that any failure
to  perform  such  duties or  responsibilities  caused by the  preceding  Master
Servicer's failure to provide information  required by Section 4.04 shall not be
considered a default by the Trustee  hereunder.  As compensation  therefor,  the
Trustee shall be entitled to all funds  relating to the Mortgage Loans which the
Master  Servicer would have been entitled to charge to the Custodial  Account or
the  Certificate  Account if the Master  Servicer had continued to act hereunder
and, in addition, shall be entitled to the income from any Permitted Investments
made with  amounts  attributable  to the  Mortgage  Loans held in the  Custodial
Account or the Certificate  Account.  If the Trustee has become the successor to
the Master  Servicer in  accordance  with  Section  6.04 or Section  7.01,  then
notwithstanding  the above, the Trustee may, if it shall be unwilling to so act,
or shall, if it is unable to so act,  appoint,  or petition a court of competent
jurisdiction to appoint,  any established housing and home finance  institution,
which  is  also  a  Fannie  Mae-  or  Freddie  Mac-approved  mortgage  servicing
institution, having a net worth of not less than $10,000,000 as the successor to
the  Master  Servicer  hereunder  in the  assumption  of all or any  part of the
responsibilities,  duties  or  liabilities  of the  Master  Servicer  hereunder.
Pending appointment of a successor to the Master Servicer hereunder, the Trustee
shall become  successor to the Master Servicer and shall act in such capacity as
hereinabove  provided.  In connection with such appointment and assumption,  the
Trustee may make such arrangements for the compensation of such successor out of
payments on  Mortgage  Loans as it and such  successor  shall  agree;  provided,
however,  that no such  compensation  shall be in excess of that  permitted  the
initial Master Servicer hereunder.  The Company,  the Trustee, the Custodian and
such successor shall take such action,  consistent with this Agreement, as shall
be  necessary to  effectuate  any such  succession.  The  Servicing  Fee for any
successor  Master  Servicer  appointed  pursuant  to this  Section  7.02 will be
lowered with respect to those Mortgage Loans, if any, where the Subservicing Fee
accrues at a rate of less than  0.20% per annum in the event that the  successor
Master  Servicer  is  not  servicing  such  Mortgage  Loans  directly  and it is
necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum in
order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an

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assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

Section 7.03.  Notification to Certificateholders.

(a) Upon any such  termination  or  appointment  of a  successor  to the  Master
Servicer,   the  Trustee  shall  give  prompt  written  notice  thereof  to  the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

(b) Within 60 days after the  occurrence  of any Event of  Default,  the Trustee
shall transmit by mail to all Holders of Certificates  notice of each such Event
of Default  hereunder  known to the Trustee,  unless such Event of Default shall
have been cured or waived.

Section 7.04.  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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<PAGE>

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

Section 8.01.  Duties of Trustee.

(a) The Trustee,  prior to the  occurrence  of an Event of Default and after the
curing or waiver of all Events of Default which may have occurred, undertakes to
perform such duties and only such duties as are  specifically  set forth in this
Agreement. In case an Event of Default has occurred (which has not been cured or
waived),  the Trustee shall  exercise such of the rights and powers vested in it
by this  Agreement,  and use the same degree of care and skill in their exercise
as a prudent  investor  would  exercise  or use under the  circumstances  in the
conduct of such investor's own affairs.

(b) The Trustee,  upon  receipt of all  resolutions,  certificates,  statements,
opinions,  reports,  documents,  orders or other  instruments  furnished  to the
Trustee  which  are  specifically  required  to be  furnished  pursuant  to  any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

(c) No  provision  of this  Agreement  shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act or
its own willful misconduct; provided, however, that:

(i)  Prior to the  occurrence  of an Event of  Default,  and after the curing or
     waiver of all such Events of Default  which may have  occurred,  the duties
     and  obligations  of the Trustee shall be determined  solely by the express
     provisions  of this  Agreement,  the Trustee shall not be liable except for
     the  performance  of such duties and  obligations as are  specifically  set
     forth in this Agreement,  no implied covenants or obligations shall be read
     into this Agreement against the Trustee and, in the absence of bad faith on
     the part of the Trustee, the Trustee may conclusively rely, as to the truth
     of the statements and the  correctness of the opinions  expressed  therein,

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<PAGE>

     upon any  certificates or opinions  furnished to the Trustee by the Company
     or the Master  Servicer  and which on their  face,  do not  contradict  the
     requirements of this Agreement;

(ii)    The Trustee shall not be personally liable for an error of judgment made
        in good faith by a Responsible  Officer or  Responsible  Officers of the
        Trustee,  unless it shall be proved that the Trustee  was  negligent  in
        ascertaining the pertinent facts;

(iii)   The Trustee  shall not be  personally  liable with respect to any action
        taken, suffered or omitted to be taken by it in good faith in accordance
        with  the   direction  of   Certificateholders   of  any  Class  holding
        Certificates  which  evidence,  as to such Class,  Percentage  Interests
        aggregating  not  less  than 25% as to the  time,  method  and  place of
        conducting any proceeding  for any remedy  available to the Trustee,  or
        exercising  any trust or power  conferred  upon the Trustee,  under this
        Agreement;

(iv)    The Trustee  shall not be charged with  knowledge of any default  (other
        than a default in payment to the  Trustee)  specified in clauses (i) and
        (ii) of Section 7.01 or an Event of Default  under clauses  (iii),  (iv)
        and (v) of Section  7.01  unless a  Responsible  Officer of the  Trustee
        assigned to and working in the  Corporate  Trust Office  obtains  actual
        knowledge  of such  failure  or event or the  Trustee  receives  written
        notice of such failure or event at its  Corporate  Trust Office from the
        Master Servicer, the Company or any Certificateholder; and

(v)     Except to the extent  provided in Section  7.02,  no  provision  in this
        Agreement  shall  require  the  Trustee  to expend or risk its own funds
        (including,  without limitation, the making of any Advance) or otherwise
        incur any personal financial  liability in the performance of any of its
        duties as Trustee hereunder,  or in the exercise of any of its rights or
        powers, if the Trustee shall have reasonable  grounds for believing that
        repayment of funds or adequate  indemnity against such risk or liability
        is not reasonably assured to it.

(d) The Trustee shall timely pay, from its own funds,  the amount of any and all
federal,  state and local  taxes  imposed  on the  Trust  Fund or its  assets or
transactions including, without limitation, (A) "prohibited transaction" penalty
taxes as defined in Section 860F of the Code,  if, when and as the same shall be
due and payable,  (B) any tax on contributions to a REMIC after the Closing Date
imposed  by  Section  860G(d)  of the Code and (C) any tax on "net  income  from
foreclosure  property"  as defined in Section  860G(c) of the Code,  but only if
such taxes  arise out of a breach by the Trustee of its  obligations  hereunder,
which breach constitutes negligence or willful misconduct of the Trustee.

Section 8.02.  Certain Matters Affecting the Trustee.

(a)     Except as otherwise provided in Section 8.01:

(i)     The Trustee may rely and shall be protected in acting or refraining from
        acting  upon  any  resolution,  Officers'  Certificate,  certificate  of
        auditors  or any  other  certificate,  statement,  instrument,  opinion,
        report, notice, request,  consent, order, appraisal, bond or other paper
        or  document  believed  by it to be genuine  and to have been  signed or
        presented by the proper party or parties;

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<PAGE>

(ii) The Trustee may consult  with  counsel and any Opinion of Counsel  shall be
     full and complete  authorization  and  protection  in respect of any action
     taken  or  suffered  or  omitted  by it  hereunder  in  good  faith  and in
     accordance with such Opinion of Counsel;

(iii)The Trustee  shall be under no  obligation to exercise any of the trusts or
     powers vested in it by this  Agreement or to  institute,  conduct or defend
     any  litigation  hereunder or in relation  hereto at the request,  order or
     direction of any of the  Certificateholders,  pursuant to the provisions of
     this Agreement,  unless such  Certificateholders  shall have offered to the
     Trustee  reasonable  security or indemnity against the costs,  expenses and
     liabilities  which may be incurred  therein or thereby;  nothing  contained
     herein  shall,  however,  relieve the Trustee of the  obligation,  upon the
     occurrence of an Event of Default (which has not been cured or waived),  to
     exercise such of the rights and powers vested in it by this Agreement,  and
     to use the same  degree  of care and skill in their  exercise  as a prudent
     investor  would exercise or use under the  circumstances  in the conduct of
     such investor's own affairs;

(iv) The Trustee shall not be personally  liable for any action taken,  suffered
     or omitted  by it in good  faith and  believed  by it to be  authorized  or
     within  the  discretion  or  rights  or  powers  conferred  upon it by this
     Agreement;

(v)  Prior to the  occurrence  of an Event of  Default  hereunder  and after the
     curing or waiver of all  Events of  Default  which may have  occurred,  the
     Trustee  shall  not be bound to make any  investigation  into the  facts or
     matters  stated  in any  resolution,  certificate,  statement,  instrument,
     opinion,  report, notice, request,  consent, order, approval, bond or other
     paper or  document,  unless  requested  in  writing  so to do by Holders of
     Certificates  of  any  Class  evidencing,  as  to  such  Class,  Percentage
     Interests,  aggregating not less than 50%; provided,  however,  that if the
     payment within a reasonable  time to the Trustee of the costs,  expenses or
     liabilities likely to be incurred by it in the making of such investigation
     is, in the opinion of the Trustee, not reasonably assured to the Trustee by
     the security afforded to it by the terms of this Agreement, the Trustee may
     require  reasonable  indemnity  against  such  expense  or  liability  as a
     condition  to  so  proceeding.   The  reasonable   expense  of  every  such
     examination  shall be paid by the Master  Servicer,  if an Event of Default
     shall   have   occurred   and  is   continuing,   and   otherwise   by  the
     Certificateholder requesting the investigation;

(vi) The Trustee may  execute any of the trusts or powers  hereunder  or perform
     any duties  hereunder either directly or by or through agents or attorneys;
     and

(vii)To the extent  authorized  under the Code and the  regulations  promulgated
     thereunder,  each  Holder  of a  Class  R  Certificate  hereby  irrevocably
     appoints and authorizes the Trustee to be its attorney-in-fact for purposes
     of  signing  any Tax  Returns  required  to be filed on behalf of the Trust
     Fund. The Trustee shall sign on behalf of the Trust Fund and deliver to the
     Master Servicer in a timely manner any Tax Returns prepared by or on behalf
     of the Master  Servicer  that the Trustee is required to sign as determined
     by the Master Servicer pursuant to applicable  federal,  state or local tax

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     laws,  provided that the Master  Servicer  shall  indemnify the Trustee for
     signing any such Tax Returns that contain errors or omissions.

(b) Following the issuance of the Certificates, the Trustee shall not accept any
contribution of assets to the Trust Fund unless (subject to Section 10.01(f)) it
shall have obtained or been  furnished  with an Opinion of Counsel to the effect
that such  contribution will not (i) cause any portion of any REMIC formed under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificates  are  outstanding or (ii) cause the Trust Fund to be subject to any
federal tax as a result of such  contribution  (including  the imposition of any
federal tax on "prohibited  transactions"  imposed under Section  860F(a) of the
Code).

Section 8.03.  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

Section 8.04.  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

Section  8.05.   Master   Servicer   to  Pay   Trustee's   Fees  and   Expenses;
     Indemnification.

(a) The  Master  Servicer  covenants  and agrees to pay to the  Trustee  and any
co-trustee  from  time to time,  and the  Trustee  and any  co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and any co-trustee, and the Master Servicer will pay or
reimburse  the  Trustee  and any  co-trustee  upon  request  for all  reasonable
expenses,  disbursements  and  advances  incurred  or made by the Trustee or any
co-trustee in accordance with any of the provisions of this Agreement (including
the reasonable  compensation  and the expenses and  disbursements of its counsel
and of all persons not regularly in its employ, and the expenses incurred by the
Trustee or any  co-trustee in connection  with the  appointment  of an office or
agency  pursuant  to Section  8.12)  except any such  expense,  disbursement  or
advance as may arise from its negligence or bad faith.

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(b) The Master  Servicer  agrees to  indemnify  the Trustee for, and to hold the
Trustee  harmless  against,  any loss,  liability  or expense  incurred  without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

(i)     with respect to any such claim,  the Trustee shall have given the Master
        Servicer  written notice  thereof  promptly after the Trustee shall have
        actual knowledge thereof;

(ii)    while  maintaining  control  over its own  defense,  the  Trustee  shall
        cooperate and consult fully with the Master  Servicer in preparing  such
        defense; and

(iii)   notwithstanding  anything in this Agreement to the contrary,  the Master
        Servicer  shall not be liable for settlement of any claim by the Trustee
        entered  into  without the prior  consent of the Master  Servicer  which
        consent shall not be unreasonably withheld.

No termination of this Agreement  shall affect the  obligations  created by this
Section  8.05(b) of the Master  Servicer  to  indemnify  the  Trustee  under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

Section 8.06.  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so  published.  In case at any time the  Trustee  shall  cease to be eligible in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

Section 8.07.  Resignation and Removal of the Trustee.

(a) The Trustee may at any time resign and be discharged  from the trusts hereby
created by giving  written  notice  thereof to the Company.  Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee by

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written  instrument,  in  duplicate,  one  copy of  which  instrument  shall  be
delivered to the resigning Trustee and one copy to the successor trustee.  If no
successor  trustee shall have been so appointed  and have  accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

(b) If at any time the Trustee shall cease to be eligible in accordance with the
provisions  of  Section  8.06 and shall  fail to resign  after  written  request
therefor by the Company, or if at any time the Trustee shall become incapable of
acting, or shall be adjudged bankrupt or insolvent, or a receiver of the Trustee
or of its property  shall be appointed,  or any public officer shall take charge
or  control of the  Trustee or of its  property  or affairs  for the  purpose of
rehabilitation,  conservation  or  liquidation,  then the Company may remove the
Trustee and appoint a successor trustee by written instrument, in duplicate, one
copy of which  instrument  shall be  delivered to the Trustee so removed and one
copy to the  successor  trustee.  In  addition,  in the event  that the  Company
determines  that  the  Trustee  has  failed  (i) to  distribute  or  cause to be
distributed  to the  Certificateholders  any amount  required to be  distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

(c) The Holders of  Certificates  entitled to at least 51% of the Voting  Rights
may at any time remove the  Trustee  and appoint a successor  trustee by written
instrument  or  instruments,  in  triplicate,  signed by such  Holders  or their
attorneys-in-fact  duly authorized,  one complete set of which instruments shall
be delivered to the Company,  one complete set to the Trustee so removed and one
complete set to the successor so appointed.

(d) Any  resignation  or removal of the Trustee and  appointment  of a successor
trustee pursuant to any of the provisions of this Section shall become effective
upon  acceptance of appointment by the successor  trustee as provided in Section
8.08.

