Document:

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.,
                                    Company,

                        RESIDENTIAL FUNDING CORPORATION,
                                Master Servicer,

                                       and
                         BANK ONE, NATIONAL ASSOCIATION,
                                     Trustee

                               SERIES SUPPLEMENT,
                          DATED AS OF FEBRUARY 1, 2002,

                                       TO

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            DATED AS OF JULY 1, 2001

                       Mortgage Pass-Through Certificates

                                 Series 2002-S4

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions..........................................................-5-
                      -----------
        Section 1.02  Use of Words and Phrases............................................-23-
                      ------------------------
        Section 1.03  Determination of LIBOR..............................................-23-
                      ----------------------

                                          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)
                      -----------------------------------------------------------------------
                       ...................................................................-25-
        Section 2.02  Acceptance by Trustee.  (See Section 2.02 of the Standard Terms)
                      ----------------------------------------------------------------
                       ...................................................................-25-
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      ------------------------------------------------------------------------
                      Company.............................................................-25-
                      -------
        Section 2.04  Representations and Warranties of Sellers. (See Section 2.04 of the Standard
                      ----------------------------------------------------------------------------
                      Terms)
                      ------
                       ...................................................................-27-
        Section 2.05  Execution and Authentication of Certificates........................-28-
                      --------------------------------------------

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account.  (See Section 4.01 of the Standard Terms)
                      --------------------------------------------------------------
                       ...................................................................-30-
        Section 4.02  Distributions.......................................................-30-
                      -------------
        Section 4.03  Statements to Certificateholders.  (See Section 4.03(a) through (d) of the
                      --------------------------------------------------------------------------
                      Standard Terms and Exhibit Three attached hereto)...................-42-
                      -------------------------------------------------
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      -----------------------------------------------------------------------
                      Master Servicer.
                       ...................................................................-42-
        Section 4.05  Allocation of Realized Losses.......................................-43-
                      -----------------------------

<PAGE>

        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.  (See
                      --------------------------------------------------------------------
                      Section 4.06 of the Standard Terms)
                      -----------------------------------
                       ...................................................................-45-
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.  (See Section 4.07 of the
                      ------------------------------------------------------------------------
                      Standard Terms)
                       ...................................................................-45-
        Section 4.08  [Reserved]
                      ----------
                       ...................................................................-45-
        Section 4.09  Distributions on the Uncertificated REMIC I Regular Interests.......-45-
                      --------------------------------------------------------------
        Section 4.10  Distributions on the Uncertificated Class A-V REMIC Regular Interests
                      ---------------------------------------------------------------------
                       ...................................................................-46-

                                          ARTICLE V

                                       THE CERTIFICATES
        Section 5.01. The Certificates.  (See Section 5.01 of the Standard Terms).........-53-
                      -----------------------------------------------------------
        Section 5.02. Registration of Transfer and Exchange of Certificates...............-53-
                      ------------------------------------------------------
        Section 5.03. Mutilated, Destroyed, Lost or Stolen Certificates.  (See Section 5.03 of the
                      ----------------------------------------------------------------------------
                      Standard Terms).....................................................-53-
                      ---------------
        Section 5.04. Persons Deemed Owners.  (See Section 5.04 of the Standard Terms)
                      ----------------------------------------------------------------
                       ...................................................................-53-
        Section 5.05. Appointment of Paying Agent.  (See Section 5.05 of the Standard Terms)
                      ----------------------------------------------------------------------
                       ...................................................................-53-

                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

                                   ARTICLE VII

                                     DEFAULT

                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                                   ARTICLE IX

                                   TERMINATION

                                    ARTICLE X

                                REMIC PROVISIONS

        Section 10.01 REMIC Administration.  (See Section 10.01 of the Standard Terms)
                      ----------------------------------------------------------------
                       ...................................................................-58-

<PAGE>

        Section 10.02 Master Servicer; REMIC Administrator and Trustee Indemnification.  (See
                      -----------------------------------------------------------------------
                      Section 10.02 of the  Standard Terms)...............................-58-
                      -------------------------------------
        Section 10.03 Designation of REMIC(s).............................................-58-
                      ------------------------
        Section 10.04 [Reserved]..........................................................-58-
                      -----------
        Section 10.05 Compliance with Withholding Requirements............................-58-
                      -----------------------------------------

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment.  (See Section 11.01 of the Standard Terms)
                      -----------------------------------------------------
                       ...................................................................-59-
        Section 11.02 Recordation of Agreement.  Counterparts.  (See Section 11.02 of the Standard
                      ----------------------------------------------------------------------------
                      Terms)
                      ------
                       ...................................................................-59-
        Section 11.03 Limitation on Rights of Certificateholders.  (See Section 11.03 of the
                      ----------------------------------------------------------------------
                      Standard Terms)
                       ...................................................................-59-
        Section 11.04 Governing Laws.  (See Section 11.04 of the Standard Terms)
                      ----------------------------------------------------------
                       ...................................................................-59-
        Section 11.05 Notices.............................................................-59-
                      -------
        Section 11.06 Required Notices to Rating Agency and Subservicer.
                      --------------------------------------------------
                       ...................................................................-60-
        Section 11.07 Severability of Provisions. (See Section 11.07 of the Standard Terms)
                      ---------------------------------------------------------------------
                       ...................................................................-61-
        Section 11.08 Supplemental Provisions for Resecuritization.  (See Section 11.08 of the
                      ------------------------------------------------------------------------
                      Standard Terms)
                       ...................................................................-61-
        Section 11.09 Allocation of Voting Rights.........................................-61-
                      ---------------------------

</TABLE>

<PAGE>

EXHIBITS

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

<PAGE>

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

                              PRELIMINARY STATEMENT

        The  Company   intends  to  sell  Mortgage   Pass-Through   Certificates
(collectively, the "Certificates"),  to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the  Trust  Fund.  As  provided  herein,  the REMIC  Administrator  will make an
election  to  treat  the  entire  segregated  pool of  assets  described  in the
definition  of  REMIC I (as  defined  herein),  and  subject  to this  Agreement
(including the Mortgage Loans but excluding the Initial  Monthly  Payment Fund),
as a real estate mortgage  investment conduit (a "REMIC") for federal income tax
purposes and such segregated pool of assets will be designated as the "REMIC I."
The  Uncertificated  REMIC I Regular  Interests  will be "regular  interests" in
REMIC I and the  Class  R-I  Certificates  will be the sole  class of  "residual
interests" in REMIC I for purposes of the REMIC  Provisions (as defined herein).
A segregated  pool of assets  consisting of the  Uncertificated  REMIC I Regular
Interests  will be  designated as "REMIC II," and the REMIC  Administrator  will
make a separate REMIC election with respect thereto. The Class A-1 Certificates,
Class A-2 Certificates,  Class A-3 Certificates,  Class A-4 Certificates,  Class
A-5  Certificates,  Class A-6 Certificates,  Class A-7  Certificates,  Class A-8
Certificates,  Class A-9  Certificates,  Class  A-10  Certificates,  Class  A-11
Certificates,  Class  A-12  Certificates,  Class A-13  Certificates,  Class A-14
Certificates,  Class  A-15  Certificates,  Class A-16  Certificates,  Class A-17
Certificates,  Class  A-18  Certificates,  Class  A-19  Certificates,  Class A-P
Certificates,   Class  M-1  Certificates,  Class  M-2  Certificates,  Class  M-3
Certificates,   Class  B-1  Certificates,  Class  B-2  Certificates,  Class  B-3
Certificates and the  Uncertificated  Class A-V REMIC Regular  Interests will be
"regular interests" in REMIC II and the Class R-II Certificates will be the sole
class of "residual interests" therein for purposes of the REMIC Provisions.  The
Class A-V Certificates will represent the entire beneficial  ownership  interest
in the Uncertificated Class A-V REMIC Regular Interests.

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

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

                                             -1-

<PAGE>

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

<TABLE>
<CAPTION>

                          UNCERTIFICATED    INITIAL UNCERTIFICATED           LATEST
                         -REMIC-I-PASS        PRINCIPAL-BALANCE        POSSIBLE-MATURITY(1)
      DESIGNATION          THROUGH RATE
---------------------------------------------------------------------------------------------
<S>                           <C>         <C>                                       <C> <C>
REMIC I Regular Interest      6.25%       $           435,344,515.60       February 25, 2032
           V
REMIC I Regular Interest      5.50%       $           163,943,250.00       February 25, 2032
           W
REMIC I Regular Interest      8.50%       $            54,647,750.00       February 25, 2032
           X
REMIC I Regular Interest      6.25%       $            66,228,000.00       February 25, 2032
           Y
REMIC I Regular Interest      0.00%       $               446,128.33       February 25, 2032
           Z
        REMIC I            Variable (2)                       N/A(3)       February 25, 2032
  IO Regular Interests

</TABLE>

_________________

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

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

                                             -2-

<PAGE>

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

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

<S>     <C>     <C>       <C>                                              <C> <C>                   <C>
Class A-1       6.25%     $179,287,000.00         Senior          February 25, 2032  Aaa/AAA         $25,000
Class A-2       6.25%     $25,832,000.00          Senior          February 25, 2032  Aaa/AAA         $25,000
Class A-3       6.25%     $12,500,000.00       Super Senior       February 25, 2032  Aaa/AAA         $25,000
Class A-4       6.25%     $   100,000.00      Senior Support      February 25, 2032  Aaa/AAA         $25,000
Class A-5       6.25%     $25,000,000.00      Senior/Lockout      February 25, 2032  Aaa/AAA         $25,000
Class A-6       5.50%     $30,000,000.00        Senior/PAC        February 25, 2032  Aaa/AAA         $25,000
Class A-7       5.50%     $35,000,000.00        Senior/PAC        February 25, 2032  Aaa/AAA         $25,000
Class A-8       5.50%     $81,343,250.00        Senior/PAC        February 25, 2032  Aaa/AAA         $25,000
Class A-9       5.50%     $17,600,000.00        Senior/PAC        February 25, 2032  Aaa/AAA         $25,000
              Adjustable
Class A-10       Rate     $54,647,750.00    Senior/PAC/Floater    February 25, 2032  Aaa/AAA         $25,000
              Adjustable                 Senior/Inverse Floater/
Class A-11       Rate     $         0.00      Interest Only       February 25, 2032  Aaa/AAA         $25,000
Class A-12      6.25%     $44,000,000.00     Super Senior/PAC     February 25, 2032  Aaa/AAA         $25,000
Class A-13      6.25%     $ 2,000,000.00    Senior Support/PAC    February 25, 2032  Aaa/AAA         $25,000
                                           Senior/TAC/Accretion
Class A-14      6.25%     $40,000,000.00         Directed         February 25, 2032  Aaa/AAA         $25,000
                               Senior/TAC/Accrual/
Class A-15      6.25%     $14,725,000.00    Accretion Directed    February 25, 2032  Aaa/AAA         $25,000
                                           Senior/TAC/Accretion
Class A-16      6.25%     $64,743,000.00         Directed         February 25, 2032  Aaa/AAA         $25,000
              Adjustable                   Senior/TAC/Floater/
Class A-17       Rate     $51,740,626.00    Accretion Directed    February 25, 2032  Aaa/AAA         $25,000

--------

1    The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6, Class
     A-7, Class A-8, Class A-9, Class A-10,  Class A-11, Class A-12, Class A-13,
     Class A-14,  Class A-15, Class A-16, Class A-17, Class A-18, Class A-19 and
     Class M Certificates shall be Book-Entry Certificates. The Class A-P, Class
     A-V,  Class R and Class B  Certificates  shall be  delivered to the holders
     thereof in physical form.

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

                                             -3-

<PAGE>

              Adjustable                 Senior/TAC/Inverse Floate
Class A-18       Rate     $14,487,374.00    Accretion Directed    February 25, 2032  Aaa/AAA         $25,000
Class A-19      6.25%     $ 7,340,000.00 Senior/Accrual/Companion February 25, 2032  Aaa/AAA         $25,000
                                             Senior/Principal
Class A-P       0.00%     $   446,128.33           Only           February 25, 2032  Aaa/AAA         $25,000
                              Senior/Interest Only/
Class A-V    Variable Rate$         0.00      Variable Strip      February 25, 2032  Aaa/AAA           20%
Class R-I       6.25%     $       100.00     Senior/Residual      February 25, 2032  Aaa/AAA           20%
Class R-II      6.25%     $       100.00     Senior/Residual      February 25, 2032  Aaa/AAA           20%
Class M-1       6.25%     $ 9,728,800.00        Mezzanine         February 25, 2032   NA/AA          $25,000
Class M-2       6.25%     $ 3,603,100.00        Mezzanine         February 25, 2032    NA/A         $250,000
Class M-3       6.25%     $ 2,882,400.00        Mezzanine         February 25, 2032   NA/BBB        $250,000
Class B-1       6.50%     $ 1,441,200.00       Subordinate        February 25, 2032   NA/BB         $250,000
Class B-2       6.50%     $ 1,081,000.00       Subordinate        February 25, 2032    NA/B         $250,000
Class B-3       6.50%     $ 1,080,915.60       Subordinate        February 25, 2032   NA/NA         $250,000
</TABLE>

        The Mortgage Loans have an aggregate principal balance as of the Cut-off
Date of $720,609,743.93.

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

                                             -4-

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

        Section 1.01  Definitions.

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

     Accretion   Directed   TAC   Certificates:   Any  one  of  the  Class  A-14
Certificates,  Class  A-15  Certificates,  Class A-16  Certificates,  Class A-17
Certificates or Class A-18 Certificates.

     Accretion  Termination  Date: The Class A-15 Accretion  Termination Date or
Class A-19 Accretion Termination Date.

        Accrual Certificates: The Class A-15 and Class A-19 Certificates.

     Accrual  Distribution Amount: The Class A-15 Accrual Distribution Amount or
Class A-19 Accrual Distribution Amount.

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

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

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

        (iii)  the interest  portion of Advances that were (A)  previously  made
               with  respect to a Mortgage  Loan or REO Property on all Mortgage
               Loans which remained unreimbursed  following the Cash Liquidation
               or REO  Disposition  of such Mortgage Loan or REO Property or (B)
               made with respect to delinquencies that were ultimately

                                             -5-

<PAGE>

               determined  to be Excess  Special  Hazard  Losses,  Excess  Fraud
               Losses, Excess Bankruptcy Losses or Extraordinary Losses, and

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

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

     Adjustable Rate Certificates: Any one of the Class A-10 Certificates, Class
A-11 Certificates, Class A-17 Certificates or Class A-18 Certificates.

        Aggregate   Planned   Principal   Balance:   With  respect  to  the  PAC
Certificates and each  Distribution  Date, the amount set forth for such Classes
on such Distribution Date on Exhibit Five hereto.

        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)
$100,000 over (B) the aggregate amount of Bankruptcy  Losses allocated solely to
one or more specific  Classes of Certificates in accordance with Section 4.05 of
this Series  Supplement.  As of any date of  determination on or after the first
anniversary of the Cut-off Date, an amount equal to the excess, if any, of

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

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

                      (B) the greater of (i) the product of (x) an amount  equal
               to the largest  difference in the related Monthly Payment for any
               Non-Primary Residence Loan

                                             -6-

<PAGE>

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

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

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

        Certificate  Account:  The  separate  account or  accounts  created  and
maintained  pursuant  to Section  4.01 of the  Standard  Terms,  which  shall be
entitled  "Bank  One,  National  Association,  as  trustee,  in  trust  for  the
registered holders of Residential  Funding Mortgage Securities I, Inc., Mortgage
Pass-Through  Certificates,  Series  2002-S4"  and  which  must  be an  Eligible
Account.

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

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

        (ii)   in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

        (iii)  the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05,

                                             -7-

<PAGE>

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.

        Class A  Certificate:  Any one of the Class A-1,  Class A-2,  Class A-3,
Class A-4,  Class A-5,  Class A-6,  Class A-7, Class A-8, Class A-9, Class A-10,
Class A-11,  Class A-12,  Class A-13,  Class A-14, Class A-15, Class A-16, Class
A-17, Class A-18, Class A-19, Class A-P or Class A-V  Certificates,  executed by
the Trustee and authenticated by the Certificate Registrar  substantially in the
form annexed to the Standard Terms as Exhibit A.

        Class A-15 Accretion  Termination  Date: The earlier to occur of (i) the
Distribution  Date on which the Certificate  Principal Balance of the Class A-14
Certificates  has been  reduced  to zero and (ii) the Credit  Support  Depletion
Date.

        Class  A-15   Accrual   Distribution   Amount:   With  respect  to  each
Distribution Date prior to the Class A-15 Accretion  Termination Date, an amount
equal to the aggregate amount of Accrued Certificate  Interest on the Class A-15
Certificates  for such date, to the extent added to the amount thereof  pursuant
to Section 4.02(f);  provided that, with respect to each Distribution Date on or
after the  Class  A-15  Accretion  Termination  Date,  the  Accrued  Certificate
Interest on the Class A-15  Certificates for such date remaining after reduction
of the Certificate Principal Balance of the Class A-14 Certificates to zero will
be payable to the Class A-15  Certificateholders  pursuant to Section 4.02(a)(i)
hereof on the Class A-15 Accretion  Termination Date; and provided further, that
if the Class A-15 Accretion  Termination  Date is the Credit  Support  Depletion
Date,  the  entire  amount of  Accrued  Certificate  Interest  on the Class A-15
Certificates  for that date  will be  payable  as  interest  to the  Class  A-15
Certificateholders pursuant to Section 4.02(a)(i) hereof.

        Class A-19 Accretion  Termination  Date: The earlier to occur of (i) the
Distribution Date on which the Certificate Principal Balances of the Class A-14,
Class A-15, Class A-16, Class A-17 or Class A-18  Certificates have been reduced
to zero and (ii) the Credit Support Depletion Date.

        Class  A-19   Accrual   Distribution   Amount:   With  respect  to  each
Distribution Date prior to the Class A-19 Accretion  Termination Date, an amount
equal to the aggregate amount of Accrued Certificate  Interest on the Class A-19
Certificates  for such date, to the extent added to the amount thereof  pursuant
to Section 4.02(g);  provided that, with respect to each Distribution Date on or
after the  Class  A-19  Accretion  Termination  Date,  the  Accrued  Certificate
Interest on the Class A-19  Certificates for such date remaining after reduction
of the Certificate Principal Balances of the Class A-14, Class A-15, Class A-16,
Class A-17 and Class A-18 Certificates to zero will be payable to the Class A-19
Certificateholders  pursuant  to  Section  4.02(a)(i)  hereof on the Class  A-19
Accretion  Termination  Date;  and  provided  further,  that if the  Class  A-19
Accretion  Termination  Date is the Credit  Support  Depletion  Date, the entire
amount of Accrued  Certificate  Interest on the Class A-19 Certificates for that
date will be payable as interest to the Class A-19  Certificateholders  pursuant
to Section 4.02(a)(i) hereof.

                                             -8-

<PAGE>

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

        Closing Date: February 27, 2002.
        ------------

        Corporate Trust Office:  The principal office of the Trustee at which at
any particular  time its corporate trust business with respect to this Agreement
shall  be  administered,  which  office  at the  date of the  execution  of this
instrument is located at 1 Bank One Plaza,  Suite  IL1-0126,  Chicago,  Illinois
60670-0126, Attention: Residential Funding Corporation Series 2002-S4.

        Corresponding  Certificated  Interests:  With respect to  Uncertificated
REMIC I Regular  Interest  V, the Class A-1,  Class A-2,  Class A-3,  Class A-4,
Class A-5, Class A-12,  Class A-13,  Class A-14,  Class A-15,  Class A-16, Class
A-19, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2, Class B-3 and Class
R-I Certificates; with respect to Uncertificated REMIC I Regular Interest W, the
Class A-6,  Class A-7,  Class A-8 and Class A-9  Certificates;  with  respect to
Uncertificated  REMIC I  Regular  Interest  X, the  Class  A-10 and  Class  A-11
Certificates;  with respect to  Uncertificated  REMIC I Regular  Interest Y, the
Class A-17 and Class A-18 Certificates;  with respect to Uncertificated  REMIC I
Regular  Interest  Z,  the  Class  A-P  Certificates;  and with  respect  to the
Uncertificated REMIC I IO Regular Interests, the Class A-V Certificates.

        Cut-off Date: February 1, 2002.

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

        Discount Net Mortgage Rate: 6.25% per annum.

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

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

     Floater  Certificates:  Any one of the  A-10  Certificates  or  Class  A-17
Certificates.

        Fraud Loss  Amount:  As of any date of  determination  after the Cut-off
Date, an amount equal to:(X) prior to the first  anniversary of the Cut-off Date
an  amount  equal to  3.00% of the  aggregate  principal  balance  of all of the
Mortgage Loans as of the Cut-off Date minus the aggregate amounts

                                             -9-

<PAGE>

allocated through  subordination with respect to Fraud Losses up to that date of
determination, (Y) from the first to the second anniversary of the Cut-off Date,
an  amount  equal to  2.00% of the  aggregate  principal  balance  of all of the
Mortgage  Loans as of the Cut-off  Date minus the  aggregate  amounts  allocated
through  subordination  with  respect  to  Fraud  Losses  up  to  that  date  of
determination  and (Z) from the second to the fifth  anniversary  of the Cut-off
Date,  an amount  equal to (1) the lesser of (a) the Fraud Loss Amount as of the
most  recent  anniversary  of the  Cut-off  Date and (b) 1.00% of the  aggregate
principal balance of all of the Mortgage Loans as of the most recent anniversary
of  the  Cut-off  Date  minus  (2)  the  aggregate   amounts  allocated  through
subordination  with respect to Fraud Losses since the most recent anniversary of
the  Cut-off  Date up to that  date of  determination.  On and  after  the fifth
anniversary  of the Cut-off Date,  the Fraud Loss Amount shall be zero and Fraud
Losses shall not be allocated through subordination.

        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.

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

        Initial Monthly Payment Fund: $88,601,  representing scheduled principal
amortization  and interest at the Net Mortgage Rate during the Due Period ending
in February  2002,  for those  Mortgage  Loans for which the Trustee will not be
entitled to receive such payment in  accordance  with the  definition  of "Trust
Fund". The Initial Monthly Payment Fund will not be part of any REMIC.

        Initial  Notional Amount:  With respect to the Class A-11  Certificates,
$54,647,750.00.  With respect to any Class A-V  Certificates or Subclass thereof
issued pursuant to Section 5.01(c), the aggregate Cut-off Date Principal Balance
of the  Mortgage  Loans  corresponding  to the  Uncertificated  Class  A-V REMIC
Regular Interests represented by such Class or Subclass on such date.

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

        Class M-1: 1.35%                    Class B-1: 0.20%
        Class M-2: 0.50%                    Class B-2: 0.15%
        Class M-3: 0.40%                    Class B-3: 0.15%

                                             -10-

<PAGE>

        Interest Accrual Period:  With respect to any  Certificates  (other than
the Class A-10  Certificates and Class A-11  Certificates)  and any Distribution
Date, the calendar  month  preceding the month in which such  Distribution  Date
occurs.  With respect to the Class A-10 Certificates and Class A11 Certificates,
the one-month period commencing on the 25th day of the month preceding the month
in which the distribution date occurs and ending on the 24th day of the month in
which the distribution date occurs.

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

     Inverse  Floater  Certificates:  Any one of the  Class  A-11 or Class  A-18
Certificates.

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

        Lockout Certificates: The Class A-5 Certificates.

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

        Maturity Date: With respect to each Class of Certificates,  February 25,
2032, the Distribution Date immediately  following the latest scheduled maturity
date of any Mortgage Loan.

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

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

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

        (h)    the Cut-off Date Principal Balance ("PRINCIPAL BAL");
        (i)    the Loan-to-Value Ratio at origination ("LTV");
        (j)    the rate at which the  Subservicing  Fee accrues  ("SUBSERV FEE")
               and at which the Servicing Fee accrues ("MSTR SERV FEE");

                                             -11-

<PAGE>

        (k)    a  code  "T,"  "BT"  or  "CT"  under  the  column  "LN  FEATURE,"
               indicating  that the  Mortgage  Loan is  secured  by a second  or
               vacation residence; and
        (l)    a code "N" under the  column  "OCCP  CODE,"  indicating  that the
               Mortgage Loan is secured by a non-owner occupied residence.

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

        Notional Amount: As of any Distribution  Date, with respect to the Class
A-11  Certificates,  an  amount  equal to the  aggregate  Certificate  Principal
Balance  of the Class  A-10  Certificates.  For  federal  income  tax  purposes,
however,   as  of  any  Distribution  Date,  with  respect  to  the  Class  A-11
Certificates,  the equivalent of the foregoing,  expressed as the Uncertificated
Principal  Balance  of  Uncertificated  REMIC I  Regular  Interest  X. As of the
Closing Date,  the Notional  Amount of the Class A-11  Certificates  is equal to
approximately  $54,647,750.00.  As of any Distribution Date, with respect to any
Class A-V  Certificates or Subclass  thereof issued pursuant to Section 5.01(c),
the aggregate  Stated Principal  Balance of the Mortgage Loans  corresponding to
the Uncertificated  Class A-V REMIC Regular Interests  represented by such Class
or Subclass as of the day immediately preceding such Distribution Date (or, with
respect  to the  initial  Distribution  Date,  at the close of  business  on the
Cut-off Date).

        Pass-Through Rate: With respect to the Class A Certificates  (other than
the  Adjustable  Rate,  Class  A-V and  Principal  Only  Certificates),  Class M
Certificates, Class B Certificates and Class R Certificates and any Distribution
Date, the per annum rates set forth in the Preliminary  Statement  hereto.  With
respect to the Class A-10  Certificates and the initial Interest Accrual Period,
2.0900% per annum, and as to any Interest Accrual Period thereafter, a per annum
rate equal to LIBOR plus 0.35%, subject to a maximum rate of 8.50% per annum and
a minimum rate of 0.35% per annum.  With respect to the Class A-11  Certificates
and the  initial  Interest  Accrual  Period,  6.4100%  per annum,  and as to any
Interest Accrual Period thereafter, a per annum rate equal to 8.15% minus LIBOR,
subject  to a maximum  rate of 8.15%  per annum and a minimum  rate of 0.00% per
annum.  With  respect to the Class A-17  Certificates  and the initial  Interest
Accrual  Period,  3.3900%  per  annum,  and as to any  Interest  Accrual  Period
thereafter,  a per annum rate equal to LIBOR  plus  1.65%,  subject to a maximum
rate of 8.00% per annum and a minimum  rate of 1.65% per annum.  With respect to
the Class A-18 Certificates and the initial Interest Accrual Period,  16.464286%
per annum,  and as to any Interest Accrual Period  thereafter,  a per annum rate
equal to 22.6785714%  minus LIBOR,  subject to a maximum rate of 22.6785714% per
annum  and a minimum  rate of 0.00% per  annum.  With  respect  to the Class A-V
Certificates (other than any Subclass thereof) and any Distribution Date, a rate
equal to the  weighted  average,  expressed as a  percentage,  of the Pool Strip
Rates  of all  Mortgage  Loans  as of the Due Date in the  related  Due  Period,
weighted  on the  basis of the  respective  Stated  Principal  Balances  of such
Mortgage Loans as of the day immediately  preceding such  Distribution Date (or,
with respect to the initial  Distribution  Date, at the close of business on the
Cut-off  Date).  With  respect  to the Class A-V  Certificates  and the  initial
Distribution  Date the  Pass-Through  Rate is equal to 0.3499%  per annum.  With
respect to any Subclass of Class A-V Certificates  and any Distribution  Date, a
rate equal to the weighted average, expressed as a percentage, of the Pool Strip
Rates of all Mortgage Loans corresponding to the Uncertificated  Class A-V REMIC
Regular Interests represented by such Subclass as of the Due Date in the related
Due Period, weighted on the basis of the respective Stated Principal Balances of
such Mortgage Loans

                                             -12-

<PAGE>

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

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

               (i) For any Distribution  Date prior to the Distribution  Date in
        March 2007  (unless  the  Certificate  Principal  Balances of the Senior
        Certificates  (other than the Class A-P Certificates)  have been reduced
        to zero), 0%.

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

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

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

               (iii)  Notwithstanding  the foregoing,  if the application of the
        foregoing  percentages on any  Distribution  Date as provided in Section
        4.02 of this Series Supplement (determined without regard to the proviso
        to the definition of "Subordinate  Principal Distribution Amount") would
        result in a distribution in respect of principal of any Class or Classes
        of  Subordinate  Certificates  in an amount  greater than the  remaining
        Certificate  Principal  Balance  thereof  (any such  class,  a "Maturing
        Class"),  then:  (a)  the  Prepayment  Distribution  Percentage  of each
        Maturing  Class  shall be  reduced  to a level  that,  when  applied  as
        described above, would exactly reduce the Certificate  Principal Balance
        of such Class to zero;  (b) the  Prepayment  Distribution  Percentage of
        each  other  Class  of  Subordinate  Certificates  (any  such  Class,  a
        "Non-Maturing  Class")  shall be  recalculated  in  accordance  with the
        provisions in

                                             -13-

<PAGE>

        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.

        Record Date:  With respect to each  Distribution  Date and each Class of
Certificates   (other   than  the  Class  A-10   Certificates   and  Class  A-11
Certificates),  the close of business on the last Business Day of the month next
preceding the month in which the related  Distribution Date occurs. With respect
to each  Distribution  Date and the  Class  A-10  Certificates  and  Class  A-11
Certificates, the 24th day of the month in which such Distribution Date occurs.

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

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

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

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

        (ii)   all payments on and  collections in respect of the Mortgage Loans
               due  after  the  Cut-off  Date  as  shall  be on  deposit  in the
               Custodial Account or in the Certificate Account and identified as
               belonging to the Trust Fund,  including amounts on deposit in the
               Initial Monthly Payment Fund,

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

          (iv) the hazard insurance policies and Primary Insurance Policies,  if
               any, and

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

                                             -14-

<PAGE>

        Notwithstanding the foregoing,  the REMIC election specifically excludes
the Initial Monthly Payment Fund.

        REMIC I Certificates:  The Class R-I Certificates.

        REMIC II: The segregated pool of assets consisting of the Uncertificated
REMIC I Regular  Interests  conveyed  in trust to the Trustee for the benefit of
the holders of the Class A-1,  Class A-2, Class A-3, Class A-4, Class A-5, Class
A-6, Class A-7, Class A-8, Class A-9, Class A-10, Class A- 11, Class A-12, Class
A-13,  Class A-14,  Class A-15, Class A-16, Class A-17, Class A-18, Class A- 19,
Class A-P,  Class A-V,  Class M-1,  Class M-2,  Class M-3, Class B-1, Class B-2,
Class B-3 and R-II Certificates  pursuant to Section 2.06, with respect to which
a separate  REMIC  election is to be made.  The REMIC  election  with respect to
REMIC II specifically excludes the Initial Monthly Payment Fund.

        REMIC II Certificates: Any of the Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5,  Class A-6,  Class A-7, Class A-8, Class A-9, Class A-10,  Class
A-11,  Class A-12,  Class A-13,  Class A-14, Class A-15, Class A-16, Class A-17,
Class A-18,  Class A-19,  Class A-P, Class A-V, Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2, Class B-3 and Class R-II Certificates.

        Scheduled Final Distribution Date: February 25, 2032.

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

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

        Senior Principal  Distribution  Amount: As to any Distribution Date, the
lesser of (a) the balance of the Available  Distribution  Amount remaining after
the distribution of all amounts  required to be distributed  pursuant to Section
4.02(a)(i),  Section  4.02(a)(ii)(X)  of this Series  Supplement,  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  Section
4.02(a)(ii)(Y), (xvii) and (xviii) of this Series Supplement.

     Senior Support  Certificates:  Any of the Class A-4  Certificates  or Class
A-13 Certificates.

        Special Hazard Amount:  As of any Distribution  Date, an amount equal to
$7,206,097  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
40.77% (which  percentage is equal to the percentage of Mortgage Loans initially
secured by Mortgaged Properties located in the State of California) and (ii) the
aggregate  outstanding  principal  balance  (as  of  the  immediately  preceding
Distribution  Date) of the largest Mortgage Loan secured by a Mortgaged Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
located in the State of California.

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

        Subordinate   Principal   Distribution   Amount:  With  respect  to  any
Distribution Date and each Class of Subordinate Certificates, (a) the sum of (i)
the product of (x) the related  Subordinate  Class Percentage for such Class and
(y) the aggregate of the amounts  calculated  for such  Distribution  Date under
clauses (1), (2) and (3) of Section  4.02(a)(ii)(Y)(A) of this Series Supplement
(without  giving effect to the Senior  Percentage)  to the extent not payable to
the  Senior  Certificates;  (ii)  such  Class's  pro  rata  share,  based on the
Certificate  Principal  Balance of each Class of Subordinate  Certificates  then
outstanding,    of   the    principal    collections    described   in   Section
4.02(a)(ii)(Y)(B)(b)  of this Series  Supplement  (without  giving effect to the
Senior Accelerated  Distribution  Percentage) to the extent such collections are
not otherwise  distributed to the Senior Certificates;  (iii) the product of (x)
the related  Prepayment  Distribution  Percentage  and (y) the  aggregate of all
Principal  Prepayments  in Full  received in the related  Prepayment  Period and
Curtailments  received in the preceding  calendar  month (other than the related
Discount  Fraction of such Principal  Prepayments in Full and Curtailments  with
respect to a  Discount  Mortgage  Loan) to the extent not  payable to the Senior
Certificates;  (iv) if such Class is the Class of Subordinate  Certificates with
the  Highest  Priority,   any  Excess  Subordinate  Principal  Amount  for  such
Distribution  Date; and (v) any amounts described in clauses (i), (ii) and (iii)
as determined for any previous  Distribution Date, that remain  undistributed to
the extent that such amounts are not  attributable to Realized Losses which have
been allocated to a Class

                                             -15-

<PAGE>

of Subordinate  Certificates  minus (b) with respect to the Class of Subordinate
Certificates with the Lowest Priority,  any Excess Subordinate  Principal Amount
for such Distribution Date; provided,  however,  that the Subordinate  Principal
Distribution   Amount  for  any  Class  of  Subordinate   Certificates   on  any
Distribution Date shall in no event exceed the outstanding Certificate Principal
Balance of such Class of Certificates immediately prior to such date.

     Super Senior Certificates:  Any of the Class A-3 Certificates or Class A-12
Certificates.

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

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

        Targeted Principal Balance:  With respect to each Accretion Directed TAC
Certificate and each  Distribution  Date, the amount set forth for such Class on
such Distribution Date on Exhibit Six hereto.

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

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

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

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

                                             -16-

<PAGE>

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

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

        Uncertificated  Principal Balance:  With respect to each  Uncertificated
REMIC I Regular Interest on any date of determination, an amount equal to (A)(i)
$435,344,515.60  with respect to Uncertificated REMIC I Regular Interest V, (ii)
$163,943,250.00  with  respect to  Uncertificated  REMIC I Regular  Interest  W,
(iii)$54,647,750.00  with respect to Uncertificated  REMIC I Regular Interest X,
(iv)  $66,228,000.00  with respect to Uncertificated  REMIC I Regular Interest Y
and (v) $446,128.33 with respect to  Uncertificated  REMIC I Regular Interest Z,
minus  (B)  the  sum of (x)  the  aggregate  of all  amounts  previously  deemed
distributed   with   respect  to  such   interest  and  applied  to  reduce  the
Uncertificated Principal Balance thereof pursuant to Section 4.09(a)(ii) and (y)
the aggregate of all reductions in  Uncertificated  Principal  Balance deemed to
have occurred in connection  with Realized  Losses that were  previously  deemed
allocated to the Uncertificated Principal Balance of such Uncertificated REMIC I
Regular Interest pursuant to Section 4.09(d).

        Uncertificated   REMIC  I  Accrued   Interest:   With  respect  to  each
Distribution  Date,  (i) as to  Uncertificated  REMIC I Regular  Interest  V, an
amount equal to the aggregate amount of Accrued Certificate  Interest that would
result under the terms of the  definition  thereof on the Class A-1,  Class A-2,
Class A-3, Class A-4, Class A-5, Class A-12, Class A-13, Class A-14, Class A-15,
Class A-16,  Class A-19,  Class M-1, Class M-2, Class M-3, Class B-1, Class B-2,
Class B-3 and Class R-I Certificates if the Pass-Through Rate on each such Class
were  equal  to  the   Uncertificated   REMIC  I   Pass-Through   Rate  and  the
Uncertificated  Principal Balances were the Certificate Principal Balances, (ii)
as to  Uncertificated  REMIC I  Regular  Interest  W,  an  amount  equal  to the
aggregate  amount of Accrued  Certificate  Interest  that would result under the
terms of the definition thereof on the Class A-6, Class A-7, Class A-8 and Class
A-9 Certificates if the  Pass-Through  Rate on each such Class were equal to the
Uncertificated  REMIC  I  Pass-Through  Rate  and the  Uncertificated  Principal
Balances were the Certificate  Principal  Balances,  (iii) as to  Uncertificated
REMIC I Regular  Interest X, an amount equal to the aggregate  amount of Accrued
Certificate Interest that would result under the terms of the definition thereof
on the Class A-10 and Class A-11  Certificates if the Pass-Through  Rate on each
such Class were equal to the  Uncertificated  REMIC I Pass- Through Rate and the
Uncertificated  Principal Balances were the Certificate Principal Balances, (iv)
as to  Uncertificated  REMIC I  Regular  Interest  Y,  an  amount  equal  to the
aggregate  amount of Accrued  Certificate  Interest  that would result under the
terms of the definition thereof on the Class A-17 and Class A-18 Certificates if
the Pass-Through Rate on each such Class were equal to the Uncertificated  REMIC
I  Pass-Through  Rate  and  the  Uncertificated   Principal  Balances  were  the
Certificate  Principal Balances,  and (v) as to each  Uncertificated  REMIC I IO
Regular Interest, an amount equal to the aggregate amount of Accrued Certificate
Interest  that would  result under the terms of the  definition  thereof on each
such  uncertificated  interest,  if the Pass-Through Rate on such uncertificated
interest was equal to the related  Uncertificated  REMIC I Pass-Through Rate and
the

                                             -17-

<PAGE>

notional  amount  of such  uncertificated  interest  was  equal  to the  related
Uncertificated REMIC I IO Notional Amount;  provided,  that any reduction in the
amount  of  Accrued  Certificate  Interest  resulting  from  the  allocation  of
Prepayment  Interest  Shortfalls,  Realized  Losses  or  other  amounts  to  the
Certificates  pursuant to Sections 4.02(a) and 4.05 hereof shall be allocated to
the Uncertificated REMIC I Regular Interests for which such Certificates are the
Corresponding Certificated Interests.

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

        Uncertificated  REMIC I IO  Regular  Interests:  The ___  uncertificated
partial undivided  beneficial ownership interests in REMIC I, each relating to a
Mortgage  Loan with a Net  Mortgage  Rate in excess  of  6.50%,  each  having no
principal balance, and each bearing interest at the related Uncertificated REMIC
I Pass-Through Rate on the related Uncertificated REMIC I IO Notional Amount.

        Uncertificated  REMIC I Pass-Through  Rate:  With respect to each of the
Uncertificated  REMIC I Regular Interests V, W, X, Y and Z, 6.25%, 5.50%, 8.50%,
6.25% and 0.00%, respectively. With respect to Uncertificated REMIC I IO Regular
Interest, an amount equal to the Pool Strip Rate for the related Mortgage Loan.

        Uncertificated  REMIC I Regular  Interest V: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-5
Certificates and which bears interest at a rate equal to 6.25% per annum.

        Uncertificated  REMIC I Regular  Interest W: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-6
Certificates, and which bears interest at a rate equal to 5.50% per annum.

        Uncertificated  REMIC I Regular  Interest X: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal to the aggregate  Certificate  Principal  Balance of the Class A-7,  Class
A-8, Class R-II, Class M-1, Class M-2, Class M-3, Class B-1, Class B-2 and Class
B-3 Certificates and which bears interest at a rate equal to 8.50% per annum.

        Uncertificated  REMIC I Regular  Interest Y: An  uncertificated  partial
undivided  beneficial  ownership  interest in REMIC I having a principal balance
equal  to  the  aggregate   Certificate  Principal  Balance  of  the  Class  A-9
Certificates, and which bears interest at a rate equal to 6.25% per annum.

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

        Uncertificated REMIC I Regular Interests: Uncertificated REMIC I Regular
Interest V, Uncertificated  REMIC I Regular Interest W,  Uncertificated  REMIC I
Regular Interest X,  Uncertificated  REMIC I Regular Interest Y,  Uncertificated
REMIC I Regular Interest Z and the Uncertificated REMIC I IO Regular Interests.

                                             -18-

<PAGE>

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

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

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

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

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

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

        Uncertificated  REMIC  I  Regular  Interest  Distribution  Amounts:  The
Uncertificated   REMIC  I  Regular   Interest   V   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   W   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   X   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular   Interest   Y   Distribution   Amount,   the
Uncertificated   REMIC  I  Regular  Interest  Z  Distribution   Amount  and  the
Uncertificated REMIC I IO Regular Interest Distribution Amount.]

        Underwriter: 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.

        Section 1.03 Determination of LIBOR.

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

                                             -19-

<PAGE>

        On each LIBOR Rate Adjustment Date (other than for the initial  Interest
Accrual  Period),  LIBOR  shall be  established  by the  Trustee  and, as to any
Interest Accrual Period,  will equal the rate for one month United States dollar
deposits that appears on the Telerate Screen Page 3750 as of 11:00 a.m.,  London
time, on such LIBOR Rate Adjustment Date.  "Telerate Screen Page 3750" means the
display  designated as page 3750 on the Telerate  Service (or such other page as
may  replace  page 3750 on that  service for the  purpose of  displaying  London
interbank  offered rates of major  banks).  If such rate does not appear on such
page (or such other page as may replace  that page on that  service,  or if such
service is no longer offered, LIBOR shall be so established by use of such other
service  for  displaying  LIBOR or  comparable  rates as may be  selected by the
Trustee  after  consultation  with the  Master  Servicer),  the rate will be the
Reference Bank Rate.  The "Reference  Bank Rate" will be determined on the basis
of the rates at which  deposits in U.S.  Dollars  are  offered by the  reference
banks (which shall be any three major banks that are engaged in  transactions in
the London interbank market, selected by the Trustee after consultation with the
Master  Servicer) as of 11:00 a.m.,  London time,  on the LIBOR Rate  Adjustment
Date to prime banks in the London  interbank market for a period of one month in
amounts  approximately equal to the aggregate  Certificate  Principal Balance of
the Floater Certificates and Inverse Floater Certificates then outstanding.  The
Trustee will request the principal  London office of each of the reference banks
to  provide  a  quotation  of its  rate.  If at least  two such  quotations  are
provided,  the rate will be the arithmetic mean of the quotations  rounded up to
the next  multiple  of 1/16%.  If on such date  fewer  than two  quotations  are
provided as requested,  the rate will be the arithmetic mean of the rates quoted
by one or more  major  banks in New York City,  selected  by the  Trustee  after
consultation with the Master Servicer,  as of 11:00 a.m., New York City time, on
such date for loans in U.S.  Dollars to leading  European  banks for a period of
one month in amounts approximately equal to, with respect to each of the Floater
Certificates  and  Inverse  Floater  Certificates,   the  Certificate  Principal
Balances  of  the  Floater   Certificates  and  Inverse  Floater   Certificates,
respectively,  then outstanding. If no such quotations can be obtained, the rate
will be LIBOR for the prior Distribution Date, or in the case of the first LIBOR
Rate Adjustment  Date,  1.74% with respect to the Adjustable Rate  Certificates;
provided however,  if, under the priorities listed previously in this paragraph,
LIBOR  for a  Distribution  Date  would  be  based  on  LIBOR  for the  previous
Distribution Date for the third consecutive Distribution Date, the Trustee shall
select an  alternative  comparable  index over which the Trustee has no control,
used for determining  one-month  Eurodollar lending rates that is calculated and
published or otherwise made available by an independent party.

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

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

                                             -20-

<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

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

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

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

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

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

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

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

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

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

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

                      (vi) No more than 0.7% of the Mortgage  Loans by aggregate
               Stated  Principal  Balance as of the Cut-off  Date are secured by
               Mortgaged Properties located

                                             -21-

<PAGE>

               in any one zip code area in  California  and no more than 0.7% 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) 8.95% of the Mortgage Loans were  underwritten  under a
               reduced loan documentation program;

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

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

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

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

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

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

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

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

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

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

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

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

          Section 2.05 Execution and Authentication of Certificates.

        The Trustee  acknowledges the assignment to it of the Mortgage Loans and
the  delivery  of the  Mortgage  Files to it, or any  Custodian  on its  behalf,
subject to any exceptions noted, together with the assignment to it of all other
assets included in the Trust Fund, receipt of which is hereby

                                             -22-

<PAGE>

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

                                             -23-

<PAGE>

                                   ARTICLE III

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

                                      -24-

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

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

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

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

                                             -25-

<PAGE>

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

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

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

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

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

                                             -26-

<PAGE>

                      Extraordinary Losses, an amount equal to the lesser of (a)
                      the Senior Percentage for such Distribution Date times the
                      Stated Principal Balance of such Mortgage Loan (other than
                      the related  Discount  Fraction  of such Stated  Principal
                      Balance,  with respect to each Discount Mortgage Loan) and
                      (b) the Senior  Accelerated  Distribution  Percentage  for
                      such  Distribution  Date  times  the  related  unscheduled
                      collections   (including  without   limitation   Insurance
                      Proceeds,  Liquidation  Proceeds and REO  Proceeds) to the
                      extent  applied by the Master  Servicer as  recoveries  of
                      principal of the related Mortgage Loan pursuant to Section
                      3.14 of the  Standard  Terms (in each case  other than the
                      portion of such unscheduled collections, with respect to a
                      Discount Mortgage Loan, included in Section  4.02(b)(i)(C)
                      of this Series Supplement);

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

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

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

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

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

                      (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

                                             -27-

<PAGE>

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

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

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

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

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

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

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

                                             -28-

<PAGE>

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

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

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

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

                      (xvi) to the  Senior  Certificates,  in the  priority  set
               forth in Section 4.02(b) of this Series Supplement,  the portion,
               if any, of the Available  Distribution Amount remaining after the
               foregoing  distributions,   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-II Certificates,  the balance, if any,
               of the Available Distribution Amount.

        Notwithstanding the foregoing, on any Distribution Date, with respect to
the Class of Subordinate Certificates outstanding on such Distribution Date with
the Lowest Priority, or in the event the Subordinate  Certificates are no longer
outstanding,  the Senior  Certificates,  Accrued  Certificate  Interest  thereon
remaining unpaid from any previous Distribution Date will be

                                             -29-

<PAGE>

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   and  REO   Proceeds   have   not   yet   been   distributed   to  the
Certificateholders.

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

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

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

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

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

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

                                             -30-

<PAGE>

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

                      (ii)  an   amount   equal  to  the  Class   A-19   Accrual
               Distribution Amount shall be distributed concurrently as follows:

                             (A)  29.47020937407%,  sequentially,  to the  Class
                      A-14  Certificates  and Class A-15  Certificates,  in each
                      case until the Certificate  Principal  Balance thereof has
                      been reduced to zero; and

                             (B)  70.52979062593%  in the  following  order  and
priority:

                         (1) first,  to the Class A-16  Certificates,  until the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero; and

                         (2) second,  to the Class A-17  Certificates  and Class
                    A-18  Certificates,  concurrently on a pro rata basis, until
                    the Certificate Principal Balances thereof have been reduced
                    to zero;

                      (iii)  an  amount   equal  to  the  Class   A-15   Accrual
               Distribution  Amount  shall  be  distributed  to the  Class  A-14
               Certificates, until the Certificate Principal Balance thereof has
               been reduced to zero;

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

                             (A)  34.65703105109%  in the  following  manner and
priority:

                                    (1) first, to the Lockout  Certificates,  in
                             reduction  of  the  Certificate  Principal  Balance
                             thereof,  until the Certificate  Principal  Balance
                             thereof  has been  reduced  to zero,  in an  amount
                             equal  to the  Lockout  Percentage  of the  Lockout
                             Certificates'   pro  rata   share   (based  on  the
                             Certificate  Principal  Balance thereof relative to
                             the aggregate  Certificate Principal Balance of all
                             of the  Certificates  (other  than  the  Class  A-P
                             Certificates)) of the aggregate of the described in
                             Section 4.02(a)(ii)(Y)(A), (B), (C) and (E) without
                             any application of the Senior  Percentage or Senior
                             Accelerated Distribution Percentage;

                             provided  that, if the aggregate of the amounts set
                             forth in clauses  Section  4.02(a)(ii)(Y)(A),  (B),
                             (C)  and  (E)  is  more  than  the  balance  of the
                             Available  Distribution  Amount remaining after the
                             Senior Interest  Distribution  Amount and the Class
                             A-P Distribution Amount have been distributed,  the
                             amount paid to the Lockout Certificates pursuant to
                             this  clause  (iv)(A)(1)  shall  be  reduced  by an
                             amount

                                             -31-

<PAGE>

                             equal to the Lockout  Certificates'  pro rata share
                             (based on the Certificate Principal Balance thereof
                             related  to  the  aggregate  Certificate  Principal
                             Balance of all of the Certificates  (other than the
                             Class A-P Certificates)) of such difference;

                                    (2) second,  concurrently,  to the Class R-I
                             Certificates and Class R-II Certificates,  on a pro
                             rata  basis,   until  the   Certificate   Principal
                             Balances thereof have been reduced to zero;

                                    (3)  third,  sequentially,  to the Class A-1
                             Certificates  and Class A-2  Certificates,  in each
                             case  until  the  Certificate   Principal   Balance
                             thereof has been reduced to zero;

                                    (4)  fourth,  concurrently  on  a  pro  rata
                             basis, to the Class A-3  Certificates and Class A-4
                             Certificates,   until  the  Certificate   Principal
                             Balances thereof have been reduced to zero; and

                         (5)  fifth,  to the  Lockout  Certificates,  until  the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero; and

                             (B)  65.34296894891%  in the  following  manner and
priority:

                                    (1) first, concurrently as follows:

                                            (a)  25.00000000000%,  to the  Class
                                    A-10   Certificates,   until  the  aggregate
                                    Certificate  Principal  Balance  of the  PAC
                                    Certificates   has  been   reduced   to  the
                                    Aggregate   Planned  Principal  Balance  set
                                    forth in the table below entitled "Aggregate
                                    Planned  Principal"  for  such  distribution
                                    date; and

                                            (b)  13.72426129164%,  to the  Class
                                    A-6   Certificates,   until  the   aggregate
                                    Certificate  Principal  Balance  of the  PAC
                                    Certificates   has  been   reduced   to  the
                                    Aggregate Planned Principal Balance for such
                                    distribution date; and

                                            (c)  61.27573870836%,  sequentially,
                                    to the  Class  A-7,  Class A-8 and Class A-9
                                    Certificates,   in  each   case   until  the
                                    aggregate  Certificate  Principal Balance of
                                    the PAC Certificates has been reduced to the
                                    Aggregate Planned Principal Balance for such
                                    distribution date;

                                    (2) second,  to the Class A-12  Certificates
                             and Class A-13 Certificates,  concurrently on a pro
                             rata  basis,   until  the   aggregate   Certificate
                             Principal  Balance of the PAC Certificates has been
                             reduced to the Aggregate  Planned Principal Balance
                             for such distribution date;

                                             -32-

<PAGE>

                                    (3) third, concurrently as follows:

                         (a) to the  Class  A-14  Certificates  and  Class  A-15
                    Certificates,    sequentially,    the    lesser    of    (i)
                    29.47020937407%  of  the  balance  of the  Senior  Principal
                    Distribution  Amount remaining after the  distributions,  if
                    any,  described in clauses (iv)(B)(1) and (2) above and (ii)
                    the amount  necessary  to reduce the  Certificate  Principal
                    Balances  of the Class  A-14  Certificates  and  Class  A-15
                    Certificates to the applicable  Targeted  Principal  Balance
                    for such distribution date; and

                         (b)  2.39325719511  multiplied by the Senior  Principal
                    Distribution  Amount distributed under clause  (iv)(B)(3)(a)
                    above in the following manner and priority:

                         (i) first,  to the Class A-16  Certificates,  until the
                    Certificate  Principal  Balance  thereof has been reduced to
                    the   applicable   Targeted   Principal   Balance  for  such
                    distribution date;

                         (ii) second,  to the Class A-17  Certificates and Class
                    A-18  Certificates,  concurrently on a pro rata basis, until
                    the aggregate Certificate Principal Balance thereof has been
                    reduced to the aggregate Targeted Principal Balance for such
                    distribution date; and

                         (iii) third,  to the Class A-16  Certificates,  without
                    regard to the applicable Targeted Principal Balance for such
                    distribution  date, until the Certificate  Principal Balance
                    thereof has been reduced to zero;

                         (4) fourth, to the Class A-19  Certificates,  until the
                    Certificate  Principal  Balance  thereof has been reduced to
                    zero;

                         (5) fifth, in the following manner and priority:

                         (a)  29.47020937407%,  sequentially,  to the Class A-14
                    Certificates and Class A-15 Certificates,  without regard to
                    the   applicable   Targeted   Principal   Balance  for  such
                    distribution  date,  in  each  case  until  the  Certificate
                    Principal Balance thereof has been reduced to zero; and

                         (b) 70.52979062593% concurrently as follows:

                         (i) first,  to the Class A-16  Certificates,  until the
                    Certificate Principal Balance thereof has been

                                             -33-

<PAGE>

               reduced to the  applicable  Targeted  Principal  Balance for such
               distribution date;

                         (ii) second,  to the Class A-17  Certificates and Class
                    A-18 Certificates, concurrently on a pro rata basis, without
                    regard  to  the  applicable   aggregate  Targeted  Principal
                    Balance for such  distribution  date,  until the Certificate
                    Principal Balances thereof have been reduced to zero; and

                         (iii) third,  to the Class A-16  Certificates,  without
                    regard to the applicable Targeted Principal Balance for such
                    distribution  date, until the Certificate  Principal Balance
                    thereof has been reduced to zero;

          (6)  sixth, concurrently as follows:

                         (a)  25.00000000000%,  to the Class A-10  Certificates,
                    without regard to the Aggregate  Planned  Principal  Balance
                    for such distribution date, until the Certificate  Principal
                    Balance thereof has been reduced to zero; and

                         (b)  13.72426129164%,  to the Class  A-6  Certificates,
                    without regard to the Aggregate  Planned  Principal  Balance
                    for such distribution date, until the Certificate  Principal
                    Balance thereof has been reduced to zero; and

                         (c)  61.27573870836%,  sequentially,  to the Class A-7,
                    Class A-8 and Class A-9 Certificates,  without regard to the
                    Aggregate  Planned  Principal  Balance for such distribution
                    date, in each case until the Certificate  Principal  Balance
                    thereof has been reduced to zero; and

                         (7) seventh,  to the Class A-12  Certificates and Class
                    A-13 Certificates, concurrently on a pro rata basis, without
                    regard to the Aggregate  Planned  Principal Balance for such
                    distribution date, until the Certificate  Principal Balances
                    thereof have been reduced to zero.

               (c) On or after the  occurrence of the Credit  Support  Depletion
        Date but prior to the reduction of the Certificate Principal Balances of
        the Senior Support  Certificates  to zero,  all  priorities  relating to
        distributions as described in Section 4.02(b) of this Series  Supplement
        in respect of principal  among the Senior  Certificates  (other than the
        Class A-P Certificates) will be disregarded,  and (i) an amount equal to
        the  Discount  Fraction  of  the  principal  portion  of  scheduled  and
        unscheduled  payments  received or  advanced in respect of the  Discount
        Mortgage Loans will be distributed to the Class A-P  Certificates,  (ii)
        the Senior  Principal  Distribution  Amount will be  distributed  to the
        remaining Senior Certificates

                                             -34-

<PAGE>

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

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

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

               (f) On each  Distribution  Date prior to the Class A-15 Accretion
        Termination  Date, an amount equal to the Accrued  Certificate  Interest
        that would otherwise be distributed on the Class A-15 Certificates shall
        be added to Certificate Principal Balances of the Class

                                             -35-

<PAGE>

        A-14  Certificates.  On or after the  Accretion  Termination  Date,  the
        entire  amount  of  Accrued  Certificate  Interest  on  the  Class  A-15
        Certificates  for such  Distribution  Date shall be payable to the Class
        A-15  Certificateholders  pursuant to Section  4.02(a)(i) of this Series
        Supplement  to  the  extent  not  required  to  reduce  the  Certificate
        Principal  Balance of the Class A-14  Certificates to zero on such Class
        A-15  Accretion  Termination  Date;  provided  that  if the  Class  A-15
        Accretion  Termination  Date is the Credit Support  Depletion  Date, the
        entire  amount  of  Accrued  Certificate  Interest  on  the  Class  A-15
        Certificates for such  Distribution  Date will be paid to the Class A-15
        Certificateholders to the extent of Accrued Certificate Interest on that
        class  of  Certificates  for the  related  Distribution  Date.  Any such
        Accrued  Certificate  Interest on the Class A-15  Certificates  which is
        required  to be paid to the  Holders of the Class A-14  Certificates  in
        reduction  of  its  Certificate  Principal  Balance  on the  Class  A-15
        Accretion  Termination  Date will be added to the Certificate  Principal
        Balance of the Class A-15  Certificates  in the manner  described in the
        first sentence of this Section 4.02(f).

               (g) On each  Distribution  Date prior to the Class A-19 Accretion
        Termination  Date, an amount equal to the Accrued  Certificate  Interest
        that would otherwise be distributed on the Class A-19 Certificates shall
        be added to  Certificate  Principal  Balances of the Class  A-14,  Class
        A-15,  Class A-16, Class A-17 and Class A-18  Certificates.  On or after
        the Class A-19 Accretion  Termination Date, the entire amount of Accrued
        Certificate   Interest   on  the  Class  A-19   Certificates   for  such
        Distribution Date shall be payable to the Class A-19  Certificateholders
        pursuant to Section  4.02(a)(i) of this Series  Supplement to the extent
        not required to reduce the Certificate  Principal  Balances of the Class
        A-14, Class A-15, Class A-16, Class A-17 and Class A-18  Certificates to
        zero on such Class A-19 Accretion Termination Date; provided that if the
        Class A-19 Accretion  Termination  Date is the Credit Support  Depletion
        Date,  the entire  amount of Accrued  Certificate  Interest on the Class
        A-19  Certificates for such  Distribution Date will be paid to the Class
        A-19 Certificateholders to the extent of Accrued Certificate Interest on
        that class of Certificates for the related  Distribution  Date. Any such
        Accrued  Certificate  Interest on the Class A-19  Certificates  which is
        required to be paid to the Holders of the Class A-14,  Class A-15, Class
        A-16,  Class  A-17 and Class A-18  Certificates  in  reduction  of their
        Certificate  Principal Balances on the Class A-19 Accretion  Termination
        Date will be added to the  Certificate  Principal  Balance  of the Class
        A-19  Certificates in the manner described in the first sentence of this
        Section 4.02(g).

               (h) 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

                                             -36-

<PAGE>

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

               (i) 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.

               (j) 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

                                             -37-

<PAGE>

        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(a)
               through  (d) of the  Standard  Terms and Exhibit  Three  attached
               hereto)

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

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

          Section 4.05 Allocation of Realized Losses.

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

                                             -38-

<PAGE>

Discount  Mortgage Loans will be allocated to the Class A-P  Certificates  in an
amount equal to the Discount Fraction thereof and the remainder of such Realized
Losses on the Discount  Mortgage  Loans and the entire  amount of such  Realized
Losses on  Non-Discount  Mortgage  Loans  will be  allocated  among  the  Senior
Certificates   (other  than  the  Class  A-P   Certificates)   and   Subordinate
Certificates,  on a pro rata basis, as described below, provided,  however, that
Realized Losses  otherwise  allocable to the Super Senior  Certificates  will be
allocated  to the related  Senior  Support  Certificates  until the  Certificate
Principal Balance of such Senior Support Certificates is reduced to zero.

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

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

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

          Section 4.08 [Reserved]

                                             -39-

<PAGE>

        Section  4.09  Distributions  on  the  Uncertificated  REMIC  I  Regular
Interests.

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

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

            (ii) In accordance  with the priority set forth in Section  4.09(b),
        an  amount  equal to the sum of the  amounts  in  respect  of  principal
        distributable  on the Class A-1  Certificates,  Class A-2  Certificates,
        Class A-3 Certificates,  Class A-4 Certificates, Class A-5 Certificates,
        Class A-6 Certificates,  Class A-7 Certificates, Class A-8 Certificates,
        Class  A-9   Certificates,   Class   A-10   Certificates,   Class   A-12
        Certificates,  Class A-13 Certificates,  Class A-14 Certificates,  Class
        A-15  Certificates,  Class A-16  Certificates,  Class A-17 Certificates,
        Class   A-18   Certificates,   Class   A-19   Certificates,   Class  A-P
        Certificates,  Class M-1 Certificates, Class M-2 Certificates, Class M-3
        Certificates,  Class B-1 Certificates, Class B-2 Certificates, Class B-3
        Certificates  and Class R-II  Certificates  under  Section  4.02(a),  as
        allocated thereto pursuant to Section 4.02(b).

        (b)  The  amount  described  in  Section  4.09(a)(ii)  shall  be  deemed
distributed to (i) Uncertificated REMIC I Regular Interest V, (ii)Uncertificated
REMIC I Regular  Interest W, (iii)  Uncertificated  REMIC I Regular  Interest X,
(iv)  Uncertificated  REMIC I Regular Interest Y and (v) Uncertificated  REMIC I
Regular  Interest  Z with the  amount to be  distributed  allocated  among  such
interests in accordance  with the priority  assigned to the (i) Class A-1, Class
A-2, Class A-3, Class A-4, Class A-5, Class A-12,  Class A-13, Class A-14, Class
A-15, Class A-16, Class A-19, Class M- 1, Class M-2, Class M-3, Class B-1, Class
B-2, Class B-3 and Class R-I Certificates,  (ii) Class A-6, Class A-7, Class A-8
and Class A-9 Certificates,  (iii) Class A-10 and Class A-11 Certificates,  (iv)
Class  A-17  and  Class  A-18  Certificates  and  (v)  Class  A-P  Certificates,
respectively,  under Section 4.02(b) until the Uncertificated  Principal Balance
of each such interest is reduced to zero.

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

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

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

                                             -40-

<PAGE>

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

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

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

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

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

                                             -41-

<PAGE>

                                          ARTICLE V

                                       THE CERTIFICATES

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

        Section 5.02. Registration of Transfer and Exchange of Certificates.

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

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

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

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

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

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

                                             -42-

<PAGE>

                                   ARTICLE VI

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

                                      -43-

<PAGE>

                                   ARTICLE VII

                                     DEFAULT
                     (SEE ARTICLE VII OF THE STANDARD TERMS)

                                      -44-

<PAGE>

                                  ARTICLE VIII

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

                                      -45-

<PAGE>

                                   ARTICLE IX

                                   TERMINATION
                     (SEE ARTICLE IX OF THE STANDARD TERMS)

                                      -46-

<PAGE>

                                    ARTICLE X

                                REMIC PROVISIONS

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

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

        Section 10.03 Designation of REMIC(s).

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

        The Uncertificated  REMIC I Regular Interests shall be designated as the
"regular  interests" and the Class R-I  Certificates  shall be designated as the
sole class of "residual  interests" in REMIC I. The Class A-1,  Class A-2, Class
A-3,  Class A-4,  Class A-5,  Class A-6,  Class A-7, Class A-8, Class A-9, Class
A-10,  Class A-11,  Class A-12,  Class A-13, Class A-14, Class A-15, Class A-16,
Class A-17,  Class A-18, Class A-19, Class A-P, Class M-1, Class M-2, Class M-3,
Class B-1, Class B-2 and Class B-3  Certificates  and the rights in and to which
will be represented by the Class A-V Certificates,  will be "regular  interests"
in REMIC II, and the Class R-II Certificates will be the sole class of "residual
interests"  therein  for  purposes  of the REMIC  Provisions  (as defined in the
Standard  Terms) under federal income tax law. On and after the date of issuance
of any  Subclass of Class A-V  Certificates  pursuant to Section  5.01(c) of the
Standard Terms,  any such Subclass will represent the  Uncertificated  Class A-V
REMIC Regular Interest or Interests specified by the initial Holder of the Class
A-V Certificates pursuant to said Section.

        Section 10.04 [Reserved].

        Section 10.05 Compliance with Withholding Requirements.

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

                                             -47-

<PAGE>

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS

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

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

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

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

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

           Recipient                                        Address

                                 8400 Normandale Lake Boulevard
                                 Suite 250, Minneapolis, Minnesota  55437,
Company                          Attention:  President
                                 2255 N. Ontario Street, Suite 400
                                 Burbank, California 91504-2130,
Master Servicer                  Attention:  Managing Director/Master Servicing
                                 Corporate Trust Office
                                 The Trustee  designates its offices  located at
                                 55 Water Street,  1st Floor New York,  New York
                                 10041, for the purposes of Section 8.12
Trustee                          of the Standard Terms
                                 55 Water Street
Standard and Poor's              New York, New York 10041
                                 99 Church Street
Moody's                          New York, New York 10007

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.

                                             -48-

<PAGE>

        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.  (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.

                                             -49-

<PAGE>

        97.0%  of  all  Voting  Rights  shall  be  allocated  among  Holders  of
Certificates,   other  than  the  Interest   Only   Certificates   and  Residual
Certificates, in proportion to the outstanding Certificate Principal Balances of
their  respective  Certificates,  1.0% of all Voting  Rights  shall be allocated
among the  Holders of the Class  A-11  Certificates,  1.0% of all Voting  Rights
shall be allocated among the Holders of the Class A-V Certificates in accordance
with  their  respective  Percentage  Interests;  and 0.5% and 0.5% of all Voting
Rights shall be allocated  among the Holders of the Class R-I  Certificates  and
Class R-II  Certificates,  respectively,  in  accordance  with their  respective
Percentage Interests.

                                             -50-

<PAGE>

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

[Seal]                                          RESIDENTIAL FUNDING MORTGAGE
                                                        SECURITIES I, INC.

Attest:                                         By:/s/ Randy Van Zee
        Name:  Julie Steinhagen                         Name:  Randy Van Zee
        Title:   Vice President                         Title:    Vice President

[Seal]
                                                RESIDENTIAL FUNDING CORPORATION

Attest: /s/ Randy Van Zee                       By:/s/ Julie Steinhagen
        ---------------------------------------    --------------------
        Name:  Randy Van Zee                            Name: Julie Steinhagen
        Title:   Director                               Title:    Director

[Seal]                                          BANK ONE, NATIONAL ASSOCIATION
                                                                  as Trustee

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

                                             -1-

<PAGE>

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

               On the 27th day of February,  2002 before me, a notary  public in
and for said State,  personally appeared Randy Van Zee, known to me to be a Vice
President  of  Residential  Funding  Mortgage  Securities  I,  Inc.,  one of the
corporations that executed the within instrument, and also known to me to be the
person who executed it on behalf of said  corporation,  and  acknowledged  to me
that such corporation executed the within instrument.

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

                                                    Notary Public

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

[Notarial Seal]

                                             -2-

<PAGE>

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

               On the 27th day of February,  2002 before me, a notary  public in
and for said State,  personally  appeared Julie Steinhagen,  known to me to be a
Director  of  Residential  Funding  Corporation,  one of the  corporations  that
executed  the  within  instrument,  and also  known to me to be the  person  who
executed  it on behalf of said  corporation,  and  acknowledged  to me that such
corporation executed the within instrument.

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

                                                    Notary Public

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

[Notarial Seal]

                                             -3-

<PAGE>

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

               On the 27th day of February,  2002 before me, a notary  public in
and for said State, personally appeared Keith R. Richardson, known to me to be a
Vice President of Bank One, National Association, a national banking association
that executed the within  instrument,  and also known to me to be the person who
executed it on behalf of said banking  corporation  and  acknowledged to me that
such banking corporation executed the within instrument.

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

                                                    Notary Public

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

[Notarial Seal]

                                             -4-

<PAGE>

                                   EXHIBIT ONE
                             MORTGAGE LOAN SCHEDULE
                            (Available Upon Request)
  RUN ON     : 02/19/02           RFC DISCLOSURE SYSTEM       RFFSDFIX-01
  AT         : 14.27.14           FIXED PASSTHRU REPORT       AMORTIZED BALANCE
  SERIES     : RFMSI 2002-S4                                  CUTOFF : 02/01/02
  POOL       : 0004572
             :
             :
  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
  ------------------------------------------------------------------------

      4365598                              .2500
      499,258.69                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      4541079                              .2500
       82,878.04                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      4799615                              .2500
      329,607.09                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      4984827                              .2500
      312,786.33                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      5124847                              .2500
      298,153.22                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      5128862                              .2500
      521,734.50                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950
1

      5167222                              .2500
      557,119.92                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      5270197                              .2500
       65,243.50                          .0800
            8.2500                         .0000
            8.0000                         .0000
            7.9200                         .0000
            6.2500                        1.6700

      5295390                              .2500
      430,416.65                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      5302337                              .2500
      307,560.81                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      5308848                              .2500
      743,611.11                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      5319608                              .2500
      142,560.68                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      5344118                              .2500
       37,886.10                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      5374110                              .2500
       99,606.43                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700
1

      5381782                              .2500
      136,499.80                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      5401322                              .2500
      408,056.12                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      5409439                              .2500
      397,038.70                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      5409753                              .2500
      305,865.95                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      5412184                              .2500
      428,006.44                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      5439389                              .2500
      326,767.60                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      5444681                              .2500
      319,744.10                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      5468628                              .2500
      646,725.76                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700
1

      5483892                              .2500
      142,399.51                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      5484026                              .2500
      468,828.27                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      5491172                              .2500
      347,741.73                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      5517000                              .2500
      197,449.55                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      5527957                              .2500
      293,499.26                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      5556095                              .2500
      630,144.35                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      5571184                              .2500
      478,012.61                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      5581905                              .6250
      358,572.20                          .0800
            7.3750                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200
1

      5582070                              .6250
      493,796.12                          .0800
            7.3750                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      5582306                              .5000
      596,196.15                          .0800
            7.1250                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      5615576                              .2500
      610,638.94                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      5616478                              .2500
      318,236.84                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      5644719                              .2500
      426,431.30                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      5650284                              .2500
      387,313.45                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

      5652590                              .2500
      174,081.65                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      5653181                              .2500
      509,684.21                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200
1

      5654929                              .2500
      352,398.85                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      5659918                              .2500
       69,572.99                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      5660022                              .2500
      199,266.96                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      5660044                              .2500
      149,900.44                          .0800
            7.6250                         .0000
            7.3750                         .0000
            7.2950                         .0000
            6.2500                        1.0450

      5687874                              .2500
      104,114.75                          .0800
            7.8750                         .0000
            7.6250                         .0000
            7.5450                         .0000
            6.2500                        1.2950

      5728917                              .2500
      388,788.50                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      5736160                              .2500
      228,828.05                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      5739800                              .2500
      363,444.16                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450
1

      5770624                              .2500
      628,112.20                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      5785390                              .2500
       20,937.05                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      5788472                              .2500
      688,207.71                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      5812552                              .2500
      343,826.22                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      5854836                              .2500
      174,732.84                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      5865030                              .2500
      999,219.90                          .0800
            7.2500                         .0000
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            6.6700                         .0000
            6.2500                         .4200

      7695032                              .2500
      358,200.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      7696574                              .2500
      399,950.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      7704478                              .2500
      579,500.00                          .0800
            6.8500                         .0000
            6.6000                         .0000
            6.5200                         .0000
            6.2500                         .2700

      7713334                              .2500
      181,350.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.2500                        1.4200

      7713386                              .2500
      399,800.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200
1

      7713398                              .2500
      359,500.00                          .0800
            7.5000                         .0000
            7.2500                         .0000
            7.1700                         .0000
            6.2500                         .9200

      7713410                              .2500
       82,650.00                          .0800
            7.7500                         .0000
            7.5000                         .0000
            7.4200                         .0000
            6.2500                        1.1700

      7713440                              .2500
      522,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      7713548                              .2500
      176,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      7714644                              .2500
      240,400.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      7714660                              .2500
      639,200.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      7714662                              .2500
      420,800.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7714680                              .2500
      291,500.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700
1

      7716670                              .2500
      350,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      7719322                              .2500
      300,000.00                          .0800
            6.7500                         .0000
            6.5000                         .0000
            6.4200                         .0000
            6.2500                         .1700

      7720724                              .2500
      352,000.00                          .0800
            7.1250                         .0000
            6.8750                         .0000
            6.7950                         .0000
            6.2500                         .5450

      7736070                              .2500
      650,000.00                          .0800
            7.0000                         .0000
            6.7500                         .0000
            6.6700                         .0000
            6.2500                         .4200

      7736224                              .2500
      315,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      7758604                              .2500
      650,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700

      7758614                              .2500
       58,900.00                          .0800
            8.0000                         .0000
            7.7500                         .0000
            7.6700                         .0000
            6.2500                        1.4200

      7758778                              .2500
      225,000.00                          .0800
            7.2500                         .0000
            7.0000                         .0000
            6.9200                         .0000
            6.2500                         .6700
1

      7759872                              .2500
    1,000,000.00                          .0800
            7.3750                         .0000
            7.1250                         .0000
            7.0450                         .0000
            6.2500                         .7950

      7781146                              .2500
      144,000.00                          .0800
            6.8750                         .0000
            6.6250                         .0000
            6.5450                         .0000
            6.2500                         .2950

      7782432                              .2500
      379,664.74                          .0800
            6.6250                         .0000
            6.3750                         .0000
            6.2950                         .0000
            6.2500                         .0450

  TOTAL NUMBER OF LOANS:     1761
  TOTAL BALANCE........:        720,609,743.93

  RUN ON     : 02/19/02            RFC DISCLOSURE SYSTEM      RFFSDFIX-01
  AT         : 14.27.14            INITIAL SECURITY FEES      AMORTIZED BALANCE
  SERIES     : RFMSI 2002-S4        FIXED SUMMARY REPORT      CUTOFF : 02/01/02
  POOL       : 0004572
             :
             :
  POOL STATUS: F

                                   WEIGHTED AVERAGES      FROM         TO
  ---------------------------------------------------------------------------
  CURR NOTE RATE                        6.9454            6.1250      8.5000
  RFC NET RATE                          6.6728            5.8750      8.2500
  NET MTG RATE(INVSTR RATE)             6.5960            5.8450      8.1700
  POST STRIP RATE                       6.2461            5.8450      6.2500
  SUB SERV FEE                           .2726             .2500       .7500
  MSTR SERV FEE                          .0768             .0300        .0800
  ALL EXP                                .0000             .0000       .0000
  MISC EXP                               .0000             .0000       .0000
  SPREAD                                 .0000             .0000       .0000
  STRIP                                  .3499             .0000      1.9200

  TOTAL NUMBER OF LOANS:  1761
  TOTAL BALANCE........:     720,609,743.93

                             ***************************
                             *      END OF REPORT      *
                             ***************************
  RUN ON     : 02/19/02           RFC DISCLOSURE SYSTEM       RFFSD177-01
  AT         : 14.27.14          FIXED RATE LOAN LISTING      AMORTIZED BALANCE
  SERIES     : RFMSI 2002-S4                                  CUTOFF : 02/01/02
  POOL       : 0004572
             :
             :
  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 #
  ______________________________________________________________________________

    4365598          E22/G01             F          503,500.00         ZZ
                                         360        499,258.69          1
                                       7.500          3,520.55         72
                                       7.250          3,520.55
    BODEGA BAY       CA   94923          2            02/09/01         00
    0412379828                           03           04/01/01          0
    0412379828                           O            03/01/31
    0

    4541079          J40/G01             F           83,500.00         ZZ
                                         360         82,878.04          1
                                       7.625            591.01         89
                                       7.375            591.01
    ELLIJAY          GA   30540          2            03/30/01         11
    0432901148                           05           05/01/01         25
    7703477                              O            04/01/31
    0

    4799615          664/G01             F          332,000.00         ZZ
                                         360        329,607.09          1
                                       6.625          2,125.84         71
                                       6.375          2,125.84
    MANASSAS         VA   20112          2            05/21/01         00
    0432954519                           03           07/01/01          0
    0008080145                           O            06/01/31
    0

    4984827          G52/G01             F          315,000.00         ZZ
                                         360        312,786.33          1
                                       7.000          2,095.70         75
                                       6.750          2,095.70
    SAN DIEGO        CA   92122          5            05/31/01         00
    0433196979                           05           07/01/01          0
1

    8005000151                           O            06/01/31
    0

    5124847          511/511             F          299,250.00         ZZ
                                         360        298,153.22          1
                                       7.625          2,118.07         95
                                       7.375          2,118.07
    RIVERSIDE        CA   92506          1            08/01/01         11
    4015905                              05           10/01/01         30
    4015905                              O            09/01/31
    0

    5128862          664/G01             F          525,000.00         ZZ
                                         360        521,734.50          1
                                       7.375          3,626.05         70
                                       7.125          3,626.05
    WESTPORT         CT   06880          5            05/07/01         00
    0432954303                           05           07/01/01          0
    0008041147                           O            06/01/31
    0

    5167222          M27/G01             F          557,600.00         ZZ
                                         360        557,119.92          1
                                       6.750          3,616.58         58
                                       6.500          3,616.58
    CHARLOTTE        NC   28207          5            12/07/01         00
    0433642691                           05           02/01/02          0
    60065751                             O            01/01/32
    0

    5270197          T68/G01             F           65,500.00         ZZ
                                         360         65,243.50          1
                                       8.250            492.08         70
                                       8.000            492.08
    MELROSE          FL   32666          2            08/23/01         00
    0433231982                           05           10/01/01          0
    62561882S                            O            09/01/31
    0

    5295390          E84/G01             F          432,000.00         ZZ
                                         360        430,416.65          1
                                       7.625          3,057.67         80
                                       7.375          3,057.67
    WASHINGTON       DC   20002          1            08/17/01         00
    0433319514                           05           10/01/01          0
    68010090                             O            09/01/31
    0

1

    5302337          964/G01             F          308,750.00         ZZ
                                         360        307,560.81          1
                                       7.375          2,132.46         95
                                       7.125          2,132.46
    LAGUNA BEACH     CA   92651          1            08/14/01         04
    0433094703                           03           10/01/01         30
    136052                               O            09/01/31
    0

    5308848          E22/G01             F          746,750.00         ZZ
                                         360        743,611.11          1
                                       7.375          5,157.62         65
                                       7.125          5,157.62
    THOUSAND OAKS    CA   91320          2            07/30/01         00
    0412832347                           03           10/01/01          0
    0412832347                           O            09/01/31
    0

    5319608          M05/G01             F          143,000.00         ZZ
                                         360        142,560.68          1
                                       7.375            987.67         63
                                       7.125            987.67
    MOUNT SINAI      NY   11766          1            09/25/01         00
    0433269917                           05           11/01/01          0
    21601                                O            10/01/31
    0

    5344118          U09/G01             F           38,000.00         ZZ
                                         360         37,886.10          1
                                       7.500            265.71         31
                                       7.250            265.71
    SOUTHFIELD       MI   48076          5            09/17/01         00
    0433299930                           05           11/01/01          0
    0000                                 O            10/01/31
    0

    5374110          F32/G01             F          100,000.00         ZZ
                                         360         99,606.43          1
                                       7.750            716.42         65
                                       7.500            716.42
    BALL GROUND      GA   30107          5            08/24/01         00
    0433233756                           05           10/01/01          0
    15055619                             O            09/01/31
    0

    5381782          253/253             F          137,000.00         ZZ
                                         360        136,499.80          1
                                       7.375            946.23         64
                                       7.125            946.23
1

    ALLEN PARK       MI   48101          2            09/21/01         00
    972453                               05           11/01/01          0
    972453                               O            10/01/31
    0

    5401322          E84/G01             F          412,000.00         ZZ
                                         360        408,056.12          1
                                       7.500          2,880.76         80
                                       7.250          2,880.76
    TOWN OF BRIGHTO  WI   53168          2            01/31/01         00
    0433448313                           05           03/01/01          0
    11103863                             O            02/01/31
    0

    5409439          K68/G01             F          400,000.00         ZZ
                                         240        397,038.70          1
                                       7.375          3,191.87         62
                                       7.125          3,191.87
    JACKSON          MS   39202          5            08/30/01         00
    0433534468                           05           11/01/01          0
    1206226                              O            10/01/21
    0

    5409753          E84/G01             F          307,400.00         ZZ
                                         360        305,865.95          1
                                       7.000          2,045.14         75
                                       6.750          2,045.14
    EVERGREEN        CO   80439          1            07/31/01         00
    0433144805                           05           09/01/01          0
    81060550                             O            08/01/31
    0

    5412184          E84/G01             F          430,000.00         ZZ
                                         360        428,006.44          1
                                       7.375          2,969.90         80
                                       7.125          2,969.90
    BOSTON           MA   02111          1            07/16/01         00
    0433103074                           08           09/01/01          0
    45011195                             O            08/01/31
    0

    5439389          696/G01             F          328,000.00         ZZ
                                         360        326,767.60          1
                                       7.500          2,293.42         80
                                       7.250          2,293.42
    CHANTILLY        VA   20151          1            08/24/01         00
    0433389657                           03           10/01/01          0
    25201104                             O            09/01/31
    0
1

    5444681          Q97/G01             F          320,000.00         ZZ
                                         360        319,744.10          1
                                       7.125          2,155.90         80
                                       6.875          2,155.90
    EAST FALMOUTH    MA   02536          1            12/14/01         00
    0433580487                           05           02/01/02          0
    16080332                             O            01/01/32
    0

    5468628          L60/F27             F          650,000.00         ZZ
                                         360        646,725.76          1
                                       7.750          4,656.68         80
                                       7.500          4,656.68
    VIENNA           VA   22181          1            06/29/01         00
    6920061328                           03           08/01/01          0
    6920061328                           O            07/01/31
    0

    5483892          E98/G01             F          143,000.00         ZZ
                                         360        142,399.51          1
                                       7.375            987.67         65
                                       7.125            987.67
    INTERNATIONAL F  MN   56649          2            08/20/01         00
    0433190998                           04           10/01/01          0
    8220001607520                        O            09/01/31
    0

    5484026          E21/G01             F          470,000.00         ZZ
                                         360        468,828.27          1
                                       7.375          3,246.17         75
                                       7.125          3,246.17
    LA GRANGE        IL   60525          2            11/12/01         00
    0433443157                           05           01/01/02          0
    1007632                              O            12/01/31
    0

    5491172          964/G01             F          348,000.00         ZZ
                                         360        347,741.73          1
                                       7.500          2,433.27         78
                                       7.250          2,433.27
    S. SAN FRANCISC  CA   94080          1            11/30/01         00
    0433501301                           05           02/01/02          0
    400145817                            O            01/01/32
    0

    5517000          E22/G01             F          198,000.00         ZZ
                                         360        197,449.55          1
1

                                       7.875          1,435.64         90
                                       7.625          1,435.64
    WOBURN           MA   01801          1            09/06/01         01
    0412948762                           05           11/01/01         25
    0412948762                           O            10/01/31
    0

    5527957          994/X14             F          294,800.00         ZZ
                                         360        293,499.26          1
                                       7.625          2,086.58         80
                                       7.375          2,086.58
    JACKSON          NJ   08527          1            07/26/01         00
    121863                               05           09/01/01          0
    121863                               O            08/01/31
    0

    5556095          664/G01             F          633,668.00         ZZ
                                         360        630,144.35          1
                                       7.250          4,322.74         70
                                       7.000          4,322.74
    NASHVILLE        TN   37215          5            06/14/01         00
    0433189784                           05           08/01/01          0
    0008153538                           O            07/01/31
    0

    5571184          D03/D03             F          478,472.00         ZZ
                                         360        478,012.61          1
                                       7.375          3,304.69         64
                                       7.125          3,304.69
    REDWOOD CITY     CA   94061          1            12/03/01         00
    110481010001417                      03           02/01/02          0
    110481010001417                      O            01/01/32
    0

    5581905          405/405             F          360,000.00         ZZ
                                         360        358,572.20          1
                                       7.375          2,486.43         78
                                       6.750          2,486.43
    LAS VEGAS        NV   89113          5            08/10/01         00
    0019907427                           05           10/01/01          0
    0019907427                           O            09/01/31
    0

    5582070          405/405             F          498,000.00         ZZ
                                         360        493,796.12          1
                                       7.375          3,439.57         75
                                       6.750          3,439.57
    WASHINGTON       DC   20008          5            07/05/01         00
    0017247826                           05           09/01/01          0
1

    0017247826                           O            08/01/31
    0

    5582306          405/405             F          600,000.00         ZZ
                                         360        596,196.15          1
                                       7.125          4,042.32         77
                                       6.625          4,042.32
    EL DORADO HILLS  CA   95762          1            08/06/01         00
    0017576612                           03           10/01/01          0
    0017576612                           O            09/01/31
    0

    5615576          227/G01             F          613,000.00         ZZ
                                         360        610,638.94          1
                                       7.375          4,233.84         72
                                       7.125          4,233.84
    SAN JOSE         CA   95129          5            08/20/01         00
    0433269404                           05           10/01/01          0
    1962010                              O            09/01/31
    0

    5616478          025/025             F          320,000.00         ZZ
                                         352        318,236.84          1
                                       7.875          2,333.37         72
                                       7.625          2,333.37
    BRADENTON        FL   34202          1            07/20/01         00
    0025287525                           09           09/01/01          0
    0025287525                           O            12/01/30
    0

    5644719          025/025             F          428,000.00         ZZ
                                         360        426,431.30          1
                                       7.625          3,029.36         80
                                       7.375          3,029.36
    GRAND JUNCTION   CO   81503          2            08/14/01         00
    0139394217                           03           10/01/01          0
    0139394217                           O            09/01/31
    0

    5650284          J54/G01             F          388,000.00         ZZ
                                         360        387,313.45          1
                                       6.625          2,484.41         56
                                       6.375          2,484.41
    BOXBOROUGH       MA   01719          5            11/21/01         00
    0433595998                           05           01/01/02          0
    1                                    O            12/01/31
    0

1

    5652590          E22/G01             F          175,200.00         ZZ
                                         360        174,081.65          1
                                       7.750          1,255.15         80
                                       7.500          1,255.15
    ALLEN            TX   75002          1            09/24/01         00
    0413063595                           03           11/01/01          0
    0413063595                           O            10/01/31
    0

    5653181          E84/G01             F          512,000.00         ZZ
                                         360        509,684.21          1
                                       7.500          3,579.98         80
                                       7.250          3,579.98
    WILMETTE         IL   60091          1            08/01/01         00
    0433203924                           05           09/01/01          0
    11207972                             O            08/01/31
    0

    5654929          E84/G01             F          354,000.00         ZZ
                                         360        352,398.85          1
                                       7.500          2,475.22         73
                                       7.250          2,475.22
    CENTREVILLE      VA   20120          5            07/30/01         00
    0433190527                           03           09/01/01          0
    70304836                             O            08/01/31
    0

    5659918          286/286             F           70,000.00         ZZ
                                         360         69,572.99          1
                                       7.750            501.49         32
                                       7.500            501.49
    WARMINSTER       PA   18974          5            08/10/01         00
    498359                               05           10/01/01          0
    498359                               O            09/01/31
    0

    5660022          286/286             F          200,000.00         ZZ
                                         360        199,266.96          1
                                       7.625          1,415.59         55
                                       7.375          1,415.59
    MAPLEWOOD        NJ   07040          5            08/10/01         00
    223840                               05           10/01/01          0
    223840                               O            09/01/31
    0

    5660044          286/286             F          150,500.00         ZZ
                                         360        149,900.44          1
                                       7.625          1,065.23         70
                                       7.375          1,065.23
1

    LYNDHURST        NJ   07071          5            08/13/01         00
    254090                               05           10/01/01          0
    254090                               O            09/01/31
    0

    5687874          E21/G01             F          104,405.00         ZZ
                                         360        104,114.75          1
                                       7.875            757.01         95
                                       7.625            757.01
    DES PLAINES      IL   60016          1            09/26/01         14
    0433414513                           01           11/01/01         30
    1007642                              O            10/01/31
    0

    5728917          994/994             F          391,200.00         ZZ
                                         360        388,788.50          1
                                       7.250          2,668.68         81
                                       7.000          2,668.68
    DANVERS          MA   01923          1            08/29/01         00
    1000298482                           05           10/01/01          0
    1000298482                           O            09/01/31
    0

    5736160          E22/G01             F          229,500.00         ZZ
                                         360        228,828.05          1
                                       7.750          1,644.17         75
                                       7.500          1,644.17
    TRACY            CA   95376          5            09/25/01         00
    0412961708                           05           11/01/01          0
    0412961708                           O            10/01/31
    0

    5739800          313/G01             F          364,550.00         ZZ
                                         360        363,444.16          1
                                       7.125          2,456.05         70
                                       6.875          2,456.05
    MEDWAY           MA   02053          2            10/26/01         00
    0433462769                           05           12/01/01          0
    8377723                              O            11/01/31
    0

    5770624          025/025             F          630,000.00         ZZ
                                         360        628,112.20          1
                                       7.500          4,405.05         75
                                       7.250          4,405.05
    NEWTON           MA   02468          2            09/04/01         00
    130422272                            05           11/01/01          0
    130422272                            O            10/01/31
    0
1

    5785390          E22/G01             F           21,000.00         ZZ
                                         360         20,937.05          1
                                       7.500            146.84         25
                                       7.250            146.84
    MERRILLVILLE     IN   46410          1            09/19/01         00
    0413046434                           01           11/01/01          0
    0413046434                           O            10/01/31
    0

    5788472          R65/G01             F          690,000.00         ZZ
                                         360        688,207.71          1
                                       6.750          4,475.33         58
                                       6.500          4,475.33
    PALOS VERDES ES  CA   90274          2            10/12/01         00
    0433511946                           05           12/01/01          0
    20015339                             O            11/01/31
    0

    5812552          313/G01             F          344,700.00         ZZ
                                         360        343,826.22          1
                                       6.875          2,264.44         87
                                       6.625          2,264.44
    ADVANCE          NC   27006          2            10/26/01         12
    0433628609                           03           12/01/01         25
    0008404634                           O            11/01/31
    0

    5854836          883/G01             F          175,000.00         ZZ
                                         360        174,732.84          1
                                       7.375          1,208.69         54
                                       7.125          1,208.69
    WASHINGTON ISLA  WI   54246          5            11/01/01         00
    0433396355                           05           01/01/02          0
    90000327                             O            12/01/31
    0

    5865030          116/116             F        1,000,000.00         ZZ
                                         360        999,219.90          1
                                       7.250          6,821.77         70
                                       7.000          6,821.77
    MAGNOLIA         TX   77354          4            12/19/01         00
    091068417                            03           02/01/02          0
    091068417                            O            01/01/32
    0

    5898194          964/G01             F          399,950.00         ZZ
                                         360        399,276.06          1
1

                                       6.875          2,627.39         58
                                       6.625          2,627.39
    LARKSPUR         CA   94939          5            11/09/01         00
    0433597317                           03           01/01/02          0
    159133                               O            12/01/31
    0

    5903580          J54/G01             F          349,000.00         ZZ
                                         360        348,411.90          1
                                       6.875          2,292.69         59
                                       6.625          2,292.69
    FREMONT          CA   94536          5            11/09/01         00
    0433591799                           05           01/01/02          0
    0000895792                           O            12/01/31
    0

    5979038          964/G01             F          423,000.00         ZZ
                                         360        422,644.63          1
                                       6.875          2,778.81         78
                                       6.625          2,778.81
    ALISO VIEJO      CA   92656          2            12/04/01         00
    0433582210                           03           02/01/02          0
    152776                               O            01/01/32
    0

    5998098          964/G01             F          114,500.00         ZZ
                                         360        114,237.02          1
                                       7.375            790.82         59
                                       7.125            790.82
    DIVIDE           CO   80814          5            10/30/01         00
    0433454923                           05           12/01/01          0
    156532                               O            11/01/31
    0

    5998516          F96/G01             F          161,450.00         ZZ
                                         360        161,079.16          1
                                       7.375          1,115.10         49
                                       7.125          1,115.10
    FLUSHING         NY   11367          5            10/26/01         00
    0433432507                           05           12/01/01          0
    0106519                              O            11/01/31
    0

    6027646          M27/G01             F          348,000.00         ZZ
                                         360        346,791.37          1
                                       6.750          2,257.12         45
                                       6.500          2,257.12
    RALEIGH          NC   27609          5            10/31/01         00
    0433555018                           05           12/01/01          0
1

    600693647                            O            11/01/31
    0

    6032586          J54/G01             F          166,000.00         ZZ
                                         360        165,684.16          1
                                       6.250          1,022.09         88
                                       6.000          1,022.09
    GAINESVILLE      GA   30506          2            11/21/01         10
    0433595923                           03           01/01/02         25
    901717                               O            12/01/31
    0

    6034494          757/G01             F          290,000.00         ZZ
                                         360        289,209.23          1
                                       6.500          1,833.00         58
                                       6.250          1,833.00
    WILTON           CT   06897          2            10/26/01         00
    0433567534                           05           12/01/01          0
    111                                  O            11/01/31
    0

    6035778          676/G01             F          456,800.00         ZZ
                                         360        441,909.34          1
                                       7.125          3,077.55         80
                                       6.875          3,077.55
    KANEOHE          HI   96744          2            06/08/01         00
    0433601994                           05           08/01/01          0
    6001025040                           O            07/01/31
    0

    6051324          M27/G01             F          650,000.00         ZZ
                                         360        648,982.80          1
                                       7.250          4,434.15         48
                                       7.000          4,434.15
    WINSTON SALEM    NC   27106          2            11/15/01         00
    0433543600                           09           01/01/02          0
    600698476                            O            12/01/31
    0

    6060444          A06/G01             F          429,000.00         ZZ
                                         360        427,938.89          1
                                       7.000          2,854.15         33
                                       6.750          2,854.15
    BLOOMFIELD HILL  MI   48301          2            10/11/01         00
    0433291549                           05           12/01/01          0
    10000020146420                       O            11/01/31
    0

1

    6061628          W86/W86             F          172,650.00         ZZ
                                         360        172,222.97          1
                                       7.000          1,148.64         72
                                       6.750          1,148.64
    CASPER           WY   82604          2            11/01/01         00
    340911                               05           12/01/01          0
    340911                               O            11/01/31
    0

    6068930          A06/G01             F          354,000.00         ZZ
                                         360        353,161.79          1
                                       7.250          2,414.91         90
                                       7.000          2,414.91
    SOUTHFIELD       MI   48034          2            10/25/01         11
    0433391828                           05           12/01/01         25
    1000020147715                        O            11/01/31
    0

    6080026          757/G01             F          335,000.00         ZZ
                                         360        334,435.49          1
                                       6.875          2,200.72         65
                                       6.625          2,200.72
    PURCELLVILLE     VA   20132          2            11/20/01         00
    0433635687                           03           01/01/02          0
    1000478626                           O            12/01/31
    0

    6083610          E22/G01             F           93,100.00         ZZ
                                         360         92,896.55          1
                                       7.625            658.96         95
                                       7.375            658.96
    MARSHALL         MN   56258          1            10/19/01         01
    0413005414                           05           12/01/01         30
    0413005414                           O            11/01/31
    0

    6093024          964/G01             F          356,500.00         ZZ
                                         360        355,869.20          1
                                       6.625          2,282.71         42
                                       6.375          2,282.71
    BELMONT          CA   94002          2            11/05/01         00
    0433557303                           05           01/01/02          0
    400154703                            O            12/01/31
    0

    6118786          757/G01             F          399,900.00         ZZ
                                         360        399,226.14          1
                                       6.875          2,627.06         61
                                       6.625          2,627.06
1

    CHARLESTOWN      MA   02129          2            11/20/01         00
    0433436920                           07           01/01/02          0
    1000482578                           O            12/01/31
    0

    6168466          208/G01             F          607,000.00         ZZ
                                         360        606,490.04          1
                                       6.875          3,987.56         61
                                       6.625          3,987.56
    SANTA FE         NM   87501          2            12/17/01         00
    0433571437                           03           02/01/02          0
    35234                                O            01/01/32
    0

    6174530          B57/G01             F          399,995.00         ZZ
                                         240        398,383.66          1
                                       6.625          3,011.76         48
                                       6.375          3,011.76
    LOS ANGELES      CA   90069          2            11/08/01         00
    0433566411                           05           01/01/02          0
    2115698                              O            12/01/21
    0

    6180864          757/G01             F          340,000.00         ZZ
                                         360        339,427.08          1
                                       6.875          2,233.56         61
                                       6.625          2,233.56
    PROVIDENCE       RI   02906          2            11/09/01         00
    0433573565                           05           01/01/02          0
    1000470433                           O            12/01/31
    0

    6188278          E22/G01             F          312,850.00         ZZ
                                         360        312,183.28          1
                                       7.750          2,241.30         62
                                       7.500          2,241.30
    AMARILLO         TX   79110          5            10/22/01         00
    0412988669                           05           12/01/01          0
    0412988669                           O            11/01/31
    0

    6188326          E22/G01             F          307,000.00         ZZ
                                         360        306,221.81          1
                                       6.875          2,016.77         36
                                       6.625          2,016.77
    SCOTTSDALE       AZ   85255          2            10/18/01         00
    0413084575                           03           12/01/01          0
    0413084575                           O            11/01/31
    0
1

    6191786          M27/G01             F          105,925.00         ZZ
                                         360        105,742.19          1
                                       6.750            687.03         93
                                       6.500            687.03
    RALEIGH          NC   27616          2            11/26/01         04
    0433588878                           03           01/01/02         30
    600701358                            O            12/01/31
    0

    6202508          994/X14             F          368,000.00         ZZ
                                         360        366,897.28          1
                                       7.500          2,573.11         80
                                       7.250          2,573.11
    NEW MILFORD      CT   06776          1            09/24/01         00
    1000251314                           05           11/01/01          0
    1000251314                           O            10/01/31
    0

    6205778          R84/G01             F          750,000.00         ZZ
                                         360        748,796.91          1
                                       7.125          5,052.89         54
                                       6.875          5,052.89
    HOUSTON          TX   77024          2            11/01/01         00
    0433447372                           03           01/01/02          0
    495803                               O            12/01/31
    0

    6234224          P27/G01             F          399,200.00         ZZ
                                         360        398,527.32          1
                                       6.875          2,622.46         80
                                       6.625          2,622.46
    LOS ANGELES      CA   90731          1            11/05/01         00
    0433575180                           05           01/01/02          0
    5907564                              O            12/01/31
    0

    6244664          W53/G01             F          525,000.00         ZZ
                                         360        524,115.34          1
                                       6.875          3,448.88         69
                                       6.625          3,448.88
    PUNTA GORDA      FL   33982          2            11/16/01         00
    0433472073                           05           01/01/02          0
    1301000124                           O            12/01/31
    0

    6253730          696/G01             F          530,000.00         ZZ
                                         360        528,649.51          1
1

                                       6.875          3,481.72         63
                                       6.625          3,481.72
    POTOMAC          MD   20854          2            10/25/01         00
    0433314465                           05           12/01/01          0
    30501178                             O            11/01/31
    0

    6254208          L60/F27             F          118,000.00         ZZ
                                         360        117,556.64          1
                                       7.500            825.07         39
                                       7.250            825.07
    ATLANTA          GA   30339          1            08/30/01         00
    6610832693                           01           10/01/01          0
    6610832693                           O            09/01/31
    0

    6254220          L60/F27             F          513,500.00         ZZ
                                         346        511,842.46          1
                                       7.625          3,673.32         80
                                       7.375          3,673.32
    LAURINBURG       NC   28352          2            08/09/99         00
    6610168726                           05           11/01/01          0
    6610168726                           O            08/01/30
    0

    6254224          L60/F27             F          600,000.00         ZZ
                                         360        598,202.08          1
                                       7.500          4,195.29         44
                                       7.250          4,195.29
    LEWES            DE   19958          2            08/30/00         00
    6061132587                           05           11/01/01          0
    6061132587                           O            10/01/31
    0

    6257234          964/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       6.875          3,284.65         50
                                       6.625          3,284.65
    SAN CARLOS       CA   94070          5            12/31/01         00
    0433623204                           05           03/01/02          0
    400165872                            O            02/01/32
    0

    6260980          313/G01             F          353,000.00         ZZ
                                         360        352,433.74          1
                                       7.125          2,378.23         70
                                       6.875          2,378.23
    ATLANTA          GA   30307          2            11/09/01         00
    0433462645                           05           01/01/02          0
1

    8438848                              O            12/01/31
    0

    6272240          369/G01             F          416,600.00         ZZ
                                         360        415,931.72          1
                                       7.125          2,806.71         61
                                       6.875          2,806.71
    BASKING RIDGE    NJ   07920          2            11/07/01         00
    0433499381                           03           01/01/02          0
    0073579005                           O            12/01/31
    0

    6291498          E82/G01             F          328,000.00         ZZ
                                         360        327,208.42          1
                                       7.125          2,209.80         80
                                       6.875          2,209.80
    CHEVY CHASE      MD   20815          2            10/31/01         00
    0400503074                           05           12/01/01          0
    0400503074                           O            11/01/31
    0

    6292628          550/550             F          953,000.00         ZZ
                                         360        950,435.74          1
                                       6.950          6,308.37         24
                                       6.700          6,308.37
    BOSTON           MA   02108          2            10/25/01         00
    120520072                            07           12/01/01          0
    120520072                            O            11/01/31
    0

    6298408          757/G01             F          845,000.00         ZZ
                                         360        843,610.68          1
                                       7.000          5,621.81         25
                                       6.750          5,621.81
    BROOKLINE        MA   02445          2            11/26/01         00
    0433503000                           05           01/01/02          0
    2SENUSONROGE                         O            12/01/31
    0

    6301722          964/G01             F          450,000.00         ZZ
                                         360        449,222.94          1
                                       6.750          2,918.69         67
                                       6.500          2,918.69
    WEST HILLS       CA   91304          5            11/21/01         00
    0433567278                           03           01/01/02          0
    400168460                            O            12/01/31
    0

1

    6303610          964/G01             F          340,000.00         ZZ
                                         360        339,721.30          1
                                       7.000          2,262.03         80
                                       6.750          2,262.03
    MILPITAS         CA   95035          5            11/30/01         00
    0433576931                           05           02/01/02          0
    400157218                            O            01/01/32
    0

    6306762          E11/G01             F          637,000.00         ZZ
                                         360        635,872.88          1
                                       6.625          4,078.78         58
                                       6.375          4,078.78
    WAYZATA          MN   55391          2            11/26/01         00
    0433554565                           05           01/01/02          0
    1                                    O            12/01/31
    0

    6312672          757/G01             F          399,999.00         ZZ
                                         360        399,654.60          1
                                       6.750          2,594.39         80
                                       6.500          2,594.39
    RIDGEFIELD       CT   06877          2            12/07/01         00
    0433601754                           05           02/01/02          0
    1000502185                           O            01/01/32
    0

    6344816          253/253             F          125,000.00         ZZ
                                         360        124,892.38          1
                                       6.750            810.75         55
                                       6.500            810.75
    SANTA FE         NM   87505          2            12/28/01         00
    987313                               01           02/01/02          0
    987313                               O            01/01/32
    0

    6348764          964/G01             F          367,500.00         ZZ
                                         360        367,183.59          1
                                       6.750          2,383.60         75
                                       6.500          2,383.60
    NOVATO           CA   94947          5            12/18/01         00
    0433600095                           05           02/01/02          0
    310165736                            O            01/01/32
    0

    6352382          144/144             F          500,000.00         ZZ
                                         360        499,157.48          1
                                       6.875          3,284.64         36
                                       6.625          3,284.64
1

    CROTON ON HUDSO  NY   10520          5            11/21/01         00
    01SQUIBBS                            05           01/01/02          0
    01SQUIBBS                            O            12/01/31
    0

    6352916          Q41/G01             F          400,000.00         ZZ
                                         360        399,342.33          1
                                       7.000          2,661.21         63
                                       6.750          2,661.21
    MC KINNEY        TX   75069          2            11/09/01         00
    0433471844                           05           01/01/02          0
    51031732                             O            12/01/31
    0

    6360602          964/G01             F          348,500.00         ZZ
                                         360        348,199.95          1
                                       6.750          2,260.36         78
                                       6.500          2,260.36
    NORTHRIDGE       CA   91326          2            10/10/01         00
    0433592078                           05           02/01/02          0
    400167794                            O            01/01/32
    0

    6361144          E11/G01             F          308,000.00         ZZ
                                         360        307,493.60          1
                                       7.000          2,049.13         78
                                       6.750          2,049.13
    BROOKLYN PARK    MN   55443          2            11/20/01         00
    0433457397                           05           01/01/02          0
    0003001037158                        O            12/01/31
    0

    6361648          994/X14             F          281,000.00         ZZ
                                         360        280,370.47          1
                                       7.500          1,964.79         57
                                       7.250          1,964.79
    LIBERTYVILLE     IL   60048          2            10/03/01         00
    3918840266                           05           12/01/01          0
    3918840266                           O            11/01/31
    0

    6366498          E84/G01             F          649,950.00         ZZ
                                         360        648,854.79          1
                                       6.875          4,269.71         69
                                       6.625          4,269.71
    SANTA ROSA       CA   95404          1            11/14/01         00
    0433608015                           05           01/01/02          0
    73210679                             O            12/01/31
    0
1

    6369942          L60/F27             F          395,000.00         ZZ
                                         360        393,168.67          1
                                       7.375          2,728.17         66
                                       7.125          2,728.17
    VIENNA           VA   22182          5            07/27/01         00
    6990408643                           05           09/01/01          0
    6990408643                           O            08/01/31
    0

    6370212          L60/F27             F          299,250.00         ZZ
                                         360        298,180.26          1
                                       7.750          2,143.86         91
                                       7.500          2,143.86
    HUNTINGTOWN      MD   20639          2            08/01/01         11
    6061114430                           05           10/01/01         30
    6061114430                           O            09/01/31
    0

    6370338          L60/F27             F          350,200.00         ZZ
                                         360        348,884.16          1
                                       7.500          2,448.65         55
                                       7.250          2,448.65
    ALEXANDRIA       VA   22314          5            08/15/01         00
    6990434342                           05           10/01/01          0
    6990434342                           O            09/01/31
    0

    6375358          830/G01             F          323,000.00         ZZ
                                         360        322,481.87          1
                                       7.125          2,176.11         80
                                       6.875          2,176.11
    BALTIMORE        MD   21230          2            11/15/01         00
    0433470820                           05           01/01/02          0
    1933411                              O            12/01/31
    0

    6377880          994/X14             F          376,000.00         ZZ
                                         360        374,058.37          1
                                       7.625          2,661.30         76
                                       7.375          2,661.30
    ARLINGTON        VA   22202          5            06/20/01         00
    218246902                            05           08/01/01          0
    218246902                            O            07/01/31
    0

    6379378          F25/G01             F          420,000.00         ZZ
                                         360        419,655.73          1
1

                                       7.000          2,794.27         65
                                       6.750          2,794.27
    WEST HARRISON    NY   10528          2            11/30/01         00
    0433461605                           05           02/01/02          0
    R0110020                             O            01/01/32
    0

    6385964          N47/G01             F          370,000.00         ZZ
                                         360        369,361.09          1
                                       6.750          2,399.81         52
                                       6.500          2,399.81
    SALINAS          CA   93908          2            11/15/01         00
    0433444635                           05           01/01/02          0
    20112344                             O            12/01/31
    0

    6390670          964/G01             F          390,000.00         ZZ
                                         360        389,680.32          1
                                       7.000          2,594.68         57
                                       6.750          2,594.68
    SCOTTSDALE       AZ   85262          5            12/17/01         00
    0433616109                           05           02/01/02          0
    166651                               O            01/01/32
    0

    6398030          N47/G01             F          355,000.00         ZZ
                                         360        354,686.80          1
                                       6.625          2,273.10         53
                                       6.375          2,273.10
    SANTA CRUZ       CA   95062          5            12/03/01         00
    0433564705                           05           02/01/02          0
    20112340                             O            01/01/32
    0

    6399776          964/G01             F          399,900.00         ZZ
                                         360        399,209.46          1
                                       6.750          2,593.74         53
                                       6.500          2,593.74
    MILLBRAE         CA   94030          2            11/28/01         00
    0433497773                           05           01/01/02          0
    400165549                            O            12/01/31
    0

    6401868          F99/G01             F          384,000.00         ZZ
                                         360        383,160.90          1
                                       7.625          2,717.93         80
                                       7.375          2,717.93
    WOLCOTT          CT   06716          1            10/26/01         00
    0433480092                           05           12/01/01          0
1

    47021625254                          O            11/01/31
    0

    6402132          B57/G01             F          475,000.00         ZZ
                                         360        473,795.96          1
                                       6.875          3,120.41         60
                                       6.625          3,120.41
    LOS ANGELES      CA   91403          5            10/19/01         00
    0433623824                           05           12/01/01          0
    2116678                              O            11/01/31
    0

    6403794          964/G01             F          492,700.00         ZZ
                                         360        492,286.07          1
                                       6.875          3,236.69         61
                                       6.625          3,236.69
    ORANGE           CA   92869          2            12/07/01         00
    0433586757                           05           02/01/02          0
    147287                               O            01/01/32
    0

    6410166          994/X14             F          420,000.00         ZZ
                                         360        418,741.42          1
                                       7.500          2,936.71         80
                                       7.250          2,936.71
    FLUSHING         NY   11358          1            09/19/01         00
    001999992767                         05           11/01/01          0
    001999992767                         O            10/01/31
    0

    6410966          R65/G01             F          505,000.00         ZZ
                                         360        504,554.45          1
                                       6.625          3,233.57         68
                                       6.375          3,233.57
    BARRINGTON       IL   60010          2            12/18/01         00
    0433604568                           05           02/01/02          0
    1                                    O            01/01/32
    0

    6412530          A21/G01             F          361,000.00         ZZ
                                         360        360,732.08          1
                                       7.500          2,524.17         95
                                       7.250          2,524.17
    MAMARONECK       NY   10543          1            12/04/01         04
    0433496445                           05           02/01/02         30
    757205                               O            01/01/32
    0

1

    6430008          964/G01             F          328,000.00         ZZ
                                         360        327,710.61          1
                                       6.625          2,100.22         80
                                       6.375          2,100.22
    MOORPARK         CA   93021          1            12/03/01         00
    0433562659                           05           02/01/02          0
    167424                               O            01/01/32
    0

    6437730          E11/G01             F          315,000.00         ZZ
                                         360        314,456.07          1
                                       6.750          2,043.08         69
                                       6.500          2,043.08
    MINNEAPOLIS      MN   55416          5            11/26/01         00
    0433575263                           05           01/01/02          0
    DILLON                               O            12/01/31
    0

    6437814          K81/G01             F          304,000.00         ZZ
                                         360        303,487.75          1
                                       6.875          1,997.06         80
                                       6.625          1,997.06
    EAGLE            ID   83616          2            11/09/01         00
    0433639432                           03           01/01/02          0
    5502417                              O            12/01/31
    0

    6457876          964/G01             F          383,500.00         ZZ
                                         360        383,177.82          1
                                       6.875          2,519.32         65
                                       6.625          2,519.32
    SAN JOSE         CA   95125          5            12/07/01         00
    0433586534                           05           02/01/02          0
    400160912                            O            01/01/32
    0

    6467508          757/G01             F          392,500.00         ZZ
                                         360        392,170.25          1
                                       6.875          2,578.45         57
                                       6.625          2,578.45
    MCLEAN           VA   22102          2            12/05/01         00
    0433498318                           05           02/01/02          0
    5ROESCHJAM                           O            01/01/32
    0

    6471496          757/G01             F          369,000.00         ZZ
                                         360        368,689.99          1
                                       6.875          2,424.07         74
                                       6.625          2,424.07
1

    FAIRFIELD        CT   06430          5            12/04/01         00
    0433632528                           05           02/01/02          0
    1000513406                           O            01/01/32
    0

    6473008          Q57/G01             F          990,000.00         ZZ
                                         360        989,188.51          1
                                       7.000          6,586.49         64
                                       6.750          6,586.49
    WESTPORT         CT   06880          2            12/26/01         00
    0433534666                           05           02/01/02          0
    46500009                             O            01/01/32
    0

    6475598          964/G01             F          385,600.00         ZZ
                                         360        384,883.82          1
                                       6.375          2,405.64         80
                                       6.125          2,405.64
    REDONDO BEACH    CA   90278          1            11/15/01         00
    0433586351                           01           01/01/02          0
    168156                               O            12/01/31
    0

    6478248          L38/G01             F          300,000.00         ZZ
                                         360        299,481.95          1
                                       6.750          1,945.80         79
                                       6.500          1,945.80
    IRVINE           CA   92606          1            11/15/01         00
    0433506615                           01           01/01/02          0
    070600000005705                      O            12/01/31
    0

    6484836          964/G01             F          457,000.00         ZZ
                                         360        456,191.37          1
                                       6.625          2,926.22         74
                                       6.375          2,926.22
    ARCADIA          CA   91007          2            11/14/01         00
    0433573342                           05           01/01/02          0
    165383                               O            12/01/31
    0

    6484842          964/G01             F          384,600.00         ZZ
                                         360        384,268.87          1
                                       6.750          2,494.51         79
                                       6.500          2,494.51
    CHANDLER         AZ   85248          2            12/10/01         00
    0433585494                           03           02/01/02          0
    156146                               O            01/01/32
    0
1

    6486620          J54/G01             F          337,000.00         ZZ
                                         360        336,432.14          1
                                       6.875          2,213.85         63
                                       6.625          2,213.85
    GREAT FALLS      VA   22066          5            11/21/01         00
    0433596061                           03           01/01/02          0
    0000896268                           O            12/01/31
    0

    6491756          E84/G01             F          320,000.00         ZZ
                                         360        319,447.43          1
                                       6.750          2,075.51         73
                                       6.500          2,075.51
    FINKSBURG        MD   21048          1            11/19/01         00
    0433605276                           05           01/01/02          0
    67010097                             O            12/01/31
    0

    6495886          N47/G01             F          498,000.00         ZZ
                                         360        497,549.80          1
                                       6.500          3,147.70         75
                                       6.250          3,147.70
    BERKELEY         CA   94708          2            12/01/01         00
    0433498482                           05           02/01/02          0
    20212039                             O            01/01/32
    0

    6498900          757/G01             F          368,800.00         ZZ
                                         360        368,490.16          1
                                       6.875          2,422.76         71
                                       6.625          2,422.76
    CENTREVILLE      VA   20120          2            12/05/01         00
    0433511599                           03           02/01/02          0
    1000509933                           O            01/01/32
    0

    6500800          405/405             F          560,000.00         ZZ
                                         360        558,614.86          1
                                       7.000          3,725.70         63
                                       6.500          3,725.70
    METAMORA         MI   48455          2            10/19/01         00
    17795774                             05           12/01/01          0
    17795774                             O            11/01/31
    0

    6508200          405/405             F          305,000.00         ZZ
                                         360        303,585.94          1
1

                                       7.375          2,106.56         47
                                       6.625          2,106.56
    SAMMAMISH        WA   98074          5            07/24/01         00
    12338307                             05           09/01/01          0
    12338307                             O            08/01/31
    0

    6511610          964/G01             F          340,360.00         ZZ
                                         360        340,066.96          1
                                       6.750          2,207.57         48
                                       6.500          2,207.57
    PETALUMA         CA   94952          2            12/10/01         00
    0433580362                           05           02/01/02          0
    400169835                            O            01/01/32
    0

    6514802          168/168             F          425,000.00         ZZ
                                         360        423,890.99          1
                                       7.000          2,827.54         69
                                       6.750          2,827.54
    GREAT NECK       NY   11023          2            10/04/01         00
    0249703874                           03           12/01/01          0
    0249703874                           O            11/01/31
    0

    6515668          168/168             F          325,000.00         ZZ
                                         360        324,001.68          1
                                       7.375          2,244.69         69
                                       7.125          2,244.69
    SCARSDALE        NY   10583          5            09/26/01         00
    0059370262                           05           11/01/01          0
    0059370262                           O            10/01/31
    0

    6517004          994/X14             F          350,000.00         ZZ
                                         360        348,748.83          1
                                       7.750          2,507.44         71
                                       7.500          2,507.44
    ROCHESTER        MI   48307          5            08/24/01         00
    218652075                            05           10/01/01          0
    218652075                            O            09/01/31
    0

    6518020          994/X14             F          500,000.00         ZZ
                                         360        498,212.54          1
                                       7.750          3,582.07         80
                                       7.500          3,582.07
    WATCHUNG         NJ   07060          2            08/16/01         00
    001999992057                         05           10/01/01          0
1

    001999992057                         O            09/01/31
    0

    6519342          994/X14             F          555,000.00         ZZ
                                         360        553,756.60          1
                                       7.500          3,880.64         74
                                       7.250          3,880.64
    LEMONT           IL   60439          2            10/12/01         00
    218802860                            09           12/01/01          0
    218802860                            O            11/01/31
    0

    6523226          994/X14             F          450,000.00         ZZ
                                         360        448,991.81          1
                                       7.500          3,146.47         70
                                       7.250          3,146.47
    NORTH AUGUSTA    SC   29860          2            10/09/01         00
    80949053                             05           12/01/01          0
    80949053                             O            11/01/31
    0

    6530514          J95/G01             F          316,292.82         ZZ
                                         346        314,950.17          1
                                       7.250          2,182.47         80
                                       7.000          2,182.47
    PETALUMA         CA   94954          1            10/19/01         00
    0433576428                           05           11/01/01          0
    0000867911                           O            08/01/30
    0

    6540092          116/116             F          384,000.00         ZZ
                                         360        383,669.38          1
                                       6.750          2,490.62         80
                                       6.500          2,490.62
    THE WOODLANDS    TX   77381          2            12/06/01         00
    091020889                            05           02/01/02          0
    091020889                            O            01/01/32
    0

    6545802          R65/G01             F          650,000.00         ZZ
                                         360        648,899.57          1
                                       6.875          4,270.04         50
                                       6.625          4,270.04
    SOUTHPORT        NC   28461          1            11/28/01         00
    0433505385                           05           01/01/02          0
    20015838                             O            12/01/31
    0

1

    6548554          757/G01             F          325,000.00         ZZ
                                         360        324,465.63          1
                                       7.000          2,162.24         65
                                       6.750          2,162.24
    FALMOUTH         ME   04105          2            11/26/01         00
    0433575032                           05           01/01/02          0
    1                                    O            12/01/31
    0

    6551764          757/G01             F          320,000.00         ZZ
                                         360        319,460.76          1
                                       6.875          2,102.18         66
                                       6.625          2,102.18
    OAKHILL          VA   20171          2            11/30/01         00
    0433575685                           03           01/01/02          0
    1000509966                           O            12/01/31
    0

    6552466          944/G01             F          368,000.00         ZZ
                                         360        367,364.54          1
                                       6.750          2,386.84         66
                                       6.500          2,386.84
    PARKER           AZ   85344          2            11/20/01         00
    0433615309                           05           01/01/02          0
    W01093667                            O            12/01/31
    0

    6553092          964/G01             F          392,000.00         ZZ
                                         360        391,686.52          1
                                       7.125          2,640.98         80
                                       6.875          2,640.98
    DUARTE           CA   91010          1            12/13/01         00
    0433560711                           05           02/01/02          0
    400172605                            O            01/01/32
    0

    6554128          994/X14             F          360,000.00         ZZ
                                         360        358,680.53          1
                                       7.625          2,548.06         40
                                       7.375          2,548.06
    BLOOMFIELD TOWN  MI   48304          5            08/22/01         00
    218735219                            05           10/01/01          0
    218735219                            O            09/01/31
    0

    6555922          N47/G01             F          371,700.00         ZZ
                                         360        371,058.14          1
                                       6.750          2,410.84         80
                                       6.500          2,410.84
1

    EL CERRITO       CA   94530          2            11/20/01         00
    0433564978                           05           01/01/02          0
    20211979                             O            12/01/31
    0

    6557090          964/G01             F          425,000.00         ZZ
                                         360        424,642.95          1
                                       6.875          2,791.95         50
                                       6.625          2,791.95
    BERKELEY         CA   94707          5            11/28/01         00
    0433584695                           05           02/01/02          0
    400168317                            O            01/01/32
    0

    6560894          470/G01             F          290,750.00         ZZ
                                         360        290,493.47          1
                                       6.625          1,861.71         75
                                       6.375          1,861.71
    PETALUMA         CA   94952          2            12/04/01         00
    0433607694                           05           02/01/02          0
    56003033                             O            01/01/32
    0

    6565242          E22/G01             F          352,000.00         ZZ
                                         360        351,406.86          1
                                       6.875          2,312.39         80
                                       6.625          2,312.39
    BETHESDA         MD   20817          1            11/15/01         00
    0413182536                           05           01/01/02          0
    0413182536                           O            12/01/31
    0

    6566188          883/G01             F          169,000.00         ZZ
                                         360        168,742.03          1
                                       7.375          1,167.24         72
                                       7.125          1,167.24
    SAFETY HARBOR    FL   34695          4            11/08/01         00
    0433591005                           05           01/01/02          0
    01001992                             O            12/01/31
    0

    6568232          964/G01             F          406,000.00         ZZ
                                         360        405,650.44          1
                                       6.750          2,633.31         66
                                       6.500          2,633.31
    RANCHO SANTA MA  CA   92688          2            12/17/01         00
    0433586302                           03           02/01/02          0
    145931                               O            01/01/32
    0
1

    6568424          L75/G01             F          315,600.00         T
                                         358        314,789.43          1
                                       6.875          2,076.77         76
                                       6.625          2,076.77
    ROBBINSVILLE     NC   28771          4            11/10/00         00
    0433576261                           05           12/01/01          0
    555654943                            O            09/01/31
    0

    6572524          F96/G01             F          347,400.00         ZZ
                                         360        346,977.59          1
                                       8.500          2,671.21         90
                                       8.250          2,671.21
    MOUNT OLIVE      NJ   07840          1            11/28/01         12
    0433591617                           05           01/01/02         25
    0101593                              O            12/01/31
    0

    6572554          470/G01             F          399,900.00         ZZ
                                         360        398,800.91          1
                                       6.750          2,593.75         52
                                       6.500          2,593.75
    COTO DE CAZA     CA   92679          2            11/28/01         00
    0433593621                           03           01/01/02          0
    93103850                             O            12/01/31
    0

    6574348          964/G01             F          419,000.00         ZZ
                                         360        418,673.14          1
                                       7.250          2,858.32         53
                                       7.000          2,858.32
    SAN MATEO        CA   94402          2            12/21/01         00
    0433570207                           05           02/01/02          0
    169906                               O            01/01/32
    0

    6578534          B57/G01             F          574,000.00         ZZ
                                         360        573,207.36          1
                                       7.875          4,161.90         75
                                       7.625          4,161.90
    LOS ANGELES      CA   90048          2            11/26/01         00
    0433461621                           05           01/01/02          0
    2118816                              O            12/01/31
    0

    6579702          A19/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
1

                                       7.000          3,326.51         30
                                       6.750          3,326.51
    LYNNFIELD        MA   01940          5            01/18/02         00
    0433615069                           05           03/01/02          0
    779384                               O            02/01/32
    0

    6579716          L46/L46             F          390,000.00         ZZ
                                         360        389,672.35          1
                                       6.875          2,562.03         73
                                       6.625          2,562.03
    ROCHESTER        MI   48307          5            12/06/01         00
    0003027752                           05           02/01/02          0
    0003027752                           O            01/01/32
    0

    6579918          757/G01             F          550,000.00         ZZ
                                         360        549,073.21          1
                                       6.875          3,613.11         75
                                       6.625          3,613.11
    BELMONT          MA   02478          2            11/26/01         00
    0433631066                           05           01/01/02          0
    1000483311                           O            12/01/31
    0

    6580500          A48/G01             F          324,000.00         ZZ
                                         360        323,505.40          1
                                       7.375          2,237.79         80
                                       7.125          2,237.79
    CAPITOLA         CA   95010          1            11/20/01         00
    0433452802                           09           01/01/02          0
    8511016109                           O            12/01/31
    0

    6587608          E82/G01             F           69,900.00         ZZ
                                         360         69,793.30          1
                                       7.375            482.78         43
                                       7.125            482.78
    NORTHFIELD       IL   60093          2            11/15/01         00
    0400534442                           09           01/01/02          0
    0400534442                           O            12/01/31
    0

    6589836          757/G01             F          624,000.00         ZZ
                                         360        623,462.74          1
                                       6.750          4,047.26         79
                                       6.500          4,047.26
    CHEVY CHASE      MD   20815          2            12/03/01         00
    0433610821                           05           02/01/02          0
1

    1000494722                           O            01/01/32
    0

    6592374          964/G01             F          328,000.00         ZZ
                                         360        327,419.63          1
                                       6.625          2,100.22         76
                                       6.375          2,100.22
    TRABUCO CANYON   CA   92679          2            11/29/01         00
    0433589298                           03           01/01/02          0
    168245                               O            12/01/31
    0

    6593728          964/G01             F          800,000.00         ZZ
                                         360        799,327.90          1
                                       6.875          5,255.43         58
                                       6.625          5,255.43
    MILL VALLEY      CA   94941          5            12/04/01         00
    0433568458                           05           02/01/02          0
    400164232                            O            01/01/32
    0

    6597366          757/G01             F          323,000.00         ZZ
                                         360        322,728.63          1
                                       6.875          2,121.89         74
                                       6.625          2,121.89
    GENEVA           IL   60134          2            11/29/01         00
    0433495520                           05           02/01/02          0
    1000502557                           O            01/01/32
    0

    6598058          757/G01             F          365,000.00         ZZ
                                         360        364,685.74          1
                                       6.750          2,367.39         45
                                       6.500          2,367.39
    ROCKVILLE        MD   20852          5            12/06/01         00
    0433604592                           05           02/01/02          0
    1000511335                           O            01/01/32
    0

    6599748          N47/G01             F          353,000.00         ZZ
                                         360        352,703.44          1
                                       6.875          2,318.96         75
                                       6.625          2,318.96
    OAKLAND          CA   94602          2            12/01/01         00
    0433564887                           05           02/01/02          0
    20211881                             O            01/01/32
    0

1

    6608772          144/144             F          672,500.00         ZZ
                                         360        671,338.73          1
                                       6.750          4,361.82         58
                                       6.500          4,361.82
    CHAPPAQUA        NY   10514          2            11/27/01         00
    01GAINSBURGD                         05           01/01/02          0
    01GAINSBURGD                         O            12/01/31
    0

    6620694          696/G01             F        1,000,000.00         ZZ
                                         360        998,314.94          1
                                       6.875          6,569.29         43
                                       6.625          6,569.29
    UPPERVILLE       VA   20184          1            11/16/01         00
    0433598521                           05           01/01/02          0
    50101107                             O            12/01/31
    0

    6623040          757/G01             F          606,000.00         ZZ
                                         360        604,953.55          1
                                       6.750          3,930.51         71
                                       6.500          3,930.51
    VIENNA           VA   22182          2            11/30/01         00
    0433633252                           03           01/01/02          0
    1000513281                           O            12/01/31
    0

    6624060          757/G01             F          500,000.00         ZZ
                                         360        499,569.50          1
                                       6.750          3,243.00         80
                                       6.500          3,243.00
    NORWALK          CT   06850          1            12/14/01         00
    0433604782                           05           02/01/02          0
    1000494755                           O            01/01/32
    0

    6627102          W49/G01             F          335,200.00         ZZ
                                         360        334,648.88          1
                                       7.000          2,230.09         78
                                       6.750          2,230.09
    TRABUCO CANYON   CA   92679          2            11/12/01         00
    0433422516                           03           01/01/02          0
    2001028991                           O            12/01/31
    0

    6627524          964/G01             F          565,000.00         ZZ
                                         360        564,047.94          1
                                       6.875          3,711.65         61
                                       6.625          3,711.65
1

    MILL VALLEY      CA   94941          2            11/27/01         00
    0433557170                           05           01/01/02          0
    400170118                            O            12/01/31
    0

    6628704          950/G01             F          197,200.00         ZZ
                                         360        197,060.81          1
                                       7.750          1,412.77         80
                                       7.500          1,412.77
    EDMONDS          WA   98026          1            12/12/01         00
    0433594116                           05           02/01/02          0
    111446                               O            01/01/32
    0

    6629148          964/G01             F          373,000.00         ZZ
                                         360        372,686.63          1
                                       6.875          2,450.35         77
                                       6.625          2,450.35
    PALO ALTO        CA   94303          2            12/13/01         00
    0433592342                           05           02/01/02          0
    400169521                            O            01/01/32
    0

    6631094          964/G01             F          415,000.00         ZZ
                                         360        414,633.86          1
                                       6.625          2,657.29         54
                                       6.375          2,657.29
    WALNUT CREEK     CA   94598          2            12/04/01         00
    0433581691                           05           02/01/02          0
    400167234                            O            01/01/32
    0

    6631404          757/G01             F          382,000.00         ZZ
                                         360        381,671.10          1
                                       6.750          2,477.65         74
                                       6.500          2,477.65
    NELLYSFORD       VA   22958          2            12/07/01         00
    0433557238                           05           02/01/02          0
    5MARTINORO                           O            01/01/32
    0

    6633866          N47/G01             F          425,000.00         ZZ
                                         360        424,642.95          1
                                       6.875          2,791.95         80
                                       6.625          2,791.95
    BANTA            CA   95304          2            12/01/01         00
    0433564879                           05           02/01/02          0
    20212058                             O            01/01/32
    0
1

    6634964          975/G01             F          337,500.00         ZZ
                                         360        337,500.00          1
                                       7.125          2,273.80         75
                                       6.875          2,273.80
    LOMITA           CA   90717          2            01/22/02         00
    0433651189                           05           03/01/02          0
    2014844                              O            02/01/32
    0

    6640468          E82/G01             F          323,500.00         ZZ
                                         360        322,954.90          1
                                       6.875          2,125.16         62
                                       6.625          2,125.16
    FLEMINGTON       NJ   08822          2            11/20/01         00
    0400534400                           05           01/01/02          0
    0400534400                           O            12/01/31
    0

    6641280          M27/G01             F          409,000.00         T
                                         360        408,343.92          1
                                       7.125          2,755.51         66
                                       6.875          2,755.51
    ATLANTIC BEACH   NC   28512          2            11/29/01         00
    0433588662                           05           01/01/02          0
    600708530                            O            12/01/31
    0

    6642110          G75/G75             F          297,500.00         ZZ
                                         360        296,745.88          1
                                       6.875          1,954.37         65
                                       6.625          1,954.37
    ARLINGTON        VA   22204          1            10/29/01         00
    04354964                             05           12/01/01          0
    04354964                             O            11/01/31
    0

    6642118          G75/G75             F          385,000.00         ZZ
                                         360        384,366.98          1
                                       7.000          2,561.42         61
                                       6.750          2,561.42
    WARREN           NJ   07059          2            11/02/01         00
    04459055                             05           01/01/02          0
    04459055                             O            12/01/31
    0