Section 8.08.  Successor Trustee.

(a) Any successor  trustee  appointed as provided in Section 8.07 shall execute,
acknowledge  and  deliver  to the  Company  and to its  predecessor  trustee  an
instrument accepting such appointment  hereunder,  and thereupon the resignation
or removal of the predecessor  trustee shall become effective and such successor
trustee shall become effective and such successor  trustee,  without any further
act, deed or conveyance,  shall become fully vested with all the rights, powers,
duties and obligations of its predecessor hereunder,  with the like effect as if

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originally named as trustee herein. The predecessor trustee shall deliver to the
successor  trustee all Mortgage Files and related  documents and statements held
by it hereunder  (other than any Mortgage Files at the time held by a Custodian,
which  shall  become  the agent of any  successor  trustee  hereunder),  and the
Company,  the Master  Servicer and the  predecessor  trustee  shall  execute and
deliver such  instruments and do such other things as may reasonably be required
for more fully and certainly vesting and confirming in the successor trustee all
such rights, powers, duties and obligations.

(b) No successor  trustee shall accept  appointment  as provided in this Section
unless at the time of such acceptance  such successor  trustee shall be eligible
under the provisions of Section 8.06.

(c) Upon  acceptance of appointment  by a successor  trustee as provided in this
Section,  the  Company  shall  mail  notice of the  succession  of such  trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

Section 8.09.  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

Section 8.10.  Appointment of Co-Trustee or Separate Trustee.

(a) Notwithstanding any other provisions hereof, at any time, for the purpose of
meeting  any legal  requirements  of any  jurisdiction  in which any part of the
Trust Fund or property securing the same may at the time be located,  the Master
Servicer and the Trustee  acting  jointly shall have the power and shall execute
and  deliver all  instruments  to appoint  one or more  Persons  approved by the
Trustee to act as  co-trustee  or  co-trustees,  jointly  with the  Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof,  and, subject to the other provisions of this Section
8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

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(b) In the case of any appointment of a co-trustee or separate  trustee pursuant
to this Section 8.10 all rights,  powers,  duties and  obligations  conferred or
imposed upon the Trustee  shall be  conferred  or imposed upon and  exercised or
performed by the  Trustee,  and such  separate  trustee or  co-trustee  jointly,
except  to the  extent  that  under  any law of any  jurisdiction  in which  any
particular act or acts are to be performed  (whether as Trustee  hereunder or as
successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified  to perform such act or acts,  in which event such  rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

(c) Any notice, request or other writing given to the Trustee shall be deemed to
have  been  given to each of the then  separate  trustees  and  co-trustees,  as
effectively  as if  given  to each of  them.  Every  instrument  appointing  any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

(d) Any separate trustee or co-trustee may, at any time, constitute the Trustee,
its agent or attorney-in-fact,  with full power and authority, to the extent not
prohibited by law, to do any lawful act under or in respect of this Agreement on
its behalf and in its name.  If any separate  trustee or  co-trustee  shall die,
become  incapable  of  acting,  resign  or  be  removed,  all  of  its  estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

Section 8.11.  Appointment of Custodians.

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the  Certificateholders of the appointment of any Custodian
(other than the  Custodian  appointed as of the Closing  Date)  pursuant to this
Section 8.11.

Section 8.12.  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the

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Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

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                                   ARTICLE IX

              TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

Section 9.01.  Optional  Purchase by the Master  Servicer  of All  Certificates;
     Termination  Upon  Purchase by the Master  Servicer or  Liquidation  of All
     Mortgage Loans

(a) Subject to Section 9.02, the respective  obligations and responsibilities of
the Company,  the Master  Servicer and the Trustee  created hereby in respect of
the  Certificates  (other than the  obligation  of the  Trustee to make  certain
payments  after  the  Final  Distribution  Date  to  Certificateholders  and the
obligation  of the Company to send  certain  notices as  hereinafter  set forth)
shall  terminate upon the last action required to be taken by the Trustee on the
Final Distribution Date pursuant to this Article IX following the earlier of:

(i)  the later of the final  payment or other  liquidation  (or any Advance with
     respect  thereto) of the last Mortgage Loan  remaining in the Trust Fund or
     the disposition of all property  acquired upon  foreclosure or deed in lieu
     of foreclosure of any Mortgage Loan, or

(ii) the purchase by the Master  Servicer of all Mortgage Loans and all property
     acquired in respect of any Mortgage  Loan  remaining in the Trust Fund at a
     price equal to 100% of the unpaid  principal  balance of each Mortgage Loan
     or, if less than such unpaid  principal  balance,  the fair market value of
     the related  underlying  property  of such  Mortgage  Loan with  respect to
     Mortgage  Loans as to which  title has been  acquired  if such fair  market
     value is less than such unpaid  principal  balance (net of any unreimbursed
     Advances  attributable  to principal) on the day of repurchase plus accrued
     interest thereon at the Net Mortgage Rate (or Modified Net Mortgage Rate in
     the case of any Modified  Mortgage Loan) to, but not  including,  the first
     day of the month in which such repurchase  price is distributed,  provided,
     however,  that in no event shall the trust created hereby  continue  beyond
     the  expiration  of 21 years  from the  death of the last  survivor  of the
     descendants of Joseph P. Kennedy,  the late ambassador of the United States
     to the Court of St. James,  living on the date hereof and provided  further
     that the purchase price set forth above shall be increased as is necessary,
     as  determined by the Master  Servicer,  to avoid  disqualification  of any
     portion of any REMIC formed under the Series Supplement as a REMIC.

        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal Balance of the Mortgage Loans.

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

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of the  purchase  price,  release  to the Master  Servicer  the  Mortgage  Files
pertaining to the Mortgage Loans being purchased.

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage Loans,  the Master Servicer shall have the right, at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

(b) The Master  Servicer  shall give the  Trustee  not less than 60 days'  prior
notice of the  Distribution  Date on which the Master Servicer  anticipates that
the final distribution will be made to  Certificateholders  (whether as a result
of the  exercise by the Master  Servicer of its right to purchase  the assets of
the Trust Fund or otherwise) or on which the Master  Servicer  anticipates  that
the  Certificates  will be purchased  (as a result of the exercise by the Master
Servicer to purchase the  outstanding  Certificates).  Notice of any termination
specifying the anticipated  Final  Distribution Date (which shall be a date that
would otherwise be a Distribution  Date) upon which the  Certificateholders  may
surrender their Certificates to the Trustee (if so required by the terms hereof)
for payment of the final distribution and cancellation or notice of any purchase
of the outstanding Certificates, specifying the Distribution Date upon which the
Holders may surrender their  Certificates  to the Trustee for payment,  shall be
given promptly by the Master Servicer (if it is exercising its right to purchase
the assets of the Trust Fund or to purchase the outstanding Certificates), or by
the Trustee (in any other case) by letter to the  Certificateholders  mailed not
earlier  than the 15th day and not  later  than the 25th day of the  month  next
preceding the month of such final distribution specifying:

(i)     the anticipated Final  Distribution Date upon which final payment of the
        Certificates is anticipated to be made upon  presentation  and surrender
        of  Certificates  at  the  office  or  agency  of  the  Trustee  therein
        designated or, in the case of the purchase by the Master Servicer of the
        outstanding  Certificates,  the Distribution Date on which such purchase
        is to be made,

(ii)    the amount of any such final payment,  or in the case of the purchase of
        the  outstanding  Certificates,  the purchase  price, in either case, if
        known, and

(iii)   that the Record Date otherwise  applicable to such  Distribution Date is
        not applicable,  and in the case of the Senior  Certificates and Class M
        Certificates,  that  payment  will be made  only upon  presentation  and
        surrender  of the  Certificates  at the office or agency of the  Trustee
        therein specified.

If the Master  Servicer is  obligated  to give notice to  Certificateholders  as
aforesaid,  it shall give such notice to the  Certificate  Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its

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right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account,  before  the Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

(c)  In  the  case  of  the  Senior,  Class  M or  Class  B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master  Servicer's  election to  repurchase  the assets of the Trust Fund or the
outstanding  Certificates,  or  (ii)  if  the  Master  Servicer  elected  to  so
repurchase  the assets of the Trust  Fund or the  outstanding  Certificates,  an
amount  determined  as  follows:  (A)  with  respect  to  each  Certificate  the
outstanding  Certificate  Principal  Balance thereof,  plus Accrued  Certificate
Interest for the related  Interest  Accrual  Period  thereon and any  previously
unpaid  Accrued  Certificate  Interest,  subject  to the  priority  set forth in
Section 4.02(a), and (B) with respect to the Class R Certificates, any excess of
the amounts available for distribution (including the repurchase price specified
in  clause  (ii) of  subsection  (a) of this  Section)  over  the  total  amount
distributed under the immediately preceding clause (A).

(d) If any  Certificateholders  shall not surrender their Certificates for final
payment  and  cancellation  on or  before  the  Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have been surrendered for cancellation,  the Trustee shall pay to the Master
Servicer  all  amounts  distributable  to the  holders  thereof  and the  Master
Servicer shall  thereafter hold such amounts until  distributed to such Holders.
No interest  shall accrue or be payable to any  Certificateholder  on any amount
held in the  escrow  account  or by the  Master  Servicer  as a  result  of such
Certificateholder's  failure to surrender its  Certificate(s)  for final payment
thereof in accordance with this Section 9.01.

(e) If any  Certificateholders  do not surrender their Certificates on or before
the Distribution Date on which a purchase of the outstanding  Certificates is to

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be made,  the  Trustee  shall on such date  cause  all funds in the  Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain outstanding hereunder.  The Master Servicer shall
be for all purposes the Holder thereof as of such date.

Section 9.02.  Additional Termination Requirements.

(a) Each REMIC that  comprises  the Trust Fund shall be terminated in accordance
with the following additional requirements, unless (subject to Section 10.01(f))
the Trustee and the Master  Servicer have received an Opinion of Counsel  (which
Opinion of Counsel  shall not be an expense of the  Trustee)  to the effect that
the failure of each such REMIC to comply with the  requirements  of this Section
9.02 will not (i) result in the  imposition on the Trust of taxes on "prohibited
transactions,"  as described in Section 860F of the Code, or (ii) cause any such
REMIC  to fail to  qualify  as a REMIC  at any  time  that  any  Certificate  is
outstanding:

(i)     The Master Servicer shall establish a 90-day liquidation period for each
        such  REMIC and  specify  the first  day of such  period in a  statement
        attached  to the Trust  Fund's  final Tax Return  pursuant  to  Treasury
        regulations Section 1.860F-1. The Master Servicer also shall satisfy all
        of the requirements of a qualified liquidation for a REMIC under Section
        860F of the Code and regulations thereunder;

(ii)    The Master Servicer shall notify the Trustee at the commencement of such
        90-day  liquidation period and, at or prior to the time of making of the
        final payment on the  Certificates,  the Trustee shall sell or otherwise
        dispose of all of the  remaining  assets of the Trust Fund in accordance
        with the terms hereof; and

(iii)   If the  Master  Servicer  or the  Company  is  exercising  its  right to
        purchase the assets of the Trust Fund, the Master Servicer shall, during

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        the 90-day  liquidation period and at or prior to the Final Distribution
        Date, purchase all of the assets of the Trust Fund for cash.

(b) Each Holder of a Certificate and the Trustee hereby irrevocably approves and
appoints the Master Servicer as its attorney-in-fact to adopt a plan of complete
liquidation  for each REMIC at the expense of the Trust Fund in accordance  with
the terms and conditions of this Agreement.

Section 9.03.  Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

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                                   ARTICLE X

                                REMIC PROVISIONS

Section 10.01. REMIC Administration.

(a) The REMIC  Administrator  shall make an  election to treat the Trust Fund as
one or more REMICs under the Code and, if necessary, under applicable state law.
The assets of each such REMIC will be set forth in the Series  Supplement.  Such
election  will be  made  on  Form  1066  or  other  appropriate  federal  tax or
information return (including Form 8811) or any appropriate state return for the
taxable  year  ending  on the  last  day of  the  calendar  year  in  which  the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

(b) The Closing Date is hereby designated as the "startup day" of the Trust Fund
within the meaning of Section 860G(a)(9) of the Code.

(c) The REMIC  Administrator  shall hold a Class R  Certificate  representing  a
0.01%  Percentage  Interest each Class of the Class R Certificates  and shall be
designated as "the tax matters  person" with respect to each REMIC in the manner
provided under Treasury regulations section 1.860F-4(d) and Treasury regulations
section 301.6231(a)(7)-1.  The REMIC Administrator, as tax matters person, shall
(i) act on behalf of each REMIC in  relation  to any tax  matter or  controversy
involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial  proceeding  relating to an examination or audit by any governmental
taxing authority with respect  thereto.  The legal expenses,  including  without
limitation attorneys' or accountants' fees, and costs of any such proceeding and
any liability  resulting  therefrom  shall be expenses of the Trust Fund and the
REMIC Administrator  shall be entitled to reimbursement  therefor out of amounts
attributable  to the  Mortgage  Loans on  deposit  in the  Custodial  Account as
provided by Section  3.10 unless such legal  expenses  and costs are incurred by
reason  of the REMIC  Administrator's  willful  misfeasance,  bad faith or gross
negligence.  If  the  REMIC  Administrator  is no  longer  the  Master  Servicer
hereunder,  at its option the REMIC  Administrator  may  continue  its duties as
REMIC  Administrator  and shall be paid  reasonable  compensation  not to exceed
$3,000 per year by any successor Master Servicer  hereunder for so acting as the
REMIC Administrator.

(d) The REMIC Administrator shall prepare or cause to be prepared all of the Tax
Returns  that it  determines  are required  with  respect to each REMIC  created
hereunder and deliver such Tax Returns in a timely manner to the Trustee and the
Trustee shall sign and file such Tax Returns in a timely manner. The expenses of
preparing  such returns  shall be borne by the REMIC  Administrator  without any
right of reimbursement therefor. The REMIC Administrator agrees to indemnify and

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hold harmless the Trustee with respect to any tax or liability  arising from the
Trustee's  signing of Tax Returns that contain errors or omissions.  The Trustee
and Master  Servicer shall promptly  provide the REMIC  Administrator  with such
information  as the REMIC  Administrator  may from time to time  request for the
purpose of enabling the REMIC Administrator to prepare Tax Returns.