    6643240          W30/G01             F          256,000.00         ZZ
                                         360        255,637.46          1
1

                                       7.750          1,834.02         95
                                       7.500          1,834.02
    NORTH READING    MA   01864          1            11/15/01         14
    0433392628                           05           01/01/02         30
    74920801                             O            12/01/31
    0

    6643386          F99/G01             F          325,000.00         ZZ
                                         360        324,365.05          1
                                       7.000          2,162.24         77
                                       6.750          2,162.24
    WOODBURY         CT   06798          2            11/05/01         00
    0433391232                           05           01/01/02          0
    1                                    O            12/01/31
    0

    6645240          550/550             F          650,000.00         ZZ
                                         360        648,877.57          1
                                       6.750          4,215.89         12
                                       6.500          4,215.89
    LAGUNA BEACH     CA   92651          2            11/08/01         00
    120523886                            05           01/01/02          0
    120523886                            O            12/01/31
    0

    6645296          A46/G01             F          800,000.00         ZZ
                                         360        798,684.67          1
                                       7.000          5,322.42         54
                                       6.750          5,322.42
    HOUSTON          TX   77098          1            11/29/01         00
    0433440997                           05           01/01/02          0
    0131148                              O            12/01/31
    0

    6645448          757/G01             F          504,000.00         ZZ
                                         360        503,555.33          1
                                       6.625          3,227.17         80
                                       6.375          3,227.17
    POTOMAC          MD   20854          2            12/03/01         00
    0433497641                           05           02/01/02          0
    1000499358                           O            01/01/32
    0

    6645940          700/G01             F          387,300.00         ZZ
                                         360        387,300.00          1
                                       7.125          2,609.31         66
                                       6.875          2,609.31
    NORTHRIDGE (ARE  CA   91326          2            01/10/02         00
    0433638103                           03           03/01/02          0
1

    00263471                             O            02/01/32
    0

    6646274          964/G01             F          399,000.00         ZZ
                                         360        398,258.93          1
                                       6.375          2,489.24         64
                                       6.125          2,489.24
    DANVILLE         CA   94506          5            11/26/01         00
    0433613551                           03           01/01/02          0
    167471                               O            12/01/31
    0

    6649696          964/G01             F          532,000.00         ZZ
                                         360        531,103.56          1
                                       6.875          3,494.86         56
                                       6.625          3,494.86
    GREENBRAE        CA   94904          2            11/28/01         00
    0433569514                           05           01/01/02          0
    400161708                            O            12/01/31
    0

    6650876          757/G01             F          353,000.00         ZZ
                                         360        352,360.01          1
                                       6.500          2,231.21         76
                                       6.250          2,231.21
    CUMMING          GA   30040          2            11/30/01         00
    0433583630                           03           01/01/02          0
    1NOLANWIL                            O            12/01/31
    0

    6652164          M45/G01             F          407,900.00         ZZ
                                         360        406,891.08          1
                                       7.000          2,713.77         68
                                       6.750          2,713.77
    LESSSUMMIT       MO   64064          2            10/31/01         00
    0433387289                           03           12/01/01          0
    A0298825                             O            11/01/31
    0

    6654672          405/405             F          650,000.00         ZZ
                                         360        634,867.99          1
                                       7.375          4,489.39         75
                                       6.875          4,489.39
    GRANITE BAY      CA   95746          1            08/29/01         00
    0012438966                           03           10/01/01          0
    0012438966                           O            09/01/31
    0

1

    6656276          369/G01             F          390,000.00         ZZ
                                         360        389,447.70          1
                                       7.750          2,794.01         75
                                       7.500          2,794.01
    SEBASTIAN        FL   32958          5            12/03/01         00
    0433505849                           05           01/01/02          0
    0073678229                           O            12/01/31
    0

    6656664          964/G01             F          395,000.00         ZZ
                                         360        394,659.92          1
                                       6.750          2,561.96         56
                                       6.500          2,561.96
    GRANITE BAY      CA   95746          2            12/05/01         00
    0433586559                           03           02/01/02          0
    163540                               O            01/01/32
    0

    6657638          964/G01             F          362,000.00         ZZ
                                         360        361,695.88          1
                                       6.875          2,378.08         78
                                       6.625          2,378.08
    CLAY SPRINGS     AZ   85923          2            12/05/01         00
    0433576741                           05           02/01/02          0
    170780                               O            01/01/32
    0

    6659310          964/G01             F          420,000.00         ZZ
                                         360        419,703.57          1
                                       7.750          3,008.93         70
                                       7.500          3,008.93
    SAN FRANCISCO    CA   94112          1            12/11/01         00
    0433581048                           05           02/01/02          0
    400172615                            O            01/01/32
    0

    6661862          K89/G01             F          102,750.00         ZZ
                                         360        102,679.29          1
                                       7.875            745.01         95
                                       7.625            745.01
    MIAMI            FL   33167          2            11/29/01         10
    0433485786                           05           02/01/02         30
    200110111                            O            01/01/32
    0

    6665336          757/G01             F          321,000.00         ZZ
                                         360        320,755.74          1
                                       7.375          2,217.07         63
                                       7.125          2,217.07
1

    CLEMMONS         NC   27012          5            12/05/01         00
    0433504081                           05           02/01/02          0
    1JOHNSONJEFFK                        O            01/01/32
    0

    6665688          M45/G01             F          501,000.00         ZZ
                                         360        500,155.77          1
                                       6.875          3,291.22         61
                                       6.625          3,291.22
    BOULDER          CO   80302          2            11/07/01         00
    0433402658                           05           01/01/02          0
    A0304669                             O            12/01/31
    0

    6667240          964/G01             F          332,800.00         ZZ
                                         360        332,506.37          1
                                       6.625          2,130.96         78
                                       6.375          2,130.96
    PHOENIX          AZ   85018          2            12/13/01         00
    0433569811                           05           02/01/02          0
    167194                               O            01/01/32
    0

    6668160          964/G01             F          424,000.00         ZZ
                                         360        423,634.94          1
                                       6.750          2,750.06         53
                                       6.500          2,750.06
    SAN JOSE         CA   95120          2            12/11/01         00
    0433587821                           05           02/01/02          0
    400172906                            O            01/01/32
    0

    6671132          757/G01             F          365,000.00         ZZ
                                         360        364,700.81          1
                                       7.000          2,428.36         55
                                       6.750          2,428.36
    STERLING         MA   01564          2            12/19/01         00
    0433601812                           05           02/01/02          0
    1000510105                           O            01/01/32
    0

    6673572          964/G01             F          421,800.00         ZZ
                                         360        421,462.69          1
                                       7.125          2,841.75         68
                                       6.875          2,841.75
    WALNUT CREEK     CA   94595          1            12/19/01         00
    0433561941                           01           02/01/02          0
    173563                               O            01/01/32
    0
1

    6674530          757/G01             F          310,400.00         ZZ
                                         360        310,145.57          1
                                       7.000          2,065.10         80
                                       6.750          2,065.10
    FAIRFIELD        CT   06432          1            12/14/01         00
    0433526084                           05           02/01/02          0
    2WEISBLATTADAM                       O            01/01/32
    0

    6681020          J54/G01             F          228,000.00         ZZ
                                         240        227,555.63          1
                                       6.875          1,750.62         72
                                       6.625          1,750.62
    HASBROUCK HEIGH  NJ   07604          2            12/07/01         00
    0433633013                           05           02/01/02          0
    899844                               O            01/01/22
    0

    6683614          E22/G01             F           50,000.00         ZZ
                                         360         49,927.39          1
                                       7.625            353.90         57
                                       7.375            353.90
    DETROIT          MI   48235          5            11/19/01         00
    0413271388                           05           01/01/02          0
    0413271388                           O            12/01/31
    0

    6685722          369/G01             F          399,450.00         ZZ
                                         360        399,097.58          1
                                       6.625          2,557.72         67
                                       6.375          2,557.72
    HUGO             MN   55038          5            12/04/01         00
    0433562287                           05           02/01/02          0
    73556870                             O            01/01/32
    0

    6687900          757/G01             F          425,000.00         ZZ
                                         360        424,642.95          1
                                       6.875          2,791.95         62
                                       6.625          2,791.95
    SUWANNEE         GA   30024          2            12/03/01         00
    0433496312                           03           02/01/02          0
    1PATELVIJA                           O            01/01/32
    0

    6688130          964/G01             F          349,600.00         ZZ
                                         360        349,299.00          1
1

                                       6.750          2,267.50         58
                                       6.500          2,267.50
    SAN JOSE         CA   95132          2            12/10/01         00
    0433585528                           05           02/01/02          0
    400169606                            O            01/01/32
    0

    6689672          L20/G01             F          301,120.00         ZZ
                                         360        300,624.90          1
                                       7.000          2,003.36         80
                                       6.750          2,003.36
    SALT LAKE CITY   UT   84117          1            11/30/01         00
    0433446218                           05           01/01/02          0
    283269                               O            12/01/31
    0

    6697310          R65/G01             F          368,000.00         ZZ
                                         360        367,067.17          1
                                       6.875          2,417.50         78
                                       6.625          2,417.50
    MERTON           WI   53029          2            10/22/01         00
    0433640042                           03           12/01/01          0
    20015439                             O            11/01/31
    0

    6697704          994/X14             F          419,000.00         ZZ
                                         360        418,061.28          1
                                       7.500          2,929.71         74
                                       7.250          2,929.71
    DELWOOD          MN   55110          2            10/25/01         00
    218879629                            05           12/01/01          0
    218879629                            O            11/01/31
    0

    6697786          U28/G01             F          393,000.00         ZZ
                                         360        392,669.83          1
                                       6.875          2,581.73         59
                                       6.625          2,581.73
    MT PLESANT       SC   29466          2            12/20/01         00
    0433613205                           03           02/01/02          0
    524915                               O            01/01/32
    0

    6698452          994/X14             F          385,000.00         ZZ
                                         360        383,553.38          1
                                       7.500          2,691.98         89
                                       7.250          2,691.98
    HARRINGTON PARK  NJ   07640          1            08/21/01         04
    1999992747                           05           10/01/01         25
1

    1999992747                           O            09/01/31
    0

    6699314          994/X14             F          351,000.00         ZZ
                                         300        348,689.58          1
                                       7.000          2,480.80         62
                                       6.750          2,480.80
    EDGEWATER        MD   21037          2            10/23/01         00
    403669910                            03           12/01/01          0
    403669910                            O            11/01/26
    0

    6699944          994/X14             F          330,000.00         ZZ
                                         360        328,820.31          1
                                       7.750          2,364.16         76
                                       7.500          2,364.16
    ROCHESTER        MN   55901          2            08/23/01         00
    218648057                            05           10/01/01          0
    218648057                            O            09/01/31
    0

    6702392          964/G01             F          355,000.00         ZZ
                                         360        354,709.01          1
                                       7.000          2,361.82         48
                                       6.750          2,361.82
    SANTA CRUZ       CA   95060          2            12/28/01         00
    0433586682                           05           02/01/02          0
    400174712                            O            01/01/32
    0

    6702394          964/G01             F          312,000.00         ZZ
                                         360        311,717.95          1
                                       6.500          1,972.05         80
                                       6.250          1,972.05
    TUSTIN           CA   92782          1            12/11/01         00
    0433600467                           03           02/01/02          0
    172702                               O            01/01/32
    0

    6702414          964/G01             F          360,000.00         ZZ
                                         360        359,697.55          1
                                       6.875          2,364.95         55
                                       6.625          2,364.95
    FREMONT          CA   94539          2            12/20/01         00
    0433585726                           05           02/01/02          0
    400171246                            O            01/01/32
    0

1

    6702424          964/G01             F          390,000.00         ZZ
                                         360        389,664.22          1
                                       6.750          2,529.53         58
                                       6.500          2,529.53
    SEBASTOPOL       CA   95472          2            12/13/01         00
    0433601564                           05           02/01/02          0
    400169579                            O            01/01/32
    0

    6704102          757/G01             F          423,000.00         ZZ
                                         360        422,626.79          1
                                       6.625          2,708.52         79
                                       6.375          2,708.52
    BETHESDA         MD   20814          2            12/10/01         00
    0433632288                           05           02/01/02          0
    1000508315                           O            01/01/32
    0

    6707264          E22/G01             F          396,000.00         ZZ
                                         360        395,299.31          1
                                       6.625          2,535.63         80
                                       6.375          2,535.63
    REDONDO BEACH    CA   90278          2            11/16/01         00
    0413220278                           05           01/01/02          0
    0413220278                           O            12/01/31
    0

    6707366          E22/G01             F          807,500.00         ZZ
                                         360        806,071.19          1
                                       6.625          5,170.51         58
                                       6.375          5,170.51
    MEDINA           WA   98039          5            11/12/01         00
    0413270166                           05           01/01/02          0
    0413270166                           O            12/01/31
    0

    6709112          757/G01             F          384,000.00         ZZ
                                         360        383,669.38          1
                                       6.750          2,490.62         80
                                       6.500          2,490.62
    ELLICOTT CITY    MD   21043          2            12/10/01         00
    0433611241                           03           02/01/02          0
    1000508299                           O            01/01/32
    0

    6710978          994/X14             F          519,300.00         ZZ
                                         360        518,136.58          1
                                       7.500          3,631.02         80
                                       7.250          3,631.02
1

    NAPERVILLE       IL   60564          2            10/16/01         00
    218912289                            05           12/01/01          0
    218912289                            O            11/01/31
    0

    6711532          470/G01             F          338,700.00         ZZ
                                         360        338,115.14          1
                                       6.750          2,196.80         84
                                       6.500          2,196.80
    CERRITOS         CA   90703          2            11/21/01         10
    0433618154                           05           01/01/02         12
    110100334                            O            12/01/31
    0

    6711954          N47/G01             F          535,000.00         ZZ
                                         360        534,076.16          1
                                       6.750          3,470.00         45
                                       6.500          3,470.00
    FREMONT          CA   94539          5            11/20/01         00
    0433564788                           05           01/01/02          0
    20511005                             O            12/01/31
    0

    6715806          757/G01             F          399,999.00         ZZ
                                         360        399,662.95          1
                                       6.875          2,627.71         67
                                       6.625          2,627.71
    RICHMOND         VT   05477          2            12/03/01         00
    0433601820                           03           02/01/02          0
    1000496982                           O            01/01/32
    0

    6717354          964/G01             F          311,250.00         ZZ
                                         360        310,988.51          1
                                       6.875          2,044.69         75
                                       6.625          2,044.69
    MONUMENT         CO   80132          5            12/03/01         00
    0433575941                           05           02/01/02          0
    158539                               O            01/01/32
    0

    6717402          964/G01             F          390,000.00         ZZ
                                         360        389,664.22          1
                                       6.750          2,529.53         74
                                       6.500          2,529.53
    CORVALLIS        OR   97333          5            12/12/01         00
    0433589496                           05           02/01/02          0
    172203                               O            01/01/32
    0
1

    6718138          757/G01             F          500,000.00         ZZ
                                         360        499,569.50          1
                                       6.750          3,243.00         78
                                       6.500          3,243.00
    DAVIDSONVILLE    MD   21035          2            12/10/01         00
    0433601390                           05           02/01/02          0
    1000509065                           O            01/01/32
    0

    6719570          964/G01             F          355,000.00         ZZ
                                         360        354,694.36          1
                                       6.750          2,302.52         49
                                       6.500          2,302.52
    SAN RAFAEL       CA   94901          5            12/07/01         00
    0433588589                           05           02/01/02          0
    400170546                            O            01/01/32
    0

    6720652          696/G01             F          450,000.00         ZZ
                                         360        449,260.13          1
                                       7.000          2,993.86         54
                                       6.750          2,993.86
    MCLEAN           VA   22101          2            11/26/01         00
    0433513223                           05           01/01/02          0
    10001064                             O            12/01/31
    0

    6720654          696/G01             F          507,500.00         ZZ
                                         360        506,644.84          1
                                       6.875          3,333.91         67
                                       6.625          3,333.91
    MCLEAN           VA   22101          2            11/16/01         00
    0433507852                           05           01/01/02          0
    24401168                             O            12/01/31
    0

    6722814          994/X14             F          334,500.00         ZZ
                                         360        333,750.60          1
                                       7.500          2,338.87         84
                                       7.250          2,338.87
    WATSONVILLE      CA   95076          2            10/04/01         11
    218620973                            05           12/01/01         12
    218620973                            O            11/01/31
    0

    6725032          964/G01             F          572,000.00         ZZ
                                         360        571,495.34          1
1

                                       6.625          3,662.58         80
                                       6.375          3,662.58
    SUNNYVALE        CA   94087          2            12/13/01         00
    0433589991                           05           02/01/02          0
    400169522                            O            01/01/32
    0

    6725272          964/G01             F          450,000.00         ZZ
                                         360        449,602.97          1
                                       6.625          2,881.40         62
                                       6.375          2,881.40
    SAN MARINO       CA   91108          2            12/14/01         00
    0433605151                           05           02/01/02          0
    400169252                            O            01/01/32
    0

    6725518          964/G01             F          650,000.00         ZZ
                                         360        649,440.36          1
                                       6.750          4,215.89         60
                                       6.500          4,215.89
    BOLINAS          CA   94924          2            12/11/01         00
    0433594868                           05           02/01/02          0
    171410                               O            01/01/32
    0

    6730498          994/X14             F          425,000.00         ZZ
                                         360        423,948.77          1
                                       7.000          2,827.54         62
                                       6.750          2,827.54
    ELLIOTT  CITY    MD   21042          2            10/10/01         00
    218889388                            05           12/01/01          0
    218889388                            O            11/01/31
    0

    6731220          E82/G01             F          335,200.00         ZZ
                                         360        334,700.91          1
                                       7.500          2,343.77         80
                                       7.250          2,343.77
    BREA             CA   92821          2            11/08/01         00
    0400485876                           05           01/01/02          0
    0400485876                           O            12/01/31
    0

    6731242          E82/G01             F          269,200.00         ZZ
                                         360        268,198.05          1
                                       6.750          1,746.03         69
                                       6.500          1,746.03
    BEAVERTON        OR   97006          2            11/19/01         00
    0400537429                           05           01/01/02          0
1

    1546484                              O            12/01/31
    0

    6731268          E82/G01             F          273,700.00         ZZ
                                         360        273,249.99          1
                                       7.000          1,820.93         80
                                       6.750          1,820.93
    CERRITOS         CA   90703          2            11/21/01         00
    0400538013                           05           01/01/02          0
    3750218                              O            12/01/31
    0

    6731274          E82/G01             F          277,600.00         ZZ
                                         360        277,143.58          1
                                       7.000          1,846.88         80
                                       6.750          1,846.88
    PORTLAND         OR   97223          2            11/26/01         00
    0400527487                           05           01/01/02          0
    0400527487                           O            12/01/31
    0

    6732544          E22/G01             F        1,000,000.00         ZZ
                                         360        998,314.94          1
                                       6.875          6,569.29         40
                                       6.625          6,569.29
    MERCER ISLAND    WA   98040          2            11/16/01         00
    0413070020                           05           01/01/02          0
    0413070020                           O            12/01/31
    0

    6732678          E22/G01             F           61,750.00         ZZ
                                         360         61,672.98          1
                                       8.375            469.34         95
                                       8.125            469.34
    HOLIDAY          FL   34691          1            11/28/01         01
    0413296229                           05           01/01/02         30
    0413296229                           O            12/01/31
    0

    6732794          757/G01             F          312,000.00         ZZ
                                         360        311,724.72          1
                                       6.625          1,997.78         73
                                       6.375          1,997.78
    BIRMINGHAM       AL   35223          5            12/07/01         00
    0433604915                           05           02/01/02          0
    1000512465                           O            01/01/32
    0

1

    6734618          964/G01             F          325,200.00         ZZ
                                         360        324,913.08          1
                                       6.625          2,082.29         85
                                       6.375          2,082.29
    BOTHELL          WA   98012          2            12/04/01         11
    0433600715                           03           02/01/02         12
    171763                               O            01/01/32
    0

    6738724          R65/G01             F          854,000.00         ZZ
                                         360        853,235.61          1
                                       6.875          5,610.17         57
                                       6.625          5,610.17
    POWAY            CA   92064          5            12/06/01         00
    0433650959                           05           02/01/02          0
    20015960                             O            01/01/32
    0

    6741196          994/X14             F          335,000.00         ZZ
                                         360        332,442.70          1
                                       7.500          2,342.37         77
                                       7.250          2,342.37
    WYOMISSING       PA   19610          2            03/02/01         00
    402555177                            05           05/01/01          0
    402555177                            O            04/01/31
    0

    6743786          N47/G01             F          475,000.00         ZZ
                                         360        474,610.64          1
                                       7.000          3,160.19         75
                                       6.750          3,160.19
    MOUNT PLEASANT   SC   29464          2            12/04/01         00
    0433489150                           03           02/02/02          0
    40112968                             O            01/02/32
    0

    6744044          M27/G01             F          515,000.00         ZZ
                                         360        514,545.63          1
                                       6.625          3,297.60         52
                                       6.375          3,297.60
    GREENSBORO       NC   27455          2            12/03/01         00
    0433549532                           03           02/01/02          0
    600710015                            O            01/01/32
    0

    6744224          369/G01             F          370,000.00         ZZ
                                         360        369,681.44          1
                                       6.750          2,399.81         74
                                       6.500          2,399.81
1

    LINO LAKES       MN   55110          5            12/04/01         00
    0433625514                           05           02/01/02          0
    19268385                             O            01/01/32
    0

    6744822          964/G01             F          306,000.00         ZZ
                                         360        305,736.54          1
                                       6.750          1,984.71         56
                                       6.500          1,984.71
    LAGUNA NIGUEL    CA   92677          2            12/06/01         00
    0433591393                           01           02/01/02          0
    164919                               O            01/01/32
    0

    6747388          964/G01             F          327,000.00         ZZ
                                         360        326,718.46          1
                                       6.750          2,120.92         75
                                       6.500          2,120.92
    WATSONVILLE      CA   95076          5            12/12/01         00
    0433586997                           05           02/01/02          0
    169956                               O            01/01/32
    0

    6749616          964/G01             F          344,000.00         ZZ
                                         360        343,718.03          1
                                       7.000          2,288.64         72
                                       6.750          2,288.64
    SALINAS          CA   93908          2            12/12/01         00
    0433560208                           05           02/01/02          0
    169279                               O            01/01/32
    0

    6750320          994/X14             F          350,000.00         ZZ
                                         360        349,215.87          1
                                       7.500          2,447.25         73
                                       7.250          2,447.25
    OCEANSIDE        CA   92057          2            10/09/01         00
    218555336                            05           12/01/01          0
    218555336                            O            11/01/31
    0

    6752666          964/G01             F          425,000.00         ZZ
                                         360        424,651.63          1
                                       7.000          2,827.54         70
                                       6.750          2,827.54
    CAMINO           CA   95709          2            12/06/01         00
    0433577012                           05           02/01/02          0
    145483                               O            01/01/32
    0
1

    6753214          964/G01             F          538,000.00         ZZ
                                         360        537,525.34          1
                                       6.625          3,444.87         77
                                       6.375          3,444.87
    PHOENIX          AZ   85021          2            12/21/01         00
    0433589603                           05           02/01/02          0
    174818                               O            01/01/32
    0

    6755616          E47/G01             F          200,000.00         ZZ
                                         360        199,831.97          1
                                       6.875          1,313.86         47
                                       6.625          1,313.86
    NAPLES           FL   34117          5            12/06/01         00
    0433589769                           05           02/01/02          0
    7361011766                           O            01/01/32
    0

    6759912          994/X14             F          320,000.00         ZZ
                                         360        319,066.11          1
                                       7.000          2,128.97         80
                                       6.750          2,128.97
    BRIDGEWATER      NJ   07945          1            10/29/01         00
    1000310229                           05           12/01/01          0
    1000310229                           O            11/01/31
    0

    6761876          994/X14             F          381,300.00         ZZ
                                         360        380,466.80          1
                                       7.625          2,698.82         75
                                       7.375          2,698.82
    SKOKIE           IL   60077          2            10/22/01         00
    218871931                            05           12/01/01          0
    218871931                            O            11/01/31
    0

    6762592          696/G01             F          906,000.00         ZZ
                                         360        904,473.33          1
                                       6.875          5,951.78         46
                                       6.625          5,951.78
    WASHINGTON       DC   20016          2            11/20/01         00
    0433428810                           05           01/01/02          0
    24401171                             O            12/01/31
    0

    6766474          253/253             F          375,080.00         ZZ
                                         360        374,801.63          1
1

                                       7.500          2,622.62         69
                                       7.250          2,622.62
    ARGYLE           TX   76226          2            12/17/01         00
    988093                               05           02/01/02          0
    988093                               O            01/01/32
    0

    6768324          964/G01             F          324,000.00         ZZ
                                         360        323,753.46          1
                                       7.375          2,237.79         75
                                       7.125          2,237.79
    LAKE OSWEGO      OR   97035          2            12/11/01         00
    0433587029                           05           02/01/02          0
    174278                               O            01/01/32
    0

    6768944          B57/G01             F          365,600.00         ZZ
                                         360        365,292.85          1
                                       6.875          2,401.73         80
                                       6.625          2,401.73
    LOS ANGELES      CA   90048          1            12/05/01         00
    0433610771                           05           02/01/02          0
    2119265                              O            01/01/32
    0

    6770260          E22/G01             F          310,400.00         ZZ
                                         360        309,889.65          1
                                       7.000          2,065.10         80
                                       6.750          2,065.10
    SUGAR LAND       TX   77478          2            11/26/01         00
    0413266040                           03           01/01/02          0
    0413266040                           O            12/01/31
    0

    6770872          E82/G01             F          304,800.00         ZZ
                                         360        304,298.86          1
                                       7.000          2,027.84         79
                                       6.750          2,027.84
    NEWTOWN          CT   06470          2            11/19/01         00
    0400533824                           05           01/01/02          0
    3728453                              O            12/01/31
    0

    6772988          964/G01             F          398,000.00         ZZ
                                         360        397,657.33          1
                                       6.750          2,581.42         73
                                       6.500          2,581.42
    NEVADA CITY      CA   95959          2            12/08/01         00
    0433585635                           03           02/01/02          0
1

    161328                               O            01/01/32
    0

    6774982          964/G01             F          482,200.00         ZZ
                                         360        481,784.84          1
                                       6.750          3,127.54         66
                                       6.500          3,127.54
    MORAGA           CA   94556          2            01/12/01         00
    0433580032                           05           02/01/02          0
    400171750                            O            01/01/32
    0

    6775322          964/G01             F          332,000.00         ZZ
                                         360        331,714.15          1
                                       6.750          2,153.35         80
                                       6.500          2,153.35
    BERKELEY         CA   94702          1            12/12/01         00
    0433586328                           05           02/01/02          0
    400149348                            O            01/01/32
    0

    6775328          964/G01             F          333,600.00         ZZ
                                         360        333,364.55          1
                                       7.750          2,389.95         80
                                       7.500          2,389.95
    EL CERRITO       CA   94530          1            12/13/01         00
    0433549284                           05           02/01/02          0
    400175383                            O            01/01/32
    0

    6775340          964/G01             F          330,000.00         ZZ
                                         360        329,715.88          1
                                       6.750          2,140.37         39
                                       6.500          2,140.37
    SAN RAFAEL       CA   94901          5            12/05/01         00
    0433587532                           05           02/01/02          0
    164598                               O            01/01/32
    0

    6776150          E33/G01             F          927,000.00         ZZ
                                         360        926,221.21          1
                                       6.875          6,089.73         44
                                       6.625          6,089.73
    LAKE FOREST      IL   60045          2            11/28/01         00
    0433432713                           05           02/01/02          0
    SAWLE                                O            01/01/32
    0

1

    6777530          470/G01             F          310,000.00         ZZ
                                         360        309,739.56          1
                                       6.875          2,036.48         75
                                       6.625          2,036.48
    TUSTIN AREA      CA   92780          2            12/05/01         00
    0433625357                           05           02/01/02          0
    TCC1338                              O            01/01/32
    0

    6783752          369/G01             F        1,000,000.00         ZZ
                                         360        999,239.08          1
                                       7.375          6,906.75         60
                                       7.125          6,906.75
    RANCHO PALOS VE  CA   90275          1            12/26/01         00
    0433615747                           05           02/01/02          0
    0073490153                           O            01/01/32
    0

    6786104          A06/G01             F          457,000.00         ZZ
                                         360        457,000.00          1
                                       7.000          3,040.44         67
                                       6.750          3,040.44
    BLOOMFIELD HILL  MI   48304          2            01/10/02         00
    0433595345                           05           03/01/02          0
    1000020151971                        O            02/01/32
    0

    6793246          E22/G01             F          327,750.00         ZZ
                                         360        327,224.26          1
                                       7.125          2,208.11         73
                                       6.875          2,208.11
    HAWTHORN WOODS   IL   60047          2            11/28/01         00
    0413143447                           05           01/01/02          0
    0413143447                           O            12/01/31
    0

    6793768          E82/G01             F          466,000.00         ZZ
                                         360        465,598.78          1
                                       6.750          3,022.47         80
                                       6.500          3,022.47
    BEAVERTON        OR   97007          1            12/05/01         00
    0400493417                           05           02/01/02          0
    0400493417                           O            01/01/32
    0

    6793770          E82/G01             F          344,000.00         ZZ
                                         360        343,221.82          1
                                       7.000          2,288.64         65
                                       6.750          2,288.64
1

    SAN BRUNO        CA   94066          2            11/29/01         00
    0400531208                           05           01/01/02          0
    5588605                              O            12/01/31
    0

    6793956          964/G01             F          480,000.00         ZZ
                                         360        479,586.73          1
                                       6.750          3,113.27         74
                                       6.500          3,113.27
    PHOENIX          AZ   85028          2            12/28/01         00
    0433587151                           03           02/01/02          0
    171498                               O            01/01/32
    0

    6801648          E87/G01             F          374,000.00         ZZ
                                         360        373,722.44          1
                                       7.500          2,615.06         80
                                       7.250          2,615.06
    SIMI VALLEY      CA   93065          1            12/03/01         00
    0433522901                           03           02/01/02          0
    70003902                             O            01/01/32
    0

    6801934          L46/L46             F          324,800.00         ZZ
                                         360        324,506.37          1
                                       6.500          2,052.96         80
                                       6.250          2,052.96
    PARKER           TX   75094          1            12/14/01         00
    0000949693                           05           02/01/02          0
    0000949693                           O            01/01/32
    0

    6803534          964/G01             F          350,000.00         ZZ
                                         360        349,691.20          1
                                       6.625          2,241.09         68
                                       6.375          2,241.09
    SAN BRUNO        CA   94066          5            12/10/01         00
    0433596491                           05           02/01/02          0
    167337                               O            01/01/32
    0

    6803778          757/G01             F          384,000.00         ZZ
                                         360        383,677.39          1
                                       6.875          2,522.61         80
                                       6.625          2,522.61
    SANDY HOOK       CT   06482          1            12/28/01         00
    0433585254                           05           02/01/02          0
    1000550143                           O            01/01/32
    0
1

    6803876          964/G01             F          467,000.00         ZZ
                                         360        466,597.93          1
                                       6.750          3,028.95         55
                                       6.500          3,028.95
    GREENBRAE        CA   94904          5            12/17/01         00
    0433567419                           05           02/01/02          0
    400170567                            O            01/01/32
    0

    6805346          757/G01             F          563,650.00         ZZ
                                         360        563,210.30          1
                                       7.250          3,845.09         78
                                       7.000          3,845.09
    FAIRFIELD        CT   06430          2            12/20/01         00
    0433633104                           05           02/01/02          0
    2SYLVIADAVI                          O            01/01/32
    0

    6805822          696/G01             F          356,000.00         ZZ
                                         360        355,414.67          1
                                       7.000          2,368.48         29
                                       6.750          2,368.48
    UPPERVILLE       VA   20185          2            11/28/01         00
    0433429412                           05           01/01/02          0
    50101193                             O            12/01/31
    0

    6805826          696/G01             F          417,000.00         ZZ
                                         360        416,279.58          1
                                       6.750          2,704.65         64
                                       6.500          2,704.65
    ALEXANDRIA       VA   22307          5            11/28/01         00
    0433586153                           05           01/01/02          0
    23101109                             O            12/01/31
    0

    6810468          D03/D03             F          235,500.00         ZZ
                                         360        235,320.80          1
                                       7.375          1,626.54         47
                                       7.125          1,626.54
    STANFORD         CA   94305          1            12/04/01         00
    ROBIN1010001311                      01           02/01/02          0
    ROBIN1010001311                      O            01/01/32
    0

    6812276          964/G01             F          650,000.00         ZZ
                                         360        649,480.21          1
1

                                       7.125          4,379.17         62
                                       6.875          4,379.17
    ORINDA           CA   94563          2            12/19/01         00
    0433569886                           05           02/01/02          0
    400171994                            O            01/01/32
    0

    6812526          964/G01             F          357,000.00         ZZ
                                         360        356,685.03          1
                                       6.625          2,285.91         72
                                       6.375          2,285.91
    SACRAMENTO       CA   95831          2            12/11/01         00
    0433589280                           05           02/01/02          0
    170082                               O            01/01/32
    0

    6813864          757/G01             F          329,850.00         ZZ
                                         360        329,566.00          1
                                       6.750          2,139.41         80
                                       6.500          2,139.41
    ROMEO            MI   48065          2            12/13/01         00
    0433571668                           05           02/01/02          0
    4KIRTLEYMICH                         O            01/01/32
    0

    6815856          U80/U80             F          335,000.00         ZZ
                                         360        334,732.10          1
                                       7.125          2,256.96         90
                                       6.875          2,256.96
    HARTSVILLE       SC   29550          1            12/10/01         04
    10005067                             05           02/01/02         25
    10005067                             O            01/01/32
    0

    6817630          964/G01             F          374,000.00         ZZ
                                         360        373,685.79          1
                                       6.875          2,456.92         78
                                       6.625          2,456.92
    FREMONT          CA   94555          2            12/17/01         00
    0433587102                           05           02/01/02          0
    400170140                            O            01/01/32
    0

    6818252          E11/G01             F          446,350.00         ZZ
                                         360        445,975.01          1
                                       6.875          2,932.20         77
                                       6.625          2,932.20
    MAPLE PLAIN      MN   55359          2            12/14/01         00
    0433591088                           05           02/01/02          0
1

    0002001036758                        O            01/01/32
    0

    6818918          975/G01             F          385,000.00         ZZ
                                         360        384,699.66          1
                                       7.250          2,626.38         72
                                       7.000          2,626.38
    WALNUT           CA   91789          1            12/17/01         00
    0433557030                           05           02/01/02          0
    2015933                              O            01/01/32
    0

    6819624          757/G01             F          382,000.00         ZZ
                                         360        381,679.07          1
                                       6.875          2,509.47         65
                                       6.625          2,509.47
    BEDFORD          NH   03110          2            12/10/01         00
    0433631173                           05           02/01/02          0
    1000497253                           O            01/01/32
    0

    6819648          964/G01             F          329,000.00         ZZ
                                         360        328,723.60          1
                                       6.875          2,161.30         78
                                       6.625          2,161.30
    WOODLAND HILLS(  CA   91367          2            12/12/01         00
    0433575016                           05           02/01/02          0
    172533                               O            01/01/32
    0

    6819986          L49/G01             F          650,000.00         ZZ
                                         360        649,467.20          1
                                       7.000          4,324.47         78
                                       6.750          4,324.47
    SAN CLEMENTE     CA   92673          1            12/07/01         00
    0433543782                           09           02/01/02          0
    10007071                             O            01/01/32
    0

    6822234          W55/G01             F          380,000.00         ZZ
                                         360        379,710.85          1
                                       7.375          2,624.57         80
                                       7.125          2,624.57
    SAN FRANCISCO    CA   94116          1            12/07/01         00
    0433482973                           05           02/01/02          0
    000215651500                         O            01/01/32
    0

1

    6825694          964/G01             F          329,400.00         ZZ
                                         360        329,116.40          1
                                       6.750          2,136.48         29
                                       6.500          2,136.48
    ORINDA           CA   94563          2            12/11/01         00
    0433585650                           03           02/01/02          0
    400167055                            O            01/01/32
    0

    6826402          738/G01             F          319,900.00         ZZ
                                         360        319,631.24          1
                                       6.875          2,101.52         80
                                       6.625          2,101.52
    SAVANNAH         GA   31405          1            12/14/01         00
    0433570777                           03           02/01/02          0
    40163008                             O            01/01/32
    0

    6830700          964/G01             F          315,500.00         ZZ
                                         360        315,221.64          1
                                       6.625          2,020.18         51
                                       6.375          2,020.18
    SAN ANSELMO      CA   94960          2            12/13/01         00
    0433562519                           05           02/01/02          0
    169423                               O            01/01/32
    0

    6831146          964/G01             F          330,000.00         ZZ
                                         360        329,715.88          1
                                       6.750          2,140.37         56
                                       6.500          2,140.37
    DANVILLE         CA   94526          5            12/12/01         00
    0433589553                           05           02/01/02          0
    400167433                            O            01/01/32
    0

    6835014          A06/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.125          2,290.65         52
                                       6.875          2,290.65
    BLOOMFIELD HILL  MI   48302          5            01/11/02         00
    0433601184                           05           03/01/02          0
    1000020151014                        O            02/01/32
    0

    6836336          E22/G01             F          382,800.00         T
                                         360        382,154.97          1
                                       6.875          2,514.72         68
                                       6.625          2,514.72
1

    ENCINITAS        CA   92024          2            11/21/01         00
    0413203134                           09           01/01/02          0
    0413203134                           O            12/01/31
    0

    6836354          E22/G01             F          148,000.00         ZZ
                                         360        147,898.15          1
                                       7.875          1,073.10         80
                                       7.625          1,073.10
    ANN ARBOR        MI   48108          1            12/05/01         00
    0413221938                           05           02/01/02          0
    0413221938                           O            01/01/32
    0

    6836374          E22/G01             F          370,000.00         ZZ
                                         360        369,476.02          1
                                       7.750          2,650.73         88
                                       7.500          2,650.73
    MIDDLETON        MA   01949          2            11/30/01         04
    0413255357                           05           01/01/02         25
    0413255357                           O            12/01/31
    0

    6836426          E22/G01             F          489,000.00         ZZ
                                         360        488,196.00          1
                                       7.000          3,253.33         58
                                       6.750          3,253.33
    RIVER FOREST     IL   60305          2            11/30/01         00
    0413286246                           05           01/01/02          0
    0413286246                           O            12/01/31
    0

    6837256          964/G01             F          336,000.00         ZZ
                                         360        335,717.72          1
                                       6.875          2,207.28         48
                                       6.625          2,207.28
    TRUCKEE          CA   96161          5            12/26/01         00
    0433586401                           03           02/01/02          0
    167674                               O            01/01/32
    0

    6838306          L46/L46             F          999,950.00         ZZ
                                         360        999,950.00          1
                                       6.875          6,568.97         64
                                       6.625          6,568.97
    BIRMINGHAM       MI   48009          2            01/08/02         00
    0003027562                           05           03/01/02          0
    0003027562                           O            02/01/32
    0
1

    6844320          964/G01             F          366,000.00         ZZ
                                         360        365,684.88          1
                                       6.750          2,373.87         68
                                       6.500          2,373.87
    SAN MATEO        CA   94402          2            12/12/01         00
    0433592680                           05           02/01/02          0
    168504                               O            01/01/32
    0

    6848370          994/X14             F          532,000.00         ZZ
                                         360        530,405.85          1
                                       7.500          3,719.82         80
                                       7.250          3,719.82
    FLOWERMOUND      TX   75028          2            09/24/01         00
    5018787798                           03           11/01/01          0
    5018787798                           O            10/01/31
    0

    6848424          994/X14             F          339,000.00         ZZ
                                         360        337,850.96          1
                                       6.875          2,226.99         76
                                       6.625          2,226.99
    ALPHARETTA       GA   30005          2            09/27/01         00
    4218867699                           03           11/01/01          0
    4218867699                           O            10/01/31
    0

    6848432          994/X14             F          378,000.00         ZZ
                                         360        376,867.28          1
                                       7.500          2,643.04         70
                                       7.250          2,643.04
    PORT JEFFERSON   NY   11777          5            09/26/01         00
    1000332446                           05           11/01/01          0
    1000332446                           O            10/01/31
    0

    6848462          994/X14             F          335,000.00         ZZ
                                         360        334,132.36          1
                                       7.500          2,342.37         73
                                       7.250          2,342.37
    REDONDO BEACH    CA   90278          2            10/17/01         00
    618905192                            05           12/01/01          0
    618905192                            O            11/01/31
    0

    6848464          994/X14             F          384,000.00         ZZ
                                         360        383,368.64          1
1

                                       7.000          2,554.76         58
                                       6.750          2,554.76
    PHOENIX          AZ   85048          2            11/14/01         00
    1819012048                           03           01/01/02          0
    1819012048                           O            12/01/31
    0

    6848470          994/X14             F          400,000.00         ZZ
                                         360        399,348.49          2
                                       7.500          2,796.86         73
                                       7.250          2,796.86
    BROOKLYN         NY   11223          2            11/07/01         00
    81257650                             05           01/01/02          0
    81257650                             O            12/01/31
    0

    6848482          994/X14             F          340,000.00         T
                                         360        337,936.65          1
                                       7.500          2,377.33         80
                                       7.250          2,377.33
    WARWICK          NY   10990          1            05/08/01         00
    20103172                             05           07/01/01          0
    20103172                             O            06/01/31
    0

    6850320          964/G01             F          399,950.00         ZZ
                                         360        399,597.14          1
                                       6.625          2,560.92         34
                                       6.375          2,560.92
    SEBASTOPOL       CA   95472          5            12/12/01         00
    0433570033                           05           02/01/02          0
    172045                               O            01/01/32
    0

    6854850          E23/G01             F          399,900.00         ZZ
                                         360        399,610.56          1
                                       7.625          2,830.47         75
                                       7.375          2,830.47
    LA HABRA HEIGHT  CA   90631          2            12/20/01         00
    0433562527                           05           02/01/02          0
    51010545                             O            01/01/32
    0

    6856368          E22/G01             F          320,000.00         ZZ
                                         360        319,750.37          1
                                       7.250          2,182.96         75
                                       7.000          2,182.96
    SAN RAMON        CA   94583          5            11/29/01         00
    0413340878                           09           02/01/02          0
1

    0413340878                           O            01/01/32
    0

    6856750          E82/G01             F          265,900.00         ZZ
                                         360        265,676.62          1
                                       6.875          1,746.77         35
                                       6.625          1,746.77
    KULA             HI   96790          2            12/05/01         00
    0400521571                           05           02/01/02          0
    1660651                              O            01/01/32
    0

    6857070          144/144             F          338,000.00         ZZ
                                         360        337,708.99          1
                                       6.750          2,192.26         62
                                       6.500          2,192.26
    POUND RIDGE      NY   10576          2            12/12/01         00
    01/RICHMAN S                         05           02/01/02          0
    01/RICHMAN S                         O            01/01/32
    0

    6858186          196/G01             F          430,000.00         ZZ
                                         360        429,275.41          1
                                       6.875          2,824.80         65
                                       6.625          2,824.80
    WESTON           MA   02493          1            11/13/01         00
    0433484599                           05           01/01/02          0
    1308268                              O            12/01/31
    0

    6858202          196/G01             F          490,000.00         ZZ
                                         360        489,174.30          1
                                       6.875          3,218.96         64
                                       6.625          3,218.96
    READING          MA   01867          2            11/09/01         00
    0433484342                           05           01/01/02          0
    1309416                              O            12/01/31
    0

    6858216          196/G01             F          650,000.00         ZZ
                                         360        648,849.86          1
                                       6.625          4,162.03         76
                                       6.375          4,162.03
    DARIEN           CT   06820          1            11/15/01         00
    0433567476                           05           01/01/02          0
    1311709                              O            12/01/31
    0

1

    6858242          196/G01             F          346,000.00         ZZ
                                         360        345,416.96          1
                                       6.875          2,272.98         77
                                       6.625          2,272.98
    STUDIO CITY ARE  CA   91604          1            11/01/01         00
    0433567492                           05           01/01/02          0
    1458079                              O            12/01/31
    0

    6858322          196/G01             F          650,000.00         T
                                         360        648,849.86          1
                                       6.625          4,162.03         44
                                       6.375          4,162.03
    BOYNE CITY       MI   49712          2            11/14/01         00
    0433485075                           05           01/01/02          0
    1468644                              O            12/01/31
    0

    6858348          196/G01             F          357,000.00         ZZ
                                         360        356,398.42          1
                                       6.875          2,345.24         60
                                       6.625          2,345.24
    NEW CANAAN       CT   06840          2            11/26/01         00
    0433485117                           05           01/01/02          0
    1470619                              O            12/01/31
    0

    6858414          196/G01             F          336,000.00         ZZ
                                         360        335,547.60          1
                                       8.000          2,465.45         80
                                       7.750          2,465.45
    SANTA ROSA       CA   95403          1            11/28/01         00
    0433489085                           03           01/01/02          0
    1478795                              O            12/01/31
    0

    6859314          757/G01             F          350,000.00         ZZ
                                         360        349,713.11          1
                                       7.000          2,328.56         80
                                       6.750          2,328.56
    OLNEY            MD   20832          2            12/13/01         00
    0433601697                           03           02/01/02          0
    1000516706                           O            01/01/32
    0

    6859690          757/G01             F          326,000.00         ZZ
                                         360        326,000.00          1
                                       6.625          2,087.42         79
                                       6.375          2,087.42
1

    GALSTONBURY      CT   06033          2            12/28/01         00
    0433601770                           05           03/01/02          0
    1000516524                           O            02/01/32
    0

    6860260          L60/F27             F          309,600.00         T
                                         360        308,465.27          1
                                       7.625          2,191.33         79
                                       7.375          2,191.33
    HARKERS ISLAND   NC   28531          2            08/14/01         00
    6610489085                           05           10/01/01          0
    6610489085                           O            09/01/31
    0

    6860266          L60/F27             F          311,000.00         ZZ
                                         358        309,086.12          1
                                       7.500          2,177.80         80
                                       7.250          2,177.80
    WILMINGTON       NC   28411          4            05/31/01         00
    6610330698                           03           07/01/01          0
    6610330698                           O            04/01/31
    0

    6860288          L60/F27             F          325,000.00         ZZ
                                         359        323,135.49          1
                                       7.125          2,191.34         71
                                       6.875          2,191.34
    SILVER SPRING    MD   20910          1            06/27/01         00
    6610356484                           05           08/01/01          0
    6610356484                           O            06/01/31
    0

    6860304          L60/F27             F          338,400.00         ZZ
                                         360        336,566.65          1
                                       7.625          2,395.17         80
                                       7.375          2,395.17
    GAMBRILLS        MD   21054          1            06/26/01         00
    6990394804                           03           08/01/01          0
    6990394804                           O            07/01/31
    0

    6860312          L60/F27             F          341,000.00         ZZ
                                         360        339,468.63          1
                                       7.000          2,268.68         76
                                       6.750          2,268.68
    BETHESDA         MD   20817          2            10/01/01         00
    6990434814                           05           11/01/01          0
    6990434814                           O            10/01/31
    0
1

    6860314          L60/F27             F          342,000.00         ZZ
                                         360        340,896.24          1
                                       7.125          2,304.12         71
                                       6.875          2,304.12
    RESTON           VA   20194          2            09/28/01         00
    6990433486                           03           11/01/01          0
    6990433486                           O            10/01/31
    0

    6860360          L60/F27             F          384,500.00         ZZ
                                         360        383,019.02          1
                                       7.375          2,655.65         80
                                       7.125          2,655.65
    SILVER SPRING    MD   20904          1            08/14/01         00
    6920089362                           03           10/01/01          0
    6920089362                           O            09/01/31
    0

    6860366          L60/F27             F          394,000.00         ZZ
                                         360        392,519.55          1
                                       7.500          2,754.91         80
                                       7.250          2,754.91
    SYKESVILLE       MD   21784          1            08/16/01         00
    6920033502                           05           10/01/01          0
    6920033502                           O            09/01/31
    0

    6860402          L60/F27             F          453,650.00         ZZ
                                         360        451,902.69          1
                                       7.375          3,133.25         80
                                       7.125          3,133.25
    GAINESVILLE      VA   20155          1            08/31/01         00
    6920013463                           03           10/01/01          0
    6920013463                           O            09/01/31
    0

    6860408          L60/F27             F          460,000.00         ZZ
                                         360        457,739.91          1
                                       7.875          3,335.32         61
                                       7.625          3,335.32
    MCLEAN           VA   22101          1            06/21/01         00
    6920010790                           03           08/01/01          0
    6920010790                           O            07/01/31
    0

    6860412          L60/F27             F          506,400.00         T
                                         360        495,956.27          1
1

                                       7.375          3,497.58         80
                                       7.125          3,497.58
    COROLLA          NC   27927          1            08/22/01         00
    6990414937                           03           10/01/01          0
    6990414937                           O            09/01/31
    0

    6861768          964/G01             F          408,000.00         ZZ
                                         360        407,648.72          1
                                       6.750          2,646.28         59
                                       6.500          2,646.28
    SAN RAFAEL       CA   94903          2            12/17/01         00
    0433570090                           03           02/01/02          0
    170579                               O            01/01/32
    0

    6861870          964/G01             F          481,000.00         ZZ
                                         360        480,575.62          1
                                       6.625          3,079.90         74
                                       6.375          3,079.90
    PLEASANTON       CA   94566          2            12/19/01         00
    0433622461                           05           02/01/02          0
    400172059                            O            01/01/32
    0

    6862232          964/G01             F          375,000.00         ZZ
                                         360        374,669.14          1
                                       6.625          2,401.17         75
                                       6.375          2,401.17
    SAN JOSE         CA   95125          5            12/14/01         00
    0433647252                           05           02/01/02          0
    169286                               O            01/01/32
    0

    6862236          964/G01             F          588,000.00         ZZ
                                         360        587,493.74          1
                                       6.750          3,813.76         42
                                       6.500          3,813.76
    SAN ANSELMO      CA   94960          2            12/20/01         00
    0433586658                           05           02/01/02          0
    400171650                            O            01/01/32
    0

    6862536          964/G01             F          359,200.00         ZZ
                                         360        359,200.00          1
                                       7.250          2,450.38         80
                                       7.000          2,450.38
    ALTADENA         CA   91001          1            01/02/02         00
    0433599834                           05           03/01/02          0
1

    400177904                            O            02/01/32
    0

    6862560          964/G01             F          350,000.00         ZZ
                                         360        349,713.11          1
                                       7.000          2,328.56         47
                                       6.750          2,328.56
    MORAGA           CA   94556          2            12/21/01         00
    0433586310                           05           02/01/02          0
    400173781                            O            01/01/32
    0

    6863686          964/G01             F          547,500.00         ZZ
                                         360        547,040.03          1
                                       6.875          3,596.69         75
                                       6.625          3,596.69
    WALNUT CREEK     CA   94596          2            12/20/01         00
    0433605763                           05           02/01/02          0
    400172106                            O            01/01/32
    0

    6871438          R65/G01             F          335,150.00         ZZ
                                         360        334,875.28          1
                                       7.000          2,229.76         80
                                       6.750          2,229.76
    GAINESVILLE      VA   20155          1            12/13/01         00
    0433522976                           05           02/01/02          0
    20016074                             O            01/01/32
    0

    6873978          964/G01             F          328,000.00         ZZ
                                         360        327,724.44          1
                                       6.875          2,154.73         80
                                       6.625          2,154.73
    OAKDALE          CA   95361          1            12/16/01         00
    0433586476                           05           02/01/02          0
    173615                               O            01/01/32
    0

    6877000          X31/G01             F           79,350.00         ZZ
                                         360         79,296.76          1
                                       8.000            582.24         64
                                       7.750            582.24
    HIGHLAND         CA   92346          2            12/11/01         00
    0433555760                           05           02/01/02          0
    30000009                             O            01/01/32
    0

1

    6878500          964/G01             F          324,000.00         ZZ
                                         360        323,721.04          1
                                       6.750          2,101.46         80
                                       6.500          2,101.46
    SCOTTSDALE       AZ   85260          2            12/19/01         00
    0433584976                           05           02/01/02          0
    171827                               O            01/01/32
    0

    6879220          E22/G01             F          388,400.00         ZZ
                                         360        387,745.53          1
                                       6.875          2,551.51         65
                                       6.625          2,551.51
    TENAFLY          NJ   07670          2            12/03/01         00
    0413215799                           05           01/01/02          0
    0413215799                           O            12/01/31
    0

    6879232          E22/G01             F          326,000.00         ZZ
                                         360        325,732.78          1
                                       7.000          2,168.89         60
                                       6.750          2,168.89
    PACIFICA         CA   94044          5            11/28/01         00
    0413240367                           05           02/01/02          0
    0413240367                           O            01/01/32
    0

    6879238          E22/G01             F          450,000.00         ZZ
                                         360        449,648.96          1
                                       7.250          3,069.79         67
                                       7.000          3,069.79
    THOUSAND OAKS    CA   91362          5            11/30/01         00
    0413243049                           03           02/01/02          0
    0413243049                           O            01/01/32
    0

    6879326          E22/G01             F          348,600.00         ZZ
                                         360        348,292.44          1
                                       6.625          2,232.12         76
                                       6.375          2,232.12
    AURORA           CO   80016          2            12/05/01         00
    0413316308                           03           02/01/02          0
    0413316308                           O            01/01/32
    0

    6879372          E22/G01             F          414,000.00         ZZ
                                         360        413,652.19          1
                                       6.875          2,719.69         73
                                       6.625          2,719.69
1

    NEVADA CITY      CA   95959          2            11/30/01         00
    0413337056                           05           02/01/02          0
    0413337056                           O            01/01/32
    0

    6880956          369/G01             F          426,000.00         ZZ
                                         360        424,982.28          1
                                       6.625          2,727.72         68
                                       6.375          2,727.72
    SUFFOLK          VA   23432          2            11/20/01         00
    0433604014                           05           01/01/02          0
    18935969                             O            12/01/31
    0

    6886048          F19/G01             F          405,000.00         ZZ
                                         360        404,659.75          1
                                       6.875          2,660.56         53
                                       6.625          2,660.56
    SANTA CRUZ       CA   95060          2            12/12/01         00
    0433591021                           05           02/01/02          0
    745667                               O            01/01/32
    0

    6886516          964/G01             F          367,000.00         ZZ
                                         360        366,676.21          1
                                       6.625          2,349.94         52
                                       6.375          2,349.94
    MONUMENT         CO   80132          2            12/07/01         00
    0433622388                           05           02/01/02          0
    171370                               O            01/01/32
    0

    6886602          N47/G01             F          385,500.00         ZZ
                                         360        385,500.00          1
                                       6.875          2,532.46         74
                                       6.625          2,532.46
    NORTHRIDGE       CA   91325          2            01/02/02         00
    0433584380                           05           03/01/02          0
    30312109                             O            02/01/32
    0

    6887334          964/G01             F          468,000.00         ZZ
                                         360        467,625.75          1
                                       7.125          3,153.00         80
                                       6.875          3,153.00
    OAKLAND          CA   94619          1            12/17/01         00
    0433570074                           05           02/01/02          0
    178188                               O            01/01/32
    0
1

    6890186          D11/G01             F          400,000.00         ZZ
                                         360        399,680.13          1
                                       7.125          2,694.87         45
                                       6.875          2,694.87
    LA JOLLA         CA   92037          2            12/19/01         00
    0433573953                           01           02/01/02          0
    1082007328                           O            01/01/32
    0

    6893446          K68/G01             F          375,000.00         ZZ
                                         360        374,692.61          1
                                       7.000          2,494.89         56
                                       6.750          2,494.89
    GREENVILLE       MS   38701          1            12/14/01         00
    0433505724                           05           02/01/02          0
    1250224                              O            01/01/32
    0

    6894352          696/G01             F          323,250.00         ZZ
                                         360        322,239.00          1
                                       7.000          2,150.59         80
                                       6.750          2,150.59
    LORTON           VA   22079          1            11/30/01         00
    0433494234                           03           01/01/02          0
    24501066                             O            12/01/31
    0

    6896222          470/G01             F          388,000.00         ZZ
                                         360        387,739.66          1
                                       8.000          2,847.01         80
                                       7.750          2,847.01
    ROHNERT PARK     CA   94928          1            12/05/01         00
    0433545589                           05           02/01/02          0
    56003096                             O            01/01/32
    0

    6896386          964/G01             F          400,000.00         ZZ
                                         360        399,672.12          1
                                       7.000          2,661.21         80
                                       6.750          2,661.21
    LAKE OSWEGO      OR   97034          2            12/04/01         00
    0433601143                           05           02/01/02          0
    168318                               O            01/01/32
    0

    6898962          964/G01             F          444,000.00         ZZ
                                         360        443,636.06          1
1

                                       7.000          2,953.94         61
                                       6.750          2,953.94
    WALNUT CREEK     CA   94598          2            12/21/01         00
    0433598000                           05           02/01/02          0
    400173784                            O            01/01/32
    0

    6899798          964/G01             F          330,000.00         ZZ
                                         360        329,722.76          1
                                       6.875          2,167.87         75
                                       6.625          2,167.87
    SANTA MONICA     CA   90403          2            12/21/01         00
    0433611589                           01           02/01/02          0
    162335                               O            01/01/32
    0

    6899822          964/G01             F          341,250.00         ZZ
                                         360        340,970.27          1
                                       7.000          2,270.35         75
                                       6.750          2,270.35
    ALAMEDA          CA   94501          1            12/19/01         00
    0433569126                           05           02/01/02          0
    400178327                            O            01/01/32
    0

    6899840          964/G01             F          372,000.00         ZZ
                                         360        371,679.71          1
                                       6.750          2,412.79         61
                                       6.500          2,412.79
    NOVATO           CA   94949          2            12/14/01         00
    0433586419                           03           02/01/02          0
    400169610                            O            01/01/32
    0

    6901116          964/G01             F          350,000.00         ZZ
                                         360        349,691.20          1
                                       6.625          2,241.09         50
                                       6.375          2,241.09
    LIVERMORE        CA   94550          5            12/17/01         00
    0433631439                           05           02/01/02          0
    400170052                            O            01/01/32
    0

    6901802          964/G01             F          344,500.00         ZZ
                                         360        344,196.06          1
                                       6.625          2,205.87         75
                                       6.375          2,205.87
    SAN BRUNO        CA   94066          2            12/13/01         00
    0433654993                           05           02/01/02          0
1

    170520                               O            01/01/32
    0

    6903050          E22/G01             F          235,000.00         ZZ
                                         360        234,850.15          1
                                       8.250          1,765.48         65
                                       8.000          1,765.48
    BAYFIELD         CO   81122          5            12/04/01         00
    0413351461                           03           02/01/02          0
    0413351461                           O            01/01/32
    0

    6903646          L46/L46             F          480,000.00         ZZ
                                         360        479,625.55          1
                                       7.250          3,274.45         80
                                       7.000          3,274.45
    FENTON           MI   48430          1            12/14/01         00
    0002106367                           05           02/01/02          0
    0002106367                           O            01/01/32
    0

    6906106          A06/G01             F          472,000.00         ZZ
                                         360        472,000.00          1
                                       7.250          3,219.88         73
                                       7.000          3,219.88
    BIRMINGHAM       MI   48009          2            01/16/02         00
    0433640190                           05           03/01/02          0
    LUTZ                                 O            02/01/32
    0

    6908578          964/G01             F          449,000.00         ZZ
                                         360        448,622.79          1
                                       6.875          2,949.61         75
                                       6.625          2,949.61
    ORINDA           CA   94563          1            12/18/01         00
    0433581121                           05           02/01/02          0
    175291                               O            01/01/32
    0

    6909812          964/G01             F          334,000.00         ZZ
                                         360        333,719.40          1
                                       6.875          2,194.14         72
                                       6.625          2,194.14
    RANCHO SANTA MA  CA   92688          2            12/13/01         00
    0433567120                           03           02/01/02          0
    169824                               O            01/01/32
    0

1

    6910870          964/G01             F          415,000.00         ZZ
                                         360        414,659.82          1
                                       7.000          2,761.01         80
                                       6.750          2,761.01
    EL DORADO HILLS  CA   95762          1            12/13/01         00
    0433583879                           03           02/01/02          0
    176695                               O            01/01/32
    0

    6912176          P59/G01             F          465,500.00         ZZ
                                         360        465,154.53          1
                                       7.500          3,254.85         70
                                       7.250          3,254.85
    ARROYO GRANDE    CA   93420          1            12/11/01         00
    0433501061                           05           02/01/02          0
    AT002922                             O            01/01/32
    0

    6914062          964/G01             F          364,000.00         ZZ
                                         360        363,694.20          1
                                       6.875          2,391.22         79
                                       6.625          2,391.22
    SAN BRUNO        CA   94066          2            12/13/01         00
    0433589447                           05           02/01/02          0
    400168969                            O            01/01/32
    0

    6917074          964/G01             F          584,000.00         ZZ
                                         360        583,497.19          1
                                       6.750          3,787.81         80
                                       6.500          3,787.81
    LOS ANGELES      CA   90049          2            12/14/01         00
    0433599917                           05           02/01/02          0
    170460                               O            01/01/32
    0

    6917928          964/G01             F          478,000.00         ZZ
                                         360        477,598.42          1
                                       6.875          3,140.12         75
                                       6.625          3,140.12
    LAFAYETTE        CA   94549          2            12/19/01         00
    0433586617                           05           02/01/02          0
    400171803                            O            01/01/32
    0

    6918822          964/G01             F          447,500.00         ZZ
                                         360        447,114.71          1
                                       6.750          2,902.48         34
                                       6.500          2,902.48
1

    NEWPORT BEACH    CA   92660          2            12/13/01         00
    0433605219                           03           02/01/02          0
    168855                               O            01/01/32
    0

    6919160          253/253             F          502,200.00         ZZ
                                         360        501,817.86          1
                                       7.375          3,468.57         56
                                       7.125          3,468.57
    DALLAS           TX   75225          2            12/17/01         00
    989743                               05           02/01/02          0
    989743                               O            01/01/32
    0

    6922694          964/G01             F          353,000.00         ZZ
                                         360        352,696.08          1
                                       6.750          2,289.55         65
                                       6.500          2,289.55
    NOVATO           CA   94945          5            12/19/01         00
    0433608411                           05           02/01/02          0
    177968                               O            01/01/32
    0

    6923262          964/G01             F          400,000.00         ZZ
                                         360        399,655.61          1
                                       6.750          2,594.39         63
                                       6.500          2,594.39
    PASADENA         CA   91103          5            12/17/01         00
    0433587698                           05           02/01/02          0
    170522                               O            01/01/32
    0

    6924686          E22/G01             F          474,000.00         ZZ
                                         360        473,620.95          1
                                       7.125          3,193.43         40
                                       6.875          3,193.43
    BELL CANYON      CA   91307          2            12/06/01         00
    0413298555                           03           02/01/02          0
    0413298555                           O            01/01/32
    0

    6924808          E22/G01             F          310,550.00         ZZ
                                         360        310,346.86          1
                                       8.125          2,305.82         80
                                       7.875          2,305.82
    NORTH PLAINS     OR   97133          2            12/05/01         00
    0413373960                           05           02/01/02          0
    0413373960                           O            01/01/32
    0
1

    6929006          A50/G01             F          398,100.00         ZZ
                                         360        397,748.76          1
                                       6.625          2,549.08         75
                                       6.375          2,549.08
    ELGIN            SC   29045          2            12/21/01         00
    0433596962                           03           02/01/02          0
    565953                               O            01/01/32
    0

    6933728          964/G01             F          360,000.00         ZZ
                                         360        359,704.91          1
                                       7.000          2,395.09         75
                                       6.750          2,395.09
    PORTLAND         OR   97225          2            12/19/01         00
    0433592656                           03           02/01/02          0
    173857                               O            01/01/32
    0

    6934394          964/G01             F          373,875.00         ZZ
                                         360        373,568.54          1
                                       7.000          2,487.40         71
                                       6.750          2,487.40
    SAN JOSE         CA   95136          2            12/26/01         00
    0433587037                           05           02/01/02          0
    400176815                            O            01/01/32
    0

    6936736          964/G01             F          518,000.00         ZZ
                                         360        517,554.01          1
                                       6.750          3,359.74         78
                                       6.500          3,359.74
    MISSION VIEJO    CA   92692          2            12/18/01         00
    0433569597                           03           02/01/02          0
    170360                               O            01/01/32
    0

    6937474          P44/G01             F          400,000.00         ZZ
                                         360        399,695.63          1
                                       7.375          2,762.70         32
                                       7.125          2,762.70
    BARNSTABLE (OST  MA   02655          2            12/07/01         00
    0433513306                           05           02/01/02          0
    1                                    O            01/01/32
    0

    6941960          950/G01             F          323,150.00         ZZ
                                         360        322,885.11          1
1

                                       7.000          2,149.93         80
                                       6.750          2,149.93
    SAN LEANDRO      CA   94577          1            12/21/01         00
    0433608866                           03           02/01/02          0
    A6111027                             O            01/01/32
    0

    6947092          E22/G01             F          118,000.00         ZZ
                                         360        117,912.43          1
                                       7.500            825.07         74
                                       7.250            825.07
    SMITHVILLE       MO   64089          5            12/05/01         00
    0413299231                           05           02/01/02          0
    0413299231                           O            01/01/32
    0

    6947154          E22/G01             F          356,250.00         ZZ
                                         360        355,957.98          1
                                       7.000          2,370.14         75
                                       6.750          2,370.14
    WEST HOLLYWOOD   CA   90069          5            12/03/01         00
    0413330671                           01           02/01/02          0
    0413330671                           O            01/01/32
    0

    6948186          025/025             F          320,000.00         ZZ
                                         360        314,857.59          1
                                       7.750          2,292.52         80
                                       7.500          2,292.52
    JACKSONVILLE     FL   32224          1            12/29/00         00
    0138592746                           03           02/01/01          0
    0138592746                           O            01/01/31
    0

    6949380          313/G01             F          352,500.00         ZZ
                                         360        351,906.00          1
                                       6.875          2,315.68         49
                                       6.625          2,315.68
    LEXINGTON        MA   02420          2            11/16/01         00
    0433455250                           05           01/01/02          0
    8448151                              O            12/01/31
    0

    6949416          313/G01             F          312,000.00         ZZ
                                         360        311,474.26          1
                                       6.875          2,049.62         65
                                       6.625          2,049.62
    ASHLAND          MA   01721          2            11/20/01         00
    0433465275                           05           01/01/02          0
1

    8445926                              O            12/01/31
    0

    6949434          313/G01             F          324,000.00         ZZ
                                         360        322,967.27          1
                                       7.000          2,155.59         72
                                       6.750          2,155.59
    LITTLETON        MA   01460          2            11/15/01         00
    0433468519                           03           01/01/02          0
    8454779                              O            12/01/31
    0

    6949496          313/G01             F          353,000.00         ZZ
                                         360        352,126.87          1
                                       7.000          2,348.52         64
                                       6.750          2,348.52
    DOVER            MA   02030          2            10/22/01         00
    0433483955                           05           12/01/01          0
    8383812                              O            11/01/31
    0

    6952012          964/G01             F          669,000.00         ZZ
                                         360        668,409.76          1
                                       6.625          4,283.68         44
                                       6.375          4,283.68
    LOS ALTOS        CA   94022          5            12/18/01         00
    0433599719                           05           02/01/02          0
    400172132                            O            01/01/32
    0

    6955864          964/G01             F          432,000.00         ZZ
                                         360        431,628.06          1
                                       6.750          2,801.94         54
                                       6.500          2,801.94
    NAPA             CA   94558          5            12/18/01         00
    0433589728                           05           02/01/02          0
    169948                               O            01/01/32
    0

    6959936          Q99/G01             F          315,000.00         ZZ
                                         360        314,760.31          1
                                       7.375          2,175.63         72
                                       7.125          2,175.63
    ARLINGTON        VA   22207          2            12/26/01         00
    0433518750                           05           02/01/02          0
    1                                    O            01/01/32
    0

1

    6961978          964/G01             F          370,000.00         ZZ
                                         360        369,689.15          1
                                       6.875          2,430.64         80
                                       6.625          2,430.64
    SAN JOSE         CA   95148          2            12/17/01         00
    0433586641                           05           02/01/02          0
    400169532                            O            01/01/32
    0

    6962010          964/G01             F          322,500.00         ZZ
                                         360        322,215.47          1
                                       6.625          2,065.00         50
                                       6.375          2,065.00
    LAGUNA NIGUEL    CA   92677          5            12/20/01         00
    0433592474                           01           02/01/02          0
    172743                               O            01/01/32
    0

    6963056          964/G01             F          481,500.00         ZZ
                                         360        481,095.48          1
                                       6.875          3,163.11         67
                                       6.625          3,163.11
    SAN RAFAEL       CA   94901          2            12/21/01         00
    0433586625                           05           02/01/02          0
    172757                               O            01/01/32
    0

    6963572          696/G01             F          316,000.00         ZZ
                                         360        315,715.05          1
                                       7.625          2,236.63         80
                                       7.375          2,236.63
    SOUTH RIDING     VA   20152          1            12/12/01         00
    0433491438                           03           02/01/02          0
    23301361                             O            01/01/32
    0

    6964530          964/G01             F          528,000.00         ZZ
                                         360        527,534.16          1
                                       6.625          3,380.84         80
                                       6.375          3,380.84
    YORBA LINDA      CA   92887          2            12/17/01         00
    0433590205                           05           02/01/02          0
    168163                               O            01/01/32
    0

    6965974          964/G01             F          385,200.00         ZZ
                                         360        384,868.35          1
                                       6.750          2,498.40         53
                                       6.500          2,498.40
1

    MORAGA           CA   94556          2            12/19/01         00
    0433589140                           05           02/01/02          0
    170972                               O            01/01/32
    0

    6966508          511/511             F          348,000.00         ZZ
                                         360        347,139.25          1
                                       7.000          2,315.25         73
                                       6.750          2,315.25
    MILWAUKEE        WI   53211          2            10/20/01         00
    0002473363                           05           12/01/01          0
    0002473363                           O            11/01/31
    0

    6967384          964/G01             F          674,000.00         ZZ
                                         360        673,419.70          1
                                       6.750          4,371.55         60
                                       6.500          4,371.55
    LARKSPUR         CA   94939          5            12/20/01         00
    0433592672                           05           02/01/02          0
    400172061                            O            01/01/32
    0

    6968594          E22/G01             F          118,600.00         ZZ
                                         360        118,436.22          1
                                       7.875            859.93         85
                                       7.625            859.93
    TAYLOR           MI   48180          2            11/27/01         01
    0413232729                           05           01/01/02         12
    0413232729                           O            12/01/31
    0

    6968710          E22/G01             F          340,000.00         ZZ
                                         360        338,983.33          1
                                       7.000          2,262.03         80
                                       6.750          2,262.03
    SOUTH SAN FRANC  CA   94080          2            12/04/01         00
    0413373549                           05           02/01/02          0
    0413373549                           O            01/01/32
    0

    6969098          952/G01             F          700,000.00         ZZ
                                         360        699,426.21          1
                                       7.000          4,657.12         47
                                       6.750          4,657.12
    LIVINGSTON       NJ   07039          2            11/27/01         00
    0433500980                           05           02/01/02          0
    20014544                             O            01/01/32
    0
1

    6972724          964/G01             F          412,900.00         ZZ
                                         360        412,900.00          1
                                       6.625          2,643.84         79
                                       6.375          2,643.84
    FOLSOM           CA   95630          1            01/22/02         00
    0433636552                           05           03/01/02          0
    178410                               O            02/01/32
    0

    6975290          A06/G01             F          220,700.00         ZZ
                                         360        220,519.10          1
                                       7.000          1,468.32         74
                                       6.750          1,468.32
    BLOOMFIELD HILL  MI   48301          2            12/10/01         00
    0433620853                           05           02/01/02          0
    1                                    O            01/01/32
    0

    6975310          Q73/G01             F          253,000.00         ZZ
                                         360        252,807.49          1
                                       7.375          1,747.41         55
                                       7.125          1,747.41
    GERMANTOWN       TN   38138          4            12/20/01         00
    0433545563                           03           02/01/02          0
    2895640                              O            01/01/32
    0

    6975898          E76/G01             F          646,000.00         ZZ
                                         360        645,443.81          1
                                       6.750          4,189.94         52
                                       6.500          4,189.94
    CASTLE ROCK      CO   80104          2            12/28/01         00
    0433568094                           03           02/01/02          0
    10009629                             O            01/01/32
    0

    6975958          M29/G01             F          610,000.00         ZZ
                                         360        610,000.00          1
                                       6.875          4,007.27         69
                                       6.625          4,007.27
    DENVER           CO   80209          2            01/18/02         00
    0433631561                           05           03/01/02          0
    0111119CB                            O            02/01/32
    0

    6976530          964/G01             F          399,950.00         ZZ
                                         360        399,597.14          1
1

                                       6.625          2,560.92         72
                                       6.375          2,560.92
    OAKLAND          CA   94611          5            12/18/01         00
    0433562485                           05           02/01/02          0
    169857                               O            01/01/32
    0

    6977058          163/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.500          2,447.25         64
                                       7.250          2,447.25
    CORTLAND MANOR   NY   10567          5            01/17/02         00
    0433652690                           05           03/01/02          0
    1000347976                           O            02/01/32
    0

    6977238          975/G01             F          435,800.00         ZZ
                                         360        435,800.00          1
                                       7.000          2,899.39         69
                                       6.750          2,899.39
    BUENA PARK       CA   90621          2            01/15/02         00
    0433635406                           03           03/01/02          0
    2013980                              O            02/01/32
    0

    6977240          956/G01             F          356,000.00         ZZ
                                         360        355,400.11          1
                                       6.875          2,338.67         79
                                       6.625          2,338.67
    CHINO HILLS      CA   91709          2            11/20/01         00
    0433570801                           05           01/01/02          0
    1911100170                           O            12/01/31
    0

    6977658          956/G01             F          351,000.00         ZZ
                                         360        350,378.93          1
                                       6.625          2,247.49         90
                                       6.375          2,247.49
    SHELTON          CT   06484          1            11/28/01         11
    0433555174                           05           01/01/02         25
    3411110069                           O            12/01/31
    0

    6978554          F25/G01             F          443,000.00         ZZ
                                         360        443,000.00          1
                                       6.875          2,910.19         48
                                       6.625          2,910.19
    GREENWICH        CT   06831          2            12/28/01         00
    0433529393                           05           03/01/02          0
1

    R0112005                             O            02/01/32
    0

    6979976          714/G01             F          484,000.00         ZZ
                                         360        483,562.46          1
                                       6.500          3,059.21         76
                                       6.250          3,059.21
    CEDARBURG        WI   53012          2            12/06/01         00
    0433573912                           05           02/01/02          0
    0509274                              O            01/01/32
    0

    6980378          U28/G01             F          357,000.00         ZZ
                                         360        356,368.32          1
                                       6.625          2,285.91         76
                                       6.375          2,285.91
    SUMMERVILLE      SC   29483          2            11/19/01         00
    0433591666                           05           01/01/02          0
    1                                    O            12/01/31
    0

    6980920          W39/G01             F          374,500.00         ZZ
                                         360        374,261.20          1
                                       8.250          2,813.49         90
                                       8.000          2,813.49
    LAFAYETTE        LA   70503          2            12/20/01         01
    0433591310                           05           02/01/02         25
    992448                               O            01/01/32
    0

    6983238          975/G01             F          366,000.00         ZZ
                                         360        365,735.10          1
                                       7.625          2,590.53         75
                                       7.375          2,590.53
    CHULA VISTA      CA   91913          1            12/18/01         00
    0433533510                           05           02/01/02          0
    2016102                              O            01/01/32
    0

    6986836          964/G01             F          325,700.00         ZZ
                                         360        325,419.58          1
                                       6.750          2,112.48         78
                                       6.500          2,112.48
    RANCHO SANTA MA  CA   92688          2            12/19/01         00
    0433587011                           09           02/01/02          0
    154638                               O            01/01/32
    0

1

    6988924          E82/G01             F          486,000.00         ZZ
                                         360        485,591.71          1
                                       6.875          3,192.67         70
                                       6.625          3,192.67
    TELLURIDE        CO   81435          2            12/05/01         00
    0400535514                           03           02/01/02          0
    1779124                              O            01/01/32
    0

    6988932          E82/G01             F          277,700.00         ZZ
                                         360        277,466.70          1
                                       6.875          1,824.29         76
                                       6.625          1,824.29
    CUPERTINO        CA   95014          2            12/11/01         00
    0400535910                           09           02/01/02          0
    1625495                              O            01/01/32
    0

    6988956          E82/G01             F          259,100.00         ZZ
                                         360        258,871.40          1
                                       6.625          1,659.05         79
                                       6.375          1,659.05
    FRANKLIN LAKES   NJ   07417          2            12/11/01         00
    0400544789                           05           02/01/02          0
    1957260                              O            01/01/32
    0

    6988964          E82/G01             F          362,000.00         ZZ
                                         360        361,695.88          1
                                       6.875          2,378.08         78
                                       6.625          2,378.08
    MILTON           MA   02186          2            12/12/01         00
    0400534509                           05           02/01/02          0
    1973766                              O            01/01/32
    0

    6990396          E22/G01             F          648,000.00         ZZ
                                         360        647,542.65          1
                                       7.750          4,642.35         73
                                       7.500          4,642.35
    WESTON           CT   06883          2            12/10/01         00
    0413169459                           05           02/01/02          0
    0413169459                           O            01/01/32
    0

    6990548          E22/G01             F          404,000.00         ZZ
                                         360        403,668.85          1
                                       7.000          2,687.82         58
                                       6.750          2,687.82
1

    THOUSAND OAKS    CA   91320          2            12/10/01         00
    0413339078                           03           02/01/02          0
    0413339078                           O            01/01/32
    0

    6998066          E47/G01             F          392,500.00         ZZ
                                         360        391,694.34          1
                                       7.375          2,710.90         69
                                       7.125          2,710.90
    GERMANTOWN       MD   20874          2            11/26/01         00
    0433487345                           05           01/01/02          0
    7338510411                           O            12/01/31
    0

    7000162          163/G01             F          275,100.00         ZZ
                                         360        274,895.84          1
                                       7.500          1,923.54         78
                                       7.250          1,923.54
    POMONA           NY   10970          1            12/21/01         00
    0433573706                           29           02/01/02          0
    1000375340                           O            01/01/32
    0

    7003314          U42/G01             F          906,500.00         ZZ
                                         360        905,827.25          1
                                       7.500          6,338.38         70
                                       7.250          6,338.38
    DALLAS           TX   75225          1            12/17/01         00
    0433534443                           05           02/01/02          0
    12103258                             O            01/01/32
    0

    7007888          696/G01             F          530,000.00         ZZ
                                         360        529,106.93          1
                                       6.875          3,481.72         63
                                       6.625          3,481.72
    ARLINGTON        VA   22207          1            11/28/01         00
    0433470952                           05           01/01/02          0
    32601311                             O            12/01/31
    0

    7011042          E22/G01             F          425,000.00         ZZ
                                         360        424,651.63          1
                                       7.000          2,827.54         52
                                       6.750          2,827.54
    AUSTIN           TX   78703          5            12/12/01         00
    0413342452                           05           02/01/02          0
    0413342452                           O            01/01/32
    0
1

    7011436          E82/G01             F          290,000.00         ZZ
                                         360        289,779.33          1
                                       7.375          2,002.96         87
                                       7.125          2,002.96
    SUFFOLK          VA   23435          2            12/14/01         04
    0400552642                           05           02/01/02         25
    3703724                              O            01/01/32
    0

    7011438          E82/G01             F          331,000.00         ZZ
                                         360        330,735.30          1
                                       7.125          2,230.01         80
                                       6.875          2,230.01
    LITHONIA         GA   30058          2            12/14/01         00
    0400539961                           05           02/01/02          0
    3557122                              O            01/01/32
    0

    7011444          E82/G01             F          296,300.00         ZZ
                                         360        296,044.89          1
                                       6.750          1,921.80         76
                                       6.500          1,921.80
    RIVERSIDE AREA   CA   92503          2            12/12/01         00
    0400545612                           05           02/01/02          0
    0400545612                           O            01/01/32
    0

    7011466          E82/G01             F          391,000.00         ZZ
                                         360        390,663.36          1
                                       6.750          2,536.02         77
                                       6.500          2,536.02
    PASADENA         CA   91103          2            12/14/01         00
    0400539292                           05           02/01/02          0
    7011466                              O            01/01/32
    0

    7011470          E82/G01             F          183,000.00         ZZ
                                         360        182,838.54          1
                                       6.625          1,171.77         80
                                       6.375          1,171.77
    GAITHERSBURG     MD   20878          2            12/14/01         00
    0400540571                           05           02/01/02          0
    0400540571                           O            01/01/32
    0

    7018324          964/G01             F          360,000.00         ZZ
                                         360        359,697.56          1
1

                                       6.875          2,364.94         60
                                       6.625          2,364.94
    SEATTLE          WA   98199          5            12/20/01         00
    0433575099                           05           02/01/02          0
    173215                               O            01/01/32
    0

    7027038          F25/G01             F          394,300.00         ZZ
                                         360        393,968.74          1
                                       6.875          2,590.27         25
                                       6.625          2,590.27
    HUNTINGTON       NY   11743          2            12/20/01         00
    0433523511                           05           02/01/02          0
    BARRESE                              O            01/01/32
    0

    7034098          550/550             F          300,000.00         ZZ
                                         360        299,746.72          1
                                       6.850          1,965.78         56
                                       6.600          1,965.78
    SAN DIEGO        CA   92122          5            11/30/01         00
    120555862                            01           02/01/02          0
    120555862                            O            01/01/32
    0

    7035818          994/994             F          284,000.00         ZZ
                                         360        283,521.44          1
                                       6.875          1,865.68         87
                                       6.625          1,865.68
    LOCUST GROVE     GA   30248          2            11/05/01         27
    218873424                            05           01/01/02         25
    218873424                            O            12/01/31
    0

    7035820          994/994             F          300,000.00         ZZ
                                         360        299,001.25          1
                                       7.375          2,072.03         51
                                       7.125          2,072.03
    BRONXVILLE       NY   10708          1            09/26/01         00
    1000293040                           05           11/01/01          0
    1000293040                           O            10/01/31
    0

    7035858          994/X14             F          310,700.00         ZZ
                                         360        310,189.15          1
                                       7.000          2,067.10         70
                                       6.750          2,067.10
    DELAFIELD        WI   53018          2            11/19/01         00
    404329783                            05           01/01/02          0
1

    404329783                            O            12/01/31
    0

    7035868          994/X14             F          406,000.00         ZZ
                                         360        405,332.46          1
                                       7.000          2,701.13         61
                                       6.750          2,701.13
    CABIN JOHN       MD   20818          2            11/15/01         00
    81239762                             05           01/01/02          0
    81239762                             O            12/01/31
    0

    7035896          994/X14             F          300,000.00         ZZ
                                         360        299,283.04          1
                                       6.875          1,970.79         70
                                       6.625          1,970.79
    SEATTLE          WA   98105          2            11/19/01         00
    219018318                            05           01/01/02          0
    219018318                            O            12/01/31
    0

    7035908          994/X14             F          321,000.00         ZZ
                                         360        320,206.00          1
                                       7.000          2,135.63         77
                                       6.750          2,135.63
    THORNTON         CO   80241          2            10/23/01         00
    81108408                             03           12/01/01          0
    81108408                             O            11/01/31
    0

    7035910          994/X14             F          300,000.00         ZZ
                                         360        299,506.75          1
                                       7.000          1,995.91         77
                                       6.750          1,995.91
    NEW HEMPSTEAD    NY   10977          1            11/08/01         00
    1000292707                           05           01/01/02          0
    1000292707                           O            12/01/31
    0

    7035930          994/X14             F          319,000.00         ZZ
                                         360        318,462.47          1
                                       6.875          2,095.60         61
                                       6.625          2,095.60
    RENO             NV   89509          2            11/15/01         00
    218958787                            05           01/01/02          0
    218958787                            O            12/01/31
    0

1

    7035950          994/X14             F          320,000.00         ZZ
                                         360        319,362.95          1
                                       6.875          2,102.17         73
                                       6.625          2,102.17
    CANTON TOWNSHIP  MI   48188          2            11/15/01         00
    219090077                            03           01/01/02          0
    219090077                            O            12/01/31
    0

    7035960          994/X14             F          316,000.00         ZZ
                                         360        315,529.49          1
                                       7.500          2,209.52         80
                                       7.250          2,209.52
    LOS ANGELES      CA   91304          2            11/15/01         00
    219050436                            05           01/01/02          0
    219050436                            O            12/01/31
    0

    7036778          964/G01             F          322,000.00         ZZ
                                         360        321,715.91          1
                                       6.625          2,061.80         47
                                       6.375          2,061.80
    SANTA CRUZ       CA   95065          2            12/20/01         00
    0433598679                           05           02/01/02          0
    400170202                            O            01/01/32
    0

    7038430          R78/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.750          2,579.08         80
                                       7.500          2,579.08
    CITY OF LOS ANG  CA   91356          1            12/31/01         00
    0433613627                           05           03/01/02          0
    20003684                             O            02/01/32
    0

    7039178          964/G01             F          343,000.00         ZZ
                                         360        343,000.00          1
                                       6.875          2,253.27         75
                                       6.625          2,253.27
    NOVATO           CA   94947          1            01/02/02         00
    0433628807                           05           03/01/02          0
    400177915                            O            02/01/32
    0

    7040004          E11/G01             F          313,000.00         ZZ
                                         360        313,000.00          1
                                       6.875          2,056.19         71
                                       6.625          2,056.19
1

    VICTORIA         MN   55386          2            01/02/02         00
    0433537560                           05           03/01/02          0
    0010001039102                        O            02/01/32
    0

    7040900          964/G01             F          517,600.00         ZZ
                                         360        517,154.36          1
                                       6.750          3,357.14         80
                                       6.500          3,357.14
    MISSION VIEJO    CA   92692          2            12/20/01         00
    0433574266                           03           02/01/02          0
    178929                               O            01/01/32
    0

    7042414          N47/G01             F          322,400.00         ZZ
                                         360        322,160.73          1
                                       7.500          2,254.27         80
                                       7.250          2,254.27
    CONCORD          CA   94521          2            12/26/01         00
    0433564549                           05           02/01/02          0
    20511100                             O            01/01/32
    0

    7043798          E22/G01             F          344,000.00         ZZ
                                         360        343,724.91          1
                                       7.125          2,317.59         80
                                       6.875          2,317.59
    SAN JOSE         CA   95123          5            12/07/01         00
    0413335407                           05           02/01/02          0
    0413335407                           O            01/01/32
    0

    7043846          E22/G01             F          494,000.00         ZZ
                                         360        493,584.98          1
                                       6.875          3,245.23         50
                                       6.625          3,245.23
    ENCINO           CA   91436          5            12/07/01         00
    0413364134                           05           02/01/02          0
    0413364134                           O            01/01/32
    0

    7049190          H58/G01             F          500,000.00         ZZ
                                         360        499,609.95          1
                                       7.250          3,410.88         51
                                       7.000          3,410.88
    SAN DIEGO        CA   92130          1            12/26/01         00
    0433593290                           03           02/01/02          0
    0000083330                           O            01/01/32
    0
1

    7049404          M27/G01             F          574,950.00         ZZ
                                         360        573,981.18          1
                                       6.875          3,777.01         71
                                       6.625          3,777.01
    MONROE           NC   28110          2            11/16/01         00
    0433562857                           05           01/01/02          0
    600596638                            O            12/01/31
    0

    7050108          822/G01             F          294,500.00         ZZ
                                         360        294,252.58          1
                                       6.875          1,934.66         76
                                       6.625          1,934.66
    HOLDEN           MA   01522          2            12/26/01         00
    0433577319                           05           02/01/02          0
    34406017453                          O            01/01/32
    0

    7051228          964/G01             F          374,500.00         ZZ
                                         360        374,207.85          1
                                       7.250          2,554.75         70
                                       7.000          2,554.75
    GOLD RIVER       CA   95670          2            12/21/01         00
    0433562345                           03           02/01/02          0
    163428                               O            01/01/32
    0

    7052076          F89/G01             F          344,000.00         ZZ
                                         360        343,724.91          1
                                       7.125          2,317.59         80
                                       6.875          2,317.59
    WHITTIER         CA   90604          1            12/21/01         00
    0433576642                           05           02/01/02          0
    11216312                             O            01/01/32
    0

    7058010          964/G01             F          353,000.00         ZZ
                                         360        352,703.44          1
                                       6.875          2,318.96         65
                                       6.625          2,318.96
    IRVINE           CA   92714          2            12/26/01         00
    0433597101                           03           02/01/02          0
    168739                               O            01/01/32
    0

    7062316          E82/G01             F          358,400.00         ZZ
                                         360        358,106.23          1
1

                                       7.000          2,384.44         71
                                       6.750          2,384.44
    CORTLANDT MANOR  NY   10567          2            12/11/01         00
    0400530010                           05           02/01/02          0
    3568192                              O            01/01/32
    0

    7062328          E82/G01             F          583,000.00         ZZ
                                         360        582,472.96          1
                                       6.500          3,684.96         53
                                       6.250          3,684.96
    GREAT FALLS      VA   22066          2            12/17/01         00
    0400538583                           05           02/01/02          0
    0400538583                           O            01/01/32
    0

    7062374          E82/G01             F          344,500.00         ZZ
                                         360        344,217.61          1
                                       7.000          2,291.97         50
                                       6.750          2,291.97
    HENDERSON        NV   89053          2            12/14/01         00
    0400526612                           03           02/01/02          0
    1976228                              O            01/01/32
    0

    7062774          E22/G01             F           44,343.00         ZZ
                                         360         44,310.09          1
                                       7.500            310.05         27
                                       7.250            310.05
    PLANO            TX   75075          5            12/14/01         00
    0413346057                           03           02/01/02          0
    0413346057                           O            01/01/32
    0

    7062884          E22/G01             F          321,600.00         ZZ
                                         360        321,329.82          1
                                       6.875          2,112.68         80
                                       6.625          2,112.68
    TRACY            CA   95376          1            12/14/01         00
    0413399502                           05           02/01/02          0
    0413399502                           O            01/01/32
    0

    7062918          E22/G01             F          595,000.00         ZZ
                                         360        594,512.28          1
                                       7.000          3,958.55         69
                                       6.750          3,958.55
    RIDGEWOOD        NJ   07450          1            12/19/01         00
    0413424821                           05           02/01/02          0
1

    0413424821                           O            01/01/32
    0

    7067868          E22/G01             F          275,000.00         ZZ
                                         360        274,568.97          1
                                       6.875          1,806.55         51
                                       6.625          1,806.55
    SANTA MONICA     CA   90402          2            12/04/01         00
    0413338369                           05           02/01/02          0
    0413338369                           O            01/01/32
    0

    7071374          822/G01             F        1,000,000.00         ZZ
                                         360        999,159.88          1
                                       6.875          6,569.29         42
                                       6.625          6,569.29
    AVON             CT   06001          2            12/07/01         00
    0433506524                           05           02/02/02          0
    3806040419                           O            01/02/32
    0

    7077890          964/G01             F          308,000.00         ZZ
                                         360        307,728.26          1
                                       6.625          1,972.16         77
                                       6.375          1,972.16
    CYPRESS          CA   90630          5            12/21/01         00
    0433642683                           05           02/01/02          0
    172300                               O            01/01/32
    0

    7080304          U28/G01             F          500,000.00         ZZ
                                         360        499,558.87          1
                                       6.625          3,201.55         69
                                       6.375          3,201.55
    ATLANTA          GA   30318          5            12/14/01         00
    0433575784                           05           02/01/02          0
    3200                                 O            01/01/32
    0

    7082578          W32/G01             F          350,000.00         ZZ
                                         360        349,705.96          1
                                       6.875          2,299.25         37
                                       6.625          2,299.25
    NEWPORT BEACH    CA   92625          2            12/26/01         00
    0433568003                           03           02/01/02          0
    0515617                              O            01/01/32
    0

1

    7083686          964/G01             F          558,000.00         ZZ
                                         360        557,531.22          1
                                       6.875          3,665.66         77
                                       6.625          3,665.66
    SAN MARINO       CA   91108          2            12/17/01         00
    0433588027                           05           02/01/02          0
    169525                               O            01/01/32
    0

    7086572          E22/G01             F          308,000.00         ZZ
                                         360        307,747.54          1
                                       7.000          2,049.13         80
                                       6.750          2,049.13
    CARMICHAEL       CA   95608          1            12/19/01         00
    0413402942                           05           02/01/02          0
    0413402942                           O            01/01/32
    0

    7086620          E22/G01             F          425,000.00         ZZ
                                         360        424,668.46          1
                                       7.250          2,899.25         52
                                       7.000          2,899.25
    OCEAN RIDGE      FL   33435          1            12/21/01         00
    0413443086                           01           02/01/02          0
    0413443086                           O            01/01/32
    0

    7086624          E22/G01             F          392,000.00         ZZ
                                         360        391,709.08          1
                                       7.500          2,740.92         80
                                       7.250          2,740.92
    LIGHTHOUSE POIN  FL   33064          1            12/21/01         00
    0413445107                           05           02/01/02          0
    0413445107                           O            01/01/32
    0

    7092436          994/X14             F        1,000,000.00         T
                                         360        997,645.52          1
                                       7.250          6,821.77         61
                                       7.000          6,821.77
    SPRING LAKE      NJ   07762          1            10/30/01         00
    1000356614                           05           12/01/01          0
    1000356614                           O            11/01/31
    0

    7093350          964/G01             F          456,000.00         ZZ
                                         360        456,000.00          1
                                       7.000          3,033.78         60
                                       6.750          3,033.78
1

    ALAMEDA          CA   94501          1            01/03/02         00
    0433628179                           05           03/01/02          0
    180392                               O            02/01/32
    0

    7095408          M27/G01             F          346,050.00         ZZ
                                         360        345,799.54          1
                                       7.625          2,449.32         79
                                       7.375          2,449.32
    HUNTERSVILLE     NC   28078          1            12/28/01         00
    0433565967                           03           02/01/02          0
    600721301                            O            01/01/32
    0

    7095686          964/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       7.000          2,461.62         68
                                       6.750          2,461.62
    FULLERTON        CA   92835          1            01/04/02         00
    0433628823                           05           03/01/02          0
    178621                               O            02/01/32
    0

    7095980          H58/G01             F          406,000.00         ZZ
                                         360        406,000.00          1
                                       8.250          3,050.14         80
                                       8.000          3,050.14
    EL DORADO HILLS  CA   95762          1            01/03/02         00
    0433608205                           05           03/01/02          0
    0000075710                           O            02/01/32
    0

    7099458          550/550             F        1,100,000.00         ZZ
                                         360      1,099,115.97          1
                                       7.100          7,392.36         13
                                       6.850          7,392.36
    LOS ANGELES      CA   90077          1            12/10/01         00
    120561548                            05           02/01/02          0
    120561548                            O            01/01/32
    0

    7101752          964/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.000          2,262.03         79
                                       6.750          2,262.03
    LITTLETON        CO   80126          5            01/07/02         00
    0433590502                           05           03/01/02          0
    173949                               O            02/01/32
    0
1

    7102250          964/G01             F          375,000.00         ZZ
                                         360        374,677.14          1
                                       6.750          2,432.24         35
                                       6.500          2,432.24
    MANHATTAN BEACH  CA   90266          5            12/18/01         00
    0433586492                           05           02/01/02          0
    168416                               O            01/01/32
    0

    7105466          E22/G01             F          385,800.00         ZZ
                                         360        385,423.27          1
                                       6.625          2,470.32         85
                                       6.375          2,470.32
    ATLANTA          GA   30319          2            12/17/01         10
    0413325093                           05           02/01/02         12
    0413325093                           O            01/01/32
    0

    7106840          601/G01             F          770,000.00         ZZ
                                         360        768,637.53          1
                                       6.625          4,930.40         70
                                       6.375          4,930.40
    BELLEVUE         WA   98006          1            11/27/01         00
    0433598489                           03           01/01/02          0
    20632402                             O            12/01/31
    0

    7107302          F25/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.500          2,180.63         52
                                       6.250          2,180.63
    ROSLYN           NY   11576          5            12/28/01         00
    0433557279                           05           03/01/02          0
    1                                    O            02/01/32
    0

    7109092          E82/G01             F          330,000.00         ZZ
                                         360        329,708.84          1
                                       6.625          2,113.03         76
                                       6.375          2,113.03
    YORBA LINDA      CA   92887          2            12/18/01         00
    0400545497                           05           02/01/02          0
    4185746                              O            01/01/32
    0

    7109100          E82/G01             F          277,500.00         ZZ
                                         360        277,266.86          1
1

                                       6.875          1,822.98         59
                                       6.625          1,822.98
    HUNTINGTON BEAC  CA   92646          2            12/19/01         00
    0400519336                           05           02/01/02          0
    1817771                              O            01/01/32
    0

    7109108          E82/G01             F          208,300.00         ZZ
                                         360        208,125.01          1
                                       6.875          1,368.38         70
                                       6.625          1,368.38
    STATEN ISLAND    NY   10306          2            12/18/01         00
    0400533246                           05           02/01/02          0
    1909058                              O            01/01/32
    0

    7109116          E82/G01             F          456,600.00         ZZ
                                         360        456,243.81          1
                                       7.250          3,114.82         66
                                       7.000          3,114.82
    IRVINE           CA   92614          2            12/18/01         00
    0400548970                           03           02/01/02          0
    0400548970                           O            01/01/32
    0

    7109156          E82/G01             F          327,000.00         ZZ
                                         360        326,711.49          1
                                       6.625          2,093.82         77
                                       6.375          2,093.82
    HOLLISTER        CA   95023          2            12/19/01         00
    0400540464                           05           02/01/02          0
    0400540464                           O            01/01/32
    0

    7109192          E82/G01             F          255,000.00         ZZ
                                         360        254,805.97          1
                                       7.375          1,761.22         75
                                       7.125          1,761.22
    DIXON            CA   95620          2            12/18/01         00
    0400491155                           05           02/01/02          0
    3885218                              O            01/01/32
    0

    7109198          E82/G01             F          346,100.00         ZZ
                                         360        345,794.64          1
                                       6.625          2,216.12         55
                                       6.375          2,216.12
    SANTA ROSA       CA   95401          2            12/19/01         00
    0400545489                           05           02/01/02          0
1

    5249508                              O            01/01/32
    0

    7109224          E82/G01             F          289,500.00         ZZ
                                         360        289,262.70          1
                                       7.000          1,926.05         80
                                       6.750          1,926.05
    MIAMI            FL   33157          2            12/19/01         00
    0400548400                           05           02/01/02          0
    1638608                              O            01/01/32
    0

    7109238          E82/G01             F          315,900.00         ZZ
                                         360        315,628.02          1
                                       6.750          2,048.92         78
                                       6.500          2,048.92
    CENTREVILLE      VA   20121          2            12/20/01         00
    0400536850                           03           02/01/02          0
    2657340                              O            01/01/32
    0

    7109248          E82/G01             F          317,700.00         ZZ
                                         360        317,445.94          1
                                       7.125          2,140.40         90
                                       6.875          2,140.40
    SUGAR HILL       GA   30518          2            12/20/01         04
    0400542247                           03           02/01/02         25
    3702017                              O            01/01/32
    0

    7109252          E82/G01             F          386,000.00         ZZ
                                         360        385,667.66          1
                                       6.750          2,503.59         73
                                       6.500          2,503.59
    FOLSOM           CA   95630          2            12/11/01         00
    0400533279                           05           02/01/02          0
    1826250                              O            01/01/32
    0

    7109272          E82/G01             F          288,400.00         ZZ
                                         360        288,180.55          1
                                       7.375          1,991.91         85
                                       7.125          1,991.91
    RALEIGH          NC   27614          2            12/19/01         04
    0400549770                           03           02/01/02         12
    0400549770                           O            01/01/32
    0

1

    7109278          E82/G01             F          319,850.00         ZZ
                                         360        319,567.81          1
                                       6.625          2,048.03         75
                                       6.375          2,048.03
    COLUMBIA         MD   21044          2            12/20/01         00
    0400547816                           03           02/01/02          0
    2655992                              O            01/01/32
    0

    7109380          Q73/G01             F          450,000.00         ZZ
                                         360        449,621.95          1
                                       6.875          2,956.18         70
                                       6.625          2,956.18
    GAINESVILLE      GA   30504          5            12/27/01         00
    0433569613                           05           02/01/02          0
    1                                    O            01/01/32
    0

    7112506          E23/G01             F          151,500.00         ZZ
                                         360        151,500.00          1
                                       6.875            995.25         66
                                       6.625            995.25
    COSTA MESA       CA   92627          2            01/25/02         00
    0433636362                           01           03/01/02          0
    51011047                             O            02/01/32
    0

    7113090          405/405             F          349,000.00         ZZ
                                         360        347,058.49          1
                                       7.250          2,380.80         59
                                       6.750          2,380.80
    SAN MATEO        CA   94402          5            06/08/01         00
    0012298493                           03           08/01/01          0
    0012298493                           O            07/01/31
    0

    7113092          405/405             F          311,200.00         ZZ
                                         360        309,792.40          1
                                       7.500          2,175.96         80
                                       7.000          2,175.96
    AUSTIN           TX   78746          1            07/25/01         00
    0012304531                           05           09/01/01          0
    0012304531                           O            08/01/31
    0

    7113106          405/405             F          324,000.00         ZZ
                                         360        323,098.60          1
                                       7.000          2,155.58         67
                                       6.500          2,155.58
1

    WHEATON          IL   60187          2            10/17/01         00
    0012551248                           05           12/01/01          0
    0012551248                           O            11/01/31
    0

    7113124          405/405             F          350,000.00         ZZ
                                         360        349,410.23          1
                                       6.875          2,299.25         65
                                       6.375          2,299.25
    CREVE COEUR      MO   63141          2            11/23/01         00
    0012578399                           05           01/01/02          0
    0012578399                           O            12/01/31
    0

    7113294          405/405             F          500,000.00         ZZ
                                         360        499,157.46          1
                                       6.875          3,284.65         47
                                       6.375          3,284.65
    IRVINGTON        NY   10533          2            11/21/01         00
    0017944034                           05           01/01/02          0
    0017944034                           O            12/01/31
    0

    7115346          N28/G01             F          325,000.00         ZZ
                                         360        324,733.60          1
                                       7.000          2,162.23         78
                                       6.750          2,162.23
    PORTLAND         OR   97223          2            12/17/01         00
    0433560927                           05           02/01/02          0
    26550                                O            01/01/32
    0

    7117022          964/G01             F          423,200.00         ZZ
                                         360        423,200.00          1
                                       7.250          2,886.97         80
                                       7.000          2,886.97
    REDONDO BEACH    CA   90278          1            01/09/02         00
    0433628849                           01           03/01/02          0
    181259                               O            02/01/32
    0

    7119884          E98/G01             F          360,000.00         ZZ
                                         360        359,682.38          1
                                       6.625          2,305.12         77
                                       6.375          2,305.12
    MINNEAPOLIS      MN   55403          1            12/17/01         00
    0433563996                           01           02/01/02          0
    8110001609888                        O            01/01/32
    0
1

    7127890          W70/W70             F          399,000.00         ZZ
                                         360        398,664.80          1
                                       6.875          2,621.14         70
                                       6.625          2,621.14
    NAPERVILLE       IL   60564          2            12/03/01         00
    0510924764                           05           02/01/02          0
    0510924764                           O            01/01/32
    0

    7127904          W70/W70             F          321,000.00         ZZ
                                         360        320,459.10          1
                                       6.875          2,108.74         72
                                       6.625          2,108.74
    AURORA           IL   60504          2            11/26/01         00
    511004203                            03           01/01/02          0
    511004203                            O            12/01/31
    0

    7127918          W70/W70             F          330,000.00         ZZ
                                         360        329,443.95          1
                                       6.875          2,167.86         60
                                       6.625          2,167.86
    WESTERN SPRINGS  IL   60558          2            11/05/01         00
    511002088                            05           01/01/02          0
    511002088                            O            12/01/31
    0

    7127922          W70/W70             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       7.125          2,155.89         85
                                       6.875          2,155.89
    SOUTH ELGIN      IL   60177          1            01/10/02         11
    111201371                            05           03/01/02         25
    111201371                            O            02/01/32
    0

    7129028          E82/G01             F          250,500.00         ZZ
                                         360        250,289.55          1
                                       6.875          1,645.61         67
                                       6.625          1,645.61
    LOS ANGELES      CA   91604          2            12/21/01         00
    0400529509                           05           02/01/02          0
    0400529509                           O            01/01/32
    0

    7129030          E82/G01             F          328,000.00         ZZ
                                         360        327,717.60          1
1

                                       6.750          2,127.40         80
                                       6.500          2,127.40
    SANTA CLARITA    CA   91321          2            12/20/01         00
    0400551818                           03           02/01/02          0
    3454962                              O            01/01/32
    0

    7129034          E82/G01             F          305,950.00         ZZ
                                         360        305,699.22          1
                                       7.000          2,035.49         80
                                       6.750          2,035.49
    SAN JOSE         CA   95123          2            12/21/01         00
    0400535969                           01           02/01/02          0
    4983233                              O            01/01/32
    0

    7129044          E82/G01             F          362,500.00         ZZ
                                         360        362,202.86          1
                                       7.000          2,411.72         52
                                       6.750          2,411.72
    HOUSTON          TX   77006          2            12/21/01         00
    0400542437                           05           02/01/02          0
    0400542437                           O            01/01/32
    0

    7129464          Q44/G01             F          370,000.00         ZZ
                                         360        369,696.71          1
                                       7.000          2,461.62         52
                                       6.750          2,461.62
    BIRMINGHAM       MI   48009          2            12/17/01         00
    0433500485                           05           02/01/02          0
    12469                                O            01/01/32
    0

    7129662          E82/G01             F          350,900.00         ZZ
                                         360        350,605.20          1
                                       6.875          2,305.16         80
                                       6.625          2,305.16
    HONOLULU         HI   96825          2            12/14/01         00
    0400521373                           05           02/01/02          0
    1989045                              O            01/01/32
    0

    7130066          M27/G01             F          445,000.00         ZZ
                                         360        445,000.00          1
                                       7.250          3,035.68         89
                                       7.000          3,035.68
    BELTON           SC   29627          2            01/14/02         14
    0433622990                           05           03/01/02         25
1

    600695044                            O            02/01/32
    0

    7130718          367/367             F          457,000.00         ZZ
                                         360        456,576.72          1
                                       6.375          2,851.09         65
                                       6.125          2,851.09
    SILVER SPRINGS   MD   20905          2            12/12/01         00
    99069240                             03           02/01/02          0
    99069240                             O            01/01/32
    0

    7131104          B65/G01             F          607,500.00         ZZ
                                         360        606,976.96          1
                                       6.750          3,940.23         61
                                       6.500          3,940.23
    CINCINNATI       OH   45243          2            12/20/01         00
    0433615010                           05           02/01/02          0
    0513551                              O            01/01/32
    0

    7136088          E22/G01             F          315,000.00         ZZ
                                         360        314,735.36          1
                                       6.875          2,069.33         72
                                       6.625          2,069.33
    CHATSWORTH       CA   91311          5            12/14/01         00
    0413293465                           05           02/01/02          0
    0413293465                           O            01/01/32
    0

    7136148          E22/G01             F          124,800.00         ZZ
                                         360        124,711.92          1
                                       7.750            894.08         80
                                       7.500            894.08
    KELLER           TX   76248          2            12/18/01         00
    0413357930                           05           02/01/02          0
    0413357930                           O            01/01/32
    0

    7136208          E22/G01             F          536,000.00         ZZ
                                         360        535,560.65          1
                                       7.000          3,566.02         80
                                       6.750          3,566.02
    DENVER           CO   80218          1            12/26/01         00
    0413390725                           05           02/01/02          0
    0413390725                           O            01/01/32
    0

1

    7136238          E22/G01             F          650,000.00         ZZ
                                         360        649,480.21          1
                                       7.125          4,379.17         64
                                       6.875          4,379.17
    SAN JOSE         CA   95126          2            12/18/01         00
    0413403890                           05           02/01/02          0
    0413403890                           O            01/01/32
    0

    7139314          E22/G01             F          332,000.00         ZZ
                                         360        331,727.87          1
                                       7.000          2,208.80         62
                                       6.750          2,208.80
    LEE'S SUMMIT     MO   64064          2            12/21/01         00
    0413182023                           03           02/01/02          0
    0413182023                           O            01/01/32
    0

    7139364          E22/G01             F          303,750.00         ZZ
                                         360        303,501.01          1
                                       7.000          2,020.86         75
                                       6.750          2,020.86
    FREMONT          CA   94538          5            12/18/01         00
    0413314253                           05           02/01/02          0
    0413314253                           O            01/01/32
    0

    7139394          E22/G01             F          195,000.00         ZZ
                                         360        194,844.06          1
                                       7.125          1,313.75         75
                                       6.875          1,313.75
    ESCONDIDO        CA   92025          2            12/21/01         00
    0413346446                           05           02/01/02          0
    0413346446                           O            01/01/32
    0

    7139484          E22/G01             F          354,484.00         ZZ
                                         360        354,193.43          1
                                       7.000          2,358.39         77
                                       6.750          2,358.39
    VIENNA           VA   22182          1            12/28/01         00
    0413422833                           05           02/01/02          0
    0413422833                           O            01/01/32
    0

    7139502          E22/G01             F           85,500.00         ZZ
                                         360         85,442.63          1
                                       8.000            627.37         95
                                       7.750            627.37
1

    WALLA WALLA      WA   99362          2            12/18/01         04
    0413435371                           05           02/01/02         30
    0413435371                           O            01/01/32
    0

    7139504          E22/G01             F          500,000.00         ZZ
                                         360        499,590.16          1
                                       7.000          3,326.51         78
                                       6.750          3,326.51
    WALNUT CREEK     CA   94595          1            12/19/01         00
    0413435447                           01           02/01/02          0
    0413435447                           O            01/01/32
    0

    7139880          E82/G01             F          300,000.00         ZZ
                                         360        299,741.71          1
                                       6.750          1,945.79         80
                                       6.500          1,945.79
    LIVERMORE        CA   94550          2            12/26/01         00
    0400542452                           05           02/01/02          0
    0400542452                           O            01/01/32
    0

    7139882          E82/G01             F          364,000.00         ZZ
                                         360        363,678.85          1
                                       6.625          2,330.73         59
                                       6.375          2,330.73
    SAN LUIS OBISPO  CA   93401          2            12/26/01         00
    0400549671                           05           02/01/02          0
    5351381                              O            01/01/32
    0

    7139884          E82/G01             F          241,500.00         ZZ
                                         360        241,286.93          1
                                       6.625          1,546.35         49
                                       6.375          1,546.35
    EAST HAMPTON     NY   11937          2            12/19/01         00
    0400538997                           05           02/01/02          0
    1724036                              O            01/01/32
    0

    7139888          E82/G01             F          358,200.00         ZZ
                                         360        357,899.07          1
                                       6.875          2,353.12         71
                                       6.625          2,353.12
    CLEARWATER       FL   33762          5            12/26/01         00
    0400565644                           03           02/01/02          0
    0400565644                           O            01/01/32
    0
1

    7139894          E82/G01             F          349,500.00         ZZ
                                         360        349,240.63          1
                                       7.500          2,443.75         72
                                       7.250          2,443.75
    HUNTINGTOWN      MD   20639          2            12/21/01         00
    0400452033                           05           02/01/02          0
    0400452033                           O            01/01/32
    0

    7139896          E82/G01             F          305,200.00         ZZ
                                         360        304,937.23          1
                                       6.750          1,979.52         77
                                       6.500          1,979.52
    BOULDER CITY     NV   89005          2            12/24/01         00
    0400541041                           05           02/01/02          0
    0400541041                           O            01/01/32
    0

    7139900          E82/G01             F          332,000.00         ZZ
                                         360        331,747.38          1
                                       7.375          2,293.04         78
                                       7.125          2,293.04
    YORBA LINDA      CA   92887          2            12/21/01         00
    0400490827                           05           02/01/02          0
    4378569                              O            01/01/32
    0

    7139906          E82/G01             F          296,600.00         ZZ
                                         360        296,350.82          1
                                       6.875          1,948.45         66
                                       6.625          1,948.45
    ORINDA           CA   94563          2            12/26/01         00
    0400535423                           05           02/01/02          0
    1946883                              O            01/01/32
    0

    7140458          225/G01             F          325,000.00         ZZ
                                         360        324,726.96          1
                                       6.875          2,135.02         64
                                       6.625          2,135.02
    BOULDER          CO   80303          2            12/04/01         00
    0433512068                           05           02/01/02          0
    732493400                            O            01/01/32
    0

    7144064          L94/G01             F          375,000.00         ZZ
                                         360        374,714.66          1
1

                                       7.375          2,590.03         75
                                       7.125          2,590.03
    PACIFICA         CA   94044          5            12/13/01         00
    0433554805                           05           02/01/02          0
    1000007792                           O            01/01/32
    0

    7145176          736/G01             F          265,000.00         ZZ
                                         360        264,624.71          1
                                       7.750          1,898.50         59
                                       7.500          1,898.50
    VICTOR           MT   59875          5            11/28/01         00
    0433494630                           05           01/01/02          0
    0105009708                           O            12/01/31
    0

    7145236          736/G01             F          320,000.00         ZZ
                                         360        319,473.87          1
                                       7.000          2,128.97         80
                                       6.750          2,128.97
    VIENNA           VA   22182          2            11/28/01         00
    0433494705                           03           01/01/02          0
    0104624549                           O            12/01/31
    0

    7145266          736/G01             F          610,000.00         ZZ
                                         360        608,894.11          1
                                       6.500          3,855.62         80
                                       6.250          3,855.62
    NOVATO           CA   94947          2            11/15/01         00
    0433501764                           05           01/01/02          0
    0104864699                           O            12/01/31
    0

    7146752          L94/G01             F          640,000.00         ZZ
                                         360        639,513.01          1
                                       7.375          4,420.32         80
                                       7.125          4,420.32
    SALT LAKE CITY   UT   84124          1            12/26/01         00
    0433517836                           05           02/01/02          0
    1000008069                           O            01/01/32
    0

    7148090          M45/G01             F          496,000.00         ZZ
                                         360        495,583.30          1
                                       6.875          3,258.37         59
                                       6.625          3,258.37
    WESTON           CT   06883          5            12/04/01         00
    0433585692                           05           02/01/02          0
1

    A0303339                             O            01/01/32
    0

    7148112          M45/G01             F          450,000.00         ZZ
                                         360        449,612.55          1
                                       6.750          2,918.70         52
                                       6.500          2,918.70
    SCOTTSDALE       AZ   85255          1            12/13/01         00
    0433498961                           05           02/01/02          0
    A0310167                             O            01/01/32
    0

    7148116          M45/G01             F          375,200.00         ZZ
                                         360        374,835.32          1
                                       6.125          2,279.76         80
                                       5.875          2,279.76
    NEWPORT COAST    CA   92657          1            12/07/01         00
    0433585700                           01           02/01/02          0
    A0313034                             O            01/01/32
    0

    7148128          M45/G01             F          348,000.00         ZZ
                                         360        347,721.70          1
                                       7.125          2,344.55         77
                                       6.875          2,344.55
    DALY CITY        CA   94015          2            12/05/01         00
    0433496007                           05           02/01/02          0
    A0315477                             O            01/01/32
    0

    7149958          964/G01             F          396,800.00         ZZ
                                         360        396,800.00          1
                                       7.125          2,673.32         80
                                       6.875          2,673.32
    SAN RAFAEL       CA   94901          1            01/25/02         00
    0433652674                           05           03/01/02          0
    181068                               O            02/01/32
    0

    7151318          H29/G01             F          800,000.00         ZZ
                                         360        799,311.21          1
                                       6.750          5,188.79         45
                                       6.500          5,188.79
    WINCHESTER       MA   01890          2            12/13/01         00
    0433584984                           05           02/01/02          0
    7700102253                           O            01/01/32
    0

1

    7151698          H29/G01             F          850,000.00         ZZ
                                         360        849,268.16          1
                                       6.750          5,513.09         45
                                       6.500          5,513.09
    NEWTON           MA   02467          2            12/14/01         00
    0433580016                           05           02/01/02          0
    7700102254                           O            01/01/32
    0

    7153220          N47/G01             F          379,200.00         ZZ
                                         360        379,200.00          1
                                       6.875          2,491.07         80
                                       6.625          2,491.07
    SANTA CLARA      CA   95054          1            01/03/02         00
    0433607157                           03           03/01/02          0
    20312176                             O            02/01/32
    0

    7153896          T21/T21             F          548,000.00         ZZ
                                         360        548,000.00          1
                                       6.750          3,554.32         80
                                       6.500          3,554.32
    AIEA             HI   96701          2            01/11/02         00
    20096786                             05           03/01/02          0
    20096786                             O            02/01/32
    0

    7154386          W93/G01             F          408,000.00         ZZ
                                         360        407,631.16          1
                                       6.500          2,578.84         80
                                       6.250          2,578.84
    GLENDALE         CA   91214          1            11/29/01         00
    0433507886                           05           02/01/02          0
    03349978                             O            01/01/32
    0

    7155830          470/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.875          2,610.25         80
                                       7.625          2,610.25
    ROHNERT PARK     CA   94928          1            01/04/02         00
    0433660388                           05           03/01/02          0
    56003216                             O            02/01/32
    0

    7156566          D03/D03             F          393,700.00         ZZ
                                         360        393,700.00          1
                                       7.000          2,619.30         75
                                       6.750          2,619.30
1

    SACRAMENTO       CA   95864          5            01/03/02         00
    1010001264                           05           03/01/02          0
    1010001264                           O            02/01/32
    0

    7158362          E22/G01             F          546,000.00         ZZ
                                         360        545,529.90          1
                                       6.750          3,541.35         58
                                       6.500          3,541.35
    CAMARILLO        CA   93012          2            12/26/01         00
    0413339235                           03           02/01/02          0
    0413339235                           O            01/01/32
    0

    7158410          E22/G01             F          500,000.00         ZZ
                                         360        499,600.16          1
                                       7.125          3,368.59         80
                                       6.875          3,368.59
    SUNNYVALE        CA   94087          1            12/19/01         00
    0413378944                           05           02/01/02          0
    0413378944                           O            01/01/32
    0

    7158520          E22/G01             F          358,400.00         ZZ
                                         360        358,098.90          1
                                       6.875          2,354.43         80
                                       6.625          2,354.43
    SOUTH SAN FRANC  CA   94080          1            12/20/01         00
    0413426578                           07           02/01/02          0
    0413426578                           O            01/01/32
    0

    7158532          E22/G01             F          501,000.00         ZZ
                                         360        500,655.21          1
                                       7.875          3,632.60         79
                                       7.625          3,632.60
    RENO             NV   89511          2            12/26/01         00
    0413433764                           03           02/01/02          0
    0413433764                           O            01/01/32
    0

    7158546          E22/G01             F          175,750.00         ZZ
                                         360        175,612.90          1
                                       7.250          1,198.92         95
                                       7.000          1,198.92
    CRYSTAL LAKE     IL   60014          2            12/26/01         04
    0413439928                           05           02/01/02         30
    0413439928                           O            01/01/32
    0
1

    7158620          E22/G01             F          340,000.00         ZZ
                                         360        339,741.28          1
                                       7.375          2,348.30         60
                                       7.125          2,348.30
    SAN JOSE         CA   95120          1            12/24/01         00
    0413474164                           09           02/01/02          0
    0413474164                           O            01/01/32
    0

    7160470          714/G01             F          308,890.00         ZZ
                                         360        308,624.06          1
                                       6.750          2,003.45         78
                                       6.500          2,003.45
    CEDARBURG        WI   53012          2            12/21/01         00
    0433556222                           05           02/01/02          0
    0500845                              O            01/01/32
    0

    7164890          676/G01             F          950,000.00         ZZ
                                         360        949,182.06          3
                                       6.750          6,161.69         32
                                       6.500          6,161.69
    ANAHOLA          HI   96703          2            12/10/01         00
    0433516390                           05           02/01/02          0
    601729840                            O            01/01/32
    0

    7168310          511/511             F          510,000.00         ZZ
                                         360        509,140.62          1
                                       6.875          3,350.34         69
                                       6.625          3,350.34
    LOS ANGELES      CA   90039          2            11/17/01         00
    1                                    05           01/01/02          0
    1                                    O            12/01/31
    0

    7169646          286/286             F          338,000.00         ZZ
                                         360        337,143.23          1
                                       6.875          2,220.42         63
                                       6.625          2,220.42
    BROOKLINE        MA   02445          1            11/01/01         00
    618250                               05           12/01/01          0
    618250                               O            11/01/31
    0

    7169662          286/286             F          432,000.00         ZZ
                                         360        431,289.71          1
1

                                       7.000          2,874.11         65
                                       6.750          2,874.11
    TIVERTON         RI   02878          2            11/12/01         00
    595424                               05           01/01/02          0
    595424                               O            12/01/31
    0

    7169668          286/286             F          296,000.00         ZZ
                                         360        295,369.18          1
                                       7.750          2,120.59         80
                                       7.500          2,120.59
    MANCHESTER       MO   63011          1            10/26/01         00
    668659                               05           12/01/01          0
    668659                               O            11/01/31
    0

    7169670          286/286             F          409,000.00         ZZ
                                         360        408,310.81          1
                                       6.875          2,686.84         49
                                       6.625          2,686.84
    SCOTTSDALE       AZ   85255          2            11/12/01         00
    676023                               03           01/01/02          0
    676023                               O            12/01/31
    0

    7169690          286/286             F          294,600.00         ZZ
                                         360        294,115.61          1
                                       7.000          1,959.99         79
                                       6.750          1,959.99
    WILMETTE         IL   60091          2            11/12/01         00
    568101                               05           01/01/02          0
    568101                               O            12/01/31
    0

    7169708          286/286             F          500,000.00         ZZ
                                         360        499,157.48          1
                                       6.875          3,284.64         69
                                       6.625          3,284.64
    SMYRNA           GA   30080          1            11/16/01         00
    689557                               03           01/01/02          0
    689557                               O            12/01/31
    0

    7169730          286/286             F          300,000.00         ZZ
                                         360        299,553.31          1
                                       7.500          2,097.65         94
                                       7.250          2,097.65
    GLENVIEW         IL   60625          1            11/13/01         11
    544602                               05           01/01/02         30
1

    544602                               O            12/01/31
    0

    7169742          286/286             F          360,000.00         ZZ
                                         360        359,408.10          1
                                       7.000          2,395.09         56
                                       6.750          2,395.09
    RIVER FOREST     IL   60305          2            11/07/01         00
    689667                               05           01/01/02          0
    689667                               O            12/01/31
    0

    7169790          286/286             F          288,000.00         ZZ
                                         360        287,571.18          1
                                       7.500          2,013.74         80
                                       7.250          2,013.74
    LITTLETON        CO   80124          2            11/08/01         00
    691829                               03           01/01/02          0
    691829                               O            12/01/31
    0

    7169804          286/286             F          650,000.00         ZZ
                                         360        648,469.59          1
                                       7.250          4,434.15         76
                                       7.000          4,434.15
    LOVELAND         CO   80538          1            04/30/01         00
    585893                               03           06/01/01          0
    585893                               O            05/01/31
    0

    7169814          286/286             F          370,000.00         ZZ
                                         360        369,391.65          1
                                       7.000          2,461.62         64
                                       6.750          2,461.62
    EMMITSBURG       MD   21727          2            11/07/01         00
    424425                               05           01/01/02          0
    424425                               O            12/01/31
    0

    7169828          286/286             F          625,000.00         ZZ
                                         360        622,471.08          1
                                       7.125          4,210.75         60
                                       6.875          4,210.75
    WASHINGTON       DC   20016          2            08/16/01         00
    507085                               05           10/01/01          0
    507085                               O            09/01/31
    0

1

    7169830          286/286             F          414,000.00         ZZ
                                         360        413,302.38          1
                                       6.875          2,719.69         60
                                       6.625          2,719.69
    WESTON           FL   33327          2            11/08/01         00
    594640                               03           01/01/02          0
    594640                               O            12/01/31
    0

    7169838          286/286             F          300,000.00         ZZ
                                         360        299,136.33          1
                                       7.000          1,995.91         73
                                       6.750          1,995.91
    WESTMINSTER      CO   80021          1            11/16/01         00
    691550                               03           01/01/02          0
    691550                               O            12/01/31
    0

    7169892          286/286             F          875,000.00         ZZ
                                         360        873,561.35          1
                                       7.000          5,821.40         44
                                       6.750          5,821.40
    BOULDER          CO   80302          2            11/07/01         00
    672545                               05           01/01/02          0
    672545                               O            12/01/31
    0

    7169906          286/286             F          320,000.00         ZZ
                                         360        319,546.84          1
                                       7.750          2,292.52         80
                                       7.500          2,292.52
    MARTINEZ         CA   94553          1            11/06/01         00
    701188                               05           01/01/02          0
    701188                               O            12/01/31
    0

    7171520          405/405             F          452,000.00         ZZ
                                         360        451,656.06          1
                                       7.375          3,121.86         80
                                       6.625          3,121.86
    LOS ANGELES      CA   90291          1            12/12/01         00
    0017829938                           05           02/01/02          0
    0017829938                           O            01/01/32
    0

    7171522          405/405             F          356,000.00         ZZ
                                         360        355,700.91          1
                                       6.875          2,338.67         58
                                       6.250          2,338.67
1

    SAN MATEO        CA   94403          5            12/06/01         00
    0017843376                           05           02/01/02          0
    0017843376                           O            01/01/32
    0

    7171526          405/405             F          407,000.00         ZZ
                                         360        406,658.07          1
                                       6.875          2,673.70         74
                                       6.250          2,673.70
    SUNNYVALE        CA   94087          2            12/07/01         00
    0017868654                           05           02/01/02          0
    0017868654                           O            01/01/32
    0

    7171532          405/405             F          347,000.00         ZZ
                                         360        346,715.57          1
                                       7.000          2,308.60         77
                                       6.250          2,308.60
    LONG BEACH       CA   90803          5            12/10/01         00
    0017906900                           05           02/01/02          0
    0017906900                           O            01/01/32
    0

    7171534          405/405             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         66
                                       6.250          2,627.72
    CLAREMONT        CA   91711          2            12/07/01         00
    0017917816                           05           02/01/02          0
    0017917816                           O            01/01/32
    0

    7171536          405/405             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         68
                                       6.250          2,627.72
    GLENDALE         CA   91206          5            12/04/01         00
    0017923681                           05           02/01/02          0
    0017923681                           O            01/01/32
    0

    7171538          405/405             F          750,000.00         ZZ
                                         360        749,385.23          1
                                       7.000          4,989.77         62
                                       6.250          4,989.77
    GLENDORA         CA   91741          1            12/13/01         00
    0017930223                           03           02/01/02          0
    0017930223                           O            01/01/32
    0
1

    7171548          405/405             F          360,000.00         ZZ
                                         360        359,719.16          1
                                       7.250          2,455.84         43
                                       6.500          2,455.84
    SAN JOSE         CA   95148          2            12/06/01         00
    0017947367                           05           02/01/02          0
    0017947367                           O            01/01/32
    0

    7171552          405/405             F          632,000.00         ZZ
                                         360        631,469.04          1
                                       6.875          4,151.79         44
                                       6.250          4,151.79
    BEVERLY HILLS    CA   90212          2            12/07/01         00
    0017956020                           05           02/01/02          0
    0017956020                           O            01/01/32
    0

    7171556          405/405             F          360,000.00         ZZ
                                         360        359,697.55          1
                                       6.875          2,364.95         65
                                       6.250          2,364.95
    SAN DIEGO        CA   92107          2            12/15/01         00
    0017962499                           05           02/01/02          0
    0017962499                           O            01/01/32
    0

    7171560          405/405             F          650,000.00         ZZ
                                         360        649,517.60          1
                                       7.500          4,544.90         65
                                       6.750          4,544.90
    FALLBROOK        CA   92028          2            12/06/01         00
    0017963471                           05           02/01/02          0
    0017963471                           O            01/01/32
    0

    7171562          405/405             F          447,000.00         ZZ
                                         360        446,624.47          1
                                       6.875          2,936.47         64
                                       6.250          2,936.47
    LOS ANGELES      CA   91604          2            12/12/01         00
    0017964537                           05           02/01/02          0
    0017964537                           O            01/01/32
    0

    7171574          405/405             F          455,000.00         ZZ
                                         360        454,627.04          1
1

                                       7.000          3,027.13         61
                                       6.250          3,027.13
    DANVILLE         CA   94526          5            12/07/01         00
    0018012427                           05           02/01/02          0
    0018012427                           O            01/01/32
    0

    7171576          405/405             F          348,500.00         ZZ
                                         360        348,228.13          1
                                       7.250          2,377.39         85
                                       6.500          2,377.39
    LOS ANGELES      CA   91423          2            12/04/01         11
    0018013417                           05           02/01/02         12
    0018013417                           O            01/01/32
    0

    7171580          405/405             F          325,000.00         ZZ
                                         360        324,733.59          1
                                       7.000          2,162.24         60
                                       6.250          2,162.24
    SAN DIEGO        CA   92120          5            12/07/01         00
    0018017749                           05           02/01/02          0
    0018017749                           O            01/01/32
    0

    7171594          405/405             F          340,700.00         ZZ
                                         360        340,387.42          1
                                       7.000          2,266.69         65
                                       6.250          2,266.69
    SEAL BEACH       CA   90740          2            12/15/01         00
    0018051383                           05           02/01/02          0
    0018051383                           O            01/01/32
    0

    7171598          405/405             F          350,000.00         ZZ
                                         360        349,705.96          1
                                       6.875          2,299.25         63
                                       6.250          2,299.25
    LOS ANGELES      CA   91604          5            12/17/01         00
    0018054007                           05           02/01/02          0
    0018054007                           O            01/01/32
    0

    7171600          405/405             F          408,000.00         ZZ
                                         360        407,665.56          1
                                       7.000          2,714.44         80
                                       6.250          2,714.44
    THOUSAND OAKS    CA   91361          2            12/18/01         00
    0018071316                           05           02/01/02          0
1

    0018071316                           O            01/01/32
    0

    7171602          405/405             F          326,800.00         ZZ
                                         360        326,325.44          1
                                       6.875          2,146.85         80
                                       6.250          2,146.85
    LOS ANGELES      CA   90731          1            12/17/01         00
    0018071878                           05           02/01/02          0
    0018071878                           O            01/01/32
    0

    7171604          405/405             F          335,920.00         ZZ
                                         360        335,657.95          1
                                       7.250          2,291.57         80
                                       6.500          2,291.57
    LAKE FOREST      CA   92630          1            12/18/01         00
    0018073395                           05           02/01/02          0
    0018073395                           O            01/01/32
    0

    7171612          405/405             F          487,000.00         ZZ
                                         360        486,600.80          1
                                       7.000          3,240.03         68
                                       6.250          3,240.03
    SACRAMENTO       CA   95864          5            11/30/01         00
    0019942796                           05           02/01/02          0
    0019942796                           O            01/01/32
    0

    7171614          405/405             F          308,000.00         ZZ
                                         360        307,753.69          1
                                       7.125          2,075.06         80
                                       6.375          2,075.06
    RANCHO MIRAGE    CA   92270          2            12/12/01         00
    0019945716                           05           02/01/02          0
    0019945716                           O            01/01/32
    0

    7171618          405/405             F          440,000.00         ZZ
                                         360        439,639.34          1
                                       7.000          2,927.33         62
                                       6.250          2,927.33
    AGOURA HILLS     CA   91301          5            12/07/01         00
    0019961721                           05           02/01/02          0
    0019961721                           O            01/01/32
    0

1

    7171620          405/405             F          360,000.00         ZZ
                                         360        359,704.91          1
                                       7.000          2,395.09         43
                                       6.250          2,395.09
    OCEANSIDE        CA   92054          2            12/12/01         00
    0019969831                           05           02/01/02          0
    0019969831                           O            01/01/32
    0

    7171622          405/405             F          450,000.00         ZZ
                                         360        449,631.13          1
                                       7.000          2,993.87         71
                                       6.250          2,993.87
    HERMOSA BEACH    CA   90254          2            12/17/01         00
    0019970425                           05           02/01/02          0
    0019970425                           O            01/01/32
    0

    7171628          405/405             F          391,500.00         ZZ
                                         360        391,179.09          1
                                       7.000          2,604.66         47
                                       6.250          2,604.66
    LOS ANGELES      CA   90069          2            12/10/01         00
    0019982370                           05           02/01/02          0
    0019982370                           O            01/01/32
    0

    7171630          405/405             F          391,000.00         ZZ
                                         360        390,671.51          1
                                       6.875          2,568.59         73
                                       6.250          2,568.59
    IRVINE           CA   92612          2            12/14/01         00
    0019982990                           01           02/01/02          0
    0019982990                           O            01/01/32
    0

    7171694          405/405             F          350,000.00         ZZ
                                         360        349,410.23          1
                                       6.875          2,299.25         42
                                       6.375          2,299.25
    BOULDER          CO   80303          1            11/29/01         00
    0012603031                           03           01/01/02          0
    0012603031                           O            12/01/31
    0

    7171698          405/405             F          453,000.00         ZZ
                                         360        452,236.66          1
                                       6.875          2,975.89         52
                                       6.375          2,975.89
1

    LITTLETON        CO   80124          2            11/21/01         00
    0012637856                           03           01/01/02          0
    0012637856                           O            12/01/31
    0

    7172088          696/G01             F          405,000.00         ZZ
                                         360        404,659.75          1
                                       6.875          2,660.56         31
                                       6.625          2,660.56
    EARLYSVILLE      VA   22936          2            12/18/01         00
    0433520715                           05           02/01/02          0
    25101299                             O            01/01/32
    0

    7177076          N47/G01             F          372,000.00         ZZ
                                         360        372,000.00          1
                                       7.125          2,506.23         80
                                       6.875          2,506.23
    SAN JOSE         CA   95133          1            01/03/02         00
    0433609765                           05           03/01/02          0
    20312153                             O            02/01/32
    0

    7178606          E82/G01             F          308,000.00         ZZ
                                         360        307,741.24          1
                                       6.875          2,023.34         85
                                       6.625          2,023.34
    OSSINING         NY   10562          2            12/27/01         04
    0400553020                           01           02/01/02         12
    0400553020                           O            01/01/32
    0

    7178620          E82/G01             F          585,300.00         ZZ
                                         360        584,808.28          1
                                       6.875          3,845.00         59
                                       6.625          3,845.00
    ATLANTA          GA   30327          2            12/28/01         00
    0400542221                           03           02/01/02          0
    0400542221                           O            01/01/32
    0

    7178656          E82/G01             F          311,000.00         ZZ
                                         360        310,725.61          1
                                       6.625          1,991.37         50
                                       6.375          1,991.37
    SAN JOSE         CA   95129          2            12/28/01         00
    0400543377                           05           02/01/02          0
    0400543377                           O            01/01/32
    0
1

    7178658          E82/G01             F          327,600.00         ZZ
                                         360        327,600.00          1
                                       6.625          2,097.66         56
                                       6.375          2,097.66
    PISMO BEACH      CA   93449          2            12/27/01         00
    0400547493                           05           03/01/02          0
    4651309                              O            02/01/32
    0

    7180082          736/G01             F          296,700.00         ZZ
                                         360        296,111.62          1
                                       6.750          1,924.40         80
                                       6.500          1,924.40
    CHULA VISTA      CA   91913          1            11/28/01         00
    0433577665                           03           01/01/02          0
    104679675                            O            12/01/31
    0

    7180112          736/G01             F          649,950.00         ZZ
                                         360        648,827.65          1
                                       6.750          4,215.57         34
                                       6.500          4,215.57
    CHARLOTTE        NC   28207          2            11/12/01         00
    0433514569                           05           01/01/02          0
    104449251                            O            12/01/31
    0

    7180136          736/G01             F          438,000.00         ZZ
                                         360        436,792.53          1
                                       6.750          2,840.86         76
                                       6.500          2,840.86
    DALY CITY        CA   94015          2            11/15/01         00
    0433577681                           05           01/01/02          0
    0104906516                           O            12/01/31
    0

    7180160          736/G01             F          388,000.00         ZZ
                                         360        387,329.98          1
                                       6.750          2,516.57         80
                                       6.500          2,516.57
    RANCHO SANTA MA  CA   92688          2            11/29/01         00
    0433529914                           03           01/01/02          0
    0104940903                           O            12/01/31
    0

    7181046          P67/G01             F          489,300.00         T
                                         360        489,300.00          1
1

                                       7.250          3,337.89         45
                                       7.000          3,337.89
    MEREDITH         NH   03253          2            01/29/02         00
    0433630019                           05           03/01/02          0
    1                                    O            02/01/32
    0

    7182304          550/550             F          650,000.00         ZZ
                                         360        649,461.91          1
                                       6.950          4,302.67         60
                                       6.700          4,302.67
    UPPER BROOKVILL  NY   11771          2            12/14/01         00
    120559401                            05           02/01/02          0
    120559401                            O            01/01/32
    0

    7191220          696/G01             F          350,000.00         ZZ
                                         360        349,740.25          1
                                       7.500          2,447.25         76
                                       7.250          2,447.25
    HAYMARKET        VA   20169          1            12/28/01         00
    0433513066                           03           02/01/02          0
    23301308                             O            01/01/32
    0

    7191448          Q99/G01             F          310,000.00         ZZ
                                         360        309,752.10          1
                                       7.125          2,088.53         74
                                       6.875          2,088.53
    ELLICOTT CITY    MD   21042          5            12/29/01         00
    0433565983                           05           02/01/02          0
    1                                    O            01/01/32
    0

    7201946          E22/G01             F          393,750.00         ZZ
                                         360        393,435.12          1
                                       7.125          2,652.77         75
                                       6.875          2,652.77
    THE WOODLANDS    TX   77382          5            12/24/01         00
    0413336868                           03           02/01/02          0
    0413336868                           O            01/01/32
    0

    7201968          E22/G01             F          357,900.00         ZZ
                                         360        357,327.58          1
                                       7.125          2,411.24         70
                                       6.875          2,411.24
    ARVADA           CO   80007          5            12/26/01         00
    0413379322                           03           02/01/02          0
1

    0413379322                           O            01/01/32
    0

    7201974          E22/G01             F          329,000.00         ZZ
                                         360        328,723.60          1
                                       6.875          2,161.30         69
                                       6.625          2,161.30
    CARLSBAD         CA   92008          2            12/20/01         00
    0413383696                           03           02/01/02          0
    0413383696                           O            01/01/32
    0

    7201984          E22/G01             F          137,300.00         ZZ
                                         360        137,205.51          1
                                       7.875            995.52         42
                                       7.625            995.52
    HEATH            TX   75032          5            12/27/01         00
    0413386988                           03           02/01/02          0
    0413386988                           O            01/01/32
    0

    7201986          E22/G01             F          403,000.00         ZZ
                                         360        402,715.57          1
                                       7.750          2,887.14         70
                                       7.500          2,887.14
    SPRING           TX   77389          5            12/27/01         00
    0413392937                           05           02/01/02          0
    0413392937                           O            01/01/32
    0

    7202006          E22/G01             F          430,000.00         ZZ
                                         360        430,000.00          1
                                       7.000          2,860.80         67
                                       6.750          2,860.80
    AUBURN           CA   95602          2            12/27/01         00
    0413410713                           03           03/01/02          0
    0413410713                           O            02/01/32
    0

    7202026          E22/G01             F          900,000.00         ZZ
                                         360        899,297.81          1
                                       7.250          6,139.59         35
                                       7.000          6,139.59
    HORSESHOE BAY    TX   78657          5            12/27/01         00
    0413424011                           03           02/01/02          0
    0413424011                           O            01/01/32
    0

1

    7203488          M27/G01             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.875          2,956.18         63
                                       6.625          2,956.18
    MEBANE           NC   27302          5            01/08/02         00
    0433618691                           05           03/01/02          0
    600723061                            O            02/01/32
    0

    7205618          K15/G01             F          218,800.00         ZZ
                                         360        218,629.32          1
                                       7.250          1,492.60         57
                                       7.000          1,492.60
    DALY CITY        CA   94014          5            12/21/01         00
    0433601135                           05           02/01/02          0
    002660005303516                      O            01/01/32
    0

    7207606          R65/G01             F          373,500.00         ZZ
                                         360        373,170.47          1
                                       6.625          2,391.56         80
                                       6.375          2,391.56
    CHANTILLY        VA   20151          2            12/27/01         00
    0433573052                           03           02/01/02          0
    16355                                O            01/01/32
    0

    7207978          A06/G01             F          201,000.00         ZZ
                                         360        201,000.00          1
                                       6.875          1,320.43         43
                                       6.625          1,320.43
    HUNTINGTON WOOD  MI   48070          2            01/16/02         00
    0433629110                           05           03/01/02          0
    EDELSON                              O            02/01/32
    0

    7207986          714/G01             F          647,306.34         ZZ
                                         360        646,721.16          1
                                       6.500          4,091.42         67
                                       6.250          4,091.42
    MEQUON           WI   53092          2            12/10/01         00
    0433579935                           03           02/01/02          0
    1                                    O            01/01/32
    0

    7209140          W32/G01             F          893,250.00         ZZ
                                         360        893,250.00          1
                                       6.875          5,868.02         43
                                       6.625          5,868.02
1

    COTO DE CAZA     CA   92679          2            12/31/01         00
    0433586773                           03           03/01/02          0
    0510437A                             O            02/01/32
    0

    7210770          S11/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.750          2,464.67         47
                                       6.500          2,464.67
    DANVILLE         CA   94506          2            01/08/02         00
    0433625167                           03           03/01/02          0
    10205508                             O            02/01/32
    0

    7211026          964/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.875          2,364.95         57
                                       6.625          2,364.95
    NOVATO           CA   94949          2            01/07/02         00
    0433599768                           05           03/01/02          0
    400176637                            O            02/01/32
    0

    7211064          H22/G01             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.875          3,613.11         48
                                       6.625          3,613.11
    OYSTER BAY COVE  NY   11771          1            01/28/02         00
    0433631793                           05           03/01/02          0
    0112048                              O            02/01/32
    0

    7216978          550/550             F          506,000.00         ZZ
                                         360        506,000.00          1
                                       7.250          3,451.82         44
                                       7.000          3,451.82
    ORINDA           CA   94563          2            12/21/01         00
    120561555                            05           03/01/02          0
    120561555                            O            02/01/32
    0

    7217324          975/G01             F          466,200.00         ZZ
                                         360        466,200.00          1
                                       7.500          3,259.74         70
                                       7.250          3,259.74
    DIAMOND BAR      CA   91765          1            01/17/02         00
    0433645298                           03           03/01/02          0
    2016069                              O            02/01/32
    0
1

    7218672          B57/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.750          2,140.37         75
                                       6.500          2,140.37
    SHERMAN OAKS     CA   91401          1            01/08/02         00
    0433637568                           05           03/01/02          0
    2119304                              O            02/01/32
    0

    7222488          E22/G01             F          318,750.00         ZZ
                                         360        318,750.00          1
                                       7.125          2,147.48         75
                                       6.875          2,147.48
    FAIR OAKS        CA   95628          2            12/27/01         00
    0413365032                           05           03/01/02          0
    0413365032                           O            02/01/32
    0

    7223224          168/168             F          340,000.00         ZZ
                                         360        339,454.61          1
                                       7.125          2,290.64         80
                                       6.875          2,290.64
    SAN JOSE         CA   95112          2            11/08/01         00
    0069467366                           05           01/01/02          0
    0069467366                           O            12/01/31
    0

    7223416          168/168             F          375,000.00         ZZ
                                         360        374,271.39          1
                                       7.125          2,526.44         67
                                       6.875          2,526.44
    SAN JOSE         CA   95124          5            11/13/01         00
    0069452407                           05           01/01/02          0
    0069452407                           O            12/01/31
    0

    7223736          A06/G01             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       7.000          2,062.44         55
                                       6.750          2,062.44
    LEONARD          MI   48367          5            01/11/02         00
    0433620036                           05           03/01/02          0
    1000020153379                        O            02/01/32
    0

    7224020          168/168             F          325,000.00         ZZ
                                         360        324,733.60          1
1

                                       7.000          2,162.23         83
                                       6.750          2,162.23
    TRUMBULL         CT   06902          1            12/03/01         14
    0059869364                           05           02/02/02         12
    0059869364                           O            01/02/32
    0

    7224930          168/168             F          336,700.00         ZZ
                                         360        336,159.90          1
                                       7.125          2,268.41         80
                                       6.875          2,268.41
    CANTON           MA   02021          2            11/20/01         00
    0059966661                           05           01/01/02          0
    0059966661                           O            12/01/31
    0

    7226580          E82/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.750          2,853.83         70
                                       6.500          2,853.83
    LOS ALTOS        CA   94022          2            01/02/02         00
    0400550471                           05           03/01/02          0
    0400550471                           O            02/01/32
    0

    7226590          E82/G01             F          287,400.00         ZZ
                                         360        287,400.00          1
                                       6.750          1,864.07         70
                                       6.500          1,864.07
    FAIRFIELD        CA   94533          2            01/02/02         00
    0400541413                           05           03/01/02          0
    0400541413                           O            02/01/32
    0

    7226600          E82/G01             F          329,200.00         ZZ
                                         360        328,923.43          1
                                       6.875          2,162.61         85
                                       6.625          2,162.61
    COLLIERVILLE     TN   38017          2            12/28/01         04
    0400536173                           05           02/01/02         12
    2923944                              O            01/01/32
    0

    7226618          E82/G01             F          509,000.00         ZZ
                                         360        508,550.92          1
                                       6.625          3,259.18         62
                                       6.375          3,259.18
    LOS GATOS        CA   95032          5            12/28/01         00
    0400544425                           05           02/01/02          0
1

    0400544425                           O            01/01/32
    0

    7226622          E82/G01             F          182,000.00         ZZ
                                         360        181,850.82          1
                                       7.000          1,210.85         50
                                       6.750          1,210.85
    NEW HEMPSTEAD    NY   10977          2            12/28/01         00
    0400558813                           05           02/01/02          0
    0400558813                           O            01/01/32
    0

    7226626          E82/G01             F          407,000.00         ZZ
                                         360        406,649.59          1
                                       6.750          2,639.79         55
                                       6.500          2,639.79
    IRVINE           CA   92620          2            12/28/01         00
    0400533063                           03           02/01/02          0
    1547873                              O            01/01/32
    0

    7226632          E82/G01             F          396,900.00         ZZ
                                         360        396,900.00          1
                                       6.625          2,541.39         60
                                       6.375          2,541.39
    WEST CHESTER     PA   19317          2            01/02/02         00
    0400534087                           05           03/01/02          0
    0400534087                           O            02/01/32
    0

    7226636          E82/G01             F          476,000.00         ZZ
                                         360        476,000.00          1
                                       7.375          3,287.61         80
                                       7.125          3,287.61
    SHERMAN OAKS     CA   91403          2            01/02/02         00
    0400546206                           05           03/01/02          0
    4005725                              O            02/01/32
    0

    7226644          E82/G01             F          304,500.00         ZZ
                                         360        304,250.40          1
                                       7.000          2,025.85         87
                                       6.750          2,025.85
    ORANGE           CA   92869          2            12/28/01         04
    0400542817                           03           02/01/02         25
    0400542817                           O            01/01/32
    0

1

    7228270          964/G01             F          435,200.00         ZZ
                                         360        435,200.00          1
                                       7.375          3,005.82         80
                                       7.125          3,005.82
    SAN RAFAEL       CA   94930          1            01/09/02         00
    0433651858                           05           03/01/02          0
    400171788                            O            02/01/32
    0

    7230212          163/G01             F          365,000.00         ZZ
                                         360        365,000.00          1
                                       7.500          2,552.14         73
                                       7.250          2,552.14
    MONTCLAIR        NJ   07042          5            01/17/02         00
    0433625472                           05           03/01/02          0
    775944                               O            02/01/32
    0

    7230952          F25/G01             F          559,200.00         ZZ
                                         360        559,200.00          1
                                       7.750          4,006.18         80
                                       7.500          4,006.18
    SCARSDALE        NY   10583          1            01/25/02         00
    0433630407                           05           03/01/02          0
    0530006                              O            02/01/32
    0

    7232456          H58/G01             F          420,000.00         ZZ
                                         360        419,680.41          1
                                       7.375          2,900.84         80
                                       7.125          2,900.84
    SAN DIEGO        CA   92107          1            12/21/01         00
    0433604972                           05           02/01/02          0
    0000083315                           O            01/01/32
    0

    7235674          R84/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.375          2,348.30         74
                                       7.125          2,348.30
    UNIVERSITY PARK  TX   75225          5            01/11/02         00
    0433600152                           05           03/01/02          0
    0523225                              O            02/01/32
    0

    7237882          736/G01             F          550,000.00         ZZ
                                         360        549,026.80          1
                                       6.625          3,521.72         63
                                       6.375          3,521.72
1

    SCOTTS VALLEY    CA   95066          2            11/20/01         00
    0433515459                           05           01/01/02          0
    104913199                            O            12/01/31
    0

    7238624          A35/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.250          3,410.88         29
                                       7.000          3,410.88
    UPPER BROOKVILL  NY   11545          1            01/15/02         00
    0433627411                           05           03/01/02          0
    778724                               O            02/01/32
    0

    7238678          736/G01             F        1,350,000.00         ZZ
                                         360      1,347,668.80          1
                                       6.750          8,756.08         47
                                       6.500          8,756.08
    BEVERLY HILLS    CA   90210          2            11/27/01         00
    0433515764                           05           01/01/02          0
    104815428                            O            12/01/31
    0

    7240550          893/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       7.125          2,694.20         33
                                       6.875          2,694.20
    FREMONT          CA   94539          2            01/10/02         00
    0433599354                           03           03/01/02          0
    H11011041                            O            02/01/32
    0

    7245120          E22/G01             F          440,000.00         ZZ
                                         360        439,704.77          1
                                       8.000          3,228.56         80
                                       7.750          3,228.56
    SAINT LOUIS      MO   63141          1            01/03/02         00
    0413122037                           05           02/01/02          0
    0413122037                           O            01/01/32
    0

    7245126          E22/G01             F          420,000.00         ZZ
                                         360        419,672.36          1
                                       7.250          2,865.14         80
                                       7.000          2,865.14
    CROCKETT         CA   94525          1            12/28/01         00
    0413148875                           05           02/01/02          0
    0413148875                           O            01/01/32
    0
1

    7245644          E82/G01             F          361,400.00         ZZ
                                         360        361,110.99          1
                                       7.125          2,434.82         88
                                       6.875          2,434.82
    MCCORMICK        SC   29835          2            01/03/02         04
    0400516746                           05           02/01/02         25
    0400516746                           O            01/01/32
    0

    7245660          E82/G01             F          510,400.00         ZZ
                                         360        510,400.00          1
                                       6.875          3,352.96         57
                                       6.625          3,352.96
    GULFPORT         MS   39507          2            01/03/02         00
    0400450508                           05           03/01/02          0
    3909951                              O            02/01/32
    0

    7245920          K88/G01             F          400,000.00         ZZ
                                         360        399,655.60          1
                                       6.750          2,594.40         80
                                       6.500          2,594.40
    WALL             NJ   07719          2            12/18/01         00
    0433603891                           05           02/01/02          0
    18016                                O            01/01/32
    0

    7249650          H29/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.750          2,529.54         67
                                       6.500          2,529.54
    HILTON HEAD ISL  SC   29928          2            12/27/01         00
    0433621422                           03           03/01/02          0
    745001                               O            02/01/32
    0

    7249908          B57/G01             F          439,200.00         ZZ
                                         360        439,200.00          1
                                       7.125          2,958.97         80
                                       6.875          2,958.97
    LOS ANGELES      CA   90046          1            01/03/02         00
    0433569498                           05           03/01/02          0
    2119868                              O            02/01/32
    0

    7252732          168/168             F          407,800.00         ZZ
                                         360        407,192.81          1
1

                                       7.500          2,851.40         76
                                       7.250          2,851.40
    ARCADIA          CA   91007          2            11/05/01         00
    0059952237                           05           01/01/02          0
    0059952237                           O            12/01/31
    0

    7253588          168/168             F          425,000.00         ZZ
                                         360        424,318.26          1
                                       7.125          2,863.30         59
                                       6.875          2,863.30
    SAN JOSE         CA   95127          5            11/15/01         00
    0069472734                           05           01/01/02          0
    0069472734                           O            12/01/31
    0

    7255054          975/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.125          2,358.01         79
                                       6.875          2,358.01
    LOS ANGELES(TUJ  CA   91042          1            01/16/02         00
    0433611928                           03           03/01/02          0
    2020062                              O            02/01/32
    0

    7255314          253/253             F          356,000.00         ZZ
                                         360        355,708.19          1
                                       7.000          2,368.48         47
                                       6.750          2,368.48
    DALLAS           TX   75225          5            12/20/01         00
    990570                               09           02/01/02          0
    990570                               O            01/01/32
    0

    7255768          E85/G01             F          540,000.00         ZZ
                                         360        539,021.02          1
                                       6.500          3,413.17         80
                                       6.250          3,413.17
    MILL VALLEY      CA   94941          1            11/01/01         00
    0433600939                           05           01/01/02          0
    9610928                              O            12/01/31
    0

    7256050          168/168             F          337,000.00         ZZ
                                         360        336,459.42          1
                                       7.125          2,270.43         67
                                       6.875          2,270.43
    MEDWAY           MA   02053          2            11/26/01         00
    0069317763                           05           01/01/02          0
1

    0069317763                           O            12/01/31
    0

    7260528          N47/G01             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       7.000          3,492.84         70
                                       6.750          3,492.84
    REDWOOD CITY     CA   94062          5            01/10/02         00
    0433612991                           05           03/01/02          0
    20511172                             O            02/01/32
    0

    7266056          E22/G01             F          440,000.00         ZZ
                                         360        439,648.14          1
                                       7.125          2,964.36         70
                                       6.875          2,964.36
    JERICHO          NY   11753          5            01/02/02         00
    0413293218                           05           02/01/02          0
    0413293218                           O            01/01/32
    0

    7266100          E22/G01             F          350,000.00         ZZ
                                         360        349,720.12          1
                                       7.125          2,358.01         47
                                       6.875          2,358.01
    SAN ANTONIO      TX   78209          5            12/26/01         00
    0413378837                           05           02/01/02          0
    0413378837                           O            01/01/32
    0

    7266122          E22/G01             F          199,000.00         ZZ
                                         360        199,000.00          1
                                       7.250          1,357.53         80
                                       7.000          1,357.53
    DES PLAINES      IL   60018          1            01/07/02         00
    0413405895                           05           03/01/02          0
    0413405895                           O            02/01/32
    0

    7266568          E82/G01             F           51,300.00         ZZ
                                         360         51,300.00          1
                                       6.750            332.73         35
                                       6.500            332.73
    HILLSBORO        OR   97124          2            01/04/02         00
    0400550398                           05           03/01/02          0
    3779894                              O            02/01/32
    0

1

    7266578          E82/G01             F          367,000.00         ZZ
                                         360        367,000.00          1
                                       6.875          2,410.93         79
                                       6.625          2,410.93
    CARLSBAD         CA   92009          2            01/04/01         00
    0400519443                           03           03/01/02          0
    0400519443                           O            02/01/32
    0

    7266592          E82/G01             F          293,600.00         ZZ
                                         360        293,600.00          1
                                       7.000          1,953.33         80
                                       6.750          1,953.33
    DALLAS           TX   75230          2            01/03/02         00
    0400553772                           03           03/01/02          0
    1979846                              O            02/01/32
    0

    7266598          E82/G01             F          270,000.00         ZZ
                                         360        270,000.00          1
                                       6.625          1,728.84         79
                                       6.375          1,728.84
    DAMASCUS         MD   20872          2            01/04/02         00
    0400545976                           03           03/01/02          0
    0400545976                           O            02/01/32
    0

    7266602          E82/G01             F          304,500.00         ZZ
                                         360        304,500.00          1
                                       6.500          1,924.65         60
                                       6.250          1,924.65
    HALLIEFORD       VA   23068          2            01/04/02         00
    0400545000                           05           03/01/02          0
    1695341                              O            02/01/32
    0

    7266612          E82/G01             F          277,600.00         ZZ
                                         360        277,600.00          1
                                       7.125          1,870.24         80
                                       6.875          1,870.24
    LOMITA           CA   90717          2            01/04/02         00
    0400551586                           05           03/01/02          0
    1960820                              O            02/01/32
    0

    7267356          J54/G01             F          293,000.00         ZZ
                                         360        292,753.84          1
                                       6.875          1,924.81         53
                                       6.625          1,924.81
1

    LIVERMORE        CA   94550          5            12/13/01         00
    0433633187                           05           02/01/02          0
    895717                               O            01/01/32
    0

    7270558          N47/G01             F          359,000.00         ZZ
                                         360        359,000.00          1
                                       6.875          2,358.37         79
                                       6.625          2,358.37
    SAN CLEMENTE     CA   92672          2            01/10/02         00
    0433646957                           05           03/01/02          0
    30312123                             O            02/01/32
    0

    7272920          T53/G01             F          544,000.00         ZZ
                                         360        544,000.00          1
                                       7.250          3,711.04         80
                                       7.000          3,711.04
    YORBA LINDA      CA   92887          1            01/04/02         00
    0433575701                           05           03/01/02          0
    01002221                             O            02/01/32
    0

    7275092          K21/G01             F          370,000.00         ZZ
                                         360        369,673.56          1
                                       6.625          2,369.15         80
                                       6.375          2,369.15
    WALNUT           CA   91789          2            12/22/01         00
    0433575024                           05           02/01/02          0
    0116534                              O            01/01/32
    0

    7276230          994/X14             F          577,000.00         ZZ
                                         360        576,027.72          1
                                       6.875          3,790.48         61
                                       6.625          3,790.48
    SOUTHERN SHORES  NC   27949          2            11/26/01         00
    81404335                             05           01/01/02          0
    81404335                             O            12/01/31
    0

    7276232          994/X14             F          315,000.00         ZZ
                                         360        314,553.92          1
                                       7.750          2,256.70         90
                                       7.500          2,256.70
    JAMAICA          NY   11432          1            11/27/01         04
    404325156                            05           01/01/02         25
    404325156                            O            12/01/31
    0
1

    7276234          994/X14             F          284,000.00         ZZ
                                         360        283,521.44          1
                                       6.875          1,865.68         79
                                       6.625          1,865.68
    BREA             CA   92821          2            11/21/01         00
    219094707                            05           01/01/02          0
    219094707                            O            12/01/31
    0

    7276236          994/X14             F          409,250.00         ZZ
                                         360        408,625.27          1
                                       7.375          2,826.59         71
                                       7.125          2,826.59
    CHINO HILLS      CA   91709          2            11/21/01         00
    218996654                            05           01/01/02          0
    218996654                            O            12/01/31
    0

    7276238          994/X14             F          479,000.00         ZZ
                                         360        478,231.63          1
                                       7.125          3,227.11         76
                                       6.875          3,227.11
    WESTLAKE VILLAG  CA   91361          2            11/21/01         00
    219022807                            03           01/01/02          0
    219022807                            O            12/01/31
    0

    7276240          994/X14             F          515,650.00         ZZ
                                         360        514,781.10          1
                                       6.875          3,387.45         80
                                       6.625          3,387.45
    HENDERSON        NV   89011          1            11/14/01         00
    218906034                            03           01/01/02          0
    218906034                            O            12/01/31
    0

    7276242          994/X14             F          450,000.00         ZZ
                                         360        449,153.84          1
                                       6.875          2,956.18         45
                                       6.625          2,956.18
    PROVO            UT   84604          5            11/23/01         00
    404487609                            05           01/01/02          0
    404487609                            O            12/01/31
    0

    7276244          994/X14             F          313,062.00         ZZ
                                         360        312,521.41          1
1

                                       6.750          2,030.51         89
                                       6.500          2,030.51
    CHULA VISTA      CA   91911          1            11/20/01         11
    81442591                             05           01/01/02         25
    81442591                             O            12/01/31
    0

    7276246          994/X14             F          383,920.00         ZZ
                                         360        383,572.93          1
                                       6.500          2,426.64         78
                                       6.250          2,426.64
    FAYETTEVILLE     GA   30215          2            12/03/01         00
    81341498                             03           02/01/02          0
    81341498                             O            01/01/32
    0

    7276250          994/X14             F          349,000.00         ZZ
                                         360        348,367.29          1
                                       6.500          2,205.92         75
                                       6.250          2,205.92
    MONTEREY         CA   93940          2            11/01/01         00
    218895492                            05           01/01/02          0
    218895492                            O            12/01/31
    0

    7276254          994/X14             F          305,000.00         ZZ
                                         360        304,486.07          1
                                       6.875          2,003.63         60
                                       6.625          2,003.63
    IOWA CITY        IA   52240          2            11/19/01         00
    404237684                            05           01/01/02          0
    404237684                            O            12/01/31
    0

    7276256          994/X14             F          395,000.00         ZZ
                                         360        393,771.52          1
                                       7.000          2,627.95         67
                                       6.750          2,627.95
    WHITESTONE       NY   11357          5            10/15/01         00
    1000301048                           05           12/01/01          0
    1000301048                           O            11/01/31
    0

    7276258          994/X14             F          397,500.00         ZZ
                                         360        396,783.91          1
                                       6.750          2,578.18         75
                                       6.500          2,578.18
    TARPON SPRINGS   FL   34689          2            11/28/01         00
    219068883                            03           01/01/02          0
1

    219068883                            O            12/01/31
    0

    7276260          994/994             F          633,000.00         ZZ
                                         360        632,481.14          1
                                       7.000          4,211.36         67
                                       6.750          4,211.36
    MADISON          WI   53704          2            12/05/01         00
    404268886                            05           02/01/02          0
    404268886                            O            01/01/32
    0

    7276264          994/X14             F          326,250.00         ZZ
                                         360        325,799.48          1
                                       7.875          2,365.54         75
                                       7.625          2,365.54
    MONTERERY PARK   CA   91754          2            11/20/01         00
    219070707                            05           01/01/02          0
    219070707                            O            12/01/31
    0

    7276266          994/X14             F          336,000.00         ZZ
                                         360        335,145.80          1
                                       7.000          2,235.42         73
                                       6.750          2,235.42
    HENDERSON        NV   89052          1            11/07/01         00
    81250495                             03           01/01/02          0
    81250495                             O            12/01/31
    0

    7276268          994/X14             F          432,000.00         ZZ
                                         360        431,254.03          1
                                       6.750          2,801.94         80
                                       6.500          2,801.94
    OWENS CROSS ROA  AL   35763          2            11/19/01         00
    404335010                            03           01/01/02          0
    404335010                            O            12/01/31
    0

    7276270          994/X14             F          371,500.00         ZZ
                                         360        371,195.48          1
                                       7.000          2,471.60         73
                                       6.750          2,471.60
    TEMECULA         CA   92592          5            12/03/01         00
    81364255                             05           02/01/02          0
    81364255                             O            01/01/32
    0

1

    7276284          994/X14             F          632,400.00         ZZ
                                         360        631,334.37          1
                                       6.875          4,154.42         80
                                       6.625          4,154.42
    ALPINE           CA   91901          2            11/26/01         00
    219046921                            05           01/01/02          0
    219046921                            O            12/01/31
    0

    7276288          994/X14             F          625,000.00         ZZ
                                         360        623,972.39          1
                                       7.000          4,158.14         26
                                       6.750          4,158.14
    WOODSIDE         CA   94062          5            11/09/01         00
    219043647                            05           01/01/02          0
    219043647                            O            12/01/31
    0

    7276294          994/X14             F          356,000.00         ZZ
                                         360        355,700.91          1
                                       6.875          2,338.67         80
                                       6.625          2,338.67
    ORANGEBURG       SC   29118          2            12/05/01         00
    81276505                             05           02/01/02          0
    81276505                             O            01/01/32
    0

    7276298          994/X14             F          315,000.00         ZZ
                                         360        314,482.09          1
                                       7.000          2,095.70         73
                                       6.750          2,095.70
    SAN DIEGO        CA   92129          5            11/21/01         00
    219169533                            05           01/01/02          0
    219169533                            O            12/01/31
    0

    7276302          994/X14             F          361,100.00         ZZ
                                         360        360,246.01          1
                                       6.875          2,372.17         77
                                       6.625          2,372.17
    LARGO            FL   33777          2            11/29/01         00
    219167354                            05           01/01/02          0
    219167354                            O            12/01/31
    0

    7276312          994/X14             F          324,500.00         ZZ
                                         360        323,897.30          1
                                       6.375          2,024.46         71
                                       6.125          2,024.46
1

    CAVE CREEK       AZ   85331          5            11/26/01         00
    219072216                            03           01/01/02          0
    219072216                            O            12/01/31
    0

    7276316          994/X14             F          340,000.00         ZZ
                                         360        339,480.97          1
                                       7.375          2,348.30         68
                                       7.125          2,348.30
    MARSHFIELD       MA   02050          5            11/20/01         00
    1000319566                           05           01/01/02          0
    1000319566                           O            12/01/31
    0

    7276320          994/X14             F          360,000.00         ZZ
                                         360        359,408.10          1
                                       7.000          2,395.09         75
                                       6.750          2,395.09
    THOUSAND OAKS    CA   91361          2            11/26/01         00
    219061326                            03           01/01/02          0
    219061326                            O            12/01/31
    0

    7276324          994/X14             F          375,000.00         ZZ
                                         360        374,352.46          1
                                       6.750          2,432.24         74
                                       6.500          2,432.24
    NORMAN           OK   73072          2            11/19/01         00
    81383540                             05           01/01/02          0
    81383540                             O            12/01/31
    0

    7276326          994/X14             F          321,000.00         ZZ
                                         360        320,459.10          1
                                       6.875          2,108.74         80
                                       6.625          2,108.74
    PALATINE         IL   60067          2            11/26/01         00
    219064841                            05           01/01/02          0
    219064841                            O            12/01/31
    0

    7276328          994/X14             F          323,000.00         ZZ
                                         360        322,227.61          1
                                       6.875          2,121.88         54
                                       6.625          2,121.88
    DALY CITY        CA   94015          2            11/13/01         00
    219016643                            05           01/01/02          0
    219016643                            O            12/01/31
    0
1

    7276330          994/X14             F          419,000.00         ZZ
                                         360        417,937.88          1
                                       6.875          2,752.54         80
                                       6.625          2,752.54
    HENDERSON        NV   89052          1            10/15/01         00
    403669059                            03           12/01/01          0
    403669059                            O            11/01/31
    0

    7276332          994/X14             F          620,000.00         ZZ
                                         360        619,029.76          1
                                       7.250          4,229.49         80
                                       7.000          4,229.49
    LINDEN           CA   95236          1            11/23/01         00
    218901951                            05           01/01/02          0
    218901951                            O            12/01/31
    0

    7276334          994/X14             F          294,500.00         ZZ
                                         360        294,003.74          1
                                       6.875          1,934.66         95
                                       6.625          1,934.66
    EAST WINDSOR     NJ   08520          1            11/08/01         11
    1000356993                           05           01/01/02         30
    1000356993                           O            12/01/31
    0

    7276338          994/X14             F          560,000.00         ZZ
                                         360        556,973.89          1
                                       7.875          4,060.39         73
                                       7.625          4,060.39
    DEERFIELD        IL   60015          2            11/28/01         00
    218862369                            05           02/01/02          0
    218862369                            O            01/01/32
    0

    7276340          994/X14             F          360,000.00         ZZ
                                         360        359,064.88          1
                                       6.750          2,334.96         80
                                       6.500          2,334.96
    CHARLOTTE        NC   28210          2            11/21/01         00
    404325130                            03           12/01/01          0
    404325130                            O            11/01/31
    0

    7276342          994/X14             F          560,000.00         ZZ
                                         360        554,383.43          1
1

                                       7.250          3,820.19         60
                                       7.000          3,820.19
    AIRMONT          NY   10952          5            11/21/01         00
    1000357194                           05           01/01/02          0
    1000357194                           O            12/01/31
    0

    7276344          994/X14             F          309,000.00         ZZ
                                         240        307,845.74          1
                                       7.250          2,442.27         70
                                       7.000          2,442.27
    HOLMDEL          NJ   07733          5            11/08/01         00
    1000360803                           05           01/01/02          0
    1000360803                           O            12/01/21
    0

    7276346          994/X14             F          437,000.00         ZZ
                                         360        436,207.74          1
                                       6.500          2,762.14         70
                                       6.250          2,762.14
    OAKTON           VA   22124          5            11/30/01         00
    81343755                             05           01/01/02          0
    81343755                             O            12/01/31
    0

    7276348          994/X14             F          650,000.00         ZZ
                                         360        648,957.31          1
                                       7.125          4,379.18         32
                                       6.875          4,379.18
    LARCHMONT        NY   10538          5            11/07/01         00
    1000301803                           05           01/01/02          0
    1000301803                           O            12/01/31
    0

    7276350          994/X14             F          540,000.00         ZZ
                                         360        539,090.06          1
                                       6.875          3,547.42         80
                                       6.625          3,547.42
    KOHLER           WI   53044          2            11/23/01         00
    81089776                             05           01/01/02          0
    81089776                             O            12/01/31
    0

    7276352          994/X14             F          303,905.00         ZZ
                                         360        303,189.46          1
                                       7.250          2,073.17         95
                                       7.000          2,073.17
    SAN DIEGO        CA   92129          1            10/26/01         11
    404272173                            05           12/01/01         30
1

    404272173                            O            11/01/31
    0

    7276354          994/X14             F          439,000.00         ZZ
                                         360        437,887.20          1
                                       6.875          2,883.92         42
                                       6.625          2,883.92
    SAN JOSE         CA   95120          5            10/22/01         00
    218888083                            05           12/01/01          0
    218888083                            O            11/01/31
    0

    7276356          994/X14             F          424,000.00         ZZ
                                         360        423,231.32          1
                                       6.500          2,679.97         80
                                       6.250          2,679.97
    MADISON          AL   35758          2            11/07/01         00
    81265930                             05           01/01/02          0
    81265930                             O            12/01/31
    0

    7276360          994/X14             F          350,700.00         T
                                         360        347,257.07          1
                                       6.875          2,303.85         60
                                       6.625          2,303.85
    LAKE GENEVA      WI   53147          2            12/10/01         00
    404540863                            05           02/01/02          0
    404540863                            O            01/01/32
    0

    7276362          994/X14             F          313,500.00         T
                                         360        312,724.55          1
                                       7.000          2,085.73         80
                                       6.750          2,085.73
    HENDERSON        NV   89052          1            10/25/01         00
    81219355                             05           12/01/01          0
    81219355                             O            11/01/31
    0

    7276366          994/X14             F          481,000.00         ZZ
                                         360        480,335.79          1
                                       7.875          3,487.58         28
                                       7.625          3,487.58
    PORTOLA VALLEY   CA   94028          5            11/21/01         00
    219107970                            05           01/01/02          0
    219107970                            O            12/01/31
    0

1

    7276368          994/X14             F          309,250.00         ZZ
                                         360        308,990.19          1
                                       6.875          2,031.55         74
                                       6.625          2,031.55
    LA VERNE         CA   91750          5            12/05/01         00
    218928848                            05           02/01/02          0
    218928848                            O            01/01/32
    0

    7276370          994/X14             F          499,000.00         ZZ
                                         360        498,629.66          1
                                       7.500          3,489.09         69
                                       7.250          3,489.09
    BROOKLYN         NY   11235          1            12/03/01         00
    81466991                             05           02/01/02          0
    81466991                             O            01/01/32
    0

    7276372          994/X14             F          308,000.00         ZZ
                                         360        307,741.24          1
                                       6.875          2,023.34         86
                                       6.625          2,023.34
    PLAINVIEW        NY   11803          2            11/27/01         11
    403837726                            05           02/01/02         25
    403837726                            O            01/01/32
    0

    7276374          994/X14             F          640,000.00         ZZ
                                         360        638,764.18          1
                                       6.750          4,151.03         80
                                       6.500          4,151.03
    WASHINGTON       DC   20009          1            11/14/01         00
    219064536                            05           01/01/02          0
    219064536                            O            12/01/31
    0

    7276376          994/X14             F          337,500.00         ZZ
                                         360        336,930.41          1
                                       6.875          2,217.14         75
                                       6.625          2,217.14
    RYEBROOK         NY   10573          5            11/26/01         00
    1000342748                           05           01/01/02          0
    1000342748                           O            12/01/31
    0

    7276378          994/X14             F          376,000.00         ZZ
                                         360        375,046.92          1
                                       6.875          2,470.05         80
                                       6.625          2,470.05
1

    NASHVILLE        TN   37205          2            10/25/01         00
    81323089                             05           12/01/01          0
    81323089                             O            11/01/31
    0

    7276382          994/X14             F          390,000.00         ZZ
                                         360        389,342.84          1
                                       6.875          2,562.02         71
                                       6.625          2,562.02
    STAMFORD         CT   06902          5            11/19/01         00
    403973305                            05           01/01/02          0
    403973305                            O            12/01/31
    0

    7276384          994/X14             F          420,000.00         ZZ
                                         360        419,292.26          1
                                       6.875          2,759.11         80
                                       6.625          2,759.11
    TOPEKA           KS   66604          2            12/03/01         00
    404450788                            05           01/01/02          0
    404450788                            O            12/01/31
    0

    7276388          994/X14             F          456,750.00         ZZ
                                         360        455,248.06          1
                                       6.375          2,849.53         67
                                       6.125          2,849.53
    LA VERNE         CA   91750          2            11/23/01         00
    219088048                            03           01/01/02          0
    219088048                            O            12/01/31
    0

    7276392          994/X14             F          436,000.00         ZZ
                                         360        435,265.32          1
                                       6.875          2,864.21         80
                                       6.625          2,864.21
    NOANK            CT   06340          1            11/20/01         00
    1000361612                           05           01/01/02          0
    1000361612                           O            12/01/31
    0

    7276396          994/X14             F          288,000.00         ZZ
                                         360        287,526.48          1
                                       7.000          1,916.07         79
                                       6.750          1,916.07
    ROCKVILLE        MD   20852          1            11/29/01         00
    219180662                            09           01/01/02          0
    219180662                            O            12/01/31
    0
1

    7276398          994/X14             F          400,000.00         ZZ
                                         360        371,796.87          1
                                       6.875          2,627.72         69
                                       6.625          2,627.72
    WORCESTER        PA   19490          1            11/15/01         00
    402601610                            05           01/01/02          0
    402601610                            O            12/01/31
    0

    7276400          994/X14             F          463,000.00         ZZ
                                         360        462,180.76          1
                                       6.625          2,964.64         75
                                       6.375          2,964.64
    SIOUX FALLS      SD   57110          2            11/05/01         00
    81295492                             05           01/01/02          0
    81295492                             O            12/01/31
    0

    7276402          994/X14             F          335,950.00         ZZ
                                         360        335,139.23          1
                                       7.125          2,263.36         75
                                       6.875          2,263.36
    CHICAGO          IL   60641          1            10/29/01         00
    218978322                            05           12/01/01          0
    218978322                            O            11/01/31
    0

    7276404          994/X14             F          446,500.00         ZZ
                                         360        445,801.26          1
                                       7.250          3,045.92         79
                                       7.000          3,045.92
    ALPHARETTA       GA   30022          2            11/28/01         00
    994                                  05           01/02/02          0
    994                                  O            12/01/31
    0

    7276406          994/X14             F          334,000.00         ZZ
                                         240        332,065.25          1
                                       7.000          2,589.50         69
                                       6.750          2,589.50
    SHREWSBURY       NJ   07702          2            10/26/01         00
    1000292862                           05           12/01/01          0
    1000292862                           O            11/01/21
    0

    7276408          994/X14             F          292,000.00         ZZ
                                         360        291,483.32          1
1

                                       6.625          1,869.71         73
                                       6.375          1,869.71
    WICHITA FALLS    TX   76308          2            11/26/01         00
    81295447                             05           01/01/02          0
    81295447                             O            12/01/31
    0

    7276412          994/X14             F          315,000.00         ZZ
                                         360        314,735.36          1
                                       6.875          2,069.33         70
                                       6.625          2,069.33
    ROCKVILLE CENTR  NY   11570          5            11/27/01         00
    1000362046                           05           02/01/02          0
    1000362046                           O            01/01/32
    0

    7276414          994/X14             F          583,000.00         ZZ
                                         360        582,017.60          1
                                       6.875          3,829.90         59
                                       6.625          3,829.90
    LOS GATOS        CA   95032          5            11/21/01         00
    219045394                            05           01/01/02          0
    219045394                            O            12/01/31
    0

    7276422          994/X14             F          500,000.00         ZZ
                                         360        499,136.60          1
                                       6.750          3,242.99         72
                                       6.500          3,242.99
    RANCHO CUCAMONG  CA   91737          2            11/16/01         00
    219071077                            05           01/01/02          0
    219071077                            O            12/01/31
    0

    7276434          994/X14             F          314,700.00         ZZ
                                         360        313,756.64          1
                                       7.500          2,200.43         85
                                       7.250          2,200.43
    PERKIOMENVILLE   PA   18074          1            09/21/01         11
    1000264913                           05           11/01/01         12
    1000264913                           O            10/01/31
    0

    7276438          994/X14             F          464,000.00         ZZ
                                         360        463,255.70          1
                                       7.125          3,126.05         71
                                       6.875          3,126.05
    SAN FRANCISCO    CA   94080          2            11/01/01         00
    218989972                            05           01/01/02          0
1

    218989972                            O            12/01/31
    0

    7276440          994/994             F          400,000.00         ZZ
                                         360        399,389.39          1
                                       7.375          2,762.70         80
                                       7.125          2,762.70
    CHAPEL HILL      NC   27516          2            11/21/01         00
    404277851                            03           01/01/02          0
    404277851                            O            12/01/31
    0

    7276446          994/X14             F          646,500.00         ZZ
                                         360        645,462.93          1
                                       7.125          4,355.59         74
                                       6.875          4,355.59
    SAN FRANCISCO    CA   94127          2            11/19/01         00
    219026956                            05           01/01/02          0
    219026956                            O            12/01/31
    0

    7276450          994/X14             F          335,920.00         ZZ
                                         360        335,314.46          1
                                       6.625          2,150.94         80
                                       6.375          2,150.94
    DENVER           CO   80209          1            11/23/01         00
    81297911                             05           01/01/02          0
    81297911                             O            12/01/31
    0

    7276454          994/X14             F          326,250.00         ZZ
                                         360        325,713.60          1
                                       7.000          2,170.55         75
                                       6.750          2,170.55
    MISSION VIEJO    CA   92691          5            11/02/01         00
    218990228                            05           01/01/02          0
    218990228                            O            12/01/31
    0

    7276456          994/X14             F          312,000.00         ZZ
                                         360        311,209.13          1
                                       6.875          2,049.62         80
                                       6.625          2,049.62
    NEWBURYPORT      MA   01950          2            10/26/01         00
    1000344551                           05           12/01/01          0
    1000344551                           O            11/01/31
    0

1

    7276458          994/994             F          515,000.00         ZZ
                                         360        513,694.57          1
                                       6.875          3,383.18         78
                                       6.625          3,383.18
    NEWTON           MA   02459          2            10/22/01         00
    518917726                            05           12/01/01          0
    518917726                            O            11/01/31
    0

    7276460          994/X14             F          312,000.00         ZZ
                                         360        311,461.23          1
                                       6.750          2,023.63         80
                                       6.500          2,023.63
    AUSTIN           TX   78746          2            11/12/01         00
    404305642                            05           01/01/02          0
    404305642                            O            12/01/31
    0

    7276464          994/X14             F          356,000.00         ZZ
                                         360        355,400.11          1
                                       6.875          2,338.67         80
                                       6.625          2,338.67
    MARSHALL         TX   75670          2            11/20/01         00
    80216362                             05           01/01/02          0
    80216362                             O            12/01/31
    0

    7276466          994/X14             F          337,500.00         ZZ
                                         360        336,644.51          1
                                       6.875          2,217.13         90
                                       6.625          2,217.13
    BOSSIER CITY     LA   71111          1            10/31/01         10
    404319971                            03           12/01/01         25
    404319971                            O            11/01/31
    0

    7276468          994/X14             F          321,200.00         ZZ
                                         360        320,617.69          1
                                       6.500          2,030.20         80
                                       6.250          2,030.20
    CHULA VISTA      CA   91914          1            11/20/01         00
    219059635                            03           01/01/02          0
    219059635                            O            12/01/31
    0

    7276470          994/X14             F          297,600.00         ZZ
                                         360        297,060.48          1
                                       6.500          1,881.03         79
                                       6.250          1,881.03
1

    ROCK HILL        SC   29730          2            11/26/01         00
    404239572                            05           01/01/02          0
    404239572                            O            12/01/31
    0

    7276472          994/X14             F          306,400.00         ZZ
                                         360        305,431.31          1
                                       6.750          1,987.30         79
                                       6.500          1,987.30
    MT JULIET        TN   37122          2            11/29/01         00
    81373369                             05           01/01/02          0
    81373369                             O            12/01/31
    0

    7276474          994/X14             F          308,900.00         ZZ
                                         360        308,416.60          1
                                       7.250          2,107.24         95
                                       7.000          2,107.24
    GILBERT          AZ   85296          1            11/06/01         11
    219043852                            05           01/01/02         30
    219043852                            O            12/01/31
    0

    7276476          994/X14             F          334,650.00         ZZ
                                         360        334,072.14          1
                                       6.750          2,170.53         75
                                       6.500          2,170.53
    AGOURA HILLS     CA   91301          1            11/26/01         00
    219071010                            03           01/01/02          0
    219071010                            O            12/01/31
    0

    7276478          994/X14             F          390,000.00         ZZ
                                         360        389,239.96          1
                                       6.125          2,369.68         70
                                       5.875          2,369.68
    MENANDS          NY   12204          1            11/20/01         00
    219025800                            05           01/01/02          0
    219025800                            O            12/01/31
    0

    7276482          994/X14             F          370,000.00         ZZ
                                         360        369,406.48          1
                                       7.125          2,492.76         68
                                       6.875          2,492.76
    RESCUE           CA   95672          5            11/08/01         00
    219023565                            05           01/01/02          0
    219023565                            O            12/01/31
    0
1

    7276484          994/X14             F          600,000.00         ZZ
                                         360        598,735.61          1
                                       6.375          3,743.22         68
                                       6.125          3,743.22
    BETHESDA         MD   20816          1            11/07/01         00
    218942260                            05           01/01/02          0
    218942260                            O            12/01/31
    0

    7276486          994/X14             F          372,000.00         ZZ
                                         360        371,388.36          1
                                       7.000          2,474.93         78
                                       6.750          2,474.93
    SAN DIEGO        CA   92107          2            11/26/01         00
    218986861                            05           01/01/02          0
    218986861                            O            12/01/31
    0

    7276490          994/X14             F          487,500.00         ZZ
                                         360        487,059.30          1
                                       6.500          3,081.33         75
                                       6.250          3,081.33
    FARGO            ND   58104          5            12/06/01         00
    81311842                             05           02/01/02          0
    81311842                             O            01/01/32
    0

    7276492          994/X14             F          438,000.00         ZZ
                                         360        437,243.66          1
                                       6.750          2,840.86         76
                                       6.500          2,840.86
    FRESNO           CA   93711          2            11/13/01         00
    219008186                            05           01/01/02          0
    219008186                            O            12/01/31
    0

    7276494          994/X14             F          300,000.00         ZZ
                                         360        298,388.85          1
                                       7.000          1,995.91         77
                                       6.750          1,995.91
    FLOSSMORE        IL   60422          5            11/21/01         00
    218969107                            05           01/01/02          0
    218969107                            O            12/01/31
    0

    7280198          K15/G01             F           38,000.00         ZZ
                                         360         38,000.00          1
1

                                       8.000            278.83         75
                                       7.750            278.83
    FOSTORIA         OH   44830          5            01/14/02         00
    0433607108                           05           03/01/02          0
    028705303946                         O            02/01/32
    0

    7281266          470/G01             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       7.125          2,344.54         80
                                       6.875          2,344.54
    LONG BEACH       CA   90803          1            01/07/02         00
    0433603776                           05           03/01/02          0
    110100128                            O            02/01/32
    0

    7284796          E87/G01             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.125          2,694.87         55
                                       6.875          2,694.87
    TORRANCE         CA   90505          5            01/11/02         00
    0433633716                           05           03/01/02          0
    70003968                             O            02/01/32
    0

    7287402          E22/G01             F          372,400.00         ZZ
                                         360        372,400.00          1
                                       6.750          2,415.38         58
                                       6.500          2,415.38
    DALLAS           TX   75209          5            01/03/02         00
    0413333402                           05           03/01/02          0
    0413333402                           O            02/01/32
    0

    7287406          E22/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.750          2,075.51         54
                                       6.500          2,075.51
    SAN MATEO        CA   94403          5            12/24/01         00
    0413360538                           05           03/01/02          0
    0413360538                           O            02/01/32
    0

    7287884          E82/G01             F          383,900.00         ZZ
                                         360        383,593.00          1
                                       7.125          2,586.41         80
                                       6.875          2,586.41
    SANTA ROSA       CA   95401          2            01/03/02         00
    0400513206                           05           02/01/02          0
1

    3941540                              O            01/01/32
    0

    7291396          076/076             F          384,000.00         ZZ
                                         360        383,399.07          1
                                       7.250          2,619.56         80
                                       7.000          2,619.56
    ROGERSVILLE      MO   65742          2            10/29/01         00
    0475241                              05           01/01/02          0
    0475241                              O            12/01/31
    0

    7291398          076/076             F          340,000.00         ZZ
                                         360        339,290.10          1
                                       7.000          2,262.03         65
                                       6.750          2,262.03
    MIAMI            FL   33156          5            11/07/01         00
    1600978                              05           01/01/02          0
    1600978                              O            12/01/31
    0

    7291400          076/076             F          325,000.00         ZZ
                                         360        324,424.94          1
                                       6.625          2,081.01         61
                                       6.375          2,081.01
    MILTON           MA   02186          5            11/16/01         00
    1630462                              05           01/01/02          0
    1630462                              O            12/01/31
    0

    7291402          076/076             F          413,600.00         ZZ
                                         360        412,194.65          1
                                       7.000          2,751.70         80
                                       6.750          2,751.70
    LEONARDTOWN      MD   20650          2            10/31/01         00
    1652833                              03           12/01/01          0
    1652833                              O            11/01/31
    0

    7291404          076/076             F          377,600.00         ZZ
                                         360        376,947.95          1
                                       6.750          2,449.11         80
                                       6.500          2,449.11
    MOUNT KISCO      NY   10549          1            11/16/01         00
    1774837                              05           01/01/02          0
    1774837                              O            12/01/31
    0

1

    7291406          076/076             F          410,000.00         ZZ
                                         360        409,274.54          1
                                       6.625          2,625.27         75
                                       6.375          2,625.27
    GROSSE ILE       MI   48138          5            11/06/01         00
    1776290                              05           01/01/02          0
    1776290                              O            12/01/31
    0

    7291408          076/076             F          295,000.00         ZZ
                                         360        294,214.86          1
                                       6.625          1,888.92         60
                                       6.375          1,888.92
    PLYMPTON         MA   02364          1            10/30/01         00
    1776587                              05           12/01/01          0
    1776587                              O            11/01/31
    0

    7291410          076/076             F          310,000.00         ZZ
                                         360        309,451.49          1
                                       6.625          1,984.96         68
                                       6.375          1,984.96
    FENTON           MI   48430          2            11/01/01         00
    1804073                              05           01/01/02          0
    1804073                              O            12/01/31
    0

    7291416          076/076             F          388,000.00         ZZ
                                         360        387,346.21          1
                                       6.875          2,548.88         80
                                       6.625          2,548.88
    OMAHA            NE   68130          2            11/05/01         00
    1830290                              05           01/01/02          0
    1830290                              O            12/01/31
    0

    7291418          076/076             F          355,000.00         ZZ
                                         360        354,260.04          1
                                       6.750          2,302.53         71
                                       6.500          2,302.53
    CEDAR RAPIDS     IA   52411          2            11/14/01         00
    1833517                              05           01/01/02          0
    1833517                              O            12/01/31
    0

    7291420          076/076             F          287,850.00         ZZ
                                         360        287,120.35          1
                                       6.875          1,890.97         95
                                       6.625          1,890.97
1

    CHINO            CA   91710          1            10/17/01         12
    1960704                              05           12/01/01         30
    1960704                              O            11/01/31
    0

    7291424          076/076             F          380,000.00         ZZ
                                         360        378,988.65          1
                                       6.625          2,433.18         80
                                       6.375          2,433.18
    SPRING BRANCH    TX   78070          2            10/26/01         00
    2009149                              05           12/01/01          0
    2009149                              O            11/01/31
    0

    7291428          076/076             F          336,756.00         ZZ
                                         360        336,160.12          1
                                       6.625          2,156.29         80
                                       6.375          2,156.29
    SAN ANTONIO      TX   78218          2            11/08/01         00
    2069929                              03           01/01/02          0
    2069929                              O            12/01/31
    0

    7291430          076/076             F          474,000.00         ZZ
                                         360        473,201.29          1
                                       6.875          3,113.84         66
                                       6.625          3,113.84
    SCOTTSDALE       AZ   85259          2            11/12/01         00
    2141084                              03           01/01/02          0
    2141084                              O            12/01/31
    0

    7291432          076/076             F          369,000.00         T
                                         360        368,131.21          1
                                       7.250          2,517.23         77
                                       7.000          2,517.23
    HIGGINS LAKE     MI   48627          1            10/19/01         00
    2149198                              05           12/01/01          0
    2149198                              O            11/01/31
    0

    7291434          076/076             F          566,500.00         ZZ
                                         360        565,545.40          1
                                       6.875          3,721.51         76
                                       6.625          3,721.51
    PARKVILLE        MO   64153          2            11/09/01         00
    2214399                              05           01/01/02          0
    2214399                              O            12/01/31
    0
1

    7291436          076/076             F          365,000.00         ZZ
                                         360        364,354.15          1
                                       6.625          2,337.14         59
                                       6.375          2,337.14
    WILTON           CT   06897          2            11/23/01         00
    2383955                              05           01/01/02          0
    2383955                              O            12/01/31
    0

    7291438          076/076             F          418,000.00         ZZ
                                         360        416,914.25          1
                                       6.750          2,711.14         53
                                       6.500          2,711.14
    STAMFORD         CT   06903          2            10/24/01         00
    9813873                              05           12/01/01          0
    9813873                              O            11/01/31
    0

    7291732          944/G01             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       6.750          2,724.12         42
                                       6.500          2,724.12
    SAN JOSE         CA   95135          2            01/19/02         00
    0433639952                           05           03/01/02          0
    R00091663                            O            02/01/32
    0

    7295626          783/G01             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       7.500          1,573.23         75
                                       7.250          1,573.23
    LANGLEY          WA   98260          5            12/31/01         00
    0433622313                           03           03/01/02          0
    9420003129                           O            02/01/32
    0

    7296224          893/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       6.875          2,299.25         54
                                       6.625          2,299.25
    SAN CARLOS       CA   94070          2            01/11/02         00
    0433624772                           05           03/01/02          0
    H11108031                            O            02/01/32
    0

    7296404          369/G01             F          480,000.00         ZZ
                                         360        480,000.00          1
1

                                       7.250          3,274.45         80
                                       7.000          3,274.45
    AIEA             HI   96701          1            01/14/02         00
    0433627106                           05           03/01/02          0
    19965771                             O            02/01/32
    0

    7296738          511/511             F          440,000.00         ZZ
                                         360        439,639.34          1
                                       7.000          2,927.33         79
                                       6.750          2,927.33
    BEAUFORT         SC   29906          2            12/20/01         00
    0002519874                           05           02/01/02          0
    0002519874                           O            01/01/32
    0

    7297414          144/144             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.500          2,447.25         54
                                       7.250          2,447.25
    SOUTH SALEM      NY   10590          5            01/15/02         00
    01SHAWR                              05           03/01/02          0
    01SHAWR                              O            02/01/32
    0

    7297514          B98/G01             F          340,000.00         ZZ
                                         360        339,398.39          1
                                       6.625          2,177.06         75
                                       6.375          2,177.06
    SAN JOSE         CA   95121          5            11/15/01         00
    0433601309                           05           01/01/02          0
    R110004VN                            O            12/01/31
    0

    7298010          736/G01             F          444,000.00         ZZ
                                         360        443,214.36          1
                                       6.625          2,842.99         80
                                       6.375          2,842.99
    LOS ANGELES      CA   90066          1            11/26/01         00
    0433529740                           05           01/01/02          0
    0104856562                           O            12/01/31
    0

    7299926          822/G01             F          650,000.00         ZZ
                                         360        649,453.92          1
                                       6.875          4,270.04         68
                                       6.625          4,270.04
    NEWTON           MA   02161          2            12/17/01         00
    0433583242                           05           02/01/02          0
1

    3446016694                           O            01/01/32
    0

    7303580          696/G01             F          552,000.00         ZZ
                                         360        552,000.00          1
                                       7.375          3,812.53         80
                                       7.125          3,812.53
    WASHINGTON       DC   20007          1            01/09/02         00
    0433533692                           05           03/01/02          0
    25601336                             O            02/01/32
    0

    7303590          696/G01             F          512,000.00         ZZ
                                         360        511,548.28          1
                                       6.625          3,278.39         54
                                       6.375          3,278.39
    MCLEAN           VA   22101          2            01/02/02         00
    0433592524                           05           02/01/02          0
    25001176                             O            01/01/32
    0

    7305120          B57/G01             F          580,000.00         ZZ
                                         360        580,000.00          1
                                       7.000          3,858.75         78
                                       6.750          3,858.75
    LOS ANGELES      CA   90068          2            01/14/02         00
    0433635752                           05           03/01/02          0
    2117843                              O            02/01/32
    0

    7311160          E22/G01             F           68,000.00         ZZ
                                         360         68,000.00          1
                                       7.125            458.13         65
                                       6.875            458.13
    FORT LAUDERDALE  FL   33321          5            01/04/02         00
    0413290669                           03           03/01/02          0
    0413290669                           O            02/01/32
    0

    7311174          E22/G01             F           45,430.00         ZZ
                                         360         45,392.76          1
                                       7.000            302.25         70
                                       6.750            302.25
    CYPRESS          TX   77433          5            01/03/02         00
    0413349846                           03           02/01/02          0
    0413349846                           O            01/01/32
    0

1

    7311638          E82/G01             F          313,300.00         ZZ
                                         360        313,300.00          1
                                       6.625          2,006.09         68
                                       6.375          2,006.09
    ROWLAND HEIGHTS  CA   91748          2            01/07/02         00
    0400543682                           03           03/01/02          0
    0400543682                           O            02/01/32
    0

    7311642          E82/G01             F          298,800.00         ZZ
                                         360        298,800.00          1
                                       6.625          1,913.25         76
                                       6.375          1,913.25
    SAN MATEO        CA   94401          2            01/04/02         00
    0400522959                           05           03/01/02          0
    0400522959                           O            02/01/32
    0

    7311646          E82/G01             F          134,200.00         ZZ
                                         360        134,200.00          1
                                       6.750            870.42         52
                                       6.500            870.42
    BRADEVELT        NJ   07746          2            01/07/02         00
    0400546230                           05           03/01/02          0
    0400546230                           O            02/01/32
    0

    7311654          E82/G01             F          270,400.00         ZZ
                                         360        270,400.00          1
                                       7.000          1,798.98         74
                                       6.750          1,798.98
    PLEASANT HILL    CA   94523          2            01/04/02         00
    0400521381                           03           03/01/02          0
    0400521381                           O            02/01/32
    0

    7311656          E82/G01             F          363,200.00         ZZ
                                         360        363,200.00          1
                                       6.750          2,355.71         43
                                       6.500          2,355.71
    SANTA BARBARA    CA   93105          2            01/07/02         00
    0400540787                           05           03/01/02          0
    1637377                              O            02/01/32
    0

    7311664          E82/G01             F          366,400.00         ZZ
                                         360        366,400.00          1
                                       7.000          2,437.67         80
                                       6.750          2,437.67
1

    BOWIE            MD   20721          2            01/07/02         00
    0400551537                           03           03/01/02          0
    0400551537                           O            02/01/32
    0

    7316906          714/G01             F          415,000.00         ZZ
                                         360        414,633.86          1
                                       6.625          2,657.29         57
                                       6.375          2,657.29
    CEDARBURG        WI   53012          2            12/18/01         00
    0433579448                           05           02/01/02          0
    132410                               O            01/01/32
    0

    7317710          N28/G01             F          324,000.00         ZZ
                                         360        324,000.00          1
                                       6.875          2,128.45         62
                                       6.625          2,128.45
    VANCOUVER        WA   98683          2            01/04/02         00
    0433602638                           05           03/01/02          0
    26527                                O            02/01/32
    0

    7318418          994/X14             F          315,000.00         ZZ
                                         360        314,783.22          1
                                       7.875          2,283.97         76
                                       7.625          2,283.97
    HAMPSTEAD        NH   03841          1            12/10/01         00
    1000346957                           05           02/01/02          0
    1000346957                           O            01/01/32
    0

    7318420          994/X14             F          548,700.00         ZZ
                                         360        548,282.49          1
                                       7.375          3,789.73         46
                                       7.125          3,789.73
    AGOURA HILLS     CA   91301          2            12/04/01         00
    219162116                            05           02/01/02          0
    219162116                            O            01/01/32
    0

    7318422          994/X14             F          500,000.00         ZZ
                                         360        499,569.50          1
                                       6.750          3,243.00         76
                                       6.500          3,243.00
    COLTS NECK       NJ   07722          1            12/03/01         00
    1000365080                           05           02/01/02          0
    1000365080                           O            01/01/32
    0
1

    7318424          994/X14             F          373,000.00         ZZ
                                         360        371,909.75          1
                                       7.625          2,640.08         76
                                       7.375          2,640.08
    NEW CITY         NY   10956          2            08/31/01         00
    1000272093                           05           11/01/01          0
    1000272093                           O            10/01/31
    0

    7318428          994/X14             F          296,350.00         ZZ
                                         360        296,124.50          1
                                       7.375          2,046.82         72
                                       7.125          2,046.82
    MISSION VIEJO    CA   92691          2            12/03/01         00
    219037557                            03           02/01/02          0
    219037557                            O            01/01/32
    0

    7318430          994/X14             F          584,000.00         ZZ
                                         360        582,555.50          1
                                       7.000          3,885.37         59
                                       6.750          3,885.37
    ATKINSON         NH   03811          2            10/26/01         00
    1000332247                           05           12/01/01          0
    1000332247                           O            11/01/31
    0

    7318432          994/X14             F          371,500.00         ZZ
                                         360        371,187.90          1
                                       6.875          2,440.49         77
                                       6.625          2,440.49
    ALPHARETTA       GA   30022          2            12/04/01         00
    404275905                            03           02/01/02          0
    404275905                            O            01/01/32
    0

    7318446          994/X14             F          378,000.00         ZZ
                                         360        377,378.51          1
                                       7.000          2,514.84         84
                                       6.750          2,514.84
    MOLINE           IL   61265          2            11/26/01         10
    81263903                             05           01/01/02         12
    81263903                             O            12/01/31
    0

    7318450          994/X14             F          325,000.00         ZZ
                                         360        324,726.96          1
1

                                       6.875          2,135.02         62
                                       6.625          2,135.02
    FALMOUTH         ME   04105          2            12/03/01         00
    1000371891                           05           02/01/02          0
    1000371891                           O            01/01/32
    0

    7318452          994/X14             F          399,200.00         ZZ
                                         360        398,559.64          1
                                       7.125          2,689.48         80
                                       6.875          2,689.48
    WASHINGTON       DC   20015          1            11/10/01         00
    219163676                            05           01/01/02          0
    219163676                            O            12/01/31
    0

    7318454          994/X14             F          412,000.00         ZZ
                                         360        411,653.87          1
                                       6.875          2,706.55         80
                                       6.625          2,706.55
    CINCINNATI       OH   45243          2            12/05/01         00
    218902157                            05           02/01/02          0
    218902157                            O            01/01/32
    0

    7318456          994/X14             F          306,000.00         ZZ
                                         360        305,471.60          1
                                       6.750          1,984.71         75
                                       6.500          1,984.71
    WEST CHESTER     PA   15382          2            11/02/01         00
    404334150                            03           01/01/02          0
    404334150                            O            12/01/31
    0

    7318458          994/X14             F          532,500.00         ZZ
                                         360        532,052.63          1
                                       6.875          3,498.15         70
                                       6.625          3,498.15
    PANAMA CITY      FL   32401          2            12/10/01         00
    81324075                             05           02/01/02          0
    81324075                             O            01/01/32
    0

    7318460          994/X14             F          430,000.00         ZZ
                                         300        426,363.14          1
                                       7.250          3,108.07         55
                                       7.000          3,108.07
    NEW ROCHELLE     NY   10804          5            06/15/01         00
    1000323105                           05           08/01/01          0
1

    1000323105                           O            07/01/26
    0

    7318462          994/X14             F          382,000.00         ZZ
                                         360        381,694.53          1
                                       7.125          2,573.60         81
                                       6.875          2,573.60
    HUNTINGTON BEAC  CA   92646          2            12/01/01         11
    219109356                            05           02/01/02         25
    219109356                            O            01/01/32
    0

    7318464          994/X14             F          443,300.00         ZZ
                                         360        437,380.91          1
                                       6.750          2,875.24         58
                                       6.500          2,875.24
    CUMMING          GA   30040          5            11/01/01         00
    218938953                            05           01/01/02          0
    218938953                            O            12/01/31
    0

    7318466          994/X14             F          560,000.00         ZZ
                                         360        559,529.53          1
                                       6.875          3,678.80         66
                                       6.625          3,678.80
    PHOENIX          AZ   85018          2            12/06/01         00
    217960123                            05           02/01/02          0
    217960123                            O            01/01/32
    0

    7318468          994/X14             F          520,000.00         ZZ
                                         360        519,206.21          1
                                       7.375          3,591.51         80
                                       7.125          3,591.51
    BELTON           TX   76513          2            11/30/01         00
    80262086                             05           01/01/02          0
    80262086                             O            12/01/31
    0

    7318472          994/X14             F          376,000.00         ZZ
                                         360        375,684.12          1
                                       6.875          2,470.05         77
                                       6.625          2,470.05
    IOWA CITY        IA   52240          2            12/10/01         00
    404534316                            05           02/01/02          0
    404534316                            O            01/01/32
    0

1

    7318474          994/994             F          304,000.00         ZZ
                                         360        303,711.55          1
                                       6.250          1,871.78         80
                                       6.000          1,871.78
    TYLER            TX   75703          2            12/03/01         00
    81235588                             03           02/01/02          0
    81235588                             O            01/01/32
    0

    7318476          994/X14             F          354,150.00         ZZ
                                         360        353,852.47          1
                                       6.875          2,326.51         80
                                       6.625          2,326.51
    SOUTH ST PETERS  FL   33707          2            12/12/01         00
    219157058                            05           02/01/02          0
    219157058                            O            01/01/32
    0

    7318478          994/X14             F          338,000.00         ZZ
                                         360        337,729.71          1
                                       7.125          2,277.17         62
                                       6.875          2,277.17
    VERO BEACH       FL   32963          2            12/07/01         00
    219152752                            05           02/01/02          0
    219152752                            O            01/01/32
    0

    7318480          994/X14             F          500,000.00         ZZ
                                         360        499,638.11          1
                                       7.625          3,538.97         79
                                       7.375          3,538.97
    JASPER           GA   30143          2            12/14/01         00
    81514597                             05           02/01/02          0
    81514597                             O            01/01/32
    0

    7318484          994/X14             F          337,000.00         ZZ
                                         360        336,716.88          1
                                       6.875          2,213.85         67
                                       6.625          2,213.85
    BLOOMINGTON      IL   61704          2            12/06/01         00
    81272758                             03           02/01/02          0
    81272758                             O            01/01/32
    0

    7318486          994/X14             F          649,900.00         ZZ
                                         360        649,340.45          1
                                       6.750          4,215.24         49
                                       6.500          4,215.24
1

    PINEHURST        NC   28374          2            12/13/01         00
    404552220                            03           02/01/02          0
    404552220                            O            01/01/32
    0

    7318488          994/X14             F          464,000.00         ZZ
                                         360        463,273.88          1
                                       7.250          3,165.30         80
                                       7.000          3,165.30
    READING          MA   01867          1            11/28/01         00
    81250369                             05           01/01/02          0
    81250369                             O            12/01/31
    0

    7318490          994/X14             F          295,500.00         ZZ
                                         360        295,025.98          1
                                       7.125          1,990.84         79
                                       6.875          1,990.84
    HENDERSON        NV   89052          1            11/05/01         00
    81270475                             03           01/01/02          0
    81270475                             O            12/01/31
    0

    7318492          994/X14             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         84
                                       6.625          2,627.72
    ALBUQUERQUE      NM   87111          1            12/11/01         12
    81417076                             03           02/01/02         12
    81417076                             O            01/01/32
    0

    7318494          994/X14             F          450,000.00         ZZ
                                         360        449,648.95          1
                                       7.250          3,069.80         70
                                       7.000          3,069.80
    BALDWIN          NY   11510          1            12/10/01         00
    1000311051                           05           02/01/02          0
    1000311051                           O            01/01/32
    0

    7318496          994/X14             F          402,600.00         ZZ
                                         360        401,315.79          1
                                       6.750          2,611.26         63
                                       6.500          2,611.26
    NE ALBURQUERQUE  NM   87122          2            11/20/01         00
    81286236                             05           01/01/02          0
    81286236                             O            12/01/31
    0
1

    7318498          994/X14             F          433,000.00         ZZ
                                         360        431,902.43          1
                                       6.875          2,844.50         75
                                       6.625          2,844.50
    BURLINGAME       CA   94010          5            10/24/01         00
    218920340                            01           12/01/01          0
    218920340                            O            11/01/31
    0

    7318500          994/994             F          504,311.00         ZZ
                                         360        503,418.66          1
                                       6.625          3,229.16         80
                                       6.375          3,229.16
    HENDERSON        NV   89052          1            11/29/01         00
    81466205                             03           01/01/02          0
    81466205                             O            12/01/31
    0

    7321636          964/G01             F          399,900.00         ZZ
                                         360        399,580.21          1
                                       7.125          2,694.20         75
                                       6.875          2,694.20
    SAN JOSE         CA   95121          1            12/19/01         00
    0433574639                           05           02/01/02          0
    175630                               O            01/01/32
    0

    7322560          E86/G01             F          415,000.00         ZZ
                                         360        414,334.29          1
                                       7.125          2,795.93         80
                                       6.875          2,795.93
    LAKE FOREST      IL   60045          2            11/27/01         00
    0433599040                           05           01/01/02          0
    0000153117                           O            12/01/31
    0

    7323578          E86/G01             F          350,000.00         ZZ
                                         360        349,395.62          1
                                       6.750          2,270.09         56
                                       6.500          2,270.09
    NAPERVILLE       IL   60564          5            11/13/01         00
    0433593837                           03           01/01/02          0
    0000140248                           O            12/01/31
    0

    7324112          M45/G01             F          404,000.00         ZZ
                                         360        404,000.00          1
1

                                       7.000          2,687.83         66
                                       6.750          2,687.83
    LEESBURG         VA   20176          2            01/04/02         00
    0433531209                           03           03/01/02          0
    A0320180                             O            02/01/32
    0

    7324182          B57/G01             F          648,000.00         ZZ
                                         360        648,000.00          1
                                       7.000          4,311.16         80
                                       6.750          4,311.16
    LOS ANGELES      CA   90048          2            01/15/02         00
    0433639911                           05           03/01/02          0
    2119613                              O            02/01/32
    0

    7330780          L96/G01             F          175,000.00         ZZ
                                         360        175,000.00          1
                                       7.750          1,253.72         49
                                       7.500          1,253.72
    LOS ANGELES      CA   91601          1            01/08/02         00
    0433635570                           05           03/01/02          0
    5360853                              O            02/01/32
    0

    7331436          K21/G01             F          484,400.00         ZZ
                                         360        484,400.00          1
                                       6.875          3,182.16         79
                                       6.625          3,182.16
    PLAYA DEL REY    CA   90293          2            01/16/02         00
    0433623949                           05           03/01/02          0
    0116628                              O            02/01/32
    0

    7332588          E22/G01             F          310,000.00         ZZ
                                         360        310,000.00          1
                                       6.875          2,036.48         66
                                       6.625          2,036.48
    OAKLAND          CA   94610          2            01/04/02         00
    0413330226                           05           03/01/02          0
    0413330226                           O            02/01/32
    0

    7332600          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.125          2,560.13         80
                                       6.875          2,560.13
    SAN CLEMENTE     CA   92673          2            12/28/01         00
    0413378175                           03           03/01/02          0
1

    0413378175                           O            02/01/32
    0

    7332644          E22/G01             F          418,000.00         ZZ
                                         360        418,000.00          1
                                       7.250          2,851.50         80
                                       7.000          2,851.50
    COVINGTON        GA   30014          2            12/31/01         00
    0413465014                           03           03/01/02          0
    0413465014                           O            02/01/32
    0

    7332664          E22/G01             F          392,000.00         ZZ
                                         360        392,000.00          1
                                       7.250          2,674.13         80
                                       7.000          2,674.13
    SAN JOSE         CA   95124          1            01/03/02         00
    0413475070                           05           03/01/02          0
    0413475070                           O            02/01/32
    0

    7333056          E82/G01             F          309,700.00         ZZ
                                         360        309,700.00          1
                                       7.000          2,060.44         80
                                       6.750          2,060.44
    BELLEVILLE       MI   48111          2            01/08/02         00
    0400533709                           05           03/01/02          0
    0400533709                           O            02/01/32
    0

    7333062          E82/G01             F          329,500.00         ZZ
                                         360        329,500.00          1
                                       6.750          2,137.13         64
                                       6.500          2,137.13
    FREMONT          CA   94539          2            01/09/02         00
    0400549242                           05           03/01/02          0
    1859694                              O            02/01/32
    0

    7333064          E82/G01             F          293,900.00         ZZ
                                         360        293,900.00          1
                                       7.125          1,980.06         70
                                       6.875          1,980.06
    LINCOLN          CA   95648          2            01/09/02         00
    0400556072                           05           03/01/02          0
    1741543                              O            02/01/32
    0

1

    7333084          E82/G01             F          320,000.00         ZZ
                                         360        320,000.00          1
                                       6.750          2,075.51         75
                                       6.500          2,075.51
    GILROY           CA   95020          2            01/08/02         00
    0400550620                           05           03/01/02          0
    1999340                              O            02/01/32
    0

    7333100          E82/G01             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       6.750          2,172.80         53
                                       6.500          2,172.80
    LOS ANGELES      CA   90066          5            01/08/02         00
    0400546818                           05           03/01/02          0
    7097168                              O            02/01/32
    0

    7334688          076/076             F          465,000.00         ZZ
                                         360        461,450.30          1
                                       7.500          3,251.35         75
                                       7.250          3,251.35
    MANHASSET        NY   11030          1            03/27/01         00
    4240274                              05           05/01/01          0
    4240274                              O            04/01/31
    0

    7337602          E23/G01             F          183,750.00         ZZ
                                         360        183,750.00          1
                                       7.000          1,222.49         76
                                       6.750          1,222.49
    MURRIETA         CA   92562          1            01/15/02         00
    0433613254                           05           03/01/02          0
    11008827                             O            02/01/32
    0

    7343072          964/G01             F          300,000.00         ZZ
                                         360        299,741.71          1
                                       6.750          1,945.79         38
                                       6.500          1,945.79
    SANTA BARBARA    CA   93103          2            12/05/01         00
    0433585353                           05           02/01/02          0
    168150                               O            01/01/32
    0

    7345082          Q99/G01             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       7.375          2,458.80         68
                                       7.125          2,458.80
1

    STERLING         VA   20165          5            01/18/02         00
    0433607066                           03           03/01/02          0
    1                                    O            02/01/32
    0

    7345744          A06/G01             F          573,000.00         ZZ
                                         360        573,000.00          1
                                       7.000          3,812.19         38
                                       6.750          3,812.19
    BLOOMFIELD HILL  MI   48302          2            01/18/02         00
    0433610367                           05           03/01/02          0
    021000020146246                      O            02/01/32
    0

    7345920          893/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.000          2,328.56         63
                                       6.750          2,328.56
    SONOMA           CA   95476          5            01/17/02         00
    0433618949                           05           03/01/02          0
    A11031021                            O            02/01/32
    0

    7348474          696/G01             F          402,000.00         ZZ
                                         360        401,662.28          1
                                       6.875          2,640.85         65
                                       6.625          2,640.85
    CHESTERTOWN      MD   21620          2            12/14/01         00
    0433577509                           05           02/01/02          0
    31201595                             O            01/01/32
    0

    7349428          H58/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.000          2,262.03         80
                                       6.750          2,262.03
    EL CERRITO       CA   94530          1            01/16/02         00
    0433643889                           05           03/01/02          0
    0000066378                           O            02/01/32
    0

    7355246          E22/G01             F          107,500.00         ZZ
                                         360        107,500.00          1
                                       7.250            733.34         75
                                       7.000            733.34
    UNIVERSAL CITY   TX   78148          5            01/07/02         00
    0413356759                           03           03/01/02          0
    0413356759                           O            02/01/32
    0
1

    7355254          E22/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       6.875          2,364.94         64
                                       6.625          2,364.94
    YORBA LINDA      CA   92886          5            01/03/02         00
    0413368903                           05           03/01/02          0
    0413368903                           O            02/01/32
    0

    7355264          E22/G01             F           97,000.00         ZZ
                                         360         97,000.00          1
                                       7.375            669.95         67
                                       7.125            669.95
    SAN ANTONIO      TX   78250          5            01/04/02         00
    0413386913                           05           03/01/02          0
    0413386913                           O            02/01/32
    0

    7355446          E22/G01             F          622,900.00         ZZ
                                         360        622,900.00          1
                                       7.875          4,516.46         80
                                       7.625          4,516.46
    FARMINGTON HILL  MI   48334          1            01/11/02         00
    0413517566                           29           03/01/02          0
    0413517566                           O            02/01/32
    0

    7355874          E82/G01             F          594,850.00         ZZ
                                         360        594,850.00          1
                                       7.000          3,957.55         70
                                       6.750          3,957.55
    DANVILLE         CA   94506          2            01/07/02         00
    0400500005                           03           03/01/02          0
    1959879                              O            02/01/32
    0

    7355884          E82/G01             F          513,100.00         ZZ
                                         360        513,100.00          1
                                       7.250          3,500.25         69
                                       7.000          3,500.25
    SEDONA           AZ   86336          2            01/07/02         00
    0400526224                           05           03/01/02          0
    4527683                              O            02/01/32
    0

    7355890          E82/G01             F          428,000.00         ZZ
                                         360        428,000.00          1
1

                                       7.125          2,883.52         80
                                       6.875          2,883.52
    MCKINNEY         TX   75070          2            01/09/02         00
    0400552659                           03           03/01/02          0
    3696459                              O            02/01/32
    0

    7355896          E82/G01             F          287,000.00         ZZ
                                         360        286,758.88          1
                                       6.875          1,885.39         85
                                       6.625          1,885.39
    RENTON           WA   98056          2            01/04/02         04
    0400539177                           05           02/01/02         12
    3275446                              O            01/01/32
    0

    7355920          E82/G01             F          217,500.00         ZZ
                                         360        217,500.00          1
                                       7.250          1,483.73         74
                                       7.000          1,483.73
    CINCINNATI       OH   45252          2            01/10/02         00
    0400559829                           05           03/01/02          0
    0400559829                           O            02/01/32
    0

    7358690          E23/G01             F          336,000.00         ZZ
                                         360        336,000.00          1
                                       6.375          2,096.20         74
                                       6.125          2,096.20
    ESCONDIDO        CA   92027          5            01/18/02         00
    0433617313                           03           03/01/02          0
    11006533                             O            02/01/32
    0

    7362410          W53/G01             F          360,000.00         ZZ
                                         360        359,682.38          1
                                       6.625          2,305.12         54
                                       6.375          2,305.12
    SUFFERN          NY   10901          2            12/12/01         00
    0433632239                           05           02/01/02          0
    5000845000                           O            01/01/32
    0

    7363438          964/G01             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       6.875          2,601.44         80
                                       6.625          2,601.44
    HUNTINGTON BEAC  CA   92648          2            01/23/02         00
    0433642816                           05           03/01/02          0
1

    181506                               O            02/01/32
    0

    7366032          W53/G01             F          323,500.00         ZZ
                                         360        323,214.58          1
                                       6.625          2,071.41         70
                                       6.375          2,071.41
    AUSTIN           TX   78703          2            12/11/01         00
    0433591336                           05           02/01/02          0
    8990866200                           O            01/01/32
    0

    7367356          964/G01             F          284,000.00         ZZ
                                         360        283,749.44          1
                                       6.625          1,818.48         66
                                       6.375          1,818.48
    WATSONVILLE      CA   95076          5            12/06/01         00
    0433589702                           05           02/01/02          0
    169929                               O            01/01/32
    0

    7368084          367/367             F          295,500.00         ZZ
                                         360        295,500.00          1
                                       7.000          1,965.97         71
                                       6.750          1,965.97
    ALEXANDRIA       VA   22314          2            01/04/02         00
    99402040                             09           03/01/02          0
    99402040                             O            02/01/32
    0

    7373116          M24/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.000          2,262.03         72
                                       6.750          2,262.03
    IRVINE           CA   92606          5            01/18/02         00
    0433639002                           03           03/01/02          0
    10008052                             O            02/01/32
    0

    7376886          E22/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.375          2,693.63         75
                                       7.125          2,693.63
    LAKE FOREST      CA   92630          5            01/07/02         00
    0413074931                           03           03/01/02          0
    0413074931                           O            02/01/32
    0

1

    7376926          E22/G01             F          366,000.00         ZZ
                                         360        366,000.00          1
                                       7.500          2,559.13         71
                                       7.250          2,559.13
    WINTERS          CA   95694          5            01/03/02         00
    0413369760                           05           03/01/02          0
    0413369760                           O            02/01/32
    0

    7377044          E22/G01             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       7.125          2,802.67         69
                                       6.875          2,802.67
    DOUGLASVILLE     GA   30135          2            01/07/02         00
    0413468562                           05           03/01/02          0
    0413468562                           O            02/01/32
    0

    7377986          E82/G01             F          502,000.00         ZZ
                                         360        502,000.00          1
                                       7.375          3,467.19         80
                                       7.125          3,467.19
    ORANGE BEACH     AL   36561          2            01/09/02         00
    0400552154                           03           03/01/02          0
    0400552154                           O            02/01/32
    0

    7377990          E82/G01             F          394,000.00         ZZ
                                         360        394,000.00          1
                                       6.625          2,522.83         77
                                       6.375          2,522.83
    FAYETTEVILLE     GA   30215          2            01/11/02         00
    0400532719                           03           03/01/02          0
    0400532719                           O            02/01/32
    0

    7377992          E82/G01             F          307,400.00         ZZ
                                         360        307,400.00          1
                                       6.625          1,968.32         87
                                       6.375          1,968.32
    PEORIA           AZ   85381          2            01/08/02         04
    0400545299                           03           03/01/02         25
    0400545299                           O            02/01/32
    0

    7378010          E82/G01             F          584,000.00         ZZ
                                         360        584,000.00          1
                                       6.875          3,836.46         42
                                       6.625          3,836.46
1

    SAN JOSE         CA   95132          2            01/04/02         00
    0400529079                           05           03/01/02          0
    1714436                              O            02/01/32
    0

    7378014          E82/G01             F          558,500.00         ZZ
                                         360        558,500.00          1
                                       6.750          3,622.42         80
                                       6.500          3,622.42
    LEESBURG         FL   34788          2            01/08/02         00
    0400544805                           05           03/01/02          0
    0400544805                           O            02/01/32
    0

    7378346          L49/G01             F          435,400.00         ZZ
                                         360        435,051.82          1
                                       7.125          2,933.37         80
                                       6.875          2,933.37
    GULLERTON        CA   92835          1            12/11/01         00
    0433544806                           03           02/01/02          0
    10007720                             O            01/01/32
    0

    7378356          L49/G01             F          396,000.00         ZZ
                                         360        395,691.08          1
                                       7.250          2,701.42         80
                                       7.000          2,701.42
    FULLERTON        CA   92835          1            12/13/01         00
    0433547197                           03           02/01/02          0
    10008199                             O            01/01/32
    0

    7378358          L49/G01             F          512,400.00         ZZ
                                         360        512,010.10          1
                                       7.375          3,539.02         80
                                       7.125          3,539.02
    FULLERTON        CA   92835          1            12/01/01         00
    0433547841                           03           02/01/02          0
    10007465                             O            01/01/32
    0

    7378360          L49/G01             F          366,850.00         ZZ
                                         360        366,591.08          1
                                       7.750          2,628.16         80
                                       7.500          2,628.16
    TRACY            CA   95376          1            12/12/01         00
    0433545449                           05           02/01/02          0
    10007935                             O            01/01/32
    0
1

    7378366          L49/G01             F          410,850.00         ZZ
                                         360        410,521.44          1
                                       7.125          2,767.98         80
                                       6.875          2,767.98
    FULLERTON        CA   92835          1            12/04/01         00
    0433546017                           03           02/01/02          0
    10007649                             O            01/01/32
    0

    7378372          L49/G01             F          324,900.00         ZZ
                                         360        324,676.41          1
                                       7.875          2,355.75         80
                                       7.625          2,355.75
    SAN MARCOS       CA   92078          1            12/13/01         00
    0433547510                           03           02/01/02          0
    10007607                             O            01/01/32
    0

    7378374          L49/G01             F          504,850.00         ZZ
                                         360        504,415.33          1
                                       6.750          3,274.45         80
                                       6.500          3,274.45
    SAN CLEMENTE     CA   92673          1            12/01/01         00
    0433546991                           03           02/01/02          0
    10007391                             O            01/01/32
    0

    7378376          L49/G01             F          511,800.00         ZZ
                                         360        511,359.35          1
                                       6.750          3,319.53         80
                                       6.500          3,319.53
    SAN DIEGO        CA   92130          1            12/04/01         00
    0433546793                           05           02/01/02          0
    10008510                             O            01/01/32
    0

    7378664          076/076             F          345,000.00         ZZ
                                         360        344,374.53          1
                                       6.500          2,180.64         69
                                       6.250          2,180.64
    NEWTOWN          CT   06470          5            10/29/01         00
    1502460                              05           01/01/02          0
    1502460                              O            12/01/31
    0

    7378666          076/076             F          411,000.00         ZZ
                                         360        410,654.71          1
1

                                       6.875          2,699.98         71
                                       6.625          2,699.98
    BRANFORD         CT   06405          2            11/30/01         00
    1552462                              05           02/01/02          0
    1552462                              O            01/01/32
    0

    7378668          076/076             F          650,000.00         ZZ
                                         360        649,480.21          1
                                       7.125          4,379.17         66
                                       6.875          4,379.17
    VILLANOVA        PA   19085          2            12/06/01         00
    1605202                              05           02/01/02          0
    1605202                              O            01/01/32
    0

    7378670          076/076             F          280,000.00         ZZ
                                         360        279,027.55          1
                                       6.750          1,816.07         79
                                       6.500          1,816.07
    DACULA           GA   30019          2            09/25/01         00
    1617853                              03           11/01/01          0
    1617853                              O            10/01/31
    0

    7378672          076/076             F          494,000.00         ZZ
                                         360        493,167.58          1
                                       6.875          3,245.23         78
                                       6.625          3,245.23
    BIRMINGHAM       AL   35244          1            11/26/01         00
    1618150                              03           01/01/02          0
    1618150                              O            12/01/31
    0

    7378674          076/076             F          444,000.00         ZZ
                                         360        443,270.00          1
                                       7.000          2,953.94         80
                                       6.750          2,953.94
    OLATHE           KS   66061          1            11/06/01         00
    1715802                              03           01/01/02          0
    1715802                              O            12/01/31
    0

    7378676          076/076             F          400,000.00         ZZ
                                         360        399,010.62          1
                                       7.000          2,661.21         43
                                       6.750          2,661.21
    JACKSONVILLE     FL   32225          1            10/10/01         00
    1968485                              05           12/01/01          0
1

    1968485                              O            11/01/31
    0

    7378680          076/076             F          415,000.00         ZZ
                                         360        414,651.35          1
                                       6.875          2,726.25         80
                                       6.625          2,726.25
    SPRINGFIELD      MO   65809          2            12/10/01         00
    2039287                              05           02/01/02          0
    2039287                              O            01/01/32
    0

    7378682          076/076             F          415,000.00         ZZ
                                         360        414,283.39          1
                                       6.750          2,691.68         64
                                       6.500          2,691.68
    ALEDO            TX   76008          2            11/28/01         00
    2039533                              03           01/01/02          0
    2039533                              O            12/01/31
    0

    7378684          076/076             F          408,000.00         ZZ
                                         360        407,312.50          1
                                       6.875          2,680.27         80
                                       6.625          2,680.27
    BOISE            ID   83716          4            11/19/01         00
    2044570                              03           01/01/02          0
    2044570                              O            12/01/31
    0

    7378688          076/076             F          328,000.00         ZZ
                                         360        327,105.64          1
                                       6.500          2,073.18         67
                                       6.250          2,073.18
    CADILLAC         MI   49601          5            10/18/01         00
    2137679                              05           12/01/01          0
    2137679                              O            11/01/31
    0

    7378690          076/076             F          295,000.00         ZZ
                                         360        294,739.73          1
                                       6.625          1,888.92         68
                                       6.375          1,888.92
    STAMFORD         CT   06905          5            11/27/01         00
    2138008                              05           02/01/02          0
    2138008                              O            01/01/32
    0

1

    7378692          076/076             F          330,000.00         ZZ
                                         360        329,430.16          1
                                       6.750          2,140.37         77
                                       6.500          2,140.37
    EVANSTON         IL   60203          2            11/21/01         00
    2151447                              05           01/01/02          0
    2151447                              O            12/01/31
    0

    7378694          076/076             F          338,000.00         ZZ
                                         360        337,701.79          1
                                       6.625          2,164.25         26
                                       6.375          2,164.25
    GRAFTON          WI   53024          2            12/03/01         00
    2151569                              05           02/01/02          0
    2151569                              O            01/01/32
    0

    7378696          076/076             F          456,000.00         ZZ
                                         360        455,212.57          1
                                       6.750          2,957.61         78
                                       6.500          2,957.61
    OMAHA            NE   68135          2            11/17/01         00
    2177265                              05           01/01/02          0
    2177265                              O            12/01/31
    0

    7378698          076/076             F          480,550.00         ZZ
                                         360        479,740.25          1
                                       6.875          3,156.87         78
                                       6.625          3,156.87
    INDIANAPOLIS     IN   46236          2            11/16/01         00
    2195748                              03           01/01/02          0
    2195748                              O            12/01/31
    0

    7378700          076/076             F          450,000.00         ZZ
                                         360        449,612.55          1
                                       6.750          2,918.70         64
                                       6.500          2,918.70
    FALMOUTH         ME   04105          2            12/07/01         00
    2210110                              05           02/01/02          0
    2210110                              O            01/01/32
    0

    7378704          076/076             F          545,000.00         ZZ
                                         360        544,530.77          1
                                       6.750          3,534.86         55
                                       6.500          3,534.86
1

    RIDGEFIELD       CT   06877          2            12/03/01         00
    2383949                              05           02/01/02          0
    2383949                              O            01/01/32
    0

    7378706          076/076             F          630,000.00         ZZ
                                         360        628,938.40          1
                                       6.875          4,138.66         70
                                       6.625          4,138.66
    COLLEYVILLE      TX   76034          1            11/27/01         00
    2721329                              03           01/01/02          0
    2721329                              O            12/01/31
    0

    7378820          286/286             F          500,000.00         ZZ
                                         360        499,093.52          1
                                       6.500          3,160.35         47
                                       6.250          3,160.35
    BETHESDA         MD   20817          1            11/19/01         00
    424451                               05           01/01/02          0
    424451                               O            12/01/31
    0

    7378822          286/286             F          645,000.00         ZZ
                                         360        643,886.21          1
                                       6.750          4,183.46         68
                                       6.500          4,183.46
    ANN ARBOR        MI   48104          2            11/15/01         00
    630535                               05           01/01/02          0
    630535                               O            12/01/31
    0

    7378824          286/286             F          420,000.00         ZZ
                                         360        419,274.73          1
                                       6.750          2,724.12         39
                                       6.500          2,724.12
    FISHERS          IN   46038          5            11/15/01         00
    680080                               03           01/01/02          0
    680080                               O            12/01/31
    0

    7378826          286/286             F          345,000.00         ZZ
                                         360        344,404.24          1
                                       6.750          2,237.67         66
                                       6.500          2,237.67
    FAIRFAX          VA   22030          2            11/15/01         00
    681210                               03           01/01/02          0
    681210                               O            12/01/31
    0
1

    7378828          286/286             F          475,000.00         ZZ
                                         360        474,179.77          1
                                       6.750          3,080.84         74
                                       6.500          3,080.84
    CARY             NC   27513          2            11/13/01         00
    628217                               03           01/01/02          0
    628217                               O            12/01/31
    0

    7378830          286/286             F          360,000.00         ZZ
                                         360        359,141.85          1
                                       6.625          2,305.12         66
                                       6.375          2,305.12
    SAN RAMON        CA   94583          5            11/12/01         00
    102470                               03           01/01/02          0
    102470                               O            12/01/31
    0

    7378832          286/286             F          294,900.00         ZZ
                                         360        294,449.82          1
                                       7.375          2,036.81         78
                                       7.125          2,036.81
    KENILWORTH       NJ   07033          1            11/19/01         00
    581106                               05           01/01/02          0
    581106                               O            12/01/31
    0

    7378834          286/286             F          545,000.00         ZZ
                                         360        543,283.89          1
                                       7.250          3,717.87         38
                                       7.000          3,717.87
    POTOMAC          MD   20854          2            09/25/01         00
    559545                               05           11/01/01          0
    559545                               O            10/01/31
    0

    7378836          286/286             F          464,000.00         ZZ
                                         360        463,218.11          1
                                       6.875          3,048.16         80
                                       6.625          3,048.16
    OAK HILL         VA   20171          2            11/16/01         00
    690696                               03           01/01/02          0
    690696                               O            12/01/31
    0

    7378838          286/286             F          489,000.00         ZZ
                                         360        487,699.69          1
1

                                       6.750          3,171.65         46
                                       6.500          3,171.65
    ANN ARBOR        MI   48108          2            11/16/01         00
    615076                               01           01/01/02          0
    615076                               O            12/01/31
    0

    7378840          286/286             F          432,000.00         ZZ
                                         360        431,216.80          1
                                       6.500          2,730.54         60
                                       6.250          2,730.54
    ORLANDO          FL   32819          2            11/15/01         00
    683970                               03           01/01/02          0
    683970                               O            12/01/31
    0

    7378842          286/286             F          323,500.00         ZZ
                                         360        322,913.50          1
                                       6.500          2,044.75         50
                                       6.250          2,044.75
    POTOMAC          MD   20854          2            11/16/01         00
    663419                               05           01/01/02          0
    663419                               O            12/01/31
    0

    7378844          286/286             F          465,500.00         ZZ
                                         360        464,696.16          1
                                       6.750          3,019.23         76
                                       6.500          3,019.23
    WASHINGTON       DC   20007          2            11/15/01         00
    681288                               05           01/01/02          0
    681288                               O            12/01/31
    0

    7378846          286/286             F          378,000.00         ZZ
                                         360        377,331.14          1
                                       6.625          2,420.38         67
                                       6.375          2,420.38
    ROCKY RIDGE      MD   21778          5            11/16/01         00
    662938                               05           01/01/02          0
    662938                               O            12/01/31
    0

    7378848          286/286             F          380,000.00         ZZ
                                         360        379,311.08          1
                                       6.500          2,401.86         70
                                       6.250          2,401.86
    ATLANTA          GA   30324          2            11/14/01         00
    680177                               05           01/01/02          0
1

    680177                               O            12/01/31
    0

    7378850          286/286             F          370,000.00         ZZ
                                         360        369,345.30          1
                                       6.625          2,369.16         78
                                       6.375          2,369.16
    POOLESVILLE      MD   20837          2            11/14/01         00
    677452                               05           01/01/02          0
    677452                               O            12/01/31
    0

    7378854          286/286             F          649,900.00         ZZ
                                         360        648,907.92          1
                                       7.375          4,488.70         70
                                       7.125          4,488.70
    LUBBOCK          TX   79423          1            11/19/01         00
    833669                               05           01/01/02          0
    833669                               O            12/01/31
    0

    7378856          286/286             F          358,000.00         ZZ
                                         360        357,396.74          1
                                       6.875          2,351.81         75
                                       6.625          2,351.81
    PEACHTREE CITY   GA   30269          2            11/15/01         00
    839492                               05           01/01/02          0
    839492                               O            12/01/31
    0

    7378858          286/286             F          770,000.00         ZZ
                                         360        768,733.99          1
                                       7.000          5,122.83         70
                                       6.750          5,122.83
    KEY LARGO        FL   33037          2            11/15/01         00
    623365                               05           01/01/02          0
    623365                               O            12/01/31
    0

    7378860          286/286             F          475,500.00         ZZ
                                         360        474,523.83          1
                                       6.750          3,084.09         79
                                       6.500          3,084.09
    EASTON           MD   21601          2            11/14/01         00
    673254                               03           01/01/02          0
    673254                               O            12/01/31
    0

1

    7378864          286/286             F          437,700.00         ZZ
                                         360        436,944.16          1
                                       6.750          2,838.92         62
                                       6.500          2,838.92
    ASHBURN          VA   20147          5            11/14/01         00
    658020                               03           01/01/02          0
    658020                               O            12/01/31
    0

    7378866          286/286             F          434,000.00         ZZ
                                         360        433,250.56          1
                                       6.750          2,814.92         37
                                       6.500          2,814.92
    POTOMAC          MD   20854          2            11/15/01         00
    681271                               05           01/01/02          0
    681271                               O            12/01/31
    0

    7378868          286/286             F          581,250.00         ZZ
                                         360        580,246.29          1
                                       6.750          3,769.98         75
                                       6.500          3,769.98
    BETHESDA         MD   20816          1            11/20/01         00
    541206                               05           01/01/02          0
    541206                               O            12/01/31
    0

    7378874          286/286             F          432,000.00         ZZ
                                         360        431,356.78          1
                                       7.500          3,020.61         80
                                       7.250          3,020.61
    POTOMAC FALLS    VA   20166          2            11/26/01         00
    673275                               03           01/01/02          0
    673275                               O            12/01/31
    0

    7378876          286/286             F          343,200.00         ZZ
                                         360        342,621.69          1
                                       6.875          2,254.58         80
                                       6.625          2,254.58
    LACOMBE ST TAMM  LA   70445          2            11/13/01         00
    146690                               05           01/01/02          0
    146690                               O            12/01/31
    0

    7378880          286/286             F          345,000.00         ZZ
                                         360        344,389.54          1
                                       6.625          2,209.08         80
                                       6.375          2,209.08
1

    SOUTH RIDING     VA   20152          2            11/16/01         00
    686723                               03           01/01/02          0
    686723                               O            12/01/31
    0

    7378882          286/286             F          336,000.00         ZZ
                                         360        335,419.79          1
                                       6.750          2,179.29         75
                                       6.500          2,179.29
    TEMPERANCE       MI   48182          2            11/15/01         00
    657216                               05           01/01/02          0
    657216                               O            12/01/31
    0

    7378884          286/286             F          365,000.00         ZZ
                                         360        364,369.71          1
                                       6.750          2,367.39         67
                                       6.500          2,367.39
    ANN ARBOR        MI   48108          2            11/15/01         00
    147453                               05           01/01/02          0
    147453                               O            12/01/31
    0

    7378886          286/286             F          478,500.00         ZZ
                                         300        477,291.60          1
                                       6.875          3,343.88         78
                                       6.625          3,343.88
    OWINGS MILLS     MD   21117          2            11/16/01         00
    513497                               05           01/01/02          0
    513497                               O            12/01/26
    0

    7378888          286/286             F          319,000.00         ZZ
                                         360        318,448.66          1
                                       7.000          2,122.32         67
                                       6.750          2,122.32
    WASHINGTON       DC   20009          5            11/15/01         00
    670347                               05           01/01/02          0
    670347                               O            12/01/31
    0

    7378890          286/286             F          419,000.00         ZZ
                                         360        418,258.60          1
                                       6.625          2,682.91         75
                                       6.375          2,682.91
    ANTIOCH          CA   94509          5            11/13/01         00
    832009                               05           01/01/02          0
    832009                               O            12/01/31
    0
1

    7378892          286/286             F          619,200.00         ZZ
                                         360        617,668.45          1
                                       7.000          4,119.55         45
                                       6.750          4,119.55
    GREENWOOD VILLA  CO   80121          5            10/19/01         00
    612601                               05           12/01/01          0
    612601                               O            11/01/31
    0

    7378894          286/286             F          445,600.00         ZZ
                                         360        444,849.13          1
                                       6.875          2,927.28         80
                                       6.625          2,927.28
    RICHMOND         VA   23233          2            11/16/01         00
    666595                               03           01/01/02          0
    666595                               O            12/01/31
    0

    7378896          286/286             F          313,000.00         ZZ
                                         360        312,446.16          1
                                       6.625          2,004.18         70
                                       6.375          2,004.18
    HUNTINGTON WOOD  MI   48070          2            11/16/01         00
    677243                               05           01/01/02          0
    677243                               O            12/01/31
    0

    7378898          286/286             F          640,000.00         ZZ
                                         360        638,867.55          1
                                       6.625          4,098.00         66
                                       6.375          4,098.00
    CALEDONIA        MI   49316          2            11/16/01         00
    632526                               05           01/01/02          0
    632526                               O            12/01/31
    0

    7378900          286/286             F          469,300.00         ZZ
                                         360        468,489.59          1
                                       6.750          3,043.88         79
                                       6.500          3,043.88
    CHEVY CHASE      MD   20815          2            11/16/01         00
    638124                               05           01/01/02          0
    638124                               O            12/01/31
    0

    7378904          286/286             F          479,500.00         ZZ
                                         360        478,533.62          1
1

                                       6.875          3,149.98         60
                                       6.625          3,149.98
    HIGHLAND         MD   20777          2            11/16/01         00
    644295                               05           01/01/02          0
    644295                               O            12/01/31
    0

    7378906          286/286             F          275,000.00         ZZ
                                         360        274,385.43          1
                                       7.125          1,852.73         53
                                       6.875          1,852.73
    SAN DIEGO        CA   92131          2            11/14/01         00
    587296                               05           01/01/02          0
    587296                               O            12/01/31
    0

    7378910          286/286             F          385,000.00         ZZ
                                         360        384,318.77          1
                                       6.625          2,465.20         39
                                       6.375          2,465.20
    ARLINGTON        VA   22207          2            11/16/01         00
    827416                               05           01/01/02          0
    827416                               O            12/01/31
    0

    7378912          286/286             F          324,000.00         ZZ
                                         360        323,334.85          1
                                       6.750          2,101.46         90
                                       6.500          2,101.46
    TEMPE            AZ   85284          1            11/19/01         12
    843181                               03           01/01/02         25
    843181                               O            12/01/31
    0

    7378914          286/286             F          485,975.00         ZZ
                                         360        484,712.70          1
                                       6.750          3,152.02         75
                                       6.500          3,152.02
    ARGYLE           TX   76226          2            10/31/01         00
    858852                               05           12/01/01          0
    858852                               O            11/01/31
    0

    7378916          286/286             F          480,000.00         ZZ
                                         360        478,777.48          1
                                       6.875          3,153.26         72
                                       6.625          3,153.26
    SEABROOK         SC   29940          2            11/15/01         00
    556658                               05           01/01/02          0
1

    556658                               O            12/01/31
    0

    7378918          286/286             F          470,000.00         ZZ
                                         360        468,633.70          1
                                       6.750          3,048.42         63
                                       6.500          3,048.42
    HOUSTON          TX   77030          2            11/16/01         00
    839106                               03           01/01/02          0
    839106                               O            12/01/31
    0

    7378920          286/286             F          364,000.00         ZZ
                                         360        363,106.82          1
                                       6.750          2,360.90         73
                                       6.500          2,360.90
    NEW HARTFORD     CT   06057          2            11/15/01         00
    657776                               05           01/01/02          0
    657776                               O            12/01/31
    0

    7378922          286/286             F          400,000.00         ZZ
                                         360        399,238.95          1
                                       6.250          2,462.87         80
                                       6.000          2,462.87
    POTOMAC FALLS    VA   20165          1            11/20/01         00
    704059                               03           01/01/02          0
    704059                               O            12/01/31
    0

    7378926          286/286             F          322,250.00         ZZ
                                         360        321,706.97          1
                                       6.875          2,116.96         65
                                       6.625          2,116.96
    ANNAPOLIS        MD   21403          2            11/16/01         00
    686571                               05           01/01/02          0
    686571                               O            12/01/31
    0

    7378928          286/286             F          321,000.00         ZZ
                                         360        320,445.70          1
                                       6.750          2,082.00         75
                                       6.500          2,082.00
    ASHLAND          OR   97520          2            11/14/01         00
    652997                               05           01/01/02          0
    652997                               O            12/01/31
    0

1

    7378930          286/286             F          328,000.00         ZZ
                                         360        327,433.59          1
                                       6.750          2,127.41         79
                                       6.500          2,127.41
    PENNINGTON       NJ   08534          2            11/16/01         00
    696426                               05           01/01/02          0
    696426                               O            12/01/31
    0

    7378932          286/286             F          331,000.00         ZZ
                                         360        330,442.23          1
                                       6.875          2,174.44         79
                                       6.625          2,174.44
    GERMANTOWN       MD   21055          2            11/16/01         00
    682483                               03           01/01/02          0
    682483                               O            12/01/31
    0

    7378936          286/286             F          335,000.00         ZZ
                                         360        334,060.86          1
                                       6.750          2,172.81         79
                                       6.500          2,172.81
    LOUISVILLE       KY   40205          2            11/16/01         00
    635426                               05           01/01/02          0
    635426                               O            12/01/31
    0

    7378938          286/286             F          327,000.00         ZZ
                                         360        326,431.70          1
                                       6.875          2,148.16         60
                                       6.625          2,148.16
    GROSSE POINTE P  MI   48230          5            11/16/01         00
    686519                               05           01/01/02          0
    686519                               O            12/01/31
    0

    7378940          286/286             F          343,000.00         ZZ
                                         360        342,407.69          1
                                       6.750          2,224.70         60
                                       6.500          2,224.70
    HOUSTON          TX   77025          2            11/15/01         00
    680171                               05           01/01/02          0
    680171                               O            12/01/31
    0

    7378944          286/286             F          625,000.00         ZZ
                                         360        623,946.83          1
                                       6.875          4,105.81         72
                                       6.625          4,105.81
1

    FALLBROOK        CA   92028          2            11/05/01         00
    672157                               05           01/01/02          0
    672157                               O            12/01/31
    0

    7378946          286/286             F          590,000.00         ZZ
                                         360        589,053.57          1
                                       7.125          3,974.94         63
                                       6.875          3,974.94
    SAN DIEGO        CA   92131          2            11/12/01         00
    627860                               05           01/01/02          0
    627860                               O            12/01/31
    0

    7378948          286/286             F          391,850.00         ZZ
                                         360        391,156.65          1
                                       6.625          2,509.06         80
                                       6.375          2,509.06
    SAN CLEMENTE     CA   92673          1            11/13/01         00
    397727                               03           01/01/02          0
    397727                               O            12/01/31
    0

    7378950          286/286             F          600,000.00         ZZ
                                         360        598,938.34          1
                                       6.625          3,841.87         53
                                       6.375          3,841.87
    BIRMINGHAM       MI   48009          5            11/14/01         00
    660378                               05           01/01/02          0
    660378                               O            12/01/31
    0

    7378952          286/286             F          354,000.00         ZZ
                                         360        353,388.71          1
                                       6.750          2,296.04         59
                                       6.500          2,296.04
    LANDENBERG       PA   19350          2            11/16/01         00
    585049                               05           01/01/02          0
    585049                               O            12/01/31
    0

    7378954          286/286             F          440,000.00         ZZ
                                         360        439,258.57          1
                                       6.875          2,890.49         74
                                       6.625          2,890.49
    WASHINGTON       DC   20015          2            11/14/01         00
    667621                               05           01/01/02          0
    667621                               O            12/01/31
    0
1

    7378956          286/286             F          378,000.00         ZZ
                                         360        377,347.25          1
                                       6.750          2,451.71         70
                                       6.500          2,451.71
    EDWARDS          CO   81632          5            11/15/01         00
    666809                               03           01/01/02          0
    666809                               O            12/01/31
    0

    7378958          286/286             F          423,600.00         ZZ
                                         360        422,886.20          1
                                       6.875          2,782.76         80
                                       6.625          2,782.76
    WESTERVILLE      OH   43082          1            11/19/01         00
    276654                               03           01/01/02          0
    276654                               O            12/01/31
    0

    7378960          286/286             F          400,000.00         ZZ
                                         360        399,325.97          1
                                       6.875          2,627.72         68
                                       6.625          2,627.72
    NORTHBROOK       IL   60062          2            11/13/01         00
    616859                               05           01/01/02          0
    616859                               O            12/01/31
    0

    7378962          286/286             F          331,296.00         ZZ
                                         360        330,737.75          1
                                       6.875          2,176.38         80
                                       6.625          2,176.38
    GLEN ECHO        MD   20812          2            11/19/01         00
    146806                               05           01/01/02          0
    146806                               O            12/01/31
    0

    7378964          286/286             F          524,000.00         ZZ
                                         360        523,072.82          1
                                       6.625          3,355.23         80
                                       6.375          3,355.23
    ATLANTA          GA   30327          1            11/19/01         00
    668754                               05           01/01/02          0
    668754                               O            12/01/31
    0

    7378968          286/286             F          380,000.00         ZZ
                                         360        379,311.08          1
1

                                       6.500          2,401.86         78
                                       6.250          2,401.86
    ASHBURN          VA   20147          2            11/15/01         00
    841010                               03           01/01/02          0
    841010                               O            12/01/31
    0

    7378970          286/286             F          868,000.00         ZZ
                                         360        866,572.85          1
                                       7.000          5,774.83         67
                                       6.750          5,774.83
    POTOMAC          MD   20854          2            11/16/01         00
    594538                               03           01/01/02          0
    594538                               O            12/01/31
    0

    7378972          286/286             F          284,500.00         ZZ
                                         360        283,996.59          1
                                       6.625          1,821.69         39
                                       6.375          1,821.69
    SANTE FE         NM   87505          2            11/16/01         00
    679765                               03           01/01/02          0
    679765                               O            12/01/31
    0

    7378974          286/286             F          376,000.00         ZZ
                                         360        375,381.79          1
                                       7.000          2,501.54         61
                                       6.750          2,501.54
    ROCKVILLE        MD   20850          5            11/16/01         00
    659234                               03           01/01/02          0
    659234                               O            12/01/31
    0

    7378976          286/286             F          316,000.00         ZZ
                                         360        315,440.84          1
                                       6.625          2,023.39         80
                                       6.375          2,023.39
    LAKE MARY        FL   32746          2            11/13/01         00
    826384                               03           01/01/02          0
    826384                               O            12/01/31
    0

    7378978          286/286             F          331,000.00         ZZ
                                         360        330,370.22          1
                                       6.250          2,038.03         70
                                       6.000          2,038.03
    MAHWAH           NJ   07430          2            11/14/01         00
    691150                               01           01/01/02          0
1

    691150                               O            12/01/31
    0

    7378980          286/286             F          435,000.00         T
                                         360        434,248.83          1
                                       6.750          2,821.41         61
                                       6.500          2,821.41
    GREENSBORO       GA   30642          2            11/21/01         00
    683319                               03           01/01/02          0
    683319                               O            12/01/31
    0

    7378984          286/286             F          337,499.00         ZZ
                                         360        336,916.03          1
                                       6.750          2,189.02         75
                                       6.500          2,189.02
    POMPANO BEACH    FL   33060          5            11/14/01         00
    697077                               01           01/01/02          0
    697077                               O            12/01/31
    0

    7378988          286/286             F          369,000.00         ZZ
                                         360        368,378.21          1
                                       6.875          2,424.07         77
                                       6.625          2,424.07
    HARTLAND         WI   53029          2            11/19/01         00
    634832                               01           01/01/02          0
    634832                               O            12/01/31
    0

    7378990          286/286             F          361,500.00         T
                                         360        360,890.84          1
                                       6.875          2,374.80         34
                                       6.625          2,374.80
    NEWPORT BEACH    CA   92660          2            11/14/01         00
    697838                               05           01/01/02          0
    697838                               O            12/01/31
    0

    7378992          286/286             F          594,800.00         ZZ
                                         360        593,747.54          1
                                       6.625          3,808.57         80
                                       6.375          3,808.57
    FREDERICKSBURG   VA   22401          1            11/05/01         00
    623482                               05           01/01/02          0
    623482                               O            12/01/31
    0

1

    7378994          286/286             F          432,000.00         ZZ
                                         360        431,307.01          1
                                       7.125          2,910.47         80
                                       6.875          2,910.47
    ELLICOTT CITY    MD   21042          2            11/15/01         00
    659841                               05           01/01/02          0
    659841                               O            12/01/31
    0

    7378996          286/286             F          359,000.00         ZZ
                                         360        358,380.08          1
                                       6.750          2,328.47         79
                                       6.500          2,328.47
    RESTON           VA   20191          2            11/15/01         00
    686553                               05           01/01/02          0
    686553                               O            12/01/31
    0

    7378998          286/286             F          306,680.00         ZZ
                                         360        306,163.22          1
                                       6.875          2,014.67         75
                                       6.625          2,014.67
    MONTVERDE        FL   34756          5            11/16/01         00
    691813                               03           01/01/02          0
    691813                               O            12/01/31
    0

    7379002          286/286             F          400,000.00         ZZ
                                         360        399,325.97          1
                                       6.875          2,627.72         45
                                       6.625          2,627.72
    SCOTTSDALE       AZ   85258          2            11/15/01         00
    675812                               05           01/01/02          0
    675812                               O            12/01/31
    0

    7379004          286/286             F          500,000.00         ZZ
                                         360        498,967.90          1
                                       7.625          3,538.97         59
                                       7.375          3,538.97
    ATLANTA          GA   30309          5            11/14/01         00
    680589                               05           01/01/02          0
    680589                               O            12/01/31
    0

    7379006          286/286             F          326,000.00         ZZ
                                         360        325,450.59          1
                                       6.875          2,141.59         75
                                       6.625          2,141.59
1

    WINNETKA         IL   60093          2            11/13/01         00
    620928                               05           01/01/02          0
    620928                               O            12/01/31
    0

    7379008          286/286             F          308,000.00         ZZ
                                         360        307,480.98          1
                                       6.875          2,023.35         78
                                       6.625          2,023.35
    NEW DURHAM       NH   03855          2            11/14/01         00
    672618                               05           01/01/02          0
    672618                               O            12/01/31
    0

    7379010          286/286             F          450,000.00         ZZ
                                         360        449,260.11          1
                                       7.000          2,993.87         57
                                       6.750          2,993.87
    MONMOUTH BEACH   NJ   07750          5            11/16/01         00
    693717                               05           01/01/02          0
    693717                               O            12/01/31
    0

    7379012          286/286             F          434,700.00         ZZ
                                         288        432,464.63          1
                                       6.750          3,051.91         80
                                       6.500          3,051.91
    VIENNA           VA   22182          2            11/20/01         00
    681258                               05           01/01/02          0
    681258                               O            12/01/25
    0

    7379014          286/286             F          360,900.00         ZZ
                                         360        360,276.47          1
                                       6.750          2,340.80         79
                                       6.500          2,340.80
    ANNAPOLIS        MD   21403          2            11/16/01         00
    102451                               03           01/01/02          0
    102451                               O            12/01/31
    0

    7379016          286/286             F          446,400.00         ZZ
                                         360        445,528.58          1
                                       6.750          2,895.35         72
                                       6.500          2,895.35
    NORTHVILLE       MI   48167          2            11/15/01         00
    637267                               05           01/01/02          0
    637267                               O            12/01/31
    0
1

    7379018          286/286             F          444,000.00         ZZ
                                         360        443,251.84          1
                                       6.875          2,916.76         74
                                       6.625          2,916.76
    POTOMAC          MD   20854          2            11/16/01         00
    664219                               05           01/01/02          0
    664219                               O            12/01/31
    0

    7379020          286/286             F        1,000,000.00         ZZ
                                         360        998,230.57          1
                                       6.625          6,403.11         50
                                       6.375          6,403.11
    HOUSTON          TX   77019          2            11/12/01         00
    828595                               03           01/01/02          0
    828595                               O            12/01/31
    0

    7379022          286/286             F          330,000.00         ZZ
                                         360        329,430.14          1
                                       6.750          2,140.38         70
                                       6.500          2,140.38
    ALEXANDRIA       VA   22302          2            11/16/01         00
    696431                               05           01/01/02          0
    696431                               O            12/01/31
    0

    7379024          286/286             F          320,000.00         ZZ
                                         360        319,460.76          1
                                       6.875          2,102.18         77
                                       6.625          2,102.18
    PLYMOUTH         MN   55441          2            11/14/01         00
    638962                               05           01/01/02          0
    638962                               O            12/01/31
    0

    7379028          286/286             F          323,900.00         ZZ
                                         360        323,354.20          1
                                       6.875          2,127.80         79
                                       6.625          2,127.80
    SILVER SPRING    MD   20910          1            11/15/01         00
    680755                               05           01/01/02          0
    680755                               O            12/01/31
    0

    7379030          286/286             F          421,772.00         ZZ
                                         360        421,061.29          1
1

                                       6.875          2,770.74         72
                                       6.625          2,770.74
    BOULDER          CO   80301          2            11/14/01         00
    603423                               05           01/01/02          0
    603423                               O            12/01/31
    0

    7379032          286/286             F          336,000.00         ZZ
                                         360        335,419.79          1
                                       6.750          2,179.29         60
                                       6.500          2,179.29
    CHANDLER         AZ   85248          2            11/15/01         00
    632799                               05           01/01/02          0
    632799                               O            12/01/31
    0

    7379034          286/286             F          392,000.00         ZZ
                                         360        391,218.72          1
                                       6.875          2,575.17         79
                                       6.625          2,575.17
    GAINESVILLE      VA   20155          2            11/15/01         00
    668264                               03           01/01/02          0
    668264                               O            12/01/31
    0

    7379036          286/286             F          512,000.00         ZZ
                                         360        511,115.86          1
                                       6.750          3,320.83         73
                                       6.500          3,320.83
    OAK HILL         VA   20171          2            11/13/01         00
    681150                               05           01/01/02          0
    681150                               O            12/01/31
    0

    7379038          286/286             F          311,000.00         ZZ
                                         360        310,462.95          1
                                       6.750          2,017.15         78
                                       6.500          2,017.15
    VENTURA          CA   93003          2            11/16/01         00
    474960                               05           01/01/02          0
    474960                               O            12/01/31
    0

    7379040          286/286             F          376,000.00         ZZ
                                         360        375,350.72          1
                                       6.750          2,438.73         74
                                       6.500          2,438.73
    FT WASHINGTON    PA   19034          2            11/16/01         00
    9368105                              05           01/01/02          0
1

    9368105                              O            12/01/31
    0

    7379042          286/286             F          516,100.00         ZZ
                                         360        515,230.34          1
                                       6.875          3,390.41         37
                                       6.625          3,390.41
    WINNETKA         IL   60093          5            11/16/01         00
    644263                               05           01/01/02          0
    644263                               O            12/01/31
    0

    7379044          286/286             F          482,250.00         ZZ
                                         360        481,417.24          1
                                       6.750          3,127.87         69
                                       6.500          3,127.87
    LOUISVILLE       KY   40245          2            11/16/01         00
    689983                               05           01/01/02          0
    689983                               O            12/01/31
    0

    7379046          286/286             F          328,000.00         ZZ
                                         360        327,433.59          1
                                       6.750          2,127.41         66
                                       6.500          2,127.41
    ALTO             NM   88312          2            11/15/01         00
    703749                               05           01/01/02          0
    703749                               O            12/01/31
    0

    7379048          286/286             F          405,000.00         ZZ
                                         360        403,764.36          1
                                       6.625          2,593.26         65
                                       6.375          2,593.26
    TUCSON           AZ   85750          5            11/14/01         00
    846031                               05           01/01/02          0
    846031                               O            12/01/31
    0

    7379050          286/286             F          460,000.00         ZZ
                                         360        459,186.04          1
                                       6.625          2,945.44         73
                                       6.375          2,945.44
    RINGOES          NJ   08551          1            11/19/01         00
    574357                               03           01/01/02          0
    574357                               O            12/01/31
    0

1

    7379052          286/286             F          332,000.00         ZZ
                                         360        331,440.57          1
                                       6.875          2,181.00         69
                                       6.625          2,181.00
    WESTMINSTER      CO   80020          2            11/14/01         00
    671645                               05           01/01/02          0
    671645                               O            12/01/31
    0

    7379056          286/286             F          357,000.00         ZZ
                                         360        356,320.74          1
                                       6.250          2,198.12         39
                                       6.000          2,198.12
    CHARLOTTESVILLE  VA   22901          5            11/16/01         00
    145340                               05           01/01/02          0
    145340                               O            12/01/31
    0

    7379058          286/286             F          413,000.00         ZZ
                                         360        412,320.96          1
                                       7.000          2,747.70         56
                                       6.750          2,747.70
    HERMOSA BEACH    CA   90254          2            11/15/01         00
    663310                               05           01/01/02          0
    663310                               O            12/01/31
    0

    7379060          286/286             F          320,000.00         ZZ
                                         360        319,460.76          1
                                       6.875          2,102.18         67
                                       6.625          2,102.18
    ZIONSVILLE       IN   46077          2            11/15/01         00
    636119                               05           01/01/02          0
    636119                               O            12/01/31
    0

    7379062          286/286             F          344,500.00         ZZ
                                         360        343,919.48          1
                                       6.875          2,263.13         66
                                       6.625          2,263.13
    SANTA MONICA     CA   90403          2            11/16/01         00
    636925                               01           01/01/02          0
    636925                               O            12/01/31
    0

    7379066          286/286             F          651,200.00         ZZ
                                         360        650,102.67          1
                                       6.875          4,277.93         80
                                       6.625          4,277.93
1

    BLOOMINGTON      IL   61704          2            11/14/01         00
    631819                               05           01/01/02          0
    631819                               O            12/01/31
    0

    7379068          286/286             F          331,000.00         ZZ
                                         360        330,385.23          1
                                       6.375          2,065.01         72
                                       6.125          2,065.01
    KINTNERSVILLE    PA   18930          2            11/16/01         00
    672831                               05           01/01/02          0
    672831                               O            12/01/31
    0

    7379070          286/286             F          305,000.00         ZZ
                                         360        304,473.32          1
                                       6.750          1,978.23         63
                                       6.500          1,978.23
    GAITHERSBURG     MD   20878          5            11/16/01         00
    147564                               03           01/01/02          0
    147564                               O            12/01/31
    0

    7379074          286/286             F          560,000.00         ZZ
                                         240        557,168.43          1
                                       6.500          4,175.21         66
                                       6.250          4,175.21
    KENNER           LA   70065          2            11/16/01         00
    9683545                              05           01/01/02          0
    9683545                              O            12/01/21
    0

    7379076          286/286             F          649,750.00         ZZ
                                         360        648,655.13          1
                                       6.875          4,268.40         76
                                       6.625          4,268.40
    FRANKLIN         IN   46131          2            11/15/01         00
    630884                               05           01/01/02          0
    630884                               O            12/01/31
    0

    7379078          286/286             F          121,400.00         ZZ
                                         360        121,223.70          1
                                       7.625            859.27         90
                                       7.375            859.27
    ESSEX            MD   21221          2            11/19/01         12
    693262                               05           01/01/02         25
    693262                               O            12/01/31
    0
1

    7379080          286/286             F          344,000.00         ZZ
                                         360        343,185.92          1
                                       6.750          2,231.18         80
                                       6.500          2,231.18
    CHICAGO          IL   60622          2            11/15/01         00
    671017                               01           01/01/02          0
    671017                               O            12/01/31
    0

    7379082          286/286             F          581,000.00         ZZ
                                         360        579,490.84          1
                                       6.750          3,768.36         72
                                       6.500          3,768.36
    FORT WORTH       TX   76179          2            10/26/01         00
    582657                               05           12/01/01          0
    582657                               O            11/01/31
    0

    7379084          286/286             F          336,000.00         ZZ
                                         360        335,369.69          1
                                       6.875          2,207.29         79
                                       6.625          2,207.29
    PHOENIX          AZ   85023          1            11/20/01         00
    859162                               05           01/01/02          0
    859162                               O            12/01/31
    0

    7379086          286/286             F          450,000.00         ZZ
                                         360        449,241.71          1
                                       6.875          2,956.19         79
                                       6.625          2,956.19
    FALLS CHURCH     VA   22046          2            11/16/01         00
    671454                               03           01/01/02          0
    671454                               O            12/01/31
    0

    7379088          286/286             F          360,000.00         ZZ
                                         360        359,393.37          1
                                       6.875          2,364.95         60
                                       6.625          2,364.95
    BLOOMFIELD VILL  MI   48301          5            11/15/01         00
    677607                               05           01/01/02          0
    677607                               O            12/01/31
    0

    7379090          286/286             F          314,000.00         ZZ
                                         360        311,442.34          1
1