(e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a Class R
Certificate  such  information  as is necessary for the  application  of any tax
relating  to the  transfer of a Class R  Certificate  to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

(f) The Master Servicer and the REMIC  Administrator shall take such actions and
shall cause each REMIC created  hereunder to take such actions as are reasonably
within the Master Servicer's or the REMIC Administrator's  control and the scope
of its  duties  more  specifically  set forth  herein as shall be  necessary  or
desirable  to  maintain  the  status  of each  REMIC as a REMIC  under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d) of the
Code)  (either  such  event,  in the  absence  of an  Opinion  of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee

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shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

(g) In the event  that any tax is imposed on  "prohibited  transactions"  of any
REMIC  created  hereunder as defined in Section  860F(a)(2) of the Code, on "net
income  from  foreclosure  property"  of any such  REMIC as  defined  in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such  reimbursement  the aggregate of such taxes shall be allocated in
reduction of the Accrued Certificate  Interest on each Class entitled thereto in
the same manner as if such taxes constituted a Prepayment Interest Shortfall.

(h) The Trustee and the Master Servicer shall,  for federal income tax purposes,
maintain  books and records  with respect to each REMIC  created  hereunder on a
calendar  year and on an accrual  basis or as  otherwise  may be required by the
REMIC Provisions.

(i) Following the Startup Day, neither the Master Servicer nor the Trustee shall
accept  any  contributions  of  assets  to any REMIC  created  hereunder  unless
(subject to Section  10.01(f))  the Master  Servicer and the Trustee  shall have
received an Opinion of Counsel (at the expense of the party seeking to make such
contribution) to the effect that the inclusion of such assets in such REMIC will
not  cause  the  REMIC  to fail to  qualify  as a REMIC  at any  time  that  any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

(j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to Section
10.01(f)) enter into any  arrangement by which any REMIC created  hereunder will
receive a fee or other  compensation  for  services nor permit any such REMIC to
receive any income from assets other than  "qualified  mortgages"  as defined in
Section 860G(a)(3) of the Code or "permitted  investments" as defined in Section
860G(a)(5) of the Code.

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(k)  Solely for the  purposes  of Section  1.860G-1(a)(4)(iii)  of the  Treasury
Regulations,  the  "latest  possible  maturity  date" by which  the  Certificate
Principal  Balance of each Class of  Certificates  (other than the Interest Only
Certificates)  representing a regular  interest in the applicable  REMIC and the
Uncertificated  Principal Balance of each Uncertificated  REMIC Regular Interest
(other than each  Uncertificated  REMIC Regular Interest  represented by a Class
A-V  Certificate,  if any) and the rights to the Interest Only  Certificates and
Uncertificated  REMIC Regular  Interest  represented by a Class A-V  Certificate
would be  reduced to zero is the  Maturity  Date for each such  Certificate  and
Interest.

(l) Within 30 days after the Closing Date, the REMIC Administrator shall prepare
and file with the Internal  Revenue Service Form 8811,  "Information  Return for
Real Estate Mortgage  Investment  Conduits (REMIC) and Issuers of Collateralized
Debt Obligations" for each REMIC created hereunder.

(m)  Neither  the Trustee  nor the Master  Servicer  shall  sell,  dispose of or
substitute  for any of the Mortgage  Loans  (except in  connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify  the Trust Fund against such tax,  cause such REMIC to be subject to a
tax on  "prohibited  transactions"  or  "contributions"  pursuant  to the  REMIC
Provisions.

Section 10.02. Master Servicer, REMIC Administrator and Trustee Indemnification.

(a) The Trustee  agrees to  indemnify  the Trust Fund,  the  Company,  the REMIC
Administrator and the Master Servicer for any taxes and costs including, without
limitation,  any  reasonable  attorneys fees imposed on or incurred by the Trust
Fund,  the  Company  or the  Master  Servicer,  as a result  of a breach  of the
Trustee's covenants set forth in Article VIII or this Article X.

(b) The REMIC Administrator agrees to indemnify the Trust Fund, the Company, the
Master  Servicer  and the  Trustee for any taxes and costs  (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund, the Company,  the Master Servicer or the Trustee,  as a result of a breach
of the REMIC Administrator's  covenants set forth in this Article X with respect
to compliance  with the REMIC  Provisions,  including  without  limitation,  any
penalties  arising from the Trustee's  execution of Tax Returns  prepared by the
REMIC Administrator that contain errors or omissions;  provided,  however,  that
such  liability  will not be imposed to the extent such breach is a result of an
error or omission in  information  provided  to the REMIC  Administrator  by the
Master Servicer in which case Section 10.02(c) will apply.

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(c) The Master  Servicer  agrees to indemnify the Trust Fund,  the Company,  the
REMIC Administrator and the Trustee for any taxes and costs (including,  without
limitation,  any reasonable attorneys' fees) imposed on or incurred by the Trust
Fund,  the Company,  the REMIC  Administrator  or the Trustee,  as a result of a
breach of the  Master  Servicer's  covenants  set forth in this  Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

Section 10.03. Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

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                                   ARTICLE XI

                            MISCELLANEOUS PROVISIONS

Section 11.01. Amendment.

(a) This  Agreement or any Custodial  Agreement may be amended from time to time
by the Company, the Master Servicer and the Trustee,  without the consent of any
of the Certificateholders:

(i)     to cure any ambiguity,

(ii) to correct or supplement  any  provisions  herein or therein,  which may be
     inconsistent  with any other provisions herein or therein or to correct any
     error,

(iii)to modify,  eliminate  or add to any of its  provisions  to such  extent as
     shall be necessary or desirable to maintain the  qualification of the Trust
     Fund as a REMIC at all times  that any  Certificate  is  outstanding  or to
     avoid or minimize the risk of the  imposition  of any tax on the Trust Fund
     pursuant to the Code that would be a claim against the Trust Fund, provided
     that the Trustee has  received an Opinion of Counsel to the effect that (A)
     such action is necessary or desirable to maintain such  qualification or to
     avoid or minimize the risk of the  imposition  of any such tax and (B) such
     action will not adversely  affect in any material  respect the interests of
     any Certificateholder,

(iv) to change the timing and/or  nature of deposits into the Custodial  Account
     or the  Certificate  Account or to change  the name in which the  Custodial
     Account is maintained,  provided that (A) the  Certificate  Account Deposit
     Date shall in no event be later than the  related  Distribution  Date,  (B)
     such change  shall not, as  evidenced  by an Opinion of Counsel,  adversely
     affect in any material respect the interests of any  Certificateholder  and
     (C) such change shall not result in a reduction  of the rating  assigned to
     any Class of Certificates below the lower of the then-current rating or the
     rating  assigned to such  Certificates as of the Closing Date, as evidenced
     by a letter from each Rating Agency to such effect,

(v)  to modify,  eliminate or add to the  provisions  of Section  5.02(f) or any
     other provision hereof restricting transfer of the Class R Certificates, by
     virtue of their being the "residual  interests"  in a REMIC,  provided that
     (A) such change shall not result in reduction of the rating assigned to any
     such Class of Certificates  below the lower of the  then-current  rating or
     the  rating  assigned  to such  Certificates  as of the  Closing  Date,  as
     evidenced by a letter from each Rating Agency to such effect,  and (B) such
     change shall not (subject to Section 10.01(f)),  as evidenced by an Opinion
     of Counsel (at the expense of the party seeking so to modify,  eliminate or
     add such  provisions),  cause any  REMIC  created  hereunder  or any of the
     Certificateholders  (other than the  transferor) to be subject to a federal
     tax caused by a transfer to a Person that is not a Permitted Transferee,

(vi) to make any other  provisions with respect to matters or questions  arising
     under  this  Agreement  or such  Custodial  Agreement  which  shall  not be

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     materially  inconsistent  with the provisions of this  Agreement,  provided
     that such  action  shall  not,  as  evidenced  by an  Opinion  of  Counsel,
     adversely   affect  in  any   material   respect  the   interests   of  any
     Certificateholder or

(vii)to amend any provision herein or therein that is not material to any of the
     Certificateholders.

(b) This  Agreement or any Custodial  Agreement may also be amended from time to
time by the Company, the Master Servicer and the Trustee with the consent of the
Holders of  Certificates  evidencing  in the  aggregate not less than 66% of the
Percentage  Interests  of each Class of  Certificates  affected  thereby for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement or such Custodial  Agreement or of modifying
in any manner the rights of the Holders of Certificates of such Class; provided,
however, that no such amendment shall:

(i)  reduce in any manner the amount of, or delay the timing of,  payments which
     are required to be  distributed on any  Certificate  without the consent of
     the Holder of such Certificate,

(ii)    reduce the aforesaid percentage of Certificates of any Class the Holders
        of which are required to consent to any such amendment, in any such case
        without  the consent of the  Holders of all  Certificates  of such Class
        then outstanding.

(c) Notwithstanding any contrary provision of this Agreement,  the Trustee shall
not  consent  to any  amendment  to this  Agreement  unless it shall  have first
received an Opinion of Counsel  (subject to Section  10.01(f) and at the expense
of the party seeking such  amendment)  to the effect that such  amendment or the
exercise of any power granted to the Master Servicer, the Company or the Trustee
in accordance with such amendment will not result in the imposition of a federal
tax on the Trust Fund or cause any REMIC created under the Series  Supplement to
fail to qualify as a REMIC at any time that any Certificate is outstanding.

(d) Promptly after the execution of any such amendment the Trustee shall furnish
written  notification  of the  substance of such  amendment to the Custodian and
each   Certificateholder.   It  shall  not  be  necessary  for  the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

(e) The Company  shall have the option,  in its sole  discretion,  to obtain and
deliver to the Trustee any corporate guaranty,  payment obligation,  irrevocable
letter of credit,  surety  bond,  insurance  policy or similar  instrument  or a
reserve fund, or any combination of the foregoing, for the purpose of protecting
the Holders of the Class B  Certificates  against any or all Realized  Losses or
other  shortfalls.  Any such instrument or fund shall be held by the Trustee for
the benefit of the Class B Certificateholders, but shall not be and shall not be
deemed to be under any  circumstances  included in the Trust Fund. To the extent
that any such  instrument or fund  constitutes a reserve fund for federal income
tax purposes,  (i) any reserve fund so established  shall be an outside  reserve

                                      107
<PAGE>

fund and not an asset of the Trust  Fund,  (ii) any such  reserve  fund shall be
owned by the Company,  and (iii)  amounts  transferred  by the Trust Fund to any
such reserve fund shall be treated as amounts  distributed  by the Trust Fund to
the Company or any  successor,  all within the  meaning of Treasury  Regulations
Section  1.860G-2(h) as it reads as of the Cut-off Date. In connection  with the
provision of any such  instrument  or fund,  this  Agreement  and any  provision
hereof may be modified,  added to,  deleted or  otherwise  amended in any manner
that is related or incidental to such instrument or fund or the establishment or
administration thereof, such amendment to be made by written instrument executed
or consented to by the Company but without the consent of any  Certificateholder
and  without the consent of the Master  Servicer or the Trustee  being  required
unless  any such  amendment  would  impose  any  additional  obligation  on,  or
otherwise adversely affect the interests of the Senior  Certificateholders,  the
Class M  Certificateholders,  the Master Servicer or the Trustee, as applicable;
provided that the Company  obtains  (subject to Section  10.01(f)) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
any such amendment will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code and (b) any REMIC created
hereunder  to fail to  qualify  as a REMIC at any time that any  Certificate  is
outstanding.  In the event that the Company  elects to provide such  coverage in
the  form  of  a  limited  guaranty   provided  by  General  Motors   Acceptance
Corporation,  the  Company  may elect  that the text of such  amendment  to this
Agreement  shall be  substantially  in the form attached hereto as Exhibit K (in
which case  Residential  Funding's  Subordinate  Certificate  Loss Obligation as
described in such exhibit shall be established by Residential  Funding's consent
to such  amendment) and that the limited  guaranty shall be executed in the form
attached  hereto as Exhibit L, with such changes as the Company shall deem to be
appropriate;  it being understood that the Trustee has reviewed and approved the
content of such forms and that the  Trustee's  consent  or  approval  to the use
thereof is not required.

Section 11.02. Recordation of Agreement; Counterparts.

(a) To the extent  permitted by  applicable  law,  this  Agreement is subject to
recordation in all appropriate  public offices for real property  records in all
the  counties  or other  comparable  jurisdictions  in  which  any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

(b) For the purpose of facilitating  the recordation of this Agreement as herein
provided and for other purposes,  this Agreement may be executed  simultaneously
in any number of counterparts,  each of which counterparts shall be deemed to be
an  original,  and  such  counterparts  shall  constitute  but one and the  same
instrument.

                                      108
<PAGE>

Section 11.03. Limitation on Rights of Certificateholders.

(a) The  death or  incapacity  of any  Certificateholder  shall not  operate  to
terminate this Agreement or the Trust Fund, nor entitle such Certificateholder's
legal  representatives  or heirs to claim an accounting or to take any action or
proceeding  in any court for a partition  or winding up of the Trust  Fund,  nor
otherwise  affect the rights,  obligations and liabilities of any of the parties
hereto.

(b) No  Certificateholder  shall  have any right to vote  (except  as  expressly
provided herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto,  nor shall anything
herein set forth, or contained in the terms of the Certificates, be construed so
as to constitute the Certificateholders from time to time as partners or members
of an association; nor shall any Certificateholder be under any liability to any
third  person by reason of any action  taken by the  parties  to this  Agreement
pursuant to any provision hereof.

(c) No Certificateholder shall have any right by virtue of any provision of this
Agreement to institute  any suit,  action or proceeding in equity or at law upon
or under or with respect to this Agreement,  unless such Holder previously shall
have given to the  Trustee a written  notice of default  and of the  continuance
thereof, as hereinbefore  provided,  and unless also the Holders of Certificates
of any  Class  evidencing  in the  aggregate  not less  than 25% of the  related
Percentage  Interests of such Class,  shall have made  written  request upon the
Trustee to institute such action,  suit or proceeding in its own name as Trustee
hereunder and shall have offered to the Trustee such reasonable  indemnity as it
may require against the costs,  expenses and liabilities to be incurred  therein
or  thereby,  and the  Trustee,  for 60 days after its  receipt of such  notice,
request and offer of indemnity, shall have neglected or refused to institute any
such action,  suit or proceeding  it being  understood  and intended,  and being
expressly    covenanted   by   each    Certificateholder    with   every   other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

Section 11.04. Governing Law.

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

                                      109
<PAGE>

Section 11.05. Notices.

        As provided in Section 11.05 of the Series Supplement.

Section 11.06. Required Notices to Rating Agency and Subservicer.

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

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

(b)     the occurrence of an Event of Default,

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

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

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

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

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

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

(i)  the occurrence of the Final Distribution Date, and

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

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

Section 11.07. Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the

                                      110
<PAGE>

remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

Section 11.08. Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective  interests would not be materially adversely affected thereby. To the
extent that the terms of the  Supplemental  Article do not in any way affect any
provisions  of this  Agreement as to any of the  Certificates  initially  issued
hereunder,  the adoption of the  Supplemental  Article  shall not  constitute an
"amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

Section 11.09. Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

Section 11.10. No Petition.

               As provided in Section 11.10 of the Series Supplement.

                                      111
<PAGE>

                                    EXHIBIT A

FORM OF  CLASS  A  CERTIFICATE,   [PRINCIPAL  ONLY/CLASS  A-P]  CERTIFICATE  AND
     [INTEREST ONLY/CLASS A-V] CERTIFICATE

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

        [THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS SUPPLEMENT), [AND ASSUMING A CONSTANT
PASS-THROUGH RATE EQUAL TO THE INITIAL  PASS-THROUGH RATE,] THIS CERTIFICATE HAS
BEEN ISSUED WITH NO MORE THAN $[ ] OF OID PER  [$1,000]  [$100,000]  OF [INITIAL
CERTIFICATE  PRINCIPAL BALANCE] [NOTIONAL AMOUNT], THE YIELD TO MATURITY IS [ ]%
AND THE AMOUNT OF OID ATTRIBUTABLE TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN
$[  ]  PER  [$1,000]  [$100,000]  OF  [INITIAL  CERTIFICATE  PRINCIPAL  BALANCE]
[NOTIONAL AMOUNT],  COMPUTED USING THE APPROXIMATE  METHOD. NO REPRESENTATION IS
MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON THE PREPAYMENT SPEED
ASSUMPTION  OR AT ANY  OTHER  RATE OR AS TO THE  CONSTANCY  OF THE  PASS-THROUGH
RATE.]

                                     A-1
<PAGE>

Certificate No.                    [        %][Variable] Pass-Through Rate
                --------            --------
                                   [based on a Notional Amount]
Class A-     Senior
Date of Pooling and Servicing      [Percentage Interest:       %]
                                                         ------
Agreement and Cut-off Date:
___________ 1, ____                Aggregate Initial [Certificate Principal
                                   Balance] [[Interest Only/Class A-V] Notional
First Distribution Date:           Amount] [Subclass Notional Amount] of the
_________ 25, ____                 Class A-     Certificates:
                                           ----

Master Servicer:                   [Initial] [Certificate Principal
Residential Funding                Balance] [Interest Only/Class A-V] [Subclass]
Corporation                        Notional Amount] of this Certificate:
                                   $                          ]
Assumed Final
Distribution Date:                 CUSIP 76110F-
___________ 25, ____

                        MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE
                                 SERIES ____-___

               evidencing a percentage  interest in the distributions  allocable
               to the  Class  A-  Certificates  with  respect  to a  Trust  Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

     This certifies  that  ____________________  is the registered  owner of the
Percentage  Interest  evidenced by this  Certificate  [(obtained by dividing the
[Initial  Certificate  Principal  Balance]  [Initial  [Interest  Only/Class A-V]
Notional  Amount] of this  Certificate  by the  aggregate  [Initial  Certificate
Principal Balance of all Class A- Certificates]  [Initial  [Interest  Only/Class
A-V] Notional Amounts of all [Interest  Only/Class A-V]  Certificates],  both as
specified  above)]  in  certain  distributions  with  respect  to the Trust Fund
consisting  primarily  of  an  interest  in  a  pool  of  conventional  one-  to
four-family  fixed interest rate first  mortgage  loans (the "Mortgage  Loans"),
formed and sold by Residential  Accredit  Loans,  Inc.  (hereinafter  called the
"Company," which term includes any successor entity under the Agreement referred
to below).  The Trust  Fund was  created  pursuant  to a Pooling  and  Servicing
Agreement  dated as specified  above (the  "Agreement")  among the Company,  the

                                        A-2

<PAGE>

Master Servicer and __________________, as trustee (the "Trustee"), a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this Certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  Holders of Class A-
Certificates on such Distribution Date. [The [Interest  Only/Class A-V] Notional
Amount  of  the  [Interest  Only/Class  A-V]  Certificates  as of  any  date  of
determination is equal to the aggregate Stated Principal Balance of the Mortgage
Loans corresponding to the Uncertificated REMIC Regular Interests represented by
such [Interest  Only/Class A-V]  Certificates.] [The Subclass Notional Amount of
the [Interest  Only/Class A-V]-  Certificates as of any date of determination is
equal  to  the  aggregate  Stated  Principal   Balance  of  the  Mortgage  Loans
corresponding to the Uncertificated REMIC Regular Interests  represented by such
[Interest  Only/Class A-V]-  Certificates  immediately prior to such date.] [The
[Interest  Only/Class  A-V][-  ]  Certificates  have  no  Certificate  Principal
Balance.]

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The [Initial Certificate  Principal Balance] [Initial [Interest Only/Class
A-V] Notional Amount] [initial  Subclass Notional Amount] of this Certificate is
set forth above.] [The Certificate  Principal  Balance hereof will be reduced to
the extent of  distributions  allocable  to principal  and any  Realized  Losses
allocable hereto.]

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is

                                        A-3
<PAGE>

reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

                                        A-4
<PAGE>

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purposes have the same effect as if set forth at this place.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        A-5

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_________________________],
                                              as Trustee

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  A-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [---------------------------],
                                                 as Certificate Registrar

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                        A-6

<PAGE>

                                   ASSIGNMENT

     FOR  VALUE  RECEIVED,   the  undersigned  hereby  sell(s),   assign(s)  and
transfer(s) unto __________________________  (Please print or typewrite name and
address including postal zip code of assignee) a Percentage  Interest  evidenced
by  the  within  Mortgage  Asset-Backed   Pass-Through  Certificate  and  hereby
authorizes  the  transfer of  registration  of such  interest to assignee on the
Certificate Register of the Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:
_______________________________________________________________________________

Dated:                                   Signature by or on behalf of assignor

                                                 Signature Guaranteed

                            DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available     funds    to     ______________________for     the    account    of
___________________________ account number _____________________,  or, if mailed
by check, to __________________________________. Applicable statements should be
mailed to _________________________________ .

     This information is provided by _____________________________, the assignee
named above, or _____________________________, as its agent.

                                        A-7
<PAGE>

                                    EXHIBIT B

                           FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        THE  FOLLOWING  INFORMATION  IS  PROVIDED  SOLELY  FOR THE  PURPOSES  OF
APPLYING THE U.S.  FEDERAL INCOME TAX ORIGINAL  ISSUE DISCOUNT  ("OID") RULES TO
THIS  CERTIFICATE.  THE ISSUE DATE OF THIS  CERTIFICATE IS ___________ __, ____.
ASSUMING  THAT THE  MORTGAGE  LOANS  PREPAY AT [___]%  OF THE  PREPAYMENT  SPEED
ASSUMPTION (AS DESCRIBED IN THE PROSPECTUS  SUPPLEMENT),  THIS  CERTIFICATE  HAS
BEEN ISSUED WITH NO MORE THAN $[____] OF OID PER $[1,000] OF INITIAL CERTIFICATE
PRINCIPAL  BALANCE,  THE YIELD TO  MATURITY  IS  [_____]%  AND THE AMOUNT OF OID
ATTRIBUTABLE  TO THE INITIAL ACCRUAL PERIOD IS NO MORE THAN $[____] PER $[1,000]
OF INITIAL CERTIFICATE PRINCIPAL BALANCE, COMPUTED UNDER THE APPROXIMATE METHOD.
NO REPRESENTATION IS MADE THAT THE MORTGAGE LOANS WILL PREPAY AT A RATE BASED ON
THE PREPAYMENT SPEED ASSUMPTION OR AT ANY OTHER RATE.

        Any Transferee of this Certificate will be deemed to have represented by
virtue of its purchase or holding of this  Certificate (or interest herein) that
EITHER (a) such Transferee is not an investment  manager, a named fiduciary or a
trustee of any Plan) acting, directly or indirectly,  on behalf of or purchasing
any Certificate with "plan assets" of any Plan (a "plan  investor"),  (B) it has

<PAGE>

acquired and is holding such  Certificate in reliance on Prohibited  Transaction
Exemption  ("PTE") 94-29, 59 Fed. Reg. 14674 (March 29, 1994), as amended by PTE
97-34, 62 Fed. Reg. 39021 (July 21, 1997),  and PTE 2000-58,  65 Fed. Reg. 67765
(November 13, 2000) (the "RFC  Exemption"),  and that it understands  that there
are certain  conditions to the availability of the RFC Exemption  including that
such Certificate  must be rated, at the time of purchase,  not lower than "BBB-"
(or its  equivalent)  by  Standard  & Poor's,  Fitch or  Moody's  or (C) (I) the
transferee is an insurance company, (II) the source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of U.S.  Department  of Labor  Prohibited  Transaction  Class  Exemption
("PTCE")  95-60),  and (iii) the  CONDITIONS  SET FORTH IN SECTIONS I AND III OF
PTCE 95-60 HAVE BEEN  SATISFIED  (EACH ENTITY THAT  SATISFIES THIS CLAUSE (C), A
"cOMPLYING INSURANCE COMPANY).

        If this  Certificate (OR ANY INTEREST HEREIN) IS ACQUIRED OR HELD BY ANY
PERSON  THAT  DOES  NOT  SATISFY  THE  CONDITIONS  DESCRIBED  IN  THE  PRECEDING
PARAGRAPH,  THEN THE LAST  preceding  Transferee  that  either (i) is not a Plan
Investor,  (II) ACQUIRED SUCH  CERTIFICATE IN COMPLIANCE WITH THE RFC EXEMPTION,
or (iiI) is a  Complying  Insurance  Company  shall be  restored,  to the extent
permitted by law, to all rights and  obligations  as  Certificate  Owner thereof
retroactive to the date of such Transfer of this Certificate.  The Trustee shall
be  under no  liability  to any  Person  for  making  any  payments  due on this
Certificate to such preceding Transferee.

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

                                        B-2
<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate
                ------                             ------

Class M-    Subordinate                           Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class M Certificates:
Agreement and Cut-off Date:                       $
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  CUSIP: 76110F-
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class  M-  Certificates  with  respect  to  the  Trust  Fund  consisting
        primarily of a pool of conventional  one- to four-family  fixed interest
        rate first mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS,
        INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

               This  certifies  that is the  registered  owner of the Percentage
Interest  evidenced by this  Certificate  (obtained by dividing the  Certificate
Principal  Balance of this  Certificate by the aggregate  Certificate  Principal
Balance  of all Class M-  Certificates,  both as  specified  above)  in  certain
distributions  with  respect to a Trust Fund  consisting  primarily of a pool of
conventional  one- to four-family  fixed interest rate first mortgage loans (the
"Mortgage  Loans"),   formed  and  sold  by  Residential  Accredit  Loans,  Inc.
(hereinafter  called the  "Company,"  which term includes any  successor  entity
under the Agreement referred to below). The Trust Fund was created pursuant to a
Pooling and Servicing Agreement dated as specified above (the "Agreement") among
the  Company,  the Master  Servicer  and  __________________,  as  trustee  (the

                                        B-3
<PAGE>

"Trustee"),  a summary of certain of the  pertinent  provisions  of which is set
forth hereafter.  To the extent not defined herein,  the capitalized  terms used
herein have the meanings  assigned in the Agreement.  This Certificate is issued
under and is subject to the terms,  provisions  and conditions of the Agreement,
to which  Agreement the Holder of this  Certificate  by virtue of the acceptance
hereof assents and by which such Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of Class M-
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               As described  above, no transfer of this Class M Certificate will
be made unless (i) the Trustee  has  received  either an opinion of counsel or a
representation  letter,  each as  described  in the  Agreement,  relating to the
permissibility  of such  transfer  under ERISA and Section 4975 of the Code,  or
(ii) this Certificate is held by a Depository, in which case the Transferee will
be deemed to have made  representations  relating to the  permissibility of such
transfer  under  ERISA and Section  4975 of the Code,  as  described  in Section
5.02(e) of the Agreement.  In addition,  any purported  Certificate  Owner whose
acquisition or holding of this  Certificate (or interest herein) was effected in
violation  of  the  restrictions  in  Section  5.02(e)  of the  Agreement  shall
indemnify and hold harmless the Company, the Trustee,  the Master Servicer,  any
Subservicer,  and the  Trust  Fund  from and  against  any and all  liabilities,
claims,  costs  or  expenses  incurred  by  such  parties  as a  result  of such
acquisition or holding.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more

                                        B-4
<PAGE>

specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the

                                        B-5

<PAGE>

Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        B-6

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By:
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [-------------------------],
                                                  as Certificate Registrar

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                        B-7

<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:                  --------------------------------------------------
                         Signature by or on behalf of assignor

                              Signature Guaranteed

 DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available     funds    to     ______________________for     the    account    of
___________________________ account number _____________________,  or, if mailed
by check, to __________________________________. Applicable statements should be
mailed to _________________________________ .

     This information is provided by _____________________________, the assignee
named above, or _____________________________, as its agent.

                                        B-8

<PAGE>

                                    EXHIBIT C

                           FORM OF CLASS B CERTIFICATE

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE SENIOR  CERTIFICATES
AND CLASS M CERTIFICATES [AND CLASS B-1] [CLASS B-2  CERTIFICATES]  DESCRIBED IN
THE AGREEMENT (AS DEFINED HEREIN).

THIS  CERTIFICATE  HAS NOT BEEN AND WILL NOT BE REGISTERED  UNDER THE SECURITIES
ACT OF 1933,  AS  AMENDED,  OR THE  SECURITIES  LAWS OF ANY STATE AND MAY NOT BE
RESOLD OR TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND LAWS OR
IS SOLD OR TRANSFERRED IN TRANSACTIONS  WHICH ARE EXEMPT FROM REGISTRATION UNDER
SUCH ACT AND UNDER  APPLICABLE  STATE LAW AND IS TRANSFERRED IN ACCORDANCE  WITH
THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE  IS A "REGULAR
INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE TERMS ARE
DEFINED,  RESPECTIVELY,  IN SECTIONS  860G AND 860D OF THE CODE.  THE  FOLLOWING
INFORMATION  IS PROVIDED  SOLELY FOR THE PURPOSES OF APPLYING  THE U.S.  FEDERAL
INCOME TAX ORIGINAL ISSUE DISCOUNT ("OID") RULES TO THIS CERTIFICATE.  THE ISSUE
DATE OF THIS  CERTIFICATE  IS ___________  __, ____.  ASSUMING THAT THE MORTGAGE
LOANS PREPAY AT 100% OF THE  PREPAYMENT  SPEED  ASSUMPTION  (AS DESCRIBED IN THE
PROSPECTUS SUPPLEMENT),  THIS CERTIFICATE HAS BEEN ISSUED WITH NO MORE THAN $[ ]
OF OID PER  $[1,000]  OF INITIAL  CERTIFICATE  PRINCIPAL  BALANCE,  THE YIELD TO
MATURITY  IS [ ]% AND THE  AMOUNT OF OID  ATTRIBUTABLE  TO THE  INITIAL  ACCRUAL
PERIOD  IS NO MORE  THAN $[ ] PER  $[1,000]  OF  INITIAL  CERTIFICATE  PRINCIPAL
BALANCE,  COMPUTED UNDER THE APPROXIMATE  METHOD. NO REPRESENTATION IS MADE THAT
THE  MORTGAGE  LOANS  WILL  PREPAY  AT A  RATE  BASED  ON THE  PREPAYMENT  SPEED
ASSUMPTION OR AT ANY OTHER RATE.