                                       6.875          2,062.76         79
                                       6.625          2,062.76
    CLARKSVILLE      MD   21029          2            11/15/01         00
    678154                               05           01/01/02          0
    678154                               O            12/01/31
    0

    7379092          286/286             F          445,900.00         ZZ
                                         360        445,130.02          1
                                       6.750          2,892.10         78
                                       6.500          2,892.10
    LOUISVILLE       KY   40207          2            11/14/01         00
    675808                               05           01/01/02          0
    675808                               O            12/01/31
    0

    7379094          286/286             F          453,000.00         ZZ
                                         360        452,217.76          1
                                       6.750          2,938.15         75
                                       6.500          2,938.15
    CINCINNATI       OH   45215          5            11/16/01         00
    692631                               05           01/01/02          0
    692631                               O            12/01/31
    0

    7379096          286/286             F          554,000.00         ZZ
                                         360        552,560.06          1
                                       6.875          3,639.39         77
                                       6.625          3,639.39
    MIDLOTHIAN       VA   23113          2            11/15/01         00
    675875                               05           01/01/02          0
    675875                               O            12/01/31
    0

    7379098          286/286             F          384,000.00         ZZ
                                         360        383,352.93          1
                                       6.875          2,522.61         74
                                       6.625          2,522.61
    FAIRFAX          VA   22031          5            11/16/01         00
    627320                               05           01/01/02          0
    627320                               O            12/01/31
    0

    7379100          286/286             F          375,000.00         ZZ
                                         360        374,320.14          1
                                       6.500          2,370.26         56
                                       6.250          2,370.26
    ROCKVILLE        MD   20853          2            11/19/01         00
    699228                               05           01/01/02          0
1

    699228                               O            12/01/31
    0

    7379104          286/286             F          327,500.00         ZZ
                                         360        326,934.47          1
                                       6.750          2,124.16         74
                                       6.500          2,124.16
    LAKEWOOD         CO   80228          5            11/13/01         00
    679385                               05           01/01/02          0
    679385                               O            12/01/31
    0

    7379106          286/286             F          346,400.00         ZZ
                                         360        345,801.82          1
                                       6.750          2,246.75         76
                                       6.500          2,246.75
    FAIRFIELD        CA   94585          2            11/13/01         00
    102473                               05           01/01/02          0
    102473                               O            12/01/31
    0

    7379108          286/286             F          412,000.00         ZZ
                                         360        411,288.54          1
                                       6.750          2,672.23         80
                                       6.500          2,672.23
    AUSTIN           TX   78738          2            11/13/01         00
    705926                               03           01/01/02          0
    705926                               O            12/01/31
    0

    7379110          286/286             F          392,000.00         ZZ
                                         360        391,306.39          1
                                       6.625          2,510.02         72
                                       6.375          2,510.02
    PITTSBURGH       PA   15238          2            11/16/01         00
    641257                               05           01/01/02          0
    641257                               O            12/01/31
    0

    7379112          286/286             F          385,000.00         ZZ
                                         360        384,335.17          1
                                       6.750          2,497.11         50
                                       6.500          2,497.11
    FAIRFAX STATION  VA   22039          5            11/13/01         00
    693738                               03           01/01/02          0
    693738                               O            12/01/31
    0

1

    7379114          286/286             F          443,000.00         ZZ
                                         360        441,792.56          1
                                       6.875          2,910.19         56
                                       6.625          2,910.19
    BOULDER          CO   80304          2            11/16/01         00
    639937                               05           01/01/02          0
    639937                               O            12/01/31
    0

    7379116          286/286             F          435,000.00         ZZ
                                         360        434,248.85          1
                                       6.750          2,821.40         67
                                       6.500          2,821.40
    CASTRO VALLEY    CA   94552          1            11/21/01         00
    9920010                              03           01/01/02          0
    9920010                              O            12/01/31
    0

    7379118          286/286             F          322,000.00         ZZ
                                         360        321,416.24          1
                                       6.500          2,035.26         50
                                       6.250          2,035.26
    CORONA           CA   92881          2            11/15/01         00
    9912244                              05           01/01/02          0
    9912244                              O            12/01/31
    0

    7379120          286/286             F          304,000.00         ZZ
                                         360        303,448.87          1
                                       6.500          1,921.49         80
                                       6.250          1,921.49
    FOUNTAIN HILLS   AZ   85268          1            11/13/01         00
    9927810                              03           01/01/02          0
    9927810                              O            12/01/31
    0

    7379122          286/286             F          334,400.00         ZZ
                                         360        333,850.20          1
                                       7.000          2,224.77         95
                                       6.750          2,224.77
    SAN JOSE         CA   95148          1            11/13/01         10
    9885149                              05           01/01/02         30
    9885149                              O            12/01/31
    0

    7379124          286/286             F          357,000.00         ZZ
                                         360        356,413.03          1
                                       7.000          2,375.13         74
                                       6.750          2,375.13
1

    TEMECULA         CA   92592          2            11/06/01         00
    9838965                              05           01/01/02          0
    9838965                              O            12/01/31
    0

    7379126          286/286             F          439,250.00         ZZ
                                         360        438,527.80          1
                                       7.000          2,922.34         80
                                       6.750          2,922.34
    BELMONT          CA   94002          2            11/12/01         00
    699864                               05           01/01/02          0
    699864                               O            12/01/31
    0

    7379128          286/286             F          368,000.00         ZZ
                                         360        367,379.89          1
                                       6.875          2,417.50         80
                                       6.625          2,417.50
    GLENVIEW         IL   60025          2            11/14/01         00
    9920914                              05           01/01/02          0
    9920914                              O            12/01/31
    0

    7379130          286/286             F          434,000.00         ZZ
                                         360        433,150.56          1
                                       6.750          2,814.92         55
                                       6.500          2,814.92
    JUNCTION CITY    OR   97448          2            11/12/01         00
    9912662                              05           01/01/02          0
    9912662                              O            12/01/31
    0

    7379132          286/286             F          586,300.00         ZZ
                                         360        585,287.58          1
                                       6.750          3,802.73         69
                                       6.500          3,802.73
    WALNUT CREEK     CA   94598          2            11/13/01         00
    9926237                              05           01/01/02          0
    9926237                              O            12/01/31
    0

    7379134          286/286             F          455,000.00         ZZ
                                         360        453,965.49          1
                                       6.625          2,913.42         76
                                       6.375          2,913.42
    UPPER SADDLE RI  NJ   07458          2            11/16/01         00
    709995                               05           01/01/02          0
    709995                               O            12/01/31
    0
1

    7379136          286/286             F          398,650.00         ZZ
                                         360        397,961.61          1
                                       6.750          2,585.64         70
                                       6.500          2,585.64
    PLEASANTON       CA   94588          5            11/13/01         00
    9918501                              03           01/01/02          0
    9918501                              O            12/01/31
    0

    7379138          286/286             F          368,000.00         ZZ
                                         360        367,364.54          1
                                       6.750          2,386.84         80
                                       6.500          2,386.84
    CROWNSVILLE      MD   21032          5            11/16/01         00
    9925833                              03           01/01/02          0
    9925833                              O            12/01/31
    0

    7379140          286/286             F          344,000.00         ZZ
                                         360        343,420.33          1
                                       6.875          2,259.84         80
                                       6.625          2,259.84
    LIVERMORE        CA   94550          1            11/13/01         00
    9897804                              05           01/01/02          0
    9897804                              O            12/01/31
    0

    7379142          286/286             F          359,200.00         ZZ
                                         360        358,594.73          1
                                       6.875          2,359.69         80
                                       6.625          2,359.69
    BRENTWOOD        CA   94513          5            11/16/01         00
    9920301                              05           01/01/02          0
    9920301                              O            12/01/31
    0

    7379144          286/286             F          457,000.00         ZZ
                                         360        456,171.50          1
                                       6.500          2,888.55         73
                                       6.250          2,888.55
    BENICIA          CA   94510          5            11/20/01         00
    9915703                              05           01/01/02          0
    9915703                              O            12/01/31
    0

    7379146          286/286             F          435,000.00         T
                                         360        434,284.78          1
1

                                       7.000          2,894.07         28
                                       6.750          2,894.07
    CORONADO         CA   92118          2            11/07/01         00
    9919707                              05           01/01/02          0
    9919707                              O            12/01/31
    0

    7379148          286/286             F          630,000.00         ZZ
                                         360        628,912.11          1
                                       6.750          4,086.17         70
                                       6.500          4,086.17
    SOLANA BEACH     CA   92075          2            11/09/01         00
    9924735                              05           01/01/02          0
    9924735                              O            12/01/31
    0

    7379150          286/286             F          383,250.00         ZZ
                                         360        382,635.22          1
                                       7.125          2,582.03         80
                                       6.875          2,582.03
    TEMECULA         CA   92592          2            11/09/01         00
    9914892                              05           01/01/02          0
    9914892                              O            12/01/31
    0

    7379152          286/286             F          522,000.00         ZZ
                                         360        521,120.40          1
                                       6.875          3,429.17         64
                                       6.625          3,429.17
    SOLANA BEACH     CA   92075          2            11/07/01         00
    9921435                              01           01/01/02          0
    9921435                              O            12/01/31
    0

    7379154          286/286             F          375,000.00         ZZ
                                         360        374,352.46          1
                                       6.750          2,432.24         79
                                       6.500          2,432.24
    ORLAND PARK      IL   60467          2            11/14/01         00
    705505                               03           01/01/02          0
    705505                               O            12/01/31
    0

    7379156          286/286             F          364,000.00         ZZ
                                         360        363,340.09          1
                                       6.500          2,300.73         70
                                       6.250          2,300.73
    FOLSOM           CA   95630          2            11/13/01         00
    701078                               05           01/01/02          0
1

    701078                               O            12/01/31
    0

    7379158          286/286             F          515,000.00         ZZ
                                         360        512,165.99          1
                                       6.875          3,383.18         70
                                       6.625          3,383.18
    WALNUT CREEK     CA   94598          5            11/12/01         00
    9918330                              05           01/01/02          0
    9918330                              O            12/01/31
    0

    7379160          286/286             F          248,500.00         ZZ
                                         360        248,091.42          1
                                       7.000          1,653.28         70
                                       6.750          1,653.28
    SAN DIEGO        CA   92109          2            11/07/01         00
    9683030                              01           01/01/02          0
    9683030                              O            12/01/31
    0

    7379162          286/286             F          390,000.00         ZZ
                                         360        389,214.00          1
                                       6.875          2,562.02         39
                                       6.625          2,562.02
    SKILLMAN         NJ   08558          2            11/13/01         00
    9682536                              05           01/01/02          0
    9682536                              O            12/01/31
    0

    7379164          286/286             F          396,150.00         ZZ
                                         360        395,449.05          1
                                       6.625          2,536.59         80
                                       6.375          2,536.59
    MENLO PARK       CA   94025          1            11/15/01         00
    9921030                              05           01/01/02          0
    9921030                              O            12/01/31
    0

    7379166          286/286             F          414,000.00         ZZ
                                         360        413,319.32          1
                                       7.000          2,754.35         71
                                       6.750          2,754.35
    RAMSEY           MN   55303          5            11/13/01         00
    9892731                              05           01/01/02          0
    9892731                              O            12/01/31
    0

1

    7379168          286/286             F          346,000.00         ZZ
                                         360        345,416.98          1
                                       6.875          2,272.97         45
                                       6.625          2,272.97
    SOLANA BEACH     CA   92014          2            11/08/01         00
    774940                               05           01/01/02          0
    774940                               O            12/01/31
    0

    7379170          286/286             F          650,000.00         ZZ
                                         360        648,877.57          1
                                       6.750          4,215.89         73
                                       6.500          4,215.89
    MERCER ISLAND    WA   98040          2            11/09/01         00
    706018                               05           01/01/02          0
    706018                               O            12/01/31
    0

    7379172          286/286             F          410,600.00         ZZ
                                         360        409,757.26          1
                                       7.250          2,801.02         76
                                       7.000          2,801.02
    SAN DIEGO        CA   92131          2            11/08/01         00
    9683071                              03           01/01/02          0
    9683071                              O            12/01/31
    0

    7379174          286/286             F          380,000.00         ZZ
                                         360        379,271.72          1
                                       7.375          2,624.57         80
                                       7.125          2,624.57
    MARINA           CA   93933          2            11/14/01         00
    9898483                              05           01/01/02          0
    9898483                              O            12/01/31
    0

    7379176          286/286             F          389,500.00         ZZ
                                         360        388,827.40          1
                                       6.750          2,526.29         71
                                       6.500          2,526.29
    POTOMAC          MD   20854          2            11/14/01         00
    9925753                              03           01/01/02          0
    9925753                              O            12/01/31
    0

    7379178          286/286             F          324,000.00         ZZ
                                         360        323,517.60          1
                                       7.500          2,265.46         63
                                       7.250          2,265.46
1

    ENCINITAS        CA   92024          5            11/06/01         00
    9846466                              03           01/01/02          0
    9846466                              O            12/01/31
    0

    7379182          286/286             F          500,000.00         ZZ
                                         360        499,136.60          1
                                       6.750          3,242.99         74
                                       6.500          3,242.99
    PASADENA         CA   91107          2            11/02/01         00
    9922992                              05           01/01/02          0
    9922992                              O            12/01/31
    0

    7379184          286/286             F          392,000.00         ZZ
                                         360        391,339.46          1
                                       6.875          2,575.16         80
                                       6.625          2,575.16
    SACRAMENTO       CA   95864          1            11/14/01         00
    707482                               05           01/01/02          0
    707482                               O            12/01/31
    0

    7379186          286/286             F          650,000.00         ZZ
                                         360        648,904.71          1
                                       6.875          4,270.04         67
                                       6.625          4,270.04
    FOSTER CITY      CA   94404          2            11/08/01         00
    9918607                              05           01/01/02          0
    9918607                              O            12/01/31
    0

    7379188          286/286             F          243,000.00         ZZ
                                         360        242,619.73          1
                                       7.250          1,657.69         63
                                       7.000          1,657.69
    LAGUNA NIGUEL    CA   92677          5            11/08/01         00
    9913989                              03           01/01/02          0
    9913989                              O            12/01/31
    0

    7379190          286/286             F          650,000.00         ZZ
                                         360        648,904.71          1
                                       6.875          4,270.04         75
                                       6.625          4,270.04
    LIVERMORE        CA   94550          2            11/15/01         00
    9918789                              05           01/01/02          0
    9918789                              O            12/01/31
    0
1

    7379192          286/286             F          320,000.00         ZZ
                                         360        319,460.78          1
                                       6.875          2,102.17         38
                                       6.625          2,102.17
    LOS GATOS        CA   95032          2            11/05/01         00
    9682702                              05           01/01/02          0
    9682702                              O            12/01/31
    0

    7379194          286/286             F          398,000.00         ZZ
                                         360        397,422.05          1
                                       7.625          2,817.02         54
                                       7.375          2,817.02
    LIVERMORE        CA   94550          2            11/09/01         00
    9917374                              05           01/01/02          0
    9917374                              O            12/01/31
    0

    7379196          286/286             F          448,000.00         ZZ
                                         360        447,207.30          1
                                       6.625          2,868.59         80
                                       6.375          2,868.59
    LOOMIS           CA   95650          1            11/13/01         00
    9937289                              05           01/01/02          0
    9937289                              O            12/01/31
    0

    7379198          286/286             F          650,000.00         ZZ
                                         360        648,877.57          1
                                       6.750          4,215.89         21
                                       6.500          4,215.89
    HILLSBOROUGH     CA   94010          2            11/09/01         00
    9892010                              05           01/01/02          0
    9892010                              O            12/01/31
    0

    7379200          286/286             F          326,000.00         ZZ
                                         360        325,464.00          1
                                       7.000          2,168.89         75
                                       6.750          2,168.89
    SAN DIEGO        CA   92130          5            11/07/01         00
    9922375                              01           01/01/02          0
    9922375                              O            12/01/31
    0

    7379202          286/286             F          340,000.00         T
                                         360        339,427.08          1
1

                                       6.875          2,233.56         80
                                       6.625          2,233.56
    MOUNT SHASTA     CA   96067          1            11/01/01         00
    9906401                              05           01/01/02          0
    9906401                              O            12/01/31
    0

    7379206          286/286             F          602,000.00         ZZ
                                         360        600,934.81          1
                                       6.625          3,854.67         73
                                       6.375          3,854.67
    CAVE CREEK       AZ   85331          2            11/09/01         00
    700438                               03           01/01/02          0
    700438                               O            12/01/31
    0

    7379208          286/286             F          350,000.00         ZZ
                                         360        349,438.57          1
                                       7.125          2,358.01         90
                                       6.875          2,358.01
    LA PALMA         CA   90623          2            11/08/01         11
    705357                               05           01/01/02         25
    705357                               O            12/01/31
    0

    7379210          286/286             F          650,000.00         ZZ
                                         360        648,849.88          1
                                       6.625          4,162.02         66
                                       6.375          4,162.02
    LIVERMORE        CA   94550          2            11/19/01         00
    9682780                              03           01/01/02          0
    9682780                              O            12/01/31
    0

    7379212          286/286             F          556,000.00         ZZ
                                         360        555,063.12          1
                                       6.875          3,652.52         48
                                       6.625          3,652.52
    PETALUMA         CA   94952          2            11/06/01         00
    9913293                              05           01/01/02          0
    9913293                              O            12/01/31
    0

    7379214          286/286             F          545,000.00         ZZ
                                         360        544,081.65          1
                                       6.875          3,580.26         58
                                       6.625          3,580.26
    SAN CARLOS       CA   94070          2            11/14/01         00
    9910321                              05           01/01/02          0
1

    9910321                              O            12/01/31
    0

    7379216          286/286             F          598,000.00         ZZ
                                         360        596,967.36          1
                                       6.750          3,878.62         73
                                       6.500          3,878.62
    SCOTTSDALE       AZ   85331          2            11/12/01         00
    700223                               03           01/01/02          0
    700223                               O            12/01/31
    0

    7379218          286/286             F          479,000.00         ZZ
                                         360        478,192.86          1
                                       6.875          3,146.69         80
                                       6.625          3,146.69
    LIVERMORE        CA   94550          1            11/15/01         00
    9912414                              05           01/01/02          0
    9912414                              O            12/01/31
    0

    7379220          286/286             F          344,000.00         ZZ
                                         360        343,420.33          1
                                       6.875          2,259.84         79
                                       6.625          2,259.84
    FREMONT          CA   94536          2            11/13/01         00
    9905654                              05           01/01/02          0
    9905654                              O            12/01/31
    0

    7379222          286/286             F          650,000.00         ZZ
                                         360        648,877.57          1
                                       6.750          4,215.89         65
                                       6.500          4,215.89
    UNIVERSITY PARK  TX   75225          1            11/19/01         00
    712487                               05           01/01/02          0
    712487                               O            12/01/31
    0

    7379224          286/286             F          615,900.00         ZZ
                                         360        614,936.18          1
                                       7.250          4,201.52         69
                                       7.000          4,201.52
    NEWPORT BEACH    CA   92625          2            11/13/01         00
    9920171                              03           01/01/02          0
    9920171                              O            12/01/31
    0

1

    7379226          286/286             F          412,500.00         ZZ
                                         360        411,821.79          1
                                       7.000          2,744.37         75
                                       6.750          2,744.37
    TEMECULA         CA   92591          5            11/09/01         00
    701118                               03           01/01/02          0
    701118                               O            12/01/31
    0

    7379228          286/286             F          402,500.00         ZZ
                                         360        401,787.81          1
                                       6.625          2,577.25         74
                                       6.375          2,577.25
    STOCKTON         CA   95219          2            11/02/01         00
    9926761                              03           01/01/02          0
    9926761                              O            12/01/31
    0

    7379230          286/286             F          313,200.00         ZZ
                                         360        312,645.82          1
                                       6.625          2,005.45         69
                                       6.375          2,005.45
    PHOENIX          AZ   85044          5            11/14/01         00
    9911114                              03           01/01/02          0
    9911114                              O            12/01/31
    0

    7379232          286/286             F          380,000.00         ZZ
                                         360        379,359.67          1
                                       6.875          2,496.33         70
                                       6.625          2,496.33
    WALNUT CREEK     CA   94596          2            11/12/01         00
    9918602                              05           01/01/02          0
    9918602                              O            12/01/31
    0

    7379234          286/286             F          344,000.00         ZZ
                                         360        343,405.97          1
                                       6.750          2,231.18         80
                                       6.500          2,231.18
    CLAYTON          CA   94517          2            11/02/01         00
    9929567                              05           01/01/02          0
    9929567                              O            12/01/31
    0

    7379236          286/286             F          792,500.00         ZZ
                                         360        791,131.50          1
                                       6.750          5,140.14         62
                                       6.500          5,140.14
1

    SARATOGA         CA   95070          2            11/12/01         00
    9915172                              05           01/01/02          0
    9915172                              O            12/01/31
    0

    7379238          286/286             F          319,900.00         ZZ
                                         360        319,374.03          1
                                       7.000          2,128.30         80
                                       6.750          2,128.30
    HIGHLAND         CA   92346          1            11/19/01         00
    716225                               05           01/01/02          0
    716225                               O            12/01/31
    0

    7379240          286/286             F          340,000.00         ZZ
                                         360        339,470.95          1
                                       7.500          2,377.33         80
                                       7.250          2,377.33
    OAKLAND          CA   94610          1            11/08/01         00
    9683092                              05           01/01/02          0
    9683092                              O            12/01/31
    0

    7379242          286/286             F          316,000.00         ZZ
                                         360        315,493.10          1
                                       7.125          2,128.95         80
                                       6.875          2,128.95
    SAN JOSE         CA   95116          1            11/15/01         00
    9922063                              03           01/01/02          0
    9922063                              O            12/01/31
    0

    7379244          286/286             F          422,000.00         ZZ
                                         360        419,252.02          1
                                       6.625          2,702.11         80
                                       6.375          2,702.11
    FORT WORTH       TX   76112          2            11/16/01         00
    700716                               03           01/01/02          0
    700716                               O            12/01/31
    0

    7379246          286/286             F          321,900.00         ZZ
                                         360        321,344.14          1
                                       6.750          2,087.84         80
                                       6.500          2,087.84
    TIMONIUM         MD   21093          5            11/16/01         00
    774629                               03           01/01/02          0
    774629                               O            12/01/31
    0
1

    7379248          286/286             F          320,000.00         ZZ
                                         360        319,447.43          1
                                       6.750          2,075.51         72
                                       6.500          2,075.51
    VALLEJO          CA   94591          5            11/08/01         00
    9915856                              05           01/01/02          0
    9915856                              O            12/01/31
    0

    7379250          286/286             F          327,800.00         ZZ
                                         360        327,247.64          1
                                       6.875          2,153.41         75
                                       6.625          2,153.41
    ESCONDIDO        CA   92029          2            11/07/01         00
    9921373                              03           01/01/02          0
    9921373                              O            12/01/31
    0

    7379252          286/286             F          410,000.00         ZZ
                                         360        409,309.13          1
                                       6.875          2,693.41         69
                                       6.625          2,693.41
    SAN CLEMENTE     CA   92672          5            11/20/01         00
    9924114                              05           01/01/02          0
    9924114                              O            12/01/31
    0

    7379254          286/286             F          839,500.00         T
                                         360        838,050.35          1
                                       6.750          5,444.98         70
                                       6.500          5,444.98
    W.YARMOUTH       MA   02673          2            11/21/01         00
    775283                               05           01/01/02          0
    775283                               O            12/01/31
    0

    7379256          286/286             F          333,000.00         ZZ
                                         360        332,404.02          1
                                       6.750          2,159.83         90
                                       6.500          2,159.83
    CULVER CITY      CA   90230          1            11/19/01         14
    699395                               01           01/01/02         25
    699395                               O            12/01/31
    0

    7379258          286/286             F          408,000.00         ZZ
                                         360        407,312.50          1
1

                                       6.875          2,680.27         67
                                       6.625          2,680.27
    UNION CITY       CA   94587          5            11/12/01         00
    701472                               05           01/01/02          0
    701472                               O            12/01/31
    0

    7379260          286/286             F          395,000.00         ZZ
                                         360        394,316.32          1
                                       6.750          2,561.96         67
                                       6.500          2,561.96
    CONCORD          MA   01742          5            11/16/01         00
    700409                               05           01/01/02          0
    700409                               O            12/01/31
    0

    7379262          286/286             F          556,000.00         ZZ
                                         360        555,063.12          1
                                       6.875          3,652.52         80
                                       6.625          3,652.52
    DUBLIN           CA   94568          2            11/01/01         00
    9918623                              03           01/01/02          0
    9918623                              O            12/01/31
    0

    7379264          286/286             F          408,000.00         ZZ
                                         360        407,312.50          1
                                       6.875          2,680.27         80
                                       6.625          2,680.27
    CHINO HILLS      CA   91709          2            11/15/01         00
    709211                               05           01/01/02          0
    709211                               O            12/01/31
    0

    7379266          286/286             F          335,000.00         ZZ
                                         360        334,488.62          1
                                       7.375          2,313.76         80
                                       7.125          2,313.76
    SPRING VALLEY    CA   91977          2            11/19/01         00
    9914552                              05           01/01/02          0
    9914552                              O            12/01/31
    0

    7379268          286/286             F          531,200.00         ZZ
                                         360        530,326.62          1
                                       7.000          3,534.09         80
                                       6.750          3,534.09
    CAMARILLO        CA   93012          1            11/14/01         00
    9908173                              03           01/01/02          0
1

    9908173                              O            12/01/31
    0

    7379270          286/286             F          575,200.00         ZZ
                                         360        574,182.22          1
                                       6.625          3,683.07         80
                                       6.375          3,683.07
    GLEN ELLYN       IL   60137          1            11/20/01         00
    714193                               05           01/01/02          0
    714193                               O            12/01/31
    0

    7379272          286/286             F          469,000.00         ZZ
                                         360        468,265.46          1
                                       7.250          3,199.41         51
                                       7.000          3,199.41
    LOS GATOS        CA   95033          2            11/15/01         00
    9892007                              05           01/01/02          0
    9892007                              O            12/01/31
    0

    7379274          286/286             F          468,000.00         ZZ
                                         360        467,151.55          1
                                       6.500          2,958.08         77
                                       6.250          2,958.08
    NEWARK           CA   94560          2            11/13/01         00
    9683779                              05           01/01/02          0
    9683779                              O            12/01/31
    0

    7379276          286/286             F          489,000.00         ZZ
                                         240        487,050.73          1
                                       6.750          3,718.18         66
                                       6.500          3,718.18
    ANNAPOLIS        MD   21401          2            11/15/01         00
    775212                               03           01/01/02          0
    775212                               O            12/01/21
    0

    7379278          286/286             F          321,900.00         ZZ
                                         360        321,370.74          1
                                       7.000          2,141.61         72
                                       6.750          2,141.61
    TRACY            CA   95304          2            11/14/01         00
    9925288                              03           01/01/02          0
    9925288                              O            12/01/31
    0

1

    7379280          286/286             F          399,950.00         ZZ
                                         360        399,259.36          1
                                       6.750          2,594.07         60
                                       6.500          2,594.07
    CLAYTON          CA   94517          2            11/05/01         00
    9918138                              05           01/01/02          0
    9918138                              O            12/01/31
    0

    7379282          286/286             F          348,000.00         ZZ
                                         360        347,145.20          1
                                       7.125          2,344.54         64
                                       6.875          2,344.54
    CASTRO VALLEY    CA   94546          5            11/15/01         00
    9916051                              05           01/01/02          0
    9916051                              O            12/01/31
    0

    7379284          286/286             F          355,000.00         ZZ
                                         360        354,387.00          1
                                       6.750          2,302.52         65
                                       6.500          2,302.52
    SAN FRANCISCO    CA   94116          2            11/09/01         00
    9921128                              05           01/01/02          0
    9921128                              O            12/01/31
    0

    7379286          286/286             F          530,400.00         ZZ
                                         360        529,484.11          1
                                       6.750          3,440.16         80
                                       6.500          3,440.16
    GREAT FALLS      VA   22066          1            11/20/01         00
    9925243                              05           01/01/02          0
    9925243                              O            12/01/31
    0

    7380374          514/G01             F          487,800.00         ZZ
                                         360        485,217.84          1
                                       7.500          3,410.77         80
                                       7.250          3,410.77
    AZLE             TX   76020          1            06/21/01         00
    0433585510                           03           08/01/01          0
    788269                               O            07/01/31
    0

    7383452          E65/G01             F          150,000.00         ZZ
                                         360        150,000.00          1
                                       7.500          1,048.82         55
                                       7.250          1,048.82
1

    STOCKBRIDGE      MI   49285          5            01/24/02         00
    0433648722                           05           03/01/02          0
    240682                               O            02/01/32
    0

    7384042          964/G01             F          418,000.00         ZZ
                                         360        417,260.38          1
                                       6.625          2,676.50         50
                                       6.375          2,676.50
    ENGLEWOOD        CO   80110          2            11/26/01         00
    0433591583                           05           01/01/02          0
    168376                               O            12/01/31
    0

    7400396          E22/G01             F          380,900.00         ZZ
                                         360        380,900.00          1
                                       6.750          2,470.51         47
                                       6.500          2,470.51
    SEATTLE          WA   98105          2            01/08/02         00
    0413341678                           05           03/01/02          0
    0413341678                           O            02/01/32
    0

    7400414          E22/G01             F          402,500.00         ZZ
                                         360        402,161.85          1
                                       6.875          2,644.14         70
                                       6.625          2,644.14
    LADERA RANCH     CA   92694          5            12/27/01         00
    0413378720                           03           02/01/02          0
    0413378720                           O            01/01/32
    0

    7400438          E22/G01             F          396,000.00         ZZ
                                         360        396,000.00          1
                                       7.000          2,634.60         77
                                       6.750          2,634.60
    ELLICOTT CITY    MD   21043          2            01/10/02         00
    0413402298                           05           03/01/02          0
    0413402298                           O            02/01/32
    0

    7400444          E22/G01             F          354,500.00         ZZ
                                         360        354,500.00          1
                                       6.875          2,328.81         55
                                       6.625          2,328.81
    RANCHO PALOS VE  CA   90275          5            01/08/02         00
    0413405515                           05           03/01/02          0
    0413405515                           O            02/01/32
    0
1

    7400544          E22/G01             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       7.000          2,528.15         72
                                       6.750          2,528.15
    FREMONT          CA   94536          2            01/08/02         00
    0413496183                           05           03/01/02          0
    0413496183                           O            02/01/32
    0

    7401126          R74/G01             F          831,890.00         ZZ
                                         360        831,890.00          1
                                       7.125          5,604.60         70
                                       6.875          5,604.60
    ORCHARD LAKE     MI   48234          2            01/22/02         00
    0433642972                           05           03/01/02          0
    2020026472                           O            02/01/32
    0

    7401252          E82/G01             F          360,000.00         ZZ
                                         360        360,000.00          1
                                       7.375          2,486.43         64
                                       7.125          2,486.43
    CAMARILLO        CA   93010          2            01/10/02         00
    0400552485                           05           03/01/02          0
    1637697                              O            02/01/32
    0

    7401428          696/G01             F          410,000.00         ZZ
                                         360        409,629.35          1
                                       6.500          2,591.48         80
                                       6.250          2,591.48
    FALLS CHURCH     VA   22043          1            12/28/01         00
    0433577566                           03           02/01/02          0
    25101324                             O            01/01/32
    0

    7401430          696/G01             F          420,000.00         ZZ
                                         360        419,200.90          1
                                       6.250          2,586.01         80
                                       6.000          2,586.01
    ALEXANDRIA       VA   22310          1            11/27/01         00
    0433577194                           05           01/01/02          0
    24401153                             O            12/01/31
    0

    7401432          696/G01             F          368,000.00         ZZ
                                         360        367,332.84          1
1

                                       6.500          2,326.01         80
                                       6.250          2,326.01
    ROCKVILLE        MD   20850          1            11/30/01         00
    0433597994                           03           01/01/02          0
    31801201                             O            12/01/31
    0

    7401434          696/G01             F          352,000.00         ZZ
                                         360        351,704.28          1
                                       6.875          2,312.39         68
                                       6.625          2,312.39
    PURCELLVILLE     VA   20132          2            12/14/01         00
    0433586070                           05           02/01/02          0
    50101206                             O            01/01/32
    0

    7401436          696/G01             F          408,000.00         ZZ
                                         360        407,657.23          1
                                       6.875          2,680.27         80
                                       6.625          2,680.27
    OAKTON           VA   22124          2            12/13/01         00
    0433577574                           05           02/01/02          0
    21701340                             O            01/01/32
    0

    7401440          696/G01             F          341,250.00         ZZ
                                         360        340,631.35          1
                                       6.500          2,156.93         70
                                       6.250          2,156.93
    FAIRFAX          VA   22030          2            11/20/01         00
    0433585965                           05           01/01/02          0
    23301346                             O            12/01/31
    0

    7401594          964/G01             F          412,000.00         ZZ
                                         360        411,271.00          1
                                       6.625          2,638.08         79
                                       6.375          2,638.08
    COLORADO SPRING  CO   80919          2            11/26/01         00
    0433605987                           05           01/01/02          0
    157255                               O            12/01/31
    0

    7402462          116/116             F          418,300.00         ZZ
                                         360        417,948.57          1
                                       6.875          2,747.94         48
                                       6.625          2,747.94
    THE WOODLANDS    TX   77381          2            12/28/01         00
    091021115                            05           02/01/02          0
1

    091021115                            O            01/01/32
    0

    7410048          952/G01             F          460,000.00         ZZ
                                         360        460,000.00          1
                                       7.250          3,138.02         45
                                       7.000          3,138.02
    TENAFLY          NJ   07670          2            01/09/02         00
    0433600202                           05           03/01/02          0
    20013918                             O            02/01/32
    0

    7411050          227/G01             F          586,952.00         ZZ
                                         360        585,962.95          1
                                       6.875          3,855.86         74
                                       6.625          3,855.86
    BOZEMAN          MT   59715          4            12/01/01         00
    0433642980                           05           01/01/02          0
    1898014                              O            12/01/31
    0

    7412346          E86/G01             F          605,000.00         ZZ
                                         360        604,491.73          1
                                       6.875          3,974.42         68
                                       6.625          3,974.42
    GRANDVIEW        NY   10960          2            12/17/01         00
    0433599107                           05           02/01/02          0
    1                                    O            01/01/32
    0

    7413000          E33/G01             F          574,000.00         ZZ
                                         360        574,000.00          1
                                       6.750          3,722.95         70
                                       6.500          3,722.95
    LAKE FOREST      IL   60045          2            01/10/02         00
    0433596764                           05           03/01/02          0
    HILLMAN                              O            02/01/32
    0

    7413330          F28/G01             F          320,000.00         ZZ
                                         360        319,768.39          1
                                       7.625          2,264.94         89
                                       7.375          2,264.94
    CLINTON          MD   20735          2            12/06/01         14
    0433619442                           05           02/01/02         25
    107011                               O            01/01/32
    0

1

    7413348          F28/G01             F          340,800.00         ZZ
                                         360        340,266.67          1
                                       7.250          2,324.86         80
                                       7.000          2,324.86
    HAYMARKET        VA   20169          1            11/08/01         00
    0433593811                           05           01/01/02          0
    7537398                              O            12/01/31
    0

    7413358          F28/G01             F          580,000.00         ZZ
                                         360        579,488.28          1
                                       6.625          3,713.80         80
                                       6.375          3,713.80
    MAZOMANIE        WI   53560          1            12/03/01         00
    0433604345                           05           02/01/02          0
    OSB6536755                           O            01/01/32
    0

    7413360          F28/G01             F          346,000.00         ZZ
                                         360        345,511.36          1
                                       6.875          2,272.98         80
                                       6.625          2,272.98
    GLEN HEAD        NY   11545          1            12/27/01         00
    0433572872                           05           02/01/02          0
    7886223                              O            01/01/32
    0

    7413362          F28/G01             F          600,000.00         ZZ
                                         360        598,042.62          1
                                       7.000          3,991.82         80
                                       6.750          3,991.82
    BELLAIRE         TX   77401          2            12/20/01         00
    0433600020                           05           02/01/02          0
    7891528                              O            01/01/32
    0

    7413378          F28/G01             F          330,000.00         ZZ
                                         360        329,443.93          1
                                       6.875          2,167.87         75
                                       6.625          2,167.87
    FORT LAUDERDALE  FL   33304          5            11/21/01         00
    0433601036                           05           01/01/02          0
    7606332                              O            12/01/31
    0

    7413380          F28/G01             F          450,000.00         ZZ
                                         360        449,612.56          1
                                       6.750          2,918.69         28
                                       6.500          2,918.69
1

    DARIEN           CT   06820          2            12/08/01         00
    0433591716                           05           02/01/02          0
    7618345                              O            01/01/32
    0

    7413384          F28/G01             F          380,000.00         ZZ
                                         360        379,672.82          1
                                       6.750          2,464.68         70
                                       6.500          2,464.68
    MOOREVILLE       NC   28117          2            12/07/01         00
    0433606977                           05           02/01/02          0
    7636786                              O            01/01/32
    0

    7413386          F28/G01             F          398,000.00         ZZ
                                         360        397,665.63          1
                                       6.875          2,614.58         73
                                       6.625          2,614.58
    MANSFIELD        MA   02048          2            12/10/01         00
    0433598117                           05           02/01/02          0
    7650280                              O            01/01/32
    0

    7413388          F28/G01             F          400,000.00         ZZ
                                         360        399,259.00          1
                                       6.750          2,594.39         76
                                       6.500          2,594.39
    COLORADO SPRING  CO   80906          2            11/30/01         00
    0433603966                           05           01/01/02          0
    7666999                              O            12/01/31
    0

    7413390          F28/G01             F          432,000.00         ZZ
                                         360        431,628.06          1
                                       6.750          2,801.94         75
                                       6.500          2,801.94
    EMERALD ISLE     NC   28594          2            12/12/01         00
    0433569316                           05           02/01/02          0
    7745256                              O            01/01/32
    0

    7413394          F28/G01             F          360,000.00         ZZ
                                         360        359,697.55          1
                                       6.875          2,364.95         63
                                       6.625          2,364.95
    MADISON          WI   53713          5            12/06/01         00
    0433580172                           05           02/01/02          0
    7741327                              O            01/01/32
    0
1

    7413398          F28/G01             F          360,500.00         ZZ
                                         360        359,921.71          1
                                       7.125          2,428.76         78
                                       6.875          2,428.76
    LIVERMORE        CA   94550          2            11/28/01         00
    0433590866                           05           01/01/02          0
    7727716                              O            12/01/31
    0

    7413406          F28/G01             F          400,000.00         ZZ
                                         300        399,486.35          1
                                       6.750          2,763.65         56
                                       6.500          2,763.65
    WASHINGTON       DC   20016          5            12/12/01         00
    0433564044                           05           02/01/02          0
    7846955                              O            01/01/27
    0

    7413408          F28/G01             F          489,000.00         ZZ
                                         360        488,499.69          1
                                       6.625          3,131.12         65
                                       6.375          3,131.12
    LIGHTHOUSE POIN  FL   33064          2            12/12/01         00
    0433619400                           05           02/01/02          0
    7906237                              O            01/01/32
    0

    7413412          F28/G01             F          500,000.00         ZZ
                                         360        499,129.98          1
                                       6.875          3,284.64         79
                                       6.625          3,284.64
    MIDLOTHIAN       VA   23113          1            11/26/01         00
    0433582558                           05           01/01/02          0
    411239070                            O            12/01/31
    0

    7413414          F28/G01             F          375,000.00         ZZ
                                         360        374,684.96          1
                                       6.875          2,463.48         75
                                       6.625          2,463.48
    SAN DIEGO        CA   92124          5            12/10/01         00
    0433604907                           03           02/01/02          0
    7883881                              O            01/01/32
    0

    7413420          F28/G01             F          588,000.00         ZZ
                                         360        587,506.00          1
1

                                       6.875          3,862.75         74
                                       6.625          3,862.75
    CANTON           OH   44708          2            12/05/01         00
    0433603073                           05           02/01/02          0
    7872106                              O            01/01/32
    0

    7413430          F28/G01             F          350,000.00         ZZ
                                         360        349,698.65          1
                                       6.750          2,270.10         61
                                       6.500          2,270.10
    ALPHARETTA       GA   30004          1            12/17/01         00
    0433569696                           03           02/01/02          0
    7923818                              O            01/01/32
    0

    7413442          F28/G01             F          392,000.00         ZZ
                                         360        391,645.62          1
                                       6.500          2,477.71         77
                                       6.250          2,477.71
    FUQUAY VARINA    NC   27526          2            12/19/01         00
    0433561503                           05           02/01/02          0
    7995446                              O            01/01/32
    0

    7413444          F28/G01             F          315,000.00         ZZ
                                         360        314,754.27          1
                                       7.250          2,148.86         75
                                       7.000          2,148.86
    BENICIA          CA   94510          5            12/06/01         00
    0433602760                           05           02/01/02          0
    7994603                              O            01/01/32
    0

    7413448          F28/G01             F          700,000.00         ZZ
                                         360        699,382.40          1
                                       6.625          4,482.18         77
                                       6.375          4,482.18
    PHOENIX          AZ   85018          1            12/04/01         00
    0433602752                           05           02/01/02          0
    7798220                              O            01/01/32
    0

    7413458          F28/G01             F          325,000.00         ZZ
                                         360        324,726.96          1
                                       6.875          2,135.02         49
                                       6.625          2,135.02
    DANVILLE         CA   94526          5            12/12/01         00
    0433619327                           03           02/01/02          0
1

    7799683                              O            01/01/32
    0

    7413462          F28/G01             F          348,000.00         ZZ
                                         360        347,413.59          1
                                       6.875          2,286.11         80
                                       6.625          2,286.11
    KILDEER          IL   60047          2            12/03/01         00
    0433619350                           05           01/01/02          0
    7747062                              O            12/01/31
    0

    7413466          F28/G01             F          315,050.00         ZZ
                                         360        314,505.97          1
                                       6.750          2,043.41         95
                                       6.500          2,043.41
    LAS VEGAS        NV   89123          1            11/08/01         04
    0433566569                           03           01/01/02         30
    7856325                              O            12/01/31
    0

    7413468          F28/G01             F          345,000.00         ZZ
                                         360        344,710.16          1
                                       6.875          2,266.40         55
                                       6.625          2,266.40
    DENVER           CO   80209          2            12/03/01         00
    0433573409                           05           02/01/02          0
    7755693                              O            01/01/32
    0

    7413470          F28/G01             F          362,000.00         ZZ
                                         360        361,717.60          1
                                       7.250          2,469.48         69
                                       7.000          2,469.48
    LAS VEGAS        NV   89121          2            12/06/01         00
    0433602836                           05           02/01/02          0
    7850128                              O            01/01/32
    0

    7413472          F28/G01             F          415,000.00         ZZ
                                         360        414,642.70          1
                                       6.750          2,691.68         52
                                       6.500          2,691.68
    DARIEN           CT   06820          2            12/13/01         00
    0433619301                           05           02/01/02          0
    7757523                              O            01/01/32
    0

1

    7413480          F28/G01             F          500,000.00         ZZ
                                         360        499,115.30          1
                                       6.625          3,201.55         53
                                       6.375          3,201.55
    SIMSBURY         CT   06070          5            11/21/01         00
    0433619426                           05           01/01/02          0
    7759877                              O            12/01/31
    0

    7413484          F28/G01             F          600,000.00         ZZ
                                         360        598,757.08          1
                                       6.750          3,891.59         45
                                       6.500          3,891.59
    CHEVY CHASE      MD   20815          2            12/03/01         00
    0433600053                           05           01/01/02          0
    7847936                              O            12/01/31
    0

    7413488          F28/G01             F          448,000.00         ZZ
                                         360        447,206.48          1
                                       6.625          2,868.59         80
                                       6.375          2,868.59
    ESCONDIDO        CA   92026          2            11/12/01         00
    0433572385                           05           01/01/02          0
    7683412                              O            12/01/31
    0

    7413496          F28/G01             F          352,000.00         ZZ
                                         360        351,696.93          1
                                       6.750          2,283.07         72
                                       6.500          2,283.07
    WILMINGTON       NC   28405          2            12/20/01         00
    0433607132                           03           02/01/02          0
    7795408                              O            01/01/32
    0

    7413500          F28/G01             F          375,000.00         ZZ
                                         360        374,687.50          1
                                       7.000          2,494.88         75
                                       6.750          2,494.88
    EL SOBRANTE      CA   94803          2            12/03/01         00
    0433592052                           03           02/01/02          0
    7794003                              O            01/01/32
    0

    7413502          F28/G01             F          440,000.00         ZZ
                                         360        439,592.47          1
                                       6.375          2,745.03         80
                                       6.125          2,745.03
1

    NEWPORT NEWS     VA   23606          2            12/07/01         00
    0433567161                           05           02/01/02          0
    7845569                              O            01/01/32
    0

    7413504          F28/G01             F          567,000.00         ZZ
                                         360        566,546.58          1
                                       7.125          3,819.98         67
                                       6.875          3,819.98
    LOS ANGELES      CA   90027          2            11/30/01         00
    0433593480                           05           02/01/02          0
    7786185                              O            01/01/32
    0

    7413506          F28/G01             F          326,000.00         ZZ
                                         360        325,726.12          1
                                       6.875          2,141.59         70
                                       6.625          2,141.59
    WALL             NJ   07719          2            12/14/01         00
    0433574688                           05           02/01/02          0
    7797545                              O            01/01/32
    0

    7413508          F28/G01             F          460,000.00         ZZ
                                         349        459,584.42          1
                                       6.875          3,050.88         78
                                       6.625          3,050.88
    NORTH KINGSTOWN  RI   02852          1            12/05/01         00
    0433602786                           05           02/01/02          0
    1545931                              O            02/01/31
    0

    7413512          F28/G01             F          390,000.00         ZZ
                                         360        389,289.67          1
                                       6.750          2,529.53         64
                                       6.500          2,529.53
    NORWELL          MA   02061          2            11/30/01         00
    0433606530                           05           01/01/02          0
    7796224                              O            12/01/31
    0

    7413514          F28/G01             F          572,650.00         ZZ
                                         360        572,156.96          1
                                       6.750          3,714.20         46
                                       6.500          3,714.20
    ORINDA           CA   94563          2            12/07/01         00
    0433602935                           05           02/01/02          0
    7798105                              O            01/01/32
    0
1

    7413530          F28/G01             F          421,300.00         ZZ
                                         360        420,946.06          1
                                       6.875          2,767.64         69
                                       6.625          2,767.64
    FAIRFAX STATION  VA   22039          5            12/07/01         00
    0433593514                           05           02/01/02          0
    7858661                              O            01/01/32
    0

    7413532          F28/G01             F          328,000.00         ZZ
                                         360        327,724.44          1
                                       6.875          2,154.73         78
                                       6.625          2,154.73
    STAMFORD         CT   06905          2            12/06/01         00
    0433597200                           05           02/01/02          0
    7697382                              O            01/01/32
    0

    7413534          F28/G01             F          346,000.00         ZZ
                                         360        345,730.09          1
                                       7.250          2,360.33         90
                                       7.000          2,360.33
    WHITE PLAINS     NY   10605          1            12/21/01         04
    0433619335                           05           02/01/02         25
    7863501                              O            01/01/32
    0

    7413536          F28/G01             F          350,000.00         ZZ
                                         360        349,705.96          1
                                       6.875          2,299.25         70
                                       6.625          2,299.25
    WALNUT CREEK     CA   94598          5            12/05/01         00
    0433607413                           05           02/01/02          0
    7717966                              O            01/01/32
    0

    7413540          F28/G01             F          338,400.00         ZZ
                                         360        338,148.86          1
                                       7.500          2,366.14         80
                                       7.250          2,366.14
    SAN JOSE         CA   95139          1            12/07/01         00
    0433608858                           05           02/01/02          0
    7867860                              O            01/01/32
    0

    7413542          F28/G01             F          460,000.00         ZZ
                                         360        459,613.55          1
1

                                       6.875          3,021.87         65
                                       6.625          3,021.87
    OSSINING         NY   10562          2            12/03/01         00
    0433589710                           05           02/01/02          0
    7670138                              O            01/01/32
    0

    7413544          F28/G01             F          395,000.00         ZZ
                                         360        394,651.50          1
                                       6.625          2,529.23         47
                                       6.375          2,529.23
    EVERGREEN        CO   80439          2            12/10/01         00
    0433590064                           05           02/01/02          0
    7871860                              O            01/01/32
    0

    7413550          F28/G01             F          326,000.00         ZZ
                                         360        325,726.12          1
                                       6.875          2,141.59         77
                                       6.625          2,141.59
    APPLE VALLEY     MN   55124          2            12/13/01         00
    0433619384                           05           02/01/02          0
    8019                                 O            01/01/32
    0

    7413556          F28/G01             F          329,000.00         ZZ
                                         360        328,761.88          1
                                       7.625          2,328.64         69
                                       7.375          2,328.64
    PARK CITY        UT   84098          1            12/17/01         00
    0433562113                           05           02/01/02          0
    7969045                              O            01/01/32
    0

    7413564          F28/G01             F          596,000.00         ZZ
                                         360        595,461.20          1
                                       6.500          3,767.13         50
                                       6.250          3,767.13
    NAPLES           FL   34103          2            12/05/01         00
    0433600293                           08           02/01/02          0
    2171623                              O            01/01/32
    0

    7413570          F28/G01             F          648,000.00         ZZ
                                         360        647,442.08          1
                                       6.750          4,202.92         62
                                       6.500          4,202.92
    CINCINNATI       OH   45242          2            12/14/01         00
    0433602943                           05           02/01/02          0
1

    5965946                              O            01/01/32
    0

    7413572          F28/G01             F          425,000.00         ZZ
                                         360        424,283.85          1
                                       6.875          2,791.95         61
                                       6.625          2,791.95
    RICHMOND         VA   23233          2            11/28/01         00
    0433598315                           05           01/01/02          0
    7813987                              O            12/01/31
    0

    7413582          F28/G01             F          412,000.00         ZZ
                                         360        411,645.28          1
                                       6.750          2,672.22         69
                                       6.500          2,672.22
    ARLINGTON        VA   22201          2            11/29/01         00
    0433599628                           05           02/01/02          0
    7789724                              O            01/01/32
    0

    7413592          F28/G01             F          350,000.00         ZZ
                                         360        349,698.66          1
                                       6.750          2,270.09         67
                                       6.500          2,270.09
    POWAY            CA   92064          5            12/13/01         00
    0433596871                           05           02/01/02          0
    7819711                              O            01/01/32
    0

    7413594          F28/G01             F          387,000.00         ZZ
                                         360        386,363.70          1
                                       7.000          2,574.72         70
                                       6.750          2,574.72
    SILVER SPRING    MD   20910          2            11/30/01         00
    0433619392                           05           01/01/02          0
    7824877                              O            12/01/31
    0

    7413598          F28/G01             F          427,000.00         ZZ
                                         360        426,632.37          1
                                       6.750          2,769.51         80
                                       6.500          2,769.51
    POTOMAC          MD   20854          1            12/11/01         00
    0433603305                           03           02/01/02          0
    7828324                              O            01/01/32
    0

1

    7413600          F28/G01             F          446,000.00         ZZ
                                         360        445,634.42          1
                                       7.000          2,967.25         72
                                       6.750          2,967.25
    SAN BRUNO        CA   94066          2            12/03/01         00
    0433607355                           05           02/01/02          0
    7830633                              O            01/01/32
    0

    7413602          F28/G01             F          347,000.00         ZZ
                                         360        346,708.48          1
                                       6.875          2,279.54         57
                                       6.625          2,279.54
    MISSION VIEJO    CA   92692          2            12/07/01         00
    0433601267                           03           02/01/02          0
    7836038                              O            01/01/32
    0

    7413604          F28/G01             F          495,000.00         ZZ
                                         360        480,659.43          1
                                       6.750          3,210.56         59
                                       6.500          3,210.56
    LOWER MERION TO  PA   19096          2            12/14/01         00
    0433603933                           05           02/01/02          0
    7838026                              O            01/01/32
    0

    7413606          F28/G01             F          360,000.00         ZZ
                                         360        359,739.44          1
                                       7.625          2,548.06         80
                                       7.375          2,548.06
    LOTHIAN          MD   20711          1            12/11/01         00
    0433581030                           05           02/01/02          0
    390601                               O            01/01/32
    0

    7413612          F28/G01             F          367,200.00         T
                                         360        366,913.55          1
                                       7.250          2,504.95         80
                                       7.000          2,504.95
    MANTEO           NC   27954          1            12/21/01         00
    0433593654                           03           02/01/02          0
    7927100                              O            01/01/32
    0

    7413784          R84/G01             F          493,000.00         ZZ
                                         360        493,000.00          1
                                       6.875          3,238.66         54
                                       6.625          3,238.66
1

    HOUSTON          TX   77024          2            01/25/02         00
    0433635265                           05           03/01/02          0
    0530475                              O            02/01/32
    0

    7418286          964/G01             F          419,200.00         ZZ
                                         360        419,200.00          1
                                       7.125          2,824.23         80
                                       6.875          2,824.23
    SAN JOSE         CA   95118          1            01/22/02         00
    0433638996                           05           03/01/02          0
    182186                               O            02/01/32
    0

    7424342          893/G01             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       7.250          2,626.38         70
                                       7.000          2,626.38
    REDWOOD CITY     CA   94063          5            01/14/02         00
    0433614781                           05           03/01/02          0
    H11107041                            O            02/01/32
    0

    7425242          E22/G01             F          440,000.00         ZZ
                                         240        440,000.00          1
                                       7.250          3,477.65         67
                                       7.000          3,477.65
    SNELLVILLE       GA   30039          2            01/11/02         00
    0413482738                           05           03/01/02          0
    0413482738                           O            02/01/22
    0

    7425284          E22/G01             F          455,200.00         ZZ
                                         360        455,200.00          1
                                       7.125          3,066.77         80
                                       6.875          3,066.77
    LOS GATOS        CA   95033          1            01/07/02         00
    0413497744                           05           03/01/02          0
    0413497744                           O            02/01/32
    0

    7434464          696/G01             F          340,000.00         ZZ
                                         360        339,353.10          1
                                       6.250          2,093.44         73
                                       6.000          2,093.44
    CLIFTON          VA   20124          5            11/20/01         00
    0433582707                           05           01/01/02          0
    21401134                             O            12/01/31
    0
1

    7434466          696/G01             F          399,000.00         ZZ
                                         360        398,664.79          1
                                       6.875          2,621.15         76
                                       6.625          2,621.15
    ARLINGTON        VA   22207          2            12/05/01         00
    0433651692                           05           02/01/02          0
    10101067                             O            01/01/32
    0

    7434570          H58/G01             F          467,500.00         ZZ
                                         360        467,500.00          1
                                       7.375          3,228.91         79
                                       7.125          3,228.91
    GRANITE BAY      CA   95746          1            01/25/02         00
    0433654779                           05           03/01/02          0
    0000087826                           O            02/01/32
    0

    7440790          676/G01             F          640,000.00         ZZ
                                         360        640,000.00          1
                                       7.250          4,365.93         68
                                       7.000          4,365.93
    HONOLULU         HI   96814          1            12/20/01         00
    0433606092                           06           03/01/02          0
    6001765440                           O            02/01/32
    0

    7441436          E82/G01             F          424,000.00         ZZ
                                         360        424,000.00          1
                                       6.875          2,785.38         57
                                       6.625          2,785.38
    NAPERVILLE       IL   60564          2            01/14/02         00
    0400546701                           03           03/01/02          0
    1772193                              O            02/01/32
    0

    7441442          E82/G01             F          362,500.00         ZZ
                                         360        362,500.00          1
                                       6.875          2,381.37         72
                                       6.625          2,381.37
    PHOENIX          AZ   85016          5            01/14/02         00
    0400559092                           03           03/01/02          0
    0400559092                           O            02/01/32
    0

    7441444          E82/G01             F          547,050.00         ZZ
                                         360        547,050.00          1
1

                                       7.250          3,731.85         63
                                       7.000          3,731.85
    REDWOOD CITY     CA   94062          2            01/11/02         00
    0400555199                           03           03/01/02          0
    1724262                              O            02/01/32
    0

    7441886          A06/G01             F          595,000.00         ZZ
                                         360        595,000.00          1
                                       7.125          4,008.63         69
                                       6.875          4,008.63
    FRANKLIN         MI   48025          2            01/10/02         00
    0433637881                           05           03/01/02          0
    1000020152746                        O            02/01/32
    0

    7443320          E84/G01             F          435,000.00         ZZ
                                         360        434,248.85          1
                                       6.750          2,821.40         77
                                       6.500          2,821.40
    NORTHBROOK       IL   60062          2            11/30/01         00
    0433597614                           05           01/01/02          0
    11209793                             O            12/01/31
    0

    7443322          E84/G01             F          520,000.00         ZZ
                                         360        519,123.77          1
                                       6.875          3,416.03         72
                                       6.625          3,416.03
    FRONTENAC        MO   63131          1            11/30/01         00
    0433604147                           05           01/01/02          0
    11903765                             O            12/01/31
    0

    7443324          E84/G01             F          368,000.00         ZZ
                                         360        367,379.89          1
                                       6.875          2,417.50         80
                                       6.625          2,417.50
    SAN FRANCISCO    CA   94114          2            11/21/01         00
    0433597598                           01           01/01/02          0
    23014045                             O            12/01/31
    0

    7443326          E84/G01             F          340,000.00         ZZ
                                         360        339,714.36          1
                                       6.875          2,233.56         80
                                       6.625          2,233.56
    MARTINEZ         CA   94553          1            12/02/01         00
    0433603842                           05           02/01/02          0
1

    73013236                             O            01/01/32
    0

    7443328          E84/G01             F          450,000.00         ZZ
                                         360        449,621.95          2
                                       6.875          2,956.18         59
                                       6.625          2,956.18
    SAN FRANCISCO    CA   94110          5            12/11/01         00
    0433607520                           05           02/01/02          0
    23013513                             O            01/01/32
    0

    7443330          E84/G01             F          350,000.00         ZZ
                                         360        349,410.23          1
                                       6.875          2,299.25         64
                                       6.625          2,299.25
    SEBASTOPOL       CA   95472          5            11/23/01         00
    0433591997                           05           01/01/02          0
    37013329                             O            12/01/31
    0

    7443332          E84/G01             F          645,000.00         ZZ
                                         360        643,913.14          1
                                       6.875          4,237.19         75
                                       6.625          4,237.19
    SANTA BARBARA    CA   93103          2            11/13/01         00
    0433601895                           05           01/01/02          0
    37013115                             O            12/01/31
    0

    7443334          E84/G01             F          297,000.00         ZZ
                                         360        296,750.48          1
                                       6.875          1,951.08         90
                                       6.625          1,951.08
    FOSTER CITY      CA   94404          1            12/06/01         11
    0433640174                           01           02/01/02         25
    23012559                             O            01/01/32
    0

    7443336          E84/G01             F          347,800.00         ZZ
                                         360        347,213.93          1
                                       6.875          2,284.80         80
                                       6.625          2,284.80
    CHICAGO          IL   60640          2            11/26/01         00
    0433594264                           05           01/01/02          0
    14603990                             O            12/01/31
    0

1

    7443338          E84/G01             F          318,750.00         ZZ
                                         360        318,475.56          1
                                       6.750          2,067.41         85
                                       6.500          2,067.41
    ISSAQUAH         WA   98029          2            12/11/01         11
    0433601101                           05           02/01/02         30
    61204689                             O            01/01/32
    0

    7443340          E84/G01             F          456,000.00         ZZ
                                         360        455,607.39          1
                                       6.750          2,957.61         72
                                       6.500          2,957.61
    MILL VALLEY      CA   94941          2            12/06/01         00
    0433603784                           05           02/01/02          0
    75513801                             O            01/01/32
    0

    7443346          E84/G01             F          404,150.00         ZZ
                                         360        403,468.98          1
                                       6.875          2,654.98         80
                                       6.625          2,654.98
    HAYMARKET        VA   20169          1            11/20/01         00
    0433640166                           03           01/01/02          0
    70402803                             O            12/01/31
    0

    7443348          E84/G01             F          350,000.00         ZZ
                                         360        349,705.96          1
                                       6.875          2,299.25         72
                                       6.625          2,299.25
    BROOKLINE        MA   02446          1            12/03/01         00
    0433598711                           01           02/01/02          0
    45011908                             O            01/01/32
    0

    7443352          E84/G01             F          421,000.00         ZZ
                                         360        420,637.53          1
                                       6.750          2,730.60         76
                                       6.500          2,730.60
    SALEM            OR   97302          2            12/10/01         00
    0433627205                           05           02/01/02          0
    60107239                             O            01/01/32
    0

    7443354          E84/G01             F          340,000.00         ZZ
                                         360        339,454.59          1
                                       7.125          2,290.64         68
                                       6.875          2,290.64
1

    WASHINGTON       DC   20007          5            11/26/01         00
    0433606449                           05           01/01/02          0
    70402527                             O            12/01/31
    0

    7443356          E84/G01             F          490,000.00         ZZ
                                         360        489,174.32          1
                                       6.875          3,218.95         53
                                       6.625          3,218.95
    SAMMAMISH        WA   98074          4            11/19/01         00
    0433639630                           05           01/01/02          0
    42410551                             O            12/01/31
    0

    7443358          E84/G01             F          352,500.00         ZZ
                                         360        352,203.86          1
                                       6.875          2,315.67         75
                                       6.625          2,315.67
    DUBLIN           CA   94568          5            12/07/01         00
    0433598935                           05           02/01/02          0
    73811940                             O            01/01/32
    0

    7443362          E84/G01             F          325,500.00         ZZ
                                         360        325,219.75          1
                                       6.750          2,111.19         64
                                       6.500          2,111.19
    SAN FRANCISCO    CA   94107          2            12/06/01         00
    0433600855                           08           02/01/02          0
    23013531                             O            01/01/32
    0

    7443364          E84/G01             F          380,300.00         ZZ
                                         360        379,988.27          1
                                       7.000          2,530.15         75
                                       6.750          2,530.15
    BARRINGTON       IL   60010          5            12/11/01         00
    0433640257                           05           02/01/02          0
    11305426                             O            01/01/32
    0

    7443366          E84/G01             F          508,000.00         ZZ
                                         360        507,573.22          1
                                       6.875          3,337.20         76
                                       6.625          3,337.20
    SAN RAMON        CA   94583          2            12/06/01         00
    0433599990                           05           02/01/02          0
    73012882                             O            01/01/32
    0
1

    7443368          E84/G01             F          440,000.00         ZZ
                                         360        439,258.57          1
                                       6.875          2,890.49         80
                                       6.625          2,890.49
    OAKLAND          CA   94602          1            11/14/01         00
    0433593134                           05           01/01/02          0
    54010960                             O            12/01/31
    0

    7443370          E84/G01             F          370,000.00         ZZ
                                         360        369,345.32          1
                                       6.625          2,369.15         56
                                       6.375          2,369.15
    ALAMEDA          CA   94501          1            11/09/01         00
    0433602802                           05           01/01/02          0
    53510121                             O            12/01/31
    0

    7443372          E84/G01             F          307,000.00         ZZ
                                         360        306,742.08          1
                                       6.875          2,016.77         74
                                       6.625          2,016.77
    ROCKVILLE        MD   20854          2            12/04/01         00
    0433602125                           05           02/01/02          0
    70402883                             O            01/01/32
    0

    7443374          E84/G01             F          400,000.00         ZZ
                                         360        399,342.33          1
                                       7.000          2,661.21         50
                                       6.750          2,661.21
    LARKSPUR         CA   94939          5            11/09/01         00
    0433597960                           05           01/01/02          0
    72911290                             O            12/01/31
    0

    7443376          E84/G01             F          540,000.00         ZZ
                                         360        539,546.33          1
                                       6.875          3,547.42         80
                                       6.625          3,547.42
    GLENVIEW         IL   60025          2            12/10/01         00
    0433603941                           05           02/01/02          0
    11209933                             O            01/01/32
    0

    7443378          E84/G01             F          303,000.00         ZZ
                                         360        302,745.45          1
1

                                       6.875          1,990.49         64
                                       6.625          1,990.49
    TORRANCE         CA   90505          2            12/11/01         00
    0433597523                           05           02/01/02          0
    12053393                             O            01/01/32
    0

    7443380          E84/G01             F          509,000.00         ZZ
                                         360        508,142.31          1
                                       6.875          3,343.77         55
                                       6.625          3,343.77
    LOS ANGELES      CA   90077          2            11/27/01         00
    0433605755                           05           01/01/02          0
    12053215                             O            12/01/31
    0

    7443382          E84/G01             F          400,000.00         ZZ
                                         360        399,309.28          1
                                       6.750          2,594.39         18
                                       6.500          2,594.39
    WOODSIDE         CA   94062          5            11/14/01         00
    0433603016                           05           01/01/02          0
    72911950                             O            12/01/31
    0

    7443384          E84/G01             F          423,950.00         ZZ
                                         360        423,235.67          1
                                       6.875          2,785.05         80
                                       6.625          2,785.05
    SAN RAMON        CA   94583          1            11/26/01         00
    0433600897                           05           01/01/02          0
    73210907                             O            12/01/31
    0

    7443386          E84/G01             F          400,000.00         ZZ
                                         360        399,358.36          1
                                       7.125          2,694.87         75
                                       6.875          2,694.87
    FAIRFAX          CA   94930          5            11/15/01         00
    0433604675                           05           01/01/02          0
    76511320                             O            12/01/31
    0

    7443398          E84/G01             F          500,000.00         ZZ
                                         360        499,157.48          1
                                       6.875          3,284.64         73
                                       6.625          3,284.64
    BRADENTON        FL   34209          1            11/19/01         00
    0433599032                           05           01/01/02          0
1

    11304812                             O            12/01/31
    0

    7443402          E84/G01             F          481,000.00         ZZ
                                         360        480,189.48          1
                                       6.875          3,159.83         80
                                       6.625          3,159.83
    SAN RAFAEL       CA   94901          2            11/20/01         00
    0433600491                           05           01/01/02          0
    76511253                             O            12/01/31
    0

    7443404          E84/G01             F          372,500.00         ZZ
                                         360        372,194.67          1
                                       7.000          2,478.25         77
                                       6.750          2,478.25
    PLEASANTON       CA   94588          2            12/07/01         00
    0433602869                           03           02/01/02          0
    73012788                             O            01/01/32
    0

    7443408          E84/G01             F          370,700.00         ZZ
                                         360        370,059.88          1
                                       6.750          2,404.35         74
                                       6.500          2,404.35
    ROCHESTER HILLS  MI   48309          2            11/30/01         00
    0433601028                           03           01/01/02          0
    11702571                             O            12/01/31
    0

    7443412          E84/G01             F          350,000.00         ZZ
                                         360        349,691.20          1
                                       6.625          2,241.09         68
                                       6.375          2,241.09
    WASHINGTON       DC   20016          5            12/10/01         00
    0433597739                           05           02/01/02          0
    65111222                             O            01/01/32
    0

    7443414          E84/G01             F          315,000.00         ZZ
                                         360        314,728.80          1
                                       6.750          2,043.08         75
                                       6.500          2,043.08
    REDMOND          OR   97756          2            12/10/01         00
    0433592060                           05           02/01/02          0
    61701892                             O            01/01/32
    0

1

    7443416          E84/G01             F          305,000.00         ZZ
                                         360        304,473.34          1
                                       6.750          1,978.22         57
                                       6.500          1,978.22
    LOS ANGELES      CA   90068          2            11/27/01         00
    0433593340                           05           01/01/02          0
    12052847                             O            12/01/31
    0

    7443418          E84/G01             F          449,500.00         ZZ
                                         360        448,742.56          1
                                       6.875          2,952.90         80
                                       6.625          2,952.90
    HAWTHORNE WOODS  IL   60047          2            11/27/01         00
    0433601044                           05           01/01/02          0
    11105994                             O            12/01/31
    0

    7443420          E84/G01             F          384,000.00         ZZ
                                         360        383,368.64          1
                                       7.000          2,554.76         80
                                       6.750          2,554.76
    ROCKFORD         MI   49341          2            11/27/01         00
    0433600798                           05           01/01/02          0
    45410255                             O            12/01/31
    0

    7443422          E84/G01             F          459,300.00         ZZ
                                         360        458,544.84          1
                                       7.000          3,055.73         76
                                       6.750          3,055.73
    SAN MATEO        CA   94402          2            11/23/01         00
    0433603065                           05           01/01/02          0
    72911593                             O            12/01/31
    0

    7443428          E84/G01             F          344,800.00         ZZ
                                         360        344,510.33          1
                                       6.875          2,265.09         80
                                       6.625          2,265.09
    PORTLAND         OR   97202          1            11/29/01         00
    0433599826                           05           02/01/02          0
    60109037                             O            01/01/32
    0

    7443430          E84/G01             F          430,000.00         ZZ
                                         360        429,239.14          1
                                       6.625          2,753.34         80
                                       6.375          2,753.34
1

    MOUNTAIN VIEW    CA   94043          1            11/20/01         00
    0433604527                           05           01/01/02          0
    73013125                             O            12/01/31
    0

    7443432          E84/G01             F          486,000.00         ZZ
                                         360        485,181.08          1
                                       6.875          3,192.67         54
                                       6.625          3,192.67
    LIBERTYVILLE     IL   60048          5            11/28/01         00
    0433606506                           05           01/01/02          0
    11209901                             O            12/01/31
    0

    7443434          E84/G01             F          545,000.00         ZZ
                                         360        544,081.65          1
                                       6.875          3,580.26         79
                                       6.625          3,580.26
    NORTHBROOK       IL   60062          2            11/27/01         00
    0433599735                           05           01/01/02          0
    1121039                              O            12/01/31
    0

    7443436          E84/G01             F          339,000.00         ZZ
                                         360        338,442.62          1
                                       7.000          2,255.38         71
                                       6.750          2,255.38
    BOONTON          NJ   07005          2            11/27/01         00
    0433598653                           05           01/01/02          0
    81080756                             O            12/01/31
    0

    7443440          E84/G01             F          460,000.00         ZZ
                                         360        459,224.88          1
                                       6.875          3,021.87         80
                                       6.625          3,021.87
    SAN RAMON        CA   94583          1            11/29/01         00
    0433640059                           05           01/01/02          0
    73811938                             O            12/01/31
    0

    7443442          E84/G01             F          320,000.00         ZZ
                                         360        319,724.49          1
                                       6.750          2,075.51         47
                                       6.500          2,075.51
    RIVER FOREST     IL   60305          5            12/05/01         00
    0433592094                           05           02/01/02          0
    11010337                             O            01/01/32
    0
1

    7443444          E84/G01             F          395,000.00         ZZ
                                         360        394,317.92          1
                                       6.750          2,561.96         69
                                       6.500          2,561.96
    KENSINGTON       CA   94708          2            11/07/01         00
    0433598729                           05           01/01/02          0
    54010776                             O            12/01/31
    0

    7443446          E84/G01             F          366,800.00         ZZ
                                         360        366,476.38          1
                                       6.625          2,348.66         80
                                       6.375          2,348.66
    ALAMEDA          CA   94501          1            11/29/01         00
    0433597135                           05           02/01/02          0
    53510182                             O            01/01/32
    0

    7443448          E84/G01             F          472,000.00         ZZ
                                         360        471,184.95          1
                                       6.750          3,061.38         80
                                       6.500          3,061.38
    SAN ANSELMO      CA   94960          1            11/20/01         00
    0433593282                           05           01/01/02          0
    50410036                             O            12/01/31
    0

    7443452          E84/G01             F          350,000.00         ZZ
                                         360        349,720.12          1
                                       7.125          2,358.01         37
                                       6.875          2,358.01
    ROSS             CA   94957          5            12/14/01         00
    0433605573                           05           02/01/02          0
    37013181                             O            01/01/32
    0

    7443454          E84/G01             F          633,750.00         ZZ
                                         360        632,143.54          1
                                       6.875          4,163.29         75
                                       6.625          4,163.29
    CHICAGO          IL   60637          2            12/01/01         00
    0433603107                           05           12/13/01          0
    11210303                             O            11/13/31
    0

    7443456          E84/G01             F          416,000.00         ZZ
                                         360        415,281.65          1
1

                                       6.750          2,698.17         80
                                       6.500          2,698.17
    ELMHURST         IL   60126          1            11/29/01         00
    0433597911                           05           01/01/02          0
    11010463                             O            12/01/31
    0

    7443458          E84/G01             F          604,000.00         ZZ
                                         360        603,492.57          1
                                       6.875          3,967.85         58
                                       6.625          3,967.85
    LARKSPUR         CA   94939          2            12/07/01         00
    0433605508                           05           02/01/02          0
    37012621                             O            01/01/32
    0

    7443460          E84/G01             F          428,000.00         ZZ
                                         360        427,631.50          1
                                       6.750          2,776.00         78
                                       6.500          2,776.00
    CHANTILLY        VA   20151          2            11/28/01         00
    0433590767                           03           02/01/02          0
    15403835                             O            01/01/32
    0

    7443462          E84/G01             F          400,000.00         ZZ
                                         360        399,325.97          1
                                       6.875          2,627.72         77
                                       6.625          2,627.72
    HIGHLAND PARK    IL   60035          2            11/26/01         00
    0433600210                           05           01/01/02          0
    11210056                             O            12/01/31
    0

    7443464          E84/G01             F          394,000.00         ZZ
                                         360        393,336.09          1
                                       6.875          2,588.30         54
                                       6.625          2,588.30
    WILMETTE         IL   60091          2            12/05/01         00
    0433598745                           05           01/01/02          0
    11208991                             O            12/01/31
    0

    7443466          E84/G01             F          505,000.00         ZZ
                                         360        504,149.05          1
                                       6.875          3,317.49         64
                                       6.625          3,317.49
    HINSDALE         IL   60521          1            11/29/01         00
    0433604709                           05           01/01/02          0
1

    11404192                             O            12/01/31
    0

    7443468          E84/G01             F          365,000.00         ZZ
                                         360        364,700.82          1
                                       7.000          2,428.35         67
                                       6.750          2,428.35
    PORTLAND         OR   97209          2            12/07/01         00
    0433599446                           01           02/01/02          0
    45810279                             O            01/01/32
    0

    7443470          E84/G01             F          420,000.00         ZZ
                                         360        419,638.39          1
                                       6.750          2,724.11         80
                                       6.500          2,724.11
    REDWOOD CITY     CA   94061          1            12/04/01         00
    0433623212                           05           02/01/02          0
    37000879                             O            01/01/32
    0

    7443472          E84/G01             F          450,000.00         ZZ
                                         360        449,621.95          1
                                       6.875          2,956.18         65
                                       6.625          2,956.18
    WILMETTE         IL   60091          1            12/19/01         00
    0433600251                           05           02/01/02          0
    11209058                             O            01/01/32
    0

    7443474          E84/G01             F          510,000.00         ZZ
                                         360        509,140.62          1
                                       6.875          3,350.34         70
                                       6.625          3,350.34
    CHICAGO          IL   60614          1            11/30/01         00
    0433606613                           05           01/01/02          0
    11009961                             O            12/01/31
    0

    7443476          E84/G01             F          385,000.00         ZZ
                                         360        384,668.53          1
                                       6.750          2,497.10         41
                                       6.500          2,497.10
    CUPERTINO        CA   95014          2            12/06/01         00
    0433640380                           05           02/01/02          0
    72911393                             O            01/01/32
    0

1

    7443478          E84/G01             F          531,000.00         ZZ
                                         360        530,105.24          1
                                       6.875          3,488.29         80
                                       6.625          3,488.29
    SANTA ROSA       CA   95403          2            11/06/01         00
    0433604980                           05           01/01/02          0
    73210767                             O            12/01/31
    0

    7443480          E84/G01             F          597,500.00         ZZ
                                         360        596,517.62          1
                                       7.000          3,975.18         80
                                       6.750          3,975.18
    GLENVIEW         IL   60025          1            12/05/01         00
    0433605243                           03           01/01/02          0
    11203394                             O            12/01/31
    0

    7443482          E84/G01             F          371,200.00         ZZ
                                         360        370,880.40          1
                                       6.750          2,407.60         80
                                       6.500          2,407.60
    SAN FRANCISCO    CA   94123          1            12/06/01         00
    0433597457                           01           02/01/02          0
    31100042                             O            01/01/32
    0

    7443486          E84/G01             F          350,000.00         ZZ
                                         360        349,410.23          1
                                       6.875          2,299.25         78
                                       6.625          2,299.25
    NAPERVILLE       IL   60540          2            11/13/01         00
    0433603651                           03           01/01/02          0
    11404335                             O            12/01/31
    0

    7443488          E84/G01             F          650,000.00         ZZ
                                         360        649,453.92          1
                                       6.875          4,270.04         23
                                       6.625          4,270.04
    LOS ALTOS HILLS  CA   94023          5            12/06/01         00
    0433596723                           05           02/01/02          0
    37013709                             O            01/01/32
    0

    7443490          E84/G01             F          468,800.00         ZZ
                                         360        468,029.22          1
                                       7.000          3,118.94         80
                                       6.750          3,118.94
1

    NORTHBROOK       IL   60062          2            11/26/01         00
    0433591724                           05           01/01/02          0
    11305193                             O            12/01/31
    0

    7443492          E84/G01             F          550,000.00         ZZ
                                         360        549,073.21          1
                                       6.875          3,613.11         55
                                       6.625          3,613.11
    GLENVIEW         IL   60025          2            11/26/01         00
    0433601382                           05           01/01/02          0
    11210560                             O            12/01/31
    0

    7443494          E84/G01             F          320,000.00         ZZ
                                         360        319,434.12          1
                                       6.875          2,102.17         79
                                       6.625          2,102.17
    LOS ANGELES      CA   90025          2            11/06/01         00
    0433597119                           05           01/01/02          0
    12052983                             O            12/01/31
    0

    7443498          E84/G01             F          424,000.00         ZZ
                                         360        423,285.54          1
                                       6.875          2,785.38         80
                                       6.625          2,785.38
    SAN JOSE         CA   95124          1            11/21/01         00
    0433641057                           05           01/01/02          0
    37013006                             O            12/01/31
    0

    7443500          E84/G01             F          484,000.00         ZZ
                                         360        483,603.27          1
                                       7.000          3,220.06         80
                                       6.750          3,220.06
    WALNUT CREEK     CA   94595          2            12/03/01         00
    0433593563                           05           02/01/02          0
    73012920                             O            01/01/32
    0

    7443502          E84/G01             F          475,000.00         ZZ
                                         360        474,199.60          1
                                       6.875          3,120.41         64
                                       6.625          3,120.41
    ST HELENA        CA   94574          2            11/16/01         00
    0433603040                           05           01/01/02          0
    76511550                             O            12/01/31
    0
1

    7443504          E84/G01             F          392,500.00         ZZ
                                         360        391,854.67          1
                                       7.000          2,611.31         71
                                       6.750          2,611.31
    NORTHBROOK       IL   60062          2            11/19/01         00
    0433593076                           05           01/01/02          0
    11105873                             O            12/01/31
    0

    7443506          E84/G01             F          496,000.00         ZZ
                                         360        495,583.30          1
                                       6.875          3,258.37         78
                                       6.625          3,258.37
    PORTLAND         OR   97201          2            12/04/01         00
    0433596665                           05           02/01/02          0
    60109441                             O            01/01/32
    0

    7443508          E84/G01             F          426,000.00         ZZ
                                         360        425,282.16          1
                                       6.875          2,798.52         70
                                       6.625          2,798.52
    SAN FRANCISCO    CA   94102          5            11/15/01         00
    0433598794                           01           01/01/02          0
    23014097                             O            12/01/31
    0

    7443510          E84/G01             F          464,000.00         ZZ
                                         360        463,600.50          1
                                       6.750          3,009.50         80
                                       6.500          3,009.50
    PETALUMA         CA   94952          1            12/06/01         00
    0433603263                           05           02/01/02          0
    37013991                             O            01/01/32
    0

    7443512          E84/G01             F          350,000.00         ZZ
                                         360        349,380.70          1
                                       6.625          2,241.09         55
                                       6.375          2,241.09
    SAN RAMON        CA   94583          5            11/05/01         00
    0433605250                           03           01/01/02          0
    23011043                             O            12/01/31
    0

    7443514          E84/G01             F          466,800.00         ZZ
                                         360        466,013.43          1
1

                                       6.875          3,066.54         70
                                       6.625          3,066.54
    EVANSTON         IL   60201          2            11/26/01         00
    0433599842                           05           01/01/02          0
    11209458                             O            12/01/31
    0

    7443516          E84/G01             F          482,800.00         ZZ
                                         360        481,663.26          1
                                       7.250          3,293.55         78
                                       7.000          3,293.55
    BARRINGTON       IL   60010          2            10/15/01         00
    0433598885                           03           12/01/01          0
    11304859                             O            11/01/31
    0

    7443518          E84/G01             F          345,000.00         ZZ
                                         360        344,418.66          1
                                       6.875          2,266.40         66
                                       6.625          2,266.40
    SALINAS          CA   93908          5            11/29/01         00
    0433641040                           03           01/01/02          0
    75513710                             O            12/01/31
    0

    7443522          E84/G01             F          400,000.00         ZZ
                                         360        399,292.23          1
                                       6.625          2,561.24         73
                                       6.375          2,561.24
    ALAMEDA          CA   94502          1            11/23/01         00
    0433597804                           05           01/01/02          0
    53510166                             O            12/01/31
    0

    7443524          E84/G01             F          540,000.00         ZZ
                                         360        539,067.52          1
                                       6.750          3,502.43         67
                                       6.500          3,502.43
    SEBASTOPOL       CA   95472          5            11/14/01         00
    0433605300                           05           01/01/02          0
    73210840                             O            12/01/31
    0

    7443526          E84/G01             F          420,000.00         ZZ
                                         360        419,638.39          1
                                       6.750          2,724.11         71
                                       6.500          2,724.11
    NAPERVILLE       IL   60563          1            12/03/01         00
    0433605672                           05           02/01/02          0
1

    11205297                             O            01/01/32
    0

    7443528          E84/G01             F          347,000.00         ZZ
                                         360        346,708.48          1
                                       6.875          2,279.54         73
                                       6.625          2,279.54
    DEERFIELD        IL   60015          5            12/11/01         00
    0433607991                           05           02/01/02          0
    11210313                             O            01/01/32
    0

    7443530          E84/G01             F          336,500.00         ZZ
                                         360        335,946.75          1
                                       7.000          2,238.74         80
                                       6.750          2,238.74
    WAUCONDA         IL   60084          1            12/03/01         00
    0433592037                           03           01/01/02          0
    11105856                             O            12/01/31
    0

    7443534          E84/G01             F          530,000.00         ZZ
                                         360        529,554.74          1
                                       6.875          3,481.72         68
                                       6.625          3,481.72
    SAN CARLOS       CA   94070          5            11/29/01         00
    0433602703                           05           02/01/02          0
    72911784                             O            01/01/32
    0

    7443536          E84/G01             F          330,000.00         ZZ
                                         360        329,443.93          1
                                       6.875          2,167.87         69
                                       6.625          2,167.87
    NORTHBROOK       IL   60062          1            11/27/01         00
    0433601085                           05           01/01/02          0
    11209465                             O            12/01/31
    0

    7443540          E84/G01             F          436,000.00         ZZ
                                         360        435,009.78          1
                                       6.750          2,827.89         80
                                       6.500          2,827.89
    BURLINGAME       CA   94011          1            11/14/01         00
    0433598786                           05           01/01/02          0
    50410144                             O            12/01/31
    0

1

    7443542          E84/G01             F          308,000.00         ZZ
                                         360        307,481.00          1
                                       6.875          2,023.34         79
                                       6.625          2,023.34
    PETALUMA         CA   94954          2            11/17/01         10
    0433603990                           05           01/01/02         30
    50710213                             O            12/01/31
    0

    7443544          E84/G01             F          356,250.00         ZZ
                                         360        355,706.18          1
                                       7.375          2,460.53         75
                                       7.125          2,460.53
    OREGON CITY      OR   97045          5            11/15/01         00
    0433593647                           05           01/01/02          0
    62400449                             O            12/01/31
    0

    7443546          E84/G01             F          399,000.00         ZZ
                                         360        398,656.47          1
                                       6.750          2,587.91         47
                                       6.500          2,587.91
    LOS ALTOS        CA   94022          2            12/06/01         00
    0433603495                           05           02/01/02          0
    72911451                             O            01/01/32
    0

    7443548          E84/G01             F          370,000.00         ZZ
                                         360        369,391.65          1
                                       7.000          2,461.62         75
                                       6.750          2,461.62
    BROOKEVILLE      MD   20833          5            11/20/01         00
    0433603008                           05           01/01/02          0
    70402016                             O            12/01/31
    0

    7443550          E84/G01             F          627,000.00         ZZ
                                         360        626,460.17          1
                                       6.750          4,066.71         61
                                       6.500          4,066.71
    REDWOOD CITY     CA   94065          2            12/06/01         00
    0433601887                           03           02/01/02          0
    37013412                             O            01/01/32
    0

    7443552          E84/G01             F          384,000.00         ZZ
                                         360        383,652.86          1
                                       6.500          2,427.14         80
                                       6.250          2,427.14
1

    SAN FRANCISCO    CA   94112          1            11/30/01         00
    0433601291                           05           02/01/02          0
    23012964                             O            01/01/32
    0

    7443556          E84/G01             F          560,000.00         ZZ
                                         360        559,079.28          1
                                       7.000          3,725.69         78
                                       6.750          3,725.69
    PORTLAND         OR   97229          2            11/16/01         00
    0433605334                           03           01/01/02          0
    31210036                             O            12/01/31
    0

    7443562          E84/G01             F          365,000.00         ZZ
                                         360        364,384.96          1
                                       6.875          2,397.79         80
                                       6.625          2,397.79
    CARY             IL   60013          2            11/29/01         00
    0433605078                           05           01/01/02          0
    11209104                             O            12/01/31
    0

    7443564          E84/G01             F          467,000.00         ZZ
                                         360        466,193.59          1
                                       6.750          3,028.95         75
                                       6.500          3,028.95
    CHICAGO          IL   60611          1            11/30/01         00
    0433598042                           05           01/01/02          0
    11010344                             O            12/01/31
    0

    7443566          E84/G01             F          745,000.00         ZZ
                                         360        744,389.33          1
                                       7.000          4,956.50         68
                                       6.750          4,956.50
    GLENCOE          IL   60022          2            12/10/01         00
    0433640794                           05           02/01/02          0
    11210857                             O            01/01/32
    0

    7443568          E84/G01             F          500,000.00         ZZ
                                         360        499,579.94          1
                                       6.875          3,284.64         72
                                       6.625          3,284.64
    SUNNYVALE        CA   94087          2            12/03/01         00
    0433591815                           05           02/01/02          0
    91000373                             O            01/01/32
    0
1

    7443576          E84/G01             F          427,000.00         ZZ
                                         360        426,623.27          1
                                       6.625          2,734.13         70
                                       6.375          2,734.13
    NEWTON           PA   18940          2            12/07/01         00
    0433597788                           05           02/01/02          0
    15404084                             O            01/01/32
    0

    7443578          E84/G01             F          460,000.00         ZZ
                                         360        459,603.95          1
                                       6.750          2,983.55         63
                                       6.500          2,983.55
    CONCORD          MA   01742          5            12/10/01         00
    0433604923                           05           02/01/02          0
    15305037                             O            01/01/32
    0

    7443580          E84/G01             F          447,000.00         ZZ
                                         360        446,624.47          1
                                       6.875          2,936.47         67
                                       6.625          2,936.47
    ATLANTA          GA   30324          2            12/07/01         00
    0433640182                           03           02/01/02          0
    15305250                             O            01/01/32
    0

    7443582          E84/G01             F          363,950.00         ZZ
                                         360        363,636.65          1
                                       6.750          2,360.57         73
                                       6.500          2,360.57
    BRIGHTON         MI   48116          2            12/10/01         00
    0433602984                           29           02/01/02          0
    11702564                             O            01/01/32
    0

    7443584          E84/G01             F          370,000.00         ZZ
                                         360        369,681.44          1
                                       6.750          2,399.81         76
                                       6.500          2,399.81
    CLARKSVILLE      MD   21029          2            12/14/01         00
    0433598018                           05           02/01/02          0
    69410123                             O            01/01/32
    0

    7443586          E84/G01             F          375,000.00         ZZ
                                         360        374,368.11          1
1

                                       6.875          2,463.48         62
                                       6.625          2,463.48
    GREEN OAKS       IL   60048          2            11/27/01         00
    0433593951                           03           01/01/02          0
    11209460                             O            12/01/31
    0

    7443588          E84/G01             F          467,650.00         ZZ
                                         360        466,861.97          1
                                       6.875          3,072.13         68
                                       6.625          3,072.13
    BETHESDA         MD   20817          2            11/23/01         00
    0433593423                           05           01/01/02          0
    70402877                             O            12/01/31
    0

    7443592          E84/G01             F          450,000.00         ZZ
                                         360        449,222.94          1
                                       6.750          2,918.69         65
                                       6.500          2,918.69
    GLENVIEW         IL   60025          1            11/30/01         00
    0433605938                           03           01/01/02          0
    11009190                             O            12/01/31
    0

    7443594          E84/G01             F          420,000.00         ZZ
                                         360        419,292.28          1
                                       6.875          2,759.10         67
                                       6.625          2,759.10
    DANVILLE         CA   94526          5            11/16/01         00
    0433639168                           05           01/01/02          0
    75513245                             O            12/01/31
    0

    7443598          E84/G01             F          500,000.00         ZZ
                                         360        499,590.16          1
                                       7.000          3,326.51         76
                                       6.750          3,326.51
    TARZANA          CA   91356          1            12/11/01         00
    0433640323                           05           02/01/02          0
    12053894                             O            01/01/32
    0

    7443600          E84/G01             F          345,000.00         ZZ
                                         360        344,404.26          1
                                       6.750          2,237.66         38
                                       6.500          2,237.66
    PIEDMONT         CA   94611          5            11/09/01         00
    0433605557                           05           01/01/02          0
1

    54010813                             O            12/01/31
    0

    7443604          E84/G01             F          640,000.00         ZZ
                                         360        638,839.72          1
                                       6.500          4,045.24         72
                                       6.250          4,045.24
    ELMHURST         IL   60126          2            11/08/01         00
    0433598661                           05           01/01/02          0
    11009540                             O            12/01/31
    0

    7443608          E84/G01             F          650,000.00         ZZ
                                         360        649,440.36          1
                                       6.750          4,215.89         38
                                       6.500          4,215.89
    BARRINGTON       IL   60010          2            12/10/01         00
    0433602844                           03           02/01/02          0
    11210009                             O            01/01/32
    0

    7443610          E84/G01             F          326,000.00         ZZ
                                         360        325,726.12          1
                                       6.875          2,141.59         46
                                       6.625          2,141.59
    SAN FRANCISCO    CA   94107          2            11/28/01         00
    0433591419                           08           02/01/02          0
    23014199                             O            01/01/32
    0

    7443616          E84/G01             F          380,800.00         ZZ
                                         360        380,480.09          1
                                       6.875          2,501.58         48
                                       6.625          2,501.58
    PHOENIX          AZ   85018          2            12/05/01         00
    0433605607                           05           02/01/02          0
    32802334                             O            01/01/32
    0

    7443618          E84/G01             F          532,000.00         ZZ
                                         360        531,553.06          1
                                       6.875          3,494.86         80
                                       6.625          3,494.86
    WILMETTE         IL   60091          2            12/06/01         00
    0433608643                           05           02/01/02          0
    11209492                             O            01/01/32
    0

1

    7443620          E84/G01             F          432,000.00         ZZ
                                         360        431,654.54          1
                                       7.125          2,910.46         80
                                       6.875          2,910.46
    DANVILLE         CA   94526          1            12/12/01         00
    0433601911                           03           02/01/02          0
    73013286                             O            01/01/32
    0

    7443622          E84/G01             F          409,000.00         ZZ
                                         360        408,310.81          1
                                       6.875          2,686.84         80
                                       6.625          2,686.84
    CHICAGO          IL   60630          2            11/21/01         00
    0433640992                           05           01/01/02          0
    11009695                             O            12/01/31
    0

    7443624          E84/G01             F          375,000.00         ZZ
                                         360        374,352.46          1
                                       6.750          2,432.24         75
                                       6.500          2,432.24
    CHICAGO          IL   60657          1            11/07/01         00
    0433640521                           09           01/01/02          0
    11206736                             O            12/01/31
    0

    7443628          E84/G01             F          650,000.00         ZZ
                                         360        649,467.20          1
                                       7.000          4,324.47         76
                                       6.750          4,324.47
    PARK RIDGE       IL   60068          2            12/17/01         00
    0433627957                           05           02/01/02          0
    11209502                             O            01/01/32
    0

    7443630          E84/G01             F          595,000.00         ZZ
                                         360        593,921.32          1
                                       6.500          3,760.80         75
                                       6.250          3,760.80
    BERKELEY         CA   94707          1            11/26/01         00
    0433600871                           05           01/01/02          0
    50510041                             O            12/01/31
    0

    7443632          E84/G01             F          307,500.00         ZZ
                                         360        306,994.41          1
                                       7.000          2,045.81         45
                                       6.750          2,045.81
1

    OAKLAND          CA   94605          5            11/14/01         00
    0433608502                           05           01/01/02          0
    53510145                             O            12/01/31
    0

    7443634          E84/G01             F          323,000.00         ZZ
                                         360        322,721.91          1
                                       6.750          2,094.97         44
                                       6.500          2,094.97
    SARATOGA         CA   95070          5            11/30/01         00
    0433640406                           05           02/01/02          0
    72911268                             O            01/01/32
    0

    7443636          E84/G01             F          455,200.00         ZZ
                                         360        454,808.08          2
                                       6.750          2,952.42         80
                                       6.500          2,952.42
    SAN FRANCISCO    CA   94114          1            12/05/01         00
    0433596939                           05           02/01/02          0
    23014584                             O            01/01/32
    0

    7443638          E84/G01             F          375,000.00         ZZ
                                         360        374,383.45          1
                                       7.000          2,494.88         75
                                       6.750          2,494.88
    FOLSOM           CA   95630          5            11/21/01         00
    0433597721                           05           01/01/02          0
    75513539                             O            12/01/31
    0

    7443642          E84/G01             F          402,050.00         ZZ
                                         360        401,712.23          1
                                       6.875          2,641.18         80
                                       6.625          2,641.18
    ROCKLIN          CA   95677          1            12/07/01         00
    0433597374                           05           02/01/02          0
    75513467                             O            01/01/32
    0

    7443644          E84/G01             F          342,000.00         ZZ
                                         360        341,437.70          1
                                       7.000          2,275.33         57
                                       6.750          2,275.33
    CORTE MADERA     CA   94925          2            11/21/01         00
    0433598919                           05           01/01/02          0
    37010265                             O            12/01/31
    0
1

    7443646          E84/G01             F          446,650.00         ZZ
                                         360        445,897.37          1
                                       6.875          2,934.17         78
                                       6.625          2,934.17
    CHANTILLY        VA   20151          2            11/21/01         00
    0433627858                           03           01/01/02          0
    70402421                             O            12/01/31
    0

    7443648          E84/G01             F          340,000.00         ZZ
                                         360        339,398.39          1
                                       6.625          2,177.06         70
                                       6.375          2,177.06
    MORRISON         CO   80465          2            11/23/01         00
    0433593407                           05           01/01/02          0
    82600139                             O            12/01/31
    0

    7443650          E84/G01             F          471,200.00         ZZ
                                         360        470,784.27          1
                                       6.625          3,017.15         80
                                       6.375          3,017.15
    NEVADA CITY      CA   95959          1            12/06/01         00
    0433598703                           05           02/01/02          0
    75513658                             O            01/01/32
    0

    7443652          E84/G01             F          570,000.00         ZZ
                                         360        569,039.53          1
                                       6.875          3,744.49         80
                                       6.625          3,744.49
    PARKER           CO   80134          1            12/04/01         00
    0433640364                           05           01/01/02          0
    81080661                             O            12/01/31
    0

    7443656          E84/G01             F          463,000.00         ZZ
                                         360        462,611.02          1
                                       6.875          3,041.58         45
                                       6.625          3,041.58
    MILL VALLEY      CA   94941          2            12/03/01         00
    0433593373                           05           02/01/02          0
    37013833                             O            01/01/32
    0

    7443658          E84/G01             F          393,000.00         ZZ
                                         360        392,669.83          1
1

                                       6.875          2,581.73         79
                                       6.625          2,581.73
    GRANITE BAY      CA   95746          2            11/30/01         00
    0433601556                           05           02/01/02          0
    73013117                             O            01/01/32
    0

    7443660          E84/G01             F          320,000.00         ZZ
                                         360        319,473.87          1
                                       7.000          2,128.97         70
                                       6.750          2,128.97
    WALNUT CREEK     CA   94596          5            11/23/01         00
    0433600830                           01           01/01/02          0
    54010805                             O            12/01/31
    0

    7443662          E84/G01             F          485,000.00         ZZ
                                         360        484,582.43          1
                                       6.750          3,145.70         43
                                       6.500          3,145.70
    HINSDALE         IL   60521          2            12/10/01         00
    0433602174                           05           02/01/02          0
    11210083                             O            01/01/32
    0

    7443664          E84/G01             F          480,000.00         ZZ
                                         360        479,586.73          1
                                       6.750          3,113.27         32
                                       6.500          3,113.27
    SAN FRANCISCO    CA   94114          2            12/05/01         00
    0433602034                           05           02/01/02          0
    23013716                             O            01/01/32
    0

    7443666          E84/G01             F          385,760.00         ZZ
                                         360        385,125.75          1
                                       7.000          2,566.47         74
                                       6.750          2,566.47
    ARLINGTON        VA   22207          2            11/30/01         00
    0433640984                           05           01/01/02          0
    65111153                             O            12/01/31
    0

    7443668          E84/G01             F          320,000.00         ZZ
                                         360        319,460.78          1
                                       6.875          2,102.17         64
                                       6.625          2,102.17
    CALABASAS        CA   91302          2            11/19/01         00
    0433640653                           05           01/01/02          0
1

    12052870                             O            12/01/31
    0

    7443670          E84/G01             F          550,000.00         ZZ
                                         360        549,073.21          1
                                       6.875          3,613.11         79
                                       6.625          3,613.11
    OAK PARK         IL   60302          2            12/04/01         00
    0433604899                           05           01/01/02          0
    11404102                             O            12/01/31
    0

    7443672          E84/G01             F          327,000.00         ZZ
                                         360        326,095.13          1
                                       6.875          2,148.16         67
                                       6.625          2,148.16
    SAN MATEO        CA   94401          5            11/27/01         00
    0433599172                           05           01/01/02          0
    23011052                             O            12/01/31
    0

    7443678          E84/G01             F          496,000.00         ZZ
                                         360        495,572.95          1
                                       6.750          3,217.05         80
                                       6.500          3,217.05
    SAN FRANCISCO    CA   94118          1            12/06/01         00
    0433605995                           01           02/01/02          0
    31610099                             O            01/01/32
    0

    7443680          E84/G01             F          316,000.00         ZZ
                                         360        315,734.52          1
                                       6.875          2,075.90         76
                                       6.625          2,075.90
    SAINT CHARLES    IL   60174          2            12/04/01         00
    0433597952                           05           02/01/02          0
    11305204                             O            01/01/32
    0

    7446114          G75/G75             F          528,000.00         ZZ
                                         360        526,943.80          1
                                       6.750          3,424.60         80
                                       6.500          3,424.60
    PORT TOBACCO     MD   20677          1            11/29/01         00
    04453786                             05           01/01/02          0
    04453786                             O            12/01/31
    0

1

    7446116          G75/G75             F          426,250.00         ZZ
                                         360        425,900.60          1
                                       7.000          2,835.86         64
                                       6.750          2,835.86
    CROWNSVILLE      MD   21032          2            12/18/01         00
    04554134                             03           02/01/02          0
    04554134                             O            01/01/32
    0

    7446118          G75/G75             F          335,350.00         ZZ
                                         360        334,784.90          1
                                       6.875          2,203.02         80
                                       6.625          2,203.02
    WASHINGTON       DC   20009          1            11/28/01         00
    04415851                             01           01/01/02          0
    04415851                             O            12/01/31
    0

    7446120          G75/G75             F          415,000.00         ZZ
                                         360        414,233.36          1
                                       6.875          2,726.26         79
                                       6.625          2,726.26
    VIRGINIA BEACH   VA   23455          2            11/26/01         00
    04533546                             05           01/01/02          0
    04533546                             O            12/01/31
    0

    7446122          G75/G75             F          463,000.00         ZZ
                                         360        462,601.37          1
                                       6.750          3,003.01         60
                                       6.500          3,003.01
    LEESBURG         VA   20176          2            12/17/01         00
    04542090                             03           02/01/02          0
    04542090                             O            01/01/32
    0

    7446124          G75/G75             F          492,500.00         ZZ
                                         360        492,075.96          1
                                       6.750          3,194.35         69
                                       6.500          3,194.35
    BETHESDA         MD   20814          2            12/18/01         00
    04533750                             05           02/01/02          0
    04533750                             O            01/01/32
    0

    7446126          G75/G75             F          835,000.00         ZZ
                                         360        833,592.97          1
                                       6.875          5,485.36         60
                                       6.625          5,485.36
1

    ANNAPOLIS        MD   21401          2            11/19/01         00
    04508288                             05           01/01/02          0
    04508288                             O            12/01/31
    0

    7446128          G75/G75             F          311,200.00         ZZ
                                         360        310,675.60          1
                                       6.875          2,044.37         80
                                       6.625          2,044.37
    ROUND HILL       VA   20141          1            11/28/01         00
    04485012                             05           01/01/02          0
    04485012                             O            12/01/31
    0

    7446130          G75/G75             F          300,900.00         ZZ
                                         360        300,405.26          1
                                       7.000          2,001.90         79
                                       6.750          2,001.90
    WALDORF          MD   20602          2            11/19/01         00
    04491623                             03           01/01/02          0
    04491623                             O            12/01/31
    0

    7446132          G75/G75             F          350,000.00         ZZ
                                         360        349,269.22          1
                                       6.875          2,299.26         74
                                       6.625          2,299.26
    COLUMBIA         MD   21044          5            11/08/01         00
    04498083                             03           01/01/02          0
    04498083                             O            12/01/31
    0

    7446134          G75/G75             F          355,000.00         ZZ
                                         360        354,416.31          1
                                       7.000          2,361.83         74
                                       6.750          2,361.83
    ELMHURST         IL   60126          5            11/09/01         00
    04472457                             05           01/01/02          0
    04472457                             O            12/01/31
    0

    7446136          G75/G75             F          304,600.00         ZZ
                                         360        304,086.72          1
                                       6.875          2,001.01         80
                                       6.625          2,001.01
    HANOVER          MD   21076          2            11/09/01         00
    04500941                             05           01/01/02          0
    04500941                             O            12/01/31
    0
1

    7446138          G75/G75             F          634,000.00         ZZ
                                         360        632,957.59          1
                                       7.000          4,218.02         80
                                       6.750          4,218.02
    GARDEN RIDGE     TX   78266          2            11/26/01         00
    04503252                             03           01/01/02          0
    04503252                             O            12/01/31
    0

    7446140          G75/G75             F          410,000.00         ZZ
                                         360        409,274.52          1
                                       6.625          2,625.28         50
                                       6.375          2,625.28
    CHEVY CHASE      MD   20815          2            11/14/01         00
    04508909                             05           01/01/02          0
    04508909                             O            12/01/31
    0

    7446142          G75/G75             F          390,000.00         ZZ
                                         360        388,087.10          1
                                       6.875          2,562.03         75
                                       6.625          2,562.03
    PRINCETON        NJ   08540          2            11/15/01         00
    04509343                             05           01/01/02          0
    04509343                             O            12/01/31
    0

    7446144          G75/G75             F          397,500.00         ZZ
                                         360        396,830.17          1
                                       6.875          2,611.30         75
                                       6.625          2,611.30
    L MAKEFIELD TOW  PA   19067          5            11/19/01         00
    04501284                             05           01/01/02          0
    04501284                             O            12/01/31
    0

    7446146          G75/G75             F          466,050.00         ZZ
                                         360        465,264.67          1
                                       6.875          3,061.62         79
                                       6.625          3,061.62
    BROOKVILLE       MD   20833          2            11/19/01         00
    04512201                             05           01/01/02          0
    04512201                             O            12/01/31
    0

    7446148          G75/G75             F          352,000.00         ZZ
                                         360        351,696.93          1
1

                                       6.750          2,283.07         80
                                       6.500          2,283.07
    OLNEY            MD   20832          1            12/10/01         00
    04511716                             03           02/01/02          0
    04511716                             O            01/01/32
    0

    7446150          G75/G75             F          410,000.00         ZZ
                                         360        409,663.92          1
                                       7.000          2,727.75         59
                                       6.750          2,727.75
    ELMHURST         IL   60126          2            11/28/01         00
    04518241                             05           02/01/02          0
    04518241                             O            01/01/32
    0

    7446152          G75/G75             F          400,000.00         ZZ
                                         360        399,325.97          1
                                       6.875          2,627.72         72
                                       6.625          2,627.72
    NORFOLK          VA   23518          5            11/20/01         00
    04514825                             05           01/01/02          0
    04514825                             O            12/01/31
    0

    7446154          G75/G75             F          407,200.00         ZZ
                                         360        406,849.40          1
                                       6.750          2,641.10         80
                                       6.500          2,641.10
    HIGHLAND         MD   20777          1            12/03/01         00
    04519166                             05           02/01/02          0
    04519166                             O            01/01/32
    0

    7446156          G75/G75             F          349,600.00         ZZ
                                         360        349,010.89          1
                                       6.875          2,296.63         80
                                       6.625          2,296.63
    READINGTON       NJ   08889          1            11/14/01         00
    04475439                             05           01/01/02          0
    04475439                             O            12/01/31
    0

    7446158          G75/G75             F          370,000.00         ZZ
                                         360        369,376.52          1
                                       6.875          2,430.64         63
                                       6.625          2,430.64
    READINGTON       NJ   08889          1            11/15/01         00
    04478752                             03           01/01/02          0
1

    04478752                             O            12/01/31
    0

    7446162          G75/G75             F          563,000.00         ZZ
                                         360        562,027.81          1
                                       6.750          3,651.61         72
                                       6.500          3,651.61
    VIRGINIA BEACH   VA   23451          2            11/09/01         00
    04522745                             05           01/01/02          0
    04522745                             O            12/01/31
    0

    7446164          G75/G75             F          340,000.00         ZZ
                                         360        339,714.36          1
                                       6.875          2,233.56         76
                                       6.625          2,233.56
    CHESAPEAKE BEAC  MD   20732          5            12/04/01         00
    04526541                             05           02/01/02          0
    04526541                             O            01/01/32
    0

    7446166          G75/G75             F          561,000.00         ZZ
                                         360        560,478.57          1
                                       6.625          3,592.15         59
                                       6.375          3,592.15
    PONTE VEDRA BCH  FL   32084          2            12/03/01         00
    04513051                             05           02/01/02          0
    04513051                             O            01/01/32
    0

    7446170          G75/G75             F          311,100.00         ZZ
                                         360        310,575.77          1
                                       6.875          2,043.71         80
                                       6.625          2,043.71
    SEVERNA PARK     MD   21146          2            11/19/01         00
    04509204                             05           01/01/02          0
    04509204                             O            12/01/31
    0

    7446172          G75/G75             F          347,000.00         ZZ
                                         360        346,708.47          1
                                       6.875          2,279.55         69
                                       6.625          2,279.55
    MANALAPAN        NJ   07726          2            12/07/01         00
    04530805                             05           02/01/02          0
    04530805                             O            01/01/32
    0

1

    7446174          G75/G75             F          428,000.00         ZZ
                                         360        424,492.80          1
                                       6.750          2,776.00         66
                                       6.500          2,776.00
    GREENSBORO       NC   27410          2            11/15/01         00
    04518405                             05           01/01/02          0
    04518405                             O            12/01/31
    0

    7446176          G75/G75             F          335,800.00         ZZ
                                         360        335,496.43          1
                                       6.500          2,122.49         63
                                       6.250          2,122.49
    ANNAPOLIS        MD   21401          2            12/17/01         00
    04531465                             05           02/01/02          0
    04531465                             O            01/01/32
    0

    7446178          G75/G75             F          636,550.00         ZZ
                                         360        636,028.22          1
                                       7.000          4,234.99         43
                                       6.750          4,234.99
    BALTIMORE        MD   21210          2            12/19/01         00
    04531580                             05           02/01/02          0
    04531580                             O            01/01/32
    0

    7446180          G75/G75             F          430,550.00         ZZ
                                         360        430,188.28          1
                                       6.875          2,828.41         79
                                       6.625          2,828.41
    MOUNT AIRY       MD   21771          2            12/04/01         00
    04531679                             03           02/01/02          0
    04531679                             O            01/01/32
    0

    7446182          G75/G75             F          404,000.00         ZZ
                                         360        403,319.22          1
                                       6.875          2,654.00         80
                                       6.625          2,654.00
    LEESBURG         VA   20175          1            11/14/01         00
    04449890                             05           01/01/02          0
    04449890                             O            12/01/31
    0

    7446184          G75/G75             F          375,000.00         ZZ
                                         360        374,669.14          1
                                       6.625          2,401.17         65
                                       6.375          2,401.17
1

    NORFOLK          VA   23505          5            12/03/01         00
    04536352                             05           02/01/02          0
    04536352                             O            01/01/32
    0

    7446186          G75/G75             F          341,300.00         ZZ
                                         360        341,006.14          1
                                       6.750          2,213.67         75
                                       6.500          2,213.67
    SEVERNA PARK     MD   21146          2            12/10/01         00
    04532126                             05           02/01/02          0
    04532126                             O            01/01/32
    0

    7446188          G75/G75             F          365,050.00         ZZ
                                         360        364,727.92          1
                                       6.625          2,337.46         80
                                       6.375          2,337.46
    GAINESVILLE      VA   20155          1            12/07/01         00
    04280397                             03           02/01/02          0
    04280397                             O            01/01/32
    0

    7446190          G75/G75             F          334,800.00         ZZ
                                         360        334,511.74          1
                                       6.750          2,171.51         80
                                       6.500          2,171.51
    SALISBURY        MD   21801          1            12/03/01         00
    04537227                             03           02/01/02          0
    04537227                             O            01/01/32
    0

    7446192          G75/G75             F          396,000.00         ZZ
                                         360        395,299.29          1
                                       6.625          2,535.64         80
                                       6.375          2,535.64
    SILVER SPRING    MD   20910          1            11/29/01         00
    04537380                             05           01/01/02          0
    04537380                             O            12/01/31
    0

    7446194          G75/G75             F          352,000.00         ZZ
                                         360        351,696.93          1
                                       6.750          2,283.07         78
                                       6.500          2,283.07
    ELLICOTT CITY    MD   21043          2            12/19/01         00
    04103608                             05           02/01/02          0
    04103608                             O            01/01/32
    0
1

    7446196          G75/G75             F          364,500.00         ZZ
                                         360        364,178.40          1
                                       6.625          2,333.94         73
                                       6.375          2,333.94
    GAMBRILLS        MD   21054          2            12/05/01         00
    04542331                             03           02/01/02          0
    04542331                             O            01/01/32
    0

    7446198          G75/G75             F          847,700.00         ZZ
                                         360        846,987.82          1
                                       6.875          5,568.79         42
                                       6.625          5,568.79
    GREAT FALLS      VA   22066          2            12/14/01         00
    04547913                             05           02/01/02          0
    04547913                             O            01/01/32
    0

    7446200          G75/G75             F          335,000.00         ZZ
                                         360        334,697.15          1
                                       6.500          2,117.43         77
                                       6.250          2,117.43
    APEX             NC   27502          2            12/03/01         00
    04532049                             03           02/01/02          0
    04532049                             O            01/01/32
    0

    7446202          G75/G75             F          331,500.00         ZZ
                                         360        331,234.90          1
                                       7.125          2,233.38         67
                                       6.875          2,233.38
    ASHBURN          VA   20147          5            12/07/01         00
    04483549                             03           02/01/02          0
    04483549                             O            01/01/32
    0

    7446206          G75/G75             F          410,000.00         ZZ
                                         360        409,629.35          1
                                       6.500          2,591.48         55
                                       6.250          2,591.48
    PENNINGTON       NJ   08534          1            12/10/01         00
    04497853                             05           02/01/02          0
    04497853                             O            01/01/32
    0

    7446208          G75/G75             F          307,900.00         ZZ
                                         360        307,647.61          1
1

                                       7.000          2,048.47         70
                                       6.750          2,048.47
    PURCELLVILLE     VA   20132          2            12/12/01         00
    04517578                             05           02/01/02          0
    04517578                             O            01/01/32
    0

    7446210          G75/G75             F          450,400.00         ZZ
                                         360        449,659.45          1
                                       7.000          2,996.53         80
                                       6.750          2,996.53
    READINGTON       NJ   08822          1            11/30/01         00
    04549412                             03           01/01/02          0
    04549412                             O            12/01/31
    0

    7449538          F99/G01             F          490,000.00         ZZ
                                         360        489,578.11          1
                                       6.750          3,178.14         58
                                       6.500          3,178.14
    STAMFORD         CT   06902          2            12/18/01         00
    0433610029                           05           02/01/02          0
    4702229084                           O            01/01/32
    0

    7449948          E84/G01             F          650,000.00         ZZ
                                         360        649,453.92          1
                                       6.875          4,270.04         60
                                       6.625          4,270.04
    PORTOLA VALLEY   CA   94028          5            11/28/01         00
    0433603693                           05           02/01/02          0
    23013741                             O            01/01/32
    0

    7450872          A06/G01             F          437,500.00         ZZ
                                         360        437,500.00          1
                                       6.750          2,837.62         70
                                       6.500          2,837.62
    FARMINGTON HILL  MI   48331          5            01/23/02         00
    0433645173                           05           03/01/02          0
    1000020153993                        O            02/01/32
    0

    7450880          E84/G01             F          312,000.00         ZZ
                                         360        311,473.82          1
                                       6.875          2,049.62         78
                                       6.625          2,049.62
    LAKE IN THE HIL  IL   60156          2            11/26/01         00
    0433591591                           05           01/01/02          0
1

    11009653                             O            12/01/31
    0

    7453510          F96/G01             F          474,000.00         ZZ
                                         360        474,000.00          1
                                       7.875          3,436.83         80
                                       7.625          3,436.83
    WYCKOFF TOWNSHI  NJ   07481          1            01/23/02         00
    0433626561                           05           03/01/02          0
    0106618                              O            02/01/32
    0

    7453594          696/G01             F          519,200.00         ZZ
                                         360        518,763.81          1
                                       6.875          3,410.77         80
                                       6.625          3,410.77
    WASHINGTON       DC   20009          1            12/14/01         00
    0433598158                           05           02/01/02          0
    25601306                             O            01/01/32
    0

    7453596          696/G01             F          596,800.00         ZZ
                                         360        596,298.62          1
                                       6.875          3,920.55         70
                                       6.625          3,920.55
    BETHESDA         MD   20814          1            12/20/01         00
    0433598216                           03           02/01/02          0
    31201113                             O            01/01/32
    0

    7453598          696/G01             F          703,800.00         ZZ
                                         360        702,524.07          1
                                       6.500          4,448.49         70
                                       6.250          4,448.49
    VIENNA           VA   22182          1            11/30/01         00
    0433598240                           03           01/01/02          0
    24401046                             O            12/01/31
    0

    7453606          E84/G01             F          335,000.00         ZZ
                                         360        334,449.21          1
                                       7.000          2,228.76         76
                                       6.750          2,228.76
    DEERFIELD        IL   60015          2            11/21/01         00
    0433592003                           05           01/01/02          0
    11209308                             O            12/01/31
    0

1

    7454930          E84/G01             F          321,000.00         ZZ
                                         360        320,730.32          1
                                       6.875          2,108.74         73
                                       6.625          2,108.74
    YORBA LINDA      CA   92887          2            12/14/01         00
    0433598877                           05           02/01/02          0
    12053802                             O            01/01/32
    0

    7459218          665/G01             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       7.250          2,373.97         80
                                       7.000          2,373.97
    SAN JOSE         CA   95136          1            01/16/02         00
    0433635026                           05           03/01/02          0
    89103192                             O            02/01/32
    0

    7462648          E22/G01             F           86,000.00         ZZ
                                         360         85,931.23          1
                                       7.125            579.40         74
                                       6.875            579.40
    VICTORVILLE      CA   92392          2            12/29/01         00
    0413362633                           05           02/01/02          0
    0413362633                           O            01/01/32
    0

    7462680          E22/G01             F          265,000.00         ZZ
                                         360        265,000.00          1
                                       7.500          1,852.92         95
                                       7.250          1,852.92
    HAVERSTRAW       NY   10927          1            01/17/02         01
    0413439316                           05           03/01/02         30
    0413439316                           O            02/01/32
    0

    7462692          E22/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       7.500          2,293.42         80
                                       7.250          2,293.42
    SUNNYVALE        CA   94087          1            01/08/02         00
    0413474065                           05           03/01/02          0
    0413474065                           O            02/01/32
    0

    7462720          E22/G01             F          399,200.00         ZZ
                                         360        399,200.00          1
                                       7.250          2,723.25         80
                                       7.000          2,723.25
1

    SCOTTS VALLEY    CA   95066          1            01/08/02         00
    0413495037                           03           03/01/02          0
    0413495037                           O            02/01/32
    0

    7462724          E22/G01             F          514,500.00         ZZ
                                         360        514,500.00          1
                                       7.250          3,509.80         70
                                       7.000          3,509.80
    HOUSTON          TX   77019          5            01/11/02         00
    0413495607                           05           03/01/02          0
    0413495607                           O            02/01/32
    0

    7463614          E82/G01             F          220,900.00         ZZ
                                         360        220,900.00          1
                                       6.875          1,451.16         60
                                       6.625          1,451.16
    VENTURA          CA   93004          2            01/15/02         00
    0400561973                           05           03/01/02          0
    1536092                              O            02/01/32
    0

    7463648          E82/G01             F          317,400.00         ZZ
                                         360        317,400.00          1
                                       7.000          2,111.67         57
                                       6.750          2,111.67
    CARLSBAD         CA   92009          2            01/11/02         00
    0400527198                           03           03/01/02          0
    1953092                              O            02/01/32
    0

    7463650          E82/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       7.000          2,195.50         71
                                       6.750          2,195.50
    SAN JOSE         CA   95139          5            01/15/02         00
    0400501037                           05           03/01/02          0
    0400501037                           O            02/01/32
    0

    7463672          E82/G01             F          331,500.00         ZZ
                                         360        331,500.00          1
                                       6.625          2,122.63         70
                                       6.375          2,122.63
    BRISTOL          WI   53104          2            01/16/02         00
    0400545737                           05           03/01/02          0
    1638154                              O            02/01/32
    0
1

    7463684          E82/G01             F          430,550.00         ZZ
                                         360        430,550.00          1
                                       6.750          2,792.54         69
                                       6.500          2,792.54
    PACIFICA         CA   94044          2            01/11/02         00
    0400526554                           05           03/01/02          0
    1939377                              O            02/01/32
    0

    7463688          E82/G01             F          283,000.00         ZZ
                                         360        283,000.00          1
                                       6.625          1,812.08         71
                                       6.375          1,812.08
    ROMULUS          MI   48174          2            01/15/02         00
    0400546578                           05           03/01/02          0
    1844025                              O            02/01/32
    0

    7463962          W02/G01             F          344,000.00         ZZ
                                         360        343,696.50          1
                                       6.625          2,202.67         73
                                       6.375          2,202.67
    SANTA CRUZ       CA   95065          5            12/13/01         00
    0433652369                           05           02/01/02          0
    1000634087                           O            01/01/32
    0

    7464150          116/116             F          374,400.00         ZZ
                                         360        374,122.14          1
                                       7.500          2,617.86         84
                                       7.250          2,617.86
    RICHMOND         TX   77469          4            12/19/01         12
    091069571                            05           02/01/02         12
    091069571                            O            01/01/32
    0

    7464244          964/G01             F          426,000.00         ZZ
                                         360        425,633.22          1
                                       6.750          2,763.03         57
                                       6.500          2,763.03
    LITTLETON        CO   80123          2            12/10/01         00
    0433594983                           03           02/01/02          0
    173192                               O            01/01/32
    0

    7466392          E33/G01             F          371,000.00         ZZ
                                         360        371,000.00          1
1

                                       6.875          2,437.21         62
                                       6.625          2,437.21
    LAKE FOREST      IL   60045          2            01/11/02         00
    0433605516                           05           03/01/02          0
    111111                               O            02/01/32
    0

    7467042          964/G01             F          335,000.00         ZZ
                                         360        334,711.58          1
                                       6.750          2,172.80         71
                                       6.500          2,172.80
    COLORADO SPRING  CO   80919          5            12/11/01         00
    0433586740                           05           02/01/02          0
    168219                               O            01/01/32
    0

    7468638          367/367             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       6.875          2,135.02         34
                                       6.625          2,135.02
    WASHINGTON       DC   20016          5            01/04/02         00
    99083283                             05           03/01/02          0
    99083283                             O            02/01/32
    0

    7469504          E84/G01             F          345,600.00         ZZ
                                         360        345,017.64          1
                                       6.875          2,270.35         80
                                       6.625          2,270.35
    LIBERTYVILLE     IL   60048          1            11/16/01         00
    0433593316                           05           01/01/02          0
    11105898                             O            12/01/31
    0

    7471370          Q44/G01             F          389,000.00         ZZ
                                         360        389,000.00          1
                                       6.875          2,555.46         44
                                       6.625          2,555.46
    BLOOMFIELD HILL  MI   48304          2            01/16/02         00
    0433611977                           05           03/01/02          0
    12569                                O            02/01/32
    0

    7471558          N47/G01             F          624,000.00         ZZ
                                         360        624,000.00          1
                                       7.125          4,204.00         80
                                       6.875          4,204.00
    SALINAS          CA   93908          1            01/31/02         00
    0433649936                           05           03/01/02          0
1

    30320148                             O            02/01/32
    0

    7476240          B57/G01             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       7.000          2,341.86         80
                                       6.750          2,341.86
    LOS ANGELES      CA   91325          1            01/15/02         00
    0433605474                           05           03/01/02          0
    2120022                              O            02/01/32
    0

    7479052          A06/G01             F          605,000.00         ZZ
                                         360        605,000.00          1
                                       7.000          4,025.09         51
                                       6.750          4,025.09
    BLOOMFIELD HILL  MI   48302          2            01/17/02         00
    0433611209                           05           03/01/02          0
    021000020148419                      O            02/01/32
    0

    7481020          P09/G01             F          399,000.00         ZZ
                                         360        399,000.00          1
                                       6.950          2,641.17         34
                                       6.700          2,641.17
    GIBSON ISLAND    MD   21056          2            01/25/02         00
    0433645603                           05           03/01/02          0
    R0201048                             O            02/01/32
    0

    7482180          964/G01             F          312,000.00         ZZ
                                         360        311,737.88          1
                                       6.875          2,049.62         72
                                       6.625          2,049.62
    PARKER           CO   80134          2            12/10/01         00
    0433599818                           05           02/01/02          0
    161684                               O            01/01/32
    0

    7483486          893/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       7.125          2,526.44         49
                                       6.875          2,526.44
    HALF MOON BAY    CA   94019          2            01/23/02         00
    0433637402                           05           03/01/02          0
    H20114021                            O            02/01/32
    0

1

    7484460          P21/G01             F          341,600.00         ZZ
                                         360        341,600.00          1
                                       7.000          2,272.67         80
                                       6.750          2,272.67
    LA CRESCENTA     CA   91214          1            01/25/02         00
    0433645983                           05           03/01/02          0
    0105075                              O            02/01/32
    0

    7486280          E22/G01             F          455,000.00         ZZ
                                         360        455,000.00          1
                                       7.375          3,142.57         80
                                       7.125          3,142.57
    BEDFORD          NH   03110          1            01/18/02         00
    0413482399                           05           03/01/02          0
    0413482399                           O            02/01/32
    0

    7486306          E22/G01             F          194,500.00         ZZ
                                         360        194,500.00          1
                                       7.250          1,326.83         62
                                       7.000          1,326.83
    EL CAJON         CA   92020          1            01/14/02         00
    0413495664                           05           03/01/02          0
    0413495664                           O            02/01/32
    0

    7488794          367/367             F          489,543.34         ZZ
                                         299        488,981.18          1
                                       7.500          3,621.81         76
                                       7.250          3,621.81
    MCLEAN           VA   22101          1            01/16/02         00
    99152781                             05           02/01/02          0
    99152781                             O            12/01/26
    0

    7490792          076/076             F          351,000.00         ZZ
                                         360        350,422.90          1
                                       7.000          2,335.21         90
                                       6.750          2,335.21
    BENTONVILLE      AR   72712          2            11/26/01         12
    1616907                              05           01/01/02         25
    1616907                              O            12/01/31
    0

    7490794          076/076             F          420,000.00         ZZ
                                         360        419,256.82          1
                                       6.625          2,689.31         80
                                       6.375          2,689.31
1

    SHAVANO PARK     TX   78231          2            11/21/01         00
    1819468                              05           01/01/02          0
    1819468                              O            12/01/31
    0

    7490796          076/076             F          342,500.00         ZZ
                                         360        342,205.11          1
                                       6.750          2,221.45         66
                                       6.500          2,221.45
    NORTH POTOMAC    MD   20878          2            12/10/01         00
    2038767                              05           02/01/02          0
    2038767                              O            01/01/32
    0

    7490798          076/076             F          319,000.00         ZZ
                                         360        318,462.45          1
                                       6.875          2,095.61         68
                                       6.625          2,095.61
    LECLAIRE         IA   52753          2            11/16/01         00
    2039713                              05           01/01/02          0
    2039713                              O            12/01/31
    0

    7490800          076/076             F          375,000.00         ZZ
                                         360        374,684.96          1
                                       6.875          2,463.48         71
                                       6.625          2,463.48
    FORT SMITH       AR   72903          2            12/14/01         00
    2088270                              05           02/01/02          0
    2088270                              O            01/01/32
    0

    7490802          076/076             F          650,000.00         ZZ
                                         360        648,931.29          1
                                       7.000          4,324.47         60
                                       6.750          4,324.47
    CARMEL           IN   46033          2            11/26/01         00
    2135750                              05           01/01/02          0
    2135750                              O            12/01/31
    0

    7490804          076/076             F          326,250.00         ZZ
                                         360        325,443.04          1
                                       7.000          2,170.55         75
                                       6.750          2,170.55
    SOBIESKI         WI   54171          5            10/22/01         00
    2149055                              05           12/01/01          0
    2149055                              O            11/01/31
    0
1

    7490806          076/076             F          473,000.00         ZZ
                                         360        472,602.63          1
                                       6.875          3,107.27         73
                                       6.625          3,107.27
    BIRMINGHAM       AL   35216          2            12/07/01         00
    2155699                              05           02/01/02          0
    2155699                              O            01/01/32
    0

    7490808          076/076             F          388,000.00         ZZ
                                         360        387,329.98          1
                                       6.750          2,516.56         80
                                       6.500          2,516.56
    SOUTHLAKE        TX   76092          1            11/30/01         00
    2175120                              03           01/01/02          0
    2175120                              O            12/01/31
    0

    7490810          076/076             F          313,600.00         ZZ
                                         360        312,785.40          1
                                       6.750          2,034.01         80
                                       6.500          2,034.01
    RIVA             MD   21140          1            11/02/01         00
    2177482                              05           12/01/01          0
    2177482                              O            11/01/31
    0

    7490812          076/076             F          375,000.00         ZZ
                                         360        374,684.95          1
                                       6.875          2,463.49         74
                                       6.625          2,463.49
    OZARK            MO   65721          2            12/10/01         00
    2243249                              05           02/01/02          0
    2243249                              O            01/01/32
    0

    7490814          076/076             F          326,000.00         ZZ
                                         360        325,612.35          1
                                       6.750          2,114.43         77
                                       6.500          2,114.43
    ATHENS           GA   30606          2            12/07/01         00
    2243679                              05           02/01/02          0
    2243679                              O            01/01/32
    0

    7499172          N47/G01             F          322,500.00         ZZ
                                         360        322,500.00          1
1

                                       7.125          2,172.74         75
                                       6.875          2,172.74
    ANTIOCH          CA   94509          2            01/23/02         00
    0433647864                           05           03/01/02          0
    20220117                             O            02/01/32
    0

    7503712          952/G01             F          398,000.00         ZZ
                                         360        398,000.00          1
                                       6.875          2,614.58         79
                                       6.625          2,614.58
    RAMSEY           NJ   07446          1            01/17/02         00
    0433617404                           05           03/01/02          0
    20014587                             O            02/01/32
    0

    7509586          964/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.875          2,167.87         80
                                       6.625          2,167.87
    HUNTINGTON BEAC  CA   92646          1            01/29/02         00
    0433642584                           05           03/01/02          0
    182067                               O            02/01/32
    0

    7509654          964/G01             F          355,900.00         ZZ
                                         360        355,900.00          1
                                       6.875          2,338.01         80
                                       6.625          2,338.01
    CYPRESS          CA   90630          1            01/28/02         00
    0433642865                           03           03/01/02          0
    183658                               O            02/01/32
    0

    7511216          E22/G01             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       7.000          2,361.82         51
                                       6.750          2,361.82
    NEVADA CITY      CA   95959          5            01/09/02         00
    0413526880                           05           03/01/02          0
    0413526880                           O            02/01/32
    0

    7511978          956/G01             F          391,000.00         ZZ
                                         360        390,341.04          1
                                       6.875          2,568.59         76
                                       6.625          2,568.59
    SHAKER HEIGHTS   OH   44122          2            12/03/01         00
    0433619764                           05           01/01/02          0
1

    3811110109                           O            12/01/31
    0

    7512080          168/168             F          450,000.00         ZZ
                                         360        448,886.95          1
                                       7.000          2,993.86         72
                                       6.750          2,993.86
    CINCINNATI       OH   45255          2            10/31/01         00
    0059986263                           05           12/01/01          0
    0059986263                           O            11/01/31
    0

    7512328          168/168             F          495,000.00         ZZ
                                         360        494,205.95          1
                                       7.125          3,334.91         80
                                       6.875          3,334.91
    WOODBURY         NY   11797          1            11/30/01         00
    0069312117                           05           01/01/02          0
    0069312117                           O            12/01/31
    0

    7512614          168/168             F          770,000.00         ZZ
                                         360        768,764.84          1
                                       7.125          5,187.63         60
                                       6.875          5,187.63
    COLUMBUS         OH   43221          2            10/31/01         00
    0069323143                           05           01/01/02          0
    0069323143                           O            12/01/31
    0

    7512792          E82/G01             F          404,200.00         ZZ
                                         360        404,200.00          1
                                       7.000          2,689.15         49
                                       6.750          2,689.15
    MINNETONKA       MN   55391          2            01/17/02         00
    0400553780                           05           03/01/02          0
    1669185                              O            02/01/32
    0