<PAGE>

Certificate No.                                   [      ]% Pass-Through Rate
                ----                               ------

Class B-     Subordinate                          Aggregate Certificate
                                                  Principal Balance
Date of Pooling and Servicing                     of the Class B-
Agreement and Cut-off Date:                       Certificates as of
___________ 1, ____                               the Cut-off Date:
                                                  $
First Distribution Date:
_________ 25, ____                                Initial Certificate Principal
                                                  Balance of this Certificate:
Master Servicer:                                  $
Residential Funding Corporation

Assumed Final Distribution Date:
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

       evidencing a percentage  interest in any  distributions  allocable to the
       Class B- Certificates with respect to the Trust Fund consisting primarily
       of a pool of conventional  one- to four-family  fixed interest rate first
       mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

               This  certifies  that  Residential  Accredit  Loans,  Inc. is the
registered  owner  of the  Percentage  Interest  evidenced  by this  Certificate
(obtained by dividing the Certificate  Principal  Balance of this Certificate by
the aggregate Certificate  Principal Balance of all Class B- Certificates,  both
as  specified  above) in  certain  distributions  with  respect  to a Trust Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined

                                        C-2
<PAGE>

herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

               Distributions  on this  Certificate  will be made  either  by the
Master  Servicer  acting on behalf of the Trustee or by a Paying Agent appointed
by the Trustee in  immediately  available  funds (by wire transfer or otherwise)
for the  account of the Person  entitled  thereto if such  Person  shall have so
notified  the Master  Servicer or such Paying  Agent,  or by check mailed to the
address of the Person entitled thereto, as such name and address shall appear on
the Certificate Register.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
the  distributions  allocable to principal  and any  Realized  Losses  allocable
hereto.

               No transfer of this Class B Certificate  will be made unless such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by the  Agreement.  The Holder hereof  desiring to effect
such  transfer  shall,  and does hereby agree to,  indemnify  the  Trustee,  the
Company,  the Master Servicer and the Certificate  Registrar acting on behalf of
the Trustee  against  any  liability  that may result if the  transfer is not so
exempt  or is not made in  accordance  with such  Federal  and  state  laws.  In
connection  with any such transfer,  the Trustee will also require either (i) an
opinion of counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer with respect to the permissibility
of such transfer under the Employee  Retirement  Income Security Act of 1974, as
amended  ("ERISA"),  and Section 4975 of the Internal  Revenue Code (the "Code")
and stating, among other things, that the transferee's  acquisition of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation

                                        C-3
<PAGE>

letter,  in the form as described by Section  5.02(e) of the  Agreement,  either
stating that the transferee is not an employee  benefit or other plan subject to
the  prohibited  transaction  provisions of ERISA or Section 4975 of the Code (a
"Plan"), or any other person (including an investment manager, a named fiduciary
or a trustee  of any  Plan)  acting,  directly  or  indirectly,  on behalf of or
purchasing any  Certificate  with "plan assets" of any Plan, or stating that the
transferee  is an  insurance  company,  the  source of funds to be used by it to
purchase the Certificate is an "insurance  company general  account" (within the
meaning of Department of Labor Prohibited  Transaction Class Exemption  ("PTCE")
95-60),  and the purchase is being made in reliance upon the availability of the
exemptive relief afforded under Sections I and III of PTCE 95-60.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new

                                        C-4
<PAGE>

Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        C-5

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [_____________________________],
                                                as Trustee

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of the  Class  M-  Certificates  referred  to in the
within-mentioned Agreement.

                                            [---------------------------],
                                                 as Certificate Registrar

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                        C-6
<PAGE>

                                   ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:                     ----------------------------------------------
                           Signature by or on behalf of assignor

                                Signature Guaranteed

 DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available     funds    to     ______________________for     the    account    of
___________________________ account number _____________________,  or, if mailed
by check, to __________________________________. Applicable statements should be
mailed to _________________________________ .

     This information is provided by _____________________________, the assignee
named above, or _____________________________, as its agent.

                                        C-7

<PAGE>

                                    EXHIBIT D

                           FORM OF CLASS R CERTIFICATE

THIS CERTIFICATE MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON
OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S.  FEDERAL  INCOME TAX PURPOSES,  THIS  CERTIFICATE IS A "RESIDUAL
INTEREST"  IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE TERMS ARE
DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE "CODE").

NO TRANSFER OF THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE
PROVIDES EITHER A CERTIFICATION  PURSUANT TO SECTION 5.02(e) OF THE AGREEMENT OR
AN OPINION OF COUNSEL  SATISFACTORY TO THE MASTER SERVICER,  THE COMPANY AND THE
TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A
NON-EXEMPT  PROHIBITED  TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR SECTION 4975 OF THE CODE
AND WILL NOT  SUBJECT  THE MASTER  SERVICER,  THE  COMPANY OR THE TRUSTEE TO ANY
OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY
IF THE PROPOSED  TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER SERVICER
AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE
OR POLITICAL  SUBDIVISION  THEREOF,  ANY POSSESSION OF THE UNITED STATES, OR ANY
AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING (OTHER THAN AN INSTRUMENTALITY
WHICH IS A CORPORATION  IF ALL OF ITS  ACTIVITIES  ARE SUBJECT TO TAX AND EXCEPT
FOR FREDDIE  MAC, A MAJORITY OF ITS BOARD OF  DIRECTORS  IS NOT SELECTED BY SUCH
GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR
ANY AGENCY OR INSTRUMENTALITY  OF EITHER OF THE FOREGOING,  (C) ANY ORGANIZATION
(OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION 521 OF THE CODE)
WHICH IS  EXEMPT  FROM THE TAX  IMPOSED  BY  CHAPTER 1 OF THE CODE  UNLESS  SUCH
ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE (INCLUDING
THE TAX  IMPOSED  BY  SECTION  511 OF THE  CODE ON  UNRELATED  BUSINESS  TAXABLE
INCOME),  (D) RURAL  ELECTRIC AND  TELEPHONE  COOPERATIVES  DESCRIBED IN SECTION
1381(a)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER  SECTION
775(a) OF THE CODE (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B),
(C), (D) OR (E) BEING HEREIN REFERRED TO AS A "DISQUALIFIED  ORGANIZATION"),  OR
(F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE OF SUCH TRANSFER IS

<PAGE>

TO IMPEDE THE ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE  SATISFIES
CERTAIN  ADDITIONAL  CONDITIONS  RELATING  TO  THE  FINANCIAL  CONDITION  OF THE
PROPOSED  TRANSFEREE.   NOTWITHSTANDING  THE  REGISTRATION  IN  THE  CERTIFICATE
REGISTER OR ANY TRANSFER,  SALE OR OTHER  DISPOSITION  OF THIS  CERTIFICATE TO A
DISQUALIFIED  ORGANIZATION  OR AN AGENT  OF A  DISQUALIFIED  ORGANIZATION,  SUCH
REGISTRATION  SHALL BE DEEMED TO BE OF NO LEGAL FORCE OR EFFECT  WHATSOEVER  AND
SUCH  PERSON  SHALL  NOT BE  DEEMED TO BE A  CERTIFICATEHOLDER  FOR ANY  PURPOSE
HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS
CERTIFICATE.  EACH HOLDER OF THIS  CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE
SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

Certificate No.                                   [      ]% Pass-Through Rate
                ------                             ------

Class R Senior                                    Aggregate Initial Certificate
                                                  Principal Balance of the
Date of Pooling and Servicing                     Class R Certificates:
Agreement and Cut-off Date:                       $100.00
___________ 1, ____
                                                  Initial Certificate Principal
First Distribution Date:                          Balance of this Certificate:
_________ 25, ____                                $

Master Servicer:                                  Percentage Interest:
Residential Funding Corporation                                 %
                                                  --------------

Assumed Final Distribution Date:                  CUSIP 76110F-
___________ 25, ____

                       MORTGAGE ASSET-BACKED PASS-THROUGH CERTIFICATE,
                                 SERIES ____-___

        evidencing a percentage  interest in any distributions  allocable to the
        Class R Certificates with respect to the Trust Fund consisting primarily
        of a pool of conventional  one- to four-family fixed interest rate first
        mortgage loans formed and sold by RESIDENTIAL ACCREDIT LOANS, INC.

     This  Certificate  is payable solely from the assets of the Trust Fund, and
does not represent an obligation of or interest in Residential  Accredit  Loans,
Inc., the Master Servicer, the Trustee referred to below or GMAC Mortgage Group,
Inc. or any of their  affiliates.  Neither this  Certificate  nor the underlying
Mortgage  Loans  are  guaranteed  or  insured  by  any  governmental  agency  or
instrumentality or by Residential Accredit Loans, Inc., the Master Servicer, the
Trustee or GMAC Mortgage  Group,  Inc. or any of their  affiliates.  None of the
Company,  the  Master  Servicer,  GMAC  Mortgage  Group,  Inc.  or any of  their
affiliates  will have any  obligation  with respect to any  certificate or other
obligation secured by or payable from payments on the Certificates.

                                        D-2
<PAGE>

     This certifies that  ______________________  is the registered owner of the
Percentage  Interest  evidenced  by this  Certificate  (obtained by dividing the
Initial  Certificate  Principal  Balance of this  Certificate  by the  aggregate
Initial  Certificate  Principal  Balance  of all Class R  Certificates,  both as
specified  above) in  certain  distributions  with  respect  to the  Trust  Fund
consisting  primarily  of a pool  of  conventional  one-  to  four-family  fixed
interest rate first mortgage loans (the  "Mortgage  Loans"),  formed and sold by
Residential  Accredit Loans, Inc.  (hereinafter called the "Company," which term
includes any successor entity under the Agreement  referred to below). The Trust
Fund  was  created  pursuant  to a  Pooling  and  Servicing  Agreement  dated as
specified  above (the  "Agreement")  among the Company,  the Master Servicer and
__________________,  as  trustee  (the  "Trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

               Pursuant to the terms of the Agreement,  a  distribution  will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

               Each Holder of this  Certificate will be deemed to have agreed to
be bound by the  restrictions  set forth in the Agreement to the effect that (i)
each person holding or acquiring any Ownership Interest in this Certificate must
be a United States Person and a Permitted  Transferee,  (ii) the transfer of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

               Notwithstanding   the  above,  the  final  distribution  on  this
Certificate  will be made after due notice of the pendency of such  distribution
and only upon  presentation  and surrender of this  Certificate at the office or
agency  appointed  by the Trustee for that  purpose in the City and State of New
York. The Initial Certificate Principal Balance of this Certificate is set forth
above. The Certificate Principal Balance hereof will be reduced to the extent of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the

                                        D-3
<PAGE>

Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

               No transfer of this Class R  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of the Internal Revenue Code (the "Code") and stating,  among other things, that
the  transferee's  acquisition  of a Class R Certificate  will not constitute or
result in a  non-exempt  prohibited  transaction  under  Section 406 of ERISA or
Section  4975 of the  Code  or  (ii) a  representation  letter,  in the  form as
described  by the  Agreement,  stating  that the  transferee  is not an employee
benefit or other plan subject to the prohibited  transaction provisions of ERISA
or  Section  4975 of the Code (a  "Plan"),  or any other  person  (including  an
investment manager, a named fiduciary or a trustee of any Plan) acting, directly
or indirectly,  on behalf of or purchasing any Certificate with "plan assets" of
any Plan.

               This   Certificate  is  one  of  a  duly   authorized   issue  of
Certificates  issued in several  Classes  designated  as  Mortgage  Asset-Backed
Pass-Through  Certificates of the Series specified  hereon (herein  collectively
called the "Certificates").

               The  Certificates  are  limited  in right of  payment  to certain
collections  and  recoveries   respecting  the  Mortgage  Loans,   all  as  more
specifically set forth herein and in the Agreement. In the event Master Servicer
funds  are  advanced  with  respect  to  any  Mortgage  Loan,  such  advance  is
reimbursable  to the Master  Servicer,  to the extent provided in the Agreement,
from related recoveries on such Mortgage Loan or from other cash that would have
been distributable to Certificateholders.

               As  provided in the  Agreement,  withdrawals  from the  Custodial
Account   and/or  the   Certificate   Account   created   for  the   benefit  of
Certificateholders  may be made by the  Master  Servicer  from  time to time for
purposes other than distributions to Certificateholders, such purposes including
without  limitation  reimbursement  to the  Company  and the Master  Servicer of
advances made, or certain expenses incurred, by either of them.

               The Agreement permits,  with certain exceptions therein provided,
the  amendment  of  the  Agreement  and  the  modification  of  the  rights  and
obligations of the Company,  the Master  Servicer and the Trustee and the rights
of the  Certificateholders  under the Agreement at any time by the Company,  the
Master  Servicer and the Trustee with the consent of the Holders of Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

                                        D-4
<PAGE>

               As provided in the Agreement  and subject to certain  limitations
therein  set forth,  the  transfer of this  Certificate  is  registrable  in the
Certificate  Register upon surrender of this  Certificate  for  registration  of
transfer  at the offices or  agencies  appointed  by the Trustee in the City and
State of New York, duly endorsed by, or accompanied by an assignment in the form
below or other  written  instrument  of  transfer  in form  satisfactory  to the
Trustee and the Certificate Registrar duly executed by the Holder hereof or such
Holder's  attorney  duly  authorized  in writing,  and thereupon one or more new
Certificates of authorized denominations evidencing the same Class and aggregate
Percentage Interest will be issued to the designated transferee or transferees.

               The  Certificates  are issuable only as  registered  Certificates
without coupons in Classes and in denominations  specified in the Agreement.  As
provided in the Agreement and subject to certain  limitations therein set forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

               No  service  charge  will be made  for any such  registration  of
transfer or exchange, but the Trustee may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

               The Company, the Master Servicer, the Trustee and the Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

               This Certificate shall be governed by and construed in accordance
with the laws of the State of New York.

               The  obligations  created  by the  Agreement  in  respect  of the
Certificates and the Trust Fund created thereby shall terminate upon the payment
to  Certificateholders  of all  amounts  held by or on behalf of the Trustee and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

               Reference  is  hereby  made  to the  further  provisions  of this
Certificate set forth on the reverse hereof,  which further provisions shall for
all purpose have the same effect as if set forth at this place.

                                        D-5
<PAGE>

               Unless the certificate of authentication hereon has been executed
by the Certificate Registrar, by manual signature, this Certificate shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

                                        D-6

<PAGE>

               IN WITNESS WHEREOF, the Trustee has caused this Certificate to be
duly executed.

Dated:                                      [____________________________],
                                            as Trustee

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                          CERTIFICATE OF AUTHENTICATION

               This  is one of  the  Class  R  Certificates  referred  to in the
within-mentioned Agreement.

                                            [----------------------------],
                                                 as Certificate Registrar

                                            By:
                                               ---------------------------------
                                                 Authorized Signatory

                                        D-7
<PAGE>

                               ASSIGNMENT

               FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Asset-Backed  Pass-Through  Certificate  and hereby  authorizes  the transfer of
registration  of such  interest to assignee on the  Certificate  Register of the
Trust Fund.

               I (We) further  direct the  Certificate  Registrar to issue a new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:                     -------------------------------------------
                           Signature by or on behalf of assignor

                                Signature Guaranteed

 DISTRIBUTION INSTRUCTIONS

               The  assignee  should  include  the  following  for  purposes  of
distribution:

     Distributions shall be made, by wire transfer or otherwise,  in immediately
available     funds    to     ______________________for     the    account    of
___________________________ account number _____________________,  or, if mailed
by check, to __________________________________. Applicable statements should be
mailed to _________________________________ .

     This information is provided by _____________________________, the assignee
named above, or _____________________________, as its agent.

                                        D-8

<PAGE>

                                    EXHIBIT E

                        FORM OF SELLER/SERVICER CONTRACT

     This Seller/Servicer Contract (as may be amended, supplemented or otherwise
modified from time to time, this "Contract") is made this _____ day of _____, 20
___, by and between Residential Funding Corporation,  its successors and assigns
("Residential  Funding") and  __________________  (the  "Seller/Servicer,"  and,
together with  Residential  Funding,  the "parties"  and each,  individually,  a
"party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.      INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.      REPRESENTATIONS AND WARRANTIES.

a.      Reciprocal Representations and Warranties.

               The  Seller/Servicer  and Residential Funding each represents and
warrants to the other that as of the date of this Contract:

<PAGE>

(1)  Each party is duly organized,  validly existing, and in good standing under
     the laws of its jurisdiction of organization,  is qualified,  if necessary,
     to do business  and in good  standing in each  jurisdiction  in which it is
     required to be so qualified,  and has the requisite  power and authority to
     enter into this Contract and all other agreements which are contemplated by
     this  Contract  and to carry out its  obligations  hereunder  and under the
     Guides and under such other agreements.

(2)  This  Contract has been duly  authorized,  executed  and  delivered by each
     party and constitutes a valid and legally  binding  agreement of each party
     enforceable in accordance with its terms.

(3)  There is no action, proceeding or investigation pending or threatened,  and
     no basis therefor is known to either party,  that could affect the validity
     or prospective validity of this Contract.

(4)  Insofar as its capacity to carry out any obligation  under this Contract is
     concerned,  neither  party is in  violation  of any  charter,  articles  of
     incorporation,   bylaws,  mortgage,  indenture,  indebtedness,   agreement,
     instrument,  judgment,  decree, order, statute, rule or regulation and none
     of the  foregoing  adversely  affects  its  capacity  to fulfill any of its
     obligations under this Contract. Its execution of, and performance pursuant
     to, this Contract will not result in a violation of any of the foregoing.

b.      Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

6.      PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

                                        E-2
<PAGE>

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

      Attention:________________________________
      Telefacsimile Number:  ( ________) _____-_____________

9.      JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment
or in any other manner  provided by law. Each of the parties  further agrees not
to institute  any legal  actions or  proceedings  against the other party or any
director,  officer,  employee,  attorney,  agent or property of the other party,
arising  out of or  relating  to  this  Contract  in any  court  other  than  as
hereinabove specified in this paragraph 9.

10.     MISCELLANEOUS.

                                        E-3

<PAGE>

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

                                        E-4

<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                 SELLER/SERVICER

[Corporate Seal]

                                                  (Name of Seller/Servicer)
By:                                     By:
   --------------------------------
      (Signature)                                 (Signature)
By:                                     By:
   --------------------------------
      (Typed Name)                                (Typed Name)
Title:                                  Title:
      ------------------------------
======================================= ========================================

ATTEST:                                 RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]

By:                                     By:
   --------------------------------
      (Signature)                                        (Signature)
By:                                     By:
   --------------------------------
      (Typed Name)                                       (Typed Name)
Title:                                  Title:
      ------------------------------

                                        E-5
<PAGE>

                                    EXHIBIT F
                          FORMS OF REQUEST FOR RELEASE

DATE:

TO:

RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Pooling and Servicing Agreement Dated:
Series#:
Account#:
Pool#:
Loan#:
MIN#:
Borrower Name(s):
Reason for Document Request:      (circle one)

        Mortgage Loan Prepaid in Full              Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

Residential Funding Corporation
Authorized Signature

******************************************************************************

TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:          [ ]  Promissory Note
                             [ ] Primary Insurance Policy
                             [ ] Mortgage or Deed of Trust
                             [ ]  Assignment(s) of Mortgage or Deed of Trust
                             [ ]  Title Insurance Policy
                             [ ]  Other:

Name:
     ------------------------
Title:
      -----------------------
Date:
     ------------------------

<PAGE>

                                   EXHIBIT G-1

                    FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF                         )
                                 )    ss.:
COUNTY OF                        )
               [NAME OF OFFICER], being first duly sworn, deposes and says:

1. That he is [Title of Officer] of [Name of Owner] (record or beneficial  owner
of the Mortgage Asset-Backed Pass-Through Certificates, Series ____-___, Class R
(the  "Owner")),  a  [savings  institution]  [corporation]  duly  organized  and
existing under the laws of [the State of  _______________ ] [the United States],
on behalf of which he makes this affidavit and agreement.

2. That the Owner (i) is not and will not be a "disqualified organization" or an
electing  large  partnership  as of [date of  transfer]  within  the  meaning of
Sections 860E(e)(5) and 775, respectively, of the Internal Revenue Code of 1986,
as amended (the "Code") or an electing large partnership under Section 775(a) of
the Code,  (ii) will endeavor to remain other than a  disqualified  organization
for so long as it retains its  ownership  interest in the Class R  Certificates,
and (iii) is acquiring the Class R  Certificates  for its own account or for the
account of another  Owner from which it has received an affidavit  and agreement
in  substantially  the same  form as this  affidavit  and  agreement.  (For this
purpose, a "disqualified organization" means an electing large partnership under
Section 775 of the Code, the United States,  any state or political  subdivision
thereof,  any agency or  instrumentality  of any of the foregoing (other than an
instrumentality  all of the  activities of which are subject to tax and,  except
for the Federal  Home Loan  Mortgage  Corporation,  a majority of whose board of
directors  is not  selected  by any such  governmental  entity)  or any  foreign
government,  international organization or any agency or instrumentality of such
foreign government or organization, any rural electric or telephone cooperative,
or any organization (other than certain farmers' cooperatives) that is generally
exempt from federal income tax unless such organization is subject to the tax on
unrelated business taxable income).

3. That the Owner is aware (i) of the tax that would be imposed on  transfers of
Class  R  Certificates   to   disqualified   organizations   or  electing  large
partnerships,  under  the  Code,  that  applies  to all  transfers  of  Class  R
Certificates after March 31, 1988; (ii) that such tax would be on the transferor
(or,  with  respect to transfers to electing  large  partnerships,  on each such
partnership),  or, if such transfer is through an agent (which person includes a
broker,  nominee or middleman)  for a disqualified  organization,  on the agent;
(iii) that the person  (other than with respect to  transfers to electing  large
partnerships)  otherwise  liable for the tax shall be relieved of liability  for
the tax if the  transferee  furnishes  to such  person  an  affidavit  that  the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R Certificates  may be  "noneconomic  residual  interests"  within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes

<PAGE>

due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

4. That the Owner is aware of the tax imposed on a "pass-through entity" holding
Class R  Certificates  if either the  pass-through  entity is an electing  large
partnership  under  Section 775 of the if at any time during the taxable year of
the pass-through  entity a disqualified  organization is the record holder of an
interest in such entity.  (For this purpose,  a "pass through entity" includes a
regulated  investment  company,  a real estate  investment trust or common trust
fund, a partnership, trust or estate, and certain cooperatives.)

5. The Owner is a citizen or  resident  of the  United  States,  a  corporation,
partnership  or other entity  created or organized in, or under the laws of, the
United  States or any  political  subdivision  thereof  (except in the case of a
partnership, to the extent provided in Treasury regulations),  or an estate that
is described in Section 7701(a)(30)(D) of the Code, or a trust that is described
in Section 7701(a)(30)(E) of the Code.

6. That the Owner is aware that the Trustee  will not  register  the transfer of
any Class R  Certificates  unless the  transferee,  or the  transferee's  agent,
delivers to it an affidavit and agreement,  among other things, in substantially
the same form as this affidavit and agreement.  The Owner expressly  agrees that
it will not consummate any such transfer if it knows or believes that any of the
representations contained in such affidavit and agreement are false.

7. That the Owner has  reviewed  the  restrictions  set forth on the face of the
Class R Certificates  and the  provisions of Section  5.02(f) of the Pooling and
Servicing  Agreement  under  which  the Class R  Certificates  were  issued  (in
particular,  clause (iii)(A) and (iii)(B) of Section 5.02(f) which authorize the
Trustee to deliver  payments  to a person  other than the Owner and  negotiate a
mandatory sale by the Trustee in the event the Owner holds such  Certificates in
violation of Section 5.02(f)).  The Owner expressly agrees to be bound by and to
comply with such restrictions and provisions.

8. That the Owner consents to any additional  restrictions or arrangements  that
shall be deemed  necessary  upon advice of counsel to  constitute  a  reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly
or indirectly, by an Owner that is not a disqualified organization.

9.      The Owner's Taxpayer Identification Number is ______________________.

10. This affidavit and agreement  relates only to the Class R Certificates  held
by the Owner and not to any other holder of the Class R Certificates.  The Owner
understands  that the  liabilities  described  herein relate only to the Class R
Certificates.

11. That no purpose of the Owner  relating to the transfer of any of the Class R
Certificates  by the Owner is or will be to impede the  assessment or collection
of any tax.

12.  That the Owner has no  present  knowledge  or  expectation  that it will be
unable  to  pay  any  United  States  taxes  owed  by it so  long  as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the benefit of the person from whom it acquired the Class R  Certificate

                                        G-1-2

<PAGE>

that the Owner  intends  to pay  taxes  associated  with  holding  such  Class R
Certificate  as they  become  due,  fully  understanding  that it may  incur tax
liabilities in excess of any cash flows generated by the Class R Certificate.

13. That the Owner has no present  knowledge or expectation  that it will become
insolvent or subject to a bankruptcy  proceeding for so long as any of the Class
R Certificates remain outstanding.

14. The  Purchaser is not an employee  benefit plan or other plan subject to the
prohibited transaction provisions of the Employee Retirement Income Security Act
of 1974, as amended  ("ERISA"),  or Section 4975 of the Internal Revenue Code of
1986, as amended (the "Code"),  or an investment  manager,  named fiduciary or a
trustee of any such plan, or any other Person acting, directly or indirectly, on
behalf of or purchasing any Certificate with "plan assets" of any such plan.

                                        G-1-3
<PAGE>

               IN WITNESS  WHEREOF,  the Owner has caused this  instrument to be
executed on its behalf,  pursuant to the authority of its Board of Directors, by
its [Title of Officer] and its corporate seal to be hereunto attached,  attested
by its [Assistant] Secretary, this ____ day of ____, 200__.

                                            [NAME OF OWNER]

                                            By:______________________
                                                 [Name of Officer]
                                                 [Title of Officer]
[Corporate Seal]

ATTEST:

[Assistant] Secretary

               Personally  appeared before me the above-named [Name of Officer],
known  or  proved  to me to be  the  same  person  who  executed  the  foregoing
instrument and to be the [Title of Officer] of the Owner, and acknowledged to me
that he executed  the same as his free act and deed and the free act and deed of
the Owner.

               Subscribed and sworn before me this ___ day of ____, 200__ .

                                                 NOTARY PUBLIC

                              COUNTY OF
                                       ----------------------------------
                              STATE OF
                                      -----------------------------------
                               My Commission  expires the ___ day of ___,20__.

                                        G-1-4

<PAGE>

                                   EXHIBIT G-2

                         FORM OF TRANSFEROR CERTIFICATE

                                             _________ , 20___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, Class R

Ladies and Gentlemen:

     This  letter  is  delivered  to you in  connection  with  the  transfer  by
_______________   (the  "Seller")  to   _________________(the   "Purchaser")  of
$__________  Initial  Certificate  Principal  Balance of  Mortgage  Asset-Backed
Pass-Through  Certificates,  Series  ____-___,  Class  R  (the  "Certificates"),
pursuant to Section 5.02 of the Pooling and  Servicing  Agreement  (the "Pooling
and Servicing  Agreement"),  dated as of ___________  1, ____ among  Residential
Accredit  Loans,   Inc.,  as  seller  (the   "Company"),   Residential   Funding
Corporation,  as  master  servicer,  and  __________________,  as  trustee  (the
"Trustee").  All terms used  herein  and not  otherwise  defined  shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

1. No purpose of the Seller  relating to the transfer of the  Certificate by the
Seller to the Purchaser is or will be to impede the  assessment or collection of
any tax.

2. The Seller  understands  that the  Purchaser has delivered to the Trustee and
the Master  Servicer a transfer  affidavit and agreement in the form attached to
the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does not know or
believe that any representation contained therein is false.

3.  The  Seller  has  at  the  time  of  the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-1(c)(4)(i)  and,  as  a  result  of  that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the  future.  The  Seller  understands  that  the  transfer  of a Class R

<PAGE>

Certificate  may not be respected for United States income tax purposes (and the
Seller may  continue  to be liable for United  States  income  taxes  associated
therewith) unless the Seller has conducted such an investigation.

4. The Seller has no actual knowledge that the proposed Transferee is not both a
United States Person and a Permitted Transferee.