    7512800          E82/G01             F          378,300.00         ZZ
                                         360        378,300.00          1
                                       6.625          2,422.30         66
                                       6.375          2,422.30
    STAFFORD         VA   22554          2            01/17/02         00
    0400539193                           05           03/01/02          0
    4862483                              O            02/01/32
    0

1

    7512802          E82/G01             F          977,200.00         ZZ
                                         360        977,200.00          1
                                       6.625          6,257.12         49
                                       6.375          6,257.12
    HONOLULU         HI   96821          2            01/16/02         00
    0400545851                           03           03/01/02          0
    0400545851                           O            02/01/32
    0

    7512810          E82/G01             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.875          2,463.48         61
                                       6.625          2,463.48
    BREWSTER         NY   10509          2            01/17/02         00
    0400533345                           05           03/01/02          0
    1914938                              O            02/01/32
    0

    7512814          E82/G01             F          361,200.00         ZZ
                                         360        361,200.00          1
                                       6.750          2,342.74         22
                                       6.500          2,342.74
    TAHOE CITY       CA   96145          2            01/18/02         00
    0400548772                           03           03/01/02          0
    0400548772                           O            02/01/32
    0

    7512846          E82/G01             F          440,000.00         ZZ
                                         360        440,000.00          1
                                       6.875          2,890.49         51
                                       6.625          2,890.49
    HALF MOON BAY    CA   94019          2            01/17/02         00
    0400527446                           05           03/01/02          0
    1644543                              O            02/01/32
    0

    7512858          E82/G01             F          269,400.00         ZZ
                                         360        269,400.00          1
                                       6.875          1,769.77         68
                                       6.625          1,769.77
    PORT WASHINGTON  NY   11050          2            01/17/02         00
    0400533477                           05           03/01/02          0
    1883430                              O            02/01/32
    0

    7512860          E82/G01             F          317,500.00         ZZ
                                         360        317,500.00          1
                                       7.000          2,112.34         80
                                       6.750          2,112.34
1

    ALAMEDA          CA   94501          2            01/17/02         00
    0400561791                           05           03/01/02          0
    4013287                              O            02/01/32
    0

    7513188          956/G01             F          372,000.00         ZZ
                                         360        371,687.47          1
                                       6.875          2,443.78         84
                                       6.625          2,443.78
    LAS FLORES       CA   92688          2            12/05/01         10
    0433627882                           03           02/01/02         12
    0119110008                           O            01/01/32
    0

    7513580          A21/A21             F          425,000.00         ZZ
                                         360        425,000.00          1
                                       6.750          2,756.55         57
                                       6.500          2,756.55
    TENAFLY          NJ   07670          2            01/30/02         00
    0100131894                           05           03/01/02          0
    0100131894                           O            02/01/32
    0

    7516362          964/G01             F          555,000.00         ZZ
                                         360        555,000.00          1
                                       6.875          3,645.95         74
                                       6.625          3,645.95
    HUNTINGTON BEAC  CA   92648          2            01/17/02         00
    0433652716                           03           03/01/02          0
    162531                               O            02/01/32
    0

    7516782          964/G01             F          350,000.00         ZZ
                                         360        349,705.96          1
                                       6.875          2,299.25         77
                                       6.625          2,299.25
    PASADENA         CA   91104          5            12/21/01         00
    0433597143                           05           02/01/02          0
    170585                               O            01/01/32
    0

    7521316          M27/G01             F          430,000.00         T
                                         360        430,000.00          1
                                       7.000          2,860.80         41
                                       6.750          2,860.80
    MOREHEAD CITY    NC   28557          2            01/28/02         00
    0433650728                           05           03/01/02          0
    600729265                            O            02/01/32
    0
1

    7535884          E22/G01             F          330,000.00         ZZ
                                         360        330,000.00          1
                                       6.750          2,140.37         60
                                       6.500          2,140.37
    SAN JOSE         CA   95119          2            01/14/02         00
    0413393612                           05           03/01/02          0
    0413393612                           O            02/01/32
    0

    7535950          E22/G01             F          345,000.00         ZZ
                                         360        345,000.00          1
                                       6.750          2,237.66         77
                                       6.500          2,237.66
    LITTLETON        CO   80120          2            01/15/02         00
    0413483926                           03           03/01/02          0
    0413483926                           O            02/01/32
    0

    7543652          H58/G01             F          385,000.00         ZZ
                                         360        385,000.00          1
                                       6.875          2,529.18         65
                                       6.625          2,529.18
    SACRAMENTO       CA   95819          1            01/09/02         00
    0433634524                           05           03/01/02          0
    0000086198                           O            02/01/32
    0

    7543766          964/G01             F          293,000.00         ZZ
                                         360        292,741.49          1
                                       6.625          1,876.11         92
                                       6.375          1,876.11
    PARKER           CO   80134          2            12/20/01         04
    0433600848                           05           02/01/02         30
    170866                               O            01/01/32
    0

    7544974          994/994             F          430,700.00         ZZ
                                         360        429,264.27          1
                                       6.750          2,793.51         64
                                       6.500          2,793.51
    RAMONA           CA   92065          2            11/15/01         00
    218999526                            05           01/01/02          0
    218999526                            O            12/01/31
    0

    7545854          994/994             F          402,000.00         ZZ
                                         360        399,046.53          1
1

                                       6.750          2,607.36         72
                                       6.500          2,607.36
    CORVALLS         MT   59828          2            12/20/01         00
    81378717                             05           02/01/02          0
    81378717                             O            01/01/32
    0

    7551534          E23/G01             F          332,000.00         ZZ
                                         360        332,000.00          1
                                       6.875          2,181.00         80
                                       6.625          2,181.00
    ASHLAND          OR   97520          1            01/30/02         00
    0433638152                           05           03/01/02          0
    71003159                             O            02/01/32
    0

    7556304          E22/G01             F          628,000.00         ZZ
                                         360        628,000.00          1
                                       6.875          4,125.51         68
                                       6.625          4,125.51
    SUNNYVALE        CA   94087          2            01/18/02         00
    0413213232                           05           03/01/02          0
    0413213232                           O            02/01/32
    0

    7556308          E22/G01             F          540,000.00         ZZ
                                         360        540,000.00          1
                                       6.875          3,547.42         72
                                       6.625          3,547.42
    SAN MATEO        CA   94401          2            01/16/02         00
    0413237702                           05           03/01/02          0
    0413237702                           O            02/01/32
    0

    7556322          E22/G01             F          420,000.00         ZZ
                                         240        420,000.00          1
                                       6.750          3,193.53         70
                                       6.500          3,193.53
    SAN CARLOS       CA   94070          2            01/11/02         00
    0413301482                           05           03/01/02          0
    0413301482                           O            02/01/22
    0

    7556340          E22/G01             F          398,000.00         ZZ
                                         360        398,000.00          1
                                       7.125          2,681.40         70
                                       6.875          2,681.40
    SOUTH SAN FRANC  CA   94080          2            01/11/02         00
    0413357054                           03           03/01/02          0
1

    0413357054                           O            02/01/32
    0

    7556356          E22/G01             F          524,000.00         ZZ
                                         360        524,000.00          1
                                       7.125          3,530.29         60
                                       6.875          3,530.29
    HIGHLAND PARK    TX   75205          5            01/16/02         00
    0413392176                           05           03/01/02          0
    0413392176                           O            02/01/32
    0

    7556436          E22/G01             F           21,600.00         ZZ
                                         360         21,600.00          1
                                       8.375            164.18         45
                                       8.125            164.18
    SUMMITVILLE      IN   46070          5            01/18/02         00
    0413469032                           05           03/01/02          0
    0413469032                           O            02/01/32
    0

    7556444          E22/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.125          3,368.59         63
                                       6.875          3,368.59
    HOUSTON          TX   77056          5            01/18/02         00
    0413474644                           03           03/01/02          0
    0413474644                           O            02/01/32
    0

    7557346          405/405             F          605,800.00         ZZ
                                         360        605,278.42          1
                                       6.750          3,929.21         80
                                       6.250          3,929.21
    ALLEN            TX   75013          2            12/05/01         00
    0012664264                           03           02/01/02          0
    0012664264                           O            01/01/32
    0

    7557348          405/405             F          415,000.00         ZZ
                                         360        414,633.86          1
                                       6.625          2,657.29         75
                                       6.250          2,657.29
    LAFAYETTE        CO   80026          5            12/10/01         00
    0012665675                           03           02/01/02          0
    0012665675                           O            01/01/32
    0

1

    7557350          405/405             F          322,000.00         ZZ
                                         360        321,722.76          1
                                       6.750          2,088.49         75
                                       6.250          2,088.49
    THOUSAND OAKS    CA   91320          2            12/01/01         00
    0012691754                           03           02/01/02          0
    0012691754                           O            01/01/32
    0

    7557352          405/405             F          425,300.00         ZZ
                                         360        424,600.74          1
                                       7.000          2,829.53         58
                                       6.500          2,829.53
    FRISCO           TX   75034          2            11/30/01         00
    0012716015                           03           01/01/02          0
    0012716015                           O            12/01/31
    0

    7557354          405/405             F          335,000.00         ZZ
                                         360        334,718.56          1
                                       6.875          2,200.71         71
                                       6.375          2,200.71
    REDWOOD CITY     CA   94061          5            12/21/01         00
    0017677808                           05           02/01/02          0
    0017677808                           O            01/01/32
    0

    7557356          405/405             F          358,000.00         ZZ
                                         360        357,706.54          1
                                       7.000          2,381.79         58
                                       6.500          2,381.79
    CONCORD          CA   94521          2            12/14/01         00
    0017805243                           05           02/01/02          0
    0017805243                           O            01/01/32
    0

    7557360          405/405             F          325,000.00         ZZ
                                         360        324,733.55          1
                                       7.000          2,162.24         72
                                       6.500          2,162.24
    HUNTINGTON BEAC  CA   92646          5            12/20/01         00
    0017923665                           05           02/01/02          0
    0017923665                           O            01/01/32
    0

    7557364          405/405             F          445,000.00         ZZ
                                         360        444,616.86          1
                                       6.750          2,886.27         67
                                       6.250          2,886.27
1

    THOUSAND OAKS    CA   91360          2            12/28/01         00
    0017969502                           05           02/01/02          0
    0017969502                           O            01/01/32
    0

    7557366          405/405             F          585,000.00         ZZ
                                         360        584,496.33          1
                                       6.750          3,794.30         55
                                       6.250          3,794.30
    MANHATTAN BEACH  CA   90266          5            12/13/01         00
    0017969593                           05           02/01/02          0
    0017969593                           O            01/01/32
    0

    7557368          405/405             F          403,000.00         ZZ
                                         360        402,661.42          1
                                       6.875          2,647.43         49
                                       6.375          2,647.43
    CORTE MADERA     CA   94925          2            12/13/01         00
    0017973751                           05           02/01/02          0
    0017973751                           O            01/01/32
    0

    7557370          405/405             F          483,800.00         ZZ
                                         360        483,383.46          1
                                       6.750          3,137.92         46
                                       6.250          3,137.92
    LOS ALTOS        CA   94022          2            12/13/01         00
    0017979113                           05           02/01/02          0
    0017979113                           O            01/01/32
    0

    7557372          405/405             F          404,000.00         ZZ
                                         360        403,406.67          1
                                       7.000          2,687.83         80
                                       6.500          2,687.83
    ORANGE           CA   92869          2            12/20/01         00
    0017979956                           05           02/01/02          0
    0017979956                           O            01/01/32
    0

    7557374          405/405             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         79
                                       6.375          2,627.72
    LAKE FOREST      CA   92610          2            12/17/01         00
    0017984568                           03           02/01/02          0
    0017984568                           O            01/01/32
    0
1

    7557376          405/405             F          596,000.00         ZZ
                                         360        594,179.54          1
                                       6.750          3,865.65         33
                                       6.250          3,865.65
    LAGUNA BEACH     CA   92651          2            12/17/01         00
    0017988502                           03           02/01/02          0
    0017988502                           O            01/01/32
    0

    7557378          405/405             F          408,000.00         ZZ
                                         360        407,657.23          1
                                       6.875          2,680.27         70
                                       6.375          2,680.27
    MANHATTAN BEACH  CA   90266          2            12/13/01         00
    0017989138                           05           02/01/02          0
    0017989138                           O            01/01/32
    0

    7557382          405/405             F          320,000.00         ZZ
                                         360        319,737.70          1
                                       7.000          2,128.97         37
                                       6.500          2,128.97
    SAN FRANCISCO    CA   94114          2            12/19/01         00
    0017993726                           05           02/01/02          0
    0017993726                           O            01/01/32
    0

    7557386          405/405             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         69
                                       6.375          2,627.72
    SOUTH SAN FRANC  CA   94080          5            12/18/01         00
    0018013714                           05           02/01/02          0
    0018013714                           O            01/01/32
    0

    7557388          405/405             F          390,000.00         ZZ
                                         360        389,664.21          1
                                       6.750          2,529.54         13
                                       6.250          2,529.54
    LOS GATOS        CA   95030          2            12/19/01         00
    0018016790                           05           02/01/02          0
    0018016790                           O            01/01/32
    0

    7557390          405/405             F          431,000.00         ZZ
                                         360        430,619.74          1
1

                                       6.625          2,759.74         42
                                       6.250          2,759.74
    ALAMO            CA   94507          2            12/17/01         00
    0018028084                           03           02/01/02          0
    0018028084                           O            01/01/32
    0

    7557392          405/405             F          499,000.00         ZZ
                                         360        498,580.77          1
                                       6.875          3,278.08         17
                                       6.375          3,278.08
    LOS GATOS        CA   95032          5            12/19/01         00
    0018035105                           05           02/01/02          0
    0018035105                           O            01/01/32
    0

    7557396          405/405             F          363,500.00         ZZ
                                         360        363,500.00          1
                                       6.625          2,327.53         69
                                       6.250          2,327.53
    WILMINGTON       DE   19803          2            12/28/01         00
    0018059923                           05           03/01/02          0
    0018059923                           O            02/01/32
    0

    7557398          405/405             F          529,500.00         ZZ
                                         360        529,076.57          1
                                       7.125          3,567.34         67
                                       6.625          3,567.34
    WESTLAKE VILLAG  CA   91361          5            12/21/01         00
    0018063073                           03           02/01/02          0
    0018063073                           O            01/01/32
    0

    7557400          405/405             F          440,000.00         ZZ
                                         360        439,639.34          1
                                       7.000          2,927.33         80
                                       6.500          2,927.33
    SAN RAMON        CA   94583          1            12/18/01         00
    0018066167                           05           02/01/02          0
    0018066167                           O            01/01/32
    0

    7557402          405/405             F          604,000.00         ZZ
                                         360        603,479.96          1
                                       6.750          3,917.54         80
                                       6.250          3,917.54
    TORRANCE         CA   90505          2            12/21/01         00
    0018066282                           05           02/01/02          0
1

    0018066282                           O            01/01/32
    0

    7557406          405/405             F          432,800.00         ZZ
                                         360        432,414.83          1
                                       7.250          2,952.46         80
                                       6.750          2,952.46
    MORAGA           CA   94556          1            12/20/01         00
    0018080515                           05           02/01/02          0
    0018080515                           O            01/01/32
    0

    7557408          405/405             F          344,000.00         ZZ
                                         360        343,731.64          1
                                       7.250          2,346.69         80
                                       6.750          2,346.69
    SAN FRANCISCO    CA   94123          1            12/27/01         00
    0018087833                           01           02/01/02          0
    0018087833                           O            01/01/32
    0

    7557410          405/405             F          316,000.00         ZZ
                                         360        315,734.52          1
                                       6.875          2,075.90         80
                                       6.375          2,075.90
    TORRANCE         CA   90503          1            12/15/01         00
    0018092312                           05           02/01/02          0
    0018092312                           O            01/01/32
    0

    7557412          405/405             F          419,500.00         ZZ
                                         360        419,147.57          1
                                       6.875          2,755.82         80
                                       6.375          2,755.82
    CARLSBAD         CA   92009          1            12/21/01         00
    0018092643                           01           02/01/02          0
    0018092643                           O            01/01/32
    0

    7557414          405/405             F          396,000.00         ZZ
                                         360        395,675.40          1
                                       7.000          2,634.60         74
                                       6.500          2,634.60
    GRANITE BAY      CA   95746          2            12/20/01         00
    0018095042                           05           02/01/02          0
    0018095042                           O            01/01/32
    0

1

    7557418          405/405             F          390,300.00         ZZ
                                         360        389,972.09          1
                                       6.875          2,564.00         80
                                       6.375          2,564.00
    DACULA           GA   30019          1            12/31/01         00
    0018098251                           05           02/01/02          0
    0018098251                           O            01/01/32
    0

    7557420          405/405             F          375,000.00         ZZ
                                         360        374,692.61          1
                                       7.000          2,494.89         78
                                       6.500          2,494.89
    TORRANCE         CA   90505          1            12/27/01         00
    0018106856                           05           02/01/02          0
    0018106856                           O            01/01/32
    0

    7557422          405/405             F          413,800.00         ZZ
                                         300        413,289.17          1
                                       7.000          2,924.66         35
                                       6.500          2,924.66
    GREAT FALLS      VA   22066          2            12/28/01         00
    0018112722                           03           02/01/02          0
    0018112722                           O            01/01/27
    0

    7557424          405/405             F          464,000.00         ZZ
                                         360        463,619.66          1
                                       7.000          3,087.01         80
                                       6.500          3,087.01
    SAN FRANCISCO    CA   94116          1            12/18/01         00
    0018122242                           05           02/01/02          0
    0018122242                           O            01/01/32
    0

    7557426          405/405             F          337,500.00         ZZ
                                         360        337,236.71          1
                                       7.250          2,302.35         90
                                       6.750          2,302.35
    ATLANTA          GA   30305          1            12/31/01         14
    0018159764                           05           02/01/02         25
    0018159764                           O            01/01/32
    0

    7557428          405/405             F          501,000.00         ZZ
                                         360        500,568.65          1
                                       6.750          3,249.48         46
                                       6.250          3,249.48
1

    WARREN           NJ   07059          2            12/24/01         00
    0019610013                           05           02/01/02          0
    0019610013                           O            01/01/32
    0

    7557432          405/405             F          319,000.00         ZZ
                                         360        318,581.99          1
                                       6.875          2,095.61         42
                                       6.375          2,095.61
    MILLBRAE         CA   94030          2            12/19/01         00
    0019963859                           05           02/01/02          0
    0019963859                           O            01/01/32
    0

    7557434          405/405             F          313,000.00         ZZ
                                         360        312,755.82          1
                                       7.250          2,135.22         46
                                       6.750          2,135.22
    MORAGA           CA   94556          5            12/18/01         00
    0019969765                           05           02/01/02          0
    0019969765                           O            01/01/32
    0

    7557436          405/405             F          375,000.00         ZZ
                                         360        374,707.47          1
                                       7.250          2,558.16         39
                                       6.750          2,558.16
    LOS ANGELES      CA   90049          5            12/18/01         00
    0019974138                           05           02/01/02          0
    0019974138                           O            01/01/32
    0

    7557574          405/405             F          358,200.00         ZZ
                                         360        357,015.20          1
                                       7.000          2,383.12         70
                                       6.500          2,383.12
    AUSTIN           TX   78746          2            09/20/01         00
    0012461752                           05           11/01/01          0
    0012461752                           O            10/01/31
    0

    7557576          405/405             F          325,200.00         ZZ
                                         360        324,334.50          1
                                       6.625          2,082.29         80
                                       6.375          2,082.29
    SUGAR LAND       TX   77478          2            10/29/01         00
    0012584470                           03           12/01/01          0
    0012584470                           O            11/01/31
    0
1

    7557578          405/405             F          536,100.00         ZZ
                                         360        535,649.61          1
                                       6.875          3,521.80         74
                                       6.500          3,521.80
    ST LOUIS         MO   63124          2            12/06/01         00
    0012585345                           03           02/01/02          0
    0012585345                           O            01/01/32
    0

    7557580          405/405             F          349,600.00         ZZ
                                         360        348,691.91          1
                                       6.750          2,267.50         80
                                       6.500          2,267.50
    CHARLOTTE        NC   28209          1            10/30/01         00
    0012589503                           05           12/01/01          0
    0012589503                           O            11/01/31
    0

    7557582          405/405             F          407,000.00         ZZ
                                         360        406,314.18          1
                                       6.875          2,673.70         66
                                       6.500          2,673.70
    LOS ANGELES      CA   90066          2            11/20/01         00
    0012613329                           05           01/01/02          0
    0012613329                           O            12/01/31
    0

    7557584          405/405             F          442,600.00         ZZ
                                         360        441,835.71          1
                                       6.750          2,870.70         77
                                       6.500          2,870.70
    CLARKSVILLE      MD   21029          2            11/08/01         00
    0012615951                           03           01/01/02          0
    0012615951                           O            12/01/31
    0

    7557586          405/405             F          407,000.00         ZZ
                                         360        406,314.18          1
                                       6.875          2,673.70         66
                                       6.500          2,673.70
    LITTLETON        CO   80124          2            11/16/01         00
    0012625679                           03           01/01/02          0
    0012625679                           O            12/01/31
    0

    7557588          405/405             F          368,000.00         ZZ
                                         360        367,690.83          1
1

                                       6.875          2,417.50         80
                                       6.500          2,417.50
    BOULDER          CO   80304          2            12/05/01         00
    0012637773                           05           02/01/02          0
    0012637773                           O            01/01/32
    0

    7557590          405/405             F          400,000.00         ZZ
                                         360        399,655.61          1
                                       6.750          2,594.39         69
                                       6.500          2,594.39
    DENVER           CO   80220          5            12/06/01         00
    0012652475                           05           02/01/02          0
    0012652475                           O            01/01/32
    0

    7557594          405/405             F          465,900.00         ZZ
                                         360        465,095.48          1
                                       6.750          3,021.82         80
                                       6.500          3,021.82
    AUSTIN           TX   78750          1            11/14/01         00
    0012654356                           03           01/01/02          0
    0012654356                           O            12/01/31
    0

    7557596          405/405             F          389,000.00         ZZ
                                         360        388,311.69          1
                                       6.625          2,490.81         74
                                       6.375          2,490.81
    PARKER           CO   80134          2            11/28/01         00
    0012666335                           05           01/01/02          0
    0012666335                           O            12/01/31
    0

    7557598          405/405             F          546,350.00         ZZ
                                         360        545,383.28          1
                                       6.625          3,498.34         77
                                       6.375          3,498.34
    LAFAYETTE        CO   80026          2            11/26/01         00
    0012672523                           03           01/01/02          0
    0012672523                           O            12/01/31
    0

    7557602          405/405             F          350,000.00         ZZ
                                         360        349,410.23          1
                                       6.875          2,299.25         39
                                       6.500          2,299.25
    LITTLETON        CO   80123          5            11/28/01         00
    0012725578                           03           01/01/02          0
1

    0012725578                           O            12/01/31
    0

    7557604          405/405             F          340,000.00         ZZ
                                         360        339,518.51          1
                                       7.750          2,435.80         80
                                       7.250          2,435.80
    SAFETY HARBOR    FL   34695          1            11/21/01         00
    0012726311                           05           01/01/02          0
    0012726311                           O            12/01/31
    0

    7557606          405/405             F          329,600.00         ZZ
                                         360        329,323.09          1
                                       6.875          2,165.24         80
                                       6.500          2,165.24
    SANTE FE         NM   87501          1            12/14/01         00
    0012729224                           05           02/01/02          0
    0012729224                           O            01/01/32
    0

    7557608          405/405             F          584,000.00         ZZ
                                         360        583,509.36          1
                                       6.875          3,836.47         80
                                       6.500          3,836.47
    SOUTHLAKE        TX   76092          1            12/05/01         00
    0012732616                           03           02/01/02          0
    0012732616                           O            01/01/32
    0

    7557610          405/405             F          650,000.00         ZZ
                                         360        649,453.92          1
                                       6.875          4,270.04         73
                                       6.500          4,270.04
    LAGUNA NIGUEL    CA   92677          1            12/11/01         00
    0012754701                           03           02/01/02          0
    0012754701                           O            01/01/32
    0

    7557612          405/405             F          332,000.00         ZZ
                                         360        331,727.87          1
                                       7.000          2,208.80         62
                                       6.500          2,208.80
    SHORELINE        WA   98177          5            12/14/01         00
    0012756516                           05           02/01/02          0
    0012756516                           O            01/01/32
    0

1

    7557614          405/405             F          425,000.00         ZZ
                                         360        424,283.85          1
                                       6.875          2,791.95         39
                                       6.500          2,791.95
    LAKE OSWEGO      OR   97035          1            11/20/01         00
    0012768933                           05           01/01/02          0
    0012768933                           O            12/01/31
    0

    7557622          405/405             F          370,000.00         ZZ
                                         360        369,673.56          1
                                       6.625          2,369.15         65
                                       6.375          2,369.15
    PLEASANTON       CA   94588          5            12/13/01         00
    0017852989                           03           02/01/02          0
    0017852989                           O            01/01/32
    0

    7557626          405/405             F          437,000.00         ZZ
                                         360        437,000.00          1
                                       7.125          2,944.15         70
                                       6.625          2,944.15
    PINEHURST        NC   28374          5            01/10/02         00
    0017917469                           05           03/01/02          0
    0017917469                           O            02/01/32
    0

    7557628          405/405             F          358,845.00         ZZ
                                         360        358,845.00          1
                                       7.125          2,417.61         80
                                       6.625          2,417.61
    SAN DIEGO        CA   92101          1            01/03/02         00
    0017944489                           01           03/01/02          0
    0017944489                           O            02/01/32
    0

    7557630          405/405             F          507,000.00         T
                                         360        507,000.00          1
                                       6.750          3,288.40         60
                                       6.500          3,288.40
    KAILUA           HI   96734          2            01/10/02         00
    0017954074                           05           03/01/02          0
    0017954074                           O            02/01/32
    0

    7557632          405/405             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       6.750          3,405.15         63
                                       6.500          3,405.15
1

    CHEVY CHASE      MD   20815          5            01/02/02         00
    0017972043                           05           03/01/02          0
    0017972043                           O            02/01/32
    0

    7557634          405/405             F          323,000.00         ZZ
                                         360        322,728.64          1
                                       6.875          2,121.88         53
                                       6.500          2,121.88
    NEWBURYPORT      MA   01950          2            12/28/01         00
    0017983511                           05           02/01/02          0
    0017983511                           O            01/01/32
    0

    7557636          405/405             F          327,000.00         ZZ
                                         360        326,725.28          1
                                       6.875          2,148.16         59
                                       6.500          2,148.16
    YORBA LINDA      CA   92886          2            12/28/01         00
    0017984907                           05           02/01/02          0
    0017984907                           O            01/01/32
    0

    7557638          405/405             F          470,100.00         ZZ
                                         360        469,733.28          1
                                       7.250          3,206.91         80
                                       6.750          3,206.91
    SAN JOSE         CA   95125          2            12/26/01         00
    0018027649                           05           02/01/02          0
    0018027649                           O            01/01/32
    0

    7557640          405/405             F          344,000.00         ZZ
                                         360        343,738.24          1
                                       7.375          2,375.93         80
                                       6.875          2,375.93
    SAN JOSE         CA   95124          1            12/26/01         00
    0018031633                           05           02/01/02          0
    0018031633                           O            01/01/32
    0

    7557642          405/405             F          596,250.00         T
                                         360        596,250.00          1
                                       6.875          3,916.94         75
                                       6.500          3,916.94
    ASHLAND          OR   97520          1            01/02/02         00
    0018056101                           05           03/01/02          0
    0018056101                           O            02/01/32
    0
1

    7557644          405/405             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       6.750          2,172.81         78
                                       6.500          2,172.81
    LOS ANGELES      CA   90041          2            01/02/02         00
    0018062307                           05           03/01/02          0
    0018062307                           O            02/01/32
    0

    7557646          405/405             F          525,000.00         ZZ
                                         360        525,000.00          1
                                       7.000          3,492.84         75
                                       6.500          3,492.84
    LOS ANGELES      CA   90077          2            01/07/02         00
    0018070565                           01           03/01/02          0
    0018070565                           O            02/01/32
    0

    7557648          405/405             F          325,000.00         ZZ
                                         360        325,000.00          1
                                       7.250          2,217.08         48
                                       6.750          2,217.08
    SAN DIEGO        CA   92037          2            01/03/02         00
    0018088492                           01           03/01/02          0
    0018088492                           O            02/01/32
    0

    7557650          405/405             F          423,600.00         ZZ
                                         360        423,600.00          1
                                       6.875          2,782.75         80
                                       6.500          2,782.75
    REDONDO BEACH    CA   90278          1            01/03/02         00
    0018092247                           01           03/01/02          0
    0018092247                           O            02/01/32
    0

    7557652          405/405             F          550,000.00         ZZ
                                         360        550,000.00          1
                                       6.750          3,567.29         55
                                       6.500          3,567.29
    SAN FRANCISCO    CA   94114          1            01/03/02         00
    0018094201                           05           03/01/02          0
    0018094201                           O            02/01/32
    0

    7557654          405/405             F          560,000.00         ZZ
                                         360        560,000.00          1
1

                                       6.625          3,585.74         56
                                       6.375          3,585.74
    MONROVIA         CA   91016          1            01/09/02         00
    0018096750                           05           03/01/02          0
    0018096750                           O            02/01/32
    0

    7557656          405/405             F          435,000.00         ZZ
                                         360        435,000.00          1
                                       6.875          2,857.64         56
                                       6.500          2,857.64
    MALIBU           CA   90265          2            01/11/02         00
    0018100743                           05           03/01/02          0
    0018100743                           O            02/01/32
    0

    7557658          405/405             F          319,900.00         ZZ
                                         360        319,631.24          1
                                       6.875          2,101.52         77
                                       6.500          2,101.52
    MANHEIM          PA   17545          1            01/11/02         00
    0018101162                           05           02/01/02          0
    0018101162                           O            01/01/32
    0

    7557660          405/405             F          480,000.00         ZZ
                                         360        480,000.00          1
                                       6.875          3,153.26         80
                                       6.500          3,153.26
    PLEASANT HILL    CA   94523          1            01/02/02         00
    0018134049                           05           03/01/02          0
    0018134049                           O            02/01/32
    0

    7557664          405/405             F          337,600.00         ZZ
                                         360        337,600.00          1
                                       7.125          2,274.48         80
                                       6.625          2,274.48
    LOS ANGELES      CA   90034          1            01/14/02         00
    0018134536                           05           03/01/02          0
    0018134536                           O            02/01/32
    0

    7557666          405/405             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       7.250          2,428.55         80
                                       6.750          2,428.55
    SAN CLEMENTE     CA   92673          1            01/08/02         00
    0018135053                           05           03/01/02          0
1

    0018135053                           O            02/01/32
    0

    7557668          405/405             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       7.125          2,290.65         80
                                       6.625          2,290.65
    SAN BRUNO        CA   94066          1            01/10/02         00
    0018137331                           05           03/01/02          0
    0018137331                           O            02/01/32
    0

    7557670          405/405             F          534,400.00         ZZ
                                         360        534,400.00          1
                                       7.250          3,645.55         80
                                       6.750          3,645.55
    LOS ANGELES      CA   90291          1            01/09/02         00
    0018137901                           05           03/01/02          0
    0018137901                           O            02/01/32
    0

    7557672          405/405             F          351,200.00         ZZ
                                         360        351,200.00          1
                                       7.250          2,395.81         80
                                       6.750          2,395.81
    WEST HOLLYWOOD   CA   90069          1            01/02/02         00
    0018140673                           01           03/01/02          0
    0018140673                           O            02/01/32
    0

    7557674          405/405             F          413,000.00         ZZ
                                         360        413,000.00          1
                                       7.500          2,887.76         74
                                       7.000          2,887.76
    MONTCLAIR        NJ   07043          5            01/08/02         00
    0018147181                           05           03/01/02          0
    0018147181                           O            02/01/32
    0

    7557678          405/405             F          352,000.00         ZZ
                                         360        351,200.00          1
                                       7.500          2,461.24         80
                                       7.000          2,461.24
    SAN CLEMENTE     CA   92673          1            12/31/01         00
    0018161315                           05           02/01/02          0
    0018161315                           O            01/01/32
    0

1

    7557680          405/405             F          415,920.00         ZZ
                                         360        415,920.00          1
                                       7.000          2,767.13         80
                                       6.500          2,767.13
    REDONDO BEACH    CA   90278          1            01/11/02         00
    0018161539                           01           03/01/02          0
    0018161539                           O            02/01/32
    0

    7557684          405/405             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.250          2,387.62         61
                                       6.750          2,387.62
    TRABUCO CANYON   CA   92679          2            12/28/01         00
    0019945369                           03           03/01/02          0
    0019945369                           O            02/01/32
    0

    7557686          405/405             F          319,000.00         ZZ
                                         360        319,000.00          1
                                       7.000          2,122.32         51
                                       6.500          2,122.32
    PACIFIC PALISAD  CA   90272          2            01/03/01         00
    0019971050                           01           03/01/02          0
    0019971050                           O            02/01/32
    0

    7557690          405/405             F          607,900.00         ZZ
                                         360        607,900.00          1
                                       6.375          3,792.51         80
                                       6.125          3,792.51
    SAN JOSE         CA   95135          1            01/03/02         00
    0019995232                           05           03/01/02          0
    0019995232                           O            02/01/32
    0

    7558606          E82/G01             F          393,300.00         ZZ
                                         360        393,300.00          1
                                       6.875          2,583.70         68
                                       6.625          2,583.70
    ST. SIMONS ISLA  GA   31522          2            01/23/02         00
    0400534269                           05           03/01/02          0
    4864204                              O            02/01/32
    0

    7560716          405/405             F          475,000.00         ZZ
                                         360        475,000.00          1
                                       6.750          3,080.85         68
                                       6.500          3,080.85
1

    REDWOOD CITY     CA   94065          2            01/07/02         00
    18034157                             03           03/01/02          0
    18034157                             O            02/01/32
    0

    7560732          405/405             F          900,000.00         ZZ
                                         360        900,000.00          1
                                       6.750          5,837.39         61
                                       6.500          5,837.39
    THOUSAND OAKS    CA   91362          1            01/15/02         00
    18158907                             03           03/01/02          0
    18158907                             O            02/01/32
    0

    7560736          405/405             F          450,000.00         ZZ
                                         360        450,000.00          1
                                       6.750          2,918.70         60
                                       6.500          2,918.70
    LOS ANGELES      CA   90272          1            01/14/02         00
    18170308                             01           03/01/02          0
    18170308                             O            02/01/32
    0

    7560748          405/405             F          429,000.00         ZZ
                                         360        429,000.00          1
                                       6.750          2,782.49         59
                                       6.500          2,782.49
    CAMARILLO        CA   93012          2            01/08/02         00
    19993211                             05           03/01/02          0
    19993211                             O            02/01/32
    0

    7560750          405/405             F          435,920.00         ZZ
                                         360        435,920.00          1
                                       6.750          2,827.37         80
                                       6.500          2,827.37
    GLENDALE         CA   91207          1            01/11/02         00
    60007713                             05           03/01/02          0
    60007713                             O            02/01/32
    0

    7560982          405/405             F          500,000.00         ZZ
                                         360        499,569.50          1
                                       6.750          3,243.00         49
                                       6.250          3,243.00
    SUNSET BEACH     CA   90742          1            12/19/01         00
    17913476                             05           02/01/02          0
    17913476                             O            01/01/32
    0
1

    7560984          405/405             F          360,000.00         ZZ
                                         360        359,690.04          1
                                       6.750          2,334.96         59
                                       6.250          2,334.96
    REDONDO BEACH    CA   90277          5            12/21/01         00
    17947078                             05           02/01/02          0
    17947078                             O            01/01/32
    0

    7560986          405/405             F          375,000.00         ZZ
                                         360        374,677.13          1
                                       6.750          2,432.25         52
                                       6.250          2,432.25
    PALOS VERDES ES  CA   90274          2            12/19/01         00
    17963281                             05           02/01/02          0
    17963281                             O            01/01/32
    0

    7560994          405/405             F          425,000.00         ZZ
                                         360        424,634.08          1
                                       6.750          2,756.55         68
                                       6.250          2,756.55
    OAKLAND          CA   94611          5            12/19/01         00
    18005736                             05           02/01/02          0
    18005736                             O            01/01/32
    0

    7561000          405/405             F          317,000.00         ZZ
                                         360        316,727.07          1
                                       6.750          2,056.06         55
                                       6.250          2,056.06
    PASADENA         CA   91107          2            12/20/01         00
    18019539                             05           02/01/02          0
    18019539                             O            01/01/32
    0

    7561008          405/405             F          344,000.00         ZZ
                                         360        343,703.82          1
                                       6.750          2,231.18         80
                                       6.250          2,231.18
    ROSEVILLE        CA   95661          1            12/26/01         00
    18080564                             05           02/01/02          0
    18080564                             O            01/01/32
    0

    7561020          405/405             F          504,000.00         ZZ
                                         360        503,576.58          1
1

                                       6.875          3,310.92         80
                                       6.250          3,310.92
    GRANADA HILLS    CA   91344          2            12/13/01         00
    19961275                             05           02/01/02          0
    19961275                             O            01/01/32
    0

    7561026          405/405             F          318,000.00         ZZ
                                         360        315,397.98          1
                                       6.750          2,062.55         71
                                       6.250          2,062.55
    LA CRESCENTA     CA   91214          2            12/14/01         00
    19987791                             05           02/01/02          0
    19987791                             O            01/01/32
    0

    7561028          405/405             F          504,000.00         ZZ
                                         360        503,422.44          1
                                       6.750          3,268.94         40
                                       6.250          3,268.94
    LA CANADA FLINT  CA   91011          2            12/19/01         00
    19989961                             05           02/01/02          0
    19989961                             O            01/01/32
    0

    7561034          405/405             F          342,000.00         ZZ
                                         360        341,712.68          1
                                       6.875          2,246.70         80
                                       6.250          2,246.70
    MARTINEZ         CA   94553          1            12/20/01         00
    60004520                             05           02/01/02          0
    60004520                             O            01/01/32
    0

    7561036          405/405             F          358,400.00         ZZ
                                         360        358,098.89          1
                                       6.875          2,354.44         80
                                       6.250          2,354.44
    REDONDO BEACH    CA   90277          1            12/26/01         00
    60007135                             01           02/01/02          0
    60007135                             O            01/01/32
    0

    7561332          964/G01             F          465,000.00         ZZ
                                         360        465,000.00          1
                                       7.125          3,132.79         79
                                       6.875          3,132.79
    ARCADIA          CA   91007          1            01/28/02         00
    0433645645                           05           03/01/02          0
1

    182387                               O            02/01/32
    0

    7576256          H29/G01             F          363,000.00         ZZ
                                         360        363,000.00          1
                                       6.875          2,384.66         63
                                       6.625          2,384.66
    BOLTON           MA   01740          2            01/18/02         00
    0433621265                           05           03/01/02          0
    7700104740                           O            02/01/32
    0

    7582178          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       6.750          4,215.89         69
                                       6.500          4,215.89
    SAN JOSE         CA   95138          2            01/14/02         00
    0413281080                           05           03/01/02          0
    0413281080                           O            02/01/32
    0

    7582182          E22/G01             F          317,000.00         ZZ
                                         360        317,000.00          1
                                       6.750          2,056.06         80
                                       6.500          2,056.06
    SPRING BRANCH    TX   78070          2            01/17/02         00
    0413329285                           03           03/01/02          0
    0413329285                           O            02/01/32
    0

    7582206          E22/G01             F          293,600.00         ZZ
                                         360        293,600.00          1
                                       6.875          1,928.74         80
                                       6.625          1,928.74
    TORRANCE         CA   90503          1            01/19/02         00
    0413441171                           05           03/01/02          0
    0413441171                           O            02/01/32
    0

    7582254          E22/G01             F          363,000.00         ZZ
                                         360        363,000.00          1
                                       6.875          2,384.65         72
                                       6.625          2,384.65
    SAN JOSE         CA   95130          5            01/15/02         00
    0413504333                           05           03/01/02          0
    0413504333                           O            02/01/32
    0

1

    7582326          E22/G01             F          520,000.00         ZZ
                                         360        520,000.00          1
                                       7.000          3,459.57         70
                                       6.750          3,459.57
    EASTSOUND        WA   98245          5            01/15/02         00
    0413551896                           03           03/01/02          0
    0413551896                           O            02/01/32
    0

    7586136          E82/G01             F          391,000.00         ZZ
                                         360        391,000.00          1
                                       6.750          2,536.02         49
                                       6.500          2,536.02
    RUCKERSVILLE     VA   22968          2            01/24/02         00
    0400560587                           05           03/01/02          0
    1942658                              O            02/01/32
    0

    7593750          405/405             F          428,000.00         ZZ
                                         360        426,915.08          1
                                       6.875          2,811.66         80
                                       6.500          2,811.66
    SUGAR LAND       TX   77479          2            10/25/01         00
    0012576153                           03           12/01/01          0
    0012576153                           O            11/01/31
    0

    7593752          405/405             F          314,000.00         ZZ
                                         360        313,184.38          1
                                       6.750          2,036.60         80
                                       6.500          2,036.60
    CAVE CREEK       AZ   85331          1            10/22/01         00
    0012580841                           05           12/01/01          0
    0012580841                           O            11/01/31
    0

    7593754          405/405             F          400,000.00         ZZ
                                         360        399,309.28          1
                                       6.750          2,594.39         64
                                       6.500          2,594.39
    CONCORD          CA   94521          5            11/01/01         00
    0012606968                           03           01/01/02          0
    0012606968                           O            12/01/31
    0

    7593756          405/405             F          305,400.00         ZZ
                                         360        304,885.39          1
                                       6.875          2,006.26         70
                                       6.500          2,006.26
1

    LITTLETON        CO   80127          5            11/30/01         00
    0012630257                           03           01/01/02          0
    0012630257                           O            12/01/31
    0

    7593758          405/405             F          471,500.00         ZZ
                                         360        471,103.88          1
                                       6.875          3,097.42         37
                                       6.500          3,097.42
    BOULDER          CO   80302          5            12/07/01         00
    0012647327                           05           02/01/02          0
    0012647327                           O            01/01/32
    0

    7593760          405/405             F          357,300.00         ZZ
                                         360        356,999.82          1
                                       6.875          2,347.21         73
                                       6.500          2,347.21
    TRACY            CA   95377          5            12/10/01         00
    0012647996                           05           02/01/02          0
    0012647996                           O            01/01/32
    0

    7593762          405/405             F          443,000.00         ZZ
                                         360        442,627.83          1
                                       6.875          2,910.19         79
                                       6.500          2,910.19
    ELLISVILLE       MO   63021          2            12/27/01         00
    0012664272                           03           02/01/02          0
    0012664272                           O            01/01/32
    0

    7593764          405/405             F          375,000.00         ZZ
                                         360        374,677.14          1
                                       6.750          2,432.24         41
                                       6.500          2,432.24
    DENVER           CO   80246          5            12/11/01         00
    0012667168                           05           02/01/02          0
    0012667168                           O            01/01/32
    0

    7593766          405/405             F          312,600.00         ZZ
                                         360        312,060.20          1
                                       6.750          2,027.52         51
                                       6.500          2,027.52
    BELLAIRE         TX   77401          2            11/26/01         00
    0012700332                           05           01/01/02          0
    0012700332                           O            12/01/31
    0
1

    7593768          405/405             F          312,000.00         ZZ
                                         360        311,724.72          1
                                       6.625          1,997.78         80
                                       6.375          1,997.78
    BELLAIR          TX   77401          2            12/17/01         00
    0012722617                           05           02/01/02          0
    0012722617                           O            01/01/32
    0

    7593770          405/405             F          399,500.00         ZZ
                                         360        399,500.00          1
                                       6.875          2,624.43         80
                                       6.500          2,624.43
    AUSTIN           TX   78734          2            01/02/02         00
    0012736088                           05           03/01/02          0
    0012736088                           O            02/01/32
    0

    7593776          405/405             F          450,000.00         ZZ
                                         360        449,631.14          1
                                       7.000          2,993.86         60
                                       6.500          2,993.86
    ESCONDIDO        CA   92029          5            12/20/01         00
    0012750980                           03           02/01/02          0
    0012750980                           O            01/01/32
    0

    7593778          405/405             F          473,950.00         ZZ
                                         360        473,541.94          1
                                       6.750          3,074.03         80
                                       6.500          3,074.03
    HOUSTON          TX   77056          1            12/12/01         00
    0012759593                           03           02/01/02          0
    0012759593                           O            01/01/32
    0

    7593780          405/405             F          400,000.00         ZZ
                                         360        399,663.95          1
                                       6.875          2,627.72         75
                                       6.500          2,627.72
    ENCINITAS        CA   92024          5            12/15/01         00
    0012782348                           03           02/01/02          0
    0012782348                           O            01/01/32
    0

    7593782          405/405             F          440,000.00         ZZ
                                         360        439,639.34          1
1

                                       7.000          2,927.33         70
                                       6.500          2,927.33
    DANVILLE         CA   94526          2            12/17/01         00
    0012800835                           05           02/01/02          0
    0012800835                           O            01/01/32
    0

    7593784          405/405             F          308,400.00         ZZ
                                         360        308,400.00          1
                                       6.875          2,025.97         76
                                       6.500          2,025.97
    KATY             TX   77494          2            01/07/02         00
    0012830964                           03           03/01/02          0
    0012830964                           O            02/01/32
    0

    7593786          405/405             F          463,200.00         ZZ
                                         360        463,200.00          1
                                       7.125          3,120.67         80
                                       6.625          3,120.67
    MOUNTAIN VIEW    CA   94040          1            01/14/02         00
    0017914987                           05           03/01/02          0
    0017914987                           O            02/01/32
    0

    7593788          405/405             F          375,000.00         ZZ
                                         360        375,000.00          1
                                       6.875          2,463.49         40
                                       6.500          2,463.49
    LOS ANGELES      CA   90049          2            01/18/02         00
    0017920174                           05           03/01/02          0
    0017920174                           O            02/01/32
    0

    7593790          405/405             F          358,000.00         ZZ
                                         360        358,000.00          1
                                       6.625          2,292.32         72
                                       6.375          2,292.32
    ATLANTIC BEACH   FL   32233          2            01/17/02         00
    0018009928                           05           03/01/02          0
    0018009928                           O            02/01/32
    0

    7593792          405/405             F          355,000.00         ZZ
                                         360        355,000.00          1
                                       7.125          2,391.71         67
                                       6.625          2,391.71
    SAN JOSE         CA   95148          5            01/02/02         00
    0018019042                           05           03/01/02          0
1

    0018019042                           O            02/01/32
    0

    7593794          405/405             F          428,000.00         ZZ
                                         360        428,000.00          1
                                       7.125          2,883.52         70
                                       6.625          2,883.52
    LA CANADA-FLINT  CA   91011          2            01/16/02         00
    0018052357                           05           03/01/02          0
    0018052357                           O            02/01/32
    0

    7593796          405/405             F          434,200.00         ZZ
                                         360        434,200.00          1
                                       6.875          2,852.39         33
                                       6.500          2,852.39
    CUPERTINO        CA   95014          2            01/14/02         00
    0018093963                           05           03/01/02          0
    0018093963                           O            02/01/32
    0

    7593798          405/405             F          361,500.00         ZZ
                                         360        361,500.00          1
                                       7.000          2,405.07         73
                                       6.500          2,405.07
    LIVERMORE        CA   94550          2            01/10/02         00
    0018094151                           05           03/01/02          0
    0018094151                           O            02/01/32
    0

    7593800          405/405             F          356,000.00         ZZ
                                         360        356,000.00          1
                                       6.875          2,338.67         80
                                       6.500          2,338.67
    MISSION VIEJO    CA   92692          2            01/10/02         00
    0018095000                           03           03/01/02          0
    0018095000                           O            02/01/32
    0

    7593804          405/405             F          605,000.00         ZZ
                                         360        605,000.00          1
                                       6.625          3,873.88         35
                                       6.375          3,873.88
    HILLSBOROUGH     CA   94010          2            01/10/02         00
    0018099358                           05           03/01/02          0
    0018099358                           O            02/01/32
    0

1

    7593806          405/405             F          369,000.00         ZZ
                                         360        369,000.00          1
                                       7.000          2,454.97         47
                                       6.500          2,454.97
    LIVERMORE        CA   94550          2            01/15/02         00
    0018100263                           03           03/01/02          0
    0018100263                           O            02/01/32
    0

    7593808          405/405             F          533,000.00         ZZ
                                         360        533,000.00          1
                                       7.000          3,546.07         51
                                       6.500          3,546.07
    LOS ANGELES      CA   91316          2            01/16/02         00
    0018100420                           05           03/01/02          0
    0018100420                           O            02/01/32
    0

    7593810          405/405             F          383,000.00         ZZ
                                         360        383,000.00          1
                                       7.000          2,548.11         46
                                       6.500          2,548.11
    FREMONT          CA   94539          2            01/15/02         00
    0018114595                           05           03/01/02          0
    0018114595                           O            02/01/32
    0

    7593812          405/405             F          416,000.00         ZZ
                                         360        416,000.00          1
                                       6.750          2,698.17         57
                                       6.500          2,698.17
    SAN RAMON        CA   94583          2            01/22/02         00
    0018115444                           05           03/01/02          0
    0018115444                           O            02/01/32
    0

    7593816          405/405             F          380,000.00         ZZ
                                         360        380,000.00          1
                                       6.875          2,496.33         80
                                       6.500          2,496.33
    LOS ANGELES      CA   91604          1            01/23/02         00
    0018133371                           05           03/01/02          0
    0018133371                           O            02/01/32
    0

    7593820          405/405             F          488,000.00         ZZ
                                         360        488,000.00          1
                                       7.000          3,246.68         80
                                       6.500          3,246.68
1

    SAN JOSE         CA   95133          1            01/18/02         00
    0018163618                           05           03/01/02          0
    0018163618                           O            02/01/32
    0

    7593822          405/405             F          420,000.00         ZZ
                                         360        420,000.00          1
                                       7.125          2,829.62         80
                                       6.625          2,829.62
    CAMPBELL         CA   95008          1            01/17/02         00
    0018183798                           03           03/01/02          0
    0018183798                           O            02/01/32
    0

    7593824          405/405             F          400,000.00         ZZ
                                         360        400,000.00          1
                                       7.125          2,694.88         35
                                       6.625          2,694.88
    HILLSBOROUGH     CA   94010          1            01/16/02         00
    0018183970                           05           03/01/02          0
    0018183970                           O            02/01/32
    0

    7597086          696/G01             F          800,000.00         ZZ
                                         360        799,311.22          1
                                       6.750          5,188.78         62
                                       6.500          5,188.78
    WASHINGTON       DC   20008          1            12/12/01         00
    0433610847                           05           02/01/02          0
    31901179                             O            01/01/32
    0

    7597088          696/G01             F        1,000,000.00         ZZ
                                         360        999,117.72          1
                                       6.625          6,403.11         56
                                       6.375          6,403.11
    ROUND HILL       VA   20141          2            12/17/01         00
    0433614039                           05           02/01/02          0
    50101219                             O            01/01/32
    0

    7597090          696/G01             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.375          2,417.36         70
                                       7.125          2,417.36
    POTOMAC FALLS    VA   20165          5            01/15/02         00
    0433610722                           03           03/01/02          0
    24502002                             O            02/01/32
    0
1

    7604264          E22/G01             F          426,000.00         ZZ
                                         360        426,000.00          1
                                       6.875          2,798.52         75
                                       6.625          2,798.52
    HERMOSA BEACH    CA   90254          2            01/16/02         00
    0413361445                           01           03/01/02          0
    0413361445                           O            02/01/32
    0

    7604294          E22/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       6.750          2,529.53         79
                                       6.500          2,529.53
    SANTA CLARA      CA   95051          2            01/15/02         00
    0413435314                           05           03/01/02          0
    0413435314                           O            02/01/32
    0

    7604336          E22/G01             F          381,000.00         T
                                         360        381,000.00          1
                                       6.875          2,502.90         47
                                       6.625          2,502.90
    PEBBLE BEACH     CA   93953          2            01/16/02         00
    0413491499                           05           03/01/02          0
    0413491499                           O            02/01/32
    0

    7604338          E22/G01             F          956,000.00         ZZ
                                         360        956,000.00          1
                                       6.875          6,280.24         57
                                       6.625          6,280.24
    LOS GATOS        CA   95030          2            01/23/02         00
    0413491622                           05           03/01/02          0
    0413491622                           O            02/01/32
    0

    7604376          E22/G01             F          408,000.00         ZZ
                                         360        408,000.00          1
                                       6.875          2,680.27         75
                                       6.625          2,680.27
    ALAMEDA          CA   94501          2            01/17/02         00
    0413514589                           05           03/01/02          0
    0413514589                           O            02/01/32
    0

    7604400          E22/G01             F          468,750.00         ZZ
                                         360        468,750.00          1
1

                                       6.875          3,079.35         75
                                       6.625          3,079.35
    HACIENDA HEIGHT  CA   91745          1            01/15/02         00
    0413527847                           05           03/01/02          0
    0413527847                           O            02/01/32
    0

    7604478          E22/G01             F          434,650.00         ZZ
                                         360        434,650.00          1
                                       7.000          2,891.74         72
                                       6.750          2,891.74
    PLANO            TX   75093          2            01/23/02         00
    0413567017                           03           03/01/02          0
    0413567017                           O            02/01/32
    0

    7619230          696/G01             F          185,000.00         ZZ
                                         360        185,000.00          1
                                       8.000          1,357.46         43
                                       7.750          1,357.46
    BETHESDA         MD   20814          5            01/25/02         00
    0433619087                           05           03/01/02          0
    30102013                             O            02/01/32
    0

    7619234          696/G01             F          928,000.00         ZZ
                                         360        927,201.01          1
                                       6.750          6,018.99         47
                                       6.500          6,018.99
    WASHINGTON       DC   20008          2            12/07/01         00
    0433608353                           05           02/01/02          0
    25601298                             O            01/01/32
    0

    7619236          696/G01             F        1,000,000.00         ZZ
                                         360        998,273.20          1
                                       6.750          6,485.98         42
                                       6.500          6,485.98
    MCLEAN           VA   22102          2            12/03/01         00
    0433618840                           03           01/01/02          0
    24401183                             O            12/01/31
    0

    7622124          893/G01             F          399,900.00         ZZ
                                         360        399,900.00          1
                                       6.750          2,593.74         43
                                       6.500          2,593.74
    FOSTER CITY      CA   94404          5            01/22/02         00
    0433627726                           05           03/01/02          0
1

    H11105081                            O            02/01/32
    0

    7624854          E22/G01             F          321,000.00         ZZ
                                         360        321,000.00          1
                                       6.750          2,082.00         70
                                       6.500          2,082.00
    COLORADO SPRING  CO   80919          2            01/24/02         00
    0413275652                           05           03/01/02          0
    0413275652                           O            02/01/32
    0

    7624872          E22/G01             F          234,850.00         ZZ
                                         360        234,850.00          1
                                       6.875          1,542.80         65
                                       6.625          1,542.80
    AUSTIN           TX   78734          5            01/23/02         00
    0413403247                           05           03/01/02          0
    0413403247                           O            02/01/32
    0

    7624904          E22/G01             F          328,000.00         ZZ
                                         360        328,000.00          1
                                       7.375          2,265.41         72
                                       7.125          2,265.41
    CLOVIS           CA   93611          2            01/14/02         00
    0413447798                           05           03/01/02          0
    0413447798                           O            02/01/32
    0

    7624934          E22/G01             F          385,000.00         ZZ
                                         360        385,000.00          2
                                       6.875          2,529.18         70
                                       6.625          2,529.18
    REDONDO BEACH    CA   90277          2            01/17/02         00
    0413480641                           05           03/01/02          0
    0413480641                           O            02/01/32
    0

    7624964          E22/G01             F          322,000.00         ZZ
                                         360        322,000.00          1
                                       7.375          2,223.97         80
                                       7.125          2,223.97
    NORTH READING    MA   01864          2            01/24/02         00
    0413510215                           05           03/01/02          0
    0413510215                           O            02/01/32
    0

1

    7625018          E22/G01             F          490,000.00         ZZ
                                         360        490,000.00          1
                                       6.875          3,218.95         70
                                       6.625          3,218.95
    DAVIE            FL   33328          5            01/24/02         00
    0413546532                           05           03/01/02          0
    0413546532                           O            02/01/32
    0

    7625024          E22/G01             F          453,000.00         ZZ
                                         360        453,000.00          1
                                       6.875          2,975.89         73
                                       6.625          2,975.89
    HAYWARD          CA   94542          1            01/17/02         00
    0413553470                           05           03/01/02          0
    0413553470                           O            02/01/32
    0

    7631822          952/G01             F          340,000.00         ZZ
                                         360        340,000.00          1
                                       6.500          2,149.04         55
                                       6.250          2,149.04
    RIDGEWOOD        NJ   07450          2            01/24/02         00
    0433634052                           05           03/01/02          0
    20014915                             O            02/01/32
    0

    7632928          994/994             F          650,000.00         ZZ
                                         360        649,440.36          1
                                       6.750          4,215.89         55
                                       6.500          4,215.89
    WINCHESTER       MA   01890          2            12/04/01         00
    1000366023                           05           02/01/02          0
    1000366023                           O            01/01/32
    0

    7635856          696/G01             F          375,200.00         ZZ
                                         360        375,200.00          1
                                       7.625          2,655.64         80
                                       7.375          2,655.64
    WASHINGTON       DC   20003          1            01/22/02         00
    0433623774                           05           03/01/02          0
    24602001                             O            02/01/32
    0

    7646856          E22/G01             F          335,000.00         ZZ
                                         360        335,000.00          1
                                       6.750          2,172.80         67
                                       6.500          2,172.80
1

    SAN MATEO        CA   94404          2            01/19/02         00
    0413230996                           09           03/01/02          0
    0413230996                           O            02/01/32
    0

    7646906          E22/G01             F          121,000.00         ZZ
                                         360        121,000.00          1
                                       6.875            794.88         70
                                       6.625            794.88
    PAWCATUCK        CT   06379          2            01/25/02         00
    0413394792                           05           03/01/02          0
    0413394792                           O            02/01/32
    0

    7646910          E22/G01             F          319,200.00         ZZ
                                         360        319,200.00          1
                                       6.875          2,096.92         63
                                       6.625          2,096.92
    SANTA CLARA      CA   95117          2            01/17/02         00
    0413399395                           05           03/01/02          0
    0413399395                           O            02/01/32
    0

    7647014          E22/G01             F          426,600.00         ZZ
                                         360        426,600.00          1
                                       7.125          2,874.08         90
                                       6.875          2,874.08
    IPSWICH          MA   01938          1            01/30/02         01
    0413510223                           05           03/01/02         25
    0413510223                           O            02/01/32
    0

    7647028          E22/G01             F          104,000.00         ZZ
                                         360        104,000.00          1
                                       7.625            736.11         65
                                       7.375            736.11
    ATLANTA          GA   30310          5            01/25/02         00
    0413515354                           05           03/01/02          0
    0413515354                           O            02/01/32
    0

    7647110          E22/G01             F          508,000.00         ZZ
                                         360        508,000.00          1
                                       6.750          3,294.88         80
                                       6.500          3,294.88
    CONCORD          CA   94521          1            01/23/02         00
    0413548074                           03           03/01/02          0
    0413548074                           O            02/01/32
    0
1

    7647174          E22/G01             F          393,000.00         ZZ
                                         360        393,000.00          1
                                       7.000          2,614.64         53
                                       6.750          2,614.64
    MILL VALLEY      CA   94941          5            01/18/02         00
    0413570011                           05           03/01/02          0
    0413570011                           O            02/01/32
    0

    7647838          E82/G01             F          371,250.00         ZZ
                                         360        371,250.00          1
                                       6.625          2,377.15         75
                                       6.375          2,377.15
    LA CRESCENTA     CA   91214          5            01/28/02         00
    0400544391                           05           03/01/02          0
    0400544391                           O            02/01/32
    0

    7650080          163/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.625          3,538.97         35
                                       7.375          3,538.97
    NANTUCKET        MA   02554          5            01/18/02         00
    0433629557                           05           03/01/02          0
    1000309229                           O            02/01/32
    0

    7668002          E22/G01             F          498,000.00         ZZ
                                         360        498,000.00          1
                                       6.875          3,271.51         52
                                       6.625          3,271.51
    SAN DIEGO        CA   92103          5            01/22/02         00
    0413335316                           05           03/01/02          0
    0413335316                           O            02/01/32
    0

    7668008          E22/G01             F          390,000.00         ZZ
                                         360        390,000.00          1
                                       7.000          2,594.68         45
                                       6.750          2,594.68
    MENDOCINO        CA   95460          5            01/18/02         00
    0413345976                           03           03/01/02          0
    0413345976                           O            02/01/32
    0

    7668094          E22/G01             F           85,000.00         ZZ
                                         360         85,000.00          1
1

                                       6.875            558.39         82
                                       6.625            558.39
    OWASSO           OK   74055          2            01/25/02         01
    0413502212                           05           03/01/02         12
    0413502212                           O            02/01/32
    0

    7668168          E22/G01             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       7.125          1,515.87         75
                                       6.875          1,515.87
    OCEANSIDE        CA   92054          2            01/17/02         00
    0413527144                           05           03/01/02          0
    0413527144                           O            02/01/32
    0

    7668182          E22/G01             F          357,750.00         ZZ
                                         360        357,750.00          1
                                       7.000          2,380.12         75
                                       6.750          2,380.12
    SAN DIEGO        CA   92115          5            01/22/02         00
    0413538448                           05           03/01/02          0
    0413538448                           O            02/01/32
    0

    7668212          E22/G01             F          500,000.00         ZZ
                                         360        500,000.00          1
                                       7.125          3,368.59         80
                                       6.875          3,368.59
    DANVILLE         CA   94506          1            01/24/02         00
    0413556614                           03           03/01/02          0
    0413556614                           O            02/01/32
    0

    7678354          975/G01             F          370,000.00         ZZ
                                         360        370,000.00          1
                                       7.500          2,587.09         68
                                       7.250          2,587.09
    LOS ANGELES      CA   90068          2            01/21/02         00
    0433645439                           05           03/01/02          0
    2015651                              O            02/01/32
    0

    7680838          F28/G01             F          386,000.00         ZZ
                                         360        385,667.66          1
                                       6.750          2,503.59         72
                                       6.500          2,503.59
    EAGAN            MN   55123          1            12/19/01         00
    0433619137                           05           02/01/02          0
1

    1015806                              O            01/01/32
    0

    7691272          E22/G01             F          348,000.00         ZZ
                                         360        348,000.00          1
                                       6.875          2,286.11         59
                                       6.625          2,286.11
    SANTA MONICA     CA   90403          2            01/23/02         00
    0413243056                           01           03/01/02          0
    0413243056                           O            02/01/32
    0

    7691276          E22/G01             F          870,000.00         ZZ
                                         360        870,000.00          1
                                       6.875          5,715.28         52
                                       6.625          5,715.28
    NEWPORT BEACH    CA   92625          5            01/16/02         00
    0413278847                           03           03/01/02          0
    0413278847                           O            02/01/32
    0

    7691308          E22/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.125          2,694.54         46
                                       6.875          2,694.54
    LONG BEACH       CA   90802          2            01/22/02         00
    0413441239                           01           03/01/02          0
    0413441239                           O            02/01/32
    0

    7692310          076/076             F          320,000.00         ZZ
                                         360        319,460.33          1
                                       8.125          2,375.99         57
                                       7.875          2,375.99
    WINNETKA         IL   60093          2            11/15/01         00
    2093488                              05           01/01/02          0
    2093488                              O            12/01/31
    0

    7692322          076/076             F          436,380.00         ZZ
                                         360        436,022.30          1
                                       7.000          2,903.25         80
                                       6.750          2,903.25
    NEW PRAGUE       MN   56071          1            12/06/01         00
    2186965                              05           02/01/02          0
    2186965                              O            01/01/32
    0

1

    7695032          E82/G01             F          358,200.00         ZZ
                                         360        358,200.00          1
                                       7.000          2,383.11         77
                                       6.750          2,383.11
    TUCSON           AZ   85718          2            01/31/02         00
    0400553467                           05           03/01/02          0
    4830551                              O            02/01/32
    0

    7696574          964/G01             F          399,950.00         ZZ
                                         360        399,950.00          1
                                       7.375          2,762.36         77
                                       7.125          2,762.36
    LOS ALAMITOS     CA   90720          2            01/15/02         00
    0433642113                           05           03/01/02          0
    163604                               O            02/01/32
    0

    7704478          550/550             F          579,500.00         ZZ
                                         360        579,500.00          1
                                       6.850          3,797.23         25
                                       6.600          3,797.23
    SAN FRANCISCO    CA   94115          5            01/23/02         00
    120566794                            05           03/01/02          0
    120566794                            O            02/01/32
    0

    7713334          E22/G01             F          181,350.00         ZZ
                                         360        181,350.00          1
                                       8.000          1,330.68         90
                                       7.750          1,330.68
    SPRINGFIELD      OH   45504          1            02/01/02         04
    0413444266                           05           03/01/02         25
    0413444266                           O            02/01/32
    0

    7713386          E22/G01             F          399,800.00         ZZ
                                         360        399,800.00          1
                                       7.000          2,659.88         80
                                       6.750          2,659.88
    STOCKTON         CA   95215          1            01/29/02         00
    0413514720                           05           03/01/02          0
    0413514720                           O            02/01/32
    0

    7713398          E22/G01             F          359,500.00         ZZ
                                         360        359,500.00          1
                                       7.500          2,513.68         60
                                       7.250          2,513.68
1

    WELCH            MN   55089          5            01/29/02         00
    0413517715                           05           03/01/02          0
    0413517715                           O            02/01/32
    0

    7713410          E22/G01             F           82,650.00         ZZ
                                         360         82,650.00          1
                                       7.750            592.11         95
                                       7.500            592.11
    ST. LOUIS        MO   63147          2            01/30/02         04
    0413528753                           05           03/01/02         30
    0413528753                           O            02/01/32
    0

    7713440          E22/G01             F          522,000.00         ZZ
                                         360        522,000.00          1
                                       7.375          3,605.32         63
                                       7.125          3,605.32
    SUNNYVALE        CA   94087          2            01/25/02         00
    0413541848                           05           03/01/02          0
    0413541848                           O            02/01/32
    0

    7713548          E22/G01             F          176,000.00         ZZ
                                         360        176,000.00          1
                                       7.250          1,200.63         80
                                       7.000          1,200.63
    GROSS POINTE     MI   48230          5            01/29/02         00
    0413598822                           05           03/01/02          0
    0413598822                           O            02/01/32
    0

    7714644          E82/G01             F          240,400.00         ZZ
                                         360        240,400.00          1
                                       7.000          1,599.39         69
                                       6.750          1,599.39
    LAKE FOREST      CA   92630          2            01/30/02         00
    0400531224                           03           03/01/02          0
    0400531224                           O            02/01/32
    0

    7714660          E82/G01             F          639,200.00         ZZ
                                         360        639,200.00          1
                                       7.000          4,252.61         78
                                       6.750          4,252.61
    MONTARA          CA   94037          2            01/25/02         00
    0400540233                           05           03/01/02          0
    0400540233                           O            02/01/32
    0
1

    7714662          E82/G01             F          420,800.00         ZZ
                                         360        420,800.00          1
                                       6.750          2,729.30         36
                                       6.500          2,729.30
    BURR RIDGE       IL   60527          2            01/25/02         00
    0400549788                           05           03/01/02          0
    0400549788                           O            02/01/32
    0

    7714680          E82/G01             F          291,500.00         ZZ
                                         360        291,500.00          1
                                       6.750          1,890.66         68
                                       6.500          1,890.66
    ORANGE           CA   92869          2            01/29/02         00
    0400533717                           03           03/01/02          0
    0400533717                           O            02/01/32
    0

    7716670          253/253             F          350,000.00         ZZ
                                         360        350,000.00          1
                                       7.250          2,387.62         54
                                       7.000          2,387.62
    INDIAN WELLS     CA   92210          2            01/23/02         00
    966941                               05           03/01/02          0
    966941                               O            02/01/32
    0

    7719322          253/253             F          300,000.00         ZZ
                                         360        300,000.00          1
                                       6.750          1,945.79         70
                                       6.500          1,945.79
    BRENTWOOD        CA   94513          4            01/09/02         00
    958865                               05           03/01/02          0
    958865                               O            02/01/32
    0

    7720724          964/G01             F          352,000.00         ZZ
                                         360        352,000.00          1
                                       7.125          2,371.49         80
                                       6.875          2,371.49
    DIAMOND BAR      CA   91765          2            01/18/02         00
    0433635745                           05           03/01/02          0
    176375                               O            02/01/32
    0

    7736070          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
1

                                       7.000          4,324.47         52
                                       6.750          4,324.47
    MILL VALLEY      CA   94941          2            01/26/02         00
    0413333865                           05           03/01/02          0
    0413333865                           O            02/01/32
    0

    7736224          E22/G01             F          315,000.00         ZZ
                                         360        315,000.00          1
                                       7.250          2,148.86         45
                                       7.000          2,148.86
    GROSSE PTE FARM  MI   48236          5            01/31/02         00
    0413561127                           05           03/01/02          0
    0413561127                           O            02/01/32
    0

    7758604          E22/G01             F          650,000.00         ZZ
                                         360        650,000.00          1
                                       7.250          4,434.15         60
                                       7.000          4,434.15
    NEWPORT BEACH    CA   92625          2            01/28/02         00
    0413303991                           03           03/01/02          0
    0413303991                           O            02/01/32
    0

    7758614          E22/G01             F           58,900.00         ZZ
                                         360         58,900.00          1
                                       8.000            432.19         95
                                       7.750            432.19
    BAD AXE          MI   48413          1            02/06/02         04
    0413376179                           05           03/01/02         30
    0413376179                           O            02/01/32
    0

    7758778          E22/G01             F          225,000.00         ZZ
                                         360        225,000.00          1
                                       7.250          1,534.90         79
                                       7.000          1,534.90
    NORRIDGE         IL   60706          2            02/01/02         00
    0413619438                           05           03/01/02          0
    0413619438                           O            02/01/32
    0

    7759872          696/G01             F        1,000,000.00         ZZ
                                         360      1,000,000.00          1
                                       7.375          6,906.75         67
                                       7.125          6,906.75
    WASHINGTON       DC   20016          2            05/14/01         00
    0433650280                           05           03/01/02          0
1

    10002001                             O            02/01/32
    0

    7781146          E82/G01             F          144,000.00         ZZ
                                         360        144,000.00          1
                                       6.875            945.98         59
                                       6.625            945.98
    OAK PARK         CA   91377          2            02/01/02         00
    0400578571                           05           03/01/02          0
    0400578571                           O            02/01/32
    0

    7782432          E33/G01             F          380,000.00         ZZ
                                         360        379,664.74          1
                                       6.625          2,433.18         64
                                       6.375          2,433.18
    HIGHWOOD         IL   60040          2            12/12/01         00
    0433651726                           03           02/01/02          0
    NEIMAN                               O            01/01/32
    0

   TOTAL NUMBER OF LOANS   :      1,761

   TOTAL ORIGINAL BALANCE  :   721,642,270.50

   TOTAL PRINCIPAL BALANCE :   720,609,743.93

   TOTAL ORIGINAL P+I      :     4,780,892.85

   TOTAL CURRENT P+I       :     4,780,892.85

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

                                       -1-

<PAGE>

                                   EXHIBIT TWO
                         SCHEDULE OF DISCOUNT FRACTIONS
                            (Available Upon Request)
<TABLE>
<CAPTION>

                                         Schedule of Discount Fractions

      Loan Number         Current Balance        Net Mortgage Rate       Discount Fraction      PO Balance
<S>     <C>                 <C>                       <C>                     <C>                <C>
        6032586             $165,684.16               5.970%                  4.4800%            $7,422.65
        6034494             $289,209.23               6.220%                  0.4800%            $1,388.20
        6475598             $384,883.82               6.095%                  2.4800%            $9,545.12
        6495886             $497,549.80               6.220%                  0.4800%            $2,388.24
        6646274             $398,258.93               6.095%                  2.4800%            $9,876.82
        6650876             $352,360.01               6.220%                  0.4800%            $1,691.33
        6702394             $311,717.95               6.220%                  0.4800%            $1,496.25
        6801934             $324,506.37               6.220%                  0.4800%            $1,557.63
        6979976             $483,562.46               6.220%                  0.4800%            $2,321.10
        7062328             $582,472.96               6.220%                  0.4800%            $2,795.87
        7107302             $345,000.00               6.220%                  0.4800%            $1,656.00
        7130718             $456,576.72               6.095%                  2.4800%           $11,323.10
        7145266             $608,894.11               6.220%                  0.4800%            $2,922.69
        7148116             $374,835.32               5.845%                  6.4800%           $24,289.33
        7154386             $407,631.16               6.220%                  0.4800%            $1,956.63
        7171522             $355,700.91               6.220%                  0.4800%            $1,707.36
        7171526             $406,658.07               6.220%                  0.4800%            $1,951.96
        7171532             $346,715.57               6.220%                  0.4800%            $1,664.23
        7171534             $399,663.95               6.220%                  0.4800%            $1,918.39
        7171536             $399,663.95               6.220%                  0.4800%            $1,918.39
        7171538             $749,385.23               6.220%                  0.4800%            $3,597.05
        7171552             $631,469.04               6.220%                  0.4800%            $3,031.05
        7171556             $359,697.55               6.220%                  0.4800%            $1,726.55
        7171562             $446,624.47               6.220%                  0.4800%            $2,143.80
        7171574             $454,627.04               6.220%                  0.4800%            $2,182.21
        7171580             $324,733.59               6.220%                  0.4800%            $1,558.72
        7171594             $340,387.42               6.220%                  0.4800%            $1,633.86
        7171598             $349,705.96               6.220%                  0.4800%            $1,678.59
        7171600             $407,665.56               6.220%                  0.4800%            $1,956.79
        7171602             $326,325.44               6.220%                  0.4800%            $1,566.36
        7171612             $486,600.80               6.220%                  0.4800%            $2,335.68
        7171618             $439,639.34               6.220%                  0.4800%            $2,110.27
        7171620             $359,704.91               6.220%                  0.4800%            $1,726.58
        7171622             $449,631.13               6.220%                  0.4800%            $2,158.23
        7171628             $391,179.09               6.220%                  0.4800%            $1,877.66
        7171630             $390,671.51               6.220%                  0.4800%            $1,875.22
        7207986             $646,721.16               6.220%                  0.4800%            $3,104.26
        7255768             $539,021.02               6.220%                  0.4800%            $2,587.30
        7266602             $304,500.00               6.220%                  0.4800%            $1,461.60
        7276246             $383,572.93               6.220%                  0.4800%            $1,841.15
        7276250             $348,367.29               6.220%                  0.4800%            $1,672.16
        7276312             $323,897.30               6.095%                  2.4800%            $8,032.65
        7276346             $436,207.74               6.220%                  0.4800%            $2,093.80
        7276356             $423,231.32               6.220%                  0.4800%            $2,031.51
        7276388             $455,248.06               6.095%                  2.4800%           $11,290.15
        7276468             $320,617.69               6.220%                  0.4800%            $1,538.96
        7276470             $297,060.48               6.220%                  0.4800%            $1,425.89
        7276478             $389,239.96               5.845%                  6.4800%           $25,222.75
        7276484             $598,735.61               6.095%                  2.4800%           $14,848.64
        7276490             $487,059.30               6.220%                  0.4800%            $2,337.88
        7318474             $303,711.55               5.970%                  4.4800%           $13,606.28
        7358690             $336,000.00               6.095%                  2.4800%            $8,332.80
        7378664             $344,374.53               6.220%                  0.4800%            $1,653.00

  Tuesday, February 19, 2002                                                                        Page 1 of 2

        7378688             $327,105.64               6.220%                  0.4800%            $1,570.11
        7378820             $499,093.52               6.220%                  0.4800%            $2,395.65
        7378840             $431,216.80               6.220%                  0.4800%            $2,069.84
        7378842             $322,913.50               6.220%                  0.4800%            $1,549.98
        7378848             $379,311.08               6.220%                  0.4800%            $1,820.69
        7378922             $399,238.95               5.970%                  4.4800%           $17,885.91
        7378968             $379,311.08               6.220%                  0.4800%            $1,820.69
        7378978             $330,370.22               5.970%                  4.4800%           $14,800.59
        7379056             $356,320.74               5.970%                  4.4800%           $15,963.17
        7379068             $330,385.23               6.095%                  2.4800%            $8,193.55
        7379074             $557,168.43               6.220%                  0.4800%            $2,674.41
        7379100             $374,320.14               6.220%                  0.4800%            $1,796.74
        7379118             $321,416.24               6.220%                  0.4800%            $1,542.80
        7379120             $303,448.87               6.220%                  0.4800%            $1,456.55
        7379144             $456,171.50               6.220%                  0.4800%            $2,189.62
        7379156             $363,340.09               6.220%                  0.4800%            $1,744.03
        7379274             $467,151.55               6.220%                  0.4800%            $2,242.33
        7401428             $409,629.35               6.220%                  0.4800%            $1,966.22
        7401430             $419,200.90               5.970%                  4.4800%           $18,780.20
        7401432             $367,332.84               6.220%                  0.4800%            $1,763.20
        7401440             $340,631.35               6.220%                  0.4800%            $1,635.03
        7413442             $391,645.62               6.220%                  0.4800%            $1,879.90
        7413502             $439,592.47               6.095%                  2.4800%           $10,901.89
        7413564             $595,461.20               6.220%                  0.4800%            $2,858.21
        7434464             $339,353.10               5.970%                  4.4800%           $15,203.02
        7443552             $383,652.86               6.220%                  0.4800%            $1,841.53
        7443604             $638,839.72               6.220%                  0.4800%            $3,066.43
        7443630             $593,921.32               6.220%                  0.4800%            $2,850.82
        7446176             $335,496.43               6.220%                  0.4800%            $1,610.38
        7446200             $334,697.15               6.220%                  0.4800%            $1,606.55
        7446206             $409,629.35               6.220%                  0.4800%            $1,966.22
        7453598             $702,524.07               6.220%                  0.4800%            $3,372.12
        7557346             $605,278.42               6.220%                  0.4800%            $2,905.34
        7557348             $414,633.86               6.220%                  0.4800%            $1,990.24
        7557350             $321,722.76               6.220%                  0.4800%            $1,544.27
        7557364             $444,616.86               6.220%                  0.4800%            $2,134.16
        7557366             $584,496.33               6.220%                  0.4800%            $2,805.58
        7557370             $483,383.46               6.220%                  0.4800%            $2,320.24
        7557376             $594,179.54               6.220%                  0.4800%            $2,852.06
        7557388             $389,664.21               6.220%                  0.4800%            $1,870.39
        7557390             $430,619.74               6.220%                  0.4800%            $2,066.97
        7557396             $363,500.00               6.220%                  0.4800%            $1,744.80
        7557402             $603,479.96               6.220%                  0.4800%            $2,896.70
        7557428             $500,568.65               6.220%                  0.4800%            $2,402.73
        7557690             $607,900.00               6.095%                  2.4800%           $15,075.92
        7560982             $499,569.50               6.220%                  0.4800%            $2,397.93
        7560984             $359,690.04               6.220%                  0.4800%            $1,726.51
        7560986             $374,677.13               6.220%                  0.4800%            $1,798.45
        7560994             $424,634.08               6.220%                  0.4800%            $2,038.24
        7561000             $316,727.07               6.220%                  0.4800%            $1,520.29
        7561008             $343,703.82               6.220%                  0.4800%            $1,649.78
        7561020             $503,576.58               6.220%                  0.4800%            $2,417.17
        7561026             $315,397.98               6.220%                  0.4800%            $1,513.91
        7561028             $503,422.44               6.220%                  0.4800%            $2,416.43
        7561034             $341,712.68               6.220%                  0.4800%            $1,640.22
        7561036             $358,098.89               6.220%                  0.4800%            $1,718.87
        7631822             $340,000.00               6.220%                  0.4800%            $1,632.00

  Tuesday, February 19, 2002                                                                        Page 2 of 2

</TABLE>

                                       -2-

<PAGE>

                                  EXHIBIT THREE

                          INFORMATION TO BE INCLUDED IN
                       MONTHLY DISTRIBUTION DATE STATEMENT

               (i) (a) the amount of such distribution to the Certificateholders
        of such  Class  applied  to reduce  the  Certificate  Principal  Balance
        thereof,  and (b) the aggregate  amount  included  therein  representing
        Principal Prepayments;

               (ii) the amount of such  distribution to Holders of such Class of
          Certificates allocable to interest;

               (iii)  if the  distribution  to the  Holders  of  such  Class  of
        Certificates is less than the full amount that would be distributable to
        such Holders if there were  sufficient  funds  available  therefor,  the
        amount of the shortfall;

               (iv) the amount of any Advance by the Master Servicer pursuant to
          Section 4.04;

               (v) the number and Pool Stated Principal  Balance of the Mortgage
        Loans after  giving  effect to the  distribution  of  principal  on such
        Distribution Date;

               (vi) the aggregate Certificate Principal Balance of each Class of
        Certificates  and the  Senior  Percentage,  after  giving  effect to the
        amounts  distributed on such Distribution Date,  separately  identifying
        any reduction  thereof due to Realized  Losses other than pursuant to an
        actual distribution of principal;

               (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;

                                             -1-

<PAGE>

               (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;

               (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  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;

               (xx) the weighted  average  Mortgage  Rates of the Mortgage Loans
        after  giving  effect to the amounts  distributed  on such  Distribution
        Date;

               (xxi) the  Accrual  Distribution  Amounts  for such  Distribution
          Date;

In the case of information furnished pursuant to clauses (i) and (ii) above, the
amounts  shall be expressed  as a dollar  amount per  Certificate  with a $1,000
denomination.

The    Trustee's    internet    website    will    initially   be   located   at
http://www.abs.bankone.com.  To receive  this  statement  via first  class mail,
telephone the Trustee at (800) 524-9472.

                                             -2-

<PAGE>

                                  EXHIBIT FOUR

                     STANDARD TERMS OF POOLING AND SERVICING
                       AGREEMENT DATED AS OF JULY 1, 2001

                                 EXECUTION COPY

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

                                STANDARD TERMS OF
                         POOLING AND SERVICING AGREEMENT

                            Dated as of July 1, 2001

                 Residential Funding Mortgage Securities I, Inc.

                       Mortgage Pass-Through Certificates

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

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

                                                                                          PAGE

                                          ARTICLE I

                                         DEFINITIONS
<S>             <C>                                                                         <C>
        Section 1.01  Definitions............................................................1
        Section 1.02  Use of Words and Phrases..............................................29

                                          ARTICLE II

                                CONVEYANCE OF MORTGAGE LOANS;
                              ORIGINAL ISSUANCE OF CERTIFICATES
        Section 2.01  Conveyance of Mortgage Loans..........................................30
        Section 2.02  Acceptance by Trustee.................................................36
        Section 2.03  Representations, Warranties and Covenants of the Master Servicer and the
                      Company...............................................................37
        Section 2.04  Representations and Warranties of Sellers.............................39
        Section 2.05  Execution and Authentication of Certificates/Issuance of Certificates
                      Evidencing Interests in REMIC I.......................................41
        Section 2.06  Conveyance of Uncertificated REMIC I and REMIC II Regular Interests;
                       Acceptance by the Trustee.............................................41
        Section 2.07  Issuance of Certificates Evidencing Interests in REMIC II.............41
       Section 2.08  Purposes and Powers of the Trust......................................41

                                         ARTICLE III

                                 ADMINISTRATION AND SERVICING
                                      OF MORTGAGE LOANS
        Section 3.01  Master Servicer to Act as Servicer....................................41
        Section 3.02  Subservicing Agreements Between Master Servicer and Subservicers;
                      Enforcement of Subservicers' and Sellers' Obligations.................43
        Section 3.03  Successor Subservicers................................................44
        Section 3.04  Liability of the Master Servicer......................................44
        Section 3.05  No Contractual Relationship Between Subservicer and Trustee or
                      Certificateholders....................................................45
        Section 3.06  Assumption or Termination of Subservicing Agreements by Trustee.......45
        Section 3.07  Collection of Certain Mortgage Loan Payments;  Deposits to Custodial
                      Account...............................................................45
        Section 3.08  Subservicing Accounts; Servicing Accounts.............................48
        Section 3.09  Access to Certain Documentation and Information Regarding the Mortgage
                      Loans.................................................................49
        Section 3.10  Permitted Withdrawals from the Custodial Account......................50
        Section 3.11  Maintenance of the Primary Insurance Policies; Collections Thereunder
                       .....................................................................51

                                              i

<PAGE>

        Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity Coverage.....52
        Section 3.13  Enforcement of Due-on-Sale Clauses; Assumption and Modification
                      Agreements; Certain Assignments.......................................54
        Section 3.14  Realization Upon Defaulted Mortgage Loans.............................56
        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.......................59
        Section 3.16  Servicing and Other Compensation; Compensating Interest...............60
        Section 3.17  Reports to the Trustee and the Company................................61
        Section 3.18  Annual Statement as to Compliance.....................................61
        Section 3.19  Annual Independent Public Accountants' Servicing Report...............62
        Section 3.20  Rights of the Company in Respect of the Master Servicer...............62
        Section 3.21  Administration of Buydown Funds.......................................63

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS
        Section 4.01  Certificate Account...................................................63
        Section 4.02  Distributions.........................................................64
        Section 4.03  Statements to Certificateholders......................................64
        Section 4.04  Distribution of Reports to the Trustee and the Company; Advances by the
                      Master Servicer.......................................................65
        Section 4.05  Allocation of Realized Losses.........................................66
        Section 4.06  Reports of Foreclosures and Abandonment of Mortgaged Property.........66
        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.........................67
        Section 4.08  Surety Bond...........................................................67

                                          ARTICLE V

                                       THE CERTIFICATES
        Section 5.01  The Certificates......................................................68
        Section 5.02  Registration of Transfer and Exchange of Certificates.................70
        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.....................75
        Section 5.04  Persons Deemed Owners.................................................76
        Section 5.05  Appointment of Paying Agent...........................................76

                                          ARTICLE VI

                             THE COMPANY AND THE MASTER SERVICER
        Section 6.01  Respective Liabilities of the Company and the Master Servicer.........77
        Section 6.02  Merger or Consolidation of the Company or the Master Servicer; Assignment
                      of Rights and Delegation of Duties by Master Servicer.................77
        Section 6.03  Limitation on Liability of the Company, the Master Servicer and Others
                       .....................................................................78
        Section 6.04  Company and Master Servicer Not to Resign.............................79

                                         ARTICLE VII

                                              ii

<PAGE>

                                           DEFAULT
        Section 7.01  Events of Default.....................................................79
        Section 7.02  Trustee or Company to Act; Appointment of Successor...................81
        Section 7.03  Notification to Certificateholders....................................82
        Section 7.04  Waiver of Events of Default...........................................82

                                         ARTICLE VIII

                                    CONCERNING THE TRUSTEE
        Section 8.01  Duties of Trustee.....................................................83
        Section 8.02  Certain Matters Affecting the Trustee.................................84
        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.................86
        Section 8.04  Trustee May Own Certificates..........................................86
        Section 8.05  Master Servicer to Pay Trustee's Fees and Expenses; Indemnification...86
        Section 8.06  Eligibility Requirements for Trustee..................................87
        Section 8.07  Resignation and Removal of the Trustee................................88
        Section 8.08  Successor Trustee.....................................................89
        Section 8.09  Merger or Consolidation of Trustee....................................89
        Section 8.10  Appointment of Co-Trustee or Separate Trustee.........................89
        Section 8.11  Appointment of Custodians.............................................90
        Section 8.12  Appointment of Office or Agency.......................................91

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES
        Section 9.01  Optional Purchase by the Master Servicer of All Certificates; Termination
                      Upon Purchase by the Master Servicer or Liquidation of All Mortgage Loans
                                                                                            91
        Section 9.02  Additional Termination Requirements...................................94
        Section 9.03  Termination of Multiple REMICs........................................95

                                          ARTICLE X

                                       REMIC PROVISIONS
        Section 10.01 REMIC Administration..................................................95
        Section 10.02 Master Servicer, REMIC Administrator and Trustee Indemnification......99
        Section 10.03 Designation of REMIC(s)...............................................99

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS
        Section 11.01 Amendment.............................................................99
        Section 11.02 Recordation of Agreement; Counterparts...............................102
        Section 11.03 Limitation on Rights of Certificateholders...........................102
        Section 11.04 Governing Law........................................................103
        Section 11.05 Notices..............................................................103

                                             iii

<PAGE>

        Section 11.06 Required Notices to Rating Agency and Subservicer....................103
        Section 11.07 Severability of Provisions...........................................104
        Section 11.08 Supplemental Provisions for Resecuritization.........................104
        Section 11.09 Allocation of Voting Rights..........................................105
</TABLE>

EXHIBITS

Exhibit A:     Form of Class A Certificate
Exhibit B:     Form of Class M Certificate
Exhibit C:     Form of Class B Certificate
Exhibit D:     Form of Class R Certificate
Exhibit E:     Form of Seller/Servicer Contract
Exhibit F:     Forms of Request for Release
Exhibit G-1:   Form of Transfer Affidavit and Agreement
Exhibit G-2:   Form of Transferor Certificate
Exhibit H:     Form of Investor Representation Letter
Exhibit I:     Form of Transferor Representation Letter
Exhibit J:     Form of Rule 144A Investment Representation Letter

Exhibit K: Text of  Amendment  to Pooling and  Servicing  Agreement  Pursuant to
     Section 11.01(e) for a Limited Guaranty

Exhibit L:     Form of Limited Guaranty
Exhibit M:     Form of Lender Certification for Assignment of Mortgage Loan
Exhibit N:     Request for Exchange Form

                                              iv

<PAGE>

        This is the Standard Terms of Pooling and Servicing Agreement,  dated as
of July 1, 2001 (the "Standard  Terms",  and as incorporated by reference into a
Series  Supplement  dated as of the Cut-off  Date,  the "Pooling  and  Servicing
Agreement" or "Agreement"),  among  RESIDENTIAL  FUNDING MORTGAGE  SECURITIES I,
INC., as the company  (together with its permitted  successors and assigns,  the
"Company"),  RESIDENTIAL FUNDING CORPORATION,  as master servicer (together with
its permitted  successors and assigns,  the "Master Servicer"),  and the trustee
named  in  the  applicable  Series  Supplement   (together  with  its  permitted
successors and assigns, the "Trustee").

                                    PRELIMINARY STATEMENT:

        The Company intends to sell certain mortgage  pass-through  certificates
(collectively, the "Certificates"), to be issued under the Agreement in multiple
classes,  which in the aggregate will evidence the entire  beneficial  ownership
interest in the Mortgage Loans.

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

                                    ARTICLE I

                                   DEFINITIONS
        Section 1.01  Definitions.

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

        Accretion Termination Date:  As defined in the Series Supplement.

        Accrual Certificates:  As defined in the Series Supplement.

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

        (i)    Prepayment  Interest  Shortfalls on all Mortgage Loans or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans in the  related  Loan  Group (to the  extent  not
               offset by the  Master  Servicer  with a payment  of  Compensating
               Interest as provided in Section 4.01),

        (ii)   the interest  portion  (adjusted to the Net Mortgage Rate (or the
               Modified  Net  Mortgage  Rate in the case of a Modified  Mortgage
               Loan))  of  Realized  Losses  on all  Mortgage  Loans  or, if the
               Mortgage  Pool is comprised  of two or more Loan  Groups,  on the
               Mortgage  Loans  in the  related  Loan  Group  (including  Excess
               Special Hazard

                                              1

<PAGE>

               Losses,   Excess  Fraud  Losses,  Excess  Bankruptcy  Losses  and
               Extraordinary  Losses)  not  allocated  solely  to  one  or  more
               specific Classes of Certificates pursuant to Section 4.05,

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

        (iv)   any other interest  shortfalls  not covered by the  subordination
               provided by the Class M  Certificates  and Class B  Certificates,
               including  interest  that is not  collectible  from the Mortgagor
               pursuant to the Soldiers' and Sailors'  Civil Relief Act of 1940,
               as amended,  or similar  legislation  or regulations as in effect
               from time to time,

with  all  such  reductions  allocated  (A)  among  all of the  Certificates  in
proportion to their respective amounts of Accrued  Certificate  Interest payable
on such  Distribution Date absent such reductions or (B) if the Mortgage Pool is
comprised  of two or more Loan Groups,  the related  Senior  Percentage  of such
reductions among the related Senior Certificates in proportion to the amounts of
Accrued  Certificate  Interest  payable  from  the  related  Loan  Group on such
Distribution Date absent such reductions,  with the remainder of such reductions
allocated among the holders of the Class M Certificates and Class B Certificates
in  proportion  to their  respective  amounts  of Accrued  Certificate  Interest
payable on such  Distribution  Date absent such reductions.  In addition to that
portion of the reductions described in the preceding sentence that are allocated
to any  Class  of Class B  Certificates  or any  Class of Class M  Certificates,
Accrued Certificate Interest on such Class of Class B Certificates or such Class
of Class M Certificates will be reduced by the interest portion (adjusted to the
Net Mortgage Rate) of Realized Losses that are allocated solely to such Class of
Class B Certificates  or such Class of Class M Certificates  pursuant to Section
4.05.

     Addendum and Assignment  Agreement:  The Addendum and Assignment Agreement,
dated as of January 31, 1995, between MLCC and the Master Servicer.

        Additional  Collateral:  Any of the  following  held, in addition to the
related  Mortgaged  Property,  as security for a Mortgage  Loan:  (i) all money,
securities,  security  entitlements,   accounts,  general  intangibles,  payment
rights,  instruments,  documents,  deposit  accounts,  certificates  of deposit,
commodities  contracts  and other  investment  property  and other  property  of
whatever kind or description now existing or hereafter acquired which is pledged
as  security  for  the  repayment  of  such  Mortgage  Loan,  (ii)   third-party
guarantees,  and (A) all money,  securities,  security  entitlements,  accounts,
general intangibles,  payment rights, instruments,  documents, deposit accounts,
certificates of deposit, commodities contracts and other investment property and
other  property of  whatever  kind or  description  now  existing  or  hereafter
acquired  which is pledged as collateral for such guarantee or (B) any mortgaged
property  securing  the  performance  of such  guarantee,  or (iii)  such  other
collateral as may be set forth in the Series Supplement.

                                              2

<PAGE>

     Additional  Collateral  Loan:  Each  Mortgage  Loan  that is  supported  by
Additional Collateral.

        Adjusted  Mortgage Rate:  With respect to any Mortgage Loan and any date
of determination, the Mortgage Rate borne by the related Mortgage Note, less the
rate at which the related Subservicing Fee accrues.

     Advance:  As to any Mortgage Loan, any advance made by the Master Servicer,
pursuant to Section 4.04.

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

        Ambac: Ambac Assurance Corporation (formerly known as AMBAC Indemnity
 Corporation).

        Amount Held for Future  Distribution:  As to any Distribution  Date and,
with respect to any Mortgage  Pool that is comprised of two or more Loan Groups,
each Loan Group,  the total of the amounts held in the Custodial  Account at the
close  of  business  on the  preceding  Determination  Date  on  account  of (i)
Liquidation Proceeds, Insurance Proceeds, Curtailments,  Mortgage Loan purchases
made  pursuant  to  Section  2.02,   2.03,   2.04  or  4.07  and  Mortgage  Loan
substitutions  made  pursuant  to Section  2.03 or 2.04  received or made in the
month of such Distribution Date (other than such Liquidation Proceeds, Insurance
Proceeds and purchases of Mortgage Loans that the Master  Servicer has deemed to
have been received in the preceding month in accordance  with Section  3.07(b)),
and Principal  Prepayments in Full made after the related Prepayment Period, and
(ii) payments which represent  early receipt of scheduled  payments of principal
and interest due on a date or dates subsequent to the related Due Date.

        Appraised  Value:  As to any Mortgaged  Property,  the lesser of (i) the
appraised value of such Mortgaged  Property based upon the appraisal made at the
time of the  origination of the related  Mortgage Loan, and (ii) the sales price
of the Mortgaged  Property at such time of origination,  except in the case of a
Mortgaged  Property  securing a refinanced or modified Mortgage Loan as to which
it is  either  the  appraised  value  determined  above or the  appraised  value
determined in an appraisal at the time of  refinancing or  modification,  as the
case may be.

        Assigned  Contracts:  With respect to any Pledged Asset Loan: the Credit
Support Pledge Agreement; the Funding and Pledge Agreement,  among GMAC Mortgage
Corporation,  National Financial Services Corporation and the Mortgagor or other
person pledging the related Pledged Assets; the Additional Collateral Agreement,
between GMAC Mortgage Corporation and the Mortgagor or other person pledging the
related  Pledged  Assets;  or such  other  contracts  as may be set forth in the
Series Supplement.

     Assignment: An assignment of the Mortgage, notice of transfer or equivalent
instrument,  in recordable  form,  sufficient under the laws of the jurisdiction
wherein the related Mortgaged Property

                                              3

<PAGE>

is located to reflect of record the sale of the Mortgage Loan to the Trustee for
the  benefit of  Certificateholders,  which  assignment,  notice of  transfer or
equivalent  instrument  may be in the  form of one or more  blanket  assignments
covering  Mortgages secured by Mortgaged  Properties located in the same county,
if permitted by law and accompanied by an Opinion of Counsel to that effect.

        Assignment Agreement: The Assignment and Assumption Agreement, dated the
Closing  Date,  between  Residential  Funding  and the  Company  relating to the
transfer and assignment of the Mortgage Loans.

        Assignment of Proprietary Lease: With respect to a Cooperative Loan, the
assignment of the related Cooperative Lease from the Mortgagor to the originator
of the Cooperative Loan.

        Available  Distribution  Amount:  As to any Distribution  Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan Groups,  each Loan
Group, an amount equal to (a) the sum of (i) the amount relating to the Mortgage
Loans on deposit in the  Custodial  Account as of the close of  business  on the
immediately preceding  Determination Date and amounts deposited in the Custodial
Account in connection  with the  substitution of Qualified  Substitute  Mortgage
Loans,  (ii)  the  amount  of any  Advance  made  on the  immediately  preceding
Certificate  Account Deposit Date, (iii) any amount deposited in the Certificate
Account on the related  Certificate  Account Deposit Date pursuant to the second
paragraph  of Section  3.12(a),  (iv) any amount  deposited  in the  Certificate
Account pursuant to Section 4.07, (v) any amount that the Master Servicer is not
permitted to withdraw  from the  Custodial  Account or the  Certificate  Account
pursuant to Section 3.16(e), (vi) any amount received by the Trustee pursuant to
the Surety Bond in respect of such  Distribution  Date and (vii) the proceeds of
any Pledged Assets received by the Master Servicer, reduced by (b) the sum as of
the close of business on the immediately preceding Determination Date of (x) the
Amount Held for Future  Distribution,  and (y) amounts permitted to be withdrawn
by the Master  Servicer  from the  Custodial  Account in respect of the Mortgage
Loans pursuant to clauses (ii)-(x),  inclusive,  of Section 3.10(a). Such amount
shall be determined separately for each Loan Group.  Additionally,  with respect
to any Mortgage  Pool that is  comprised  of two or more Loan Groups,  if on any
Distribution Date Compensating  Interest provided pursuant to Section 3.16(e) is
less than  Prepayment  Interest  Shortfalls  incurred on the  Mortgage  Loans in
connection  with  Principal  Prepayments  in Full  received  during the  related
Prepayment  Period  and  Curtailments  made in the prior  calendar  month,  such
Compensating  Interest  shall  be  allocated  on such  Distribution  Date to the
Available  Distribution  Amount  for each  Loan  Group  on a pro  rata  basis in
accordance with the respective  amounts of such Prepayment  Interest  Shortfalls
incurred  on  the  Mortgage  Loans  in  such  Loan  Group  in  respect  of  such
Distribution Date.

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

        Bankruptcy  Loss:  With  respect  to  any  Mortgage  Loan,  a  Deficient
Valuation or Debt Service Reduction; provided, however, that neither a Deficient
Valuation  nor a Debt  Service  Reduction  shall  be  deemed a  Bankruptcy  Loss
hereunder  so long as the Master  Servicer  has  notified the Trustee in writing
that the Master  Servicer is diligently  pursuing any remedies that may exist in
connection  with the  representations  and warranties made regarding the related
Mortgage  Loan and either (A) the related  Mortgage  Loan is not in default with
regard to payments due  thereunder or (B)  delinquent  payments of principal and
interest under the related Mortgage Loan and any premiums on any

                                              4

<PAGE>

applicable  primary hazard  insurance  policy and any related escrow payments in
respect  of such  Mortgage  Loan are being  advanced  on a current  basis by the
Master  Servicer or a  Subservicer,  in either case without giving effect to any
Debt Service Reduction.

        Book-Entry  Certificate:  Any Certificate  registered in the name of the
Depository or its nominee,  and designated as such in the Preliminary  Statement
to the Series Supplement.

        Business  Day:  Any day other than (i) a Saturday  or a Sunday or (ii) a
day on which  banking  institutions  in the  State  of New  York,  the  State of
Michigan, the State of California or the State of Illinois (and such other state
or states in which the Custodial  Account or the Certificate  Account are at the
time located) are required or authorized by law or executive order to be closed.

        Buydown  Funds:  Any amount  contributed  by the  seller of a  Mortgaged
Property, the Company or other source in order to enable the Mortgagor to reduce
the payments  required to be made from the Mortgagor's  funds in the early years
of a  Mortgage  Loan.  Buydown  Funds  are not part of the Trust  Fund  prior to
deposit into the Custodial or Certificate Account.

        Buydown  Mortgage Loan: Any Mortgage Loan as to which a specified amount
of interest is paid out of related  Buydown Funds in  accordance  with a related
buydown agreement.

        Cash  Liquidation:  As to  any  defaulted  Mortgage  Loan  other  than a
Mortgage Loan as to which an REO Acquisition  occurred,  a determination  by the
Master  Servicer  that  it has  received  all  Insurance  Proceeds,  Liquidation
Proceeds  and  other  payments  or cash  recoveries  which the  Master  Servicer
reasonably and in good faith expects to be finally  recoverable  with respect to
such Mortgage Loan.

     Certificate Account Deposit Date: As to any Distribution Date, the Business
Day prior thereto.

        Certificateholder  or Holder:  The Person in whose name a Certificate is
registered  in  the  Certificate  Register,  and,  in  respect  of  any  Insured
Certificates,  the  Certificate  Insurer to the extent of  Cumulative  Insurance
Payments,  except that  neither a  Disqualified  Organization  nor a  Non-United
States  Person shall be a holder of a Class R  Certificate  for purposes  hereof
and, solely for the purpose of giving any consent or direction  pursuant to this
Agreement, any Certificate, other than a Class R Certificate,  registered in the
name of the Company,  the Master  Servicer or any  Subservicer  or any Affiliate
thereof shall be deemed not to be  outstanding  and the  Percentage  Interest or
Voting Rights  evidenced  thereby shall not be taken into account in determining
whether the requisite amount of Percentage  Interests or Voting Rights necessary
to effect any such consent or direction has been obtained. All references herein
to "Holders" or  "Certificateholders"  shall  reflect the rights of  Certificate
Owners as they may  indirectly  exercise such rights  through the Depository and
participating members thereof,  except as otherwise specified herein;  provided,
however,  that the  Trustee  shall be  required  to  recognize  as a "Holder" or
"Certificateholder" only the Person in whose name a Certificate is registered in
the Certificate Register.

        Certificate Insurer: As defined in the Series Supplement.

                                              5

<PAGE>

        Certificate Owner: With respect to a Book-Entry Certificate,  the Person
who is the beneficial owner of such Certificate, as reflected on the books of an
indirect participating brokerage firm for which a Depository Participant acts as
agent, if any, and otherwise on the books of a Depository  Participant,  if any,
and otherwise on the books of the Depository.

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

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

        (ii)   in the case of each Accrual  Certificate,  an amount equal to the
               aggregate Accrued  Certificate  Interest added to the Certificate
               Principal  Balance  thereof prior to such date of  determination,
               minus

        (iii)  the  sum  of  (x)  the   aggregate  of  all  amounts   previously
               distributed  with respect to such Certificate (or any predecessor
               Certificate)  and  applied  to reduce the  Certificate  Principal
               Balance thereof pursuant to Section 4.02(a) and (y) the aggregate
               of all reductions in Certificate Principal Balance deemed to have
               occurred in connection with Realized Losses which were previously
               allocated to such  Certificate (or any  predecessor  Certificate)
               pursuant to Section 4.05;

provided,  that the  Certificate  Principal  Balance of the Class of Subordinate
Certificates  with the Lowest  Priority at any given time shall be calculated to
equal the Percentage Interest evidenced by such Certificate times the excess, if
any, of (A) the then aggregate  Stated  Principal  Balance of the Mortgage Loans
over (B) the then aggregate  Certificate  Principal Balance of all other Classes
of Certificates then outstanding.

     Certificate Register and Certificate Registrar: The register maintained and
the registrar appointed pursuant to Section 5.02.

        Class:   Collectively,   all  of  the  Certificates   bearing  the  same
designation.  The initial Class A-V Certificates and any Subclass thereof issued
pursuant  to  Section  5.01(c)  shall be a single  Class  for  purposes  of this
Agreement.

     Class A-P Certificate:  Any one of the  Certificates  designated as a Class
A-P Certificate.

        Class A-P Collection Shortfall:  With respect to the Cash Liquidation or
REO  Disposition  of a Discount  Mortgage Loan and any  Distribution  Date,  the
excess of the  amount  described  in  Section  4.02(b)(i)(C)(1)  over the amount
described in Section 4.02(b)(i)(C)(2).

        Class A-P Principal Distribution Amount:  As defined in Section 4.02.

     Class A-V Certificate:  Any one of the  Certificates  designated as a Class
A-V Certificate, including any Subclass thereof.

                                              6

<PAGE>

        Class B Certificate:  Any one of the Certificates  designated as a Class
B-1 Certificate, Class B-2 Certificate or Class B-3 Certificate.

        Class M Certificate:  Any one of the Certificates  designated as a Class
M-1 Certificate, Class M-2 Certificate or Class M-3 Certificate.

        Closing Date:  As defined in the Series Supplement.

        Code:  The Internal Revenue Code of 1986.

     Combined  Collateral  LLC:  Combined  Collateral  LLC, a  Delaware  limited
liability company.

        Compensating Interest:  With respect to any Distribution Date, an amount
equal to Prepayment Interest Shortfalls resulting from Principal  Prepayments in
Full  during the related  Prepayment  Period and  Curtailments  during the prior
calendar  month and  included  in the  Available  Distribution  Amount  for such
Distribution  Date, but not more than the lesser of (a) one-twelfth of 0.125% of
the Stated Principal  Balance of the Mortgage Loans  immediately  preceding such
Distribution  Date and (b) the sum of the  Servicing Fee and all income and gain
on amounts held in the Custodial Account and the Certificate Account and payable
to the Certificateholders  with respect to such Distribution Date; provided that
for  purposes of this  definition  the amount of the  Servicing  Fee will not be
reduced pursuant to Section 7.02 except as may be required  pursuant to the last
sentence of such Section.

        Cooperative:  A private,  cooperative  housing corporation which owns or
leases land and all or part of a building or  buildings,  including  apartments,
spaces used for commercial  purposes and common areas therein and whose board of
directors authorizes, among other things, the sale of Cooperative Stock.

        Cooperative  Apartment:  A dwelling  unit in a  multi-dwelling  building
owned or leased by a  Cooperative,  which unit the  Mortgagor  has an  exclusive
right to  occupy  pursuant  to the  terms of a  proprietary  lease or  occupancy
agreement.

        Cooperative  Lease:  With respect to a Cooperative Loan, the proprietary
lease or occupancy agreement with respect to the Cooperative  Apartment occupied
by the Mortgagor and relating to the related  Cooperative  Stock, which lease or
agreement  confers an exclusive right to the holder of such Cooperative Stock to
occupy such apartment.

        Cooperative  Loans:  Any of the  Mortgage  Loans  made in  respect  of a
Cooperative  Apartment,  evidenced  by a  Mortgage  Note  and  secured  by (i) a
Security  Agreement,  (ii) the related  Cooperative Stock Certificate,  (iii) an
assignment of the Cooperative  Lease, (iv) financing  statements and (v) a stock
power (or other  similar  instrument),  and  ancillary  thereto,  a  recognition
agreement  between the Cooperative  and the originator of the Cooperative  Loan,
each of which was  transferred  and assigned to the Trustee  pursuant to Section
2.01 and are from time to time held as part of the Trust Fund.

                                              7

<PAGE>

     Cooperative   Stock:  With  respect  to  a  Cooperative  Loan,  the  single
outstanding class of stock,  partnership  interest or other ownership instrument
in the related Cooperative.

     Cooperative  Stock  Certificate:  With respect to a Cooperative  Loan,  the
stock certificate or other instrument evidencing the related Cooperative Stock.

        Credit Support Depletion Date: The first  Distribution Date on which the
Certificate Principal Balances of the Subordinate Certificates have been reduced
to zero.

        Credit Support Pledge  Agreement:  The Credit Support Pledge  Agreement,
dated as of  November  24,  1998,  among  the  Master  Servicer,  GMAC  Mortgage
Corporation, Combined Collateral LLC and The First National Bank of Chicago (now
known as Bank One, National Association), as custodian.

        Cumulative Insurance Payments:  As defined in the Series Supplement.

     Curtailment:  Any Principal  Prepayment  made by a Mortgagor which is not a
Principal Prepayment in Full.

        Custodial  Account:  The  custodial  account  or  accounts  created  and
maintained pursuant to Section 3.07 in the name of a depository institution,  as
custodian for the holders of the Certificates,  for the holders of certain other
interests in mortgage loans serviced or sold by the Master  Servicer and for the
Master  Servicer,  into which the  amounts  set forth in  Section  3.07 shall be
deposited directly. Any such account or accounts shall be an Eligible Account.

        Custodial  Agreement:  An  agreement  that may be entered into among the
Company, the Master Servicer,  the Trustee and a Custodian pursuant to which the
Custodian will hold certain  documents  relating to the Mortgage Loans on behalf
of the Trustee.

        Custodian:  A custodian appointed pursuant to a Custodial Agreement.

        Cut-off Date  Principal  Balance:  As to any Mortgage  Loan,  the unpaid
principal  balance  thereof  at the  Cut-off  Date  after  giving  effect to all
installments of principal due on or prior thereto, whether or not received.

        Debt Service  Reduction:  With respect to any Mortgage Loan, a reduction
in the scheduled  Monthly Payment for such Mortgage Loan by a court of competent
jurisdiction in a proceeding under the Bankruptcy Code,  except such a reduction
constituting a Deficient  Valuation or any reduction that results in a permanent
forgiveness of principal.

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

                                              8

<PAGE>

     Definitive   Certificate:   Any   Certificate   other  than  a   Book-Entry
Certificate.

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

        Delinquent:  As used herein, a Mortgage Loan is considered to be: "30 to
59 days" or "30 or more days" delinquent when a payment due on any scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately  prior to the next following  monthly  scheduled due date; "60 to 89
days" or "60 or more days"  delinquent  when a payment due on any  scheduled due
date  remains  unpaid  as of the  close of  business  on the last  business  day
immediately prior to the second following monthly scheduled due date; and so on.
The  determination  as to whether a Mortgage Loan falls into these categories is
made as of the close of business  on the last  business  day of each month.  For
example, a Mortgage Loan with a payment due on July 1 that remained unpaid as of
the close of  business on July 31 would then be  considered  to be 30 to 59 days
delinquent.  Delinquency  information  as of the Cut-off Date is determined  and
prepared as of the close of business on the last business day immediately  prior
to the Cut-off Date.

        Depository:  The Depository Trust Company,  or any successor  Depository
hereafter  named.  The  nominee  of  the  initial  Depository  for  purposes  of
registering those Certificates that are to be Book-Entry  Certificates is Cede &
Co. The Depository shall at all times be a "clearing  corporation" as defined in
Section  8-102(a)(5) of the Uniform Commercial Code of the State of New York and
a "clearing agency" registered  pursuant to the provisions of Section 17A of the
Securities Exchange Act of 1934, as amended.

        Depository  Participant:  A  broker,  dealer,  bank or  other  financial
institution  or other  Person  for whom from time to time a  Depository  effects
book-entry transfers and pledges of securities deposited with the Depository.

     Destroyed  Mortgage  Note:  A  Mortgage  Note the  original  of  which  was
permanently lost or destroyed and has not been replaced.

        Determination Date:  As defined in the Series Supplement.

        Discount  Fraction:  With respect to each Discount  Mortgage  Loan,  the
fraction  expressed as a percentage,  the numerator of which is the Discount Net
Mortgage Rate minus the Net Mortgage Rate (or the initial Net Mortgage Rate with
respect to any Discount Mortgage Loans as to which the Mortgage Rate is modified
pursuant to 3.07(a)) for such Mortgage Loan and the  denominator of which is the
Discount Net Mortgage Rate. The Discount  Fraction with respect to each Discount
Mortgage Loan is set forth as an exhibit attached to the Series Supplement.

        Discount Mortgage Loan: Any Mortgage Loan having a Net Mortgage Rate (or
the initial Net Mortgage  Rate) of less than the Discount Net Mortgage  Rate per
annum and any Mortgage  Loan deemed to be a Discount  Mortgage  Loan pursuant to
the definition of Qualified Substitute Mortgage Loan.

        Discount Net Mortgage Rate:  As defined in the Series Supplement.

                                              9

<PAGE>

        Disqualified  Organization:  Any organization defined as a "disqualified
organization"  under  Section  860E(e)(5)  of the  Code,  and  if not  otherwise
included,  any of the following:  (i) the United States,  any State or political
subdivision  thereof,  any  possession  of the United  States,  or any agency or
instrumentality of any of the foregoing (other than an instrumentality  which is
a  corporation  if all of its  activities  are  subject  to tax and,  except for
Freddie  Mac, a  majority  of its board of  directors  is not  selected  by such
governmental unit), (ii) a foreign government,  any international  organization,
or any agency or instrumentality of any of the foregoing, (iii) any organization
(other than certain farmers' cooperatives  described in Section 521 of the Code)
which is exempt from the tax imposed by Chapter 1 of the Code (including the tax
imposed by Section 511 of the Code on unrelated  business taxable income),  (iv)
rural electric and telephone  cooperatives described in Section 1381(a)(2)(C) of
the Code, (v) any "electing large  partnership," as defined in Section 775(a) of
the Code and (vi) any other Person so  designated  by the Trustee  based upon an
Opinion  of  Counsel  that the  holding of an  Ownership  Interest  in a Class R
Certificate  by such  Person may cause the Trust  Fund or any  Person  having an
Ownership  Interest in any Class of  Certificates  (other  than such  Person) to
incur a liability  for any  federal  tax  imposed  under the Code that would not
otherwise be imposed but for the Transfer of an Ownership  Interest in a Class R
Certificate   to  such  Person.   The  terms   "United   States",   "State"  and
"international  organization"  shall have the meanings set forth in Section 7701
of the Code or successor provisions.

        Distribution  Date:  The 25th day of any  month  beginning  in the month
immediately  following the month of the initial issuance of the Certificates or,
if such 25th day is not a Business Day, the Business Day  immediately  following
such 25th day.

     Due Date: With respect to any Distribution  Date and any Mortgage Loan, the
day during the related Due Period on which the Monthly Payment is due.

     Due Period: With respect to any Distribution Date, the one-month period set
forth in the Series Supplement.

        Eligible  Account:  An  account  that  is  any  of  the  following:  (i)
maintained with a depository institution the debt obligations of which have been
rated by each Rating Agency in its highest rating available,  or (ii) an account
or accounts in a depository institution in which such accounts are fully insured
to the limits established by the FDIC, provided that any deposits not so insured
shall, to the extent  acceptable to each Rating Agency, as evidenced in writing,
be maintained such that (as evidenced by an Opinion of Counsel  delivered to the
Trustee and each Rating Agency) the registered  Holders of  Certificates  have a
claim with  respect to the funds in such account or a perfected  first  security
interest   against  any   collateral   (which  shall  be  limited  to  Permitted
Investments)  securing  such  funds  that is  superior  to  claims  of any other
depositors or creditors of the depository institution with which such account is
maintained,  or (iii) in the case of the Custodial  Account,  a trust account or
accounts  maintained in the  corporate  trust  department of Bank One,  National
Association,  or (iv) in the case of the Certificate Account, a trust account or
accounts  maintained in the corporate  trust division of the Trustee,  or (v) an
account or accounts of a depository institution acceptable to each Rating Agency
(as  evidenced in writing by each Rating  Agency that use of any such account as
the  Custodial  Account or the  Certificate  Account  will not reduce the rating
assigned to any Class of  Certificates  by such Rating Agency below the lower of
the  then-current  rating or the rating assigned to such  Certificates as of the
Closing Date by such Rating Agency).

                                              10

<PAGE>

        Event of Default:  As defined in Section 7.01.

     Excess  Bankruptcy  Loss: Any Bankruptcy  Loss, or portion  thereof,  which
exceeds the then applicable Bankruptcy Amount.

     Excess Fraud Loss:  Any Fraud Loss, or portion  thereof,  which exceeds the
then applicable Fraud Loss Amount.

     Excess Special  Hazard Loss:  Any Special Hazard Loss, or portion  thereof,
that exceeds the then applicable Special Hazard Amount.

        Excess  Subordinate  Principal Amount:  With respect to any Distribution
Date on which  the  aggregate  Certificate  Principal  Balance  of the  Class of
Subordinate  Certificates  then  outstanding  with the Lowest  Priority is to be
reduced to zero and on which  Realized  Losses are to be allocated to such class
or classes,  the  excess,  if any,  of (i) the amount  that would  otherwise  be
distributable  in respect of principal on such class or classes of  Certificates
on such  Distribution  Date  over  (ii) the  excess,  if any,  of the  aggregate
Certificate   Principal  Balance  of  such  class  or  classes  of  Certificates
immediately  prior to such  Distribution  Date  over  the  aggregate  amount  of
Realized  Losses  to be  allocated  to  such  classes  of  Certificates  on such
Distribution  Date as  reduced  by any  amount  calculated  pursuant  to Section
4.02(b)(i)(E).  With  respect to any  Mortgage  Pool that is comprised of two or
more Loan  Groups,  the Excess  Subordinate  Principal  Amount will be allocated
between  each Loan  Group on a pro rata basis in  accordance  with the amount of
Realized   Losses   attributable  to  each  Loan  Group  and  allocated  to  the
Certificates on such Distribution Date.

        Extraordinary  Events: Any of the following conditions with respect to a
Mortgaged  Property  (or, with respect to a Cooperative  Loan,  the  Cooperative
Apartment)  or Mortgage  Loan  causing or  resulting  in a loss which causes the
liquidation of such Mortgage Loan:

        (a) losses  that are of the type that  would be covered by the  fidelity
bond and the errors and  omissions  insurance  policy  required to be maintained
pursuant  to  Section  3.12(b)  but are in  excess  of the  coverage  maintained
thereunder;

        (b) nuclear reaction or nuclear radiation or radioactive  contamination,
all whether  controlled  or  uncontrolled,  and  whether  such loss be direct or
indirect,  proximate or remote or be in whole or in part caused by,  contributed
to or  aggravated  by a peril  covered by the  definition  of the term  "Special
Hazard Loss";

        (c) hostile or warlike action in time of peace or war,  including action
in hindering,  combating or defending  against an actual,  impending or expected
attack:

               1.   by any government or sovereign  power,  de jure or de facto,
                    or by any authority maintaining or using military,  naval or
                    air forces; or

               2.     by military, naval or air forces; or

               3.   by an agent  of any such  government,  power,  authority  or
                    forces;

                                              11

<PAGE>

     (d) any weapon of war employing atomic fission or radioactive force whether
in time of peace or war; or

        (e)  insurrection,  rebellion,  revolution,  civil war, usurped power or
action  taken by  governmental  authority in  hindering,  combating or defending
against such an occurrence,  seizure or destruction  under quarantine or customs
regulations,  confiscation  by order of any government or public  authority;  or
risks of contraband or illegal transportation or trade.

     Extraordinary  Losses:  Any loss  incurred on a Mortgage  Loan caused by or
resulting from an Extraordinary Event.

        Fannie Mae: Federal National Mortgage Association, a federally chartered
and  privately  owned  corporation  organized  and  existing  under the  Federal
National Mortgage Association Charter Act, or any successor thereto.

     FASIT:  A "financial  asset  securitization  investment  trust"  within the
meaning of Section 860L of the Code.

        FDIC:  Federal Deposit Insurance Corporation or any successor thereto.

        Final  Distribution  Date:  The  Distribution  Date on which  the  final
distribution  in respect of the  Certificates  will be made  pursuant to Section
9.01, which Final  Distribution  Date shall in no event be later than the end of
the 90-day liquidation period described in Section 9.02.

        Fitch:  Fitch, Inc. or its successor in interest.

        Foreclosure   Profits:   As  to  any   Distribution   Date  or   related
Determination  Date and any Mortgage  Loan,  the excess,  if any, of Liquidation
Proceeds,  Insurance Proceeds and REO Proceeds (net of all amounts  reimbursable
therefrom  pursuant to Section  3.10(a)(ii)) in respect of each Mortgage Loan or
REO Property for which a Cash  Liquidation  or REO  Disposition  occurred in the
related  Prepayment  Period over the sum of the unpaid principal balance of such
Mortgage Loan or REO Property (determined, in the case of an REO Disposition, in
accordance  with Section 3.14) plus accrued and unpaid  interest at the Mortgage
Rate on such unpaid  principal  balance from the Due Date to which  interest was
last paid by the Mortgagor to the first day of the month  following the month in
which such Cash Liquidation or REO Disposition occurred.

     Fraud Losses:  Losses on Mortgage  Loans as to which there was fraud in the
origination of such Mortgage Loan.

        Freddie  Mac:  Federal  Home  Loan  Mortgage  Corporation,  a  corporate
instrumentality of the United States created and existing under Title III of the
Emergency Home Finance Act of 1970, as amended, or any successor thereto.

        Highest  Priority:  As of  any  date  of  determination,  the  Class  of
Subordinate  Certificates  then  outstanding  with  the  earliest  priority  for
payments pursuant to Section 4.02(a),  in the following order:  Class M-1, Class
M-2, Class M-3, Class B-1, Class B-2 and Class B-3 Certificates.

                                              12

<PAGE>

        Independent:  When used with respect to any specified Person, means such
a Person who (i) is in fact independent of the Company,  the Master Servicer and
the Trustee,  or any Affiliate thereof,  (ii) does not have any direct financial
interest or any material indirect financial interest in the Company,  the Master
Servicer or the Trustee or in an Affiliate  thereof,  and (iii) is not connected
with the Company,  the Master  Servicer or the Trustee as an officer,  employee,
promoter,  underwriter,  trustee, partner, director or person performing similar
functions.

        Initial  Certificate  Principal  Balance:  With respect to each Class of
Certificates, the Certificate Principal Balance of such Class of Certificates as
of the Cut-off Date, as set forth in the Series Supplement.

        Initial Monthly Payment Fund: An amount representing scheduled principal
amortization and interest at the Net Mortgage Rate for the Due Date in the first
Due Period  commencing  subsequent to the Cut-off Date for those  Mortgage Loans
for which the Trustee will not be entitled to receive such payment,  and as more
specifically defined in the Series Supplement.

        Initial  Notional  Amount:  With  respect  to any Class or  Subclass  of
Interest Only Certificates, the amount initially used as the principal basis for
the calculation of any interest payment amount, as more specifically  defined in
the Series Supplement.

     Initial Subordinate Class Percentage: As defined in the Series Supplement.

        Insurance  Proceeds:  Proceeds  paid in  respect of the  Mortgage  Loans
pursuant to any Primary  Insurance Policy or any other related  insurance policy
covering a Mortgage Loan  (excluding any  Certificate  Policy (as defined in the
Series  Supplement)),  to the extent such  proceeds are payable to the mortgagee
under the Mortgage, any Subservicer,  the Master Servicer or the Trustee and are
not applied to the  restoration  of the related  Mortgaged  Property  (or,  with
respect to a Cooperative Loan, the related Cooperative Apartment) or released to
the Mortgagor in accordance  with the procedures  that the Master Servicer would
follow in servicing mortgage loans held for its own account.

     Insurer:  Any named  insurer  under  any  Primary  Insurance  Policy or any
successor thereto or the named insurer in any replacement policy.

        Interest Accrual Period: As defined in the Series Supplement.

     Interest  Only  Certificates:  A Class  or  Subclass  of  Certificates  not
entitled  to  payments  of  principal,  and  designated  as such  in the  Series
Supplement.  The Interest Only Certificates  will have no Certificate  Principal
Balance.

        Interim Certification:  As defined in Section 2.02.

     Junior Certificateholder: The Holder of not less than 95% of the Percentage
Interests of the Junior Class of Certificates.

        Junior  Class of  Certificates:  The Class of  Subordinate  Certificates
outstanding  as of the date of the  repurchase  of a Mortgage  Loan  pursuant to
Section 4.07 herein that has the Lowest Priority.

                                              13

<PAGE>

        Late  Collections:  With  respect  to any  Mortgage  Loan,  all  amounts
received during any Due Period,  whether as late payments of Monthly Payments or
as Insurance Proceeds,  Liquidation Proceeds or otherwise,  which represent late
payments or  collections  of Monthly  Payments due but delinquent for a previous
Due Period and not previously recovered.

        Liquidation  Proceeds:  Amounts (other than Insurance Proceeds) received
by the Master  Servicer  in  connection  with the taking of an entire  Mortgaged
Property  by  exercise  of the power of  eminent  domain or  condemnation  or in
connection with the liquidation of a defaulted  Mortgage Loan through  trustee's
sale, foreclosure sale or otherwise, other than REO Proceeds.

        Loan Group:  Any group of Mortgage  Loans  designated as a separate loan
group in the Series  Supplement.  The  Certificates  relating to each Loan Group
will be designated in the Series Supplement.

        Loan-to-Value  Ratio:  As of any  date,  the  fraction,  expressed  as a
percentage,  the  numerator  of which is the  current  principal  balance of the
related Mortgage Loan at the date of determination  and the denominator of which
is the Appraised Value of the related Mortgaged Property.

        Lower  Priority:  As of any  date  of  determination  and any  Class  of
Subordinate  Certificates,  any other  Class of  Subordinate  Certificates  then
outstanding with a later priority for payments pursuant to Section 4.02(a).

        Lowest  Priority:  As  of  any  date  of  determination,  the  Class  of
Subordinate  Certificates then outstanding with the latest priority for payments
pursuant to Section 4.02(a), in the following order: Class B-3, Class B-2, Class
B-1, Class M-3, Class M-2 and Class M-1 Certificates.

        Maturity Date: The latest possible maturity date, solely for purposes of
Section   1.860G-1(a)(4)(iii)   of  the  Treasury  regulations,   by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only Certificates which have no Certificate Principal Balance) and each
Uncertificated REMIC Regular Interest would be reduced to zero, as designated in
the Series Supplement.

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

        MERS(R)  System:   The  system  of  recording   transfers  of  Mortgages
electronically maintained by MERS.

     MIN: The Mortgage  Identification Number for Mortgage Loans registered with
MERS on the MERS(R)System.

     MLCC: Merrill Lynch Credit Corporation, or its successor in interest.

     Modified  Mortgage  Loan:  Any Mortgage Loan that has been the subject of a
Servicing Modification.

                                              14

<PAGE>

        Modified Net Mortgage  Rate: As to any Mortgage Loan that is the subject
of a Servicing  Modification,  the Net Mortgage Rate minus the rate per annum by
which the Mortgage Rate on such Mortgage Loan was reduced.

        MOM  Loan:  With  respect  to any  Mortgage  Loan,  MERS  acting  as the
mortgagee of such Mortgage  Loan,  solely as nominee for the  originator of such
Mortgage Loan and its successors and assigns, at the origination thereof.

        Monthly  Payment:  With respect to any Mortgage Loan  (including any REO
Property) and any Due Date, the payment of principal and interest due thereon in
accordance with the amortization  schedule at the time applicable thereto (after
adjustment,  if any, for  Curtailments  and for Deficient  Valuations  occurring
prior to such Due Date but before any adjustment to such  amortization  schedule
by reason of any  bankruptcy,  other  than a  Deficient  Valuation,  or  similar
proceeding or any  moratorium  or similar  waiver or grace period and before any
Servicing Modification that constitutes a reduction of the interest rate on such
Mortgage Loan).

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

        Mortgage:  With respect to each Mortgage Note related to a Mortgage Loan
which is not a Cooperative Loan, the mortgage, deed of trust or other comparable
instrument  creating  a first  lien on an  estate  in fee  simple  or  leasehold
interest in real property securing a Mortgage Note.

        Mortgage File: The mortgage  documents listed in Section 2.01 pertaining
to a particular Mortgage Loan and any additional  documents required to be added
to the Mortgage File pursuant to this Agreement.

        Mortgage Loans:  Such of the mortgage loans  transferred and assigned to
the Trustee  pursuant to Section 2.01 as from time to time are held or deemed to
be held as a part of the Trust Fund, the Mortgage Loans originally so held being
identified in the initial  Mortgage  Loan  Schedule,  and  Qualified  Substitute
Mortgage Loans held or deemed held as part of the Trust Fund including,  without
limitation,  (i) with respect to each  Cooperative  Loan,  the related  Mortgage
Note,  Security  Agreement,  Assignment of Proprietary Lease,  Cooperative Stock
Certificate,  Cooperative  Lease and Mortgage  File and all rights  appertaining
thereto,  and (ii) with respect to each  Mortgage  Loan other than a Cooperative
Loan,  each related  Mortgage  Note,  Mortgage and Mortgage  File and all rights
appertaining thereto.

        Mortgage Loan Schedule:  As defined in the Series Supplement.

        Mortgage  Note:  The  originally  executed  note or  other  evidence  of
indebtedness  evidencing the  indebtedness of a Mortgagor under a Mortgage Loan,
together with any modification thereto.

     Mortgage Pool: The pool of mortgage  loans,  including all Loan Groups,  if
any, consisting of the Mortgage Loans.

     Mortgage  Rate:  As to any Mortgage  Loan,  the interest  rate borne by the
related  Mortgage  Note,  or any  modification  thereto  other than a  Servicing
Modification.

                                              15

<PAGE>

        Mortgaged  Property:  The underlying  real property  securing a Mortgage
Loan or, with respect to a Cooperative  Loan, the related  Cooperative Lease and
Cooperative Stock.

        Mortgagor:  The obligor on a Mortgage Note.

        Net  Mortgage  Rate:  As to each  Mortgage  Loan,  a per  annum  rate of
interest  equal to the Adjusted  Mortgage  Rate less the per annum rate at which
the Servicing Fee is calculated.

     Non-Discount Mortgage Loan: A Mortgage Loan that is not a Discount Mortgage
Loan.