                                            Very truly yours,

                                    (Seller)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                        G-2-2

<PAGE>

                                    EXHIBIT H

                     FORM OF INVESTOR REPRESENTATION LETTER

                                       _________________ , 20___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN  55437

Attention:  Residential Funding Corporation Series ____-___

               RE:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

     __________________    (the   "Purchaser")    intends   to   purchase   from
____________________ (the "Seller") $_____________ Initial Certificate Principal
Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series ____-___,
Class  (the  "Certificates"),  issued  pursuant  to the  Pooling  and  Servicing
Agreement  (the "Pooling and Servicing  Agreement"),  dated as of ___________ 1,
____  among  Residential  Accredit  Loans,  Inc.,  as  seller  (the  "Company"),
Residential Funding Corporation, as master servicer (the "Master Servicer"), and
__________________,  as trustee (the  "Trustee").  All terms used herein and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement.  The  Purchaser  hereby  certifies,  represents  and warrants to, and
covenants with, the Company, the Trustee and the Master Servicer that:

1.   The Purchaser  understands that (a) the Certificates have not been and will
     not be registered or qualified under the Securities Act of 1933, as amended
     (the "Act") or any state securities law, (b) the Company is not required to
     so register or qualify the Certificates, (c) the Certificates may be resold
     only if registered  and qualified  pursuant to the provisions of the Act or
     any state  securities  law, or if an exemption from such  registration  and
     qualification  is  available,  (d)  the  Pooling  and  Servicing  Agreement
     contains  restrictions  regarding the transfer of the  Certificates and (e)
     the Certificates will bear a legend to the foregoing effect.

<PAGE>

2.   The  Purchaser  is  acquiring  the  Certificates  for its own  account  for
     investment  only and not with a view to or for sale in connection  with any
     distribution  thereof  in any  manner  that  would  violate  the Act or any
     applicable state securities laws.

3.   The Purchaser is (a) a substantial,  sophisticated  institutional  investor
     having such  knowledge and  experience  in financial and business  matters,
     and, in particular,  in such matters  related to securities  similar to the
     Certificates, such that it is capable of evaluating the merits and risks of
     investment in the Certificates, (b) able to bear the economic risks of such
     an investment and (c) an "accredited  investor"  within the meaning of Rule
     501(a) promulgated pursuant to the Act.

4.   The Purchaser has been furnished with, and has had an opportunity to review
     (a)   [a    copy   of   the    Private    Placement    Memorandum,    dated
     ______________________, 20____, relating to the Certificates (b)] a copy of
     the  Pooling and  Servicing  Agreement  and [b] [c] such other  information
     concerning the Certificates, the Mortgage Loans and the Company as has been
     requested by the  Purchaser  from the Company or the Seller and is relevant
     to the Purchaser's decision to purchase the Certificates. The Purchaser has
     had any questions  arising from such review  answered by the Company or the
     Seller to the  satisfaction  of the  Purchaser.  [If the  Purchaser did not
     purchase the  Certificates  from the Seller in connection  with the initial
     distribution  of the  Certificates  and  was  provided  with a copy  of the
     Private Placement  Memorandum (the  "Memorandum")  relating to the original
     sale  (the  "Original  Sale")  of  the  Certificates  by the  Company,  the
     Purchaser  acknowledges  that such  Memorandum  was  provided  to it by the
     Seller,  that the  Memorandum was prepared by the Company solely for use in
     connection with the Original Sale and the Company did not participate in or
     facilitate  in any way the purchase of the  Certificates  by the  Purchaser
     from the Seller,  and the Purchaser  agrees that it will look solely to the
     Seller and not to the Company with respect to any damage, liability,  claim
     or expense  arising out of,  resulting from or in connection with (a) error
     or omission, or alleged error or omission,  contained in the Memorandum, or
     (b) any  information,  development  or event  arising after the date of the
     Memorandum.]

5.   The  Purchaser  has not and  will  not  nor  has it  authorized  or will it
     authorize any person to (a) offer,  pledge,  sell,  dispose of or otherwise
     transfer  any  Certificate,  any interest in any  Certificate  or any other
     similar security to any person in any manner,  (b) solicit any offer to buy
     or to accept a pledge,  disposition of other  transfer of any  Certificate,
     any interest in any  Certificate  or any other  similar  security  from any
     person in any manner,  (c) otherwise  approach or negotiate with respect to
     any  Certificate,  any  interest in any  Certificate  or any other  similar
     security with any person in any manner,  (d) make any general  solicitation
     by means of  general  advertising  or in any  other  manner or (e) take any

                                        H-2
<PAGE>

     other action,  that (as to any of (a) through (e) above) would constitute a
     distribution  of any  Certificate  under the Act,  that  would  render  the
     disposition  of any  Certificate a violation of Section 5 of the Act or any
     state  securities law, or that would require  registration or qualification
     pursuant thereto.  The Purchaser will not sell or otherwise transfer any of
     the  Certificates,  except in compliance with the provisions of the Pooling
     and Servicing Agreement.

6.      The Purchaser

(a)  is  not an  employee  benefit  or  other  plan  subject  to the  prohibited
     transaction  provisions of the Employee  Retirement  Income Security Act of
     1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code of
     1986, as amended (a "Plan"),  or any other person  (including an investment
     manager,  a named  fiduciary or a trustee of any Plan) acting,  directly or
     indirectly,  on behalf of or purchasing any Certificate  with "plan assets"
     of  any  Plan  within  the  meaning  of the  Department  of  Labor  ("DOL")
     regulation at 29 C.F.R. ss.2510.3-101; or

(b)  is an insurance  company,  the source of funds to be used by it to purchase
     the  Certificates  is an "insurance  company general  account"  (within the
     meaning of DOL Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
     the  purchase  is  being  made in  reliance  upon the  availability  of the
     exemptive relief afforded under Sections I and III of PTCE 95-60.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person meets the requirements set forth in either 6(a) or (b) above.

                                            Very truly yours,

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                        H-3

<PAGE>

                                    EXHIBIT I

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                               ___________, 20___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

==================
------------------

Attention: Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___, [Class B-]

Ladies and Gentlemen:

     In  connection  with  the  sale  by  _________________  (the  "Seller")  to
_______________  (the  "Purchaser")  of  $_______________   Initial  Certificate
Principal Balance of Mortgage  Asset-Backed  Pass-Through  Certificates,  Series
____-___,  Class  (the  "Certificates"),  issued  pursuant  to the  Pooling  and
Servicing  Agreement  (the  "Pooling  and  Servicing  Agreement"),  dated  as of
___________  1, ____ among  Residential  Accredit  Loans,  Inc.,  as seller (the
"Company"),   Residential   Funding   Corporation,   as  master  servicer,   and
__________________,  as trustee (the  "Trustee").  The Seller hereby  certifies,
represents  and warrants  to, and  covenants  with,  the Company and the Trustee
that:

               Neither  the  Seller  nor  anyone  acting on its  behalf  has (a)
offered,  pledged,  sold, disposed of or otherwise  transferred any Certificate,
any interest in any  Certificate or any other similar  security to any person in
any  manner,  (b)  has  solicited  any  offer  to buy  or to  accept  a  pledge,
disposition  or  other  transfer  of  any  Certificate,   any  interest  in  any
Certificate or any other similar security from any person in any manner, (c) has
otherwise approached or negotiated with respect to any Certificate, any interest
in any Certificate or any other similar  security with any person in any manner,
(d) has made any general  solicitation by means of general advertising or in any
other manner, or (e) has taken any other action,  that (as to any of (a) through
(e)  above)  would  constitute  a  distribution  of the  Certificates  under the
Securities  Act of 1933 (the "Act"),  that would render the  disposition  of any
Certificate a violation of Section 5 of the Act or any state  securities law, or
that would require  registration or qualification  pursuant thereto.  The Seller
will not act, in any manner set forth in the foregoing  sentence with respect to
any Certificate.  The Seller has not and will not sell or otherwise transfer any
of the Certificates, except in compliance with the provisions of the Pooling and
Servicing Agreement.

                                            Very truly yours,

                                    (Seller)

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

                                        I-1

<PAGE>

                                    EXHIBIT J

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

             Description of Rule 144A Securities, including numbers:

               The  undersigned  seller,  as registered  holder (the  "Seller"),
intends to transfer the Rule 144A Securities  described above to the undersigned
buyer (the "Buyer").

1. In  connection  with such  transfer  and in  accordance  with the  agreements
pursuant  to which the Rule 144A  Securities  were  issued,  the  Seller  hereby
certifies  the  following  facts:  Neither  the Seller nor anyone  acting on its
behalf has offered, transferred, pledged, sold or otherwise disposed of the Rule
144A  Securities,  any interest in the Rule 144A Securities or any other similar
security to, or solicited any offer to buy or accept a transfer, pledge or other
disposition  of  the  Rule  144A  Securities,  any  interest  in the  Rule  144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

2. The Buyer  warrants and represents  to, and covenants  with, the Seller,  the
Trustee  and the Master  Servicer  (as  defined  in the  Pooling  and  Servicing
Agreement (the  "Agreement"),  dated as of ___________ 1, ____ among Residential
Funding  Corporation as Master  Servicer,  Residential  Accredit Loans,  Inc. as
depositor pursuant to Section 5.02 of the Agreement and  __________________,  as
trustee, as follows:

(a)     The  Buyer  understands  that the  Rule  144A  Securities  have not been
        registered under the 1933 Act or the securities laws of any state.

(b)     The Buyer considers  itself a substantial,  sophisticated  institutional
        investor  having such knowledge and experience in financial and business
        matters  that it is  capable  of  evaluating  the  merits  and  risks of
        investment in the Rule 144A Securities.

<PAGE>

(c)     The Buyer has been  furnished  with all  information  regarding the Rule
        144A  Securities  that it has requested from the Seller,  the Trustee or
        the Servicer.

(d)  Neither the Buyer nor anyone acting on its behalf has offered, transferred,
     pledged,  sold or  otherwise  disposed  of the Rule  144A  Securities,  any
     interest in the Rule 144A  Securities or any other similar  security to, or
     solicited  any  offer  to  buy  or  accept  a  transfer,  pledge  or  other
     disposition  of the Rule 144A  Securities,  any  interest  in the Rule 144A
     Securities or any other similar  security from, or otherwise  approached or
     negotiated  with respect to the Rule 144A  Securities,  any interest in the
     Rule 144A Securities or any other similar  security with, any person in any
     manner, or made any general solicitation by means of general advertising or
     in any other  manner,  or taken any other action,  that would  constitute a
     distribution of the Rule 144A  Securities  under the 1933 Act or that would
     render the disposition of the Rule 144A Securities a violation of Section 5
     of the 1933 Act or require registration  pursuant thereto, nor will it act,
     nor has it  authorized  or will it  authorize  any  person to act,  in such
     manner with respect to the Rule 144A Securities.

(e)  The Buyer is a "qualified  institutional  buyer" as that term is defined in
     Rule  144A  under  the 1933 Act and has  completed  either  of the forms of
     certification  to that  effect  attached  hereto as Annex 1 or Annex 2. The
     Buyer is aware that the sale to it is being made in  reliance on Rule 144A.
     The Buyer is acquiring the Rule 144A  Securities for its own account or the
     accounts of other qualified  institutional  buyers,  understands  that such
     Rule 144A  Securities may be resold,  pledged or transferred  only (i) to a
     person  reasonably  believed  to be a  qualified  institutional  buyer that
     purchases   for  its  own  account  or  for  the  account  of  a  qualified
     institutional  buyer to whom  notice is given  that the  resale,  pledge or
     transfer  is being made in  reliance  on Rule  144A,  or (ii)  pursuant  to
     another exemption from registration under the 1933 Act.

               [3.    The Buyer

(a)     is not an  employee  benefit  or other plan  subject  to the  prohibited
        transaction provisions of the Employee Retirement Income Security Act of
        1974, as amended ("ERISA"), or Section 4975 of the Internal Revenue Code
        of 1986,  as amended  (a  "Plan"),  or any other  person  (including  an
        investment  manager, a named fiduciary or a trustee of any Plan) acting,
        directly or indirectly,  on behalf of or purchasing any Certificate with
        "plan assets" of any Plan within the meaning of the  Department of Labor
        ("DOL") regulation at 29 C.F.R. ss. 2510.3-101; or

(b)     is an  insurance  company,  the  source  of  funds  to be  used by it to
        purchase the  Certificates  is an "insurance  company  general  account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60.]

               4. This document may be executed in one or more  counterparts and
        by the different parties hereto on separate counterparts, each of which,

                                        J-2

<PAGE>

        when so executed,  shall be deemed to be an original; such counterparts,
        together, shall constitute one and the same document.

               IN  WITNESS  WHEREOF,  each  of the  parties  has  executed  this
document as of the date set forth below.

Print Name of Seller                              Print Name of Buyer
By:                                               By:
   ------------------------------------------
   Name:                                             Name:
   Title:                                            Title:
Taxpayer Identification                           Taxpayer Identification:
No.                                               No:
   ------------------------------------------
Date:                                             Date:
     ----------------------------------------

                                        J-3

<PAGE>

                              ANNEX 1 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

             [For Buyers Other Than Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

     1. As indicated  below,  the undersigned is the President,  Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.

     2. In  connection  with  purchases by the Buyer,  the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary  basis  $_____________  in  securities  (except  for the  excluded
securities  referred to below) as of the end of the Buyer's  most recent  fiscal
year (such amount being  calculated in  accordance  with Rule 144A) and (ii) the
Buyer satisfies the criteria in the category marked below.

Corporation,  etc. The Buyer is a  corporation  (other than a bank,  savings and
     loan association or similar institution), Massachusetts or similar business
     trust,  partnership,   or  charitable  organization  described  in  Section
     501(c)(3) of the Internal Revenue Code.

Bank.The Buyer (a) is a national  bank or banking  institution  organized  under
     the laws of any State,  territory or the District of Columbia, the business
     of which is  substantially  confined  to banking and is  supervised  by the
     State or territorial banking commission or similar official or is a foreign
     bank or  equivalent  institution,  and (b) has an  audited  net worth of at
     least   $25,000,000  as  demonstrated   in  its  latest  annual   financial
     statements, a copy of which is attached hereto.

Savings and Loan. The Buyer (a) is a savings and loan association,  building and
     loan  association,  cooperative  bank,  homestead  association  or  similar
     institution,  which  is  supervised  and  examined  by a State  or  Federal
     authority  having  supervision  over any such  institutions or is a foreign
     savings  and loan  association  or  equivalent  institution  and (b) has an
     audited net worth of at least  $25,000,000  as  demonstrated  in its latest
     annual financial statements.

Broker-Dealer.  The Buyer is a dealer  registered  pursuant to Section 15 of the
     Securities Exchange Act of 1934.

Insurance  Company.  The  Buyer  is  an  insurance  company  whose  primary  and
     predominant business activity is the writing of insurance or the reinsuring
     of risks  underwritten  by  insurance  companies  and which is  subject  to
     supervision by the insurance  commissioner or a similar  official or agency
     of a State or territory or the District of Columbia.

<PAGE>

Stateor 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.

ERISAPlan.  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.

TrustFund.  The Buyer is a trust fund whose  trustee is a bank or trust  company
     and whose participants are exclusively (a) plans established and maintained
     by a State, its political subdivisions, or any agency or instrumentality of
     the State or its political subdivisions,  for the benefit of its employees,
     or (b) employee benefit plans within the meaning of Title I of the Employee
     Retirement  Income  Security  Act of  1974,  but is not a trust  fund  that
     includes as participants individual retirement accounts or H.R. 10 plans.

3. The term  "securities"  as used herein does not  include  (i)  securities  of
issuers that are affiliated with the Buyer,  (ii) securities that are part of an
unsold  allotment  to or  subscription  by the Buyer,  if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

4. For purposes of determining the aggregate  amount of securities  owned and/or
invested on a discretionary  basis by the Buyer, the Buyer used the cost of such
securities to the Buyer and did not include any of the securities referred to in
the preceding  paragraph.  Further,  in determining such aggregate  amount,  the
Buyer may have included  securities owned by subsidiaries of the Buyer, but only
if such subsidiaries are consolidated with the Buyer in its financial statements
prepared in accordance with generally accepted accounting  principles and if the
investments  of such  subsidiaries  are  managed  under the  Buyer's  direction.
However,  such  securities  were not included if the Buyer is a  majority-owned,
consolidated  subsidiary  of  another  enterprise  and the Buyer is not itself a
reporting company under the Securities Exchange Act of 1934.

5. The Buyer  acknowledges  that it is familiar  with Rule 144A and  understands
that the seller to it and other parties related to the  Certificates are relying
and will  continue to rely on the  statements  made  herein  because one or more
sales to the Buyer may be in reliance on Rule 144A.

                                        J-2

<PAGE>

                           Will the Buyer be purchasing the Rule 144A
Yes           No           Securities only for the Buyer's own account?

6. If the answer to the  foregoing  question is "no",  the Buyer agrees that, in
connection  with any purchase of securities sold to the Buyer for the account of
a third party  (including  any separate  account) in reliance on Rule 144A,  the
Buyer will only  purchase for the account of a third party that at the time is a
"qualified  institutional  buyer"  within the meaning of Rule 144A. In addition,
the Buyer agrees that the Buyer will not purchase  securities  for a third party
unless the Buyer has  obtained a current  representation  letter from such third
party or taken other  appropriate  steps  contemplated  by Rule 144A to conclude
that  such  third  party   independently  meets  the  definition  of  "qualified
institutional buyer" set forth in Rule 144A.

7. The Buyer will notify each of the parties to which this certification is made
of any changes in the information and conclusions  herein.  Until such notice is
given,   the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation of this certification as of the date of such purchase.

                                            Print Name of Buyer

                                            By:
                                                 -------------------------------
                                                 Name:
                                                 Title:

                                            Date:
                                                 -------------------------------

                                        J-3

<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

               The  undersigned  hereby  certifies as follows in connection with
the Rule 144A Investment Representation to which this Certification is attached:

8. As indicated below, the undersigned is the President, Chief Financial Officer
or  Senior  Vice  President  of the  Buyer  or,  if the  Buyer  is a  "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

9.  In  connection   with  purchases  by  Buyer,   the  Buyer  is  a  "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

--             The  Buyer  owned  $  in  securities  (other  than  the  excluded
               securities  referred to below) as of the end of the Buyer's  most
               recent  fiscal year (such amount being  calculated  in accordance
               with Rule 144A).

--             The Buyer is part of a Family of Investment Companies which owned
               in  the  aggregate  $ in  securities  (other  than  the  excluded
               securities  referred to below) as of the end of the Buyer's  most
               recent  fiscal year (such amount being  calculated  in accordance
               with Rule 144A).

10. The term "Family of  Investment  Companies" as used herein means two or more
registered   investment  companies  (or  series  thereof)  that  have  the  same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

11. The term  "securities"  as used herein does not  include (i)  securities  of
issuers that are affiliated  with the Buyer or are part of the Buyer's Family of
Investment Companies, (ii) bank deposit notes and certificates of deposit, (iii)
loan  participations,  (iv)  repurchase  agreements,  (v)  securities  owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

12.  The  Buyer is  familiar  with Rule  144A and  understands  that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

                                        J-4

<PAGE>

13. The undersigned will notify each of the parties to which this  certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice,  the  Buyer's  purchase  of  Rule  144A  Securities  will  constitute  a
reaffirmation  of this  certification  by the undersigned as of the date of such
purchase.

                                            Print Name of Buyer

                                            By:
                                                 -------------------------------
                                                 Name:
                                                      --------------------------
                                                 Title:
                                                       -------------------------

                                            IF AN ADVISER:

                                            Print Name of Buyer

                                            Date:
                                                 -------------------------------

                                        J-5

<PAGE>

                                    EXHIBIT K

                         [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                      LIMITED GUARANTY]

                                   ARTICLE XII

                   Subordinate Certificate Loss Coverage; Limited Guaranty

               Section 12.01.  Subordinate  Certificate  Loss Coverage;  Limited
Guaranty.  (a) Subject to subsection (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether it or any  Sub-Servicer  will be
entitled to any  reimbursement  pursuant to Section 4.02(a) on such Distribution
Date for Advances or Sub-Servicer  Advances  previously made, (which will not be
Advances or Sub-Servicer  Advances that were made with respect to  delinquencies
which were  subsequently  determined to be Excess Special Hazard Losses,  Excess
Fraud Losses,  Excess Bankruptcy Losses or Extraordinary Losses) and, if so, the
Master Servicer shall demand payment from Residential Funding of an amount equal
to the amount of any Advances or Sub-Servicer  Advances  reimbursed  pursuant to
Section 4.02(a),  to the extent such Advances or Sub-Servicer  Advances have not
been included in the amount of the Realized Loss in the related  Mortgage  Loan,
and  shall  distribute  the same to the Class B  Certificateholders  in the same
manner as if such amount were to be distributed pursuant to Section 4.02(a).

               (b)....Subject to subsection (c) below, prior to the later of the
third Business Day prior to each Distribution Date or the related  Determination
Date, the Master  Servicer shall  determine  whether any Realized  Losses (other
than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses
and Extraordinary  Losses) will be allocated to the Class B Certificates on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

               (c)....Demands  for payments  pursuant to this  Section  shall be
made  prior to the later of the third  Business  Day prior to each  Distribution
Date or the  related  Determination  Date by the Master  Servicer  with  written
notice thereof to the Trustee. The maximum amount that Residential Funding shall
be  required  to pay  pursuant  to this  Section on any  Distribution  Date (the
"Amount Available") shall be equal to the lesser of (X) minus the sum of (i) all

<PAGE>

previous  payments made under  subsections (a) and (b) hereof and (ii) all draws
under the Limited  Guaranty made in lieu of such payments as described  below in
subsection (d) and (Y) the then outstanding  Certificate  Principal  Balances of
the Class B Certificates, or such lower amount as may be established pursuant to
Section 12.02.  Residential  Funding's  obligations as described in this Section
are referred to herein as the "Subordinate Certificate Loss Obligation."

               (d)....The Trustee will promptly notify General Motors Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

               (e) All payments  made by  Residential  Funding  pursuant to this
Section or amounts paid under the Limited  Guaranty shall be deposited  directly
in the Certificate  Account,  for distribution on the Distribution Date for such
month to the Class B Certificateholders.

               (f)....The Company shall have the option, in its sole discretion,
to  substitute  for either or both of the Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss

                                        K-2

<PAGE>

Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master Servicer
and the Trustee, that such substitute instrument  constitutes a legal, valid and
binding  obligation  of the  substitute  guarantor  or obligor,  enforceable  in
accordance  with its terms,  and  concerning  such  other  matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

               Section  12.02.  Amendments  Relating  to the  Limited  Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supercession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supercession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

                                        K-3

<PAGE>

                                    EXHIBIT L

                           [FORM OF LIMITED GUARANTY]

                                LIMITED GUARANTY

                        RESIDENTIAL ACCREDIT LOANS, INC.

                 Mortgage Asset-Backed Pass-Through Certificates
                                 Series ____-___

                                              _________________ , 200___

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

Ladies and Gentlemen:

               WHEREAS,  Residential Funding Corporation, a Delaware corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations  as  described  under  Section  12.01 of the Pooling  and  Servicing
Agreement  dated as of ___________ 1, ____ (the  "Servicing  Agreement"),  among
Residential  Accredit  Loans,  Inc.  (the  "Company"),  Residential  Funding and
__________________ (the "Trustee") as amended by Amendment No. thereto, dated as
of , with respect to the Mortgage Asset-Backed Pass-Through Certificates, Series
____-___ (the "Certificates"); and

               WHEREAS,  pursuant to Section 12.01 of the  Servicing  Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

               WHEREAS,  GMAC desires to provide certain assurances with respect
to the ability of Residential  Funding to secure sufficient funds and faithfully
to perform its Subordinate Certificate Loss Obligation;

               NOW THEREFORE,  in consideration of the premises herein contained
and  certain  other good and  valuable  consideration,  the  receipt of which is
hereby acknowledged, GMAC agrees as follows:

1.  Provision  of  Funds.  (a) GMAC  agrees to  contribute  and  deposit  in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to
perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

<PAGE>

               (b)....The  agreement set forth in the preceding clause (a) shall
be  absolute,  irrevocable  and  unconditional  and shall not be affected by the
transfer by GMAC or any other person of all or any part of its or their interest
in Residential  Funding,  by any  insolvency,  bankruptcy,  dissolution or other
proceeding affecting  Residential Funding or any other person, by any defense or
right of  counterclaim,  set-off  or  recoupment  that  GMAC  may  have  against
Residential  Funding or any other  person or by any other fact or  circumstance.
Notwithstanding  the  foregoing,  GMAC's  obligations  under  clause  (a)  shall
terminate  upon  the  earlier  of (x)  substitution  for this  Limited  Guaranty
pursuant to Section 12.01(f) of the Servicing Agreement,  or (y) the termination
of the Trust Fund pursuant to the Servicing Agreement.

2. Waiver.  GMAC hereby  waives any failure or delay on the part of  Residential
Funding, the Trustee or any other person in asserting or enforcing any rights or
in making any claims or demands hereunder.  Any defective or partial exercise of
any such rights shall not preclude any other or further  exercise of that or any
other such right.  GMAC further waives demand,  presentment,  notice of default,
protest, notice of acceptance and any other notices with respect to this Limited
Guaranty,  including,  without  limitation,  those of action or nonaction on the
part of Residential Funding or the Trustee.

3.  Modification,  Amendment  and  Termination.  This  Limited  Guaranty  may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

4.  Successor.  Except as otherwise  expressly  provided  herein,  the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

5.  Governing  Law. This Limited  Guaranty  shall be governed by the laws of the
State of New York.

6.  Authorization  and Reliance.  GMAC  understands  that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

7.  Definitions.  Capitalized  terms used but not otherwise defined herein shall
have the meaning given them in the Servicing Agreement.

8.  Counterparts.  This  Limited  Guaranty  may be  executed  in any  number  of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

               IN WITNESS  WHEREOF,  GMAC has caused this Limited Guaranty to be
executed and delivered by its respective  officers  thereunto duly authorized as
of the day and year first above written.

                                        L-2

<PAGE>

                                            GENERAL MOTORS ACCEPTANCE
                                            CORPORATION

                                            By:
                                               ---------------------------------
                                            Name:
                                                 -------------------------------
                                            Title:
                                                  ------------------------------

Acknowledged by:

------------------,
    as Trustee

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

RESIDENTIAL ACCREDIT LOANS, INC.

By:
   ------------------------------------------------
Name:
     ----------------------------------------------
Title:
      ---------------------------------------------

                                        L-3

<PAGE>
                                    EXHIBIT M

          FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                  ___________, 20___

Residential Accredit Loans, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota  55437

==================
------------------

Attention:  Residential Funding Corporation Series ____-___

               Re:    Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___ Assignment of Mortgage Loan

Ladies and Gentlemen:

     This letter is delivered to you in connection  with the  assignment by (the
"Trustee") to ________________- (the "Lender") of (the "Mortgage Loan") pursuant
to Section  3.13(d) of the Pooling and  Servicing  Agreement  (the  "Pooling and
Servicing  Agreement"),  dated  as of  ___________  1,  ____  among  Residential
Accredit  Loans,   Inc.,  as  seller  (the   "Company"),   Residential   Funding
Corporation,  as master servicer, and the Trustee. All terms used herein and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement.  The  Lender  hereby  certifies,  represents  and  warrants  to,  and
covenants with, the Master Servicer and the Trustee that:

(i) the Mortgage Loan is secured by Mortgaged Property located in a jurisdiction
in which an  assignment  in lieu of  satisfaction  is required to preserve  lien
priority,  minimize or avoid mortgage  recording taxes or otherwise comply with,
or facilitate a refinancing under, the laws of such jurisdiction;

(ii) the substance of the assignment is, and is intended to be, a refinancing of
such Mortgage Loan and the form of the  transaction is solely to comply with, or
facilitate the transaction under, such local laws;

(iii) the Mortgage Loan  following the proposed  assignment  will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest on such Mortgage Loan prior to such proposed assignment; and

(iv) such  assignment  is at the  request  of the  borrower  under  the  related
Mortgage Loan.

                                            Very truly yours,

                                    (Lender)

                                            By:
                                               --------------------------------
                                            Name:
                                                 ------------------------------
                                            Title:
                                                  -----------------------------

                                        M-1

<PAGE>

                                    EXHIBIT N

                          FORM OF REQUEST FOR EXCHANGE

                                                   [DATE]

==================
------------------

               Re:    Residential Accredit Loans, Inc.,
                      Mortgage Asset-Backed Pass-Through Certificates,
                      Series ____-___

               Residential Funding Corporation,  as the Holder of a % Percentage
Interest of the [Interest Only/Class A-V][-1] Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

               1.   [Interest  Only/Class A-V]-  Certificates,  corresponding to
                    the following Uncertificated REMIC Regular Interests:  [List
                    numbers  corresponding  to the related  loans and Pool Strip
                    Rates from the Mortgage Loan Schedule]. The initial Subclass
                    Notional  Amount and the  Initial  Pass-Through  Rate on the
                    [Interest  Only/Class  A-V]-  Certificates  will be $ and %,
                    respectively.

               2.   [Repeat as appropriate.]

               The  Subclasses  requested  above will represent in the aggregate
all of the Uncertificated  REMIC Regular Interests  represented by the [Interest
Only/Class A-V][-1] Certificates surrendered for exchange.

               All capitalized  terms used but not defined herein shall have the
meanings  set  forth  in  the  Pooling  and  Servicing  Agreement,  dated  as of
___________ 1, ____, among Residential Accredit Loans, Inc., Residential Funding
Corporation and __________________, as trustee.

                                            RESIDENTIAL FUNDING CORPORATION

                                             By:
                                             Name:
                                             Title:

<PAGE>

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