        Non-Primary Residence Loans: The Mortgage Loans designated as secured by
second or vacation  residences,  or by  non-owner  occupied  residences,  on the
Mortgage Loan Schedule.

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

        Nonrecoverable  Advance:  Any Advance  previously made or proposed to be
made by the Master  Servicer in respect of a Mortgage Loan (other than a Deleted
Mortgage Loan) which,  in the good faith judgment of the Master  Servicer,  will
not, or, in the case of a proposed Advance, would not, be ultimately recoverable
by the Master  Servicer  from  related  Late  Collections,  Insurance  Proceeds,
Liquidation  Proceeds,  REO  Proceeds  or  amounts  reimbursable  to the  Master
Servicer  pursuant to Section 4.02(a) hereof.  The  determination  by the Master
Servicer that it has made a Nonrecoverable  Advance or that any proposed Advance
would  constitute a Nonrecoverable  Advance,  shall be evidenced by an Officers'
Certificate delivered to the Company, the Trustee and any Certificate Insurer.

     Nonsubserviced  Mortgage  Loan:  Any  Mortgage  Loan  that,  at the time of
reference thereto, is not subject to a Subservicing Agreement.

        Notional Amount:  With respect to any Class or Subclass of Interest Only
Certificates,  an amount used as the principal  basis for the calculation of any
interest payment amount, as more specifically defined in the Series Supplement.

        Officers'  Certificate:  A  certificate  signed by the  Chairman  of the
Board,  the  President or a Vice  President or Assistant  Vice  President,  or a
Director or Managing Director,  and by the Treasurer,  the Secretary,  or one of
the Assistant  Treasurers or Assistant  Secretaries of the Company or the Master
Servicer,  as the case may be, and delivered to the Trustee, as required by this
Agreement.

        Opinion of  Counsel:  A written  opinion of  counsel  acceptable  to the
Trustee  and the  Master  Servicer,  who may be counsel  for the  Company or the
Master  Servicer,  provided  that any opinion of counsel (i)  referred to in the
definition of "Disqualified  Organization" or (ii) relating to the qualification
of any REMIC formed under the Series  Supplement  or  compliance  with the REMIC
Provisions  must,  unless  otherwise  specified,  be an opinion  of  Independent
counsel.

     Outstanding  Mortgage Loan: As to any Due Date, a Mortgage Loan  (including
an REO  Property)  which was not the subject of a Principal  Prepayment in Full,
Cash Liquidation or REO

                                              16

<PAGE>

Disposition  and which was not purchased,  deleted or  substituted  for prior to
such Due Date pursuant to Section 2.02, 2.03, 2.04 or 4.07.

        Ownership  Interest:  As to any  Certificate,  any ownership or security
interest in such Certificate,  including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal
or beneficial, as owner or as pledgee.

        Pass-Through Rate:  As defined in the Series Supplement.

     Paying Agent:  The Trustee or any successor  Paying Agent  appointed by the
Trustee.

        Percentage Interest: With respect to any Certificate (other than a Class
R Certificate), the undivided percentage ownership interest in the related Class
evidenced by such  Certificate,  which  percentage  ownership  interest shall be
equal to the Initial  Certificate  Principal Balance thereof or Initial Notional
Amount (in the case of any Interest  Only  Certificate)  thereof  divided by the
aggregate Initial Certificate  Principal Balance or the aggregate of the Initial
Notional Amounts, as applicable, of all the Certificates of the same Class. With
respect to a Class R Certificate,  the interest in distributions to be made with
respect to such Class evidenced thereby, expressed as a percentage, as stated on
the face of each such Certificate.

        Permitted Investments:  One or more of the following:

               (i)  obligations of or guaranteed as to principal and interest by
        the United  States or any agency or  instrumentality  thereof  when such
        obligations  are  backed  by the full  faith and  credit  of the  United
        States;

               (ii) repurchase agreements on obligations specified in clause (i)
        maturing not more than one month from the date of  acquisition  thereof,
        provided  that  the  unsecured  obligations  of the  party  agreeing  to
        repurchase such  obligations are at the time rated by each Rating Agency
        in its highest short-term rating available;

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

                                              17

<PAGE>

        of a  domestic  branch  of a  foreign  depository  institution  or trust
        company shall exceed 30 days, the short-term  rating of such institution
        shall be A-1+ in the case of  Standard & Poor's if  Standard & Poor's is
        the Rating Agency;

               (iv)   commercial   paper  and  demand  notes  (having   original
        maturities  of not more than 365 days) of any  corporation  incorporated
        under the laws of the United  States or any state  thereof  which on the
        date of acquisition  has been rated by each Rating Agency in its highest
        short-term rating  available;  provided that such commercial paper shall
        have a remaining maturity of not more than 30 days;

               (v) a money market fund or a qualified  investment  fund rated by
        each Rating Agency in its highest long-term rating available; and

               (vi) other  obligations or securities that are acceptable to each
        Rating  Agency as a Permitted  Investment  hereunder and will not reduce
        the rating  assigned to any Class of  Certificates by such Rating Agency
        below the lower of the  then-current  rating or the rating  assigned  to
        such  Certificates  as of the  Closing  Date by such Rating  Agency,  as
        evidenced in writing;

provided,  however,  no  instrument  shall  be  a  Permitted  Investment  if  it
represents,  either (1) the right to receive only interest payments with respect
to the underlying debt instrument or (2) the right to receive both principal and
interest  payments derived from  obligations  underlying such instrument and the
principal and interest payments with respect to such instrument  provide a yield
to maturity greater than 120% of the yield to maturity at par of such underlying
obligations.  References  herein to the highest  rating  available  on unsecured
long-term debt shall mean AAA in the case of Standard & Poor's and Fitch and Aaa
in the case of Moody's, and references herein to the highest rating available on
unsecured commercial paper and short-term debt obligations shall mean A-1 in the
case of Standard & Poor's, P-1 in the case of Moody's and either A-1 by Standard
& Poor's, P-1 by Moody's or F-1 by Fitch in the case of Fitch.

     Permitted Transferee: Any Transferee of a Class R Certificate, other than a
Disqualified Organization or Non-United States Person.

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

     Pledged Amount: With respect to any Pledged Asset Loan, the amount of money
remitted to Combined  Collateral  LLC, at the direction of or for the benefit of
the related Mortgagor.

        Pledged  Asset Loan:  Any Mortgage Loan  supported by Pledged  Assets or
such other collateral,  other than the related Mortgaged Property,  set forth in
the Series Supplement.

        Pledged   Assets:   With  respect  to  any  Mortgage  Loan,  all  money,
securities, security entitlements,  accounts, general intangibles,  instruments,
documents,  certificates of deposit,  commodities contracts and other investment
property and other property of whatever kind or

                                              18

<PAGE>

description  pledged by  Combined  Collateral  LLC as security in respect of any
Realized  Losses in connection  with such Mortgage Loan up to the Pledged Amount
for such Mortgage Loan, and any related collateral,  or such other collateral as
may be set forth in the Series Supplement.

        Pledged Asset Mortgage Servicing  Agreement:  The Pledged Asset Mortgage
Servicing  Agreement,  dated as of February 28, 1996 between MLCC and the Master
Servicer.

        Pooling  and  Servicing  Agreement  or  Agreement:  With  respect to any
Series, this Standard Terms together with the related Series Supplement.

     Pool Stated Principal  Balance:  As to any Distribution Date, the aggregate
of the Stated Principal Balances of each Mortgage Loan.

        Pool Strip Rate:  With respect to each  Mortgage  Loan, a per annum rate
equal to the excess of (a) the Net Mortgage  Rate of such Mortgage Loan over (b)
the Discount Net Mortgage Rate (but not less than 0.00%) per annum.

        Prepayment  Distribution  Trigger: With respect to any Distribution Date
and  any  Class  of   Subordinate   Certificates   (other  than  the  Class  M-1
Certificates),  a test that shall be satisfied if the fraction  (expressed  as a
percentage) equal to the sum of the Certificate Principal Balances of such Class
and each Class of Subordinate Certificates with a Lower Priority than such Class
immediately  prior to such  Distribution  Date divided by the  aggregate  Stated
Principal  Balance of all of the  Mortgage  Loans (or  related  REO  Properties)
immediately  prior to such Distribution Date is greater than or equal to the sum
of the  related  Initial  Subordinate  Class  Percentages  of  such  Classes  of
Subordinate Certificates.

        Prepayment  Interest  Shortfall:  As to any  Distribution  Date  and any
Mortgage Loan (other than a Mortgage Loan relating to an REO Property)  that was
the  subject of (a) a  Principal  Prepayment  in Full  during the portion of the
related  Prepayment Period that falls during the prior calendar month, an amount
equal  to the  excess  of one  month's  interest  at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
Stated  Principal  Balance of such  Mortgage  Loan over the  amount of  interest
(adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of
a Modified  Mortgage  Loan)) paid by the Mortgagor for such month to the date of
such Principal Prepayment in Full or (b) a Curtailment during the prior calendar
month,  an amount  equal to one month's  interest at the Net  Mortgage  Rate (or
Modified  Net  Mortgage  Rate in the case of a  Modified  Mortgage  Loan) on the
amount of such Curtailment.

        Prepayment Period: As to any Distribution Date and Principal  Prepayment
in Full,  the period  commencing on the 16th day of the month prior to the month
prior to the month in which that Distribution Date occurs and ending on the 15th
day of the month in which such Distribution Date occurs.

     Primary  Insurance  Policy:   Each  primary  policy  of  mortgage  guaranty
insurance or any replacement policy therefor referred to in Section  2.03(b)(iv)
and (v).

                                              19

<PAGE>

     Principal  Only  Certificates:  A Class of  Certificates  not  entitled  to
payments of interest,  and more  specifically  designated  as such in the Series
Supplement.

        Principal  Prepayment:  Any payment of principal or other  recovery on a
Mortgage Loan,  including a recovery that takes the form of Liquidation Proceeds
or Insurance  Proceeds,  which is received in advance of its  scheduled Due Date
and is not  accompanied  by an  amount  as to  interest  representing  scheduled
interest  on such  payment  due on any  date or dates  in any  month  or  months
subsequent to the month of prepayment.

     Principal  Prepayment  in Full:  Any  Principal  Prepayment  of the  entire
principal balance of a Mortgage Loan that is made by the Mortgagor.

        Program Guide: Collectively, the Client Guide and the Servicer Guide for
Residential  Funding's  mortgage loan purchase and conduit servicing program and
all supplements  and amendments  thereto  published by Residential  Funding from
time to time.

        Purchase  Price:  With  respect to any Mortgage  Loan (or REO  Property)
required to be or  otherwise  purchased  on any date  pursuant to Section  2.02,
2.03,  2.04 or  4.07,  an  amount  equal  to the sum of (i)  100% of the  Stated
Principal Balance thereof plus the principal portion of any related unreimbursed
Advances  and (ii) unpaid  accrued  interest at the Adjusted  Mortgage  Rate (or
Modified Net Mortgage Rate plus the rate per annum at which the Servicing Fee is
calculated in the case of a Modified Mortgage Loan) (or at the Net Mortgage Rate
(or Modified Net Mortgage Rate in the case of a Modified  Mortgage  Loan) in the
case of a purchase made by the Master Servicer) on the Stated Principal  Balance
thereof  to the Due Date in the Due  Period  related  to the  Distribution  Date
occurring  in the month  following  the month of  purchase  from the Due Date to
which interest was last paid by the Mortgagor.

        Qualified  Substitute  Mortgage  Loan: A Mortgage  Loan  substituted  by
Residential  Funding or the Company for a Deleted  Mortgage  Loan which must, on
the  date  of  such  substitution,  as  confirmed  in an  Officers'  Certificate
delivered to the Trustee, with a copy to the Custodian,

        (i)    have an outstanding  principal  balance,  after  deduction of the
               principal  portion  of the  monthly  payment  due in the month of
               substitution  (or in the case of a substitution  of more than one
               Mortgage  Loan  for  a  Deleted   Mortgage   Loan,  an  aggregate
               outstanding  principal  balance,  after such  deduction),  not in
               excess of the Stated  Principal  Balance of the Deleted  Mortgage
               Loan (the amount of any shortfall to be deposited by  Residential
               Funding in the Custodial Account in the month of substitution);

        (ii)   have a Mortgage  Rate and a Net  Mortgage  Rate no lower than and
               not more than 1% per annum higher than the Mortgage  Rate and Net
               Mortgage Rate,  respectively,  of the Deleted Mortgage Loan as of
               the date of substitution;

        (iii)  have a Loan-to-Value  Ratio at the time of substitution no higher
               than  that  of  the  Deleted   Mortgage   Loan  at  the  time  of
               substitution;

                                              20

<PAGE>

        (iv)   have a remaining  term to stated  maturity  not greater than (and
               not more than one year less  than) that of the  Deleted  Mortgage
               Loan;

        (v)    comply  with  each  representation  and  warranty  set  forth  in
               Sections  2.03 and 2.04  hereof and  Section 4 of the  Assignment
               Agreement; and

        (vi) have a Pool Strip Rate equal to or greater than that of the Deleted
Mortgage Loan.

Notwithstanding  any other provisions  herein, (x) with respect to any Qualified
Substitute  Mortgage Loan  substituted  for a Deleted  Mortgage Loan which was a
Discount Mortgage Loan, such Qualified  Substitute Mortgage Loan shall be deemed
to be a  Discount  Mortgage  Loan and to have a Discount  Fraction  equal to the
Discount  Fraction  of the Deleted  Mortgage  Loan and (y) in the event that the
"Pool  Strip  Rate" of any  Qualified  Substitute  Mortgage  Loan as  calculated
pursuant to the  definition  of "Pool Strip Rate" is greater than the Pool Strip
Rate of the related Deleted Mortgage Loan

        (i)    the Pool Strip Rate of such  Qualified  Substitute  Mortgage Loan
               shall  be equal to the Pool  Strip  Rate of the  related  Deleted
               Mortgage Loan for purposes of calculating the  Pass-Through  Rate
               on the Class A-V Certificates and

        (ii)   the excess of the Pool Strip  Rate on such  Qualified  Substitute
               Mortgage Loan as calculated  pursuant to the  definition of "Pool
               Strip  Rate"  over the Pool  Strip  Rate on the  related  Deleted
               Mortgage  Loan  shall  be  payable  to the  Class R  Certificates
               pursuant to Section 4.02 hereof.

        Rating Agency:  Each of the statistical credit rating agencies specified
in the  Preliminary  Statement  of the  Series  Supplement.  If any  agency or a
successor is no longer in existence,  "Rating Agency" shall be such  statistical
credit rating agency,  or other  comparable  Person,  designated by the Company,
notice  of  which  designation  shall be given  to the  Trustee  and the  Master
Servicer.

        Realized Loss:  With respect to each Mortgage Loan (or REO Property):

               (a)  as to  which  a  Cash  Liquidation  or REO  Disposition  has
                    occurred,  an amount  (not less than zero)  equal to (i) the
                    Stated  Principal  Balance  of the  Mortgage  Loan  (or  REO
                    Property)  as  of  the  date  of  Cash  Liquidation  or  REO
                    Disposition,  plus (ii) interest (and REO Imputed  Interest,
                    if any) at the Net  Mortgage  Rate  from  the Due Date as to
                    which    interest    was   last   paid   or    advanced   to
                    Certificateholders  up to the Due  Date  in the  Due  Period
                    related to the Distribution Date on which such Realized Loss
                    will be  allocated  pursuant  to Section  4.05 on the Stated
                    Principal  Balance of such  Mortgage  Loan (or REO Property)
                    outstanding  during each Due Period that such  interest  was
                    not paid or  advanced,  minus  (iii) the  proceeds,  if any,
                    received during the month in which such Cash Liquidation (or
                    REO  Disposition)   occurred,   to  the  extent  applied  as
                    recoveries  of  interest  at the Net  Mortgage  Rate  and to
                    principal of the Mortgage Loan,  net of the portion  thereof
                    reimbursable to the Master Servicer or any Subservicer  with
                    respect  to related  Advances  or  expenses  as to which the
                    Master Servicer or Subservicer is entitled to  reimbursement
                    thereunder but which have not been previously reimbursed,

                                              21

<PAGE>

        (b)    which is the subject of a Servicing Modification,  (i) the amount
               by  which  the  interest  portion  of a  Monthly  Payment  or the
               principal balance of such Mortgage Loan was reduced, and (ii) any
               such amount with  respect to a Monthly  Payment that was or would
               have been due in the  month  immediately  following  the month in
               which  a  Principal  Prepayment  or the  Purchase  Price  of such
               Mortgage Loan is received or is deemed to have been received,

        (c)    which has  become  the  subject  of a  Deficient  Valuation,  the
               difference  between the  principal  balance of the Mortgage  Loan
               outstanding immediately prior to such Deficient Valuation and the
               principal  balance  of  the  Mortgage  Loan  as  reduced  by  the
               Deficient Valuation, or

        (d)    which has  become  the object of a Debt  Service  Reduction,  the
               amount of such Debt Service Reduction.

Notwithstanding  the above,  neither a Deficient  Valuation  nor a Debt  Service
Reduction  shall be  deemed a  Realized  Loss  hereunder  so long as the  Master
Servicer  has  notified  the  Trustee in writing  that the  Master  Servicer  is
diligently  pursuing  any  remedies  that  may  exist  in  connection  with  the
representations  and  warranties  made  regarding the related  Mortgage Loan and
either (A) the related  Mortgage  Loan is not in default with regard to payments
due  thereunder or (B)  delinquent  payments of principal and interest under the
related  Mortgage  Loan  and  any  premiums  on any  applicable  primary  hazard
insurance  policy and any related  escrow  payments in respect of such  Mortgage
Loan  are  being  advanced  on a  current  basis  by the  Master  Servicer  or a
Subservicer, in either case without giving effect to any Debt Service Reduction.

        Record  Date:  With  respect  to each  Distribution  Date,  the close of
business on the last Business Day of the month next preceding the month in which
the related Distribution Date occurs.

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

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

        REMIC  Administrator:  Residential Funding  Corporation.  If Residential
Funding  Corporation is found by a court of competent  jurisdiction to no longer
be able to fulfill its obligations as REMIC  Administrator  under this Agreement
the  Master  Servicer  or  Trustee  acting as Master  Servicer  shall  appoint a
successor REMIC Administrator,  subject to assumption of the REMIC Administrator
obligations under this Agreement.

        REMIC  Provisions:  Provisions of the federal income tax law relating to
real estate mortgage investment conduits,  which appear at Sections 860A through
860G of  Subchapter  M of Chapter 1 of the Code,  and  related  provisions,  and
temporary and final  regulations (or, to the extent not  inconsistent  with such
temporary or final  regulations,  proposed  regulations) and published  rulings,
notices and  announcements  promulgated  thereunder,  as the foregoing may be in
effect from time to time.

                                              22

<PAGE>

        REO Acquisition: The acquisition by the Master Servicer on behalf of the
Trustee for the benefit of the  Certificateholders  of any REO Property pursuant
to Section 3.14.

        REO Disposition:  As to any REO Property,  a determination by the Master
Servicer that it has received all Insurance Proceeds,  Liquidation Proceeds, REO
Proceeds and other payments and recoveries  (including proceeds of a final sale)
which the Master  Servicer  expects to be finally  recoverable  from the sale or
other disposition of the REO Property.

        REO Imputed Interest: As to any REO Property,  for any period, an amount
equivalent to interest (at the Net Mortgage Rate that would have been applicable
to the related  Mortgage Loan had it been  outstanding) on the unpaid  principal
balance of the  Mortgage  Loan as of the date of  acquisition  thereof  for such
period.

        REO Proceeds:  Proceeds, net of expenses, received in respect of any REO
Property (including, without limitation, proceeds from the rental of the related
Mortgaged  Property  or,  with  respect  to  a  Cooperative  Loan,  the  related
Cooperative  Apartment)  which  proceeds are  required to be deposited  into the
Custodial Account only upon the related REO Disposition.

        REO  Property:  A Mortgaged  Property  acquired  by the Master  Servicer
through  foreclosure  or  deed  in  lieu of  foreclosure  in  connection  with a
defaulted Mortgage Loan.

        Request  for  Release:  A request  for  release,  the forms of which are
attached as Exhibit F hereto,  or an electronic  request in a form acceptable to
the Custodian.

        Required  Insurance  Policy:  With  respect to any  Mortgage  Loan,  any
insurance policy which is required to be maintained from time to time under this
Agreement, the Program Guide or the related Subservicing Agreement in respect of
such Mortgage Loan.

        Required Surety Payment:  With respect to any Additional Collateral Loan
that becomes a Liquidated Mortgage Loan, the lesser of (i) the principal portion
of the Realized Loss with respect to such Mortgage Loan and (ii) the excess,  if
any, of (a) the amount of Additional  Collateral  required at  origination  with
respect  to  such  Mortgage  Loan  over  (b) the net  proceeds  realized  by the
Subservicer from the related Additional Collateral.

     Residential   Funding:   Residential   Funding   Corporation,   a  Delaware
corporation,  in its capacity as seller of the Mortgage Loans to the Company and
any successor thereto.

        Responsible Officer:  When used with respect to the Trustee, any officer
of the  Corporate  Trust  Department  of the Trustee,  including any Senior Vice
President,  any Vice  President,  any Assistant  Vice  President,  any Assistant
Secretary, any Trust Officer or Assistant Trust Officer, or any other officer of
the Trustee customarily  performing  functions similar to those performed by any
of the above designated  officers to whom, with respect to a particular  matter,
such matter is referred.

        Retail  Certificates:  A Senior Certificate,  if any, offered in smaller
minimum denominations than other Senior Certificates,  and designated as such in
the Series Supplement.

                                              23

<PAGE>

        Schedule of Discount Fractions:  The schedule setting forth the Discount
Fractions with respect to the Discount Mortgage Loans, attached as an exhibit to
the Series Supplement.

     Security  Agreement:  With respect to a  Cooperative  Loan,  the  agreement
creating  a  security  interest  in  favor  of the  originator  in  the  related
Cooperative Stock.

     Seller: As to any Mortgage Loan, a Person, including any Subservicer,  that
executed a Seller's Agreement applicable to such Mortgage Loan.

        Seller's  Agreement:  An  agreement  for  the  origination  and  sale of
Mortgage  Loans  generally  in the form of the Seller  Contract  referred  to or
contained in the Program  Guide,  or in such other form as has been  approved by
the  Master  Servicer  and the  Company,  each  containing  representations  and
warranties in respect of one or more Mortgage  Loans  consistent in all material
respects with those set forth in the Program Guide.

        Senior  Accelerated  Distribution   Percentage:   With  respect  to  any
Distribution  Date occurring on or prior to the 60th Distribution Date and, with
respect to any Mortgage  Pool  comprised  of two or more Loan  Groups,  any Loan
Group,  100%. With respect to any Distribution Date thereafter and any such Loan
Group, if applicable, as follows:

        (i)    for any Distribution Date after the 60th Distribution Date but on
               or  prior to the  72nd  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 70% of the  related
               Subordinate Percentage for such Distribution Date;

        (ii)   for any Distribution Date after the 72nd Distribution Date but on
               or  prior to the  84th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 60% of the  related
               Subordinate Percentage for such Distribution Date;

        (iii)  for any Distribution Date after the 84th Distribution Date but on
               or  prior to the  96th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 40% of the  related
               Subordinate Percentage for such Distribution Date;

        (iv)   for any Distribution Date after the 96th Distribution Date but on
               or prior to the  108th  Distribution  Date,  the  related  Senior
               Percentage  for such  Distribution  Date plus 20% of the  related
               Subordinate Percentage for such Distribution Date; and

          (v)  for any Distribution  Date thereafter,  the Senior Percentage for
               such Distribution Date;

provided, however,

        (i)    that  any   scheduled   reduction   to  the  Senior   Accelerated
               Distribution Percentage described above shall not occur as of any
               Distribution Date unless either

               (a)(1)(X) the outstanding principal balance of the Mortgage Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage of the aggregate outstanding Certificate Principal Balance of
        the Subordinate Certificates, is less than 50%

                                              24

<PAGE>

        or (Y) the outstanding principal balance of Mortgage Loans delinquent 60
        days or more averaged  over the last six months,  as a percentage of the
        aggregate  outstanding  principal balance of all Mortgage Loans averaged
        over the last six months,  does not exceed 2% and (2) Realized Losses on
        the  Mortgage  Loans  to date for such  Distribution  Date if  occurring
        during  the  sixth,  seventh,  eighth,  ninth or tenth year (or any year
        thereafter)  after the Closing Date are less than 30%,  35%, 40%, 45% or
        50%,  respectively,  of the  sum of the  Initial  Certificate  Principal
        Balances of the Subordinate Certificates or

               (b)(1)  the  outstanding  principal  balance  of  Mortgage  Loans
        delinquent  60 days or more  averaged  over the last  six  months,  as a
        percentage  of  the  aggregate  outstanding  principal  balance  of  all
        Mortgage Loans averaged over the last six months, does not exceed 4% and
        (2) Realized Losses on the Mortgage Loans to date for such  Distribution
        Date, if occurring  during the sixth,  seventh,  eighth,  ninth or tenth
        year (or any year thereafter)  after the Closing Date are less than 10%,
        15%,  20%,  25%  or  30%,  respectively,  of  the  sum  of  the  Initial
        Certificate Principal Balances of the Subordinate Certificates, and

          (ii) that for any Distribution  Date on which the Senior Percentage is
               greater than the  Percentage as of the Closing  Date,  the Senior
               Accelerated  Distribution  Percentage for such  Distribution Date
               shall be 100%,  or, if the  Mortgage  Pool is comprised of two or
               more Loan Groups, for any Distribution Date on which the weighted
               average of the Senior  Percentages for each Loan Group,  weighted
               on the basis of the Stated  Principal  Balances  of the  Mortgage
               Loans in the related Loan Group,  exceeds the weighted average of
               the initial  Senior  Percentages  (calculated  on such basis) for
               each Loan  Group,  each of the  Senior  Accelerated  Distribution
               Percentages for such Distribution Date will equal 100%.

Notwithstanding the foregoing,  upon the reduction of the Certificate  Principal
Balances  of  the  related  Senior   Certificates  (other  than  the  Class  A-P
Certificates,  if any) to zero,  the  related  Senior  Accelerated  Distribution
Percentage shall thereafter be 0%.

        Senior Certificate:  As defined in the Series Supplement.

        Senior Percentage:  As defined in the Series Supplement.

        Senior  Support   Certificate:   A  Senior   Certificate  that  provides
additional  credit  enhancement to certain other classes of Senior  Certificates
and designated as such in the Preliminary Statement of the Series Supplement.

     Series: All of the Certificates  issued pursuant to a Pooling and Servicing
Agreement and bearing the same series designation.

        Series  Supplement:  The  agreement  into which this  Standard  Terms is
incorporated and pursuant to which,  together with this Standard Terms, a Series
of Certificates is issued.

     Servicing Accounts: The account or accounts created and maintained pursuant
to Section 3.08.

                                              25

<PAGE>

        Servicing  Advances:  All  customary,  reasonable  and necessary "out of
pocket" costs and expenses incurred in connection with a default, delinquency or
other  unanticipated  event by the Master  Servicer  in the  performance  of its
servicing  obligations,  including,  but not  limited  to,  the  cost of (i) the
preservation,  restoration  and  protection  of a  Mortgaged  Property  or, with
respect to a  Cooperative  Loan,  the related  Cooperative  Apartment,  (ii) any
enforcement  or judicial  proceedings,  including  foreclosures,  including  any
expenses  incurred  in  relation  to any such  proceedings  that result from the
Mortgage Loan being  registered  on the MERS System,  (iii) the  management  and
liquidation of any REO Property and (iv) compliance  with the obligations  under
Sections 3.01, 3.08, 3.12(a) and 3.14, including,  if the Master Servicer or any
Affiliate  of the Master  Servicer  provides  services  such as  appraisals  and
brokerage services that are customarily provided by Persons other than servicers
of mortgage loans, reasonable compensation for such services.

        Servicing Fee: With respect to any Mortgage Loan and Distribution  Date,
the fee payable  monthly to the Master  Servicer in respect of master  servicing
compensation  that accrues at an annual rate  designated  on the  Mortgage  Loan
Schedule as the "MSTR SERV FEE" for such Mortgage  Loan, as may be adjusted with
respect to successor Master Servicers as provided in Section 7.02.

        Servicing  Modification:  Any  reduction of the interest  rate on or the
outstanding  principal  balance of a Mortgage  Loan that is in  default,  or for
which,  in  the  judgment  of  the  Master   Servicer,   default  is  reasonably
foreseeable, pursuant to a modification of such Mortgage Loan in accordance with
Section 3.07(a).

        Servicing  Officer:  Any officer of the Master Servicer  involved in, or
responsible  for, the  administration  and servicing of the Mortgage Loans whose
name and specimen  signature appear on a list of servicing officers furnished to
the  Trustee  by the  Master  Servicer,  as such  list may from  time to time be
amended.

        Special  Hazard Loss: Any Realized Loss not in excess of the cost of the
lesser of repair or replacement  of a Mortgaged  Property (or, with respect to a
Cooperative Loan, the related Cooperative  Apartment) suffered by such Mortgaged
Property  (or  Cooperative  Apartment)  on  account  of  direct  physical  loss,
exclusive  of (i) any  loss of a type  covered  by a  hazard  policy  or a flood
insurance policy required to be maintained in respect of such Mortgaged Property
pursuant  to Section  3.12(a),  except to the extent of the portion of such loss
not covered as a result of any coinsurance  provision and (ii) any Extraordinary
Loss.

     Standard  &  Poor's:  Standard  & Poor's,  a  division  of The  McGraw-Hill
Companies, Inc., or its successor in interest.

        Stated Principal  Balance:  With respect to any Mortgage Loan or related
REO Property,  at any given time, (i) the Cut-off Date Principal  Balance of the
Mortgage  Loan,  minus (ii) the sum of (a) the principal  portion of the Monthly
Payments due with respect to such Mortgage Loan or REO Property  during each Due
Period ending prior to the most recent  Distribution Date which were received or
with  respect to which an Advance was made,  and (b) all  Principal  Prepayments
with respect to such Mortgage Loan or REO Property,  and all Insurance Proceeds,
Liquidation  Proceeds  and REO  Proceeds,  to the  extent  applied by the Master
Servicer as recoveries of principal in accordance with Section 3.14 with respect
to such Mortgage Loan or REO Property, in each case

                                              26

<PAGE>

which were  distributed  pursuant to Section 4.02 on any  previous  Distribution
Date,  and (c) any Realized Loss  allocated to  Certificateholders  with respect
thereto for any previous Distribution Date.

        Subclass:  With  respect  to the Class A-V  Certificates,  any  Subclass
thereof issued pursuant to Section 5.01(c). Any such Subclass will represent the
Uncertificated  Class A-V REMIC Regular  Interest or Interests  specified by the
initial Holder of the Class A-V Certificates pursuant to Section 5.01(c).

        Subordinate Certificate:  Any one of the Class M Certificates or Class B
Certificates,  executed  by the  Trustee and  authenticated  by the  Certificate
Registrar  substantially  in the form annexed hereto as Exhibit B and Exhibit C,
respectively.

        Subordinate Class Percentage:  With respect to any Distribution Date and
any Class of Subordinate  Certificates,  a fraction,  expressed as a percentage,
the numerator of which is the aggregate  Certificate  Principal  Balance of such
Class  of  Subordinate  Certificates  immediately  prior  to such  date  and the
denominator  of which is the aggregate  Stated  Principal  Balance of all of the
Mortgage  Loans (or related  REO  Properties)  (other than the related  Discount
Fraction of each Discount  Mortgage Loan) immediately prior to such Distribution
Date.

        Subordinate Percentage: As of any Distribution Date and, with respect to
any Mortgage  Pool  comprised of two or more Loan Groups,  any Loan Group,  100%
minus the related Senior Percentage as of such Distribution Date.

     Subserviced Mortgage Loan: Any Mortgage Loan that, at the time of reference
thereto, is subject to a Subservicing Agreement.

        Subservicer: Any Person with whom the Master Servicer has entered into a
Subservicing Agreement and who generally satisfied the requirements set forth in
the Program Guide in respect of the  qualification  of a  Subservicer  as of the
date of its approval as a Subservicer by the Master Servicer.

        Subservicer  Advance:  Any  delinquent   installment  of  principal  and
interest on a Mortgage Loan which is advanced by the related Subservicer (net of
its Subservicing Fee) pursuant to the Subservicing Agreement.

     Subservicing Account: An account established by a Subservicer in accordance
with Section 3.08.

        Subservicing Agreement: The written contract between the Master Servicer
and any Subservicer relating to servicing and administration of certain Mortgage
Loans as  provided  in  Section  3.02,  generally  in the  form of the  servicer
contract  referred to or contained in the Program Guide or in such other form as
has been  approved  by the Master  Servicer  and the  Company.  With  respect to
Additional  Collateral  Loans  subserviced by MLCC, the  Subservicing  Agreement
shall also include the Addendum and  Assignment  Agreement and the Pledged Asset
Mortgage Servicing Agreement. With respect to any Pledged Asset Loan subserviced
by GMAC Mortgage Corporation,

                                              27

<PAGE>

the Addendum and Assignment  Agreement,  dated as of November 24, 1998,  between
the Master  Servicer and GMAC  Mortgage  Corporation,  as such  agreement may be
amended from time to time.

        Subservicing  Fee: As to any Mortgage Loan,  the fee payable  monthly to
the related  Subservicer (or, in the case of a Nonsubserviced  Mortgage Loan, to
the Master  Servicer) in respect of  subservicing  and other  compensation  that
accrues at an annual rate equal to the excess of the Mortgage  Rate borne by the
related  Mortgage  Note over the rate per annum  designated on the Mortgage Loan
Schedule as the "CURR NET" for such Mortgage Loan.

     Surety:  Ambac, or its successors in interest,  or such other surety as may
be identified in the Series Supplement.

        Surety Bond:  The Limited  Purpose  Surety Bond  (Policy No.  AB0039BE),
dated February 28, 1996 in respect to Mortgage Loans  originated by MLCC, or the
Surety Bond (Policy No.  AB0240BE),  dated March 17, 1999 in respect to Mortgage
Loans  originated by Novus Financial  Corporation,  in each case issued by Ambac
for the benefit of certain beneficiaries,  including the Trustee for the benefit
of the Holders of the Certificates, but only to the extent that such Surety Bond
covers any  Additional  Collateral  Loans,  or such other  Surety Bond as may be
identified in the Series Supplement.

        Tax Returns:  The federal income tax return on Internal  Revenue Service
Form 1066,  U.S.  Real Estate  Mortgage  Investment  Conduit  Income Tax Return,
including  Schedule Q thereto,  Quarterly Notice to Residual Interest Holders of
REMIC Taxable Income or Net Loss Allocation, or any successor forms, to be filed
on behalf of any REMIC  formed under the Series  Supplement  and under the REMIC
Provisions, together with any and all other information, reports or returns that
may be  required to be  furnished  to the  Certificateholders  or filed with the
Internal  Revenue Service or any other  governmental  taxing authority under any
applicable provisions of federal, state or local tax laws.

     Transfer: Any direct or indirect transfer,  sale, pledge,  hypothecation or
other form of assignment of any Ownership Interest in a Certificate.

     Transferee:  Any Person who is acquiring by Transfer any Ownership Interest
in a Certificate.

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

        Trust Fund:  The  segregated  pool of assets  related to a Series,  with
respect to which one or more REMIC  elections  are to be made  pursuant  to this
Agreement, consisting of:

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

        (ii)   all payments on and  collections in respect of the Mortgage Loans
               due  after  the  Cut-off  Date  as  shall  be on  deposit  in the
               Custodial Account or in the Certificate Account and identified as
               belonging to the Trust Fund, including the proceeds from

                                              28

<PAGE>

               the  liquidation  of  Additional  Collateral  for any  Additional
               Collateral Loan or Pledged Assets for any Pledged Asset Loan, but
               not including  amounts on deposit in the Initial  Monthly Payment
               Fund,

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

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

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

        Uniform Single  Attestation  Program for Mortgage  Bankers:  The Uniform
Single  Attestation  Program for Mortgage Bankers,  as published by the Mortgage
Bankers  Association  of America and  effective  with respect to fiscal  periods
ending on or after December 15, 1995.

        Uninsured  Cause:  Any cause of damage to property subject to a Mortgage
such that the complete restoration of such property is not fully reimbursable by
the hazard insurance policies.

        United  States  Person:  A citizen or resident of the United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws  of,  the  United  States,  provided  that,  for  purposes  solely  of  the
restrictions  on the transfer of residual  interests,  no  partnership  or other
entity  treated as a partnership  for United States  federal income tax purposes
shall be treated  as a United  States  Person  unless  all  persons  that own an
interest in such partnership either directly or through any entity that is not a
corporation  for United States  federal  income tax purposes are required by the
applicable  operating agreement to be United States Persons,  any state thereof,
or the District of Columbia (except in the case of a partnership,  to the extent
provided in Treasury  regulations) or any political  subdivision  thereof, or an
estate that is described in Section  7701(a)(30)(D) of the Code, or a trust that
is described in Section 7701(a)(30)(E) of the Code.

     Voting Rights:  The portion of the voting rights of all of the Certificates
which is allocated  to any  Certificate,  and more  specifically  designated  in
Article XI of the Series Supplement.

        Section 1.02  Use of Words and Phrases.

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

                                              29

<PAGE>

                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                        ORIGINAL ISSUANCE OF CERTIFICATES

        Section 2.01  Conveyance of Mortgage Loans.

        (a) The Company,  concurrently  with the execution and delivery  hereof,
does hereby  assign to the Trustee  without  recourse  all the right,  title and
interest of the Company in and to the Mortgage Loans, including all interest and
principal  received on or with respect to the  Mortgage  Loans after the Cut-off
Date (other than payments of principal and interest due on the Mortgage Loans on
or before the Cut-off Date).  In connection  with such transfer and  assignment,
the Company  does  hereby  deliver to the  Trustee  the  Certificate  Policy (as
defined in the Series Supplement), if any.

        (b) In connection with such  assignment,  except as set forth in Section
2.01(c) and subject to Section  2.01(d)  below,  the Company does hereby deliver
to, and deposit with, the Trustee, or to and with one or more Custodians, as the
duly  appointed  agent or agents of the Trustee for such purpose,  the following
documents or  instruments  (or copies  thereof as permitted by this Section) (I)
with respect to each Mortgage Loan so assigned (other than a Cooperative Loan):

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii) The original Mortgage, noting the presence of the MIN
               of the Mortgage  Loan and language  indicating  that the Mortgage
               Loan is a MOM  Loan if the  Mortgage  Loan  is a MOM  Loan,  with
               evidence of recording indicated thereon or a copy of the Mortgage
               with evidence of recording indicated thereon;

                      (iii)  Unless  the  Mortgage  Loan  is  registered  on the
               MERS(R)  System,  an original  Assignment  of the Mortgage to the
               Trustee with evidence of recording indicated thereon or a copy of
               such assignment with evidence of recording indicated thereon;

                      (iv) The original  recorded  assignment or  assignments of
               the  Mortgage  showing  an  unbroken  chain  of  title  from  the
               originator  thereof to the Person assigning it to the Trustee (or
               to MERS, if the Mortgage Loan is registered on the MERS(R) System
               and noting the  presence of a MIN) with  evidence of  recordation
               noted thereon or attached  thereto,  or a copy of such assignment
               or  assignments  of  the  Mortgage  with  evidence  of  recording
               indicated thereon; and

                                              30

<PAGE>

                      (v)  The   original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Mortgage  Loan  or  a  copy  of  each  modification,   assumption
               agreement or preferred loan agreement.

               and (II) with respect to each Cooperative Loan so assigned:

                      (i) The original Mortgage Note,  endorsed without recourse
               to the order of the  Trustee  and  showing an  unbroken  chain of
               endorsements from the originator  thereof to the Person endorsing
               it to the  Trustee,  or with  respect to any  Destroyed  Mortgage
               Note, an original lost note  affidavit from the related Seller or
               Residential  Funding stating that the original  Mortgage Note was
               lost, misplaced or destroyed, together with a copy of the related
               Mortgage Note;

                      (ii)  A  counterpart  of the  Cooperative  Lease  and  the
               Assignment  of  Proprietary   Lease  to  the  originator  of  the
               Cooperative Loan with intervening assignments showing an unbroken
               chain of title from such originator to the Trustee;

                      (iii)   The   related   Cooperative   Stock   Certificate,
               representing the related  Cooperative  Stock pledged with respect
               to such  Cooperative  Loan,  together with an undated stock power
               (or other similar instrument) executed in blank;

                    (iv) The original  recognition  agreement by the Cooperative
               of the  interests  of the  mortgagee  with respect to the related
               Cooperative Loan;

                      (v)    The Security Agreement;

                      (vi) Copies of the original UCC-1 financing statement, and
               any  continuation  statements,  filed by the  originator  of such
               Cooperative  Loan  as  secured  party,   each  with  evidence  of
               recording  thereof,  evidencing  the  interest of the  originator
               under the Security  Agreement and the  Assignment of  Proprietary
               Lease;

                      (vii)  Copies  of  the  filed  UCC-3  assignments  of  the
               security  interest  referenced  in clause  (vi) above  showing an
               unbroken chain of title from the originator to the Trustee,  each
               with evidence of recording  thereof,  evidencing  the interest of
               the originator under the Security Agreement and the Assignment of
               Proprietary Lease;

                      (viii)  An  executed  assignment  of the  interest  of the
               originator in the Security  Agreement,  Assignment of Proprietary
               Lease and the  recognition  agreement  referenced  in clause (iv)
               above,  showing an unbroken chain of title from the originator to
               the Trustee;

                      (ix)  The  original  of  each   modification,   assumption
               agreement or preferred loan agreement,  if any,  relating to such
               Cooperative Loan; and

                      (x) A duly completed UCC-1 financing statement showing the
               Master  Servicer as debtor,  the Company as secured party and the
               Trustee as assignee and a

                                              31

<PAGE>

               duly completed UCC-1 financing  statement  showing the Company as
               debtor  and  the  Trustee  as  secured  party,  each  in  a  form
               sufficient for filing, evidencing the interest of such debtors in
               the Cooperative Loans.

        (c) The Company may, in lieu of delivering the original of the documents
set  forth  in  Section   2.01(b)(I)(ii),   (iii),  (iv)  and  (v)  and  Section
(b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies  thereof as  permitted  by
Section  2.01(b)) to the Trustee or the  Custodian or  Custodians,  deliver such
documents  to the  Master  Servicer,  and the  Master  Servicer  shall hold such
documents  in  trust  for  the  use  and  benefit  of  all  present  and  future
Certificateholders until such time as is set forth in the next sentence.  Within
thirty Business Days following the earlier of (i) the receipt of the original of
all of the documents or instruments set forth in Section 2.01(b)(I)(ii),  (iii),
(iv) and (v) and  Section  (b)(II)(ii),  (iv),  (vii),  (ix) and (x) (or  copies
thereof as permitted by such  Section) for any Mortgage  Loan and (ii) a written
request by the Trustee to deliver those  documents with respect to any or all of
the Mortgage Loans then being held by the Master  Servicer,  the Master Servicer
shall  deliver a complete set of such  documents to the Trustee or the Custodian
or Custodians that are the duly appointed agent or agents of the Trustee.

        (d)  Notwithstanding  the provisions of Section  2.01(c),  in connection
with any  Mortgage  Loan,  if the Company  cannot  deliver  the  original of the
Mortgage, any assignment,  modification,  assumption agreement or preferred loan
agreement  (or copy thereof as permitted by Section  2.01(b))  with  evidence of
recording thereon concurrently with the execution and delivery of this Agreement
because  of (i) a  delay  caused  by the  public  recording  office  where  such
Mortgage,  assignment,  modification,  assumption  agreement or  preferred  loan
agreement  as the case may be, has been  delivered  for  recordation,  or (ii) a
delay in the  receipt of certain  information  necessary  to prepare the related
assignments,  the Company  shall deliver or cause to be delivered to the Trustee
or the respective Custodian a copy of such Mortgage,  assignment,  modification,
assumption agreement or preferred loan agreement.

        The Company  shall  promptly  cause to be  recorded  in the  appropriate
public office for real  property  records the  Assignment  referred to in clause
(I)(iii)  of Section  2.01(b),  except (a) in states  where,  in the  opinion of
counsel acceptable to the Trustee and the Master Servicer, such recording is not
required to protect the  Trustee's  interests in the  Mortgage  Loan against the
claim of any  subsequent  transferee  or any  successor  to or  creditor  of the
Company or the  originator of such Mortgage Loan or (b) if MERS is identified on
the  Mortgage  or on a  properly  recorded  assignment  of the  Mortgage  as the
mortgagee  of record  solely as nominee  for the Seller and its  successors  and
assigns,  and shall  promptly  cause to be filed the Form UCC-3  assignment  and
UCC-1 financing statement referred to in clause (II)(vii) and (x), respectively,
of Section 2.01(b). If any Assignment,  Form UCC-3 or Form UCC-1, as applicable,
is lost or returned unrecorded to the Company because of any defect therein, the
Company  shall  prepare a substitute  Assignment,  Form UCC-3 or Form UCC-1,  as
applicable,  or cure such defect,  as the case may be, and cause such Assignment
to be recorded in accordance  with this  paragraph.  The Company shall  promptly
deliver or cause to be delivered to the Trustee or the respective Custodian such
Mortgage or  Assignment  or Form UCC-3 or Form UCC-1,  as  applicable,  (or copy
thereof as permitted by Section  2.01(b)) with  evidence of recording  indicated
thereon  at the time  specified  in  Section  2.01(c).  In  connection  with its
servicing of Cooperative Loans, the Master Servicer will use its best efforts to
file timely continuation

                                              32

<PAGE>

statements  with regard to each financing  statement and assignment  relating to
Cooperative  Loans as to which the  related  Cooperative  Apartment  is  located
outside of the State of New York.

        If the Company delivers to the Trustee or Custodian any Mortgage Note or
Assignment of Mortgage in blank, the Company shall, or shall cause the Custodian
to, complete the endorsement of the Mortgage Note and the Assignment of Mortgage
in the name of the Trustee in conjunction with the Interim  Certification issued
by the Custodian, as contemplated by Section 2.02.

        Any of the items set forth in Sections  2.01(b)(I)(ii),  (iii), (iv) and
(v) and  (II)(vi)  and (vii) and that may be delivered as a copy rather than the
original may be delivered to the Trustee or the Custodian.

        In connection with the assignment of any Mortgage Loan registered on the
MERS(R) System,  the Company further agrees that it will cause, at the Company's
own expense,  within 30 Business Days after the Closing Date, the MERS(R) System
to indicate  that such  Mortgage  Loans have been assigned by the Company to the
Trustee   in   accordance   with  this   Agreement   for  the   benefit  of  the
Certificateholders  by including  (or  deleting,  in the case of Mortgage  Loans
which are  repurchased in accordance with this Agreement) in such computer files
(a) the code in the field which identifies the specific Trustee and (b) the code
in the field "Pool Field" which identifies the series of the Certificates issued
in connection with such Mortgage Loans.  The Company further agrees that it will
not, and will not permit the Master  Servicer to, and the Master Servicer agrees
that it will not,  alter the codes  referenced in this paragraph with respect to
any  Mortgage  Loan  during  the term of this  Agreement  unless  and until such
Mortgage Loan is repurchased in accordance with the terms of this Agreement.

        (e)  Residential  Funding  hereby  assigns to the Trustee  its  security
interest in and to any  Additional  Collateral or Pledged  Assets,  its right to
receive amounts due or to become due in respect of any Additional  Collateral or
Pledged Assets pursuant to the related Subservicing  Agreement and its rights as
beneficiary under the Surety Bond in respect of any Additional Collateral Loans.
With  respect  to  any  Additional   Collateral  Loan  or  Pledged  Asset  Loan,
Residential Funding shall cause to be filed in the appropriate  recording office
a UCC-3  statement  giving  notice of the  assignment  of the  related  security
interest to the Trust Fund and shall  thereafter  cause the timely filing of all
necessary continuation statements with regard to such financing statements.

        (f) It is intended that the  conveyance by the Company to the Trustee of
the   Mortgage   Loans  as  provided  for  in  this  Section  2.01  be  and  the
Uncertificated  REMIC  Regular  Interests,  if any (as  provided  for in Section
2.06),  be  construed  as a sale by the Company to the  Trustee of the  Mortgage
Loans and any  Uncertificated  REMIC  Regular  Interests  for the benefit of the
Certificateholders.  Further,  it is not intended that such conveyance be deemed
to be a pledge  of the  Mortgage  Loans  and any  Uncertificated  REMIC  Regular
Interests by the Company to the Trustee to secure a debt or other  obligation of
the Company. However, if the Mortgage Loans and any Uncertificated REMIC Regular
Interests are held to be property of the Company or of Residential  Funding,  or
if for any reason this Agreement is held or deemed to create a security interest
in the Mortgage Loans and any Uncertificated REMIC Regular Interests, then it is
intended  that (a) this  Agreement  shall be a  security  agreement  within  the
meaning of  Articles  8 and 9 of the New York  Uniform  Commercial  Code and the
Uniform Commercial Code of any other applicable jurisdiction;

                                              33

<PAGE>

(b) the  conveyance  provided  for in  Section  2.01  shall be deemed to be, and
hereby is, (1) a grant by the Company to the  Trustee of a security  interest in
all of the Company's right (including the power to convey title thereto),  title
and  interest,  whether now owned or hereafter  acquired,  in and to any and all
general intangibles, payment intangibles,  accounts, chattel paper, instruments,
documents,  money, deposit accounts,  certificates of deposit, goods, letters of
credit, advices of credit and investment property and other property of whatever
kind or description  now existing or hereafter  acquired  consisting of, arising
from or relating to any of the following:  (A) the Mortgage Loans, including (i)
with respect to each  Cooperative  Loan,  the related  Mortgage  Note,  Security
Agreement,  Assignment of Proprietary  Lease,  Cooperative Stock Certificate and
Cooperative  Lease,  (ii)  with  respect  to each  Mortgage  Loan  other  than a
Cooperative  Loan,  the  related  Mortgage  Note and  Mortgage,  and  (iii)  any
insurance policies and all other documents in the related Mortgage File, (B) all
amounts  payable  pursuant to the Mortgage  Loans in  accordance  with the terms
thereof,  (C) any Uncertificated REMIC Regular Interests and (D) all proceeds of
the  conversion,   voluntary  or  involuntary,   of  the  foregoing  into  cash,
instruments,  securities or other  property,  including  without  limitation all
amounts  from time to time held or  invested in the  Certificate  Account or the
Custodial Account, whether in the form of cash, instruments, securities or other
property  and (2) an  assignment  by the Company to the Trustee of any  security
interest in any and all of Residential  Funding's right  (including the power to
convey  title  thereto),  title and  interest,  whether  now owned or  hereafter
acquired, in and to the property described in the foregoing clauses (1)(A), (B),
(C) and (D)  granted by  Residential  Funding  to the  Company  pursuant  to the
Assignment  Agreement;  (c) the possession by the Trustee,  the Custodian or any
other agent of the Trustee of Mortgage  Notes or such other items of property as
constitute instruments, money, payment intangibles, negotiable documents, goods,
deposit accounts,  letters of credit,  advices of credit,  investment  property,
certificated  securities or chattel paper shall be deemed to be  "possession  by
the secured party," or possession by a purchaser or a person  designated by such
secured party, for purposes of perfecting the security  interest pursuant to the
Minnesota Uniform  Commercial Code and the Uniform  Commercial Code of any other
applicable  jurisdiction as in effect (including,  without limitation,  Sections
8-106,  9-313 and 9-106 thereof);  and (d) notifications to persons holding such
property,  and  acknowledgments,  receipts or confirmations from persons holding
such property, shall be deemed notifications to, or acknowledgments, receipts or
confirmations from, securities intermediaries,  bailees or agents of, or persons
holding for (as  applicable)  the Trustee  for the  purpose of  perfecting  such
security interest under applicable law.

        The Company and, at the Company's direction, Residential Funding and the
Trustee  shall,  to  the  extent  consistent  with  this  Agreement,  take  such
reasonable  actions as may be necessary to ensure that, if this  Agreement  were
determined  to  create  a  security   interest  in  the  Mortgage   Loans,   any
Uncertificated  REMIC Regular Interests and the other property  described above,
such security  interest would be determined to be a perfected  security interest
of first priority under applicable law and will be maintained as such throughout
the term of this  Agreement.  Without  limiting the generality of the foregoing,
the Company shall prepare and deliver to the Trustee not less than 15 days prior
to any filing date and, the Trustee shall forward for filing,  or shall cause to
be forwarded for filing, at the expense of the Company, all filings necessary to
maintain the  effectiveness of any original filings  necessary under the Uniform
Commercial  Code as in effect  in any  jurisdiction  to  perfect  the  Trustee's
security interest in or lien on the Mortgage Loans and any Uncertificated  REMIC
Regular  Interests,  as evidenced by an  Officers'  Certificate  of the Company,
including  without  limitation (x) continuation  statements,  and (y) such other
statements as may be occasioned

                                              34

<PAGE>

by (1) any change of name of  Residential  Funding,  the  Company or the Trustee
(such  preparation  and  filing  shall  be at the  expense  of the  Trustee,  if
occasioned by a change in the Trustee's name), (2) any change of location of the
place of business or the chief  executive  office of Residential  Funding or the
Company,  (3) any transfer of any interest of Residential Funding or the Company
in any Mortgage Loan or (4) any transfer of any interest of Residential  Funding
or the Company in any Uncertificated REMIC Regular Interest.

        (g) The Master  Servicer  hereby  acknowledges  the receipt by it of the
Initial  Monthly  Payment  Fund.  The Master  Servicer  shall hold such  Initial
Monthly  Payment Fund in the  Custodial  Account and shall  include such Initial
Monthly  Payment  Fund in the  Available  Distribution  Amount  for the  initial
Distribution Date.  Notwithstanding anything herein to the contrary, the Initial
Monthly  Payment Fund shall not be an asset of any REMIC. To the extent that the
Initial Monthly  Payment Fund  constitutes a reserve fund for federal income tax
purposes, (1) it shall be an outside reserve fund and not an asset of any REMIC,
(2) it shall be owned by the Seller and (3) amounts  transferred by any REMIC to
the Initial  Monthly  Payment Fund shall be treated as transferred to the Seller
or any successor,  all within the meaning of Section 1.860G-2(h) of the Treasury
Regulations.

        (h) The Company agrees that the sale of each Pledged Asset Loan pursuant
to this  Agreement  will also  constitute the  assignment,  sale,  setting-over,
transfer and  conveyance  to the Trustee,  without  recourse (but subject to the
Company's  covenants,   representations  and  warranties  specifically  provided
herein),  of all of the Company's  obligations  and all of the Company's  right,
title and interest in, to and under,  whether now existing or hereafter acquired
as owner of the Mortgage  Loan with respect to all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other property of whatever kind or  description  consisting of, arising from
or related to (i) the Assigned Contracts,  (ii) all rights,  powers and remedies
of the Company as owner of such Mortgage  Loan under or in  connection  with the
Assigned Contracts,  whether arising under the terms of such Assigned Contracts,
by statute,  at law or in equity, or otherwise arising out of any default by the
Mortgagor  under or in  connection  with the Assigned  Contracts,  including all
rights  to  exercise  any  election  or  option  or  to  make  any  decision  or
determination  or to give or receive  any  notice,  consent,  approval or waiver
thereunder,  (iii) all security interests in and lien of the Company as owner of
such Mortgage Loan in the Pledged  Amounts and all money,  securities,  security
entitlements,    accounts,   general   intangibles,    instruments,   documents,
certificates of deposit,  commodities  contracts,  and other investment property
and other  property of whatever  kind or  description  and all cash and non-cash
proceeds of the sale,  exchange,  or redemption  of, and all stock or conversion
rights,  rights  to  subscribe,  liquidation  dividends  or  preferences,  stock
dividends,  rights to interest,  dividends,  earnings,  income,  rents,  issues,
profits, interest payments or other distributions of cash or other property that
is credited to the  Custodial  Account,  (iv) all  documents,  books and records
concerning the foregoing  (including  all computer  programs,  tapes,  disks and
related items containing any such  information)  and (v) all insurance  proceeds
(including  proceeds  from the  Federal  Deposit  Insurance  Corporation  or the
Securities  Investor  Protection  Corporation or any other insurance company) of
any of the foregoing or replacements thereof or substitutions therefor, proceeds
of proceeds and the conversion,  voluntary or involuntary,  of any thereof.  The
foregoing transfer,  sale,  assignment and conveyance does not constitute and is
not intended to result in the creation,  or an assumption by the Trustee, of any
obligation of the Company, or any other person in

                                              35

<PAGE>

connection with the Pledged Assets or under any agreement or instrument relating
thereto,  including any obligation to the Mortgagor,  other than as owner of the
Mortgage Loan.

        Section 2.02  Acceptance by Trustee.

        The Trustee  acknowledges  receipt (or,  with respect to Mortgage  Loans
subject  to  a  Custodial  Agreement,   and  based  solely  upon  a  receipt  or
certification executed by the Custodian,  receipt by the respective Custodian as
the duly appointed agent of the Trustee) of the documents referred to in Section
2.01(b)(I)(i)  and Section  2.01(b)(II)(i),  (iii),  (v),  (vi) and (viii) above
(except that for purposes of such  acknowledgment  only, a Mortgage  Note may be
endorsed in blank) and declares that it, or a Custodian as its agent,  holds and
will hold such  documents  and the other  documents  constituting  a part of the
Mortgage Files  delivered to it, or a Custodian as its agent,  and the rights of
Residential  Funding with respect to any Pledged Assets,  Additional  Collateral
and the Surety Bond  assigned to the Trustee  pursuant to Section 2.01, in trust
for the use and  benefit  of all  present  and  future  Certificateholders.  The
Trustee or  Custodian  (such  Custodian  being so  obligated  under a  Custodial
Agreement)  agrees,  for the  benefit  of  Certificateholders,  to  review  each
Mortgage File  delivered to it pursuant to Section  2.01(b) within 45 days after
the Closing Date to ascertain that all required  documents  (specifically as set
forth in  Section  2.01(b)),  have been  executed  and  received,  and that such
documents relate to the Mortgage Loans identified on the Mortgage Loan Schedule,
as supplemented,  that have been conveyed to it, and to deliver to the Trustee a
certificate  (the  "Interim  Certification")  to the effect  that all  documents
required to be delivered  pursuant to Section  2.01(b)  above have been executed
and received and that such documents  relate to the Mortgage Loans identified on
the  Mortgage  Loan  Schedule,  except for any  exceptions  listed on Schedule A
attached to such Interim  Certification.  Upon delivery of the Mortgage Files by
the Company or the Master Servicer,  the Trustee shall acknowledge  receipt (or,
with  respect to  Mortgage  Loans  subject to a Custodial  Agreement,  and based
solely upon a receipt or certification executed by the Custodian, receipt by the
respective  Custodian  as  the  duly  appointed  agent  of the  Trustee)  of the
documents referred to in Section 2.01(c) above.

        If  the  Custodian,  as the  Trustee's  agent,  finds  any  document  or
documents constituting a part of a Mortgage File to be missing or defective, the
Trustee shall promptly so notify the Master  Servicer and the Company.  Pursuant
to Section 2.3 of the Custodial Agreement,  the Custodian will notify the Master
Servicer, the Company and the Trustee of any such omission or defect found by it
in respect of any Mortgage  File held by it in respect of the items  reviewed by
it pursuant to the Custodial  Agreement.  If such omission or defect  materially
and  adversely  affects  the  interests  of the  Certificateholders,  the Master
Servicer  shall  promptly  notify  the  related  Subservicer  or  Seller of such
omission or defect and request that such  Subservicer  or Seller correct or cure
such  omission or defect  within 60 days from the date the Master  Servicer  was
notified of such omission or defect and, if such  Subservicer or Seller does not
correct  or  cure  such  omission  or  defect  within  such  period,  that  such
Subservicer  or Seller  purchase  such  Mortgage Loan from the Trust Fund at its
Purchase  Price, in either case within 90 days from the date the Master Servicer
was notified of such omission or defect; provided that if the omission or defect
would cause the Mortgage Loan to be other than a "qualified mortgage" as defined
in Section 860G(a)(3) of the Code, any such cure or repurchase must occur within
90 days from the date such breach was  discovered.  The  Purchase  Price for any
such Mortgage Loan, whether purchased by the Seller or the Subservicer, shall be
deposited  or caused to be  deposited  by the Master  Servicer in the  Custodial
Account maintained by it pursuant to Section 3.07

                                              36

<PAGE>

and, upon receipt by the Trustee of written  notification of such deposit signed
by a Servicing Officer, the Trustee or any Custodian,  as the case may be, shall
release to the Master  Servicer the related  Mortgage File and the Trustee shall
execute and deliver such  instruments of transfer or assignment  prepared by the
Master Servicer, in each case without recourse, as shall be necessary to vest in
the Seller or its designee or the  Subservicer or its designee,  as the case may
be, any Mortgage Loan released pursuant hereto and thereafter such Mortgage Loan
shall not be part of the Trust Fund. In  furtherance  of the  foregoing,  if the
Subservicer or Seller that repurchases the Mortgage Loan is not a member of MERS
and the Mortgage is registered on the MERS(R) System,  the Master  Servicer,  at
its own  expense and  without  any right of  reimbursement,  shall cause MERS to
execute and deliver an assignment of the Mortgage in recordable form to transfer
the  Mortgage  from MERS to such  Subservicer  or Seller  and shall  cause  such
Mortgage to be removed from  registration  on the MERS(R)  System in  accordance
with  MERS'  rules  and  regulations.  It is  understood  and  agreed  that  the
obligation of the Seller or the  Subservicer,  as the case may be, to so cure or
purchase  any  Mortgage  Loan as to which a material  and  adverse  defect in or
omission of a  constituent  document  exists  shall  constitute  the sole remedy
respecting  such  defect or  omission  available  to  Certificateholders  or the
Trustee on behalf of the Certificateholders.

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

        (a) The Master  Servicer  hereby  represents and warrants to the Trustee
for the benefit of the Certificateholders that:

                      (i) The Master  Servicer is a corporation  duly organized,
               validly  existing and in good standing  under the laws  governing
               its creation and existence  and is or will be in compliance  with
               the laws of each state in which any Mortgaged Property is located
               to the  extent  necessary  to ensure the  enforceability  of each
               Mortgage Loan in accordance with the terms of this Agreement;

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

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

                                              37

<PAGE>

                      (iv) The Master Servicer is not in default with respect to
               any  order or decree of any  court or any  order,  regulation  or
               demand of any federal,  state,  municipal or governmental agency,
               which default might have  consequences  that would materially and
               adversely affect the condition (financial or other) or operations
               of  the  Master   Servicer  or  its   properties  or  might  have
               consequences   that  would   materially   adversely   affect  its
               performance hereunder;

                      (v) No litigation is pending or, to the best of the Master
               Servicer's  knowledge,  threatened  against  the Master  Servicer
               which  would   prohibit  its  entering  into  this  Agreement  or
               performing its obligations under this Agreement;

                      (vi) The  Master  Servicer  will  comply  in all  material
               respects in the performance of this Agreement with all reasonable
               rules  and  requirements  of each  insurer  under  each  Required
               Insurance Policy;

                      (vii) No information, certificate of an officer, statement
               furnished  in writing or report  delivered  to the  Company,  any
               Affiliate  of the Company or the  Trustee by the Master  Servicer
               will, to the knowledge of the Master Servicer, contain any untrue
               statement of a material fact or omit a material fact necessary to
               make  the  information,  certificate,  statement  or  report  not
               misleading;

                      (viii) The Master Servicer has examined each existing, and
               will examine each new,  Subservicing  Agreement and is or will be
               familiar  with the  terms  thereof.  The  terms of each  existing
               Subservicing   Agreement  and  each  designated  Subservicer  are
               acceptable  to the  Master  Servicer  and  any  new  Subservicing
               Agreements will comply with the provisions of Section 3.02; and

                      (ix)  The  Master  Servicer  is a  member  of MERS in good
               standing, and will comply in all material respects with the rules
               and  procedures of MERS in  connection  with the servicing of the
               Mortgage Loans that are registered with MERS.

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

        Upon discovery by either the Company,  the Master Servicer,  the Trustee
or any Custodian of a breach of any representation or warranty set forth in this
Section  2.03(a) which  materially  and  adversely  affects the interests of the
Certificateholders in any Mortgage Loan, the party discovering such breach shall
give  prompt  written  notice  to the  other  parties  (any  Custodian  being so
obligated under a Custodial  Agreement).  Within 90 days of its discovery or its
receipt of notice of such breach, the Master Servicer shall either (i) cure such
breach in all  material  respects or (ii) to the extent that such breach is with
respect to a Mortgage  Loan or a related  document,  purchase such Mortgage Loan
from the Trust Fund at the Purchase Price and in the manner set forth in Section
2.02;  provided  that if the omission or defect would cause the Mortgage Loan to
be other than a  "qualified  mortgage" as defined in Section  860G(a)(3)  of the
Code,  any such cure or repurchase  must occur within 90 days from the date such
breach was discovered. The obligation of the Master

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<PAGE>

Servicer  to cure  such  breach  or to so  purchase  such  Mortgage  Loan  shall
constitute  the sole  remedy  in  respect  of a breach of a  representation  and
warranty set forth in this Section 2.03(a)  available to the  Certificateholders
or the Trustee on behalf of the Certificateholders.

        (b)  Representations  and warranties  relating to the Mortgage Loans are
set forth in Section 2.03(b) of the Series Supplement.

        Section 2.04  Representations and Warranties of Sellers.

        The Company,  as assignee of  Residential  Funding under the  Assignment
Agreement,  hereby assigns to the Trustee for the benefit of  Certificateholders
all of its right, title and interest in respect of the Assignment  Agreement and
each Seller's  Agreement (to the extent assigned to the Company  pursuant to the
Assignment  Agreement)  applicable to a Mortgage Loan. Insofar as the Assignment
Agreement or the Company's  rights under such Seller's  Agreement  relate to the
representations and warranties made by Residential Funding or the related Seller
in respect of such Mortgage Loan and any remedies  provided  thereunder  for any
breach of such  representations  and warranties,  such right, title and interest
may be  enforced  by the  Master  Servicer  on  behalf  of the  Trustee  and the
Certificateholders.  Upon the discovery by the Company, the Master Servicer, the
Trustee  or  any  Custodian  of a  breach  of any  of  the  representations  and
warranties  made in a Seller's  Agreement that have been assigned to the Trustee
pursuant to this Section 2.04 or of a breach of any of the  representations  and
warranties made in the Assignment Agreement (which, for purposes hereof, will be
deemed to include any other cause giving rise to a repurchase  obligation  under
the Assignment  Agreement) in respect of any Mortgage Loan which  materially and
adversely affects the interests of the Certificateholders in such Mortgage Loan,
the party  discovering such breach shall give prompt written notice to the other
parties (any  Custodian  being so obligated  under a Custodial  Agreement).  The
Master Servicer shall promptly notify the related Seller or Residential Funding,
as the case may be, of such breach and request  that such Seller or  Residential
Funding,  as the case  may be,  either  (i) cure  such  breach  in all  material
respects  within 90 days from the date the Master  Servicer was notified of such
breach or (ii)  purchase  such Mortgage Loan from the Trust Fund at the Purchase
Price and in the manner set forth in Section 2.02;  provided that in the case of
a breach  under the  Assignment  Agreement  Residential  Funding  shall have the
option to  substitute  a Qualified  Substitute  Mortgage  Loan or Loans for such
Mortgage Loan if such substitution occurs within two years following the Closing
Date; provided that if the breach would cause the Mortgage Loan to be other than
a "qualified  mortgage" as defined in Section  860G(a)(3) of the Code,  any such
cure,  repurchase  or  substitution  must occur within 90 days from the date the
breach  was  discovered.  In  the  event  that  Residential  Funding  elects  to
substitute a Qualified  Substitute Mortgage Loan or Loans for a Deleted Mortgage
Loan  pursuant to this Section  2.04,  Residential  Funding shall deliver to the
Trustee for the benefit of the Certificateholders with respect to such Qualified
Substitute Mortgage Loan or Loans, the original Mortgage Note, the Mortgage,  an
Assignment  of the Mortgage in recordable  form if required  pursuant to Section
2.01,  and such other  documents and agreements as are required by Section 2.01,
with the Mortgage Note  endorsed as required by Section  2.01.  No  substitution
will be made in any calendar month after the Determination  Date for such month.
Monthly Payments due with respect to Qualified  Substitute Mortgage Loans in the
month of  substitution  shall not be part of the Trust Fund and will be retained
by the Master  Servicer  and  remitted  by the Master  Servicer  to  Residential
Funding on the next succeeding Distribution Date. For the month of substitution,
distributions to the Certificateholders  will include the Monthly Payment due on
a Deleted Mortgage

                                              39

<PAGE>

Loan for such month and  thereafter  Residential  Funding  shall be  entitled to
retain all amounts received in respect of such Deleted Mortgage Loan. The Master
Servicer shall amend or cause to be amended the Mortgage Loan Schedule,  and, if
the Deleted Mortgage Loan was a Discount Mortgage Loan, the Schedule of Discount
Fractions,  for the benefit of the  Certificateholders to reflect the removal of
such Deleted  Mortgage Loan and the  substitution  of the  Qualified  Substitute
Mortgage  Loan or Loans  and the  Master  Servicer  shall  deliver  the  amended
Mortgage  Loan  Schedule,  and,  if the  Deleted  Mortgage  Loan was a  Discount
Mortgage Loan, the amended Schedule of Discount Fractions,  to the Trustee. Upon
such  substitution,  the  Qualified  Substitute  Mortgage Loan or Loans shall be
subject to the terms of this Agreement and the related Subservicing Agreement in
all   respects,   the  related   Seller   shall  be  deemed  to  have  made  the
representations and warranties with respect to the Qualified Substitute Mortgage
Loan contained in the related Seller's Agreement as of the date of substitution,
insofar as Residential  Funding's rights in respect of such  representations and
warranties are assigned to the Company pursuant to the Assignment Agreement, and
the Company and the Master Servicer shall be deemed to have made with respect to
any Qualified Substitute Mortgage Loan or Loans, as of the date of substitution,
the covenants, representations and warranties set forth in this Section 2.04, in
Section 2.03 hereof and in Section 4 of the Assignment Agreement, and the Master
Servicer  shall be obligated  to  repurchase  or  substitute  for any  Qualified
Substitute  Mortgage  Loan as to which a  Repurchase  Event (as  defined  in the
Assignment  Agreement)  has  occurred  pursuant  to Section 4 of the  Assignment
Agreement.

        In connection with the substitution of one or more Qualified  Substitute
Mortgage Loans for one or more Deleted  Mortgage Loans, the Master Servicer will
determine  the amount (if any) by which the aggregate  principal  balance of all
such Qualified  Substitute Mortgage Loans as of the date of substitution is less
than the aggregate Stated  Principal  Balance of all such Deleted Mortgage Loans
(in each case after application of the principal portion of the Monthly Payments
due  in  the  month  of   substitution   that  are  to  be  distributed  to  the
Certificateholders  in the month of  substitution).  Residential  Funding  shall
deposit the amount of such  shortfall  into the Custodial  Account on the day of
substitution, without any reimbursement therefor. Residential Funding shall give
notice  in  writing  to the  Trustee  of  such  event,  which  notice  shall  be
accompanied by an Officers'  Certificate as to the calculation of such shortfall
and  (subject to Section  10.01(f))  by an Opinion of Counsel to the effect that
such  substitution will not cause (a) any federal tax to be imposed on the Trust
Fund,  including  without  limitation,  any federal  tax imposed on  "prohibited
transactions"  under Section  860F(a)(1) of the Code or on "contributions  after
the startup date" under Section 860G(d)(1) of the Code or (b) any portion of any
REMIC  to  fail  to  qualify  as  such  at any  time  that  any  Certificate  is
outstanding.

        It is  understood  and  agreed  that the  obligation  of the  Seller  or
Residential  Funding, as the case may be, to cure such breach or purchase (or in
the case of  Residential  Funding to  substitute  for) such  Mortgage Loan as to
which such a breach has occurred and is  continuing  shall  constitute  the sole
remedy respecting such breach available to the Certificateholders or the Trustee
on behalf of Certificateholders.  If the Master Servicer is Residential Funding,
then the Trustee shall also have the right to give the  notification and require
the purchase or substitution  provided for in the second preceding  paragraph in
the event of such a breach of a  representation  or warranty made by Residential
Funding in the  Assignment  Agreement.  In  connection  with the  purchase of or
substitution  for any such Mortgage  Loan by  Residential  Funding,  the Trustee
shall  assign to  Residential  Funding  all of the  Trustee's  right,  title and
interest  in respect of the  Seller's  Agreement  and the  Assignment  Agreement
applicable to such Mortgage Loan.

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<PAGE>

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

               As provided in Section 2.05 of the Series Supplement.

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

               As provided in Section 2.06 of the Series Supplement.

        Section 2.07 Issuance of Certificates Evidencing Interests in REMIC II.

               As provided in Section 2.07 of the Series Supplement.

        Section 2.08 Purposes and Powers of the Trust.

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

     (a) to sell the  Certificates  to the Company in exchange  for the Mortgage
Loans;

        (b)    to enter into and perform its obligations under this Agreement;

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

        (d) subject to compliance with this  Agreement,  to engage in such other
activities as may be required in connection with  conservation of the Trust Fund
and the making of distributions to the Certificateholders.

        The trust is hereby  authorized to engage in the  foregoing  activities.
Notwithstanding  the provisions of Section 11.01,  the trust shall not engage in
any  activity  other  than in  connection  with the  foregoing  or other than as
required or authorized by the terms of this Agreement  while any  Certificate is
outstanding,  and this Section  2.08 may not be amended,  without the consent of
the  Certificateholders  evidencing a majority of the aggregate Voting Rights of
the Certificates.

                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

        Section 3.01  Master Servicer to Act as Servicer.

        (a) The Master  Servicer shall service and administer the Mortgage Loans
in accordance with the terms of this Agreement and the respective Mortgage Loans
and shall have full power and

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<PAGE>

authority,  acting alone or through Subservicers as provided in Section 3.02, to
do any and all things which it may deem  necessary  or  desirable in  connection
with such servicing and  administration.  Without limiting the generality of the
foregoing,  the Master  Servicer in its own name or in the name of a Subservicer
is hereby  authorized  and empowered by the Trustee when the Master  Servicer or
the  Subservicer,  as the  case  may be,  believes  it  appropriate  in its best
judgment,  to execute and deliver, on behalf of the  Certificateholders  and the
Trustee or any of them, any and all instruments of satisfaction or cancellation,
or of  partial or full  release or  discharge,  or of consent to  assumption  or
modification in connection with a proposed  conveyance,  or of assignment of any
Mortgage and Mortgage Note in connection  with the repurchase of a Mortgage Loan
and all other  comparable  instruments,  or with respect to the  modification or
re-recording  of a Mortgage  for the purpose of  correcting  the  Mortgage,  the
subordination  of the lien of the Mortgage in favor of a public utility  company
or government agency or unit with powers of eminent domain, the taking of a deed
in lieu of foreclosure, the commencement,  prosecution or completion of judicial
or  non-judicial  foreclosure,  the  conveyance  of a Mortgaged  Property to the
related Insurer, the acquisition of any property acquired by foreclosure or deed
in lieu of  foreclosure,  or the  management,  marketing  and  conveyance of any
property  acquired by foreclosure or deed in lieu of foreclosure with respect to
the Mortgage  Loans and with  respect to the  Mortgaged  Properties.  The Master
Servicer  further is authorized  and empowered by the Trustee,  on behalf of the
Certificateholders  and  the  Trustee,  in its own  name  or in the  name of the
Subservicer,  when the Master Servicer or the  Subservicer,  as the case may be,
believes it is appropriate in its best judgment to register any Mortgage Loan on
the MERS(R) System,  or cause the removal from the  registration of any Mortgage
Loan on the MERS(R) System, to execute and deliver, on behalf of the Trustee and
the Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re- recording of
a  Mortgage  in the name of MERS,  solely as  nominee  for the  Trustee  and its
successors  and assigns.  Any expenses  incurred in connection  with the actions
described in the  preceding  sentence  shall be borne by the Master  Servicer in
accordance with Section 3.16(c), with no right of reimbursement;  provided, that
if, as a result of MERS discontinuing or becoming unable to continue  operations
in connection with the MERS System,  it becomes necessary to remove any Mortgage
Loan from  registration  on the MERS System and to arrange for the assignment of
the  related  Mortgages  to the  Trustee,  then any  related  expenses  shall be
reimbursable to the Master Servicer.  Notwithstanding the foregoing,  subject to
Section  3.07(a),  the Master  Servicer shall not permit any  modification  with
respect to any  Mortgage  Loan that would both  constitute a sale or exchange of
such  Mortgage  Loan  within the  meaning  of  Section  1001 of the Code and any
proposed,  temporary or final regulations  promulgated thereunder (other than in
connection  with a proposed  conveyance or assumption of such Mortgage Loan that
is treated as a Principal Prepayment in Full pursuant to Section 3.13(d) hereof)
and cause any REMIC formed under the Series  Supplement  to fail to qualify as a
REMIC under the Code.  The Trustee  shall  furnish the Master  Servicer with any
powers of attorney and other  documents  necessary or  appropriate to enable the
Master Servicer to service and administer the Mortgage Loans.  The Trustee shall
not be liable for any action  taken by the Master  Servicer  or any  Subservicer
pursuant  to such  powers  of  attorney.  In  servicing  and  administering  any
Nonsubserviced  Mortgage  Loan,  the Master  Servicer  shall,  to the extent not
inconsistent  with this  Agreement,  comply with the Program Guide as if it were
the  originator of such Mortgage Loan and had retained the servicing  rights and
obligations in respect thereof.  In connection with servicing and  administering
the Mortgage Loans, the Master Servicer and any Affiliate of the Master Servicer
(i) may perform services such as appraisals and brokerage  services that are not
customarily  provided by servicers of mortgage  loans,  and shall be entitled to
reasonable compensation therefor in

                                              42

<PAGE>

accordance  with Section 3.10 and (ii) may, at its own  discretion and on behalf
of the Trustee, obtain credit information in the form of a "credit score" from a
credit repository.

        (b) All costs  incurred  by the Master  Servicer or by  Subservicers  in
effecting the timely payment of taxes and assessments on the properties  subject
to the  Mortgage  Loans  shall  not,  for the  purpose  of  calculating  monthly
distributions to the Certificateholders,  be added to the amount owing under the
related Mortgage Loans,  notwithstanding that the terms of such Mortgage Loan so
permit,  and such costs shall be recoverable to the extent  permitted by Section
3.10(a)(ii).

        (c) The  Master  Servicer  may  enter  into  one or more  agreements  in
connection with the offering of pass-through  certificates  evidencing interests
in one or more of the  Certificates  providing  for the  payment  by the  Master
Servicer of amounts  received by the Master  Servicer as servicing  compensation
hereunder and required to cover certain  Prepayment  Interest  Shortfalls on the
Mortgage Loans, which payment obligation will thereafter be an obligation of the
Master Servicer hereunder.

          Section 3.02  Subservicing  Agreements  Between  Master  Servicer  and
               Subservicers;   Enforcement   of   Subservicers'   and   Sellers'
               Obligations.

        (a) The Master Servicer may continue in effect  Subservicing  Agreements
entered into by Residential  Funding and Subservicers prior to the execution and
delivery of this Agreement,  and may enter into new Subservicing Agreements with
Subservicers,  for  the  servicing  and  administration  of all or  some  of the
Mortgage Loans. Each Subservicer of a Mortgage Loan shall be entitled to receive
and retain,  as provided in the related  Subservicing  Agreement  and in Section
3.07, the related  Subservicing  Fee from payments of interest  received on such
Mortgage Loan after payment of all amounts required to be remitted to the Master
Servicer  in respect of such  Mortgage  Loan.  For any  Mortgage  Loan that is a
Nonsubserviced  Mortgage Loan, the Master  Servicer shall be entitled to receive
and retain an amount equal to the  Subservicing  Fee from  payments of interest.
Unless the context otherwise  requires,  references in this Agreement to actions
taken or to be taken by the Master  Servicer in  servicing  the  Mortgage  Loans
include  actions taken or to be taken by a  Subservicer  on behalf of the Master
Servicer.  Each Subservicing Agreement will be upon such terms and conditions as
are  generally   required  or  permitted  by  the  Program  Guide  and  are  not
inconsistent  with this Agreement and as the Master Servicer and the Subservicer
have agreed. A representative form of Subservicing Agreement is attached to this
Agreement as Exhibit E. With the approval of the Master Servicer,  a Subservicer
may  delegate its  servicing  obligations  to  third-party  servicers,  but such
Subservicer will remain obligated under the related Subservicing Agreement.  The
Master  Servicer  and a  Subservicer  may enter  into  amendments  thereto  or a
different form of Subservicing  Agreement,  and the form referred to or included
in the Program Guide is merely  provided for information and shall not be deemed
to limit in any respect the discretion of the Master Servicer to modify or enter
into  different  Subservicing  Agreements;  provided,  however,  that  any  such
amendments  or  different  forms  shall be  consistent  with and not violate the
provisions of either this Agreement or the Program Guide in a manner which would
materially and adversely affect the interests of the Certificateholders.

        (b) As part of its servicing activities hereunder,  the Master Servicer,
for the benefit of the Trustee  and the  Certificateholders,  shall use its best
reasonable efforts to enforce the obligations of

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<PAGE>

each  Subservicer  under the related  Subservicing  Agreement and of each Seller
under the  related  Seller's  Agreement  insofar as the  Company's  rights  with
respect to such  obligation has been assigned to the Trustee  hereunder,  to the
extent that the  non-performance  of any such Seller's  obligation  would have a
material and adverse effect on a Mortgage Loan,  including,  without limitation,
the   obligation   to  purchase  a  Mortgage   Loan  on  account  of   defective
documentation,  as  described  in Section  2.02,  or on account of a breach of a
representation  or warranty,  as described in Section  2.04.  Such  enforcement,
including,  without limitation,  the legal prosecution of claims, termination of
Subservicing Agreements or Seller's Agreements, as appropriate,  and the pursuit
of other appropriate remedies,  shall be in such form and carried out to such an
extent and at such time as the Master  Servicer  would  employ in its good faith
business  judgment  and  which are  normal  and  usual in its  general  mortgage
servicing  activities.   The  Master  Servicer  shall  pay  the  costs  of  such
enforcement at its own expense, and shall be reimbursed therefor only (i) from a
general  recovery  resulting from such  enforcement to the extent,  if any, that
such recovery exceeds all amounts due in respect of the related Mortgage Loan or
(ii) from a specific  recovery of costs,  expenses or attorneys fees against the
party against whom such  enforcement is directed.  For purposes of clarification
only,  the parties  agree that the  foregoing  is not intended to, and does not,
limit the ability of the Master  Servicer to be reimbursed for expenses that are
incurred in connection with the enforcement of a Seller's  obligations  (insofar
as the  Company's  rights with respect to such  Seller's  obligations  have been
assigned  to the Trustee  hereunder)  and are  reimbursable  pursuant to Section
3.10(a)(viii).

        Section 3.03  Successor Subservicers.

        The Master  Servicer  shall be entitled to  terminate  any  Subservicing
Agreement  that may exist in  accordance  with the terms and  conditions of such
Subservicing  Agreement and without any limitation by virtue of this  Agreement;
provided,  however,  that  in the  event  of  termination  of  any  Subservicing
Agreement by the Master Servicer or the  Subservicer,  the Master Servicer shall
either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor  Subservicer  which will be bound by the terms of the
related  Subservicing  Agreement.  If the Master  Servicer or any  Affiliate  of
Residential  Funding  acts as  servicer,  it will not assume  liability  for the
representations  and  warranties of the  Subservicer  which it replaces.  If the
Master  Servicer   enters  into  a  Subservicing   Agreement  with  a  successor
Subservicer,  the  Master  Servicer  shall use  reasonable  efforts  to have the
successor  Subservicer assume liability for the  representations  and warranties
made by the terminated Subservicer in respect of the related Mortgage Loans and,
in the event of any such  assumption  by the successor  Subservicer,  the Master
Servicer may, in the exercise of its business  judgment,  release the terminated
Subservicer from liability for such representations and warranties.

        Section 3.04  Liability of the Master Servicer.

        Notwithstanding  any  Subservicing  Agreement,  any of the provisions of
this  Agreement  relating  to  agreements  or  arrangements  between  the Master
Servicer or a Subservicer or reference to actions taken through a Subservicer or
otherwise,  the Master Servicer shall remain obligated and liable to the Trustee
and the  Certificateholders  for the servicing and administering of the Mortgage
Loans in accordance  with the  provisions of Section 3.01 without  diminution of
such  obligation  or  liability  by virtue of such  Subservicing  Agreements  or
arrangements or by virtue of indemnification from the Subservicer or the Company
and to the same extent and under the same terms and

                                              44

<PAGE>

conditions as if the Master Servicer alone were servicing and  administering the
Mortgage  Loans.  The  Master  Servicer  shall be  entitled  to  enter  into any
agreement  with a  Subservicer  or  Seller  for  indemnification  of the  Master
Servicer  and nothing  contained in this  Agreement  shall be deemed to limit or
modify such indemnification.

          Section 3.05  No  Contractual  Relationship  Between  Subservicer  and
               Trustee or Certificateholders.

        Any  Subservicing  Agreement  that may be  entered  into  and any  other
transactions or services  relating to the Mortgage Loans involving a Subservicer
in its capacity as such and not as an  originator  shall be deemed to be between
the  Subservicer  and  the  Master  Servicer  alone  and  the  Trustee  and  the
Certificateholders shall not be deemed parties thereto and shall have no claims,
rights,  obligations,  duties or liabilities  with respect to the Subservicer in
its  capacity  as such  except  as set  forth in  Section  3.06.  The  foregoing
provision  shall  not in any way  limit a  Subservicer's  obligation  to cure an
omission or defect or to  repurchase  a Mortgage  Loan as referred to in Section
2.02 hereof.

          Section 3.06 Assumption or Termination of  Subservicing  Agreements by
               Trustee.

        (a) If the Master  Servicer shall for any reason no longer be the master
servicer (including by reason of an Event of Default), the Trustee, its designee
or its successor shall thereupon assume all of the rights and obligations of the
Master  Servicer  under each  Subservicing  Agreement that may have been entered
into. The Trustee,  its designee or the successor servicer for the Trustee shall
be deemed to have assumed all of the Master  Servicer's  interest therein and to
have replaced the Master  Servicer as a party to the  Subservicing  Agreement to
the same  extent  as if the  Subservicing  Agreement  had been  assigned  to the
assuming party except that the Master  Servicer shall not thereby be relieved of
any liability or obligations under the Subservicing Agreement.

        (b) The Master  Servicer  shall,  upon request of the Trustee but at the
expense of the Master Servicer,  deliver to the assuming party all documents and
records  relating to each  Subservicing  Agreement  and the Mortgage  Loans then
being  serviced  and an  accounting  of  amounts  collected  and  held by it and
otherwise use its best efforts to effect the orderly and  efficient  transfer of
each Subservicing Agreement to the assuming party.

          Section 3.07 Collection of Certain Mortgage Loan Payments; Deposits to
               Custodial Account.

        (a) The Master  Servicer  shall make  reasonable  efforts to collect all
payments  called for under the terms and provisions of the Mortgage  Loans,  and
shall, to the extent such procedures shall be consistent with this Agreement and
the terms and provisions of any related Primary  Insurance  Policy,  follow such
collection procedures as it would employ in its good faith business judgment and
which  are  normal  and  usual in its  general  mortgage  servicing  activities.
Consistent  with the  foregoing,  the Master  Servicer may in its discretion (i)
waive any late payment  charge or any prepayment  charge or penalty  interest in
connection  with the  prepayment of a Mortgage Loan and (ii) extend the Due Date
for  payments  due on a Mortgage  Loan in  accordance  with the  Program  Guide;
provided,  however, that the Master Servicer shall first determine that any such
waiver or

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<PAGE>

extension will not impair the coverage of any related Primary  Insurance  Policy
or materially adversely affect the lien of the related Mortgage. In the event of
any such  arrangement,  the Master  Servicer  shall make timely  advances on the
related  Mortgage  Loan  during  the  scheduled  period in  accordance  with the
amortization  schedule of such  Mortgage  Loan without  modification  thereof by
reason of such  arrangements  unless  otherwise  agreed to by the Holders of the
Classes  of  Certificates  affected  thereby;  provided,  however,  that no such
extension shall be made if any such advance would be a  Nonrecoverable  Advance.
Consistent with the terms of this Agreement, the Master Servicer may also waive,
modify or vary any term of any Mortgage Loan or consent to the  postponement  of
strict  compliance  with any such term or in any manner grant  indulgence to any
Mortgagor if in the Master Servicer's  determination such waiver,  modification,
postponement  or  indulgence is not  materially  adverse to the interests of the
Certificateholders  (taking into account any estimated  Realized Loss that might
result absent such action); provided,  however, that the Master Servicer may not
modify  materially  or permit  any  Subservicer  to modify  any  Mortgage  Loan,
including  without  limitation any  modification  that would change the Mortgage
Rate,  forgive the payment of any  principal or interest  (unless in  connection
with the  liquidation of the related  Mortgage Loan or except in connection with
prepayments to the extent that such  reamortization is not inconsistent with the
terms of the Mortgage  Loan), or extend the final maturity date of such Mortgage
Loan,  unless such Mortgage Loan is in default or, in the judgment of the Master
Servicer, such default is reasonably foreseeable; and provided, further, that no
such  modification  shall reduce the interest  rate on a Mortgage Loan below the
sum of the Pool Strip Rate and the sum of the rates at which the  Servicing  Fee
and the  Subservicing  Fee  with  respect  to such  Mortgage  Loan  accrues.  In
connection with any Curtailment of a Mortgage Loan, the Master Servicer,  to the
extent not  inconsistent  with the terms of the Mortgage  Note and local law and
practice,  may permit the Mortgage Loan to be reamortized  such that the Monthly
Payment is  recalculated  as an amount that will fully  amortize  the  remaining
Stated  Principal  Balance  thereof by the original  Maturity  Date based on the
original  Mortgage  Rate;  provided,  that  such  re-amortization  shall  not be
permitted if it would  constitute a reissuance  of the Mortgage Loan for federal
income  tax  purposes,  except  if such  reissuance  is  described  in  Treasury
Regulation Section 1.860G-2(b)(3).

        (b) The Master Servicer shall establish and maintain a Custodial Account
in which the Master  Servicer  shall deposit or cause to be deposited on a daily
basis, except as otherwise  specifically provided herein, the following payments
and  collections  remitted by  Subservicers  or received by it in respect of the
Mortgage  Loans  subsequent  to the  Cut-off  Date  (other  than in  respect  of
principal and interest on the Mortgage Loans due on or before the Cut-off Date):

                      (i)  All  payments  on  account  of  principal,  including
               Principal  Prepayments  made by Mortgagors on the Mortgage  Loans
               and the principal  component of any Subservicer Advance or of any
               REO  Proceeds  received in  connection  with an REO  Property for
               which an REO Disposition has occurred;

                      (ii) All  payments on account of interest at the  Adjusted
               Mortgage Rate on the Mortgage Loans,  including Buydown Funds, if
               any, and the interest component of any Subservicer  Advance or of
               any REO Proceeds  received in connection with an REO Property for
               which an REO Disposition has occurred;

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<PAGE>

                    (iii) Insurance  Proceeds and  Liquidation  Proceeds (net of
               any related expenses of the Subservicer);

                      (iv) All proceeds of any Mortgage Loans purchased pursuant
               to Section 2.02,  2.03, 2.04 or 4.07 and all amounts  required to
               be deposited in connection  with the  substitution of a Qualified
               Substitute Mortgage Loan pursuant to Section 2.03 or 2.04;

                    (v) Any amounts required to be deposited pursuant to Section
               3.07(c) or 3.21;

                    (vi) All amounts transferred from the Certificate Account to
               the Custodial Account in accordance with Section 4.02(a);

                    (vii) Any amounts  realized by the  Subservicer and received
               by the Master  Servicer in respect of any Additional  Collateral;
               and

                    (viii)  Any  amounts  received  by the  Master  Servicer  in
               respect of Pledged Assets.

        The foregoing requirements for deposit in the Custodial Account shall be
exclusive,  it being understood and agreed that, without limiting the generality
of the foregoing, payments on the Mortgage Loans which are not part of the Trust
Fund  (consisting  of  payments  in respect of  principal  and  interest  on the
Mortgage Loans due on or before the Cut-off Date) and payments or collections in
the nature of prepayment  charges or late payment charges or assumption fees may
but need not be deposited by the Master  Servicer in the Custodial  Account.  In
the event any amount not required to be deposited in the Custodial Account is so
deposited,  the Master  Servicer may at any time  withdraw  such amount from the
Custodial  Account,  any provision herein to the contrary  notwithstanding.  The
Custodial  Account  may  contain  funds that  belong to one or more trust  funds
created for mortgage  pass-through  certificates of other series and may contain
other  funds  respecting  payments  on mortgage  loans  belonging  to the Master
Servicer  or   serviced   or  master   serviced  by  it  on  behalf  of  others.
Notwithstanding  such  commingling  of funds,  the  Master  Servicer  shall keep
records that  accurately  reflect the funds on deposit in the Custodial  Account
that have been identified by it as being attributable to the Mortgage Loans.

        With respect to Insurance Proceeds,  Liquidation Proceeds,  REO Proceeds
and the proceeds of the purchase of any Mortgage Loan pursuant to Sections 2.02,
2.03,  2.04 and 4.07  received in any calendar  month,  the Master  Servicer may
elect to treat such amounts as included in the Available Distribution Amount for
the Distribution Date in the month of receipt, but is not obligated to do so. If
the Master Servicer so elects, such amounts will be deemed to have been received
(and any related Realized Loss shall be deemed to have occurred) on the last day
of the month prior to the receipt thereof.

        (c) The  Master  Servicer  shall  use its  best  efforts  to  cause  the
institution  maintaining  the  Custodial  Account  to  invest  the  funds in the
Custodial  Account  attributable to the Mortgage Loans in Permitted  Investments
which shall mature not later than the Certificate Account Deposit Date next

                                              47

<PAGE>

following the date of such investment (with the exception of the Amount Held for
Future  Distribution)  and which shall not be sold or disposed of prior to their
maturities.  All income and gain realized from any such investment  shall be for
the benefit of the Master  Servicer as  additional  servicing  compensation  and
shall be subject to its withdrawal or order from time to time. The amount of any
losses  incurred  in  respect  of  any  such  investments  attributable  to  the
investment of amounts in respect of the Mortgage Loans shall be deposited in the
Custodial  Account by the Master  Servicer out of its own funds  immediately  as
realized without any right of reimbursement.

        (d) The Master Servicer shall give notice to the Trustee and the Company
of any change in the location of the  Custodial  Account and the location of the
Certificate Account prior to the use thereof.

        Section 3.08  Subservicing Accounts; Servicing Accounts.

        (a) In those  cases where a  Subservicer  is  servicing a Mortgage  Loan
pursuant  to a  Subservicing  Agreement,  the Master  Servicer  shall  cause the
Subservicer,  pursuant to the Subservicing  Agreement, to establish and maintain
one or more Subservicing Accounts which shall be an Eligible Account or, if such
account is not an Eligible Account,  shall generally satisfy the requirements of
the Program Guide and be otherwise  acceptable  to the Master  Servicer and each
Rating  Agency.  The  Subservicer  will be required  thereby to deposit into the
Subservicing Account on a daily basis all proceeds of Mortgage Loans received by
the  Subservicer,  less its  Subservicing  Fees and  unreimbursed  advances  and
expenses,  to  the  extent  permitted  by  the  Subservicing  Agreement.  If the
Subservicing  Account is not an Eligible  Account,  the Master Servicer shall be
deemed to have received such monies upon receipt thereof by the Subservicer. The
Subservicer  shall  not be  required  to  deposit  in the  Subservicing  Account
payments or collections  in the nature of prepayment  charges or late charges or
assumption fees. On or before the date specified in the Program Guide, but in no
event later than the  Determination  Date,  the Master  Servicer shall cause the
Subservicer,  pursuant  to the  Subservicing  Agreement,  to remit to the Master
Servicer for deposit in the Custodial Account all funds held in the Subservicing
Account with respect to each Mortgage Loan serviced by such Subservicer that are
required to be remitted to the Master  Servicer.  The  Subservicer  will also be
required,  pursuant to the Subservicing  Agreement, to advance on such scheduled
date of  remittance  amounts  equal to any  scheduled  monthly  installments  of
principal  and interest  less its  Subservicing  Fees on any Mortgage  Loans for
which payment was not received by the  Subservicer.  This  obligation to advance
with respect to each  Mortgage  Loan will continue up to and including the first
of the month following the date on which the related Mortgaged  Property is sold
at a  foreclosure  sale  or is  acquired  by the  Trust  Fund by deed in lieu of
foreclosure  or  otherwise.  All such advances  received by the Master  Servicer
shall be deposited promptly by it in the Custodial Account.

        (b) The Subservicer may also be required,  pursuant to the  Subservicing
Agreement,  to remit to the Master Servicer for deposit in the Custodial Account
interest at the Adjusted  Mortgage  Rate (or Modified Net Mortgage Rate plus the
rate per annum at which the  Servicing  Fee  accrues  in the case of a  Modified
Mortgage Loan) on any Curtailment  received by such  Subservicer in respect of a
Mortgage Loan from the related  Mortgagor during any month that is to be applied
by the  Subservicer  to reduce  the  unpaid  principal  balance  of the  related
Mortgage Loan as of the first day of such month, from the date of application of
such Curtailment to the first day of the following

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<PAGE>

month.  Any amounts paid by a  Subservicer  pursuant to the  preceding  sentence
shall  be for  the  benefit  of the  Master  Servicer  as  additional  servicing
compensation  and shall be subject to its  withdrawal or order from time to time
pursuant to Sections 3.10(a)(iv) and (v).

        (c) In addition to the Custodial  Account and the  Certificate  Account,
the Master Servicer shall for any Nonsubserviced  Mortgage Loan, and shall cause
the Subservicers  for Subserviced  Mortgage Loans to, establish and maintain one
or more Servicing  Accounts and deposit and retain therein all collections  from
the  Mortgagors  (or  advances  from  Subservicers)  for the  payment  of taxes,
assessments,  hazard insurance premiums,  Primary Insurance Policy premiums,  if
applicable,  or  comparable  items  for  the  account  of the  Mortgagors.  Each
Servicing Account shall satisfy the requirements for a Subservicing Account and,
to the extent  permitted by the Program  Guide or as is otherwise  acceptable to
the Master Servicer, may also function as a Subservicing Account. Withdrawals of
amounts  related to the Mortgage  Loans from the Servicing  Accounts may be made
only to effect timely payment of taxes, assessments,  hazard insurance premiums,
Primary  Insurance  Policy  premiums,  if applicable,  or comparable  items,  to
reimburse the Master Servicer or Subservicer out of related  collections for any
payments made  pursuant to Sections 3.11 (with respect to the Primary  Insurance
Policy)  and  3.12(a)  (with  respect  to  hazard  insurance),  to refund to any
Mortgagors  any sums as may be  determined to be overages,  to pay interest,  if
required,  to Mortgagors  on balances in the  Servicing  Account or to clear and
terminate  the  Servicing  Account  at the  termination  of  this  Agreement  in
accordance with Section 9.01 or in accordance with the Program Guide. As part of
its servicing  duties,  the Master Servicer shall,  and the  Subservicers  will,
pursuant to the  Subservicing  Agreements,  be required to pay to the Mortgagors
interest on funds in this account to the extent required by law.

        (d) The Master  Servicer  shall advance the payments  referred to in the
preceding  subsection  that are not timely paid by the Mortgagors or advanced by
the  Subservicers on the date when the tax, premium or other cost for which such
payment is  intended  is due,  but the Master  Servicer  shall be required so to
advance only to the extent that such advances, in the good faith judgment of the
Master  Servicer,  will be recoverable  by the Master  Servicer out of Insurance
Proceeds, Liquidation Proceeds or otherwise.

          Section 3.09 Access to Certain Documentation and Information Regarding
               the Mortgage Loans.

        If   compliance   with  this  Section  3.09  shall  make  any  Class  of
Certificates  legal  for  investment  by  federally  insured  savings  and  loan
associations,  the Master Servicer shall provide,  or cause the  Subservicers to
provide,  to the Trustee,  the Office of Thrift  Supervision or the FDIC and the
supervisory  agents and examiners thereof access to the documentation  regarding
the Mortgage  Loans  required by applicable  regulations of the Office of Thrift
Supervision,  such access being afforded without charge but only upon reasonable
request and during normal business hours at the offices designated by the Master
Servicer. The Master Servicer shall permit such representatives to photocopy any
such  documentation  and shall  provide  equipment  for that purpose at a charge
reasonably approximating the cost of such photocopying to the Master Servicer.

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<PAGE>

        Section 3.10  Permitted Withdrawals from the Custodial Account.

        (a) The Master Servicer may, from time to time as provided herein,  make
withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section  3.07 that are  attributable  to the  Mortgage  Loans for the  following
purposes:

                    (i) to make  deposits  into the  Certificate  Account in the
               amounts and in the manner provided for in Section 4.01;

                      (ii) to reimburse  itself or the related  Subservicer  for
               previously  unreimbursed  advances or expenses  made  pursuant to
               Sections 3.01,  3.07(a),  3.08, 3.11,  3.12(a),  3.14 and 4.04 or
               otherwise  reimbursable  pursuant to the terms of this Agreement,
               such  withdrawal  right  being  limited  to amounts  received  on
               particular  Mortgage  Loans  (including,  for this  purpose,  REO
               Proceeds,  Insurance Proceeds,  Liquidation Proceeds and proceeds
               from the purchase of a Mortgage  Loan  pursuant to Section  2.02,
               2.03,  2.04 or 4.07)  which  represent  (A) Late  Collections  of
               Monthly  Payments for which any such advance was made in the case
               of Subservicer  Advances or Advances pursuant to Section 4.04 and
               (B)  recoveries of amounts in respect of which such advances were
               made in the case of Servicing Advances;

                      (iii) to pay to itself or the related  Subservicer (if not
               previously  retained  by such  Subservicer)  out of each  payment
               received  by the Master  Servicer  on account  of  interest  on a
               Mortgage  Loan as  contemplated  by  Sections  3.14 and 3.16,  an
               amount equal to that remaining  portion of any such payment as to
               interest  (but  not  in  excess  of the  Servicing  Fee  and  the
               Subservicing  Fee,  if  not  previously   retained)  which,  when
               deducted,  will result in the  remaining  amount of such interest
               being interest at the Net Mortgage Rate (or Modified Net Mortgage
               Rate in the  case of a  Modified  Mortgage  Loan)  on the  amount
               specified in the  amortization  schedule of the related  Mortgage
               Loan as the  principal  balance  thereof at the  beginning of the
               period  respecting  which such  interest  was paid  after  giving
               effect to any previous Curtailments;

                      (iv) to pay to itself as additional servicing compensation
               any  interest  or  investment  income  earned  on funds and other
               property  deposited in or credited to the Custodial  Account that
               it is entitled to withdraw pursuant to Section 3.07(c);

                      (v) to pay to itself as additional servicing  compensation
               any Foreclosure  Profits, any amounts remitted by Subservicers as
               interest in respect of Curtailments  pursuant to Section 3.08(b),
               and  any  amounts  paid  by a  Mortgagor  in  connection  with  a
               Principal  Prepayment  in Full in  respect  of  interest  for any
               period  during  the  calendar   month  in  which  such  Principal
               Prepayment    in   Full   is   to   be    distributed    to   the
               Certificateholders;

                      (vi)  to  pay  to  itself,   a   Subservicer,   a  Seller,
               Residential Funding, the Company or any other appropriate Person,
               as the  case  may  be,  with  respect  to each  Mortgage  Loan or
               property acquired in respect thereof that has been purchased or

                                              50

<PAGE>

               otherwise  transferred pursuant to Section 2.02, 2.03, 2.04, 4.07
               or 9.01,  all amounts  received  thereon  and not  required to be
               distributed to the Certificateholders as of the date on which the
               related Stated Principal Balance or Purchase Price is determined;

                      (vii) to reimburse  itself or the related  Subservicer for
               any  Nonrecoverable  Advance or Advances in the manner and to the
               extent  provided in  subsection  (c) below,  any Advance  made in
               connection  with a  modification  of a  Mortgage  Loan that is in
               default or, in the  judgment of the Master  Servicer,  default is
               reasonably foreseeable pursuant to Section 3.07(a), to the extent
               the  amount  of the  Advance  has been  added to the  outstanding
               principal   balance  of  the  Mortgage   Loan,   or  any  Advance
               reimbursable to the Master Servicer pursuant to Section 4.02(a);

                      (viii) to  reimburse  itself or the Company  for  expenses
               incurred by and  reimbursable  to it or the  Company  pursuant to
               Sections 3.01(a),  3.11, 3.13, 3.14(c), 6.03, 10.01 or otherwise,
               or  in  connection  with  enforcing,   in  accordance  with  this
               Agreement,   any  repurchase,   substitution  or  indemnification
               obligation of any Seller (other than an Affiliate of the Company)
               pursuant to the related Seller's Agreement;

                      (ix) to reimburse itself for Servicing  Advances  expended
               by it (a)  pursuant to Section  3.14 in good faith in  connection
               with the restoration of property  damaged by an Uninsured  Cause,
               and (b) in connection  with the liquidation of a Mortgage Loan or
               disposition  of an REO  Property  to  the  extent  not  otherwise
               reimbursed pursuant to clause (ii) or (viii) above; and

                      (x) to  withdraw  any amount  deposited  in the  Custodial
               Account that was not required to be deposited therein pursuant to
               Section 3.07.

        (b) Since,  in  connection  with  withdrawals  pursuant to clauses (ii),
(iii),  (v) and (vi), the Master  Servicer's  entitlement  thereto is limited to
collections  or other  recoveries  on the  related  Mortgage  Loan,  the  Master
Servicer  shall keep and maintain  separate  accounting,  on a Mortgage  Loan by
Mortgage  Loan basis,  for the purpose of  justifying  any  withdrawal  from the
Custodial Account pursuant to such clauses.

        (c) The Master  Servicer  shall be entitled to  reimburse  itself or the
related  Subservicer for any advance made in respect of a Mortgage Loan that the
Master Servicer determines to be a Nonrecoverable Advance by withdrawal from the
Custodial  Account of amounts on deposit  therein  attributable  to the Mortgage
Loans  on any  Certificate  Account  Deposit  Date  succeeding  the date of such
determination.  Such  right of  reimbursement  in  respect  of a  Nonrecoverable
Advance  on any such  Certificate  Account  Deposit  Date shall be limited to an
amount  not   exceeding  the  portion  of  such  advance   previously   paid  to
Certificateholders (and not theretofore reimbursed to the Master Servicer or the
related Subservicer).

          Section  3.11   Maintenance   of  the  Primary   Insurance   Policies;
               Collections Thereunder.

        (a) The Master  Servicer  shall not take, or permit any  Subservicer  to
take, any action which would result in non-coverage under any applicable Primary
Insurance Policy of any loss

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<PAGE>

which,  but for the actions of the Master  Servicer or  Subservicer,  would have
been  covered  thereunder.  To the  extent  coverage  is  available,  the Master
Servicer  shall  keep or cause to be kept in full  force  and  effect  each such
Primary  Insurance  Policy until the principal  balance of the related  Mortgage
Loan secured by a Mortgaged  Property is reduced to 80% or less of the Appraised
Value in the  case of such a  Mortgage  Loan  having  a  Loan-to-Value  Ratio at
origination in excess of 80%, provided that such Primary Insurance Policy was in
place as of the  Cut-off  Date and the  Company had  knowledge  of such  Primary
Insurance Policy.  The Master Servicer shall be entitled to cancel or permit the
discontinuation  of any Primary Insurance Policy as to any Mortgage Loan, if the
Stated  Principal  Balance of the Mortgage Loan is reduced below an amount equal
to 80% of the appraised value of the related Mortgaged Property as determined in
any appraisal thereof after the Closing Date, or if the  Loan-to-Value  Ratio is
reduced  below 80% as a result of principal  payments on the Mortgage Loan after
the Closing Date. In the event that the Company gains  knowledge  that as of the
Closing Date, a Mortgage Loan had a Loan-to-Value Ratio at origination in excess
of 80% and is not  the  subject  of a  Primary  Insurance  Policy  (and  was not
included in any exception to the representation in Section 2.03(b)(iv)) and that
such Mortgage Loan has a current  Loan-to-Value  Ratio in excess of 80% then the
Master  Servicer  shall use its  reasonable  efforts  to obtain  and  maintain a
Primary  Insurance  Policy to the extent that such a policy is  obtainable  at a
reasonable  price.  The Master  Servicer shall not cancel or refuse to renew any
such Primary Insurance Policy  applicable to a Nonsubserviced  Mortgage Loan, or
consent to any  Subservicer  canceling  or  refusing  to renew any such  Primary
Insurance  Policy  applicable to a Mortgage Loan  subserviced  by it, that is in
effect at the date of the initial  issuance of the  Certificates and is required
to be kept in force hereunder  unless the replacement  Primary  Insurance Policy
for such  canceled or  non-renewed  policy is  maintained  with an insurer whose
claims-paying   ability  is  acceptable  to  each  Rating  Agency  for  mortgage
pass-through  certificates  having a rating equal to or better than the lower of
the  then-current  rating or the rating  assigned to the  Certificates as of the
Closing Date by such Rating Agency.

        (b) In connection with its activities as  administrator  and servicer of
the  Mortgage  Loans,  the  Master  Servicer  agrees to  present or to cause the
related  Subservicer  to  present,  on  behalf  of  the  Master  Servicer,   the
Subservicer,  if any, the Trustee and Certificateholders,  claims to the related
Insurer under any Primary Insurance  Policies,  in a timely manner in accordance
with such  policies,  and,  in this  regard,  to take or cause to be taken  such
reasonable  action as shall be  necessary to permit  recovery  under any Primary
Insurance  Policies  respecting  defaulted  Mortgage Loans.  Pursuant to Section
3.07,  any Insurance  Proceeds  collected by or remitted to the Master  Servicer
under  any  Primary  Insurance  Policies  shall be  deposited  in the  Custodial
Account, subject to withdrawal pursuant to Section 3.10.

          Section 3.12  Maintenance of Fire Insurance and Omissions and Fidelity
               Coverage.

        (a) The Master  Servicer  shall cause to be maintained for each Mortgage
Loan (other than a Cooperative Loan) fire insurance with extended coverage in an
amount  which is equal to the  lesser  of the  principal  balance  owing on such
Mortgage  Loan  or 100  percent  of the  insurable  value  of the  improvements;
provided,  however,  that such coverage may not be less than the minimum  amount
required to fully compensate for any loss or damage on a replacement cost basis.
To the extent it may do so without breaching the related Subservicing Agreement,
the Master  Servicer  shall  replace  any  Subservicer  that does not cause such
insurance, to the extent it is available, to be maintained.

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<PAGE>

The Master Servicer shall also cause to be maintained on property  acquired upon
foreclosure,  or deed in lieu of foreclosure, of any Mortgage Loan (other than a
Cooperative  Loan),  fire insurance with extended coverage in an amount which is
at  least  equal  to the  amount  necessary  to  avoid  the  application  of any
co-insurance  clause contained in the related hazard insurance policy.  Pursuant
to Section 3.07,  any amounts  collected by the Master  Servicer  under any such
policies  (other than amounts to be applied to the  restoration or repair of the
related Mortgaged  Property or property thus acquired or amounts released to the
Mortgagor in accordance with the Master Servicer's normal servicing  procedures)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10. Any cost incurred by the Master  Servicer in maintaining  any such
insurance shall not, for the purpose of calculating monthly distributions to the
Certificateholders,  be added to the  amount  owing  under  the  Mortgage  Loan,
notwithstanding  that the terms of the Mortgage Loan so permit. Such costs shall
be  recoverable  by the Master  Servicer  out of related  late  payments  by the
Mortgagor or out of Insurance  Proceeds and  Liquidation  Proceeds to the extent
permitted by Section  3.10.  It is  understood  and agreed that no earthquake or
other  additional  insurance is to be required of any Mortgagor or maintained on
property  acquired  in respect of a Mortgage  Loan other than  pursuant  to such
applicable  laws and  regulations  as shall at any time be in force and as shall
require such additional insurance. Whenever the improvements securing a Mortgage
Loan (other than a Cooperative  Loan) are located at the time of  origination of
such Mortgage  Loan in a federally  designated  special  flood hazard area,  the
Master  Servicer  shall cause flood  insurance  (to the extent  available) to be
maintained in respect thereof.  Such flood insurance shall be in an amount equal
to the lesser of (i) the amount required to compensate for any loss or damage to
the Mortgaged  Property on a replacement  cost basis and (ii) the maximum amount
of such  insurance  available  for the  related  Mortgaged  Property  under  the
national flood insurance program (assuming that the area in which such Mortgaged
Property is located is participating in such program).

        If the  Master  Servicer  shall  obtain  and  maintain  a  blanket  fire
insurance policy with extended coverage insuring against hazard losses on all of
the  Mortgage  Loans,  it shall  conclusively  be deemed to have  satisfied  its
obligations as set forth in the first sentence of this Section 3.12(a), it being
understood and agreed that such policy may contain a deductible clause, in which
case the Master  Servicer  shall,  in the event  that there  shall not have been
maintained on the related  Mortgaged  Property a policy complying with the first
sentence  of this  Section  3.12(a) and there shall have been a loss which would
have been covered by such policy,  deposit in the Certificate Account the amount
not  otherwise  payable  under the  blanket  policy  because of such  deductible
clause. Any such deposit by the Master Servicer shall be made on the Certificate
Account  Deposit Date next preceding the  Distribution  Date which occurs in the
month  following  the month in which  payments  under any such policy would have
been deposited in the Custodial  Account.  In connection  with its activities as
administrator  and servicer of the Mortgage Loans, the Master Servicer agrees to
present,  on behalf of itself,  the Trustee and the  Certificateholders,  claims
under any such blanket policy.

        (b) The Master Servicer shall obtain and maintain at its own expense and
keep in full force and effect  throughout  the term of this  Agreement a blanket
fidelity bond and an errors and omissions  insurance  policy covering the Master
Servicer's  officers and  employees  and other  persons  acting on behalf of the
Master  Servicer in connection  with its activities  under this  Agreement.  The
amount  of  coverage  shall be at  least  equal to the  coverage  that  would be
required by Fannie Mae or Freddie Mac, whichever is greater, with respect to the
Master  Servicer if the Master  Servicer were  servicing and  administering  the
Mortgage Loans for Fannie Mae or Freddie Mac. In the event that

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<PAGE>

any such bond or policy ceases to be in effect, the Master Servicer shall obtain
a comparable  replacement bond or policy from an issuer or insurer,  as the case
may be, meeting the requirements, if any, of the Program Guide and acceptable to
the Company.  Coverage of the Master Servicer under a policy or bond obtained by
an Affiliate of the Master Servicer and providing the coverage  required by this
Section 3.12(b) shall satisfy the requirements of this Section 3.12(b).

          Section  3.13  Enforcement  of  Due-on-Sale  Clauses;  Assumption  and
               Modification Agreements; Certain Assignments.

        (a) When any Mortgaged Property is conveyed by the Mortgagor, the Master
Servicer or  Subservicer,  to the extent it has  knowledge  of such  conveyance,
shall enforce any due-on-sale clause contained in any Mortgage Note or Mortgage,
to the extent permitted under applicable law and governmental  regulations,  but
only to the extent that such enforcement will not adversely affect or jeopardize
coverage under any Required Insurance Policy. Notwithstanding the foregoing:

                      (i) the  Master  Servicer  shall  not be  deemed  to be in
               default  under this Section  3.13(a) by reason of any transfer or
               assumption  which the Master  Servicer is  restricted by law from
               preventing; and

                      (ii)  if  the  Master  Servicer   determines  that  it  is
               reasonably  likely  that  any  Mortgagor  will  bring,  or if any
               Mortgagor  does  bring,   legal  action  to  declare  invalid  or
               otherwise avoid enforcement of a due-on-sale  clause contained in
               any Mortgage Note or Mortgage,  the Master  Servicer shall not be
               required to enforce  the  due-on-sale  clause or to contest  such
               action.

        (b) Subject to the Master  Servicer's  duty to enforce  any  due-on-sale
clause  to the  extent  set  forth in  Section  3.13(a),  in any case in which a
Mortgaged Property is to be conveyed to a Person by a Mortgagor, and such Person
is to enter into an  assumption or  modification  agreement or supplement to the
Mortgage Note or Mortgage which requires the signature of the Trustee,  or if an
instrument of release signed by the Trustee is required  releasing the Mortgagor
from liability on the Mortgage Loan, the Master Servicer is authorized,  subject
to the requirements of the sentence next following,  to execute and deliver,  on
behalf of the  Trustee,  the  assumption  agreement  with the Person to whom the
Mortgaged  Property  is  to be  conveyed  and  such  modification  agreement  or
supplement  to the  Mortgage  Note  or  Mortgage  or  other  instruments  as are
reasonable  or necessary to carry out the terms of the Mortgage Note or Mortgage
or otherwise to comply with any  applicable  laws  regarding  assumptions or the
transfer of the Mortgaged Property to such Person;  provided,  however,  none of
such terms and requirements  shall either (i) both (A) constitute a "significant
modification"  effecting an exchange or  reissuance  of such Mortgage Loan under
the REMIC  Provisions  and (B) cause any portion of any REMIC  formed  under the
Series  Supplement  to fail to qualify as a REMIC  under the Code or (subject to
Section  10.01(f)),   result  in  the  imposition  of  any  tax  on  "prohibited
transactions" or (ii) constitute  "contributions"  after the start-up date under
the REMIC  Provisions.  The Master  Servicer  shall  execute  and  deliver  such
documents only if it reasonably  determines  that (i) its execution and delivery
thereof will not conflict  with or violate any terms of this  Agreement or cause
the unpaid  balance and interest on the  Mortgage  Loan to be  uncollectible  in
whole or in part,  (ii) any  required  consents of insurers  under any  Required
Insurance Policies have been obtained and (iii) subsequent to the closing of the
transaction involving the

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<PAGE>

assumption  or transfer (A) the Mortgage  Loan will  continue to be secured by a
first mortgage lien pursuant to the terms of the Mortgage,  (B) such transaction
will not adversely  affect the coverage under any Required  Insurance  Policies,
(C) the Mortgage Loan will fully amortize over the remaining  term thereof,  (D)
no material  term of the  Mortgage  Loan  (including  the  interest  rate on the
Mortgage Loan) will be altered nor will the term of the Mortgage Loan be changed
and (E) if the  seller/transferor  of the  Mortgaged  Property is to be released
from liability on the Mortgage Loan,  such release will not (based on the Master
Servicer's  or  Subservicer's  good faith  determination)  adversely  affect the
collectability  of the Mortgage Loan.  Upon receipt of appropriate  instructions
from the Master  Servicer in accordance  with the  foregoing,  the Trustee shall
execute  any  necessary  instruments  for such  assumption  or  substitution  of
liability as directed in writing by the Master Servicer. Upon the closing of the
transactions contemplated by such documents, the Master Servicer shall cause the
originals or true and correct  copies of the assumption  agreement,  the release
(if any), or the  modification or supplement to the Mortgage Note or Mortgage to
be delivered to the Trustee or the  Custodian  and  deposited  with the Mortgage
File for such Mortgage  Loan.  Any fee collected by the Master  Servicer or such
related Subservicer for entering into an assumption or substitution of liability
agreement  will be  retained  by the  Master  Servicer  or such  Subservicer  as
additional servicing compensation.

        (c) The Master Servicer or the related Subservicer,  as the case may be,
shall be entitled to approve a request from a Mortgagor for a partial release of
the related Mortgaged Property,  the granting of an easement thereon in favor of
another Person,  any alteration or demolition of the related Mortgaged  Property
(or,  with respect to a Cooperative  Loan,  the related  Cooperative  Apartment)
without  any  right  of  reimbursement  or  other  similar  matters  if  it  has
determined, exercising its good faith business judgment in the same manner as it
would if it were the owner of the related  Mortgage Loan, that the security for,
and the timely  and full  collectability  of,  such  Mortgage  Loan would not be
adversely  affected  thereby and that any portion of any REMIC  formed under the
Series  Supplement  would not fail to  continue  to qualify as a REMIC under the
Code as a result  thereof  and  (subject  to  Section  10.01(f))  that no tax on
"prohibited  transactions"  or  "contributions"  after the  startup day would be
imposed on any such REMIC as a result  thereof.  Any fee collected by the Master
Servicer  or the  related  Subservicer  for  processing  such a request  will be
retained by the Master  Servicer or such  Subservicer  as  additional  servicing
compensation.

        (d)  Subject  to any  other  applicable  terms  and  conditions  of this
Agreement,  the  Trustee  and Master  Servicer  shall be  entitled to approve an
assignment in lieu of satisfaction  with respect to any Mortgage Loan,  provided
the  obligee  with  respect  to  such  Mortgage  Loan  following  such  proposed
assignment provides the Trustee and Master Servicer with a "Lender Certification
for  Assignment of Mortgage  Loan" in the form attached  hereto as Exhibit M, in
form and substance  satisfactory to the Trustee and Master  Servicer,  providing
the  following:  (i) that the substance of the assignment is, and is intended to
be, a refinancing  of such  Mortgage;  (ii) that the Mortgage Loan following the
proposed  assignment will have a rate of interest at least 0.25 percent below or
above  the  rate of  interest  on such  Mortgage  Loan  prior  to such  proposed
assignment;  and (iii) that such  assignment  is at the request of the  borrower
under the related  Mortgage  Loan.  Upon  approval of an  assignment  in lieu of
satisfaction  with  respect to any  Mortgage  Loan,  the Master  Servicer  shall
receive cash in an amount equal to the unpaid  principal  balance of and accrued
interest on such Mortgage Loan and the Master  Servicer  shall treat such amount
as a Principal  Prepayment  in Full with respect to such  Mortgage  Loan for all
purposes hereof.

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<PAGE>

        Section 3.14  Realization Upon Defaulted Mortgage Loans.

        (a) The Master  Servicer shall  foreclose  upon or otherwise  comparably
convert  (which may include an REO  Acquisition)  the  ownership  of  properties
securing such of the Mortgage  Loans as come into and continue in default and as
to which no satisfactory  arrangements  can be made for collection of delinquent
payments  pursuant to Section 3.07. In connection with such foreclosure or other
conversion, the Master Servicer shall, consistent with Section 3.11, follow such
practices and  procedures as it shall deem  necessary or advisable,  as shall be
normal and usual in its general  mortgage  servicing  activities and as shall be
required or permitted by the Program  Guide;  provided that the Master  Servicer
shall not be liable in any respect hereunder if the Master Servicer is acting in
connection  with any such  foreclosure  or other  conversion in a manner that is
consistent with the provisions of this Agreement. The Master Servicer,  however,
shall not be  required  to  expend  its own  funds or incur  other  reimbursable
charges in connection with any foreclosure,  or attempted  foreclosure  which is
not  completed,  or towards  the  restoration  of any  property  unless it shall
determine  (i) that  such  restoration  and/or  foreclosure  will  increase  the
proceeds of liquidation of the Mortgage Loan to Holders of  Certificates  of one
or more Classes after  reimbursement  to itself for such expenses or charges and
(ii) that such expenses or charges will be recoverable to it through Liquidation
Proceeds,  Insurance Proceeds,  or REO Proceeds  (respecting which it shall have
priority for purposes of  withdrawals  from the  Custodial  Account  pursuant to
Section 3.10, whether or not such expenses and charges are actually  recoverable
from related Liquidation Proceeds,  Insurance Proceeds or REO Proceeds).  In the
event of such a determination  by the Master  Servicer  pursuant to this Section
3.14(a),  the Master Servicer shall be entitled to reimbursement of such amounts
pursuant to Section 3.10.

        In addition to the  foregoing,  the Master  Servicer  shall use its best
reasonable  efforts to realize upon any  Additional  Collateral  for such of the
Additional Collateral Loans as come into and continue in default and as to which
no satisfactory  arrangements can be made for collection of delinquent  payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee, obtain title to any such Additional Collateral as a result of or
in lieu of the disposition  thereof or otherwise;  and provided further that (i)
the Master Servicer shall not proceed with respect to such Additional Collateral
in any manner  that would  impair the  ability to recover  against  the  related
Mortgaged  Property,  and (ii) the Master  Servicer  shall  proceed with any REO
Acquisition in a manner that preserves the ability to apply the proceeds of such
Additional  Collateral  against amounts owed under the defaulted  Mortgage Loan.
Any proceeds realized from such Additional  Collateral (other than amounts to be
released to the Mortgagor or the related guarantor in accordance with procedures
that the  Master  Servicer  would  follow in  servicing  loans  held for its own
account,  subject  to the terms  and  conditions  of the  related  Mortgage  and
Mortgage  Note  and to the  terms  and  conditions  of any  security  agreement,
guarantee  agreement,  mortgage or other agreement  governing the disposition of
the proceeds of such Additional  Collateral) shall be deposited in the Custodial
Account,  subject to  withdrawal  pursuant to Section  3.10.  Any other  payment
received by the Master Servicer in respect of such Additional  Collateral  shall
be deposited in the Custodial Account subject to withdrawal  pursuant to Section
3.10.

        For so long as the  Master  Servicer  is the Master  Servicer  under the
Credit  Support  Pledge  Agreement,   the  Master  Servicer  shall  perform  its
obligations under the Credit Support Pledge

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<PAGE>

Agreement in accordance  with such Agreement and in a manner that is in the best
interests of the Certificateholders.  Further, the Master Servicer shall use its
best  reasonable  efforts to  realize  upon any  Pledged  Assets for such of the
Pledged  Asset  Loans as come into and  continue  in default  and as to which no
satisfactory  arrangements  can be made for  collection of  delinquent  payments
pursuant to Section 3.07; provided that the Master Servicer shall not, on behalf
of the Trustee,  obtain  title to any such  Pledged  Assets as a result of or in
lieu of the disposition thereof or otherwise;  and provided further that (i) the
Master  Servicer  shall not proceed with  respect to such Pledged  Assets in any
manner that would  impair the ability to recover  against the related  Mortgaged
Property, and (ii) the Master Servicer shall proceed with any REO Acquisition in
a manner that preserves the ability to apply the proceeds of such Pledged Assets
against  amounts owed under the defaulted  Mortgage Loan. Any proceeds  realized
from such Pledged  Assets (other than amounts to be released to the Mortgagor or
the related  guarantor in accordance  with  procedures  that the Master Servicer
would follow in servicing  loans held for its own account,  subject to the terms
and  conditions  of the related  Mortgage and Mortgage Note and to the terms and
conditions of any security  agreement,  guarantee  agreement,  mortgage or other
agreement  governing  the  disposition  of the proceeds of such Pledged  Assets)
shall be deposited in the Custodial Account,  subject to withdrawal  pursuant to
Section 3.10.  Any other payment  received by the Master  Servicer in respect of
such  Pledged  Assets shall be deposited  in the  Custodial  Account  subject to
withdrawal pursuant to Section 3.10.

        Concurrently  with the  foregoing,  the Master  Servicer  may pursue any
remedies that may be available in connection  with a breach of a  representation
and warranty with respect to any such Mortgage Loan in accordance  with Sections
2.03 and 2.04.  However,  the Master  Servicer  is not  required  to continue to
pursue both foreclosure (or similar remedies) with respect to the Mortgage Loans
and remedies in connection with a breach of a representation and warranty if the
Master Servicer determines in its reasonable  discretion that one such remedy is
more likely to result in a greater  recovery as to the Mortgage  Loan.  Upon the
occurrence of a Cash  Liquidation or REO  Disposition,  following the deposit in
the Custodial Account of all Insurance Proceeds,  Liquidation Proceeds and other
payments and recoveries  referred to in the definition of "Cash  Liquidation" or
"REO  Disposition,"  as  applicable,  upon  receipt  by the  Trustee  of written
notification of such deposit signed by a Servicing  Officer,  the Trustee or any
Custodian,  as the case may be, shall release to the Master Servicer the related
Mortgage  File and the Trustee  shall  execute and deliver such  instruments  of
transfer or  assignment  prepared by the Master  Servicer,  in each case without
recourse,  as shall be necessary to vest in the Master Servicer or its designee,
as the case may be, the related Mortgage Loan, and thereafter such Mortgage Loan
shall not be part of the Trust Fund.  Notwithstanding the foregoing or any other
provision of this  Agreement,  in the Master  Servicer's  sole  discretion  with
respect  to any  defaulted  Mortgage  Loan or REO  Property  as to either of the
following provisions, (i) a Cash Liquidation or REO Disposition may be deemed to
have occurred if substantially all amounts expected by the Master Servicer to be
received in connection with the related defaulted  Mortgage Loan or REO Property
have been  received,  and (ii) for  purposes  of  determining  the amount of any
Liquidation Proceeds,  Insurance Proceeds, REO Proceeds or any other unscheduled
collections  or the amount of any Realized  Loss,  the Master  Servicer may take
into account minimal amounts of additional  receipts  expected to be received or
any  estimated  additional  liquidation  expenses  expected  to be  incurred  in
connection with the related defaulted Mortgage Loan or REO Property.

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<PAGE>

        (b) If title to any Mortgaged  Property is acquired by the Trust Fund as
an REO Property by  foreclosure or by deed in lieu of  foreclosure,  the deed or
certificate  of sale shall be issued to the  Trustee or to its nominee on behalf
of  Certificateholders.  Notwithstanding  any  such  acquisition  of  title  and
cancellation  of the related  Mortgage Loan,  such REO Property shall (except as
otherwise expressly provided herein) be considered to be an Outstanding Mortgage
Loan held in the Trust Fund until such time as the REO  Property  shall be sold.
Consistent with the foregoing for purposes of all calculations hereunder so long
as such REO Property shall be considered to be an  Outstanding  Mortgage Loan it
shall be assumed that,  notwithstanding  that the indebtedness  evidenced by the
related  Mortgage  Note shall have been  discharged,  such Mortgage Note and the
related  amortization  schedule in effect at the time of any such acquisition of
title  (after  giving  effect  to  any  previous  Curtailments  and  before  any
adjustment  thereto by reason of any  bankruptcy  or similar  proceeding  or any
moratorium or similar waiver or grace period) remain in effect.

        (c) If the  Trust  Fund  acquires  any  REO  Property  as  aforesaid  or
otherwise in connection  with a default or imminent  default on a Mortgage Loan,
the  Master  Servicer  on behalf of the Trust  Fund  shall  dispose  of such REO
Property as soon as practicable,  giving due  consideration  to the interests of
the  Certificateholders,  but in all cases  within  three full  years  after the
taxable  year of its  acquisition  by the Trust  Fund for  purposes  of  Section
860G(a)(8)  of the  Code (or  such  shorter  period  as may be  necessary  under
applicable  state (including any state in which such property is located) law to
maintain  the  status of any  portion  of any  REMIC  formed  under  the  Series
Supplement as a REMIC under  applicable state law and avoid taxes resulting from
such property failing to be foreclosure property under applicable state law) or,
at the expense of the Trust Fund,  request,  more than 60 days before the day on
which such grace  period  would  otherwise  expire,  an  extension of such grace
period unless the Master Servicer  (subject to Section 10.01(f)) obtains for the
Trustee an Opinion of Counsel, addressed to the Trustee and the Master Servicer,
to the effect that the holding by the Trust Fund of such REO Property subsequent
to such  period  will not  result  in the  imposition  of  taxes on  "prohibited
transactions"  as defined in Section  860F of the Code or cause any REMIC formed
under the Series  Supplement  to fail to qualify as a REMIC (for federal (or any
applicable   State  or  local)  income  tax  purposes)  at  any  time  that  any
Certificates are outstanding,  in which case the Trust Fund may continue to hold
such REO  Property  (subject  to any  conditions  contained  in such  Opinion of
Counsel).  The Master  Servicer  shall be  entitled  to be  reimbursed  from the
Custodial  Account for any costs  incurred in obtaining such Opinion of Counsel,
as  provided  in  Section  3.10.  Notwithstanding  any other  provision  of this
Agreement,  no REO  Property  acquired  by the Trust  Fund  shall be rented  (or
allowed to continue to be rented) or otherwise used by or on behalf of the Trust
Fund in such a manner or  pursuant  to any terms  that  would (i) cause such REO
Property  to fail to qualify as  "foreclosure  property"  within the  meaning of
Section  860G(a)(8) of the Code or (ii) subject the Trust Fund to the imposition
of any  federal  income  taxes on the  income  earned  from  such REO  Property,
including any taxes imposed by reason of Section 860G(c) of the Code, unless the
Master  Servicer has agreed to indemnify  and hold  harmless the Trust Fund with
respect to the imposition of any such taxes.

        (d) The proceeds of any Cash Liquidation, REO Disposition or purchase or
repurchase of any Mortgage Loan pursuant to the terms of this Agreement, as well
as any recovery resulting from a collection of Liquidation  Proceeds,  Insurance
Proceeds or REO Proceeds,  will be applied in the  following  order of priority:
first, to reimburse the Master Servicer or the related Subservicer in accordance
with Section  3.10(a)(ii);  second, to the  Certificateholders  to the extent of
accrued and

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<PAGE>

unpaid interest on the Mortgage Loan, and any related REO Imputed  Interest,  at
the Net  Mortgage  Rate  (or the  Modified  Net  Mortgage  Rate in the case of a
Modified  Mortgage Loan) to the Due Date prior to the Distribution Date on which
such  amounts  are to be  distributed;  third,  to the  Certificateholders  as a
recovery of principal on the Mortgage Loan (or REO  Property)(provided  that, if
such  recovery is of an amount  previously  allocated  to one or more Classes of
Certificates  as a Realized Loss,  such recovery  shall be allocated  among such
Classes in the same  proportions as the allocation of such Realized  Losses and,
if any such Class of  Certificates  to which such Realized Loss was allocated is
no longer  outstanding,  such  subsequent  recovery  shall be distributed to the
persons who were the Holders of such Class of Certificates when it was retired);
fourth,  to all Servicing Fees and Subservicing  Fees payable therefrom (and the
Master  Servicer and the Subservicer  shall have no claims for any  deficiencies
with  respect to such fees which  result  from the  foregoing  allocation);  and
fifth, to Foreclosure Profits.

        (e) In the event of a default  on a  Mortgage  Loan one or more of whose
obligors is not a United States Person,  in connection  with any  foreclosure or
acquisition  of a deed in  lieu  of  foreclosure  (together,  "foreclosure")  in
respect of such Mortgage Loan, the Master  Servicer will cause  compliance  with
the provisions of Treasury  Regulation Section  1.1445-2(d)(3) (or any successor
thereto)  necessary to assure that no  withholding  tax  obligation  arises with
respect to the proceeds of such foreclosure  except to the extent,  if any, that
proceeds of such foreclosure are required to be remitted to the obligors on such
Mortgage Loan.

        Section 3.15  Trustee to Cooperate; Release of Mortgage Files.

        (a) Upon becoming  aware of the payment in full of any Mortgage Loan, or
upon the receipt by the Master  Servicer of a notification  that payment in full
will be escrowed in a manner  customary for such purposes,  the Master  Servicer
will  immediately  notify the Trustee (if it holds the related Mortgage File) or
the Custodian by a  certification  of a Servicing  Officer (which  certification
shall  include a  statement  to the effect  that all  amounts  received or to be
received in  connection  with such payment which are required to be deposited in
the  Custodial  Account  pursuant  to  Section  3.07  have  been  or  will be so
deposited),  substantially in one of the forms attached hereto as Exhibit F, or,
in the case of the Custodian,  an electronic request in a form acceptable to the
Custodian,  requesting  delivery to it of the Mortgage File. Within two Business
Days of receipt of such certification and request, the Trustee shall release, or
cause  the  Custodian  to  release,  the  related  Mortgage  File to the  Master
Servicer.  The Master  Servicer  is  authorized  to execute  and  deliver to the
Mortgagor  the  request for  reconveyance,  deed of  reconveyance  or release or
satisfaction of mortgage or such instrument  releasing the lien of the Mortgage,
together  with the  Mortgage  Note with,  as  appropriate,  written  evidence of
cancellation  thereon  and to cause the  removal  from the  registration  on the
MERS(R)  System of such  Mortgage and to execute and  deliver,  on behalf of the
Trustee and the  Certificateholders  or any of them, any and all  instruments of
satisfaction or cancellation or of partial or full release. No expenses incurred
in connection with any instrument of satisfaction or deed of reconveyance  shall
be chargeable to the Custodial Account or the Certificate Account.

        (b) From time to time as is appropriate for the servicing or foreclosure
of any Mortgage Loan, the Master Servicer shall deliver to the Custodian, with a
copy to the Trustee,  a certificate of a Servicing Officer  substantially in one
of the forms attached as Exhibit F hereto, or, in the case of the Custodian,  an
electronic  request  in a form  acceptable  to the  Custodian,  requesting  that
possession

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<PAGE>

of all, or any document  constituting  part of, the Mortgage File be released to
the Master  Servicer and  certifying  as to the reason for such release and that
such release will not invalidate any insurance  coverage  provided in respect of
the  Mortgage  Loan under any  Required  Insurance  Policy.  Upon receipt of the
foregoing,  the Trustee shall  deliver,  or cause the Custodian to deliver,  the
Mortgage  File or any  document  therein  to the  Master  Servicer.  The  Master
Servicer  shall cause each Mortgage File or any document  therein so released to
be returned to the Trustee,  or the  Custodian as agent for the Trustee when the
need therefor by the Master  Servicer no longer exists,  unless (i) the Mortgage
Loan has been liquidated and the Liquidation  Proceeds  relating to the Mortgage
Loan have been  deposited in the Custodial  Account or (ii) the Mortgage File or
such  document  has been  delivered  directly  or  through a  Subservicer  to an
attorney,  or to a public  trustee or other public  official as required by law,
for purposes of initiating or pursuing legal action or other proceedings for the
foreclosure of the Mortgaged Property either judicially or  non-judicially,  and
the Master  Servicer  has  delivered  directly or through a  Subservicer  to the
Trustee a  certificate  of a  Servicing  Officer  certifying  as to the name and
address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. In the event of the liquidation of
a Mortgage  Loan, the Trustee shall deliver the Request for Release with respect
thereto to the Master Servicer upon deposit of the related Liquidation  Proceeds
in the Custodial Account.

        (c) The Trustee or the Master  Servicer on the  Trustee's  behalf  shall
execute and deliver to the Master Servicer,  if necessary,  any court pleadings,
requests for trustee's sale or other  documents  necessary to the foreclosure or
trustee's sale in respect of a Mortgaged Property or to any legal action brought
to obtain judgment  against any Mortgagor on the Mortgage Note or Mortgage or to
obtain a  deficiency  judgment,  or to  enforce  any  other  remedies  or rights
provided by the Mortgage  Note or Mortgage or  otherwise  available at law or in
equity.  Together  with such  documents or pleadings (if signed by the Trustee),
the Master  Servicer  shall deliver to the Trustee a certificate  of a Servicing
Officer  requesting  that such pleadings or documents be executed by the Trustee
and  certifying  as to the reason such  documents or pleadings  are required and
that the execution and delivery  thereof by the Trustee will not  invalidate any
insurance  coverage  under  any  Required  Insurance  Policy  or  invalidate  or
otherwise affect the lien of the Mortgage,  except for the termination of such a
lien upon completion of the foreclosure or trustee's sale.

        Section 3.16  Servicing and Other Compensation; Compensating Interest.

        (a) The Master Servicer,  as compensation for its activities  hereunder,
shall be entitled to receive on each  Distribution Date the amounts provided for
by clauses (iii),  (iv), (v) and (vi) of Section 3.10(a),  subject to clause (e)
below. The amount of servicing  compensation  provided for in such clauses shall
be accounted for on a Mortgage  Loan-by-Mortgage  Loan basis.  In the event that
Liquidation  Proceeds,  Insurance  Proceeds  and REO  Proceeds  (net of  amounts
reimbursable  therefrom  pursuant to Section  3.10(a)(ii))  in respect of a Cash
Liquidation  or REO  Disposition  exceed  the unpaid  principal  balance of such
Mortgage  Loan plus  unpaid  interest  accrued  thereon  (including  REO Imputed
Interest)  at a per annum rate equal to the  related Net  Mortgage  Rate (or the
Modified Net Mortgage Rate in the case of a Modified  Mortgage Loan), the Master
Servicer  shall be entitled to retain  therefrom and to pay to itself and/or the
related   Subservicer,   any  Foreclosure  Profits  and  any  Servicing  Fee  or
Subservicing Fee considered to be accrued but unpaid.

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        (b) Additional servicing compensation in the form of prepayment charges,
assumption  fees,  late  payment  charges,  investment  income on amounts in the
Custodial  Account or the Certificate  Account or otherwise shall be retained by
the Master Servicer or the Subservicer to the extent provided herein, subject to
clause (e) below.

        (c) The Master  Servicer  shall be required to pay, or cause to be paid,
all  expenses  incurred  by it  in  connection  with  its  servicing  activities
hereunder (including payment of premiums for the Primary Insurance Policies,  if
any,  to the extent  such  premiums  are not  required to be paid by the related
Mortgagors,  and the fees and  expenses of the Trustee  and any  Custodian)  and
shall not be entitled to reimbursement  therefor except as specifically provided
in Sections 3.10 and 3.14.

        (d) The Master  Servicer's right to receive  servicing  compensation may
not be transferred in whole or in part except in connection with the transfer of
all of its  responsibilities  and  obligations of the Master Servicer under this
Agreement.

        (e)  Notwithstanding any other provision herein, the amount of servicing
compensation  that the Master  Servicer  shall be  entitled  to receive  for its
activities  hereunder for the period ending on each  Distribution  Date shall be
reduced  (but not below zero) by an amount  equal to  Compensating  Interest (if
any) for such  Distribution  Date.  Such reduction  shall be applied during such
period as follows:  first, to any Servicing Fee or Subservicing Fee to which the
Master Servicer is entitled pursuant to Section  3.10(a)(iii) and second, to any
income or gain  realized  from any  investment  of funds  held in the  Custodial
Account or the  Certificate  Account to which the Master  Servicer  is  entitled
pursuant to Sections 3.07(c) or 4.01(b), respectively. In making such reduction,
the Master  Servicer (i) will not withdraw from the  Custodial  Account any such
amount  representing  all or a  portion  of the  Servicing  Fee to  which  it is
entitled  pursuant to Section  3.10(a)(iii)  and (ii) will not withdraw from the
Custodial Account or Certificate Account any such amount to which it is entitled
pursuant to Section 3.07(c) or 4.01(b).

        Section 3.17 Reports to the Trustee and the Company.

        Not later than fifteen  days after each  Distribution  Date,  the Master
Servicer shall forward to the Trustee and the Company a statement,  certified by
a Servicing Officer, setting forth the status of the Custodial Account as of the
close of business on such  Distribution Date as it relates to the Mortgage Loans
and showing, for the period covered by such statement, the aggregate of deposits
in or  withdrawals  from the Custodial  Account in respect of the Mortgage Loans
for each  category of deposit  specified  in Section  3.07 and each  category of
withdrawal specified in Section 3.10.

        Section 3.18  Annual Statement as to Compliance.

        The Master  Servicer  will deliver to the  Company,  the Trustee and any
Certificate Insurer on or before March 31 of each year, beginning with the first
March 31 that occurs at least six months  after the Cut-off  Date,  an Officers'
Certificate  stating,  as to each  signer  thereof,  that  (i) a  review  of the
activities of the Master Servicer during the preceding  calendar year related to
its servicing of mortgage loans and its performance  under pooling and servicing
agreements,  including  this  Agreement,  has been  made  under  such  officers'
supervision, (ii) to the best of such officers' knowledge, based on such review,
the Master Servicer has complied in all material respects with the

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minimum servicing  standards set forth in the Uniform Single Attestation Program
for Mortgage Bankers and has fulfilled all of its material  obligations relating
to this Agreement in all material  respects  throughout  such year, or, if there
has been material  noncompliance  with such servicing  standards or a default in
the fulfillment in all material respects of any such obligation relating to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status  thereof  and (iii) to the best of such  officers'  knowledge,
each  Subservicer  has  complied  in all  material  respects  with  the  minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers and has  fulfilled all of its material  obligations  under its
Subservicing  Agreement in all material  respects  throughout  such year, or, if
there  has been  material  noncompliance  with  such  servicing  standards  or a
material  default  in the  fulfillment  of  such  obligations  relating  to this
Agreement,  such statement shall include a description of such  noncompliance or
specify  each such  default,  as the case may be,  known to such officer and the
nature and status thereof.

        Section 3.19  Annual Independent Public Accountants' Servicing Report.

        On or before  March 31 of each year,  beginning  with the first March 31
that occurs at least six months after the Cut-off Date,  the Master  Servicer at
its expense shall cause a firm of independent public accountants, which shall be
members of the American Institute of Certified Public Accountants,  to furnish a
report to the Company and the Trustee  stating its opinion that, on the basis of
an examination conducted by such firm substantially in accordance with standards
established  by the  American  Institute of Certified  Public  Accountants,  the
assertions  made pursuant to Section 3.18 regarding  compliance with the minimum
servicing  standards  set forth in the Uniform  Single  Attestation  Program for
Mortgage  Bankers  during the  preceding  calendar year are fairly stated in all
material respects,  subject to such exceptions and other qualifications that, in
the opinion of such firm, such  accounting  standards  require it to report.  In
rendering  such  statement,  such firm may rely,  as to matters  relating to the
direct servicing of mortgage loans by Subservicers,  upon comparable  statements
for examinations  conducted by independent public  accountants  substantially in
accordance  with standards  established  by the American  Institute of Certified
Public Accountants  (rendered within one year of such statement) with respect to
such Subservicers.

        Section 3.20 Rights of the Company in Respect of the Master Servicer.

        The Master Servicer shall afford the Company,  upon  reasonable  notice,
during  normal  business  hours access to all records  maintained  by the Master
Servicer  in  respect  of its rights  and  obligations  hereunder  and access to
officers of the Master Servicer responsible for such obligations.  Upon request,
the Master  Servicer  shall  furnish the Company with its most recent  financial
statements and such other information as the Master Servicer possesses regarding
its business,  affairs,  property and  condition,  financial or  otherwise.  The
Master   Servicer  shall  also  cooperate  with  all  reasonable   requests  for
information  including,  but not limited to, notices, tapes and copies of files,
regarding  itself,  the Mortgage  Loans or the  Certificates  from any Person or
Persons identified by the Company or Residential  Funding.  The Company may, but
is not obligated to, enforce the  obligations of the Master  Servicer  hereunder
and may, but is not obligated to, perform,  or cause a designee to perform,  any
defaulted  obligation of the Master Servicer hereunder or exercise the rights of
the Master  Servicer  hereunder;  provided that the Master Servicer shall not be
relieved of any of its  obligations  hereunder by virtue of such  performance by
the Company or its designee. The

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Company shall not have any responsibility or liability for any action or failure
to act by the Master  Servicer and is not obligated to supervise the performance
of the Master Servicer under this Agreement or otherwise.

        Section 3.21  Administration of Buydown Funds.

        (a) With  respect to any Buydown  Mortgage  Loan,  the  Subservicer  has
deposited  Buydown  Funds in an account that  satisfies the  requirements  for a
Subservicing  Account (the "Buydown  Account").  The Master Servicer shall cause
the  Subservicing  Agreement to require that upon receipt from the  Mortgagor of
the amount due on a Due Date for each Buydown  Mortgage  Loan,  the  Subservicer
will withdraw from the Buydown Account the predetermined amount that, when added
to the  amount  due on such date from the  Mortgagor,  equals  the full  Monthly
Payment  and  transmit  that  amount  in  accordance   with  the  terms  of  the
Subservicing  Agreement to the Master Servicer together with the related payment
made by the Mortgagor or advanced by the Subservicer.

        (b) If the Mortgagor on a Buydown Mortgage Loan prepays such loan in its
entirety  during  the period  (the  "Buydown  Period")  when  Buydown  Funds are
required to be applied to such Buydown  Mortgage Loan, the Subservicer  shall be
required to  withdraw  from the  Buydown  Account  and remit any  Buydown  Funds
remaining  in the  Buydown  Account  in  accordance  with  the  related  buydown
agreement.  The amount of Buydown Funds which may be remitted in accordance with
the related  buydown  agreement may reduce the amount required to be paid by the
Mortgagor  to fully  prepay the related  Mortgage  Loan.  If the  Mortgagor on a
Buydown  Mortgage Loan defaults on such Mortgage Loan during the Buydown  Period
and the property  securing such Buydown Mortgage Loan is sold in the liquidation
thereof  (either by the Master Servicer or the insurer under any related Primary
Insurance  Policy),  the  Subservicer  shall be required  to  withdraw  from the
Buydown  Account the Buydown Funds for such Buydown  Mortgage Loan still held in
the Buydown Account and remit the same to the Master Servicer in accordance with
the terms of the Subservicing Agreement for deposit in the Custodial Account or,
if  instructed  by the Master  Servicer,  pay to the  insurer  under any related
Primary  Insurance  Policy if the  Mortgaged  Property  is  transferred  to such
insurer  and such  insurer  pays all of the loss  incurred  in  respect  of such
default.  Any amount so remitted  pursuant  to the  preceding  sentence  will be
deemed to reduce the amount owed on the Mortgage Loan.

                                          ARTICLE IV

                                PAYMENTS TO CERTIFICATEHOLDERS

        Section 4.01  Certificate Account.

        (a) The Master  Servicer on behalf of the Trustee  shall  establish  and
maintain a Certificate  Account in which the Master  Servicer  shall cause to be
deposited  on behalf of the Trustee on or before 2:00 P.M. New York time on each
Certificate Account Deposit Date by wire transfer of immediately available funds
an amount  equal to the sum of (i) any  Advance for the  immediately  succeeding
Distribution  Date,  (ii) any amount required to be deposited in the Certificate
Account pursuant to Section  3.12(a),  (iii) any amount required to be deposited
in the Certificate Account pursuant to Section 3.16(e) or Section 4.07, (iv) any
amount required to be paid pursuant to Section

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9.01 and (v) all other amounts  constituting the Available  Distribution  Amount
for the immediately succeeding Distribution Date.

        (b) The Trustee shall,  upon written  request from the Master  Servicer,
invest or cause the institution  maintaining  the Certificate  Account to invest
the funds in the Certificate Account in Permitted Investments  designated in the
name of the  Trustee  for the  benefit of the  Certificateholders,  which  shall
mature or be payable on demand not later than the  Business  Day next  preceding
the  Distribution  Date next following the date of such investment  (except that
(i) any  investment in the  institution  with which the  Certificate  Account is
maintained may mature or be payable on demand on such Distribution Date and (ii)
any other  investment  may mature or be  payable on demand on such  Distribution
Date  if the  Trustee  shall  advance  funds  on such  Distribution  Date to the
Certificate   Account  in  the  amount  payable  on  such   investment  on  such
Distribution  Date,  pending  receipt  thereof to the extent  necessary  to make
distributions on the Certificates) and shall not be sold or disposed of prior to
maturity. Subject to Section 3.16(e), all income and gain realized from any such
investment  shall be for the benefit of the Master Servicer and shall be subject
to its withdrawal or order from time to time. The amount of any losses  incurred
in respect of any such investments shall be deposited in the Certificate Account
by the Master Servicer out of its own funds  immediately as realized without any
right of reimbursement.

        Section 4.02  Distributions.

        As provided in Section 4.02 of the Series Supplement.

        Section 4.03  Statements to Certificateholders.

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

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

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applicable  portion  thereof  during which such Person was a  Certificateholder.
Such obligation of the Master Servicer shall be deemed to have been satisfied to
the extent that  substantially  comparable  information shall be provided by the
Master Servicer pursuant to any requirements of the Code.

        (c) Within a  reasonable  period of time after the end of each  calendar
year,  the Master  Servicer shall  prepare,  or cause to be prepared,  and shall
forward,  or cause to be  forwarded,  to each  Person who at any time during the
calendar year was the Holder of a Class R  Certificate,  a statement  containing
the applicable  distribution  information provided pursuant to this Section 4.03
aggregated  for such calendar year or applicable  portion  thereof  during which
such  Person was the Holder of a Class R  Certificate.  Such  obligation  of the
Master  Servicer  shall be deemed  to have been  satisfied  to the  extent  that
substantially  comparable  information  shall be provided by the Master Servicer
pursuant to any requirements of the Code.

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

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

        (a) Prior to the close of business on the Determination Date, the Master
Servicer  shall  furnish a written  statement  to the Trustee,  any  Certificate
Insurer,  any Paying Agent and the Company (the information in such statement to
be made  available  to  Certificateholders  by the Master  Servicer  on request)
setting  forth  (i) the  Available  Distribution  Amount  and (ii)  the  amounts
required to be  withdrawn  from the  Custodial  Account and  deposited  into the
Certificate  Account on the immediately  succeeding  Certificate Account Deposit
Date  pursuant to clause  (iii) of Section  4.01(a).  The  determination  by the
Master  Servicer of such  amounts  shall,  in the absence of obvious  error,  be
presumptively  deemed to be correct for all purposes  hereunder  and the Trustee
shall be protected in relying  upon the same  without any  independent  check or
verification.

        (b) On or before  2:00 P.M.  New York time on each  Certificate  Account
Deposit Date, the Master  Servicer  shall either (i) deposit in the  Certificate
Account from its own funds, or funds received therefor from the Subservicers, an
amount equal to the Advances to be made by the Master Servicer in respect of the
related  Distribution  Date,  which shall be in an aggregate amount equal to the
aggregate  amount of  Monthly  Payments  (with  each  interest  portion  thereof
adjusted to the Net  Mortgage  Rate),  less the amount of any related  Servicing
Modifications,  Debt Service  Reductions or reductions in the amount of interest
collectable  from the Mortgagor  pursuant to the  Soldiers'  and Sailors'  Civil
Relief Act of 1940, as amended,  or similar  legislation or regulations  then in
effect,  on the  Outstanding  Mortgage  Loans as of the related Due Date,  which
Monthly  Payments were  delinquent as of the close of business as of the related
Determination  Date;  provided  that no  Advance  shall be made if it would be a
Nonrecoverable  Advance,  (ii) withdraw from amounts on deposit in the Custodial
Account  and deposit in the  Certificate  Account all or a portion of the Amount
Held for Future  Distribution  in discharge of any such  Advance,  or (iii) make
advances in the form of any  combination of (i) and (ii)  aggregating the amount
of such Advance.  Any portion of the Amount Held for Future Distribution so used
shall be replaced by the Master Servicer by deposit in the

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Certificate  Account  on or  before  11:00  A.M.  New  York  time on any  future
Certificate  Account  Deposit Date to the extent that funds  attributable to the
Mortgage  Loans that are available in the  Custodial  Account for deposit in the
Certificate  Account on such Certificate Account Deposit Date shall be less than
payments to Certificateholders required to be made on the following Distribution
Date.  The  Master  Servicer  shall be  entitled  to use any  Advance  made by a
Subservicer  as  described  in Section  3.07(b)  that has been  deposited in the
Custodial  Account on or before  such  Distribution  Date as part of the Advance
made by the Master  Servicer  pursuant to this Section  4.04.  The amount of any
reimbursement  pursuant to Section 4.02(a) in respect of outstanding Advances on
any  Distribution  Date shall be allocated to specific  Monthly Payments due but
delinquent  for previous Due Periods,  which  allocation  shall be made,  to the
extent  practicable,  to Monthly  Payments  which have been  delinquent  for the
longest  period of time.  Such  allocations  shall be conclusive for purposes of
reimbursement  to the Master Servicer from recoveries on related  Mortgage Loans
pursuant to Section 3.10.

        The   determination   by  the  Master   Servicer  that  it  has  made  a
Nonrecoverable Advance or that any proposed Advance, if made, would constitute a
Nonrecoverable  Advance,  shall be evidenced by an Officers'  Certificate of the
Master Servicer delivered to the Company and the Trustee.

        If the Master  Servicer  determines as of the Business Day preceding any
Certificate  Account  Deposit  Date  that it will be unable  to  deposit  in the
Certificate  Account an amount equal to the Advance  required to be made for the
immediately succeeding Distribution Date, it shall give notice to the Trustee of
its inability to advance (such notice may be given by telecopy),  not later than
3:00 P.M.,  New York time, on such Business Day,  specifying the portion of such
amount  that it will be unable to  deposit.  Not later than 3:00 P.M.,  New York
time, on the Certificate Account Deposit Date the Trustee shall, unless by 12:00
Noon, New York time, on such day the Trustee shall have been notified in writing
(by  telecopy)  that the Master  Servicer  shall  have  directly  or  indirectly
deposited in the  Certificate  Account such portion of the amount of the Advance
as to which  the  Master  Servicer  shall  have  given  notice  pursuant  to the
preceding  sentence,  pursuant to Section 7.01,  (a) terminate all of the rights
and  obligations of the Master  Servicer under this Agreement in accordance with
Section 7.01 and (b) assume the rights and  obligations  of the Master  Servicer
hereunder,  including the  obligation to deposit in the  Certificate  Account an
amount equal to the Advance for the immediately succeeding Distribution Date.

        The Trustee shall deposit all funds it receives pursuant to this Section
4.04 into the Certificate Account.

        Section 4.05  Allocation of Realized Losses.

        As provided in Section 4.05 of the Series Supplement.

          Section 4.06  Reports of  Foreclosures  and  Abandonment  of Mortgaged
               Property.

        The Master Servicer or the Subservicers  shall file information  returns
with  respect  to the  receipt  of  mortgage  interests  received  in a trade or
business, the reports of foreclosures and abandonments of any Mortgaged Property
and the information returns relating to cancellation of indebtedness income with
respect to any Mortgaged Property required by Sections 6050H, 6050J and

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6050P,  respectively,  of the Code,  and  deliver to the  Trustee  an  Officers'
Certificate  on or before  March 31 of each year  stating that such reports have
been filed.  Such reports shall be in form and substance  sufficient to meet the
reporting requirements imposed by Sections 6050H, 6050J and 6050P of the Code.

        Section 4.07  Optional Purchase of Defaulted Mortgage Loans.

        As to any  Mortgage  Loan which is  delinquent  in payment by 90 days or
more, the Master  Servicer may, at its option,  purchase such Mortgage Loan from
the Trustee at the Purchase Price  therefor.  If at any time the Master Servicer
makes a payment to the Certificate  Account  covering the amount of the Purchase
Price for such a Mortgage Loan, and the Master Servicer  provides to the Trustee
a  certification  signed by a Servicing  Officer stating that the amount of such
payment has been deposited in the  Certificate  Account,  then the Trustee shall
execute  the  assignment  of such  Mortgage  Loan at the  request  of the Master
Servicer without recourse to the Master Servicer, which shall succeed to all the
Trustee's  right,  title and  interest  in and to such  Mortgage  Loan,  and all
security and documents relative thereto.  Such assignment shall be an assignment
outright and not for  security.  The Master  Servicer  will  thereupon  own such
Mortgage, and all such security and documents, free of any further obligation to
the Trustee or the Certificateholders with respect thereto.

        If,  however  the  Master  Servicer  shall have  exercised  its right to
repurchase  a Mortgage  Loan  pursuant  to this  Section  4.07 upon the  written
request of and with funds provided by the Junior Certificateholder and thereupon
transferred  such  Mortgage  Loan to the  Junior  Certificateholder,  the Master
Servicer shall so notify the Trustee in writing.

        Section 4.08  Surety Bond.

        (a) If a Required Surety Payment is payable  pursuant to the Surety Bond
with respect to any Additional  Collateral  Loan,  the Master  Servicer shall so
notify the  Trustee as soon as  reasonably  practicable  and the  Trustee  shall
promptly  complete the notice in the form of Attachment 1 to the Surety Bond and
shall  promptly  submit  such  notice to the  Surety  as a claim for a  Required
Surety.  The Master Servicer shall upon request assist the Trustee in completing
such  notice and shall  provide  any  information  requested  by the  Trustee in
connection therewith.

        (b) Upon receipt of a Required  Surety Payment from the Surety on behalf
of the Holders of  Certificates,  the Trustee shall deposit such Required Surety
Payment in the  Certificate  Account and shall  distribute  such Required Surety
Payment,  or the proceeds thereof,  in accordance with the provisions of Section
4.02.

        (c) The Trustee shall (i) receive as  attorney-in-fact of each Holder of
a Certificate  any Required Surety Payment from the Surety and (ii) disburse the
same to the Holders of such Certificates as set forth in Section 4.02.

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                                    ARTICLE V

                                THE CERTIFICATES

        Section 5.01  The Certificates.

        (a) The  Senior,  Class M,  Class B and  Class R  Certificates  shall be
substantially  in the forms set forth in Exhibits  A, B, C and D,  respectively,
and shall,  on original  issue,  be executed and delivered by the Trustee to the
Certificate  Registrar for  authentication  and delivery to or upon the order of
the  Company  upon  receipt  by the  Trustee  or one or more  Custodians  of the
documents  specified in Section 2.01. The Certificates  shall be issuable in the
minimum  denominations  designated  in the  Preliminary  Statement to the Series
Supplement.

        The Certificates  shall be executed by manual or facsimile  signature on
behalf of an authorized officer of the Trustee.  Certificates bearing the manual
or facsimile  signatures of individuals who were at any time the proper officers
of the Trustee shall bind the Trustee,  notwithstanding that such individuals or
any of them have ceased to hold such  offices  prior to the  authentication  and
delivery of such  Certificate  or did not hold such  offices at the date of such
Certificates.  No  Certificate  shall be  entitled  to any  benefit  under  this
Agreement, or be valid for any purpose, unless there appears on such Certificate
a certificate of  authentication  substantially  in the form provided for herein
executed by the Certificate Registrar by manual signature,  and such certificate
upon any Certificate shall be conclusive evidence,  and the only evidence,  that
such  Certificate  has been duly  authenticated  and  delivered  hereunder.  All
Certificates shall be dated the date of their authentication.

        (b) Except as provided below,  registration  of Book-Entry  Certificates
may not be transferred by the Trustee except to another  Depository  that agrees
to hold such Certificates for the respective  Certificate  Owners with Ownership
Interests therein.  The Holders of the Book-Entry  Certificates shall hold their
respective  Ownership Interests in and to each of such Certificates  through the
book-entry facilities of the Depository and, except as provided below, shall not
be entitled to Definitive  Certificates in respect of such Ownership  Interests.
All transfers by Certificate Owners of their respective  Ownership  Interests in
the  Book-Entry  Certificates  shall be made in accordance  with the  procedures
established by the Depository  Participant or brokerage firm  representing  such
Certificate  Owner.  Each  Depository  Participant  shall transfer the Ownership
Interests  only  in  the  Book-Entry   Certificates  of  Certificate  Owners  it
represents or of brokerage  firms for which it acts as agent in accordance  with
the Depository's normal procedures.

        The  Trustee,  the Master  Servicer and the Company may for all purposes
(including  the making of payments due on the  respective  Classes of Book-Entry
Certificates)  deal with the Depository as the authorized  representative of the
Certificate  Owners  with  respect  to  the  respective  Classes  of  Book-Entry
Certificates  for the purposes of  exercising  the rights of  Certificateholders
hereunder.  The rights of  Certificate  Owners  with  respect to the  respective
Classes of Book-Entry  Certificates shall be limited to those established by law
and agreements between such Certificate  Owners and the Depository  Participants
and brokerage firms representing such Certificate Owners.  Multiple requests and
directions  from,  and  votes  of,  the  Depository  as  Holder  of any Class of
Book-Entry  Certificates  with  respect to any  particular  matter  shall not be
deemed inconsistent if they

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<PAGE>

are made with respect to different Certificate Owners. The Trustee may establish
a reasonable  record date in connection with  solicitations  of consents from or
voting by  Certificateholders  and shall give notice to the  Depository  of such
record date.

        If (i)(A) the Company advises the Trustee in writing that the Depository
is no longer  willing or able to  properly  discharge  its  responsibilities  as
Depository and (B) the Company is unable to locate a qualified successor or (ii)
the  Company  at its option  advises  the  Trustee in writing  that it elects to
terminate the book-entry system through the Depository, the Trustee shall notify
all Certificate  Owners,  through the Depository,  of the occurrence of any such
event and of the availability of Definitive  Certificates to Certificate  Owners
requesting   the  same.   Upon  surrender  to  the  Trustee  of  the  Book-Entry
Certificates by the Depository,  accompanied by registration  instructions  from
the  Depository  for  registration  of  transfer,  the  Trustee  shall issue the
Definitive  Certificates.  Neither  the  Company,  the Master  Servicer  nor the
Trustee shall be liable for any actions taken by the  Depository or its nominee,
including,  without  limitation,  any delay in delivery of such instructions and
may  conclusively   rely  on,  and  shall  be  protected  in  relying  on,  such
instructions. Upon the issuance of Definitive Certificates all references herein
to obligations imposed upon or to be performed by the Company in connection with
the issuance of the Definitive  Certificates pursuant to this Section 5.01 shall
be deemed to be imposed upon and  performed by the Trustee,  and the Trustee and
the Master Servicer shall  recognize the Holders of the Definitive  Certificates
as Certificateholders hereunder.

        (c) From time to time Residential  Funding, as the initial Holder of the
Class A-V  Certificates,  may exchange such Holder's Class A-V  Certificates for
Subclasses  of Class A-V  Certificates  to be issued  under  this  Agreement  by
delivering a "Request for Exchange" substantially in the form attached hereto as
Exhibit N executed by an authorized officer, which Subclasses, in the aggregate,
will   represent  the   Uncertificated   Class  A-V  REMIC   Regular   Interests
corresponding  to the Class A-V  Certificates so surrendered  for exchange.  Any
Subclass so issued  shall bear a  numerical  designation  commencing  with Class
A-V-1 and continuing sequentially thereafter, and will evidence ownership of the
Uncertificated  REMIC Regular Interest or Interests specified in writing by such
initial  Holder to the  Trustee.  The  Trustee  may  conclusively,  without  any
independent  verification,  rely on,  and  shall be  protected  in  relying  on,
Residential  Funding's  determinations  of the  Uncertificated  Class  A-V REMIC
Regular Interests corresponding to any Subclass, the Initial Notional Amount and
the initial  Pass-Through  Rate on a Subclass  as set forth in such  Request for
Exchange and the Trustee  shall have no duty to determine if any  Uncertificated
Class  A-V  REMIC  Regular  Interest   designated  on  a  Request  for  Exchange
corresponds  to a Subclass which has  previously  been issued.  Each Subclass so
issued shall be  substantially  in the form set forth in Exhibit A and shall, on
original  issue,  be executed and  delivered  by the Trustee to the  Certificate
Registrar for  authentication  and delivery in accordance with Section  5.01(a).
Every  Certificate  presented or surrendered  for exchange by the initial Holder
shall (if so  required  by the  Trustee or the  Certificate  Registrar)  be duly
endorsed by, or be accompanied by a written  instrument of transfer  attached to
such  Certificate and shall be completed to the  satisfaction of the Trustee and
the  Certificate  Registrar  duly executed by, the initial Holder thereof or his
attorney duly authorized in writing.  The  Certificates of any Subclass of Class
A-V  Certificates  may be transferred  in whole,  but not in part, in accordance
with the provisions of Section 5.02.

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        Section 5.02  Registration of Transfer and Exchange of Certificates.

        (a) The Trustee shall cause to be kept at one of the offices or agencies
to be appointed by the Trustee in accordance with the provisions of Section 8.12
a Certificate  Register in which,  subject to such reasonable  regulations as it
may prescribe,  the Trustee shall provide for the  registration  of Certificates
and of transfers and exchanges of Certificates as herein  provided.  The Trustee
is initially  appointed  Certificate  Registrar  for the purpose of  registering
Certificates and transfers and exchanges of Certificates as herein provided. The
Certificate Registrar,  or the Trustee, shall provide the Master Servicer with a
certified list of Certificateholders as of each Record Date prior to the related
Determination Date.

        (b) Upon surrender for  registration  of transfer of any  Certificate at
any office or agency of the  Trustee  maintained  for such  purpose  pursuant to
Section  8.12 and,  in the case of any Class M, Class B or Class R  Certificate,
upon  satisfaction of the conditions set forth below,  the Trustee shall execute
and the Certificate Registrar shall authenticate and deliver, in the name of the
designated  transferee or  transferees,  one or more new  Certificates of a like
Class (or Subclass) and aggregate Percentage Interest.

        (c)  At  the  option  of  the  Certificateholders,  Certificates  may be
exchanged for other Certificates of authorized denominations of a like Class (or
Subclass) and aggregate Percentage Interest,  upon surrender of the Certificates
to be exchanged at any such office or agency.  Whenever any  Certificates are so
surrendered for exchange the Trustee shall execute and the Certificate Registrar
shall  authenticate  and  deliver  the  Certificates  of such  Class  which  the
Certificateholder  making the exchange is entitled to receive. Every Certificate
presented or  surrendered  for transfer or exchange shall (if so required by the
Trustee or the Certificate  Registrar) be duly endorsed by, or be accompanied by
a written  instrument  of transfer in form  satisfactory  to the Trustee and the
Certificate  Registrar duly executed by, the Holder thereof or his attorney duly
authorized in writing.

        (d) No  transfer,  sale,  pledge  or  other  disposition  of a  Class  B
Certificate  shall  be  made  unless  such  transfer,   sale,  pledge  or  other
disposition is exempt from the  registration  requirements of the Securities Act
of 1933, as amended,  and any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that a  transfer  of a Class B
Certificate  is to be made  either  (i)(A) the Trustee  shall  require a written
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee and the Company that such transfer may be made pursuant to an exemption,
describing the applicable  exemption and the basis  therefor,  from said Act and
laws or is being made  pursuant to said Act and laws,  which  Opinion of Counsel
shall not be an  expense of the  Trustee,  the  Company  or the Master  Servicer
(except that, if such transfer is made by the Company or the Master  Servicer or
any Affiliate  thereof,  the Company or the Master  Servicer  shall provide such
Opinion of Counsel at their own expense);  provided that such Opinion of Counsel
will not be  required  in  connection  with  the  initial  transfer  of any such
Certificate  by the  Company  or any  Affiliate  thereof  to the  Company  or an
Affiliate of the Company and (B) the Trustee  shall  require the  transferee  to
execute a representation letter,  substantially in the form of Exhibit H hereto,
and the Trustee shall require the transferor to execute a representation letter,
substantially  in the form of Exhibit I hereto,  each  acceptable to and in form
and  substance  satisfactory  to the Company and the Trustee  certifying  to the
Company  and  the   Trustee  the  facts   surrounding   such   transfer,   which
representation  letters  shall not be an expense of the Trustee,  the Company or
the Master Servicer;

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<PAGE>

provided,  however,  that such  representation  letters  will not be required in
connection  with any  transfer  of any such  Certificate  by the  Company or any
Affiliate thereof to the Company or an Affiliate of the Company, and the Trustee
shall be entitled to conclusively  rely upon a representation  (which,  upon the
request of the Trustee, shall be a written  representation) from the Company, of
the  status  of such  transferee  as an  Affiliate  of the  Company  or (ii) the
prospective  transferee of such a  Certificate  shall be required to provide the
Trustee,  the  Company  and  the  Master  Servicer  with  an  investment  letter
substantially  in the form of Exhibit J  attached  hereto (or such other form as
the Company in its sole discretion deems  acceptable),  which investment  letter
shall not be an expense of the Trustee, the Company or the Master Servicer,  and
which investment letter states that, among other things,  such transferee (A) is
a "qualified institutional buyer" as defined under Rule 144A, acting for its own
account or the  accounts of other  "qualified  institutional  buyers" as defined
under Rule 144A, and (B) is aware that the proposed  transferor  intends to rely
on the exemption  from  registration  requirements  under the  Securities Act of
1933,  as  amended,  provided by Rule 144A.  The Holder of any such  Certificate
desiring to effect any such transfer,  sale, pledge or other disposition  shall,
and does  hereby  agree to,  indemnify  the  Trustee,  the  Company,  the Master
Servicer and the Certificate  Registrar against any liability that may result if
the transfer,  sale, pledge or other disposition is not so exempt or is not made
in accordance with such federal and state laws.

        (e) (i) In the case of any Class B or Class R Certificate  presented for
registration in the name of any Person,  either (A) the Trustee shall require an
Opinion of Counsel  acceptable to and in form and substance  satisfactory to the
Trustee,  the Company and the Master Servicer to the effect that the purchase or
holding of such Class B or Class R Certificate is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under  Section 406 of the Employee  Retirement  Income  Security Act of 1974, as
amended ("ERISA"),  or Section 4975 of the Code (or comparable provisions of any
subsequent  enactments),  and will not subject the  Trustee,  the Company or the
Master  Servicer  to any  obligation  or  liability  (including  obligations  or
liabilities  under  ERISA or  Section  4975 of the  Code) in  addition  to those
undertaken in this  Agreement,  which Opinion of Counsel shall not be an expense
of the  Trustee,  the  Company or the  Master  Servicer  or (B) the  prospective
Transferee shall be required to provide the Trustee,  the Company and the Master
Servicer  with a  certification  to the  effect  set forth in  paragraph  six of
Exhibit H (with  respect to any Class B  Certificate)  or paragraph  fourteen of
Exhibit  G-1 (with  respect to any Class R  Certificate),  which the Trustee may
rely upon without further inquiry or investigation, or such other certifications
as the Trustee may deem  desirable or necessary in order to establish  that such
Transferee or the Person in whose name such registration is requested either (a)
is not an  employee  benefit  plan  or  other  plan  subject  to the  prohibited
transaction  provisions  of ERISA or  Section  4975 of the Code,  or any  Person
(including an  investment  manager,  a named  fiduciary or a trustee of any such
plan) who is using  "plan  assets" of any such plan to effect  such  acquisition
(each,  a "Plan  Investor") or (b) in the case of any Class B  Certificate,  the
following conditions are satisfied: (i) such Transferee is an insurance company,
(ii) the source of funds used to purchase or hold such  Certificate (or interest
therein)  is  an  "insurance  company  general  account"  (as  defined  in  U.S.
Department of Labor Prohibited  Transaction Class Exemption  ("PTCE") 95-60, and
(iii) the  conditions  set forth in  Sections  I and III of PTCE 95-60 have been
satisfied  (each entity that satisfies  this clause (b), a "Complying  Insurance
Company").

                      (ii)  Any  Transferee  of a  Class M  Certificate  will be
               deemed to have  represented  by virtue of its purchase or holding
               of such Certificate (or interest

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<PAGE>

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

                      (iii)  (A) If any  Class M  Certificate  (or any  interest
               therein)  is acquired or held by any Person that does not satisfy
               the conditions  described in paragraph (ii) above,  then the last
               preceding Transferee that either (i) is not a Plan Investor, (ii)
               acquired such  Certificate in compliance  with the RFC Exemption,
               or (iii) is a Complying  Insurance Company shall be restored,  to
               the extent  permitted  by law, to all rights and  obligations  as
               Certificate  Owner  thereof  retroactive  to  the  date  of  such
               Transfer of such Class M Certificate.  The Trustee shall be under
               no  liability  to any Person for making any  payments due on such
               Certificate to such preceding Transferee.

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

        (f) (i) Each Person who has or who acquires any Ownership  Interest in a
Class R Certificate  shall be deemed by the  acceptance or  acquisition  of such
Ownership Interest to have agreed to be bound by the following provisions and to
have  irrevocably  authorized the Trustee or its designee under clause  (iii)(A)
below to deliver  payments to a Person  other than such Person and to  negotiate
the terms of any mandatory  sale under clause  (iii)(B) below and to execute all
instruments of transfer and to do all other things  necessary in connection with
any such sale. The rights of each Person  acquiring any Ownership  Interest in a
Class R Certificate are expressly subject to the following provisions:

                             (A) Each Person  holding or acquiring any Ownership
                      Interest  in a Class R  Certificate  shall be a  Permitted
                      Transferee  and shall  promptly  notify the Trustee of any
                      change or  impending  change in its status as a  Permitted
                      Transferee.

                             (B) In connection with any proposed Transfer of any
                      Ownership  Interest in a Class R Certificate,  the Trustee
                      shall  require  delivery to it, and shall not register the
                      Transfer of any Class R Certificate  until its receipt of,
                      (I) an affidavit and agreement (a "Transfer  Affidavit and
                      Agreement,"  in the form  attached  hereto as Exhibit G-1)
                      from the proposed Transferee, in form

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<PAGE>

                      and  substance   satisfactory  to  the  Master   Servicer,
                      representing and warranting,  among other things,  that it
                      is a Permitted  Transferee,  that it is not  acquiring its
                      Ownership  Interest in the Class R Certificate that is the
                      subject of the proposed Transfer as a nominee,  trustee or
                      agent for any  Person who is not a  Permitted  Transferee,
                      that for so long as it retains its Ownership Interest in a
                      Class  R  Certificate,   it  will  endeavor  to  remain  a
                      Permitted  Transferee,   and  that  it  has  reviewed  the
                      provisions of this Section  5.02(f) and agrees to be bound
                      by them,  and  (II) a  certificate,  in the form  attached
                      hereto as Exhibit G-2, from the Holder wishing to transfer
                      the   Class  R   Certificate,   in  form   and   substance
                      satisfactory  to the  Master  Servicer,  representing  and
                      warranting,  among  other  things,  that no purpose of the
                      proposed   Transfer  is  to  impede  the   assessment   or
                      collection of tax.

                             (C)  Notwithstanding  the  delivery  of a  Transfer
                      Affidavit  and  Agreement by a proposed  Transferee  under
                      clause (B) above, if a Responsible  Officer of the Trustee
                      who is assigned  to this  Agreement  has actual  knowledge
                      that  the   proposed   Transferee   is  not  a   Permitted
                      Transferee,  no  Transfer  of an  Ownership  Interest in a
                      Class R Certificate to such proposed  Transferee  shall be
                      effected.

                             (D) Each Person  holding or acquiring any Ownership
                      Interest  in a  Class R  Certificate  shall  agree  (x) to
                      require a Transfer  Affidavit and Agreement from any other
                      Person  to whom  such  Person  attempts  to  transfer  its
                      Ownership Interest in a Class R Certificate and (y) not to
                      transfer  its  Ownership  Interest  unless it  provides  a
                      certificate to the Trustee in the form attached  hereto as
                      Exhibit G-2.

                             (E) Each Person  holding or  acquiring an Ownership
                      Interest  in a  Class  R  Certificate,  by  purchasing  an
                      Ownership Interest in such Certificate, agrees to give the
                      Trustee written notice that it is a "pass-through interest
                      holder"   within  the   meaning  of   Temporary   Treasury
                      Regulations Section  1.67-3T(a)(2)(i)(A)  immediately upon
                      acquiring an Ownership  Interest in a Class R Certificate,
                      if it is, or is holding an Ownership Interest in a Class R
                      Certificate  on  behalf  of,  a   "pass-through   interest
                      holder."

                      (ii) The Trustee will register the Transfer of any Class R
               Certificate only if it shall have received the Transfer Affidavit
               and  Agreement,  a  certificate  of the  Holder  requesting  such
               transfer  in the form  attached  hereto as Exhibit G-2 and all of
               such other  documents as shall have been  reasonably  required by
               the Trustee as a condition to such registration. Transfers of the
               Class  R   Certificates   to   Non-United   States   Persons  and
               Disqualified  Organizations (as defined in Section  860E(e)(5) of
               the Code) are prohibited.

                      (iii) (A) If any Disqualified  Organization shall become a
               holder  of  a  Class  R  Certificate,  then  the  last  preceding
               Permitted  Transferee shall be restored,  to the extent permitted
               by  law,  to  all  rights  and   obligations  as  Holder  thereof
               retroactive

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<PAGE>

               to the date of  registration  of such  Transfer  of such  Class R
               Certificate.  If a Non-United States Person shall become a holder
               of a Class R Certificate,  then the last preceding  United States
               Person shall be restored,  to the extent permitted by law, to all
               rights and obligations as Holder thereof  retroactive to the date
               of registration of such Transfer of such Class R Certificate.  If
               a transfer of a Class R Certificate  is  disregarded  pursuant to
               the  provisions  of  Treasury  Regulations  Section  1.860E-1  or
               Section 1.860G-3,  then the last preceding  Permitted  Transferee
               shall be restored,  to the extent permitted by law, to all rights
               and  obligations  as Holder  thereof  retroactive  to the date of
               registration  of such Transfer of such Class R  Certificate.  The
               Trustee  shall  be  under  no  liability  to any  Person  for any
               registration of Transfer of a Class R Certificate that is in fact
               not permitted by this Section  5.02(f) or for making any payments
               due on such  Certificate  to the holder thereof or for taking any
               other action with respect to such holder under the  provisions of
               this Agreement.

                             (B) If any  purported  Transferee  shall  become  a
                      Holder  of a  Class  R  Certificate  in  violation  of the
                      restrictions  in this  Section  5.02(f)  and to the extent
                      that the  retroactive  restoration  of the  rights  of the
                      Holder of such Class R Certificate  as described in clause
                      (iii)(A) above shall be invalid, illegal or unenforceable,
                      then the Master  Servicer  shall  have the right,  without
                      notice to the  holder or any prior  holder of such Class R
                      Certificate,  to  sell  such  Class  R  Certificate  to  a
                      purchaser selected by the Master Servicer on such terms as
                      the Master Servicer may choose. Such purported  Transferee
                      shall   promptly   endorse  and   deliver   each  Class  R
                      Certificate  in accordance  with the  instructions  of the
                      Master Servicer. Such purchaser may be the Master Servicer
                      itself  or any  Affiliate  of  the  Master  Servicer.  The
                      proceeds of such sale, net of the  commissions  (which may
                      include  commissions payable to the Master Servicer or its
                      Affiliates),  expenses  and  taxes  due,  if any,  will be
                      remitted  by  the  Master   Servicer  to  such   purported
                      Transferee.  The terms and  conditions  of any sale  under
                      this  clause  (iii)(B)  shall  be  determined  in the sole
                      discretion of the Master Servicer, and the Master Servicer
                      shall  not be  liable to any  Person  having an  Ownership
                      Interest  in a  Class R  Certificate  as a  result  of its
                      exercise of such discretion.

                      (iv) The Master Servicer, on behalf of the Trustee,  shall
               make  available,  upon  written  request  from the  Trustee,  all
               information  necessary to compute any tax imposed (A) as a result
               of the Transfer of an Ownership Interest in a Class R Certificate
               to any Person who is a Disqualified  Organization,  including the
               information   regarding  "excess  inclusions"  of  such  Class  R
               Certificates  required  to be provided  to the  Internal  Revenue
               Service and certain Persons as described in Treasury  Regulations
               Sections  1.860D-1(b)(5) and 1.860E-2(a)(5),  and (B) as a result
               of any  regulated  investment  company,  real  estate  investment
               trust,   common  trust  fund,   partnership,   trust,  estate  or
               organization  described in Section 1381 of the Code that holds an
               Ownership  Interest in a Class R Certificate  having as among its
               record  holders  at any time  any  Person  who is a  Disqualified
               Organization.   Reasonable   compensation   for  providing   such
               information  may be  required  by the Master  Servicer  from such
               Person.

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<PAGE>

                      (v) The provisions of this Section 5.02(f) set forth prior
               to this  clause  (v) may be  modified,  added  to or  eliminated,
               provided that there shall have been  delivered to the Trustee the
               following:

                             (A) written notification from each Rating Agency to
                      the  effect   that  the   modification,   addition  to  or
                      elimination of such  provisions will not cause such Rating
                      Agency to downgrade its then-current  ratings,  if any, of
                      any Class of the Senior,  Class M or Class B  Certificates
                      below the lower of the  then-current  rating or the rating
                      assigned to such  Certificates  as of the Closing  Date by
                      such Rating Agency; and

                             (B)  subject  to  Section  10.01(f),  an  Officers'
                      Certificate of the Master Servicer stating that the Master
                      Servicer has  received an Opinion of Counsel,  in form and
                      substance  satisfactory  to the  Master  Servicer,  to the
                      effect that such  modification,  addition to or absence of
                      such  provisions  will not cause any  portion of any REMIC
                      formed under the Series  Supplement to cease to qualify as
                      a REMIC and will not cause  (x) any  portion  of any REMIC
                      formed  under the  Series  Supplement  to be subject to an
                      entity-level  tax  caused by the  Transfer  of any Class R
                      Certificate   to  a   Person   that   is  a   Disqualified
                      Organization or (y) a Certificateholder  or another Person
                      to  be  subject  to a  REMIC-related  tax  caused  by  the
                      Transfer of a Class R Certificate  to a Person that is not
                      a Permitted Transferee.

        (g) No service  charge  shall be made for any  transfer  or  exchange of
Certificates  of any  Class,  but  the  Trustee  may  require  payment  of a sum
sufficient  to cover  any tax or  governmental  charge  that may be  imposed  in
connection with any transfer or exchange of Certificates.

     (h) All  Certificates  surrendered  for  transfer  and  exchange  shall  be
destroyed by the Certificate Registrar.

        Section 5.03  Mutilated, Destroyed, Lost or Stolen Certificates.

        If (i) any  mutilated  Certificate  is  surrendered  to the  Certificate
Registrar,  or the Trustee and the  Certificate  Registrar  receive  evidence to
their  satisfaction of the destruction,  loss or theft of any  Certificate,  and
(ii) there is  delivered  to the  Trustee  and the  Certificate  Registrar  such
security or indemnity as may be required by them to save each of them  harmless,
then, in the absence of notice to the Trustee or the Certificate  Registrar that
such  Certificate has been acquired by a bona fide purchaser,  the Trustee shall
execute  and the  Certificate  Registrar  shall  authenticate  and  deliver,  in
exchange  for or in lieu  of any  such  mutilated,  destroyed,  lost  or  stolen
Certificate,  a new Certificate of like tenor, Class and Percentage Interest but
bearing a number not contemporaneously outstanding. Upon the issuance of any new
Certificate  under this  Section,  the  Trustee may require the payment of a sum
sufficient to cover any tax or other governmental  charge that may be imposed in
relation thereto and any other expenses  (including the fees and expenses of the
Trustee  and the  Certificate  Registrar)  connected  therewith.  Any  duplicate
Certificate issued pursuant to this Section

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<PAGE>

shall constitute  complete and  indefeasible  evidence of ownership in the Trust
Fund,  as if  originally  issued,  whether or not the lost,  stolen or destroyed
Certificate shall be found at any time.

        Section 5.04  Persons Deemed Owners.

        Prior to due presentation of a Certificate for registration of transfer,
the Company,  the Master Servicer,  the Trustee,  any Certificate  Insurer,  the
Certificate  Registrar and any agent of the Company,  the Master  Servicer,  the
Trustee,  any  Certificate  Insurer or the  Certificate  Registrar may treat the
Person  in  whose  name  any  Certificate  is  registered  as the  owner of such
Certificate for the purpose of receiving  distributions pursuant to Section 4.02
and for all other purposes  whatsoever,  except as and to the extent provided in
the  definition  of  "Certificateholder,"  and neither the  Company,  the Master
Servicer,  the Trustee, any Certificate  Insurer, the Certificate  Registrar nor
any agent of the Company,  the Master  Servicer,  the Trustee,  any  Certificate
Insurer or the Certificate Registrar shall be affected by notice to the contrary
except as provided in Section 5.02(f).

        Section 5.05  Appointment of Paying Agent.

        The  Trustee  may  appoint  a Paying  Agent  for the  purpose  of making
distributions to the  Certificateholders  pursuant to Section 4.02. In the event
of any  such  appointment,  on or  prior to each  Distribution  Date the  Master
Servicer on behalf of the Trustee  shall  deposit or cause to be deposited  with
the Paying Agent a sum sufficient to make the payments to the Certificateholders
in the amounts and in the manner  provided for in Section  4.02,  such sum to be
held in trust for the benefit of the Certificateholders.

        The Trustee  shall cause each Paying Agent to execute and deliver to the
Trustee an  instrument  in which such Paying  Agent shall agree with the Trustee
that such  Paying  Agent  will hold all sums held by it for the  payment  to the
Certificateholders in trust for the benefit of the  Certificateholders  entitled
thereto  until such sums shall be paid to such  Certificateholders.  Any sums so
held by such Paying Agent shall be held only in Eligible  Accounts to the extent
such sums are not distributed to the  Certificateholders  on the date of receipt
by such Paying Agent.

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                                   ARTICLE VI

                       THE COMPANY AND THE MASTER SERVICER

          Section 6.01  Respective  Liabilities  of the  Company  and the Master
               Servicer.

        The Company and the Master  Servicer  shall each be liable in accordance
herewith only to the extent of the  obligations  specifically  and  respectively
imposed upon and undertaken by the Company and the Master  Servicer  herein.  By
way of  illustration  and not  limitation,  the  Company  is not  liable for the
servicing  and  administration  of the  Mortgage  Loans,  nor is it obligated by
Section 7.01 or Section 10.01 to assume any  obligations of the Master  Servicer
or to appoint a designee  to assume such  obligations,  nor is it liable for any
other  obligation  hereunder that it may, but is not obligated to, assume unless
it elects to assume such obligation in accordance herewith.

          Section 6.02  Merger or  Consolidation  of the  Company  or the Master
               Servicer; Assignment of Rights and Delegation of Duties by Master
               Servicer.

        (a) The  Company and the Master  Servicer  will each keep in full effect
its  existence,  rights and  franchises as a  corporation  under the laws of the
state of its incorporation,  and will each obtain and preserve its qualification
to do  business  as a foreign  corporation  in each  jurisdiction  in which such
qualification   is  or  shall  be   necessary   to  protect  the   validity  and
enforceability of this Agreement,  the Certificates or any of the Mortgage Loans
and to perform its respective duties under this Agreement.

        (b) Any Person  into which the  Company  or the Master  Servicer  may be
merged  or  consolidated,  or any  corporation  resulting  from  any  merger  or
consolidation  to which the Company or the Master  Servicer shall be a party, or
any Person  succeeding  to the  business of the Company or the Master  Servicer,
shall be the  successor of the Company or the Master  Servicer,  as the case may
be,  hereunder,  without the execution or filing of any paper or any further act
on the  part of any of the  parties  hereto,  anything  herein  to the  contrary
notwithstanding;  provided,  however,  that the successor or surviving Person to
the Master  Servicer  shall be qualified to service  mortgage loans on behalf of
Fannie Mae or Freddie  Mac;  and  provided  further  that each  Rating  Agency's
ratings,  if any,  of the  Senior,  Class M or Class B  Certificates  in  effect
immediately prior to such merger or consolidation will not be qualified, reduced
or withdrawn as a result  thereof (as  evidenced by a letter to such effect from
each Rating Agency).

        (c) Notwithstanding  anything else in this Section 6.02 and Section 6.04
to the  contrary,  the Master  Servicer  may assign its rights and  delegate its
duties and obligations under this Agreement;  provided that the Person accepting
such  assignment or  delegation  shall be a Person which is qualified to service
mortgage   loans  on  behalf  of  Fannie  Mae  or  Freddie  Mac,  is  reasonably
satisfactory to the Trustee and the Company,  is willing to service the Mortgage
Loans and executes and delivers to the Company and the Trustee an agreement,  in
form and substance reasonably satisfactory to the Company and the Trustee, which
contains an  assumption by such Person of the due and punctual  performance  and
observance  of each  covenant  and  condition to be performed or observed by the
Master Servicer under this Agreement; provided further that each Rating Agency's

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rating of the Classes of Certificates that have been rated in effect immediately
prior to such  assignment  and  delegation  will not be  qualified,  reduced  or
withdrawn  as a result of such  assignment  and  delegation  (as  evidenced by a
letter  to such  effect  from  each  Rating  Agency).  In the  case of any  such
assignment  and  delegation,  the Master  Servicer  shall be  released  from its
obligations  under this Agreement,  except that the Master Servicer shall remain
liable for all  liabilities  and  obligations  incurred by it as Master Servicer
hereunder  prior to the  satisfaction  of the conditions to such  assignment and
delegation set forth in the next preceding sentence.

          Section 6.03  Limitation  on  Liability  of the  Company,  the  Master
               Servicer and Others.

        Neither  the  Company,  the Master  Servicer  nor any of the  directors,
officers,  employees  or agents of the Company or the Master  Servicer  shall be
under any liability to the Trust Fund or the  Certificateholders  for any action
taken or for refraining  from the taking of any action in good faith pursuant to
this  Agreement,  or for  errors  in  judgment;  provided,  however,  that  this
provision shall not protect the Company,  the Master Servicer or any such Person
against any breach of warranties or representations made herein or any liability
which would otherwise be imposed by reason of willful misfeasance,  bad faith or
gross negligence in the performance of duties or by reason of reckless disregard
of obligations and duties  hereunder.  The Company,  the Master Servicer and any
director,  officer,  employee or agent of the Company or the Master Servicer may
rely in good faith on any document of any kind prima facie properly executed and
submitted by any Person respecting any matters arising  hereunder.  The Company,
the Master Servicer and any director,  officer, employee or agent of the Company
or the Master  Servicer shall be indemnified by the Trust Fund and held harmless
against any loss,  liability or expense  incurred in  connection  with any legal
action  relating to this  Agreement  or the  Certificates,  other than any loss,
liability or expense  related to any specific  Mortgage  Loan or Mortgage  Loans
(except as any such loss,  liability or expense shall be otherwise  reimbursable
pursuant  to this  Agreement)  and any loss,  liability  or expense  incurred by
reason of willful misfeasance,  bad faith or gross negligence in the performance
of duties hereunder or by reason of reckless disregard of obligations and duties
hereunder.

        Neither  the  Company  nor  the  Master  Servicer  shall  be  under  any
obligation to appear in, prosecute or defend any legal or administrative action,
proceeding,  hearing or  examination  that is not  incidental to its  respective
duties  under this  Agreement  and which in its  opinion  may  involve it in any
expense or liability; provided, however, that the Company or the Master Servicer
may  in its  discretion  undertake  any  such  action,  proceeding,  hearing  or
examination that it may deem necessary or desirable in respect to this Agreement
and the  rights  and  duties of the  parties  hereto  and the  interests  of the
Certificateholders  hereunder.  In such event,  the legal  expenses and costs of
such action,  proceeding,  hearing or  examination  and any liability  resulting
therefrom  shall be expenses,  costs and  liabilities of the Trust Fund, and the
Company and the Master Servicer shall be entitled to be reimbursed  therefor out
of amounts  attributable  to the  Mortgage  Loans on  deposit  in the  Custodial
Account as provided by Section 3.10 and, on the Distribution  Date(s)  following
such reimbursement,  the aggregate of such expenses and costs shall be allocated
in reduction of the Accrued Certificate  Interest on each Class entitled thereto
in the same  manner as if such  expenses  and  costs  constituted  a  Prepayment
Interest Shortfall.

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        Section 6.04  Company and Master Servicer Not to Resign.

        Subject to the  provisions of Section 6.02,  neither the Company nor the
Master  Servicer shall resign from its respective  obligations and duties hereby
imposed on it except upon  determination that its duties hereunder are no longer
permissible  under  applicable  law.  Any  such  determination   permitting  the
resignation  of the  Company or the Master  Servicer  shall be  evidenced  by an
Opinion of Counsel to such effect delivered to the Trustee.  No such resignation
by the Master  Servicer shall become  effective until the Trustee or a successor
servicer  shall  have  assumed  the  Master  Servicer's   responsibilities   and
obligations in accordance with Section 7.02.

                                   ARTICLE VII

                                     DEFAULT

        Section 7.01  Events of Default.

        Event of Default,  wherever used herein,  means any one of the following
events  (whatever  reason  for such  Event of  Default  and  whether it shall be
voluntary or  involuntary  or be effected by operation of law or pursuant to any
judgment,  decree or order of any court or any order,  rule or regulation of any
administrative or governmental body):

                      (i) the Master  Servicer shall fail to distribute or cause
               to be distributed to the Holders of Certificates of any Class any
               distribution   required  to  be  made  under  the  terms  of  the
               Certificates  of such  Class and this  Agreement  and,  in either
               case,  such failure shall  continue  unremedied for a period of 5
               days after the date upon which  written  notice of such  failure,
               requiring  such failure to be remedied,  shall have been given to
               the  Master  Servicer  by the  Trustee  or the  Company or to the
               Master  Servicer,  the  Company and the Trustee by the Holders of
               Certificates  of  such  Class  evidencing   Percentage  Interests
               aggregating not less than 25%; or

                      (ii) the Master  Servicer shall fail to observe or perform
               in any material  respect any other of the covenants or agreements
               on the part of the Master Servicer  contained in the Certificates
               of any Class or in this Agreement and such failure shall continue
               unremedied  for a period of 30 days  (except  that such number of
               days shall be 15 in the case of a failure to pay the  premium for
               any Required  Insurance  Policy)  after the date on which written
               notice of such failure,  requiring the same to be remedied, shall
               have been  given to the  Master  Servicer  by the  Trustee or the
               Company,  or to the Master Servicer,  the Company and the Trustee
               by the Holders of  Certificates of any Class  evidencing,  in the
               case of any such Class, Percentage Interests aggregating not less
               than 25%; or

                      (iii)  a  decree   or  order  of  a  court  or  agency  or
               supervisory  authority having  jurisdiction in the premises in an
               involuntary  case under any  present  or future  federal or state
               bankruptcy, insolvency or similar law or appointing a conservator
               or receiver or  liquidator  in any  insolvency,  readjustment  of
               debt,   marshalling   of  assets  and   liabilities   or  similar
               proceedings, or for the winding-up or liquidation of its affairs,

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               shall have been  entered  against  the Master  Servicer  and such
               decree or order  shall have  remained  in force  undischarged  or
               unstayed for a period of 60 days; or

                      (iv) the Master  Servicer shall consent to the appointment
               of a conservator  or receiver or  liquidator  in any  insolvency,
               readjustment of debt,  marshalling of assets and liabilities,  or
               similar  proceedings  of, or relating to, the Master  Servicer or
               of, or relating to, all or  substantially  all of the property of
               the Master Servicer; or

                      (v)  the  Master  Servicer  shall  admit  in  writing  its
               inability to pay its debts  generally as they become due,  file a
               petition  to take  advantage  of, or  commence a  voluntary  case
               under, any applicable insolvency or reorganization  statute, make
               an assignment  for the benefit of its  creditors,  or voluntarily
               suspend payment of its obligations; or

                      (vi) the Master Servicer shall notify the Trustee pursuant
               to  Section   4.04(b)  that  it  is  unable  to  deposit  in  the
               Certificate Account an amount equal to the Advance.

        If an Event of  Default  described  in clauses  (i)-(v) of this  Section
shall  occur,  then,  and in each and every such case,  so long as such Event of
Default shall not have been remedied, either the Company or the Trustee may, and
at the  direction  of Holders of  Certificates  entitled  to at least 51% of the
Voting Rights,  the Trustee shall,  by notice in writing to the Master  Servicer
(and to the  Company if given by the  Trustee or to the  Trustee if given by the
Company),  terminate all of the rights and  obligations  of the Master  Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds  thereof,
other than its rights as a Certificateholder  hereunder.  If an Event of Default
described in clause (vi) hereof shall occur, the Trustee shall, by notice to the
Master  Servicer and the Company,  immediately  terminate  all of the rights and
obligations  of the  Master  Servicer  under  this  Agreement  and in and to the
Mortgage  Loans  and  the  proceeds   thereof,   other  than  its  rights  as  a
Certificateholder  hereunder  as  provided in Section  4.04(b).  On or after the
receipt by the Master Servicer of such written  notice,  all authority and power
of the  Master  Servicer  under  this  Agreement,  whether  with  respect to the
Certificates  (other  than  as a  Holder  thereof)  or  the  Mortgage  Loans  or
otherwise, shall subject to Section 7.02 pass to and be vested in the Trustee or
the  Trustee's  designee  appointed  pursuant  to  Section  7.02;  and,  without
limitation,  the  Trustee is hereby  authorized  and  empowered  to execute  and
deliver, on behalf of the Master Servicer, as attorney-in-fact or otherwise, any
and all documents and other instruments,  and to do or accomplish all other acts
or things  necessary  or  appropriate  to effect the  purposes of such notice of
termination,  whether to complete the transfer and  endorsement or assignment of
the Mortgage  Loans and related  documents,  or otherwise.  The Master  Servicer
agrees to cooperate with the Trustee in effecting the  termination of the Master
Servicer's responsibilities and rights hereunder, including, without limitation,
the transfer to the Trustee or its designee for administration by it of all cash
amounts  which  shall at the time be credited  to the  Custodial  Account or the
Certificate  Account or  thereafter  be received  with  respect to the  Mortgage
Loans. No such  termination  shall release the Master Servicer for any liability
that it would  otherwise  have  hereunder  for any act or omission  prior to the
effective time of such termination.

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        Notwithstanding any termination of the activities of Residential Funding
in its  capacity as Master  Servicer  hereunder,  Residential  Funding  shall be
entitled  to  receive,  out of any late  collection  of a Monthly  Payment  on a
Mortgage  Loan  which  was  due  prior  to the  notice  terminating  Residential
Funding's rights and obligations as Master Servicer hereunder and received after
such notice,  that portion to which Residential Funding would have been entitled
pursuant to Sections 3.10(a)(ii), (vi) and (vii) as well as its Servicing Fee in
respect thereof,  and any other amounts payable to Residential Funding hereunder
the  entitlement  to which  arose  prior to the  termination  of its  activities
hereunder.  Upon the  termination  of  Residential  Funding  as Master  Servicer
hereunder the Company shall deliver to the Trustee a copy of the Program Guide.

        Section 7.02  Trustee or Company to Act; Appointment of Successor.

        (a) On and  after  the time the  Master  Servicer  receives  a notice of
termination pursuant to Section 7.01 or resigns in accordance with Section 6.04,
the Trustee or, upon notice to the Company and with the Company's consent (which
shall not be  unreasonably  withheld) a designee  (which meets the standards set
forth  below) of the  Trustee,  shall be the  successor  in all  respects to the
Master  Servicer  in its  capacity  as  servicer  under this  Agreement  and the
transactions  set forth or  provided  for herein and shall be subject to all the
responsibilities,  duties and liabilities  relating thereto placed on the Master
Servicer (except for the  responsibilities,  duties and liabilities contained in
Sections 2.02 and 2.03(a),  excluding the duty to notify related Subservicers or
Sellers as set forth in such Sections, and its obligations to deposit amounts in
respect of losses incurred prior to such notice or termination on the investment
of funds  in the  Custodial  Account  or the  Certificate  Account  pursuant  to
Sections  3.07(c) and  4.01(b) by the terms and  provisions  hereof);  provided,
however,  that any failure to perform such duties or responsibilities  caused by
the  preceding  Master  Servicer's  failure to provide  information  required by
Section  4.04 shall not be  considered  a default by the Trustee  hereunder.  As
compensation  therefor,  the Trustee shall be entitled to all funds  relating to
the Mortgage Loans which the Master  Servicer would have been entitled to charge
to the Custodial  Account or the Certificate  Account if the Master Servicer had
continued to act  hereunder  and, in  addition,  shall be entitled to the income
from any Permitted  Investments  made with amounts  attributable to the Mortgage
Loans held in the Custodial Account or the Certificate  Account.  If the Trustee
has become the successor to the Master  Servicer in accordance with Section 6.04
or Section 7.01, then notwithstanding the above, the Trustee may, if it shall be
unwilling to so act, or shall, if it is unable to so act, appoint, or petition a
court of competent  jurisdiction to appoint,  any  established  housing and home
finance  institution,  which  is  also a  Fannie  Mae- or  Freddie  Mac-approved
mortgage servicing institution,  having a net worth of not less than $10,000,000
as the successor to the Master  Servicer  hereunder in the  assumption of all or
any part of the  responsibilities,  duties or liabilities of the Master Servicer
hereunder.  Pending appointment of a successor to the Master Servicer hereunder,
the Trustee shall become  successor to the Master Servicer and shall act in such
capacity as  hereinabove  provided.  In  connection  with such  appointment  and
assumption,  the Trustee may make such arrangements for the compensation of such
successor  out of  payments  on Mortgage  Loans as it and such  successor  shall
agree;  provided,  however, that no such compensation shall be in excess of that
permitted the initial Master Servicer hereunder.  The Company,  the Trustee, the
Custodian  and such  successor  shall  take such  action,  consistent  with this
Agreement,  as  shall be  necessary  to  effectuate  any  such  succession.  The
Servicing  Fee for any  successor  Master  Servicer  appointed  pursuant to this
Section 7.02 will be lowered with respect to those Mortgage Loans, if any, where
the Subservicing Fee accrues at a rate of less than 0.20% per annum in the event
that the

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successor  Master  Servicer is not servicing such Mortgage Loans directly and it
is necessary to raise the related  Subservicing Fee to a rate of 0.20% per annum
in order to hire a Subservicer with respect to such Mortgage Loans.

        (b) In connection  with the  termination  or  resignation  of the Master
Servicer  hereunder,  either (i) the successor  Master  Servicer,  including the
Trustee if the Trustee is acting as successor Master  Servicer,  shall represent
and  warrant  that it is a member of MERS in good  standing  and shall  agree to
comply  in all  material  respects  with the  rules  and  procedures  of MERS in
connection  with the servicing of the Mortgage  Loans that are  registered  with
MERS, in which case the  predecessor  Master  Servicer shall  cooperate with the
successor  Master  Servicer in causing MERS to revise its records to reflect the
transfer of servicing to the successor  Master Servicer as necessary under MERS'
rules and regulations,  or (ii) the predecessor  Master Servicer shall cooperate
with the  successor  Master  Servicer in causing  MERS to execute and deliver an
assignment of Mortgage in recordable  form to transfer the Mortgage from MERS to
the Trustee and to execute and deliver such other  notices,  documents and other
instruments  as may be  necessary  or  desirable  to effect a  transfer  of such
Mortgage Loan or servicing of such  Mortgage  Loan on the MERS(R)  System to the
successor Master Servicer.  The predecessor  Master Servicer shall file or cause
to be  filed  any such  assignment  in the  appropriate  recording  office.  The
predecessor  Master  Servicer  shall  bear any and all  fees of  MERS,  costs of
preparing  any  assignments  of  Mortgage,  and fees and  costs  of  filing  any
assignments  of Mortgage  that may be required  under this  subsection  (b). The
successor  Master  Servicer  shall cause such  assignment to be delivered to the
Trustee or the Custodian  promptly upon receipt of the original with evidence of
recording  thereon or a copy certified by the public  recording  office in which
such assignment was recorded.

        Section 7.03  Notification to Certificateholders.

        (a) Upon any such  termination  or  appointment  of a  successor  to the
Master  Servicer,  the Trustee shall give prompt  written  notice thereof to the
Certificateholders  at their respective  addresses  appearing in the Certificate
Register.

        (b) Within 60 days after the  occurrence  of any Event of  Default,  the
Trustee  shall  transmit by mail to all Holders of  Certificates  notice of each
such Event of  Default  hereunder  known to the  Trustee,  unless  such Event of
Default shall have been cured or waived.

        Section 7.04  Waiver of Events of Default.

        The Holders representing at least 66% of the Voting Rights affected by a
default  or Event of  Default  hereunder  may  waive  such  default  or Event of
Default; provided,  however, that (a) a default or Event of Default under clause
(i) of Section  7.01 may be waived  only by all of the  Holders of  Certificates
affected by such default or Event of Default and (b) no waiver  pursuant to this
Section 7.04 shall affect the Holders of Certificates in the manner set forth in
Section  11.01(b)(i)  or (ii).  Upon any such  waiver of a  default  or Event of
Default by the Holders  representing  the requisite  percentage of Voting Rights
affected by such  default or Event of Default,  such default or Event of Default
shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder.  No such waiver shall extend to any  subsequent  or other  default or
Event of  Default or impair any right  consequent  thereon  except to the extent
expressly so waived.

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                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

        Section 8.01  Duties of Trustee.

        (a) The  Trustee,  prior to the  occurrence  of an Event of Default  and
after the  curing or waiver of all Events of  Default  which may have  occurred,
undertakes to perform such duties and only such duties as are  specifically  set
forth in this Agreement. In case an Event of Default has occurred (which has not
been cured or waived),  the Trustee shall exercise such of the rights and powers
vested  in it by this  Agreement,  and use the same  degree of care and skill in
their  exercise  as  a  prudent   investor  would  exercise  or  use  under  the
circumstances in the conduct of such investor's own affairs.

        (b)  The  Trustee,  upon  receipt  of  all  resolutions,   certificates,
statements,  opinions, reports, documents, orders or other instruments furnished
to the Trustee which are specifically  required to be furnished  pursuant to any
provision  of this  Agreement,  shall  examine  them to  determine  whether they
conform to the  requirements  of this  Agreement.  The Trustee  shall notify the
Certificateholders  of any such documents which do not materially conform to the
requirements  of  this  Agreement  in the  event  that  the  Trustee,  after  so
requesting, does not receive satisfactorily corrected documents.

        The Trustee shall  forward or cause to be forwarded in a timely  fashion
the  notices,  reports and  statements  required to be  forwarded by the Trustee
pursuant to Sections 4.03,  4.06, 7.03 and 10.01. The Trustee shall furnish in a
timely fashion to the Master  Servicer such  information as the Master  Servicer
may reasonably  request from time to time for the Master Servicer to fulfill its
duties as set forth in this Agreement.  The Trustee covenants and agrees that it
shall perform its obligations hereunder in a manner so as to maintain the status
of any portion of any REMIC formed under the Series  Supplement as a REMIC under
the REMIC Provisions and (subject to Section 10.01(f)) to prevent the imposition
of any federal, state or local income,  prohibited transaction,  contribution or
other tax on the Trust  Fund to the  extent  that  maintaining  such  status and
avoiding  such taxes are  reasonably  within the  control of the Trustee and are
reasonably within the scope of its duties under this Agreement.

        (c) No  provision  of this  Agreement  shall be construed to relieve the
Trustee from liability for its own negligent  action,  its own negligent failure
to act or its own willful misconduct; provided, however, that:

                      (i) Prior to the  occurrence  of an Event of Default,  and
               after the curing or waiver of all such  Events of  Default  which
               may have  occurred,  the duties and  obligations  of the  Trustee
               shall be  determined  solely by the  express  provisions  of this
               Agreement,  the  Trustee  shall  not be  liable  except  for  the
               performance of such duties and  obligations  as are  specifically
               set forth in this Agreement,  no implied covenants or obligations
               shall be read into this Agreement against the Trustee and, in the
               absence of bad faith on the part of the Trustee,  the Trustee may
               conclusively  rely,  as to the  truth of the  statements  and the
               correctness  of  the  opinions   expressed   therein,   upon  any
               certificates or opinions  furnished to the Trustee by the Company
               or the

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               Master  Servicer and which on their face, do not  contradict  the
               requirements of this Agreement;

                      (ii) The  Trustee  shall not be  personally  liable for an
               error of judgment made in good faith by a Responsible  Officer or
               Responsible  Officers of the  Trustee,  unless it shall be proved
               that the Trustee was  negligent  in  ascertaining  the  pertinent
               facts;

                      (iii) The  Trustee  shall not be  personally  liable  with
               respect to any action  taken,  suffered or omitted to be taken by
               it  in  good  faith  in   accordance   with  the   direction   of
               Certificateholders   of  any  Class  holding  Certificates  which
               evidence, as to such Class,  Percentage Interests aggregating not
               less than 25% as to the time,  method and place of conducting any
               proceeding for any remedy available to the Trustee, or exercising
               any  trust  or  power  conferred  upon the  Trustee,  under  this
               Agreement;

                      (iv) The Trustee  shall not be charged  with  knowledge of
               any  default  (other  than a default in  payment to the  Trustee)
               specified  in clauses (i) and (ii) of Section 7.01 or an Event of
               Default under clauses (iii),  (iv) and (v) of Section 7.01 unless
               a Responsible  Officer of the Trustee  assigned to and working in
               the  Corporate  Trust  Office  obtains  actual  knowledge of such
               failure or event or the Trustee  receives  written notice of such
               failure or event at its  Corporate  Trust  Office from the Master
               Servicer, the Company or any Certificateholder; and

                      (v) Except to the extent  provided  in  Section  7.02,  no
               provision in this  Agreement  shall require the Trustee to expend
               or risk its own funds (including,  without limitation, the making
               of  any  Advance)  or  otherwise  incur  any  personal  financial
               liability  in the  performance  of any of its  duties as  Trustee
               hereunder,  or in the exercise of any of its rights or powers, if
               the Trustee  shall have  reasonable  grounds for  believing  that
               repayment  of funds or adequate  indemnity  against  such risk or
               liability is not reasonably assured to it.

        (d) The Trustee shall timely pay, from its own funds,  the amount of any
and all federal,  state and local taxes  imposed on the Trust Fund or its assets
or transactions  including,  without  limitation,  (A) "prohibited  transaction"
penalty  taxes as defined in Section 860F of the Code,  if, when and as the same
shall be due and  payable,  (B) any tax on  contributions  to a REMIC  after the
Closing  Date  imposed  by  Section  860G(d) of the Code and (C) any tax on "net
income from foreclosure property" as defined in Section 860G(c) of the Code, but
only if such  taxes  arise out of a breach  by the  Trustee  of its  obligations
hereunder,  which breach  constitutes  negligence  or willful  misconduct of the
Trustee.

        Section 8.02  Certain Matters Affecting the Trustee.

        (a)    Except as otherwise provided in Section 8.01:

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                      (i) The Trustee may rely and shall be  protected in acting
               or  refraining  from  acting  upon  any   resolution,   Officers'
               Certificate,  certificate  of auditors or any other  certificate,
               statement, instrument, opinion, report, notice, request, consent,
               order, appraisal,  bond or other paper or document believed by it
               to be genuine and to have been signed or  presented by the proper
               party or parties;

                      (ii) The Trustee may consult  with counsel and any Opinion
               of  Counsel  shall  be  full  and  complete   authorization   and
               protection  in respect of any action taken or suffered or omitted
               by it hereunder in good faith and in accordance with such Opinion
               of Counsel;

                      (iii) The Trustee shall be under no obligation to exercise
               any of the trusts or powers vested in it by this  Agreement or to
               institute,  conduct  or defend  any  litigation  hereunder  or in
               relation hereto at the request,  order or direction of any of the
               Certificateholders, pursuant to the provisions of this Agreement,
               unless such Certificateholders  shall have offered to the Trustee
               reasonable security or indemnity against the costs,  expenses and
               liabilities  which may be incurred  therein or  thereby;  nothing
               contained  herein  shall,  however,  relieve  the  Trustee of the
               obligation, upon the occurrence of an Event of Default (which has
               not been cured or  waived),  to  exercise  such of the rights and
               powers vested in it by this Agreement, and to use the same degree
               of care and skill in their  exercise as a prudent  investor would
               exercise  or use under the  circumstances  in the conduct of such
               investor's own affairs;

                      (iv) The Trustee  shall not be  personally  liable for any
               action  taken,  suffered  or  omitted  by it in  good  faith  and
               believed  by it to be  authorized  or within  the  discretion  or
               rights or powers conferred upon it by this Agreement;

                      (v)  Prior  to  the  occurrence  of an  Event  of  Default
               hereunder and after the curing or waiver of all Events of Default
               which may have  occurred,  the Trustee shall not be bound to make
               any  investigation  into  the  facts  or  matters  stated  in any
               resolution,  certificate, statement, instrument, opinion, report,
               notice, request, consent, order, approval, bond or other paper or
               document,  unless  requested  in  writing  so to do by Holders of
               Certificates  of  any  Class   evidencing,   as  to  such  Class,
               Percentage  Interests,  aggregating not less than 50%;  provided,
               however,  that if the  payment  within a  reasonable  time to the
               Trustee  of the  costs,  expenses  or  liabilities  likely  to be
               incurred  by it in the  making of such  investigation  is, in the
               opinion of the Trustee,  not reasonably assured to the Trustee by
               the security  afforded to it by the terms of this Agreement,  the
               Trustee may require reasonable  indemnity against such expense or
               liability as a condition to so proceeding. The reasonable expense
               of every such  examination  shall be paid by the Master Servicer,
               if an Event of Default shall have occurred and is continuing, and
               otherwise by the Certificateholder requesting the investigation;

                      (vi) The  Trustee  may execute any of the trusts or powers
               hereunder or perform any duties  hereunder  either directly or by
               or through agents or attorneys; and

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                      (vii)  To the  extent  authorized  under  the Code and the
               regulations  promulgated  thereunder,  each  Holder  of a Class R
               Certificate  hereby  irrevocably   appoints  and  authorizes  the
               Trustee to be its  attorney-in-fact  for  purposes of signing any
               Tax Returns required to be filed on behalf of the Trust Fund. The
               Trustee shall sign on behalf of the Trust Fund and deliver to the
               Master Servicer in a timely manner any Tax Returns prepared by or
               on behalf of the Master  Servicer that the Trustee is required to
               sign as determined by the Master Servicer  pursuant to applicable
               federal,  state or  local  tax  laws,  provided  that the  Master
               Servicer  shall  indemnify  the  Trustee for signing any such Tax
               Returns that contain errors or omissions.

        (b)  Following the issuance of the  Certificates,  the Trustee shall not
accept any  contribution  of assets to the Trust Fund unless (subject to Section
10.01(f)) it shall have obtained or been furnished with an Opinion of Counsel to
the effect  that such  contribution  will not (i) cause any portion of any REMIC
formed  under the  Series  Supplement  to fail to qualify as a REMIC at any time
that any Certificates are outstanding or (ii) cause the Trust Fund to be subject
to any federal tax as a result of such contribution (including the imposition of
any federal tax on "prohibited  transactions"  imposed under Section  860F(a) of
the Code).

        Section 8.03  Trustee Not Liable for Certificates or Mortgage Loans.

        The recitals  contained herein and in the  Certificates  (other than the
execution of the  Certificates and relating to the acceptance and receipt of the
Mortgage  Loans) shall be taken as the  statements  of the Company or the Master
Servicer as the case may be, and the Trustee assumes no responsibility for their
correctness.  The  Trustee  makes  no  representations  as to  the  validity  or
sufficiency  of  this  Agreement  or  of  the  Certificates   (except  that  the
Certificates  shall be duly and  validly  executed  and  authenticated  by it as
Certificate  Registrar) or of any Mortgage Loan or related document,  or of MERS
or the MERS(R) System.  Except as otherwise  provided herein,  the Trustee shall
not be  accountable  for the use or  application  by the  Company  or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates,  or
for the use or  application  of any  funds  paid to the  Company  or the  Master
Servicer in respect of the Mortgage  Loans or deposited in or withdrawn from the
Custodial  Account  or the  Certificate  Account  by the  Company  or the Master
Servicer.

        Section 8.04  Trustee May Own Certificates.

        The Trustee in its individual or any other capacity may become the owner
or pledgee  of  Certificates  with the same  rights it would have if it were not
Trustee.

          Section 8.05  Master  Servicer  to Pay  Trustee's  Fees and  Expenses;
               Indemnification.

        (a) The Master  Servicer  covenants and agrees to pay to the Trustee and
any co-trustee  from time to time,  and the Trustee and any co-trustee  shall be
entitled  to,  reasonable  compensation  (which  shall  not  be  limited  by any
provision of law in regard to the compensation of a trustee of an express trust)
for all services  rendered by each of them in the execution of the trusts hereby
created  and in the  exercise  and  performance  of any of the powers and duties
hereunder of the Trustee and

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any  co-trustee,  and the Master  Servicer will pay or reimburse the Trustee and
any  co-trustee  upon request for all  reasonable  expenses,  disbursements  and
advances  incurred or made by the Trustee or any  co-trustee in accordance  with
any of the provisions of this Agreement  (including the reasonable  compensation
and the  expenses  and  disbursements  of its  counsel  and of all  persons  not
regularly  in its  employ,  and the  expenses  incurred  by the  Trustee  or any
co-trustee in connection with the appointment of an office or agency pursuant to
Section 8.12) except any such expense, disbursement or advance as may arise from
its negligence or bad faith.

        (b) The Master Servicer agrees to indemnify the Trustee for, and to hold
the Trustee harmless  against,  any loss,  liability or expense incurred without
negligence or willful  misconduct on the Trustee's  part,  arising out of, or in
connection with, the acceptance and administration of the Trust Fund,  including
the costs  and  expenses  (including  reasonable  legal  fees and  expenses)  of
defending   itself  against  any  claim  in  connection  with  the  exercise  or
performance  of any of its  powers  or  duties  under  this  Agreement  and  the
Custodial Agreement, provided that:

                      (i) with respect to any such claim, the Trustee shall have
               given the Master Servicer  written notice thereof  promptly after
               the Trustee shall have actual knowledge thereof;

                      (ii) while maintaining  control over its own defense,  the
               Trustee  shall  cooperate  and  consult  fully  with  the  Master
               Servicer in preparing such defense; and

                      (iii)  notwithstanding  anything in this  Agreement to the
               contrary,  the Master Servicer shall not be liable for settlement
               of any  claim by the  Trustee  entered  into  without  the  prior
               consent  of  the  Master  Servicer  which  consent  shall  not be
               unreasonably withheld.

        No termination of this Agreement shall affect the obligations created by
this Section  8.05(b) of the Master  Servicer to indemnify the Trustee under the
conditions and to the extent set forth herein.

        Notwithstanding  the  foregoing,  the  indemnification  provided  by the
Master Servicer in this Section 8.05(b) shall not pertain to any loss, liability
or expense of the Trustee,  including the costs and expenses of defending itself
against any claim,  incurred in connection with any actions taken by the Trustee
at the  direction  of the  Certificateholders  pursuant  to the  terms  of  this
Agreement.

        Section 8.06  Eligibility Requirements for Trustee.

        The Trustee  hereunder shall at all times be a corporation or a national
banking  association  having its principal office in a state and city acceptable
to the Company and organized and doing  business under the laws of such state or
the United States of America,  authorized under such laws to exercise  corporate
trust powers,  having a combined capital and surplus of at least $50,000,000 and
subject to supervision or  examination  by federal or state  authority.  If such
corporation or national banking  association  publishes  reports of condition at
least  annually,  pursuant  to  law  or to the  requirements  of  the  aforesaid
supervising  or examining  authority,  then for the purposes of this Section the
combined  capital  and  surplus  of such  corporation  shall be deemed to be its
combined

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capital  and  surplus as set forth in its most  recent  report of  condition  so
published.  In case at any time  the  Trustee  shall  cease  to be  eligible  in
accordance  with the  provisions  of this  Section,  the  Trustee  shall  resign
immediately in the manner and with the effect specified in Section 8.07.

        Section 8.07 Resignation and Removal of the Trustee.

        (a) The Trustee may at any time resign and be discharged from the trusts
hereby created by giving  written notice thereof to the Company.  Upon receiving
such notice of  resignation,  the  Company  shall  promptly  appoint a successor
trustee by written instrument,  in duplicate, one copy of which instrument shall
be delivered to the resigning Trustee and one copy to the successor trustee.  If
no successor trustee shall have been so appointed and have accepted  appointment
within 30 days after the giving of such  notice of  resignation,  the  resigning
Trustee may petition any court of competent  jurisdiction for the appointment of
a successor trustee.

        (b) If at any time the Trustee  shall cease to be eligible in accordance
with the  provisions  of  Section  8.06 and shall fail to resign  after  written
request  therefor by the  Company,  or if at any time the Trustee  shall  become
incapable of acting, or shall be adjudged  bankrupt or insolvent,  or a receiver
of the Trustee or of its  property  shall be  appointed,  or any public  officer
shall take  charge or control of the  Trustee or of its  property or affairs for
the purpose of rehabilitation, conservation or liquidation, then the Company may
remove the Trustee and appoint a  successor  trustee by written  instrument,  in
duplicate,  one copy of which  instrument  shall be  delivered to the Trustee so
removed and one copy to the successor  trustee.  In addition,  in the event that
the Company determines that the Trustee has failed (i) to distribute or cause to
be distributed to the  Certificateholders  any amount required to be distributed
hereunder, if such amount is held by the Trustee or its Paying Agent (other than
the Master  Servicer  or the  Company)  for  distribution  or (ii) to  otherwise
observe or perform in any material  respect any of its covenants,  agreements or
obligations  hereunder,  and such failure shall continue unremedied for a period
of 5 days (in respect of clause (i) above) or 30 days (in respect of clause (ii)
above) after the date on which written  notice of such failure,  requiring  that
the same be remedied,  shall have been given to the Trustee by the Company, then
the Company  may remove the  Trustee and appoint a successor  trustee by written
instrument  delivered as provided in the preceding sentence.  In connection with
the appointment of a successor trustee pursuant to the preceding  sentence,  the
Company  shall,  on or  before  the date on which any such  appointment  becomes
effective,  obtain  from  each  Rating  Agency  written  confirmation  that  the
appointment  of any such  successor  trustee will not result in the reduction of
the  ratings  on any  class of the  Certificates  below  the  lesser of the then
current or original ratings on such Certificates.

        (c) The Holders of  Certificates  entitled to at least 51% of the Voting
Rights may at any time remove the  Trustee  and  appoint a successor  trustee by
written  instrument or  instruments,  in  triplicate,  signed by such Holders or
their  attorneys-in-fact duly authorized,  one complete set of which instruments
shall be delivered  to the  Company,  one complete set to the Trustee so removed
and one complete set to the successor so appointed.

        (d) Any  resignation  or removal of the  Trustee  and  appointment  of a
successor trustee pursuant to any of the provisions of this Section shall become
effective upon acceptance of appointment by the successor trustee as provided in
Section 8.08.

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        Section 8.08  Successor Trustee.

        (a) Any  successor  trustee  appointed as provided in Section 8.07 shall
execute,  acknowledge and deliver to the Company and to its predecessor  trustee
an  instrument   accepting  such  appointment   hereunder,   and  thereupon  the
resignation  or removal of the  predecessor  trustee shall become  effective and
such  successor  trustee  shall become  effective  and such  successor  trustee,
without any further act, deed or conveyance,  shall become fully vested with all
the rights,  powers, duties and obligations of its predecessor  hereunder,  with
the like  effect as if  originally  named as  trustee  herein.  The  predecessor
trustee shall deliver to the  successor  trustee all Mortgage  Files and related
documents and statements held by it hereunder  (other than any Mortgage Files at
the time held by a  Custodian,  which  shall  become the agent of any  successor
trustee  hereunder),  and the Company,  the Master  Servicer and the predecessor
trustee shall execute and deliver such  instruments  and do such other things as
may  reasonably be required for more fully and certainly  vesting and confirming
in the successor trustee all such rights, powers, duties and obligations.

        (b) No successor  trustee shall accept  appointment  as provided in this
Section unless at the time of such  acceptance  such successor  trustee shall be
eligible under the provisions of Section 8.06.

        (c) Upon acceptance of appointment by a successor trustee as provided in
this Section,  the Company  shall mail notice of the  succession of such trustee
hereunder  to all Holders of  Certificates  at their  addresses  as shown in the
Certificate  Register.  If the Company  fails to mail such notice within 10 days
after acceptance of appointment by the successor trustee,  the successor trustee
shall cause such notice to be mailed at the expense of the Company.

        Section 8.09  Merger or Consolidation of Trustee.

        Any corporation or national  banking  association into which the Trustee
may be  merged  or  converted  or  with  which  it may  be  consolidated  or any
corporation  or  national  banking   association   resulting  from  any  merger,
conversion  or  consolidation  to which  the  Trustee  shall be a party,  or any
corporation or national  banking  association  succeeding to the business of the
Trustee,  shall  be  the  successor  of the  Trustee  hereunder,  provided  such
corporation  or  national  banking  association  shall  be  eligible  under  the
provisions of Section 8.06,  without the execution or filing of any paper or any
further act on the part of any of the  parties  hereto,  anything  herein to the
contrary  notwithstanding.  The Trustee  shall mail notice of any such merger or
consolidation  to the  Certificateholders  at  their  address  as  shown  in the
Certificate Register.

        Section 8.10 Appointment of Co-Trustee or Separate Trustee.

        (a)  Notwithstanding  any other provisions  hereof, at any time, for the
purpose of meeting any legal  requirements of any jurisdiction in which any part
of the Trust Fund or property securing the same may at the time be located,  the
Master  Servicer and the Trustee  acting  jointly shall have the power and shall
execute and deliver all  instruments to appoint one or more Persons  approved by
the Trustee to act as co-trustee or  co-trustees,  jointly with the Trustee,  or
separate trustee or separate trustees, of all or any part of the Trust Fund, and
to vest in such Person or  Persons,  in such  capacity,  such title to the Trust
Fund, or any part thereof, and, subject to the other provisions of this Section

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8.10, such powers, duties, obligations, rights and trusts as the Master Servicer
and the Trustee may consider  necessary  or  desirable.  If the Master  Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, or in case an Event of Default shall have occurred and be
continuing, the Trustee alone shall have the power to make such appointment.  No
co-trustee or separate trustee  hereunder shall be required to meet the terms of
eligibility as a successor trustee under Section 8.06 hereunder and no notice to
Holders  of  Certificates  of  the  appointment  of  co-trustee(s)  or  separate
trustee(s) shall be required under Section 8.08 hereof.

        (b) In the case of any  appointment of a co-trustee or separate  trustee
pursuant  to this  Section  8.10 all  rights,  powers,  duties  and  obligations
conferred  or imposed  upon the Trustee  shall be  conferred or imposed upon and
exercised or performed by the Trustee,  and such separate  trustee or co-trustee
jointly,  except to the extent that under any law of any  jurisdiction  in which
any particular act or acts are to be performed  (whether as Trustee hereunder or
as successor to the Master Servicer hereunder), the Trustee shall be incompetent
or unqualified to perform such act or acts, in which event such rights,  powers,
duties and obligations  (including the holding of title to the Trust Fund or any
portion  thereof in any such  jurisdiction)  shall be exercised and performed by
such separate trustee or co-trustee at the direction of the Trustee.

        (c) Any notice,  request or other  writing given to the Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as  effectively  as if given to each of them.  Every  instrument  appointing any
separate  trustee or co-trustee shall refer to this Agreement and the conditions
of this Article VIII. Each separate trustee and co-trustee,  upon its acceptance
of the trusts conferred,  shall be vested with the estates or property specified
in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided  therein,  subject to all the  provisions of this  Agreement,
specifically including every provision of this Agreement relating to the conduct
of, affecting the liability of, or affording  protection to, the Trustee.  Every
such instrument shall be filed with the Trustee.

        (d) Any separate trustee or co-trustee may, at any time,  constitute the
Trustee,  its agent or attorney-in-fact,  with full power and authority,  to the
extent not  prohibited  by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name.  If any separate  trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates,
properties,  rights,  remedies  and trusts shall vest in and be exercised by the
Trustee,  to the extent  permitted by law,  without the  appointment of a new or
successor trustee.

        Section 8.11  Appointment of Custodians.

        The  Trustee  may,  with the  consent  of the  Master  Servicer  and the
Company,  appoint one or more  Custodians who are not Affiliates of the Company,
the Master Servicer or any Seller to hold all or a portion of the Mortgage Files
as agent for the Trustee,  by entering  into a Custodial  Agreement.  Subject to
Article  VIII,  the Trustee  agrees to comply  with the terms of each  Custodial
Agreement and to enforce the terms and provisions  thereof against the Custodian
for the benefit of the Certificateholders.  Each Custodian shall be a depository
institution  subject to supervision by federal or state authority,  shall have a
combined  capital and surplus of at least  $15,000,000 and shall be qualified to
do  business  in the  jurisdiction  in which it holds any  Mortgage  File.  Each
Custodial  Agreement  may be amended  only as  provided  in Section  11.01.  The
Trustee shall notify the

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Certificateholders of the appointment of any Custodian (other than the Custodian
appointed as of the Closing Date) pursuant to this Section 8.11.

        Section 8.12  Appointment of Office or Agency.

        The Trustee will maintain an office or agency in the City of New York at
the  address  designated  in  Section  11.05  of  the  Series  Supplement  where
Certificates  may be surrendered for  registration of transfer or exchange.  The
Trustee will  maintain an office at the address  stated in Section  11.05 of the
Series Supplement where notices and demands to or upon the Trustee in respect of
this Agreement may be served.

                                          ARTICLE IX

                     TERMINATION OR OPTIONAL PURCHASE OF ALL CERTIFICATES

        Section       9.01  Optional  Purchase  by the  Master  Servicer  of All
                      Certificates;  Termination  Upon  Purchase  by the  Master
                      Servicer or Liquidation of All Mortgage Loans.

        (a)  Subject  to  Section   9.02,   the   respective   obligations   and
responsibilities  of the Company,  the Master  Servicer and the Trustee  created
hereby in respect of the Certificates  (other than the obligation of the Trustee
to make certain payments after the Final Distribution Date to Certificateholders
and the  obligation of the Company to send certain  notices as  hereinafter  set
forth) shall  terminate upon the last action required to be taken by the Trustee
on the Final Distribution Date pursuant to this Article IX following the earlier
of:

                      (i) the later of the final  payment  or other  liquidation
               (or any Advance with respect  thereto) of the last  Mortgage Loan
               remaining  in the Trust Fund or the  disposition  of all property
               acquired upon  foreclosure  or deed in lieu of foreclosure of any
               Mortgage Loan, or

                      (ii) the  purchase by the Master  Servicer of all Mortgage
               Loans and all property  acquired in respect of any Mortgage  Loan
               remaining  in the  Trust  Fund  at a price  equal  to 100% of the
               unpaid  principal  balance of each Mortgage Loan or, if less than
               such  unpaid  principal  balance,  the fair  market  value of the
               related underlying property of such Mortgage Loan with respect to
               Mortgage  Loans as to which title has been  acquired if such fair
               market value is less than such unpaid  principal  balance (net of
               any unreimbursed  Advances  attributable to principal) on the day
               of repurchase plus accrued  interest  thereon at the Net Mortgage
               Rate (or Modified  Net Mortgage  Rate in the case of any Modified
               Mortgage Loan) to, but not including,  the first day of the month
               in which such repurchase price is distributed, provided, however,
               that in no event shall the trust created hereby  continue  beyond
               the expiration of 21 years from the death of the last survivor of
               the descendants of Joseph P. Kennedy,  the late ambassador of the
               United  States  to the  Court of St.  James,  living  on the date
               hereof and provided  further  that the  purchase  price set forth
               above shall be increased as is  necessary,  as  determined by the
               Master Servicer, to avoid  disqualification of any portion of any
               REMIC formed under the Series Supplement as a REMIC.

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        The right of the Master Servicer to purchase all the assets of the Trust
Fund pursuant to clause (ii) above is conditioned upon the Pool Stated Principal
Balance  as  of  the  Final   Distribution  Date,  prior  to  giving  effect  to
distributions to be made on such Distribution  Date, being less than ten percent
of the Cut-off Date Principal  Balance of the Mortgage  Loans.  If such right is
exercised by the Master  Servicer,  the Master  Servicer shall be deemed to have
been  reimbursed for the full amount of any  unreimbursed  Advances  theretofore
made by it with respect to the Mortgage Loans. In addition,  the Master Servicer
shall provide to the Trustee the certification  required by Section 3.15 and the
Trustee and any  Custodian  shall,  promptly  following  payment of the purchase
price,  release to the Master  Servicer the  Mortgage  Files  pertaining  to the
Mortgage Loans being purchased.

        In addition to the foregoing, on any Distribution Date on which the Pool
Stated Principal Balance,  prior to giving effect to distributions to be made on
such  Distribution  Date, is less than ten percent of the Cut-off Date Principal
Balance of the Mortgage  Loans,  Master  Servicer  shall have the right,  at its
option, to purchase the Certificates in whole, but not in part, at a price equal
to the outstanding  Certificate  Principal Balance of such Certificates plus the
sum of Accrued  Certificate  Interest  thereon for the related  Interest Accrual
Period and any previously  unpaid Accrued  Certificate  Interest.  If the Master
Servicer  exercises  this right to purchase the  outstanding  Certificates,  the
Master  Servicer  will  promptly   terminate  the  respective   obligations  and
responsibilities  created hereby in respect of the Certificates pursuant to this
Article IX.

        (b) The Master  Servicer  shall give the  Trustee not less than 60 days'
prior notice of the Distribution  Date on which the Master Servicer  anticipates
that the final  distribution  will be made to  Certificateholders  (whether as a
result of the  exercise  by the Master  Servicer  of its right to  purchase  the
assets  of the  Trust  Fund  or  otherwise)  or on  which  the  Master  Servicer
anticipates that the Certificates will be purchased (as a result of the exercise
by the Master Servicer to purchase the outstanding Certificates).  Notice of any
termination,  specifying the anticipated Final Distribution Date (which shall be
a  date  that  would   otherwise  be  a   Distribution   Date)  upon  which  the
Certificateholders  may  surrender  their  Certificates  to the  Trustee  (if so
required  by the  terms  hereof)  for  payment  of the  final  distribution  and
cancellation  or  notice  of  any  purchase  of  the  outstanding  Certificates,
specifying  the  Distribution  Date upon which the Holders may  surrender  their
Certificates  to the Trustee for payment,  shall be given promptly by the Master
Servicer (if it is exercising its right to purchase the assets of the Trust Fund
or to purchase the  outstanding  Certificates),  or by the Trustee (in any other
case) by letter to the  Certificateholders  mailed not earlier than the 15th day
and not later  than the 25th day of the month next  preceding  the month of such
final distribution specifying:

                      (i) the  anticipated  Final  Distribution  Date upon which
               final payment of the  Certificates is anticipated to be made upon
               presentation  and  surrender  of  Certificates  at the  office or
               agency of the Trustee  therein  designated or, in the case of the
               purchase by the Master Servicer of the outstanding  Certificates,
               the Distribution Date on which such purchase is to be made,

                      (ii) the amount of any such final payment,  or in the case
               of the  purchase of the  outstanding  Certificates,  the purchase
               price, in either case, if known, and

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                      (iii) that the Record Date  otherwise  applicable  to such
               Distribution  Date  is not  applicable,  and in the  case  of the
               Senior  Certificates and Class M Certificates,  that payment will
               be made only upon  presentation and surrender of the Certificates
               at the office or agency of the Trustee therein specified.

        If the Master Servicer is obligated to give notice to Certificateholders
as aforesaid, it shall give such notice to the Certificate Registrar at the time
such  notice is given to  Certificateholders  and,  if the  Master  Servicer  is
exercising its rights to purchase the  outstanding  Certificates,  it shall give
such  notice  to each  Rating  Agency  at the  time  such  notice  is  given  to
Certificateholders.  As a result of the  exercise by the Master  Servicer of its
right to  purchase  the  assets of the Trust  Fund,  the Master  Servicer  shall
deposit  in the  Certificate  Account  before  the  Final  Distribution  Date in
immediately available funds an amount equal to the purchase price for the assets
of the Trust Fund,  computed as provided  above.  As a result of the exercise by
the Master Servicer of its right to purchase the outstanding  Certificates,  the
Master Servicer shall deposit in an Eligible Account,  established by the Master
Servicer on behalf of the Trustee and separate from the  Certificate  Account in
the name of the Trustee in trust for the registered holders of the Certificates,
before the  Distribution  Date on which such purchase is to occur in immediately
available  funds an amount  equal to the  purchase  price for the  Certificates,
computed as above  provided,  and provide notice of such deposit to the Trustee.
The Trustee will withdraw  from such account the amount  specified in subsection
(c) below.

        (c) In the case of the  Senior,  Class M or Class B  Certificates,  upon
presentation  and  surrender  of  the  Certificates  by  the  Certificateholders
thereof, the Trustee shall distribute to the  Certificateholders  (i) the amount
otherwise distributable on such Distribution Date, if not in connection with the
Master  Servicer's  election to  repurchase  the assets of the Trust Fund or the
outstanding  Certificates,  or  (ii)  if  the  Master  Servicer  elected  to  so
repurchase  the assets of the Trust  Fund or the  outstanding  Certificates,  an
amount  determined  as  follows:  (A)  with  respect  to  each  Certificate  the
outstanding  Certificate  Principal  Balance thereof,  plus Accrued  Certificate
Interest for the related  Interest  Accrual  Period  thereon and any  previously
unpaid  Accrued  Certificate  Interest,  subject  to the  priority  set forth in
Section 4.02(a), and (B) with respect to the Class R Certificates, any excess of
the amounts available for distribution (including the repurchase price specified
in  clause  (ii) of  subsection  (a) of this  Section)  over  the  total  amount
distributed under the immediately preceding clause (A).

        (d) If any Certificateholders shall not surrender their Certificates for
final payment and cancellation on or before the Final  Distribution  Date (if so
required by the terms hereof), the Trustee shall on such date cause all funds in
the   Certificate   Account   not   distributed   in   final   distribution   to
Certificateholders  to be  withdrawn  therefrom  and  credited to the  remaining
Certificateholders by depositing such funds in a separate escrow account for the
benefit of such Certificateholders, and the Master Servicer (if it exercised its
right to purchase  the assets of the Trust  Fund),  or the Trustee (in any other
case) shall give a second written notice to the remaining  Certificateholders to
surrender their Certificates for cancellation and receive the final distribution
with  respect  thereto.  If within  six  months  after  the  second  notice  any
Certificate shall not have been surrendered for cancellation,  the Trustee shall
take  appropriate  steps as  directed  by the Master  Servicer  to  contact  the
remaining  Certificateholders  concerning  surrender of their Certificates.  The
costs  and  expenses  of  maintaining  the  escrow  account  and  of  contacting
Certificateholders  shall be paid out of the assets  which  remain in the escrow
account.  If within nine months after the second notice any  Certificates  shall
not have

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been surrendered for cancellation,  the Trustee shall pay to the Master Servicer
all amounts  distributable  to the holders thereof and the Master Servicer shall
thereafter  hold such amounts until  distributed  to such  Holders.  No interest
shall  accrue or be payable to any  Certificateholder  on any amount held in the
escrow account or by the Master Servicer as a result of such Certificateholder's
failure to surrender its  Certificate(s) for final payment thereof in accordance
with this Section 9.01.

        (e) If any  Certificateholders do not surrender their Certificates on or
before the Distribution Date on which a purchase of the outstanding Certificates
is to be made, the Trustee shall on such date cause all funds in the Certificate
Account  deposited therein by the Master Servicer pursuant to Section 9.01(b) to
be  withdrawn  therefrom  and  deposited  in a separate  escrow  account for the
benefit of such Certificateholders,  and the Master Servicer shall give a second
written notice to such  Certificateholders  to surrender their  Certificates for
payment of the purchase  price  therefor.  If within six months after the second
notice any Certificate  shall not have been  surrendered for  cancellation,  the
Trustee  shall take  appropriate  steps as  directed  by the Master  Servicer to
contact  the  Holders  of  such  Certificates   concerning  surrender  of  their
Certificates.  The costs and expenses of  maintaining  the escrow account and of
contacting  Certificateholders  shall be paid out of the assets  which remain in
the  escrow  account.  If  within  nine  months  after  the  second  notice  any
Certificates shall not have been surrendered for cancellation in accordance with
this  Section  9.01,  the Trustee  shall pay to the Master  Servicer all amounts
distributable  to the Holders thereof and the Master  Servicer shall  thereafter
hold such amounts until distributed to such Holders. No interest shall accrue or
be payable to any  Certificateholder on any amount held in the escrow account or
by the  Master  Servicer  as a result  of such  Certificateholder's  failure  to
surrender its  Certificate(s)  for payment in accordance with this Section 9.01.
Any  Certificate  that is not  surrendered on the  Distribution  Date on which a
purchase  pursuant to this Section 9.01 occurs as provided  above will be deemed
to have been  purchased  and the Holder as of such date will have no rights with
respect  thereto  except to receive the purchase  price therefor minus any costs
and expenses  associated with such escrow account and notices allocated thereto.
Any  Certificates  so  purchased  or  deemed  to  have  been  purchased  on such
Distribution Date shall remain outstanding hereunder.  The Master Servicer shall
be for all purposes the Holder thereof as of such date.

        Section 9.02  Additional Termination Requirements.

        (a) Each REMIC that  comprises  the Trust  Fund shall be  terminated  in
accordance  with the  following  additional  requirements,  unless  (subject  to
Section  10.01(f)) the Trustee and the Master  Servicer have received an Opinion
of Counsel  (which Opinion of Counsel shall not be an expense of the Trustee) to
the effect that the  failure of each such REMIC to comply with the  requirements
of this Section 9.02 will not (i) result in the imposition on the Trust of taxes
on "prohibited  transactions," as described in Section 860F of the Code, or (ii)
cause  any  such  REMIC  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding:

                      (i)  The  Master   Servicer   shall   establish  a  90-day
               liquidation  period for each such REMIC and specify the first day
               of such period in a statement  attached to the Trust Fund's final
               Tax Return pursuant to Treasury regulations Section 1.860F-1. The
               Master  Servicer also shall satisfy all of the  requirements of a
               qualified  liquidation for a REMIC under Section 860F of the Code
               and regulations thereunder;

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                      (ii) The Master  Servicer  shall notify the Trustee at the
               commencement of such 90-day  liquidation  period and, at or prior
               to the time of making of the final  payment on the  Certificates,
               the  Trustee  shall  sell  or  otherwise  dispose  of  all of the
               remaining  assets of the Trust Fund in accordance  with the terms
               hereof; and

                      (iii) If the Master  Servicer or the Company is exercising
               its right to purchase  the assets of the Trust  Fund,  the Master
               Servicer shall,  during the 90-day  liquidation  period and at or
               prior to the Final Distribution Date,  purchase all of the assets
               of the Trust Fund for cash.

        (b) Each  Holder of a  Certificate  and the Trustee  hereby  irrevocably
approves  and appoints the Master  Servicer as its  attorney-in-fact  to adopt a
plan of complete  liquidation for each REMIC at the expense of the Trust Fund in
accordance with the terms and conditions of this Agreement.

        Section 9.03 Termination of Multiple REMICs.

        If the REMIC  Administrator  makes two or more separate REMIC elections,
the  applicable   REMIC  shall  be  terminated  on  the  earlier  of  the  Final
Distribution  Date and the date on which it is deemed to receive the last deemed
distributions on the related Uncertificated REMIC Regular Interests and the last
distribution due on the Certificates is made.

                                    ARTICLE X

                                REMIC PROVISIONS

        Section 10.01 REMIC Administration.

        (a) The REMIC  Administrator  shall make an  election to treat the Trust
Fund as one or more REMICs under the Code and, if  necessary,  under  applicable
state  law.  The  assets of each  such  REMIC  will be set  forth in the  Series
Supplement. Such election will be made on Form 1066 or other appropriate federal
tax or information  return (including Form 8811) or any appropriate state return
for the taxable  year ending on the last day of the  calendar  year in which the
Certificates  are issued.  For the purposes of each REMIC election in respect of
the Trust Fund,  Certificates  and  interests to be  designated  as the "regular
interests"  and the sole class of "residual  interests" in the REMIC will be set
forth in Section 10.03 of the Series Supplement. The REMIC Administrator and the
Trustee shall not permit the creation of any "interests"  (within the meaning of
Section  860G of the Code) in any REMIC  elected  in  respect  of the Trust Fund
other than the "regular interests" and "residual interests" so designated.

        (b) The Closing Date is hereby  designated  as the "startup  day" of the
Trust Fund within the meaning of Section 860G(a)(9) of the Code.

        (c)  The  REMIC   Administrator   shall  hold  a  Class  R   Certificate
representing a 0.01% Percentage  Interest each Class of the Class R Certificates
and shall be designated  as "the tax matters  person" with respect to each REMIC
in the manner  provided  under  Treasury  regulations  section  1.860F-4(d)  and
Treasury regulations section 301.6231(a)(7)-1. The REMIC Administrator, as tax

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matters  person,  shall (i) act on behalf of each REMIC in  relation  to any tax
matter or controversy involving the Trust Fund and (ii) represent the Trust Fund
in any administrative or judicial proceeding relating to an examination or audit
by any governmental  taxing authority with respect thereto.  The legal expenses,
including without  limitation  attorneys' or accountants' fees, and costs of any
such proceeding and any liability  resulting  therefrom shall be expenses of the
Trust  Fund and the  REMIC  Administrator  shall be  entitled  to  reimbursement
therefor out of amounts  attributable  to the  Mortgage  Loans on deposit in the
Custodial  Account as provided by Section  3.10 unless such legal  expenses  and
costs are incurred by reason of the REMIC  Administrator's  willful misfeasance,
bad faith or gross  negligence.  If the  REMIC  Administrator  is no longer  the
Master Servicer  hereunder,  at its option the REMIC  Administrator may continue
its duties as REMIC Administrator and shall be paid reasonable  compensation not
to exceed  $3,000 per year by any  successor  Master  Servicer  hereunder for so
acting as the REMIC Administrator.

        (d) The REMIC Administrator shall prepare or cause to be prepared all of
the Tax Returns  that it  determines  are  required  with  respect to each REMIC
created hereunder and deliver such Tax Returns in a timely manner to the Trustee
and the  Trustee  shall sign and file such Tax Returns in a timely  manner.  The
expenses of  preparing  such returns  shall be borne by the REMIC  Administrator
without any right of reimbursement  therefor.  The REMIC Administrator agrees to
indemnify  and hold  harmless  the Trustee  with respect to any tax or liability
arising  from the  Trustee's  signing  of Tax  Returns  that  contain  errors or
omissions.  The Trustee and Master  Servicer  shall  promptly  provide the REMIC
Administrator with such information as the REMIC  Administrator may from time to
time request for the purpose of enabling the REMIC  Administrator to prepare Tax
Returns.

        (e) The REMIC  Administrator  shall  provide (i) to any  Transferor of a
Class R Certificate  such information as is necessary for the application of any
tax relating to the transfer of a Class R Certificate to any Person who is not a
Permitted Transferee,  (ii) to the Trustee, and the Trustee shall forward to the
Certificateholders,  such  information or reports as are required by the Code or
the REMIC  Provisions  including  reports  relating to interest,  original issue
discount and market  discount or premium (using the Prepayment  Assumption)  and
(iii) to the Internal  Revenue  Service the name,  title,  address and telephone
number of the person who will serve as the representative of each REMIC.

        (f) The  Master  Servicer  and the REMIC  Administrator  shall take such
actions and shall cause each REMIC created hereunder to take such actions as are
reasonably within the Master Servicer's or the REMIC Administrator's control and
the scope of its duties more specifically set forth herein as shall be necessary
or  desirable  to  maintain  the status of each REMIC as a REMIC under the REMIC
Provisions  (and the  Trustee  shall  assist the Master  Servicer  and the REMIC
Administrator, to the extent reasonably requested by the Master Servicer and the
REMIC  Administrator to do so). The Master Servicer and the REMIC  Administrator
shall not knowingly or  intentionally  take any action,  cause the Trust Fund to
take any  action  or fail to take (or fail to  cause  to be  taken)  any  action
reasonably within their respective control that, under the REMIC Provisions,  if
taken or not taken,  as the case may be,  could (i)  endanger  the status of any
portion  of any REMIC  formed  under the  Series  Supplement  as a REMIC or (ii)
result in the imposition of a tax upon any such REMIC (including but not limited
to the tax on prohibited  transactions  as defined in Section  860F(a)(2) of the
Code and the tax on contributions to a REMIC set forth in Section 860G(d)

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of the Code) (either such event,  in the absence of an Opinion of Counsel or the
indemnification  referred to in this sentence,  an "Adverse REMIC Event") unless
the Master Servicer or the REMIC Administrator,  as applicable,  has received an
Opinion of Counsel (at the expense of the party  seeking to take such action or,
if such party fails to pay such  expense,  and the Master  Servicer or the REMIC
Administrator, as applicable,  determines that taking such action is in the best
interest  of the Trust Fund and the  Certificateholders,  at the  expense of the
Trust  Fund,  but in no event at the expense of the Master  Servicer,  the REMIC
Administrator  or the Trustee) to the effect that the  contemplated  action will
not,  with respect to each REMIC  created  hereunder,  endanger  such status or,
unless the Master  Servicer,  the REMIC  Administrator  or both, as  applicable,
determine in its or their sole  discretion  to indemnify  the Trust Fund against
the imposition of such a tax,  result in the imposition of such a tax.  Wherever
in this Agreement a  contemplated  action may not be taken because the timing of
such action might result in the  imposition  of a tax on the Trust Fund,  or may
only be taken  pursuant  to an  Opinion of Counsel  that such  action  would not
impose a tax on the Trust Fund,  such action may  nonetheless  be taken provided
that the  indemnity  given in the  preceding  sentence with respect to any taxes
that  might be  imposed  on the  Trust  Fund has been  given  and that all other
preconditions  to the taking of such  action  have been  satisfied.  The Trustee
shall not take or fail to take any action (whether or not authorized  hereunder)
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that it has  received an Opinion of Counsel to the effect
that an Adverse  REMIC  Event  could  occur  with  respect  to such  action.  In
addition, prior to taking any action with respect to any REMIC created hereunder
or any  related  assets  thereof,  or causing any such REMIC to take any action,
which is not expressly permitted under the terms of this Agreement,  the Trustee
will consult with the Master Servicer or the REMIC Administrator, as applicable,
or its designee,  in writing, with respect to whether such action could cause an
Adverse  REMIC Event to occur with  respect to any such  REMIC,  and the Trustee
shall not take any such  action or cause any such REMIC to take any such  action
as to which the Master Servicer or the REMIC Administrator,  as applicable,  has
advised it in writing  that an  Adverse  REMIC  Event  could  occur.  The Master
Servicer or the REMIC Administrator,  as applicable, may consult with counsel to
make  such  written  advice,  and the cost of same  shall be borne by the  party
seeking to take the action not expressly permitted by this Agreement,  but in no
event at the expense of the Master Servicer or the REMIC  Administrator.  At all
times as may be required  by the Code,  the Master  Servicer  will to the extent
within its  control  and the scope of its  duties  more  specifically  set forth
herein, maintain substantially all of the assets of each REMIC created hereunder
as  "qualified  mortgages"  as  defined in  Section  860G(a)(3)  of the Code and
"permitted investments" as defined in Section 860G(a)(5) of the Code.

        (g) In the event that any tax is imposed on "prohibited transactions" of
any REMIC  created  hereunder as defined in Section  860F(a)(2)  of the Code, on
"net income from  foreclosure  property" of any such REMIC as defined in Section
860G(c) of the Code,  on any  contributions  to any such REMIC after the Startup
Day  therefor  pursuant  to  Section  860G(d)  of the Code,  or any other tax is
imposed  by the Code or any  applicable  provisions  of state or local tax laws,
such tax shall be charged (i) to the Master Servicer,  if such tax arises out of
or results from a breach by the Master Servicer of any of its obligations  under
this Agreement or the Master Servicer has in its sole  discretion  determined to
indemnify  the Trust Fund  against such tax,  (ii) to the  Trustee,  if such tax
arises out of or results from a breach by the Trustee of any of its  obligations
under  this  Article  X, or (iii)  otherwise  against  amounts on deposit in the
Custodial  Account as provided by Section 3.10 and on the  Distribution  Date(s)
following such reimbursement the aggregate of such taxes shall be

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allocated  in  reduction  of the  Accrued  Certificate  Interest  on each  Class
entitled  thereto in the same manner as if such taxes  constituted  a Prepayment
Interest Shortfall.

        (h) The Trustee and the Master  Servicer  shall,  for federal income tax
purposes,  maintain  books  and  records  with  respect  to each  REMIC  created
hereunder  on a calendar  year and on an accrual  basis or as  otherwise  may be
required by the REMIC Provisions.

        (i)  Following  the Startup  Day,  neither the Master  Servicer  nor the
Trustee shall accept any  contributions of assets to any REMIC created hereunder
unless  (subject to Section  10.01(f)) the Master Servicer and the Trustee shall
have received an Opinion of Counsel (at the expense of the party seeking to make
such contribution) to the effect that the inclusion of such assets in such REMIC
will not  cause  the  REMIC to fail to  qualify  as a REMIC at any time that any
Certificates  are  outstanding  or subject  the REMIC to any tax under the REMIC
Provisions or other  applicable  provisions  of federal,  state and local law or
ordinances.

        (j)  Neither  the Master  Servicer  nor the  Trustee  shall  (subject to
Section  10.01(f))  enter  into any  arrangement  by  which  any  REMIC  created
hereunder will receive a fee or other  compensation  for services nor permit any
such REMIC to receive any income from assets other than "qualified mortgages" as
defined in Section 860G(a)(3) of the Code or "permitted  investments" as defined
in Section 860G(a)(5) of the Code.

        (k)  Solely  for the  purposes  of  Section  1.860G-1(a)(4)(iii)  of the
Treasury  Regulations,   the  "latest  possible  maturity  date"  by  which  the
Certificate  Principal  Balance of each Class of  Certificates  (other  than the
Interest Only  Certificates)  representing a regular  interest in the applicable
REMIC and the  Uncertificated  Principal  Balance of each  Uncertificated  REMIC
Regular  Interest  (other  than  each  Uncertificated   REMIC  Regular  Interest
represented by a Class A-V  Certificate,  if any) and the rights to the Interest
Only Certificates and Uncertificated  REMIC Regular Interest  represented by any
Class A-V  Certificate  would be reduced to zero is the  Maturity  Date for each
such Certificate and Interest.

        (l) Within 30 days after the Closing Date, the REMIC Administrator shall
prepare  and file with the  Internal  Revenue  Service  Form 8811,  "Information
Return for Real  Estate  Mortgage  Investment  Conduits  (REMIC)  and Issuers of
Collateralized Debt Obligations" for each REMIC created hereunder.

        (m) Neither the Trustee nor the Master  Servicer shall sell,  dispose of
or substitute for any of the Mortgage  Loans (except in connection  with (i) the
default,  imminent default or foreclosure of a Mortgage Loan,  including but not
limited to, the acquisition or sale of a Mortgaged  Property acquired by deed in
lieu of foreclosure,  (ii) the bankruptcy of any REMIC created hereunder,  (iii)
the  termination  of any such REMIC  pursuant to Article IX of this Agreement or
(iv) a  purchase  of  Mortgage  Loans  pursuant  to  Article  II or III of  this
Agreement) nor acquire any assets for any such REMIC, nor sell or dispose of any
investments  in the Custodial  Account or the  Certificate  Account for gain nor
accept any  contributions to any such REMIC after the Closing Date unless it has
received  an Opinion of Counsel  that such sale,  disposition,  substitution  or
acquisition will not (a) affect adversely the status of such REMIC as a REMIC or
(b)  unless  the  Master  Servicer  has  determined  in its sole  discretion  to
indemnify the Trust Fund against such tax, cause such REMIC

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to be subject to a tax on "prohibited  transactions" or "contributions" pursuant
to the REMIC Provisions.

          Section  10.02  Master  Servicer,   REMIC  Administrator  and  Trustee
               Indemnification.

        (a) The Trustee  agrees to indemnify  the Trust Fund,  the Company,  the
REMIC  Administrator  and the Master Servicer for any taxes and costs including,
without limitation,  any reasonable attorneys fees imposed on or incurred by the
Trust Fund, the Company or the Master  Servicer,  as a result of a breach of the
Trustee's covenants set forth in Article VIII or this Article X.

        (b) The REMIC  Administrator  agrees to  indemnify  the Trust Fund,  the
Company, the Master Servicer and the Trustee for any taxes and costs (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company,  the Master Servicer or the Trustee, as a result of
a breach of the REMIC Administrator's covenants set forth in this Article X with
respect to compliance with the REMIC Provisions,  including without  limitation,
any penalties  arising from the Trustee's  execution of Tax Returns  prepared by
the REMIC  Administrator  that contain errors or omissions;  provided,  however,
that such liability will not be imposed to the extent such breach is a result of
an error or omission in information  provided to the REMIC  Administrator by the
Master Servicer in which case Section 10.02(c) will apply.

        (c) The Master Servicer agrees to indemnify the Trust Fund, the Company,
the REMIC  Administrator  and the  Trustee  for any taxes and costs  (including,
without  limitation,  any reasonable  attorneys' fees) imposed on or incurred by
the Trust Fund, the Company, the REMIC Administrator or the Trustee, as a result
of a breach of the Master Servicer's covenants set forth in this Article X or in
Article III with  respect to  compliance  with the REMIC  Provisions,  including
without  limitation,  any penalties arising from the Trustee's  execution of Tax
Returns prepared by the Master Servicer that contain errors or omissions.

        Section 10.03 Designation of REMIC(s).

        As provided in Section 10.03 of the Series Supplement.

                                          ARTICLE XI

                                   MISCELLANEOUS PROVISIONS

        Section 11.01 Amendment.

        (a) This  Agreement or any Custodial  Agreement may be amended from time
to time by the Company, the Master Servicer and the Trustee, without the consent
of any of the Certificateholders:

                      (i)    to cure any ambiguity,

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                      (ii) to correct or  supplement  any  provisions  herein or
               therein,  which may be  inconsistent  with any  other  provisions
               herein or therein or to correct any error,

                      (iii) to modify, eliminate or add to any of its provisions
               to such extent as shall be necessary or desirable to maintain the
               qualification  of the Trust Fund as a REMIC at all times that any
               Certificate  is  outstanding  or to avoid or minimize the risk of
               the  imposition of any tax on the Trust Fund pursuant to the Code
               that would be a claim  against the Trust Fund,  provided that the
               Trustee has received an Opinion of Counsel to the effect that (A)
               such  action  is  necessary   or   desirable  to  maintain   such
               qualification  or to avoid or minimize the risk of the imposition
               of any such tax and (B) such action will not adversely  affect in
               any material respect the interests of any Certificateholder,

                      (iv) to change the timing  and/or  nature of deposits into
               the Custodial Account or the Certificate Account or to change the
               name in which the Custodial Account is maintained,  provided that
               (A) the  Certificate  Account  Deposit  Date shall in no event be
               later than the related  Distribution  Date, (B) such change shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any  Certificateholder  and
               (C) such  change  shall not result in a  reduction  of the rating
               assigned  to any  Class of  Certificates  below  the lower of the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,

                      (v) to  modify,  eliminate  or add  to the  provisions  of
               Section  5.02(f)  or  any  other  provision  hereof   restricting
               transfer  of the Class R  Certificates,  by virtue of their being
               the  "residual  interests"  in a  REMIC,  provided  that (A) such
               change shall not result in  reduction  of the rating  assigned to
               any  such   Class  of   Certificates   below  the  lower  of  the
               then-current  rating or the rating assigned to such  Certificates
               as of the Closing Date, as evidenced by a letter from each Rating
               Agency to such effect,  and (B) such change shall not (subject to
               Section 10.01(f)),  as evidenced by an Opinion of Counsel (at the
               expense of the party seeking so to modify,  eliminate or add such
               provisions),  cause any  REMIC  created  hereunder  or any of the
               Certificateholders (other than the transferor) to be subject to a
               federal  tax  caused  by a  transfer  to a  Person  that is not a
               Permitted Transferee,

                      (vi) to make any other  provisions with respect to matters
               or  questions  arising  under this  Agreement  or such  Custodial
               Agreement  which shall not be  materially  inconsistent  with the
               provisions  of this  Agreement,  provided  that such action shall
               not, as evidenced by an Opinion of Counsel,  adversely  affect in
               any material respect the interests of any Certificateholder, or

                    (vii) to amend any  provision  herein or therein that is not
               material to any of the Certificateholders.

        (b) This  Agreement or any Custodial  Agreement may also be amended from
time to time by the  Company,  the  Master  Servicer  and the  Trustee  with the
consent of the Holders of Certificates

                                             100

<PAGE>

evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each  Class of  Certificates  affected  thereby  for the  purpose  of adding any
provisions to or changing in any manner or eliminating  any of the provisions of
this  Agreement  or such  Custodial  Agreement or of modifying in any manner the
rights of the Holders of Certificates of such Class; provided,  however, that no
such amendment shall:

                      (i)  reduce  in any  manner  the  amount  of, or delay the
               timing of,  payments  which are required to be distributed on any
               Certificate   without   the   consent   of  the  Holder  of  such
               Certificate,

                      (ii) reduce the aforesaid  percentage of  Certificates  of
               any Class the  Holders  of which are  required  to consent to any
               such  amendment,  in any such case  without  the  consent  of the
               Holders of all Certificates of such Class then outstanding.

        (c)  Notwithstanding  any  contrary  provision  of this  Agreement,  the
Trustee  shall not consent to any  amendment to this  Agreement  unless it shall
have first  received an Opinion of Counsel  (subject to Section  10.01(f) and at
the  expense  of the party  seeking  such  amendment)  to the  effect  that such
amendment  or the  exercise  of any power  granted to the Master  Servicer,  the
Company or the Trustee in accordance  with such amendment will not result in the
imposition  of a federal tax on the Trust Fund or cause any REMIC  created under
the  Series  Supplement  to fail to  qualify  as a REMIC  at any  time  that any
Certificate is outstanding.

        (d) Promptly after the execution of any such amendment the Trustee shall
furnish written notification of the substance of such amendment to the Custodian
and each  Certificateholder.  It  shall  not be  necessary  for the  consent  of
Certificateholders  under this Section 11.01 to approve the  particular  form of
any proposed amendment, but it shall be sufficient if such consent shall approve
the substance  thereof.  The manner of obtaining such consents and of evidencing
the  authorization  of the  execution  thereof  by  Certificateholders  shall be
subject to such reasonable regulations as the Trustee may prescribe.

        (e) The Company shall have the option, in its sole discretion, to obtain
and  deliver  to  the  Trustee  any  corporate  guaranty,   payment  obligation,
irrevocable  letter  of  credit,   surety  bond,  insurance  policy  or  similar
instrument or a reserve  fund,  or any  combination  of the  foregoing,  for the
purpose of protecting the Holders of the Class B Certificates against any or all
Realized Losses or other  shortfalls.  Any such instrument or fund shall be held
by the Trustee for the benefit of the Class B Certificateholders,  but shall not
be and shall not be deemed to be under any  circumstances  included in the Trust
Fund. To the extent that any such instrument or fund  constitutes a reserve fund
for federal income tax purposes, (i) any reserve fund so established shall be an
outside  reserve fund and not an asset of the Trust Fund,  (ii) any such reserve
fund shall be owned by the Company,  and (iii) amounts  transferred by the Trust
Fund to any such  reserve  fund shall be treated as amounts  distributed  by the
Trust Fund to the Company or any  successor,  all within the meaning of Treasury
Regulations  Section  1.860G-2(h)  as  it  reads  as of  the  Cut-off  Date.  In
connection with the provision of any such instrument or fund, this Agreement and
any provision hereof may be modified,  added to, deleted or otherwise amended in
any manner  that is  related or  incidental  to such  instrument  or fund or the
establishment or  administration  thereof,  such amendment to be made by written
instrument  executed or  consented  to by the Company but without the consent of
any

                                             101

<PAGE>

Certificateholder  and without the consent of the Master Servicer or the Trustee
being required unless any such amendment would impose any additional  obligation
on,   or   otherwise    adversely   affect   the   interests   of   the   Senior
Certificateholders,  the Class M Certificateholders,  the Master Servicer or the
Trustee,  as applicable;  provided that the Company obtains  (subject to Section
10.01(f))  an Opinion of Counsel  (which  need not be an opinion of  Independent
counsel)  to the effect that any such  amendment  will not cause (a) any federal
tax to be imposed on the Trust Fund,  including without limitation,  any federal
tax imposed on "prohibited transactions" under Section 860F(a)(1) of the Code or
on "contributions  after the startup date" under Section  860G(d)(1) of the Code
and (b) any REMIC  created  hereunder  to fail to qualify as a REMIC at any time
that any  Certificate  is  outstanding.  In the event that the Company elects to
provide  such  coverage  in the form of a limited  guaranty  provided by General
Motors  Acceptance  Corporation,  the  Company  may elect  that the text of such
amendment to this Agreement shall be  substantially  in the form attached hereto
as Exhibit K (in which case Residential Funding's  Subordinate  Certificate Loss
Obligation  as described in such exhibit  shall be  established  by  Residential
Funding's  consent to such  amendment)  and that the limited  guaranty  shall be
executed  in the form  attached  hereto as Exhibit  K, with such  changes as the
Company shall deem to be appropriate;  it being  understood that the Trustee has
reviewed and approved the content of such forms and that the  Trustee's  consent
or approval to the use thereof is not required.

        Section 11.02 Recordation of Agreement; Counterparts.

        (a) To the extent permitted by applicable law, this Agreement is subject
to recordation in all  appropriate  public offices for real property  records in
all the counties or other  comparable  jurisdictions  in which any or all of the
properties  subject to the Mortgages are situated,  and in any other appropriate
public  recording  office or elsewhere,  such  recordation to be effected by the
Master Servicer and at its expense on direction by the Trustee  (pursuant to the
request  of  Holders  of  Certificates  entitled  to at least 25% of the  Voting
Rights),  but only upon  direction  accompanied  by an Opinion of Counsel to the
effect that such recordation  materially and beneficially  affects the interests
of the Certificateholders.

        (b) For the purpose of facilitating the recordation of this Agreement as
herein  provided  and  for  other  purposes,  this  Agreement  may  be  executed
simultaneously in any number of counterparts,  each of which  counterparts shall
be deemed to be an original,  and such counterparts shall constitute but one and
the same instrument.

        Section 11.03 Limitation on Rights of Certificateholders.

        (a) The death or incapacity of any  Certificateholder  shall not operate
to   terminate   this   Agreement   or  the  Trust  Fund,   nor   entitle   such
Certificateholder's  legal representatives or heirs to claim an accounting or to
take any action or  proceeding in any court for a partition or winding up of the
Trust Fund, nor otherwise affect the rights,  obligations and liabilities of any
of the parties hereto.

        (b) No  Certificateholder  shall  have  any  right  to vote  (except  as
expressly  provided herein) or in any manner otherwise control the operation and
management  of the Trust Fund, or the  obligations  of the parties  hereto,  nor
shall anything herein set forth, or contained in the terms of the  Certificates,
be construed so as to  constitute  the  Certificateholders  from time to time as
partners or

                                             102

<PAGE>

members  of an  association;  nor  shall  any  Certificateholder  be  under  any
liability  to any third  person by reason of any action  taken by the parties to
this Agreement pursuant to any provision hereof.

        (c) No Certificateholder shall have any right by virtue of any provision
of this  Agreement to institute  any suit,  action or proceeding in equity or at
law  upon or  under  or with  respect  to this  Agreement,  unless  such  Holder
previously  shall have given to the  Trustee a written  notice of default and of
the continuance thereof, as hereinbefore  provided,  and unless also the Holders
of  Certificates  of any Class  evidencing in the aggregate not less than 25% of
the related Percentage  Interests of such Class, shall have made written request
upon the Trustee to institute such action, suit or proceeding in its own name as
Trustee  hereunder  and  shall  have  offered  to the  Trustee  such  reasonable
indemnity as it may require  against the costs,  expenses and  liabilities to be
incurred therein or thereby,  and the Trustee,  for 60 days after its receipt of
such notice, request and offer of indemnity,  shall have neglected or refused to
institute any such action,  suit or proceeding it being understood and intended,
and being  expressly  covenanted  by each  Certificateholder  with  every  other
Certificateholder  and the Trustee,  that no one or more Holders of Certificates
of any  Class  shall  have any  right in any  manner  whatever  by virtue of any
provision of this  Agreement to affect,  disturb or prejudice  the rights of the
Holders of any other of such  Certificates  of such Class or any other Class, or
to  obtain or seek to  obtain  priority  over or  preference  to any other  such
Holder,  or to  enforce  any right  under this  Agreement,  except in the manner
herein provided and for the common benefit of  Certificateholders  of such Class
or all Classes,  as the case may be. For the protection  and  enforcement of the
provisions  of this  Section  11.03,  each and every  Certificateholder  and the
Trustee  shall be entitled  to such  relief as can be given  either at law or in
equity.

        Section 11.04 Governing Law.

        This agreement and the  Certificates  shall be governed by and construed
in accordance with the laws of the State of New York and the obligations, rights
and remedies of the parties  hereunder  shall be determined  in accordance  with
such laws.

        Section 11.05 Notices.

        As provided in Section 11.05 of the Series Supplement.

        Section 11.06 Required Notices to Rating Agency and Subservicer.

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

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

        (b)    the occurrence of an Event of Default,

                                             103

<PAGE>

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

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

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

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

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

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

        (i)    the occurrence of the Final Distribution Date, and

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

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

        Section 11.07 Severability of Provisions.

        If any one or more of the covenants, agreements,  provisions or terms of
this  Agreement  shall be for any  reason  whatsoever  held  invalid,  then such
covenants,  agreements,  provisions or terms shall be deemed  severable from the
remaining covenants, agreements, provisions or terms of this Agreement and shall
in no way affect the validity or  enforceability of the other provisions of this
Agreement or of the Certificates or the rights of the Holders thereof.

        Section 11.08 Supplemental Provisions for Resecuritization.

        This  Agreement  may be  supplemented  by  means  of the  addition  of a
separate  Article  hereto  (a   "Supplemental   Article")  for  the  purpose  of
resecuritizing  any of the Certificates  issued  hereunder,  under the following
circumstances.  With  respect  to any Class or Classes  of  Certificates  issued
hereunder,  or any portion of any such Class,  as to which the Company or any of
its  Affiliates  (or  any  designee  thereof)  is  the  registered  Holder  (the
"Resecuritized  Certificates"),  the  Company  may  deposit  such  Resecuritized
Certificates into a new REMIC, grantor trust, FASIT or custodial  arrangement (a
"Restructuring  Vehicle") to be held by the Trustee  pursuant to a  Supplemental
Article.  The instrument adopting such Supplemental Article shall be executed by
the Company,  the Master  Servicer and the Trustee;  provided,  that neither the
Master  Servicer nor the Trustee shall withhold  their consent  thereto if their
respective interests would not be materially adversely affected

                                             104

<PAGE>

thereby. To the extent that the terms of the Supplemental  Article do not in any
way  affect  any  provisions  of this  Agreement  as to any of the  Certificates
initially issued hereunder,  the adoption of the Supplemental  Article shall not
constitute an "amendment" of this Agreement.

        Each  Supplemental  Article  shall set forth  all  necessary  provisions
relating to the holding of the  Resecuritized  Certificates by the Trustee,  the
establishment of the  Restructuring  Vehicle,  the issuing of various classes of
new certificates by the  Restructuring  Vehicle and the distributions to be made
thereon,  and any  other  provisions  necessary  for the  purposes  thereof.  In
connection  with each  Supplemental  Article,  the Company  shall deliver to the
Trustee an Opinion of Counsel to the effect that (i) the  Restructuring  Vehicle
will  qualify as a REMIC,  grantor  trust,  FASIT or other entity not subject to
taxation  for  federal  income  tax  purposes  and  (ii)  the  adoption  of  the
Supplemental  Article  will not endanger the status of the Trust Fund as a REMIC
or  (subject to Section  10.01(f))  result in the  imposition  of a tax upon the
Trust Fund  (including but not limited to the tax on prohibited  transactions as
defined  in Section  860F(a)(2)  of the Code and the tax on  contributions  to a
REMIC as set forth in Section 860G(d) of the Code).

        Section 11.09 Allocation of Voting Rights.

               As provided in Section 11.09 of the Series Supplement.

                                             105

<PAGE>

                                          EXHIBIT A

             FORM OF CLASS A CERTIFICATE, [PRINCIPAL ONLY/CLASS A-P] CERTIFICATE
                          AND [INTEREST ONLY/CLASS A-V] CERTIFICATE

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986.

        [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

<PAGE>

<TABLE>
<CAPTION>

<S>                                             <C>
Certificate No. [____]                          [____]% [Adjustable] [Variable] Pass-Through
                                                Rate [based on a Notional Amount]
Class [A-___] Senior                            Percentage Interest: ____%
Date of Pooling and Servicing Agreement and     Aggregate Initial [Certificate Principal
Cut-off Date:                                   Balance] [Interest Only/Class A-V] [Notional
[______________]                                Amount] [Subclass Notional Amount] of the
                                                Class [A-___] Certificates: $________
First Distribution Date:                        [Initial] [Certificate Principal Balance]
[______________]                                [Interest Only/Class A-V] [Subclass] [Notional
                                                Amount] of this Certificate:
                                                $[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[--------------]                                [--------------]

</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE
                                       SERIES ________

               evidencing a percentage  interest in the distributions  allocable
               To the Class  [A-___]  certificates  with respect to a trust fund
               Consisting   primarily  of  a  pool  of   conventional   one-  to
               Four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
certificate  nor the underlying  mortgage loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  residential  funding  mortgage
securities I, inc.,  the master  servicer,  the trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the company, the master servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the certificates.

        This certifies that is the registered  owner of the percentage  interest
evidenced by this  certificate  [(obtained by dividing the [initial  certificate
principal balance] [initial  [interest  only/Class A-v] notional amount] of this
certificate by the aggregate [initial certificate principal balance of all Class
A-  certificates]  [initial  [interest  only/Class A-v] notional  amounts of all
[interest only/Class

<PAGE>

A-v]  certificates],  both as specified  above)] in certain  distributions  with
respect to the trust  fund  consisting  primarily  of an  interest  in a pool of
conventional  one- to four-family  fixed interest rate first mortgage loans (the
"mortgage loans"), formed and sold by residential funding mortgage securities I,
inc. (Hereinafter called the "company," which term includes any successor entity
under the agreement referred to below). The trust fund was created pursuant to a
series  supplement,  dated as specified  above, to the standard terms of pooling
and servicing agreement dated as of ________________ (together, the "pooling and
servicing  agreement" or the "agreement") among the company, the master servicer
and  _______________,  as trustee (the  "trustee"),  a summary of certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
agreement.  This  certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  agreement,  to which  agreement the holder of
this  certificate by virtue of the  acceptance  hereof assents and by which such
holder is bound.

        Pursuant to the terms of the agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  business  day,  the
business day  immediately  following (the  "distribution  date"),  commencing as
described  in the  agreement,  to the person in whose name this  certificate  is
registered  at the close of business on the last day (or if such last day is not
a business  day, the business day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "record date"),
from the available  distribution amount in an amount equal to the product of the
percentage  interest  evidenced by this certificate and the amount [(of interest
and  principal,  if any)]  required  to be  distributed  to  holders of Class A-
certificates on such distribution date. [the [interest  only/Class A-v] notional
amount  of  the  [interest  only/Class  A-v]  certificates  as of  any  date  of
determination is equal to the aggregate stated principal balance of the mortgage
loans corresponding to the uncertificated remic regular interests represented by
such [interest only/Class A-v] certificates.]

        Distributions  on this  certificate  will be made  either by the  master
servicer  acting on behalf of the trustee or by a paying agent  appointed by the
trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the person entitled thereto if such person shall have so notified the
master  servicer or such paying agent,  or by check mailed to the address of the
person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
certificate register.

        Notwithstanding  the above,  the final  distribution on this certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this certificate at the office or agency appointed
by the trustee for that purpose in the city and state of New York.  The [initial
certificate  principal  balance]  [initial  [interest  only/Class  A-v] notional
amount] of this  certificate  is set forth  above.] [the  certificate  principal
balance  hereof  will be  reduced to the extent of  distributions  allocable  to
principal and any realized losses allocable hereto.]

        This  certificate  is one of a duly  authorized  issue  of  certificates
issued in several classes  designated as mortgage  pass-through  certificates of
the series specified hereon (herein collectively called the "certificates").

        The certificates are limited in right of payment to certain  collections
and recoveries respecting the mortgage loans, all as more specifically set forth
herein and in the agreement. In the

<PAGE>

event master servicer funds are advanced with respect to any mortgage loan, such
advance is  reimbursable to the master  servicer,  to the extent provided in the
agreement, from related recoveries on such mortgage loan or from other cash that
would have been distributable to certificateholders.

        As provided in the  agreement,  withdrawals  from the custodial  account
and/or the certificate account created for the benefit of certificateholders may
be made by the  master  servicer  from  time to time  for  purposes  other  than
distributions to certificateholders,  such purposes including without limitation
reimbursement  to the company  and the master  servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The agreement permits,  with certain  exceptions  therein provided,  the
amendment of the agreement and the modification of the rights and obligations of
the  company,  the  master  servicer  and  the  trustee  and the  rights  of the
certificateholders  under the  agreement at any time by the company,  the master
servicer  and the  trustee  with the  consent  of the  holders  of  certificates
evidencing  in the aggregate  not less than 66% of the  percentage  interests of
each class of certificates  affected thereby.  Any such consent by the holder of
this  certificate  shall be  conclusive  and binding on such holder and upon all
future  holders  of this  certificate  and of any  certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  certificate.  The  agreement  also permits the
amendment thereof in certain circumstances without the consent of the holders of
any of the certificates and, in certain  additional  circumstances,  without the
consent of the holders of certain  classes of  certificates.  As provided in the
agreement and subject to certain  limitations therein set forth, the transfer of
this  certificate is registrable in the  certificate  register upon surrender of
this  certificate  for  registration  of  transfer  at the  offices or  agencies
appointed by the trustee in the city and state of New York, duly endorsed by, or
accompanied  by an assignment  in the form below or other written  instrument of
transfer in form satisfactory to the trustee and the certificate  registrar duly
executed by the holder  hereof or such  holder's  attorney  duly  authorized  in
writing, and thereupon one or more new certificates of authorized  denominations
evidencing  the same class and aggregate  percentage  interest will be issued to
the designated transferee or transferees.

        The  certificates are issuable only as registered  certificates  without
coupons in classes and in denominations  specified in the agreement. As provided
in  the  agreement  and  subject  to  certain  limitations  therein  set  forth,
certificates are  exchangeable for new certificates of authorized  denominations
evidencing the same Class and aggregate percentage interest, as requested by the
holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  company,  the master  servicer,  the  trustee  and the  certificate
registrar and any agent of the company, the master servicer,  the trustee or the
certificate  registrar  may treat the person in whose name this  certificate  is
registered  as the owner hereof for all purposes,  and neither the company,  the
master  servicer,  the trustee nor any such agent shall be affected by notice to
the contrary.

<PAGE>

        This  certificate  shall be governed by and construed in accordance with
the laws of the state of New York.

        The obligations  created by the agreement in respect of the certificates
and the  trust  fund  created  thereby  shall  terminate  upon  the  payment  to
certificateholders  of all  amounts  held by or on  behalf  of the  trustee  and
required to be paid to them pursuant to the  agreement  following the earlier of
(i) the maturity or other  liquidation of the last mortgage loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any mortgage  loan and (ii) the purchase by the master  servicer
from the trust fund of all remaining mortgage loans and all property acquired in
respect of such  mortgage  loans,  thereby  effecting  early  retirement  of the
certificates.  The agreement permits,  but does not require, the master servicer
to (i) purchase at a price determined as provided in the agreement all remaining
mortgage loans and all property acquired in respect of any mortgage loan or (ii)
purchase in whole,  but not in part,  all of the  certificates  from the holders
thereof; provided, that any such option may only be exercised if the pool stated
principal  balance of the mortgage loans as of the distribution  date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the cut-off date principal balance of the mortgage loans.

        Reference is hereby made to the further  provisions of this  certificate
set forth on the reverse hereof, which further provisions shall for all purposes
have the same effect as if set forth at this place.

        Unless the certificate of authentication hereon has been executed by the
certificate  registrar,  by  manual  signature,  this  certificate  shall not be
entitled to any benefit under the agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                      -------------------------
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [A- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:
                                                      -------------------------
                                                   Authorized Signatory

<PAGE>

                                   ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:
      ________________            ____________________________________________
                                   Signature by or on behalf of assignor

                                   ___________________________________________
                                                   Signature Guaranteed

                                   DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                           EXHIBIT B

                                  FORM OF CLASS M CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES  [CLASS M-1 CERTIFICATES] [AND CLASS M-2 CERTIFICATES] AS DESCRIBED
IN THE AGREEMENT (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"REGULAR  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT," AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED  REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION  ("DTC"),  TO ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER,  EXCHANGE,  OR PAYMENT,  AND ANY CERTIFICATE
ISSUED  IS  REGISTERED  IN THE NAME OF CEDE & CO.  OR IN SUCH  OTHER  NAME AS IS
REQUESTED  BY AN  AUTHORIZED  REPRESENTATIVE  OF DTC (AND ANY PAYMENT IS MADE TO
CEDE  &  CO.  OR  TO  SUCH  OTHER  ENTITY  AS  IS  REQUESTED  BY  AN  AUTHORIZED
REPRESENTATIVE  OF DTC), ANY TRANSFER,  PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE  BY OR TO ANY PERSON IS  WRONGFUL  INASMUCH  AS THE  REGISTERED  OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

        ANY TRANSFEREE OF THIS CERTIFICATE WILL BE DEEMED TO HAVE REPRESENTED BY
VIRTUE OF ITS PURCHASE OR HOLDING OF THIS  CERTIFICATE (OR INTEREST HEREIN) THAT
EITHER (A) SUCH TRANSFEREE IS NOT AN INVESTMENT  MANAGER, A NAMED FIDUCIARY OR A
TRUSTEE OF ANY PLAN) ACTING, DIRECTLY OR INDIRECTLY,  ON BEHALF OF OR PURCHASING
ANY CERTIFICATE WITH "PLAN ASSETS" OF ANY PLAN (A "PLAN  INVESTOR"),  (B) IT HAS
ACQUIRED AND IS HOLDING SUCH  CERTIFICATE IN RELIANCE ON PROHIBITED  TRANSACTION
EXEMPTION  ("PTE") 94-29, 59 FED. REG. 14674 (MARCH 29, 1994), AS AMENDED BY PTE
97-34, 62 FED. REG. 39021 (JULY 21, 1997),  AND PTE 2000-58,  65 FED. REG. 67765
(NOVEMBER 13, 2000) (THE "RFC  EXEMPTION"),  AND THAT IT UNDERSTANDS  THAT THERE
ARE CERTAIN  CONDITIONS TO THE AVAILABILITY OF THE RFC EXEMPTION  INCLUDING THAT
SUCH CERTIFICATE  MUST BE RATED, AT THE TIME OF PURCHASE,  NOT LOWER THAN "BBB-"
(OR ITS  EQUIVALENT)  BY  STANDARD  & POOR'S,  FITCH OR  MOODY'S  OR (C)(I)  THE
TRANSFEREE IS AN INSURANCE COMPANY, (II) THE SOURCE OF FUNDS TO BE USED BY IT TO
PURCHASE THE CERTIFICATE IS AN "INSURANCE  COMPANY GENERAL  ACCOUNT" (WITHIN THE
MEANING OF U.S.  DEPARTMENT  OF LABOR  PROHIBITED  TRANSACTION  CLASS  EXEMPTION
("PTCE")  95-60),  AND (III) THE  CONDITIONS  SET FORTH IN SECTIONS I AND III OF
PTCE 95-60 HAVE BEEN  SATISFIED  (EACH ENTITY THAT  SATISFIES THIS CLAUSE (C), A
"COMPLYING INSURANCE COMPANY").

<PAGE>

        IF THIS  CERTIFICATE  (OR ANY  INTEREST  HEREIN) IS  ACQUIRED OR HELD IN
VIOLATION OF THE PROVISIONS OF THE PRECEDING PARAGRAPH,  THEN THE LAST PRECEDING
TRANSFEREE  THAT  EITHER  (I)  IS  NOT  A  PLAN  INVESTOR,  (II)  ACQUIRED  SUCH
CERTIFICATE  IN  COMPLIANCE  WITH THE RFC  EXEMPTION  OR  (III)  IS A  COMPLYING
INSURANCE  COMPANY  SHALL BE  RESTORED,  TO THE EXTENT  PERMITTED BY LAW, TO ALL
RIGHTS AND OBLIGATIONS AS CERTIFICATE  OWNER THEREOF  RETROACTIVE TO THE DATE OF
SUCH  TRANSFER OF THIS  CERTIFICATE.  THE TRUSTEE SHALL BE UNDER NO LIABILITY TO
ANY PERSON FOR MAKING ANY PAYMENTS  DUE ON THIS  CERTIFICATE  TO SUCH  PRECEDING
TRANSFEREE.

        ANY PURPORTED  CERTIFICATE  OWNER WHOSE  ACQUISITION  OR HOLDING OF THIS
CERTIFICATE (OR INTEREST  HEREIN) WAS EFFECTED IN VIOLATION OF THE  RESTRICTIONS
IN SECTION  5.02(E) OF THE POOLING AND SERVICING  AGREEMENT  SHALL INDEMNIFY AND
HOLD HARMLESS THE COMPANY,  THE TRUSTEE,  THE MASTER SERVICER,  ANY SUBSERVICER,
AND THE TRUST FUND FROM AND AGAINST ANY AND ALL  LIABILITIES,  CLAIMS,  COSTS OR
EXPENSES INCURRED BY SUCH PARTIES AS A RESULT OF SUCH ACQUISITION OR HOLDING.

<PAGE>

<TABLE>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [M-___] Subordinate
Date of Pooling and Servicing Agreement and     Principal Balance of the Class M Certificates:
Cut-off Date:                                   $_______________
[--------------]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[--------------]                                [--------------]

</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                       SERIES ________

               evidencing a percentage  interest in any distributions  allocable
               to the Class M-___  Certificates  with  respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that is the registered  owner of the Percentage  Interest
evidenced by this  Certificate  (obtained by dividing the Certificate  Principal
Balance of this Certificate by the aggregate  Certificate  Principal  Balance of
all Class M-___ Certificates,  both as specified above) in certain distributions
with respect to a Trust Fund consisting primarily of a pool of conventional one-
to four-family fixed interest rate first mortgage loans (the "Mortgage  Loans"),
formed and sold by Residential Funding Mortgage Securities I, Inc.  (hereinafter
called the  "Company,"  which  term  includes  any  successor  entity  under the
Agreement  referred to below).  The Trust Fund was created  pursuant to a Series
Supplement, dated as specified above, to the Standard Terms of Pooling and

<PAGE>

Servicing  Agreement dated as of  ________________  (together,  the "Pooling and
Servicing  Agreement" or the "Agreement") among the Company, the Master Servicer
and  ___________,  as  trustee  (the  "Trustee"),  a summary  of  certain of the
pertinent provisions of which is set forth hereafter.  To the extent not defined
herein,  the  capitalized  terms used herein have the  meanings  assigned in the
Agreement.  This  Certificate  is issued  under  and is  subject  to the  terms,
provisions  and conditions of the  Agreement,  to which  Agreement the Holder of
this  Certificate by virtue of the  acceptance  hereof assents and by which such
Holder is bound.

        Pursuant to the terms of the Agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  Business  Day,  the
Business Day  immediately  following (the  "Distribution  Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required to be  distributed  to Holders of Class M-___
Certificates on such Distribution Date.

        Distributions  on this  Certificate  will be made  either by the  Master
Servicer  acting on behalf of the Trustee or by a Paying Agent  appointed by the
Trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master  Servicer or such Paying Agent,  or by check mailed to the address of the
Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate  Principal  Balance  hereof  will be  reduced  to the  extent of the
distributions allocable to principal and any Realized Losses allocable hereto.

        As described above, any transferee of this Certificate will be deemed to
have  represented by virtue of its purchase or holding of this  Certificate  (or
interest herein) that either (A) such transferee is not a Plan Investor,  (B) it
has acquired and is holding this  Certificate  in reliance on the RFC  Exemption
and that it understands that there are certain conditions to the availability of
the RFC Exemption  including that this Certificate must be rated, at the time of
purchase,  not lower than "BBB-" (or its equivalent) by Standard & Poor's, Fitch
or Moody's or (C) the transferee is a Complying  Insurance Company. In addition,
any purported Certificate Owner whose acquisition or holding of this Certificate
(or interest  herein) was effected in violation of the  restrictions  in Section
5.02(e) of the Agreement  shall  indemnify  and hold  harmless the Company,  the
Trustee,  the  Master  Servicer,  any  Subservicer,  and the Trust Fund from and
against any and all  liabilities,  claims,  costs or  expenses  incurred by such
parties as a result of such acquisition or holding.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

<PAGE>

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing,  and thereupon one or more new Certificates
of authorized  denominations  evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered as the owner hereof for all purposes, and neither the

<PAGE>

Company,  the Master Servicer,  the Trustee nor any such agent shall be affected
by notice to the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                      -------------------------
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [M- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:
                                                      -------------------------
                                                   Authorized Signatory

<PAGE>

                                          ASSIGNMENT

        FOR VALUE  RECEIVED,  the  undersigned  hereby  sell(s),  assign(s)  and
transfer(s)  unto (Please print or typewrite name and address  including  postal
zip code of assignee) a  Percentage  Interest  evidenced by the within  Mortgage
Pass- Through  Certificate and hereby authorizes the transfer of registration of
such interest to assignee on the Certificate Register of the Trust Fund.

        I  (We)  further  direct  the  Certificate  Registrar  to  issue  a  new
Certificate of a like  denomination  and Class,  to the above named assignee and
deliver such Certificate to the following address:

Dated:
      ________________            ____________________________________________
                                   Signature by or on behalf of assignor

                                   ___________________________________________
                                                   Signature Guaranteed

                                   DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                           EXHIBIT C

                                  FORM OF CLASS B CERTIFICATE

        THIS  CERTIFICATE  IS  SUBORDINATED  IN RIGHT OF  PAYMENT  TO THE SENIOR
CERTIFICATES AND CLASS M CERTIFICATES  [AND CLASS B-1] [CLASS B-2  CERTIFICATES]
DESCRIBED IN THE AGREEMENT (AS DEFINED HEREIN).

        THIS  CERTIFICATE  HAS NOT BEEN AND WILL  NOT BE  REGISTERED  UNDER  THE
SECURITIES ACT OF 1933, AS AMENDED,  OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR  TRANSFERRED  UNLESS IT IS REGISTERED  PURSUANT TO SUCH ACT AND
LAWS  OR  IS  SOLD  OR  TRANSFERRED  IN  TRANSACTIONS   WHICH  ARE  EXEMPT  FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF SECTION 5.02 OF THE AGREEMENT.

        NO TRANSFER OF THIS  CERTIFICATE  MAY BE MADE TO ANY PERSON,  UNLESS THE
TRANSFEREE  PROVIDES EITHER A  CERTIFICATION  PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT  OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE MASTER  SERVICER,  THE
COMPANY  AND THE  TRUSTEE  THAT  THE  PURCHASE  OF  THIS  CERTIFICATE  WILL  NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE  RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER  SERVICER,  THE COMPANY
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.

<PAGE>

<TABLE>
<CAPTION>

<S>                                              <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [B-___] Subordinate
Date of Pooling and Servicing Agreement and     Principal Balance of the Class B-___
Cut-off Date:                                   Certificates as of the Cut-off Date: $________
[--------------]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[--------------]
Master Servicer:
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[--------------]                                [--------------]
</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                        SERIES _______

               evidencing a percentage  interest in any distributions  allocable
               to the Class B-___  Certificates  with  respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that  _______________________  is the registered owner of
the Percentage Interest evidenced by this Certificate  (obtained by dividing the
Certificate  Principal Balance of this Certificate by the aggregate  Certificate
Principal Balance of all Class B-___  Certificates,  both as specified above) in
certain  distributions  with respect to a Trust Fund  consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Funding Mortgage
Securities I, Inc.  (hereinafter  called the "Company,"  which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant  to a Series  Supplement,  dated as  specified  above,  to the
Standard

<PAGE>

Terms of Pooling and Servicing Agreement dated as of ________________ (together,
the "Pooling and Servicing Agreement" or the "Agreement") among the Company, the
Master  Servicer  and  ___________,  as trustee  (the  "Trustee"),  a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

        Pursuant to the terms of the Agreement, a distribution will be
made on the 25th day of each month or, if such 25th day is not a  Business  Day,
the Business Day immediately following (the "Distribution Date"),  commencing on
the first  Distribution  Date specified  above, to the Person in whose name this
Certificate  is  registered at the close of business on the last day (or if such
last day is not a Business Day, the Business Day immediately preceding such last
day) of the month next  preceding  the month of such  distribution  (the "Record
Date"), from the Available Distribution Amount in an amount equal to the product
of the  Percentage  Interest  evidenced by this  Certificate  and the amount (of
interest and principal, if any) required to be distributed to Holders of Class B
Certificates on such Distribution Date.

        Distributions  on this  Certificate  will be made  either by the  Master
Servicer  acting on behalf of the Trustee or by a Paying Agent  appointed by the
Trustee in immediately  available  funds (by wire transfer or otherwise) for the
account of the Person entitled thereto if such Person shall have so notified the
Master  Servicer or such Paying Agent,  or by check mailed to the address of the
Person  entitled  thereto,  as  such  name  and  address  shall  appear  on  the
Certificate Register.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate  Principal  Balance  hereof  will be  reduced  to the  extent of the
distributions allocable to principal and any Realized Losses allocable hereto.

        No  transfer  of this  Class B  Certificate  will  be made  unless  such
transfer is exempt from the  registration  requirements of the Securities Act of
1933,  as  amended,  and  any  applicable  state  securities  laws or is made in
accordance  with said Act and laws.  In the event that such a transfer  is to be
made,  (i) the  Trustee  or the  Company  may  require  an  opinion  of  counsel
acceptable  to and in form and  substance  satisfactory  to the  Trustee and the
Company that such transfer is exempt  (describing  the applicable  exemption and
the  basis  therefor)  from  or is  being  made  pursuant  to  the  registration
requirements  of the Securities  Act of 1933, as amended,  and of any applicable
statute of any state and (ii) the transferee shall execute an investment  letter
in the form  described by Section  5.02(e) of the  Agreement.  The Holder hereof
desiring to effect such transfer shall,  and does hereby agree to, indemnify the
Trustee, the Company,  the Master Servicer and the Certificate  Registrar acting
on behalf of the Trustee  against any liability  that may result if the transfer
is not so exempt or is not made in accordance  with such Federal and state laws.
In connection  with any such transfer,  the Trustee will also require either (i)
an opinion of counsel  acceptable to and in form and substance  satisfactory  to
the  Trustee,   the  Company  and  the  Master  Servicer  with  respect  to  the
permissibility  of such transfer under the Employee  Retirement  Income Security
Act of 1974, as amended

<PAGE>

("ERISA"),  and  Section  4975 of the  Internal  Revenue  Code (the  "Code") and
stating,  among other things,  that the  transferee's  acquisition  of a Class B
Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a  representation
letter,  in the form as  described  by the  Agreement,  either  stating that the
transferee  is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of ERISA or Section 4975 of the Code (a "Plan"),  or any
other person (including an investment manager, a named fiduciary or a trustee of
any Plan)  acting,  directly  or  indirectly,  on behalf  of or  purchasing  any
Certificate with "plan assets" of any Plan, or stating that the transferee is an
insurance  company,  the  source  of  funds  to be  used by it to  purchase  the
Certificate is an "insurance  company  general  account"  (within the meaning of
Department of Labor Prohibited  Transaction Class Exemption ("PTCE") 95-60), and
the purchase is being made in reliance  upon the  availability  of the exemptive
relief afforded under Sections I and III of PTCE 95-60.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate Registrar duly executed

<PAGE>

by the Holder hereof or such Holder's  attorney duly authorized in writing,  and
thereupon one or more new  Certificates of authorized  denominations  evidencing
the  same  Class  and  aggregate  Percentage  Interest  will  be  issued  to the
designated transferee or transferees.

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                      ------------------------
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  B-___  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:
                                                      ------------------------
                                                   Authorized Signatory

<PAGE>

Dated:
      ________________            ____________________________________________
                                   Signature by or on behalf of assignor

                                   ___________________________________________
                                                   Signature Guaranteed

                                   DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                          EXHIBIT D

                                 FORM OF CLASS R CERTIFICATE

        THIS  CERTIFICATE  MAY NOT BE HELD BY OR  TRANSFERRED  TO A NON-  UNITED
STATES PERSON OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

        SOLELY FOR U.S.  FEDERAL  INCOME TAX  PURPOSES,  THIS  CERTIFICATE  IS A
"RESIDUAL  INTEREST" IN A "REAL  ESTATE  MORTGAGE  INVESTMENT  CONDUIT" AS THOSE
TERMS ARE  DEFINED,  RESPECTIVELY,  IN  SECTIONS  860G AND 860D OF THE  INTERNAL
REVENUE CODE OF 1986 (THE "CODE").

        NO TRANSFER OF THIS  CERTIFICATE  MAY BE MADE TO ANY PERSON,  UNLESS THE
TRANSFEREE  PROVIDES EITHER A  CERTIFICATION  PURSUANT TO SECTION 5.02(E) OF THE
AGREEMENT  OR AN OPINION OF COUNSEL  SATISFACTORY  TO THE MASTER  SERVICER,  THE
COMPANY  AND THE  TRUSTEE  THAT  THE  PURCHASE  OF  THIS  CERTIFICATE  WILL  NOT
CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF
THE EMPLOYEE  RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED  ("ERISA"),  OR
SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER  SERVICER,  THE COMPANY
OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN IN
THE AGREEMENT.

        ANY RESALE,  TRANSFER OR OTHER  DISPOSITION OF THIS  CERTIFICATE  MAY BE
MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER
SERVICER AND THE TRUSTEE THAT (1) SUCH  TRANSFEREE IS NOT (A) THE UNITED STATES,
ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY POSSESSION OF THE UNITED STATES,
OR  ANY  AGENCY  OR  INSTRUMENTALITY  OF ANY OF THE  FOREGOING  (OTHER  THAN  AN
INSTRUMENTALITY  WHICH IS A CORPORATION  IF ALL OF ITS ACTIVITIES ARE SUBJECT TO
TAX AND EXCEPT FOR  FREDDIE  MAC, A MAJORITY  OF ITS BOARD OF  DIRECTORS  IS NOT
SELECTED BY SUCH GOVERNMENTAL UNIT), (B) A FOREIGN GOVERNMENT, ANY INTERNATIONAL
ORGANIZATION,  OR ANY AGENCY OR INSTRUMENTALITY OF EITHER OF THE FOREGOING,  (C)
ANY ORGANIZATION (OTHER THAN CERTAIN FARMERS' COOPERATIVES  DESCRIBED IN SECTION
521 OF THE CODE)  WHICH IS EXEMPT  FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE
UNLESS  SUCH  ORGANIZATION  IS SUBJECT TO THE TAX  IMPOSED BY SECTION 511 OF THE
CODE (INCLUDING THE TAX IMPOSED BY SECTION 511 OF THE CODE ON UNRELATED BUSINESS
TAXABLE  INCOME),  (D) RURAL  ELECTRIC AND TELEPHONE  COOPERATIVES  DESCRIBED IN
SECTION  1381(A)(2)(C)  OF THE CODE,  (E) AN ELECTING  LARGE  PARTNERSHIP  UNDER
SECTION 775(A) OF THE CODE (ANY SUCH PERSON  DESCRIBED IN THE FOREGOING  CLAUSES
(A),  (B),  (C),  (D)  OR  (E)  BEING  HEREIN  REFERRED  TO  AS A  "DISQUALIFIED
ORGANIZATION"),  OR (F) AN AGENT OF A DISQUALIFIED ORGANIZATION,  (2) NO PURPOSE
OF SUCH  TRANSFER IS TO IMPEDE THE  ASSESSMENT OR COLLECTION OF TAX AND (3) SUCH
TRANSFEREE  SATISFIES CERTAIN  ADDITIONAL  CONDITIONS  RELATING TO THE FINANCIAL
CONDITION OF THE PROPOSED TRANSFEREE.

<PAGE>

NOTWITHSTANDING  THE  REGISTRATION IN THE CERTIFICATE  REGISTER OR ANY TRANSFER,
SALE OR OTHER DISPOSITION OF THIS CERTIFICATE TO A DISQUALIFIED  ORGANIZATION OR
AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO BE
OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE
A CERTIFICATEHOLDER  FOR ANY PURPOSE HEREUNDER,  INCLUDING,  BUT NOT LIMITED TO,
THE  RECEIPT  OF  DISTRIBUTIONS  ON  THIS  CERTIFICATE.   EACH  HOLDER  OF  THIS
CERTIFICATE BY ACCEPTANCE OF THIS CERTIFICATE  SHALL BE DEEMED TO HAVE CONSENTED
TO THE PROVISIONS OF THIS PARAGRAPH.

<PAGE>

<TABLE>
<CAPTION>

<S>                                             <C>
Certificate No. [____]                          [____]% Pass-Through Rate
Class [R-___] Senior
Date of Pooling and Servicing Agreement and     Aggregate Initial Certificate Principal Balance
Cut-off Date:                                   of the Class R-___ Certificates: $100.00
[--------------]
First Distribution Date:                        Initial Certificate Principal Balance of this
[______________]                                Certificate:
                                                $[--------------]
Master Servicer:                                Percentage Interest: _____%
Residential Funding Corporation
Assumed Final Distribution Date:                CUSIP
[--------------]                                [--------------]

</TABLE>

                              MORTGAGE PASS-THROUGH CERTIFICATE,
                                        SERIES _______

               evidencing a percentage  interest in any distributions  allocable
               to the Class R[-__]  Certificates  with respect to the Trust Fund
               consisting   primarily  of  a  pool  of   conventional   one-  to
               four-family  fixed  interest rate first mortgage loans formed and
               sold by RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

        This  Certificate  is payable  solely from the assets of the Trust Fund,
and does not  represent  an  obligation  of or interest in  Residential  Funding
Mortgage Securities I, Inc., the Master Servicer,  the Trustee referred to below
or  GMAC  Mortgage  Group,  Inc.  or  any  of  their  affiliates.  Neither  this
Certificate  nor the underlying  Mortgage Loans are guaranteed or insured by any
governmental  agency  or  instrumentality  or by  Residential  Funding  Mortgage
Securities I, Inc.,  the Master  Servicer,  the Trustee or GMAC Mortgage  Group,
Inc. or any of their affiliates.  None of the Company, the Master Servicer, GMAC
Mortgage  Group,  Inc. or any of their  affiliates will have any obligation with
respect to any  certificate  or other  obligation  secured  by or  payable  from
payments on the Certificates.

        This certifies that is the registered  owner of the Percentage  Interest
evidenced by this  Certificate  (obtained  by dividing  the Initial  Certificate
Principal  Balance of this  Certificate  by the  aggregate  Initial  Certificate
Principal Balance of all Class R[-__] Certificates,  both as specified above) in
certain  distributions with respect to the Trust Fund consisting  primarily of a
pool of  conventional  one- to  four-family  fixed  interest rate first mortgage
loans (the "Mortgage  Loans"),  formed and sold by Residential  Funding Mortgage
Securities I, Inc.  (hereinafter  called the "Company,"  which term includes any
successor  entity  under the  Agreement  referred to below).  The Trust Fund was
created  pursuant  to a Series  Supplement,  dated as  specified  above,  to the
Standard

<PAGE>

Terms of Pooling and Servicing Agreement dated as of ________________ (together,
the "Pooling and Servicing Agreement" or the "Agreement") among the Company, the
Master  Servicer  and  ___________,  as trustee  (the  "Trustee"),  a summary of
certain of the  pertinent  provisions  of which is set forth  hereafter.  To the
extent not defined herein,  the capitalized  terms used herein have the meanings
assigned in the  Agreement.  This  Certificate is issued under and is subject to
the terms,  provisions and conditions of the Agreement,  to which  Agreement the
Holder of this  Certificate  by virtue of the  acceptance  hereof assents and by
which such Holder is bound.

        Pursuant to the terms of the Agreement,  a distribution  will be made on
the 25th day of each  month  or,  if such 25th day is not a  Business  Day,  the
Business Day  immediately  following (the  "Distribution  Date"),  commencing as
described  in the  Agreement,  to the Person in whose name this  Certificate  is
registered  at the close of business on the last day (or if such last day is not
a Business  Day, the Business Day  immediately  preceding  such last day) of the
month immediately  preceding the month of such distribution (the "Record Date"),
from the Available  Distribution Amount in an amount equal to the product of the
Percentage  Interest  evidenced by this  Certificate and the amount (of interest
and  principal,  if any)  required  to be  distributed  to  Holders  of  Class R
Certificates on such Distribution Date.

        Each  Holder of this  Certificate  will be  deemed to have  agreed to be
bound by the restrictions set forth in the Agreement to the effect that (i) each
person holding or acquiring any Ownership Interest in this Certificate must be a
United  States  Person and a  Permitted  Transferee,  (ii) the  transfer  of any
Ownership  Interest in this Certificate will be conditioned upon the delivery to
the Trustee of,  among other  things,  an  affidavit  to the effect that it is a
United States Person and Permitted Transferee,  (iii) any attempted or purported
transfer of any  Ownership  Interest in this  Certificate  in  violation of such
restrictions  will be  absolutely  null and void and will  vest no rights in the
purported  transferee,  and (iv) if any person other than a United States Person
and a Permitted  Transferee  acquires any Ownership Interest in this Certificate
in violation of such restrictions,  then the Company will have the right, in its
sole  discretion and without notice to the Holder of this  Certificate,  to sell
this Certificate to a purchaser selected by the Company,  which purchaser may be
the Company,  or any affiliate of the Company,  on such terms and  conditions as
the Company may choose.

        Notwithstanding  the above,  the final  distribution on this Certificate
will be made after due notice of the pendency of such distribution and only upon
presentation and surrender of this Certificate at the office or agency appointed
by the Trustee for that  purpose in the City and State of New York.  The Initial
Certificate  Principal  Balance  of this  Certificate  is set forth  above.  The
Certificate   Principal  Balance  hereof  will  be  reduced  to  the  extent  of
distributions  allocable to principal and any Realized Losses allocable  hereto.
Notwithstanding  the reduction of the  Certificate  Principal  Balance hereof to
zero,  this  Certificate  will remain  outstanding  under the  Agreement and the
Holder hereof may have additional  obligations with respect to this Certificate,
including  tax   liabilities,   and  may  be  entitled  to  certain   additional
distributions  hereon,  in  accordance  with the  terms  and  provisions  of the
Agreement.

        No transfer  of this Class  R[-__]  Certificate  will be made unless the
Trustee has received either (i) an opinion of counsel  acceptable to and in form
and substance  satisfactory to the Trustee,  the Company and the Master Servicer
with  respect  to  the  permissibility  of  such  transfer  under  the  Employee
Retirement Income Security Act of 1974, as amended  ("ERISA"),  and Section 4975
of

<PAGE>

the Internal Revenue Code (the "Code") and stating, among other things, that the
transferee's  acquisition of a Class R Certificate will not constitute or result
in a non-exempt  prohibited  transaction  under  Section 406 of ERISA or Section
4975 of the Code or (ii) a  representation  letter,  in the form as described by
the Agreement,  stating that the transferee is not an employee  benefit or other
plan subject to the prohibited  transaction  provisions of ERISA or Section 4975
of the Code (a "Plan"),  or any other person (including an investment manager, a
named  fiduciary or a trustee of any Plan) acting,  directly or  indirectly,  on
behalf of or purchasing any Certificate with "plan assets" of any Plan.

        This  Certificate  is one of a duly  authorized  issue  of  Certificates
issued in several Classes  designated as Mortgage  Pass-Through  Certificates of
the Series specified hereon (herein collectively called the "Certificates").

        The Certificates are limited in right of payment to certain  collections
and recoveries respecting the Mortgage Loans, all as more specifically set forth
herein and in the  Agreement.  In the event Master  Servicer  funds are advanced
with respect to any Mortgage Loan,  such advance is  reimbursable  to the Master
Servicer,  to the extent provided in the Agreement,  from related  recoveries on
such  Mortgage  Loan or from other cash that  would have been  distributable  to
Certificateholders.

        As provided in the  Agreement,  withdrawals  from the Custodial  Account
and/or the Certificate Account created for the benefit of Certificateholders may
be made by the  Master  Servicer  from  time to time  for  purposes  other  than
distributions to Certificateholders,  such purposes including without limitation
reimbursement  to the Company  and the Master  Servicer  of  advances  made,  or
certain expenses incurred, by either of them.

        The Agreement permits,  with certain  exceptions  therein provided,  the
amendment of the Agreement and the modification of the rights and obligations of
the  Company,  the  Master  Servicer  and  the  Trustee  and the  rights  of the
Certificateholders  under the  Agreement at any time by the Company,  the Master
Servicer  and the  Trustee  with the  consent  of the  Holders  of  Certificates
evidencing  in the aggregate  not less than 66% of the  Percentage  Interests of
each Class of Certificates  affected thereby.  Any such consent by the Holder of
this  Certificate  shall be  conclusive  and binding on such Holder and upon all
future  holders  of this  Certificate  and of any  Certificate  issued  upon the
transfer hereof or in exchange herefor or in lieu hereof whether or not notation
of such consent is made upon the  Certificate.  The  Agreement  also permits the
amendment thereof in certain circumstances without the consent of the Holders of
any of the Certificates and, in certain  additional  circumstances,  without the
consent of the Holders of certain Classes of Certificates.

        As provided in the Agreement and subject to certain  limitations therein
set forth,  the transfer of this  Certificate is registrable in the  Certificate
Register upon surrender of this  Certificate for registration of transfer at the
offices or agencies  appointed by the Trustee in the City and State of New York,
duly  endorsed by, or  accompanied  by an  assignment in the form below or other
written  instrument  of  transfer  in form  satisfactory  to the Trustee and the
Certificate  Registrar  duly  executed  by the  Holder  hereof or such  Holder's
attorney duly authorized in writing,  and thereupon one or more new Certificates
of authorized  denominations  evidencing the same Class and aggregate Percentage
Interest will be issued to the designated transferee or transferees.

<PAGE>

        The  Certificates are issuable only as registered  Certificates  without
coupons in Classes and in denominations  specified in the Agreement. As provided
in  the  Agreement  and  subject  to  certain  limitations  therein  set  forth,
Certificates are  exchangeable for new Certificates of authorized  denominations
evidencing the same class and aggregate Percentage Interest, as requested by the
Holder surrendering the same.

        No service charge will be made for any such  registration of transfer or
exchange,  but the Trustee may require  payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

        The  Company,  the Master  Servicer,  the  Trustee  and the  Certificate
Registrar and any agent of the Company, the Master Servicer,  the Trustee or the
Certificate  Registrar  may treat the Person in whose name this  Certificate  is
registered  as the owner hereof for all purposes,  and neither the Company,  the
Master  Servicer,  the Trustee nor any such agent shall be affected by notice to
the contrary.

        This  Certificate  shall be governed by and construed in accordance with
the laws of the State of New York.

        The obligations  created by the Agreement in respect of the Certificates
and the  Trust  Fund  created  thereby  shall  terminate  upon  the  payment  to
Certificateholders  of all  amounts  held by or on  behalf  of the  Trustee  and
required to be paid to them pursuant to the  Agreement  following the earlier of
(i) the maturity or other  liquidation of the last Mortgage Loan subject thereto
or the disposition of all property  acquired upon foreclosure or deed in lieu of
foreclosure  of any Mortgage  Loan and (ii) the purchase by the Master  Servicer
from the Trust Fund of all remaining Mortgage Loans and all property acquired in
respect of such  Mortgage  Loans,  thereby  effecting  early  retirement  of the
Certificates.  The Agreement permits,  but does not require, the Master Servicer
to (i) purchase at a price determined as provided in the Agreement all remaining
Mortgage Loans and all property acquired in respect of any Mortgage Loan or (ii)
purchase in whole,  but not in part,  all of the  Certificates  from the Holders
thereof; provided, that any such option may only be exercised if the Pool Stated
Principal  Balance of the Mortgage Loans as of the Distribution  Date upon which
the proceeds of any such  purchase are  distributed  is less than ten percent of
the Cut-off Date Principal Balance of the Mortgage Loans.

        Reference is hereby made to the further  provisions of this  Certificate
set forth on the reverse hereof,  which further provisions shall for all purpose
have the same effect as if set forth at this place.

        Unless the certificate of authentication hereon has been executed by the
Certificate  Registrar,  by  manual  signature,  this  Certificate  shall not be
entitled to any benefit under the Agreement or be valid for any purpose.

<PAGE>

        IN WITNESS  WHEREOF,  the trustee has caused this certificate to be duly
executed.

Dated:________________                             [TRUSTEE],
                                                   as Trustee

                                                   By:
                                                      -------------------------
                                                   Authorized Signatory

                                 CERTIFICATE OF AUTHENTICATION

        This  is  one  of  the  Class  [R- ]  Certificates  referred  to in  the
within-mentioned Agreement.

                                                   [TRUSTEE],
                                                   as Certificate Registrar

                                                   By:
                                                      -------------------------
                                                   Authorized Signatory

<PAGE>

Dated:
      ________________            ____________________________________________
                                   Signature by or on behalf of assignor

                                   ___________________________________________
                                                   Signature Guaranteed

                                   DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions  shall  be  made,  by  wire  transfer  or  otherwise,   in
immediately  available  funds  to  _______________________for   the  account  of
__________________  account number  ______________-,  or, if mailed by check, to
____________________________.   Applicable   statements   should  be  mailed  to
________________________.

        This  information  is provided by  _____________________,  the  assignee
named above, or ________________, as its agent.

<PAGE>

                                          EXHIBIT E

                               FORM OF SELLER/SERVICER CONTRACT

        This  Seller/Servicer  Contract  (as  may be  amended,  supplemented  or
otherwise  modified from time to time, this "Contract") is made this day of , 20
, by and between  Residential  Funding  Corporation,  its successors and assigns
("Residential   Funding")  and  (the   "Seller/Servicer,"   and,  together  with
Residential Funding, the "parties" and each, individually, a "party").

        WHEREAS,  the  Seller/Servicer  desires to sell Loans to, and/or service
Loans for,  Residential  Funding,  and  Residential  Funding desires to purchase
Loans from the Seller/Servicer  and/or have the Seller/Servicer  service various
of its Loans, pursuant to the terms of this Contract and the Residential Funding
Seller  and  Servicer  Guides  incorporated  herein by  reference,  as  amended,
supplemented or otherwise modified, from time to time (together, the "Guides").

        NOW,  THEREFORE,  in  consideration  of the  premises,  and  the  terms,
conditions and agreements set forth below, the parties agree as follows:

1.      INCORPORATION OF GUIDES BY REFERENCE.

        The  Seller/Servicer  acknowledges  that it has  received  and  read the
Guides. All provisions of the Guides are incorporated by reference into and made
a part of this  Contract,  and  shall be  binding  upon the  parties;  provided,
however,  that the  Seller/Servicer  shall be  entitled  to sell Loans to and/or
service Loans for  Residential  Funding only if and for so long as it shall have
been authorized to do so by Residential  Funding in writing.  Specific reference
in this  Contract  to  particular  provisions  of the  Guides  and not to  other
provisions  does not mean that those  provisions of the Guides not  specifically
cited in this Contract are not applicable.  All terms used herein shall have the
same  meanings  as such terms have in the  Guides,  unless the  context  clearly
requires otherwise.

2.      AMENDMENTS.

        This Contract may not be amended or modified orally, and no provision of
this  Contract  may be waived or amended  except in writing  signed by the party
against whom  enforcement  is sought.  Such a written  waiver or amendment  must
expressly  reference this Contract.  However,  by their terms, the Guides may be
amended or  supplemented  by  Residential  Funding  from time to time.  Any such
amendment(s) to the Guides shall be binding upon the parties hereto.

3.      REPRESENTATIONS AND WARRANTIES.

        a.     Reciprocal Representations and Warranties.

        The Seller/Servicer and Residential Funding each represents and warrants
to the other that as of the date of this Contract:

<PAGE>

               (1)    Each party is duly  organized,  validly  existing,  and in
                      good  standing  under  the  laws  of its  jurisdiction  of
                      organization,  is qualified,  if necessary, to do business
                      and in good standing in each  jurisdiction  in which it is
                      required to be so qualified,  and has the requisite  power
                      and  authority  to enter into this  Contract and all other
                      agreements  which are contemplated by this Contract and to
                      carry out its  obligations  hereunder and under the Guides
                      and under such other agreements.

               (2)    This  Contract  has been  duly  authorized,  executed  and
                      delivered  by each  party  and  constitutes  a  valid  and
                      legally  binding  agreement of each party  enforceable  in
                      accordance with its terms.

               (3)    There is no action, proceeding or investigation pending or
                      threatened,  and no basis  therefor  is  known  to  either
                      party,  that could  affect  the  validity  or  prospective
                      validity of this Contract.

               (4)    Insofar as its capacity to carry out any obligation  under
                      this Contract is concerned,  neither party is in violation
                      of  any  charter,   articles  of  incorporation,   bylaws,
                      mortgage, indenture, indebtedness,  agreement, instrument,
                      judgment,  decree,  order, statute, rule or regulation and
                      none of the  foregoing  adversely  affects its capacity to
                      fulfill any of its  obligations  under this Contract.  Its
                      execution of, and  performance  pursuant to, this Contract
                      will not result in a violation of any of the foregoing.

        b.     Seller/Servicer's Representations, Warranties and Covenants.

               In addition to the representations, warranties and covenants made
               by the  Seller/Servicer  pursuant  to  subparagraph  (a) of  this
               paragraph  3,  the  Seller/Servicer  makes  the  representations,
               warranties  and  covenants  set  forth in the  Guides  and,  upon
               request,  agrees to deliver to Residential  Funding the certified
               Resolution of Board of Directors  which  authorizes the execution
               and delivery of this Contract.

4.      REMEDIES OF RESIDENTIAL FUNDING.

        If an Event of Seller  Default  or an Event of  Servicer  Default  shall
occur,  Residential  Funding  may, at its option,  exercise one or more of those
remedies set forth in the Guides.

5.      SELLER/SERVICER'S STATUS AS INDEPENDENT CONTRACTOR.

        At no time shall the  Seller/Servicer  represent that it is acting as an
agent of Residential Funding. The Seller/Servicer shall, at all times, act as an
independent contractor.

<PAGE>

6.      PRIOR AGREEMENTS SUPERSEDED.

        This Contract  restates,  amends and supersedes any and all prior Seller
Contracts or Servicer Contracts between the parties except that any subservicing
agreement  executed by the  Seller/Servicer in connection with any loan-security
exchange transaction shall not be affected.

7.      ASSIGNMENT.

        This Contract may not be assigned or  transferred,  in whole or in part,
by the Seller/Servicer without the prior written consent of Residential Funding.
Residential  Funding may sell,  assign,  convey,  hypothecate,  pledge or in any
other way transfer,  in whole or in part, without restriction,  its rights under
this Contract and the Guides with respect to any Commitment or Loan.

8.      NOTICES.

        All notices,  requests,  demands or other  communications that are to be
given under this  Contract  shall be in writing,  addressed  to the  appropriate
parties and sent by  telefacsimile  or by overnight  courier or by United States
mail,  postage prepaid,  to the addresses and  telefacsimile  numbers  specified
below.  However,  another  name,  address  and/or  telefacsimile  number  may be
substituted  by  the  Seller/Servicer  pursuant  to  the  requirements  of  this
paragraph 8, or Residential Funding pursuant to an amendment to the Guides.

If to Residential  Funding,  notices must be sent to the appropriate  address or
telefacsimile number specified in the Guides.

If to the Seller/Servicer, notice must be sent to:

        Attention:
        Telefacsimile Number: (_____) _____-_________

9.      JURISDICTION AND VENUE.

        Each of the parties irrevocably submits to the jurisdiction of any state
or federal court located in Hennepin County, Minnesota, over any action, suit or
proceeding  to enforce or defend any right  under  this  Contract  or  otherwise
arising from any loan sale or servicing relationship existing in connection with
this  Contract,  and each of the parties  irrevocably  agrees that all claims in
respect of any such  action or  proceeding  may be heard or  determined  in such
state or federal court. Each of the parties irrevocably waives the defense of an
inconvenient  forum to the  maintenance of any such action or proceeding and any
other  substantive or procedural  rights or remedies it may have with respect to
the maintenance of any such action or proceeding in any such forum.  Each of the
parties agrees that a final  judgment in any such action or proceeding  shall be
conclusive and may be

<PAGE>

enforced  in any  other  jurisdiction  by suit on the  judgment  or in any other
manner  provided by law. Each of the parties further agrees not to institute any
legal actions or proceedings  against the other party or any director,  officer,
employee,  attorney,  agent or  property of the other  party,  arising out of or
relating to this  Contract in any court other than as  hereinabove  specified in
this paragraph 9.

10.     MISCELLANEOUS.

        This Contract, including all documents incorporated by reference herein,
constitutes the entire  understanding  between the parties hereto and supersedes
all other agreements, covenants, representations, warranties, understandings and
communications between the parties, whether written or oral, with respect to the
transactions  contemplated by this Contract.  All paragraph  headings  contained
herein  are for  convenience  only and  shall not be  construed  as part of this
Contract.  Any provision of this Contract that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining portions
hereof or affecting  the  validity or  enforceability  of such  provision in any
other jurisdiction,  and, to this end, the provisions hereof are severable. This
Contract  shall be governed by, and construed  and enforced in accordance  with,
applicable federal laws and the laws of the State of Minnesota.

<PAGE>

        IN WITNESS WHEREOF,  the duly authorized officers of the Seller/Servicer
and Residential  Funding have executed this  Seller/Servicer  Contract as of the
date first above written.

ATTEST:                                      SELLER/SERVICER
[Corporate Seal]

                                             (Name of Seller/Servicer)
By:                                          By:
   ---------------------------------
             (Signature)                                         (Signature)
By:                                          By:
   ---------------------------------
            (Typed Name)                                        (Typed Name)
Title:                                       Title:
      ------------------------------

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

ATTEST:                                      RESIDENTIAL FUNDING CORPORATION
[Corporate Seal]
By:                                          By:
   ---------------------------------
             (Signature)                                         (Signature)
By:                                          By:
   ---------------------------------
            (Typed Name)                                        (Typed Name)
Title:                                       Title:
      ------------------------------               ----------------------------

<PAGE>

                                    EXHIBIT F

                          FORMS OF REQUEST FOR RELEASE

DATE:
TO:
RE:            REQUEST FOR RELEASE OF DOCUMENTS

In connection with the  administration of the pool of Mortgage Loans held by you
for the  referenced  pool,  we request  the  release of the  Mortgage  Loan File
described below.

Series Supplement, to the Standard Terms of Pooling and Servicing Agreement,
Dated:
Series#:
Account#:
Pool#:
Loan#:
Borrower Name(s):

Reason for Document Request: (circle one)

        Mortgage Loan Prepaid in Full       Mortgage Loan Repurchased

"We hereby  certify  that all amounts  received or to be received in  connection
with such  payments  which are required to be deposited  have been or will be so
deposited as provided in the Pooling and Servicing Agreement."

Residential Funding Corporation
Authorized Signature
******************************************************************************
TO  CUSTODIAN/TRUSTEE:  Please acknowledge this request, and check off documents
being  enclosed  with a copy of this form.  You should retain this form for your
files in accordance with the terms of the Pooling and Servicing Agreement.

Enclosed Documents:   [ ] Promissory Note
                      [ ] Primary Insurance Policy
                      [ ] Mortgage or Deed of Trust
                      [ ] Assignment(s) of Mortgage or Deed of Trust
                      [ ] Title Insurance Policy
                      [ ] Other:

Name:
Title:
Date:

<PAGE>

                                         EXHIBIT G-1

                           FORM OF TRANSFER AFFIDAVIT AND AGREEMENT

STATE OF              )
                      ) ss.:
COUNTY OF             )

                 [NAME OF OFFICER], being first duly sworn, deposes and says:

        1.  That he is  [Title  of  Officer]  of  [Name  of  Owner]  (record  or
beneficial  owner of the Mortgage  Pass-Through  Certificates,  Series  _______,
Class  R[-__]  (the  "Owner")),  a  [savings  institution]   [corporation]  duly
organized and existing under the laws of [the State of ] [the United States], on
behalf of which he makes this affidavit and agreement.

        2.  That  the  Owner  (i)  is  not  and  will  not  be  a  "disqualified
organization"  or an electing large  partnership as of [date of transfer] within
the  meaning of  Sections  860E(e)(5)  and 775,  respectively,  of the  Internal
Revenue Code of 1986, as amended (the "Code") or an electing  large  partnership
under  Section  775(a) of the Code,  (ii) will  endeavor to remain  other than a
disqualified  organization  for so long as it retains its ownership  interest in
the  Class  R[-__]  Certificates,  and  (iii)  is  acquiring  the  Class  R[-__]
Certificates  for its own account or for the account of another Owner from which
it has received an affidavit  and  agreement in  substantially  the same form as
this affidavit and agreement.  (For this purpose, a "disqualified  organization"
means an electing  large  partnership  under Section 775 of the Code, the United
States,   any  state  or   political   subdivision   thereof,   any   agency  or
instrumentality  of any of the foregoing (other than an  instrumentality  all of
the activities of which are subject to tax and, except for the Federal Home Loan
Mortgage Corporation,  a majority of whose board of directors is not selected by
any  such  governmental   entity)  or  any  foreign  government,   international
organization  or any agency or  instrumentality  of such foreign  government  or
organization,  any rural electric or telephone cooperative,  or any organization
(other than certain farmers' cooperatives) that is generally exempt from federal
income tax unless such organization is subject to the tax on unrelated  business
taxable income).

        3.  That the  Owner is aware  (i) of the tax that  would be  imposed  on
transfers of Class R[-__] Certificates to disqualified organizations or electing
large  partnerships,  under the Code,  that  applies to all  transfers  of Class
R[-__]  Certificates  after March 31,  1988;  (ii) that such tax would be on the
transferor  (or, with respect to transfers to electing  large  partnerships,  on
each such  partnership),  or, if such transfer is through an agent (which person
includes a broker, nominee or middleman) for a disqualified organization, on the
agent;  (iii) that the person  (other than with respect to transfers to electing
large partnerships)  otherwise liable for the tax shall be relieved of liability
for the tax if the  transferee  furnishes to such person an  affidavit  that the
transferee is not a disqualified organization and, at the time of transfer, such
person does not have actual knowledge that the affidavit is false; and (iv) that
the Class R[-__] Certificates may be "noneconomic residual interests" within the
meaning of Treasury  regulations  promulgated  pursuant to the Code and that the
transferor of a noneconomic  residual  interest will remain liable for any taxes
due with respect to the income on such residual interest,  unless no significant
purpose of the transfer was to impede the assessment or collection of tax.

<PAGE>

        4. That the Owner is aware of the tax imposed on a "pass-through entity"
holding  Class  R[-__]  Certificates  if either  the  pass-through  entity is an
electing  large  partnership  under  Section  775 of the  Code or if at any time
during the taxable year of the pass-through  entity a disqualified  organization
is the record holder of an interest in such entity.  (For this purpose,  a "pass
through  entity"  includes  a  regulated   investment  company,  a  real  estate
investment  trust or common  trust fund,  a  partnership,  trust or estate,  and
certain cooperatives.)

        5.  The  Owner  is a  citizen  or  resident  of  the  United  States,  a
corporation,  partnership  or other entity created or organized in, or under the
laws of, the United States or any political  subdivision  thereof (except in the
case of a partnership,  to the extent provided in Treasury  regulations),  or an
estate that is described in Section  7701(a)(30)(D) of the Code, or a trust that
is described in Section 7701(a)(30)(E) of the Code.

        6.  That the  Owner is aware  that the  Trustee  will not  register  the
transfer  of any  Class  R[- __]  Certificates  unless  the  transferee,  or the
transferee's  agent,  delivers to it an  affidavit  and  agreement,  among other
things,  in  substantially  the same form as this affidavit and  agreement.  The
Owner expressly agrees that it will not consummate any such transfer if it knows
or believes  that any of the  representations  contained in such  affidavit  and
agreement are false.

        7. That the Owner has reviewed the restrictions set forth on the face of
the Class  R[-__]  Certificates  and the  provisions  of Section  5.02(f) of the
Pooling and Servicing  Agreement under which the Class R[-__]  Certificates were
issued (in  particular,  clause  (iii)(A) and (iii)(B) of Section  5.02(f) which
authorize  the Trustee to deliver  payments to a person other than the Owner and
negotiate  a  mandatory  sale by the  Trustee in the event the Owner  holds such
Certificates in violation of Section 5.02(f)).  The Owner expressly agrees to be
bound by and to comply with such restrictions and provisions.

        8.  That  the  Owner   consents  to  any  additional   restrictions   or
arrangements that shall be deemed necessary upon advice of counsel to constitute
a reasonable  arrangement to ensure that the Class R[-__] Certificates will only
be  owned,  directly  or  indirectly,  by an  Owner  that is not a  disqualified
organization.

        9.     The Owner's Taxpayer Identification Number is ________________.

        10.  This  affidavit  and  agreement  relates  only to the Class  R[-__]
Certificates  held by the Owner and not to any other  holder of the Class R[-__]
Certificates. The Owner understands that the liabilities described herein relate
only to the Class R[-__] Certificates.

        11. That no purpose of the Owner  relating to the transfer of any of the
Class R[-__] Certificates by the Owner is or will be to impede the assessment or
collection of any tax.

        12. That the Owner has no present  knowledge or expectation that it will
be  unable  to pay  any  United  States  taxes  owed by it so long as any of the
Certificates remain outstanding.  In this regard, the Owner hereby represents to
and for the  benefit  of the  person  from whom it  acquired  the  Class  R[-__]
Certificate  that the Owner  intends to pay taxes  associated  with holding such
Class R[-

<PAGE>

__]  Certificate as they become due, fully  understanding  that it may incur tax
liabilities  in  excess  of  any  cash  flows  generated  by  the  Class  R[-__]
Certificate.

        13. That the Owner has no present  knowledge or expectation that it will
become insolvent or subject to a bankruptcy proceeding for so long as any of the
Class R[-__] Certificates remain outstanding.

        14. (a) The  Purchaser  is not an  employee  benefit  plan or other plan
subject to the  prohibited  transaction  provisions  of the Employee  Retirement
Income  Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
Internal  Revenue  Code of 1986,  as  amended  (the  "Code"),  or an  investment
manager,  named  fiduciary  or a trustee of any such plan,  or any other  Person
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any such plan; or

               (b) The Purchaser  will provide the Trustee,  the Company and the
Master  Servicer  with an  opinion  of  counsel  acceptable  to and in form  and
substance  satisfactory  to the Trustee,  the Company and the Master Servicer to
the effect that the purchase of  Certificates  is permissible  under  applicable
law, will not  constitute  or result in any  non-exempt  prohibited  transaction
under ERISA or Section  4975 of the Code and will not subject the  Trustee,  the
Company  or the  Master  Servicer  to any  obligation  or  liability  (including
obligations or liabilities  under ERISA or Section 4975 of the Code) in addition
to those undertaken in the Pooling and Servicing Agreement.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser  will not  transfer  such  Certificates  to any Plan or person  unless
either such Plan or person meets the requirements set forth in either (a) or (b)
above.

        Capitalized  terms used but not defined  herein  shall have the meanings
assigned in the Pooling and Servicing Agreement.

<PAGE>

        IN WITNESS WHEREOF,  the Owner has caused this instrument to be executed
on its  behalf,  pursuant to the  authority  of its Board of  Directors,  by its
[Title of Officer] and its corporate seal to be hereunto  attached,  attested by
its [Assistant] Secretary, this day of _____,___ 200__.

                                                   [NAME OF OWNER]

                                                   By:
                                                      ------------------------
                                                   [Name of Officer]
                                                   [Title of Officer]

[Corporate Seal]

ATTEST:

[Assistant] Secretary

        Personally  appeared before me the above-named [Name of Officer],  known
or proved to me to be the same person who executed the foregoing  instrument and
to be the  [Title of  Officer]  of the  Owner,  and  acknowledged  to me that he
executed  the  same as his  free  act and  deed and the free act and deed of the
Owner.

        Subscribed and sworn before me this ___ day of ________, 200 __.

                               NOTARY PUBLIC

                               COUNTY OF
                                         ---------------------------------

                               STATE OF
                                        ----------------------------------

                               My Commission expires the ____ day of
                               _____, 20__ .

<PAGE>

                                         EXHIBIT G-2

                                FORM OF TRANSFEROR CERTIFICATE

                                                   __________ , 20__

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

[Trustee]

Attention: Residential Funding Corporation Series _______

               Re:    Mortgage Pass-Through Certificates,
                      Series ________, Class R[-__]

Ladies and Gentlemen:

        This  letter is  delivered  to you in  connection  with the  transfer by
_____________________ (the "Seller") to  _____________________(the  "Purchaser")
of   $______________   Initial   Certificate   Principal   Balance  of  Mortgage
Pass-Through  Certificates,  Series ________, Class R[-__] (the "Certificates"),
pursuant to Section 5.02 of the Series Supplement, dated as of ________________,
to  the  Standard  Terms  of  Pooling  and  Servicing   Agreement  dated  as  of
________________   (together,  the  "Pooling  and  Servicing  Agreement")  among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation,  as master servicer, and __________, as trustee
(the "Trustee").  All terms used herein and not otherwise defined shall have the
meanings set forth in the Pooling and  Servicing  Agreement.  The Seller  hereby
certifies,  represents and warrants to, and covenants  with, the Company and the
Trustee that:

     1. No purpose of the Seller  relating to the transfer of the Certificate by
the Seller to the Purchaser is or will be to impede the assessment or collection
of any tax.

        2. The  Seller  understands  that the  Purchaser  has  delivered  to the
Trustee and the Master  Servicer a transfer  affidavit and agreement in the form
attached to the Pooling and Servicing  Agreement as Exhibit G-1. The Seller does
not know or believe that any representation contained therein is false.

        3. The Seller has at the time of the  transfer  conducted  a  reasonable
investigation  of the financial  condition of the Purchaser as  contemplated  by
Treasury  Regulations  Section  1.860E-  1(c)(4)(i)  and,  as a  result  of that
investigation,  the Seller has  determined  that the Purchaser has  historically
paid its debts as they  become  due and has  found no  significant  evidence  to
indicate  that the  Purchaser  will not continue to pay its debts as they become
due in the future.  The Seller  understands  that the transfer of a Class R[-__]
Certificate may not be respected for United States

<PAGE>

income tax purposes  (and the Seller may continue to be liable for United States
income  taxes  Associated  therewith)  unless the Seller has  conducted  such an
investigation.

     4. The Seller has no actual  knowledge that the proposed  Transferee is not
both a United States Person and a Permitted Transferee.

                                                   Very truly yours,

                                                   (Seller)

                                                   By:
                                                      -------------------------
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT H

                            FORM OF INVESTOR REPRESENTATION LETTER

                                                   ______________ , 20___

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

[Trustee]

Residential Funding Corporation
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

Attention: Residential Funding Corporation Series ________

               RE:    Mortgage Pass-Through Certificates,
                      Series ________, [Class B-]

Ladies and Gentlemen:

        _________________-   (the   "Purchaser")   intends  to   purchase   from
_________________  (the "Seller")  $_____________  Initial Certificate Principal
Balance of  Mortgage  Pass-Through  Certificates,  Series  ________,  Class (the
"Certificates"),   issued  pursuant  to  the  Series  Supplement,  dated  as  of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement") among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation, as master servicer (the "Master Servicer"), and
_____________,  as  trustee  (the  "Trustee").  All terms  used  herein  and not
otherwise defined shall have the meanings set forth in the Pooling and Servicing
Agreement.  The  Purchaser  hereby  certifies,  represents  and warrants to, and
covenants with, the Company, the Trustee and the Master Servicer that:

        1. The Purchaser understands that (a) the Certificates have not been and
will not be registered or qualified under the Securities Act of 1933, as amended
(the "Act") or any state  securities  law, (b) the Company is not required to so
register or qualify the Certificates, (c) the Certificates may be resold only if
registered  and  qualified  pursuant to the  provisions  of the Act or any state
securities law, or if an exemption from such  registration and  qualification is
available,  (d)  the  Pooling  and  Servicing  Agreement  contains  restrictions
regarding the transfer of the Certificates and (e) the Certificates  will bear a
legend to the foregoing effect.

<PAGE>

        2. The Purchaser is acquiring the  Certificates  for its own account for
investment  only  and not  with a view to or for  sale in  connection  with  any
distribution  thereof in any manner that would violate the Act or any applicable
state securities laws.

        3.  The  Purchaser  is (a) a  substantial,  sophisticated  institutional
investor having such knowledge and experience in financial and business matters,
and,  in  particular,  in such  matters  related  to  securities  similar to the
Certificates,  such that it is  capable  of  evaluating  the merits and risks of
investment in the  Certificates,  (b) able to bear the economic risks of such an
investment  and (c) an "accredited  investor"  within the meaning of Rule 501(a)
promulgated pursuant to the Act.

        4. The Purchaser has been furnished  with, and has had an opportunity to
review  (a) [a copy of the  Private  Placement  Memorandum,  dated  ___________,
20___,  relating to the  Certificates  (b)] a copy of the Pooling and  Servicing
Agreement and [b] [c] such other information  concerning the  Certificates,  the
Mortgage  Loans and the Company as has been  requested by the Purchaser from the
Company or the Seller and is  relevant to the  Purchaser's  decision to purchase
the  Certificates.  The Purchaser has had any questions arising from such review
answered by the Company or the Seller to the satisfaction of the Purchaser.  [If
the  Purchaser did not purchase the  Certificates  from the Seller in connection
with the initial  distribution of the  Certificates and was provided with a copy
of the Private Placement Memorandum (the "Memorandum")  relating to the original
sale (the "Original  Sale") of the  Certificates  by the Company,  the Purchaser
acknowledges  that such  Memorandum  was provided to it by the Seller,  that the
Memorandum  was prepared by the Company  solely for use in  connection  with the
Original  Sale and the Company did not  participate  in or facilitate in any way
the  purchase of the  Certificates  by the  Purchaser  from the Seller,  and the
Purchaser  agrees  that it will look solely to the Seller and not to the Company
with  respect  to any  damage,  liability,  claim  or  expense  arising  out of,
resulting from or in connection with (a) error or omission,  or alleged error or
omission,  contained in the Memorandum,  or (b) any information,  development or
event arising after the date of the Memorandum.]

        5. The  Purchaser  has not and will not nor has it authorized or will it
authorize  any  person to (a)  offer,  pledge,  sell,  dispose  of or  otherwise
transfer any  Certificate,  any interest in any Certificate or any other similar
security to any person in any manner,  (b) solicit any offer to buy or to accept
a pledge, disposition of other transfer of any Certificate,  any interest in any
Certificate  or any other similar  security  from any person in any manner,  (c)
otherwise approach or negotiate with respect to any Certificate, any interest in
any Certificate or any other similar security with any person in any manner, (d)
make any general  solicitation  by means of general  advertising or in any other
manner or (e) take any other  action,  that (as to any of (a) through (e) above)
would  constitute a distribution  of any  Certificate  under the Act, that would
render the disposition of any Certificate a violation of Section 5 of the Act or
any state  securities law, or that would require  registration or  qualification
pursuant thereto.  The Purchaser will not sell or otherwise  transfer any of the
Certificates,  except in  compliance  with the  provisions  of the  Pooling  and
Servicing Agreement.

        6.     The Purchaser

        (a) is not an employee  benefit or other plan subject to the  prohibited
transaction  provisions of the Employee  Retirement Income Security Act of 1974,
as amended  ("ERISA),  or Section 4975 of the Internal  Revenue Code of 1986, as
amended ("Plan"), or any other person

<PAGE>

(including an investment  manager,  a named  fiduciary or a trustee of any Plan)
acting, directly or indirectly,  on behalf of or purchasing any Certificate with
"plan assets" of any Plan within the meaning of the  Department of Labor ("DOL")
regulation at 29 C.F.R. ss.2510.3-101;

        (b) is an  insurance  company,  the  source of funds to be used by it to
purchase the Certificates is an "insurance  company general account" (within the
meaning of DOL Prohibited  Transaction Class Exemption  ("PTCE") 95-60), and the
purchase is being made in reliance upon the availability of the exemptive relief
afforded under Sections I and III of PTCE 95-60; or

        (c) has provided the Trustee,  the Company and the Master  Servicer with
an opinion of counsel  acceptable to and in form and substance  satisfactory  to
the Trustee, the Company and the Master Servicer to the effect that the purchase
of  Certificates  is permissible  under  applicable  law, will not constitute or
result in any non-exempt  prohibited  transaction under ERISA or Section 4975 of
the Code and will not subject the Trustee, the Company or the Master Servicer to
any obligation or liability (including obligations or liabilities under ERISA or
Section  4975 of the Code) in  addition to those  undertaken  in the Pooling and
Servicing Agreement.

        In addition, the Purchaser hereby certifies, represents and warrants to,
and covenants  with, the Company,  the Trustee and the Master  Servicer that the
Purchaser will not transfer such  Certificates to any Plan or person unless such
Plan or person  meets the  requirements  set  forth in either  6(a),  (b) or (c)
above.

                                                   Very truly yours,

                                                   By:
                                                      -------------------------
                                                   Name:
                                                   Title:

<PAGE>

                                    EXHIBIT I

                    FORM OF TRANSFEROR REPRESENTATION LETTER

                                                   _________, 20___

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, MN 55437

[Trustee]

Attention: Residential Funding Corporation Series ________

               Re:    Mortgage Pass-Through Certificates,
                      Series ________, [Class B-]

Ladies and Gentlemen:

        In connection  with the sale by  ____________________  (the "Seller") to
____________________ (the "Purchaser") of __________________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates,  Series ________, Class
(the  "Certificates"),  issued  pursuant to the Series  Supplement,  dated as of
________________, to the Standard Terms of Pooling and Servicing Agreement dated
as of ________________  (together,  the "Pooling and Servicing Agreement") among
Residential  Funding  Mortgage  Securities I, Inc.,  as seller (the  "Company"),
Residential Funding Corporation,  as master servicer, and __________, as trustee
(the "Trustee").  The Seller hereby  certifies,  represents and warrants to, and
covenants with, the Company and the Trustee that:

        Neither  the  Seller nor  anyone  acting on its behalf has (a)  offered,
pledged,  sold,  disposed  of or  otherwise  transferred  any  Certificate,  any
interest in any  Certificate or any other similar  security to any person in any
manner, (b) has solicited any offer to buy or to accept a pledge, disposition or
other transfer of any Certificate,  any interest in any Certificate or any other
similar security from any person in any manner, (c) has otherwise  approached or
negotiated with respect to any  Certificate,  any interest in any Certificate or
any other  similar  security  with any  person in any  manner,  (d) has made any
general  solicitation by means of general advertising or in any other manner, or
(e) has taken any other action,  that (as to any of (a) through (e) above) would
constitute a distribution of the  Certificates  under the Securities Act of 1933
(the "Act"), that would render the disposition of any Certificate a violation of
Section  5 of the  Act or any  state  securities  law,  or  that  would  require
registration or qualification  pursuant thereto. The Seller will not act, in any
manner set forth in the foregoing sentence with respect to any Certificate.  The
Seller has not and will not sell or otherwise  transfer any of the Certificates,
except in compliance with the provisions of the Pooling and Servicing Agreement.

<PAGE>

                                                   Very truly yours,

                                                   (Seller)

                                                   By:
                                                      ------------------------
                                                   Name:
                                                   Title:

<PAGE>

                                    EXHIBIT J

                  [FORM OF RULE 144A INVESTMENT REPRESENTATION]

             Description of Rule 144A Securities, including numbers:

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

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

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

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

        The undersigned seller, as registered holder (the "Seller"),  intends to
transfer the Rule 144A Securities  described above to the undersigned buyer (the
"Buyer").

        1.  In  connection  with  such  transfer  and  in  accordance  with  the
agreements  pursuant to which the Rule 144A Securities  were issued,  the Seller
hereby  certifies the following  facts:  Neither the Seller nor anyone acting on
its behalf has offered, transferred,  pledged, sold or otherwise disposed of the
Rule 144A  Securities,  any  interest in the Rule 144A  Securities  or any other
similar security to, or solicited any offer to buy or accept a transfer,  pledge
or other disposition of the Rule 144A Securities,  any interest in the Rule 144A
Securities  or any other  similar  security  from,  or otherwise  approached  or
negotiated  with respect to the Rule 144A  Securities,  any interest in the Rule
144A Securities or any other similar security with, any person in any manner, or
made any general  solicitation  by means of general  advertising or in any other
manner,  or taken any other action,  that would constitute a distribution of the
Rule 144A  Securities  under the  Securities  Act of 1933, as amended (the "1933
Act"),  or that  would  render the  disposition  of the Rule 144A  Securities  a
violation of Section 5 of the 1933 Act or require registration pursuant thereto,
and that the Seller has not offered the Rule 144A Securities to any person other
than the Buyer or  another  "qualified  institutional  buyer" as defined in Rule
144A under the 1933 Act.

        2. The Buyer warrants and represents to, and covenants with, the Seller,
the Trustee and the Master Servicer (as defined in the Series Supplement,  dated
as of ________________, to the Standard Terms of Pooling and Servicing Agreement
dated  as  of  ________________  (the  "Agreement")  among  Residential  Funding
Corporation as Master Servicer,  Residential Funding Mortgage Securities I, Inc.
as  depositor  pursuant to Section  5.02 of the  Agreement  and  __________,  as
trustee, as follows:

               (a) The Buyer  understands that the Rule 144A Securities have not
        been registered under the 1933 Act or the securities laws of any state.

               (b) The  Buyer  considers  itself  a  substantial,  sophisticated
        institutional investor having such knowledge and experience in financial
        and  business  matters that it is capable of  evaluating  the merits and
        risks of investment in the Rule 144A Securities.

               (c) The Buyer has been furnished with all  information  regarding
        the Rule 144A  Securities  that it has  requested  from the Seller,  the
        Trustee or the Servicer.

<PAGE>

               (d)  Neither  the  Buyer nor  anyone  acting  on its  behalf  has
        offered,  transferred,  pledged,  sold or otherwise disposed of the Rule
        144A  Securities,  any interest in the Rule 144A Securities or any other
        similar security to, or solicited any offer to buy or accept a transfer,
        pledge or other disposition of the Rule 144A Securities, any interest in
        the  Rule  144A  Securities  or any  other  similar  security  from,  or
        otherwise  approached  or  negotiated  with  respect  to the  Rule  144A
        Securities,  any  interest  in the Rule  144A  Securities  or any  other
        similar  security  with,  any person in any manner,  or made any general
        solicitation by means of general  advertising or in any other manner, or
        taken any other action, that would constitute a distribution of the Rule
        144A Securities  under the 1933 Act or that would render the disposition
        of the Rule 144A  Securities a violation of Section 5 of the 1933 Act or
        require  registration  pursuant  thereto,  nor  will it act,  nor has it
        authorized  or will it authorize  any person to act, in such manner with
        respect to the Rule 144A Securities.

               (e) The Buyer is a "qualified  institutional  buyer" as that term
        is defined in Rule 144A under the 1933 Act and has  completed  either of
        the forms of  certification to that effect attached hereto as Annex 1 or
        Annex 2.  The  Buyer  is  aware  that  the  sale to it is being  made in
        reliance on Rule 144A.  The Buyer is acquiring the Rule 144A  Securities
        for its own  account or the  accounts of other  qualified  institutional
        buyers,  understands  that  such  Rule 144A  Securities  may be  resold,
        pledged or transferred only (i) to a person reasonably  believed to be a
        qualified  institutional buyer that purchases for its own account or for
        the account of a qualified  institutional  buyer to whom notice is given
        that the  resale,  pledge or  transfer is being made in reliance on Rule
        144A, or (ii) pursuant to another exemption from registration  under the
        1933 Act.

        [3.    The Buyer

               (a) is not an  employee  benefit  or other  plan  subject  to the
        prohibited  transaction  provisions  of the Employee  Retirement  Income
        Security  Act of 1974,  as amended  ("ERISA"),  or  Section  4975 of the
        Internal  Revenue  Code of 1986,  as  amended (a  "Plan"),  or any other
        person (including an investment  manager, a named fiduciary or a trustee
        of any Plan) acting, directly or indirectly,  on behalf of or purchasing
        any Certificate with "plan assets" of any Plan within the meaning of the
        Department of Labor ("DOL") regulation at 29 C.F.R. ss.2510.3-101;

               (b) is an insurance company, the source of funds to be used by it
        to purchase the  Certificates is an "insurance  company general account"
        (within  the  meaning  of DOL  Prohibited  Transaction  Class  Exemption
        ("PTCE")  95-60),  and the  purchase is being made in reliance  upon the
        availability  of the exemptive  relief afforded under Sections I and III
        of PTCE 95-60; or

               (c) has provided the Trustee, the Company and the Master Servicer
        with an  opinion  of  counsel  acceptable  to and in form and  substance
        satisfactory to the Trustee,  the Company and the Master Servicer to the
        effect that the purchase of Certificates is permissible under applicable
        law,  will  not  constitute  or  result  in  any  non-exempt  prohibited
        transaction under ERISA or Section 4975 of the Code and will not subject
        the Trustee,  the Company or the Master  Servicer to any  obligation  or
        liability (including obligations or liabilities under

<PAGE>

        ERISA or Section  4975 of the Code) in addition to those  undertaken  in
        the Pooling and Servicing Agreement. ]

        4. This document may be executed in one or more  counterparts and by the
different  parties  hereto on  separate  counterparts,  each of  which,  when so
executed, shall be deemed to be an original; such counterparts,  together, shall
constitute one and the same document.

        IN WITNESS WHEREOF, each of the parties has executed this document as of
the date set forth below.

Print Name of Seller                   Print Name of Buyer

By:                                    By:
   ---------------------------------      ---------------------------------
Name:                                  Name:
Title:                                 Title:
Taxpayer Identification                Taxpayer Identification:
No.                                    No:
    --------------------------------      ---------------------------------
Date:                                  Date:
      ------------------------------         ------------------------------

<PAGE>

                              ANNEX 1 TO EXHIBIT J

          QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A [For
               Buyers Other Than Registered Investment Companies]

        The undersigned  hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

     1. As indicated  below,  the undersigned is the President,  Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.

        2. In connection with purchases by the Buyer,  the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because (i) the Buyer  owned  and/or  invested on a
discretionary basis $ in securities (except for the excluded securities referred
to below) as of the end of the  Buyer's  most recent  fiscal  year (such  amount
being  calculated in accordance with Rule 144A) and (ii) the Buyer satisfies the
criteria in the category marked below.

        Corporation, etc. The Buyer is a corporation (other than a bank, savings
and loan association or similar institution),  Massachusetts or similar business
trust, partnership, or charitable organization described in Section 501(c)(3) of
the Internal Revenue Code.

        Bank. The Buyer (a) is a national bank or banking institution  organized
under the laws of any State, territory or the District of Columbia, the business
of which is substantially  confined to banking and is supervised by the State or
territorial  banking  commission  or similar  official  or is a foreign  bank or
equivalent institution, and (b) has an audited net worth of at least $25,000,000
as demonstrated in its latest annual  financial  statements,  a copy of which is
attached hereto.

        Savings  and Loan.  The Buyer  (a) is a  savings  and loan  association,
building  and loan  association,  cooperative  bank,  homestead  association  or
similar  institution,  which is  supervised  and  examined by a State or Federal
authority having  supervision over any such institutions or is a foreign savings
and loan association or equivalent  institution and (b) has an audited net worth
of  at  least  $25,000,000  as  demonstrated  in  its  latest  annual  financial
statements.

        Broker-Dealer.  The Buyer is a dealer registered  pursuant to Section 15
of the Securities Exchange Act of 1934.

        Insurance  Company.  The Buyer is an insurance company whose primary and
predominant  business  activity is the writing of insurance or the reinsuring of
risks underwritten by insurance companies and which is subject to supervision by
the  insurance  commissioner  or a  similar  official  or  agency  of a State or
territory or the District of Columbia.

        State or Local Plan. The Buyer is a plan established and maintained by a
State, its political subdivisions, or any agency or instrumentality of the State
or its political subdivisions, for the benefit of its employees.

<PAGE>

        ERISA Plan. The Buyer is an employee  benefit plan within the meaning of
Title I of the Employee Retirement Income Security Act of 1974.

     Investment Adviser. The Buyer is an investment adviser registered under the
Investment Advisers Act of 1940.

     SBIC. The Buyer is a Small Business Investment Company licensed by the U.S.
Small Business  Administration under Section 301(c) or (d) of the Small Business
Investment Act of 1958.

     Business  Development  Company. The Buyer is a business development company
as defined in Section 202(a)(22) of the Investment Advisers Act of 1940.

        Trust Fund.  The Buyer is a trust fund whose  trustee is a bank or trust
company  and  whose  participants  are  exclusively  (a) plans  established  and
maintained  by  a  State,   its  political   subdivisions,   or  any  agency  or
instrumentality of the State or its political  subdivisions,  for the benefit of
its  employees,  or (b) employee  benefit plans within the meaning of Title I of
the Employee  Retirement  Income  Security Act of 1974,  but is not a trust fund
that includes as participants individual retirement accounts or H.R. 10 plans.

        3. The term  "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer,  (ii) securities that are part of
an unsold  allotment to or  subscription by the Buyer, if the Buyer is a dealer,
(iii) bank deposit notes and certificates of deposit,  (iv) loan participations,
(v) repurchase  agreements,  (vi)  securities  owned but subject to a repurchase
agreement and (vii) currency, interest rate and commodity swaps.

        4. For purposes of determining the aggregate  amount of securities owned
and/or invested on a discretionary  basis by the Buyer,  the Buyer used the cost
of such  securities  to the  Buyer  and did not  include  any of the  securities
referred to in the preceding  paragraph.  Further, in determining such aggregate
amount,  the Buyer may have included  securities  owned by  subsidiaries  of the
Buyer,  but only if such  subsidiaries  are  consolidated  with the Buyer in its
financial  statements  prepared in accordance with generally accepted accounting
principles  and if the  investments of such  subsidiaries  are managed under the
Buyer's direction.  However, such securities were not included if the Buyer is a
majority-owned,  consolidated  subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934.

        5.  The  Buyer  acknowledges  that it is  familiar  with  Rule  144A and
understands  that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements  made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

                          Will the Buyer be purchasing the Rule 144A
Yes            No            Securities only for the Buyer's own account?

     6. If the answer to the foregoing  question is "no", the Buyer agrees that,
in connection  with any purchase of securities sold to the Buyer for the account
of a third party (including any separate  account) in reliance on Rule 144A, the
Buyer will only  purchase for the account of a third party that at the time is a
"qualified institutional buyer" within the meaning of Rule 144A. In

<PAGE>

addition,  the Buyer  agrees that the Buyer will not purchase  securities  for a
third party unless the Buyer has obtained a current  representation  letter from
such third party or taken other appropriate  steps  contemplated by Rule 144A to
conclude that such third party  independently meets the definition of "qualified
institutional buyer" set forth in Rule 144A.

        7. The Buyer will notify each of the parties to which this certification
is made of any changes in the  information and  conclusions  herein.  Until such
notice is given,  the Buyer's purchase of Rule 144A Securities will constitute a
reaffirmation of this certification as of the date of such purchase.

                                                   Print Name of Buyer

                                                   By:
                                                      ------------------------
                                                   Name:
                                                   Title:

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

<PAGE>

                              ANNEX 2 TO EXHIBIT J

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

              [For Buyers That Are Registered Investment Companies]

        The undersigned  hereby certifies as follows in connection with the Rule
144A Investment Representation to which this Certification is attached:

        1. As indicated below, the undersigned is the President, Chief Financial
Officer or Senior Vice  President  of the Buyer or, if the Buyer is a "qualified
institutional  buyer" as that term is defined in Rule 144A under the  Securities
Act of 1933  ("Rule  144A")  because  Buyer  is part of a Family  of  Investment
Companies (as defined below), is such an officer of the Adviser.

        2. In  connection  with  purchases  by Buyer,  the Buyer is a "qualified
institutional  buyer" as  defined in SEC Rule 144A  because  (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, and (ii)
as marked below, the Buyer alone, or the Buyer's Family of Investment Companies,
owned at least  $100,000,000 in securities  (other than the excluded  securities
referred to below) as of the end of the Buyer's  most recent  fiscal  year.  For
purposes  of  determining  the  amount of  securities  owned by the Buyer or the
Buyer's Family of Investment Companies, the cost of such securities was used.

        The Buyer  owned $ in  securities  (other than the  excluded  securities
referred  to below) as of the end of the Buyer's  most recent  fiscal year (such
amount being calculated in accordance with Rule 144A).

        The Buyer is part of a Family of Investment Companies which owned in the
aggregate $ in securities (other than the excluded securities referred to below)
as of the  end of the  Buyer's  most  recent  fiscal  year  (such  amount  being
calculated in accordance with Rule 144A).

        3. The term "Family of Investment Companies" as used herein means two or
more  registered  investment  companies  (or series  thereof) that have the same
investment  adviser or  investment  advisers that are  affiliated  (by virtue of
being majority owned  subsidiaries  of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

        4. The term  "securities" as used herein does not include (i) securities
of issuers that are affiliated  with the Buyer or are part of the Buyer's Family
of Investment  Companies,  (ii) bank deposit notes and  certificates of deposit,
(iii) loan participations,  (iv) repurchase agreements, (v) securities owned but
subject to a repurchase agreement and (vi) currency, interest rate and commodity
swaps.

        5. The Buyer is familiar with Rule 144A and understands that each of the
parties to which this  certification  is made are relying  and will  continue to
rely on the  statements  made herein because one or more sales to the Buyer will
be in reliance on Rule 144A.  In addition,  the Buyer will only purchase for the
Buyer's own account.

<PAGE>

        6. The  undersigned  will  notify  each of the  parties  to  which  this
certification is made of any changes in the information and conclusions  herein.
Until such notice,  the Buyer's purchase of Rule 144A Securities will constitute
a reaffirmation of this  certification by the undersigned as of the date of such
purchase.

                                                   Print Name of Buyer

                                                   By:
                                                      ------------------------
                                                   Name:
                                                   Title:

                                                   IF AN ADVISOR:

                                                   Print Name of Buyer

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

<PAGE>

                                    EXHIBIT K

                   [TEXT OF AMENDMENT TO POOLING AND SERVICING
                  AGREEMENT PURSUANT TO SECTION 11.01(E) FOR A
                                LIMITED GUARANTY]

                                   ARTICLE XII
             Subordinate Certificate Loss Coverage; Limited Guaranty

        Section 12.01. Subordinate Certificate Loss Coverage;  Limited Guaranty.
(a) Subject to subsection  (c) below,  prior to the later of the third  Business
Day prior to each  Distribution  Date or the  related  Determination  Date,  the
Master Servicer shall determine  whether it or any Sub-Servicer will be entitled
to any  reimbursement  pursuant to Section 4.02(a) on such Distribution Date for
Advances or Sub-Servicer  Advances  previously made, (which will not be Advances
or Sub-Servicer Advances that were made with respect to delinquencies which were
subsequently determined to be Excess Special Hazard Losses, Excess Fraud Losses,
Excess  Bankruptcy  Losses or  Extraordinary  Losses)  and,  if so,  the  Master
Servicer shall demand payment from Residential Funding of an amount equal to the
amount of any Advances or Sub-Servicer  Advances  reimbursed pursuant to Section
4.02(a),  to the extent such  Advances or  Sub-Servicer  Advances  have not been
included in the amount of the Realized Loss in the related  Mortgage  Loan,  and
shall distribute the same to the Class B  Certificateholders  in the same manner
as if such amount were to be distributed pursuant to Section 4.02(a).

        (b)  Subject to  subsection  (c) below,  prior to the later of the third
Business Day prior to each Distribution Date or the related  Determination Date,
the Master  Servicer  shall  determine  whether any Realized  Losses (other than
Excess Special Hazard Losses,  Excess Bankruptcy Losses, Excess Fraud Losses and
Extraordinary  Losses)  will be allocated  to the Class B  Certificates  on such
Distribution  Date  pursuant to Section  4.05,  and, if so, the Master  Servicer
shall demand  payment from  Residential  Funding of the amount of such  Realized
Loss and shall distribute the same to the Class B Certificateholders in the same
manner as if such amount  were to be  distributed  pursuant to Section  4.02(a);
provided, however, that the amount of such demand in respect of any Distribution
Date shall in no event be greater than the sum of (i) the  additional  amount of
Accrued  Certificate  Interest  that  would  have  been  paid  for  the  Class B
Certificateholders  on such  Distribution  Date had such Realized Loss or Losses
not occurred plus (ii) the amount of the reduction in the Certificate  Principal
Balances  of the  Class B  Certificates  on such  Distribution  Date due to such
Realized  Loss or Losses.  Notwithstanding  such payment,  such Realized  Losses
shall be deemed to have been borne by the  Certificateholders  for  purposes  of
Section  4.05.  Excess  Special  Hazard  Losses,  Excess  Fraud  Losses,  Excess
Bankruptcy Losses and Extraordinary Losses allocated to the Class B Certificates
will not be covered by the Subordinate Certificate Loss Obligation.

        (c) Demands for payments pursuant to this Section shall be made prior to
the  later of the third  Business  Day  prior to each  Distribution  Date or the
related Determination Date by the Master Servicer with written notice thereof to
the Trustee.  The maximum amount that  Residential  Funding shall be required to
pay pursuant to this Section on any Distribution  Date (the "Amount  Available")
shall be equal to the lesser of (X) minus the sum of (i) all  previous  payments
made under  subsections  (a) and (b) hereof and (ii) all draws under the Limited
Guaranty made in lieu of such payments as

<PAGE>

described  below  in  subsection  (d) and (Y) the then  outstanding  Certificate
Principal  Balances of the Class B Certificates,  or such lower amount as may be
established  pursuant to Section  12.02.  Residential  Funding's  obligations as
described in this Section are referred to herein as the "Subordinate Certificate
Loss Obligation."

        (d)  The  Trustee  will  promptly   notify  General  Motors   Acceptance
Corporation of any failure of Residential Funding to make any payments hereunder
and  shall  demand  payment  pursuant  to the  limited  guaranty  (the  "Limited
Guaranty"),  executed by General Motors Acceptance  Corporation,  of Residential
Funding's  obligation  to make payments  pursuant to this Section,  in an amount
equal to the lesser of (i) the Amount Available and (ii) such required payments,
by  delivering to General  Motors  Acceptance  Corporation a written  demand for
payment by wire  transfer,  not later than the second  Business Day prior to the
Distribution Date for such month, with a copy to the Master Servicer.

        (e) All payments made by Residential Funding pursuant to this Section or
amounts  paid under the  Limited  Guaranty  shall be  deposited  directly in the
Certificate Account, for distribution on the Distribution Date for such month to
the Class B Certificateholders.

        (f) The  Company  shall  have the  option,  in its sole  discretion,  to
substitute  for  either  or  both of the  Limited  Guaranty  or the  Subordinate
Certificate  Loss  Obligation  another  instrument  in the  form of a  corporate
guaranty,  an irrevocable  letter of credit, a surety bond,  insurance policy or
similar  instrument  or a reserve fund;  provided  that (i) the Company  obtains
(subject to the provisions of Section 10.01(f) as if the Company was substituted
for the Master Servicer solely for the purposes of such provision) an Opinion of
Counsel (which need not be an opinion of Independent counsel) to the effect that
obtaining such  substitute  corporate  guaranty,  irrevocable  letter of credit,
surety bond,  insurance  policy or similar  instrument  or reserve fund will not
cause  either (a) any  federal  tax to be imposed on the Trust  Fund,  including
without limitation,  any federal tax imposed on "prohibited  transactions" under
Section  860(F)(a)(1) of the Code or on  "contributions  after the startup date"
under Section  860(G)(d)(1) of the Code or (b) the Trust Fund to fail to qualify
as a REMIC at any time that any  Certificate  is  outstanding,  and (ii) no such
substitution  shall  be made  unless  (A) the  substitute  Limited  Guaranty  or
Subordinate  Certificate  Loss Obligation is for an initial amount not less than
the then  current  Amount  Available  and  contains  provisions  that are in all
material  respects  equivalent to the original  Limited  Guaranty or Subordinate
Certificate   Loss   Obligation   (including   that  no  portion  of  the  fees,
reimbursements  or other  obligations under any such instrument will be borne by
the Trust  Fund),  (B) the long  term debt  obligations  of any  obligor  of any
substitute  Limited Guaranty or Subordinate  Certificate Loss Obligation (if not
supported by the Limited Guaranty) shall be rated at least the lesser of (a) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation  as of the date of  issuance  of the  Limited  Guaranty  and (b) the
rating  of  the  long  term  debt  obligations  of  General  Motors   Acceptance
Corporation at the date of such substitution and (C) the Company obtains written
confirmation from each nationally recognized credit rating agency that rated the
Class B Certificates at the request of the Company that such substitution  shall
not lower the  rating on the Class B  Certificates  below the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency. Any replacement of the Limited Guaranty or Subordinate  Certificate Loss
Obligation pursuant to this Section shall be accompanied by a written Opinion of
Counsel to the substitute guarantor or obligor, addressed to the Master

<PAGE>

Servicer and the Trustee, that such substitute  instrument  constitutes a legal,
valid and binding obligation of the substitute guarantor or obligor, enforceable
in accordance  with its terms,  and concerning  such other matters as the Master
Servicer and the Trustee  shall  reasonably  request.  Neither the Company,  the
Master  Servicer nor the Trustee shall be obligated to substitute for or replace
the Limited  Guaranty  or  Subordinate  Certificate  Loss  Obligation  under any
circumstance.

        Section   12.02.   Amendments   Relating   to  the   Limited   Guaranty.
Notwithstanding  Sections 11.01 or 12.01: (i) the provisions of this Article XII
may be amended,  superseded or deleted, (ii) the Limited Guaranty or Subordinate
Certificate Loss Obligation may be amended,  reduced or canceled,  and (iii) any
other  provision of this Agreement which is related or incidental to the matters
described  in this  Article  XII may be amended in any  manner;  in each case by
written  instrument  executed or  consented  to by the  Company and  Residential
Funding but without the consent of any Certificateholder and without the consent
of the Master  Servicer or the Trustee being required  unless any such amendment
would impose any  additional  obligation on, or otherwise  adversely  affect the
interests of, the Master Servicer or the Trustee,  as applicable;  provided that
the Company shall also obtain a letter from each  nationally  recognized  credit
rating agency that rated the Class B Certificates  at the request of the Company
to the effect that such amendment,  reduction, deletion or cancellation will not
lower  the  rating  on the  Class B  Certificates  below  the  lesser of (a) the
then-current  rating  assigned to the Class B Certificates by such rating agency
and (b) the original  rating assigned to the Class B Certificates by such rating
agency, unless (A) the Holder of 100% of the Class B Certificates is Residential
Funding  or  an  Affiliate  of  Residential  Funding,  or  (B)  such  amendment,
reduction,  deletion or cancellation is made in accordance with Section 11.01(e)
and,  provided  further that the Company  obtains  (subject to the provisions of
Section  10.01(f)  as if the  Company was  substituted  for the Master  Servicer
solely for the purposes of such provision),  in the case of a material amendment
or  supersession  (but not a reduction,  cancellation or deletion of the Limited
Guaranty or the Subordinate Certificate Loss Obligation),  an Opinion of Counsel
(which  need not be an opinion of  Independent  counsel)  to the effect that any
such amendment or  supersession  will not cause either (a) any federal tax to be
imposed on the Trust Fund, including without limitation, any federal tax imposed
on  "prohibited  transactions"  under  Section  860F(a)(1)  of  the  Code  or on
"contributions  after the startup date" under Section  860G(d)(1) of the Code or
(b) the  Trust  Fund to  fail  to  qualify  as a  REMIC  at any  time  that  any
Certificate is outstanding.  A copy of any such instrument  shall be provided to
the Trustee and the Master  Servicer  together  with an Opinion of Counsel  that
such amendment complies with this Section 12.02.

<PAGE>

                                    EXHIBIT L

                           [FORM OF LIMITED GUARANTY]
                                LIMITED GUARANTY
                 RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.
                       Mortgage Pass-Through Certificates
                                 Series ________

                               ___________, 20____

[Trustee]

Attention: Residential Funding Corporation Series ________
Ladies and Gentlemen:

        WHEREAS,   Residential  Funding  Corporation,   a  Delaware  corporation
("Residential  Funding"),  an indirect wholly-owned subsidiary of General Motors
Acceptance Corporation,  a New York corporation ("GMAC"), plans to incur certain
obligations as described under Section 12.01 of the Series Supplement,  dated as
of  ________________,  to the Standard Terms of Pooling and Servicing  Agreement
dated  as of  ________________  (together,  the  "Servicing  Agreement"),  among
Residential  Funding Mortgage  Securities I, Inc. (the  "Company"),  Residential
Funding and  __________  (the  "Trustee") as amended by Amendment  No.  thereto,
dated as of , with respect to the  Mortgage  Pass-Through  Certificates,  Series
________ (the "Certificates"); and

        WHEREAS,   pursuant  to  Section  12.01  of  the  Servicing   Agreement,
Residential  Funding  agrees  to make  payments  to the  Holders  of the Class B
Certificates  with respect to certain  losses on the Mortgage Loans as described
in the Servicing Agreement; and

        WHEREAS,  GMAC desires to provide certain assurances with respect to the
ability of  Residential  Funding to secure  sufficient  funds and  faithfully to
perform its Subordinate Certificate Loss Obligation;

        NOW THEREFORE,  in  consideration  of the premises herein  contained and
certain  other good and valuable  consideration,  the receipt of which is hereby
acknowledged, GMAC agrees as follows:

        1. Provision of Funds.  (a) GMAC agrees to contribute and deposit in the
Certificate  Account on behalf of Residential  Funding (or otherwise  provide to
Residential  Funding, or to cause to be made available to Residential  Funding),
either  directly  or  through a  subsidiary,  in any case  prior to the  related
Distribution  Date,  such moneys as may be required  by  Residential  Funding to
perform its Subordinate  Certificate Loss Obligation when and as the same arises
from time to time upon the demand of the  Trustee  in  accordance  with  Section
12.01 of the Servicing Agreement.

        (b) The  agreement  set  forth  in the  preceding  clause  (a)  shall be
absolute,  irrevocable  and  unconditional  and  shall  not be  affected  by the
transfer by GMAC or any other person of all or any

<PAGE>

part  of its or  their  interest  in  Residential  Funding,  by any  insolvency,
bankruptcy, dissolution or other proceeding affecting Residential Funding or any
other  person,  by any defense or right of  counterclaim,  set-off or recoupment
that GMAC may have  against  Residential  Funding or any other  person or by any
other fact or circumstance.  Notwithstanding  the foregoing,  GMAC's obligations
under clause (a) shall terminate upon the earlier of (x)  substitution  for this
Limited Guaranty pursuant to Section 12.01(f) of the Servicing Agreement, or (y)
the termination of the Trust Fund pursuant to the Servicing Agreement.

        2.  Waiver.  GMAC  hereby  waives  any  failure  or delay on the part of
Residential  Funding,  the Trustee or any other person in asserting or enforcing
any  rights or in making  any  claims or demands  hereunder.  Any  defective  or
partial  exercise of any such  rights  shall not  preclude  any other or further
exercise  of  that  or  any  other  such  right.  GMAC  further  waives  demand,
presentment,  notice of default,  protest,  notice of  acceptance  and any other
notices with respect to this Limited Guaranty,  including,  without  limitation,
those of action or nonaction on the part of Residential Funding or the Trustee.

        3. Modification, Amendment and Termination. This Limited Guaranty may be
modified,  amended or terminated  only by the written  agreement of GMAC and the
Trustee and only if such  modification,  amendment or  termination  is permitted
under Section 12.02 of the Servicing  Agreement.  The  obligations of GMAC under
this  Limited  Guaranty  shall  continue  and  remain  in  effect so long as the
Servicing  Agreement is not modified or amended in any way that might affect the
obligations  of GMAC under  this  Limited  Guaranty  without  the prior  written
consent of GMAC.

     4. Successor.  Except as otherwise expressly provided herein, the guarantee
herein set forth shall be binding upon GMAC and its respective successors.

     5.  Governing  Law. This Limited  Guaranty shall be governed by the laws of
the State of New York.

     6. Authorization and Reliance. GMAC understands that a copy of this Limited
Guaranty  shall be delivered to the Trustee in connection  with the execution of
Amendment  No. 1 to the  Servicing  Agreement  and GMAC  hereby  authorizes  the
Company  and the  Trustee  to rely on the  covenants  and  agreements  set forth
herein.

     7.  Definitions.  Capitalized  terms used but not otherwise  defined herein
shall have the meaning given them in the Servicing Agreement.

     8.  Counterparts.  This  Limited  Guaranty may be executed in any number of
counterparts,  each  of  which  shall  be  deemed  to be an  original  and  such
counterparts shall constitute but one and the same instrument.

<PAGE>

        IN WITNESS WHEREOF, GMAC has caused this Limited Guaranty to be executed
and delivered by its respective officers thereunto duly authorized as of the day
and year first above written.

                                                   GENERAL MOTORS ACCEPTANCE
                                                   CORPORATION

                                                   By:
                                                      ------------------------
                                                   Name:
                                                   Title:

Acknowledged by:
[Trustee], as Trustee

By:
   --------------------------
Name:
Title:

RESIDENTIAL FUNDING MORTGAGE SECURITIES I, INC.

By:
   --------------------------
Name:
Title:

<PAGE>

                                          EXHIBIT M

                 FORM OF LENDER CERTIFICATION FOR ASSIGNMENT OF MORTGAGE LOAN

                                                   _____________, 20______

Residential Funding Mortgage Securities I, Inc.
8400 Normandale Lake Boulevard
Suite 250
Minneapolis, Minnesota 55437

[Trustee]

Attention: Residential Funding Corporation Series ________

               Re:    Mortgage Pass-Through Certificates, Series ________
                      Assignment of Mortgage Loan

Ladies and Gentlemen:

        This letter is delivered to you in  connection  with the  assignment  by
___________   (the  "Trustee")  to   _____________________   (the  "Lender")  of
__________________(the  "Mortgage  Loan")  pursuant  to  Section  3.13(d) of the
Series  Supplement,  dated  as of  ________________,  to the  Standard  Terms of
Pooling and Servicing  Agreement  dated as of  ________________  (together,  the
"Pooling and Servicing Agreement") among Residential Funding Mortgage Securities
I, Inc., as seller (the "Company"),  Residential Funding Corporation,  as master
servicer, and the Trustee. All terms used herein and not otherwise defined shall
have the meanings set forth in the Pooling and Servicing  Agreement.  The Lender
hereby  certifies,  represents  and warrants to, and covenants  with, the Master
Servicer and the Trustee that:

        the  Mortgage  Loan  is  secured  by  Mortgaged  Property  located  in a
jurisdiction  in which an  assignment  in lieu of  satisfaction  is  required to
preserve lien priority,  minimize or avoid mortgage recording taxes or otherwise
comply with, or facilitate a refinancing under, the laws of such jurisdiction;

        the substance of the assignment is, and is intended to be, a refinancing
of such Mortgage Loan and the form of the  transaction is solely to comply with,
or facilitate the transaction under, such local laws;

        the Mortgage Loan following the proposed  assignment will be modified to
have a rate of  interest  at least  0.25  percent  below  or  above  the rate of
interest  on such  Mortgage  Loan prior to such  proposed  assignment;  and such
assignment is at the request of the borrower under the related Mortgage Loan.

<PAGE>

                                                   Very truly yours,

                                                   (Lender)

                                                   By:
                                                      ------------------------
                                                   Name:
                                                   Title:

<PAGE>

                                          EXHIBIT N

                                 FORM OF REQUEST FOR EXCHANGE

                                                   [Date]

Bank One, National Association
1 Bank One Plaza
Suite IL1-0126
Chicago, Illinois 60670-0126

               Re:    Residential Funding Mortgage Securities I, Inc.
                      Mortgage Pass-Through Certificates, Series [________]

        Residential  Funding  Corporation,  as the Holder of a ____%  Percentage
Interest of the [Class/Subclass] of Class A-V Certificates,  hereby requests the
Trustee  to  exchange  the  above-referenced  Certificates  for  the  Subclasses
referred to below:

        1.     Class   A-V   Certificates,   corresponding   to  the   following
               Uncertificated    REMIC   Regular   Interests:    [List   numbers
               corresponding  to the related loans and Pool Strip Rates from the
               Mortgage Loan Schedule]. The Initial Subclass Notional Amount and
               the initial  Pass-Through Rate on the Class A-V Certificates will
               be $___________ and _____%, respectively.

        [2.    Repeat as appropriate.]

        The  Subclasses  requested  above will represent in the aggregate all of
the  Uncertificated  REMIC  Regular  Interests  represented  by  the  Class  A-V
Certificates surrendered for exchange.

        The  capitalized  terms  used  but not  defined  herein  shall  have the
meanings set forth in the Pooling and Servicing Agreement,  dated as of _______,
among  Residential  Funding  Mortgage  Securities I, Inc.,  Residential  Funding
Corporation and Bank One National Association, as trustee.

                                      RESIDENTIAL FUNDING CORPORATION

                                      By:
                                         --------------------------
                                      Name:
                                      Title:

<PAGE>

<PAGE>

                                  EXHIBIT FIVE

                      AGGREGATE PLANNED PRINCIPAL BALANCES

                          AGGREGATE PLANNED
                       PRINCIPAL-BALANCES-FOR--
                        CLASS A-6, CLASS A-7,
                        CLASS A-8, CLASS A-9,
                       CLASS A-10, CLASS A-12
                           AND CLASS A-13
DISTRIBUTION DATE           CERTIFICATES
-----------------------------------------------
Initial Balance.......     $264,591,000.00
March 25, 2002........     263,909,330.21
April 25, 2002........     263,127,508.37
May 25, 2002..........     262,245,777.25
June 25, 2002.........     261,264,444.03
July 25, 2002.........     260,183,880.24
August 25, 2002 ......     259,004,521.67
September 25, 2002....     257,726,868.17
October 25, 2002......     256,351,483.40
November 25, 2002.....     254,878,994.53
December 25, 2002.....     253,310,091.82
January 25, 2003......     251,645,528.21
February 25, 2003.....     249,886,118.73
March 25, 2003........     248,032,739.97
April 25, 2003........     246,086,329.39
May 25, 2003..........     244,047,884.59
June 25, 2003.........     241,918,462.52
July 25, 2003.........     239,699,178.60
August 25, 2003 ......     237,391,205.86
September 25, 2003....     234,995,773.86
October 25, 2003......     232,514,167.71
November 25, 2003.....     229,947,726.91
December 25, 2003.....     227,297,844.22
January 25, 2004......     224,565,964.38
February 25, 2004.....     221,753,582.86
March 25, 2004........     218,862,244.50
April 25, 2004........     215,893,542.10
May 25, 2004..........     212,849,114.97
June 25, 2004.........     209,730,647.45
July 25, 2004.........     206,632,836.97
August 25, 2004 ......     203,555,550.44
September 25, 2004....     200,498,655.65
October 25, 2004......     197,462,021.23
November 25, 2004.....     194,445,516.69
December 25, 2004.....     191,449,012.37
January 25, 2005......     188,472,379.47
February 25, 2005.....     185,515,490.03
March 25, 2005........     182,578,216.90
April 25, 2005........     179,660,433.79
May 25, 2005..........     176,762,015.23
June 25, 2005.........     173,882,836.54
July 25, 2005.........     171,022,773.88

                                             -1-

<PAGE>

August 25, 2005 ......     $168,181,704.21
September 25, 2005....     165,359,505.30
October 25, 2005......     162,556,055.70
November 25, 2005.....     159,771,234.77
December 25, 2005.....     157,004,922.64
January 25, 2006......     154,257,000.23
February 25, 2006.....     151,527,349.26
March 25, 2006........     148,815,852.17
April 25, 2006........     146,122,392.22
May 25, 2006..........     143,446,853.41
June 25, 2006.........     140,789,120.48
July 25, 2006.........     138,149,078.95
August 25, 2006.......     135,526,615.08
September 25, 2006....     132,921,615.87
October 25, 2006......     130,333,969.05
November 25, 2006.....     127,763,563.10
December 25, 2006.....     125,210,287.22
January 25, 2007......     122,674,031.33
February 25, 2007.....     120,154,686.06
March 25, 2007........     117,675,749.51
April 25, 2007........     115,213,400.73
May 25, 2007..........     112,767,532.27
June 25, 2007.........     110,338,037.31
July 25, 2007.........     107,924,809.78
August 25, 2007.......     105,527,744.26
September 25, 2007....     103,146,736.03
October 25, 2007......     100,781,681.06
November 25, 2007.....      98,432,475.99
December 25, 2007.....      96,099,018.11
January 25, 2008......      93,781,205.41
February 25, 2008.....      91,478,936.52
March 25, 2008........      89,199,676.18
April 25, 2008........      86,935,703.54
May 25, 2008..........      84,686,919.30
June 25, 2008.........      82,453,224.77
July 25, 2008.........      80,234,521.93
August 25, 2008.......      78,030,713.37
September 25, 2008....      75,880,765.68
October 25, 2008......      73,786,832.93
November 25, 2008.....      71,747,498.02
December 25, 2008.....      69,761,379.13
January 25, 2009......      67,827,128.90
February 25, 2009.....      65,943,433.56
March 25, 2009........      64,155,436.87
April 25, 2009........      62,414,200.46
May 25, 2009..........      60,718,530.97
June 25, 2009.........      59,067,265.04
July 25, 2009.........      57,459,268.51

                                             -2-

<PAGE>

August 25, 2009.......     $55,893,435.74
September 25, 2009....      54,368,688.84
October 25, 2009......      52,883,977.06
November 25, 2009.....      51,438,276.04
December 25, 2009.....      50,030,587.20
January 25, 2010......      48,659,937.08
February 25, 2010.....      47,325,376.72
March 25, 2010........      46,064,189.47
April 25, 2010........      44,836,533.15
May 25, 2010..........      43,640,189.11
June 25, 2010.........      42,475,027.07
July 25, 2010.........      41,340,248.39
August 25, 2010.......      40,235,074.65
September 25, 2010....      39,158,747.10
October 25, 2010......      38,110,526.16
November 25, 2010.....      37,089,690.98
December 25, 2010.....      36,095,538.95
January 25, 2011......      35,127,385.24
February 25, 2011.....      34,184,562.34
March 25, 2011........      33,296,006.89
April 25, 2011........      32,430,101.79
May 25, 2011..........      31,586,277.37
June 25, 2011.........      30,763,978.17
July 25, 2011.........      29,962,662.56
August 25, 2011.......      29,181,802.39
September 25, 2011....      28,420,882.71
October 25, 2011......      27,679,401.38
November 25, 2011.....      26,956,868.78
December 25, 2011.....      26,252,807.51
January 25, 2012......      25,566,752.07
February 25, 2012.....      24,898,248.59
March 25, 2012........      24,246,854.50
April 25, 2012........      23,612,138.29
May 25, 2012..........      22,993,679.21
June 25, 2012.........      22,391,067.03
July 25, 2012.........      21,803,901.75
August 25, 2012.......      21,231,793.37
September 25, 2012....      20,674,361.62
October 25, 2012......      20,131,235.74
November 25, 2012.....      19,602,054.24
December 25, 2012.....      19,086,464.65
January 25, 2013......      18,584,123.33
February 25, 2013.....      18,094,695.21
March 25, 2013........      17,617,853.63
April 25, 2013........      17,153,280.07
May 25, 2013..........      16,700,664.01
June 25, 2013.........      16,259,702.67
July 25, 2013.........      15,830,100.87

                                             -3-

<PAGE>

August 25, 2013.......     $15,411,570.82
September 25, 2013....      15,003,831.93
October 25, 2013......      14,606,610.63
November 25, 2013.....      14,219,640.21
December 25, 2013.....      13,842,660.66
January 25, 2014......      13,475,418.47
February 25, 2014.....      13,117,666.48
March 25, 2014........      12,769,163.73
April 25, 2014........      12,429,675.32
May 25, 2014..........      12,098,972.23
June 25, 2014.........      11,776,831.18
July 25, 2014.........      11,463,034.50
August 25, 2014.......      11,157,369.99
September 25, 2014....      10,859,630.77
October 25, 2014......      10,569,615.15
November 25, 2014.....      10,287,126.53
December 25, 2014.....      10,011,973.22
January 25, 2015......      9,743,968.38
February 25, 2015.....      9,482,929.83
March 25, 2015........      9,228,679.99
April 25, 2015........      8,981,045.76
May 25, 2015..........      8,739,858.38
June 25, 2015.........      8,504,953.32
July 25, 2015.........      8,276,170.22
August 25, 2015.......      8,053,352.74
September 25, 2015....      7,836,348.48
October 25, 2015......      7,625,008.89
November 25, 2015.....      7,419,189.15
December 25, 2015.....      7,218,748.09
January 25, 2016......      7,023,548.10
February 25, 2016.....      6,833,455.05
March 25, 2016........      6,648,338.17
April 25, 2016........      6,468,070.01
May 25, 2016..........      6,292,526.34
June 25, 2016.........      6,121,586.04
July 25, 2016.........      5,955,131.06
August 25, 2016.......      5,793,046.35
September 25, 2016....      5,635,219.74
October 25, 2016......      5,481,541.91
November 25, 2016.....      5,331,906.30
December 25, 2016.....      5,186,209.03
January 25, 2017......      5,044,348.88
February 25, 2017.....      4,906,227.16
March 25, 2017........      4,771,747.68
April 25, 2017........      4,640,816.71
May 25, 2017..........      4,513,342.86
June 25, 2017.........      4,389,237.08
July 25, 2017.........      4,268,412.57

                                             -4-

<PAGE>

August 25, 2017.......      $4,150,784.71
September 25, 2017....      4,036,271.06
October 25, 2017......      3,924,791.25
November 25, 2017.....      3,816,266.94
December 25, 2017.....      3,710,621.80
January 25, 2018......      3,607,781.42
February 25, 2018.....      3,507,673.28
March 25, 2018........      3,410,226.73
April 25, 2018........      3,315,372.87
May 25, 2018..........      3,223,044.58
June 25, 2018.........      3,133,176.44
July 25, 2018.........      3,045,704.69
August 25, 2018.......      2,960,567.21
September 25, 2018....      2,877,703.43
October 25, 2018......      2,797,054.34
November 25, 2018.....      2,718,562.44
December 25, 2018.....      2,642,171.68
January 25, 2019......      2,567,827.45
February 25, 2019.....      2,495,476.52
March 25, 2019........      2,425,067.02
April 25, 2019........      2,356,548.42
May 25, 2019..........      2,289,871.45
June 25, 2019.........      2,224,988.12
July 25, 2019.........      2,161,851.67
August 25, 2019.......      2,100,416.51
September 25, 2019....      2,040,638.24
October 25, 2019......      1,982,473.57
November 25, 2019.....      1,925,880.35
December 25, 2019.....      1,870,817.47
January 25, 2020......      1,817,244.91
February 25, 2020.....      1,765,123.65
March 25, 2020........      1,714,415.66
April 25, 2020........      1,665,083.93
May 25, 2020..........      1,617,092.35
June 25, 2020.........      1,570,405.75
July 25, 2020.........      1,524,989.88
August 25, 2020.......      1,480,811.36
September 25, 2020....      1,437,837.65
October 25, 2020......      1,396,037.07
November 25, 2020.....      1,355,378.73
December 25, 2020.....      1,315,832.56
January 25, 2021......      1,277,369.25
February 25, 2021.....      1,239,960.24
March 25, 2021........      1,203,577.71
April 25, 2021........      1,168,194.56
May 25, 2021..........      1,133,784.38
June 25, 2021.........      1,100,321.44
July 25, 2021.........      1,067,780.70
August 25, 2021.......      1,036,137.72

                                             -5-

<PAGE>

September 25, 2021....      $1,005,368.72
October 25, 2021......       975,450.54
November 25, 2021.....       946,360.61
December 25, 2021.....       918,076.92
January 25, 2022......       890,578.06
February 25, 2022.....       863,843.17
March 25, 2022........       837,851.92
April 25, 2022........       812,584.50
May 25, 2022..........       788,021.63
June 25, 2022.........       764,144.53
July 25, 2022.........       740,934.89
August 25, 2022.......       718,374.88
September 25, 2022....       696,447.15
October 25, 2022......       675,134.78
November 25, 2022.....       654,421.30
December 25, 2022.....       634,290.66
January 25, 2023......       614,727.23
February 25, 2023.....       595,715.80
March 25, 2023........       577,241.55
April 25, 2023........       559,290.02
May 25, 2023..........       541,847.17
June 25, 2023.........       524,899.29
July 25, 2023.........       508,433.05
August 25, 2023.......       492,435.46
September 25, 2023....       476,893.86
October 25, 2023......       461,795.94
November 25, 2023.....       447,129.70
December 25, 2023.....       432,883.46
January 25, 2024......       419,045.83
February 25, 2024.....       405,605.74
March 25, 2024........       392,552.40
April 25, 2024........       379,875.29
May 25, 2024..........       367,564.20
June 25, 2024.........       355,609.16
July 25, 2024.........       344,000.46
August 25, 2024.......       332,728.67
September 25, 2024....       321,784.58
October 25, 2024......       311,159.23
November 25, 2024.....       300,843.92
December 25, 2024.....       290,830.15
January 25, 2025......       281,109.65
February 25, 2025.....       271,674.39
March 25, 2025........       262,516.51
April 25, 2025........       253,628.40
May 25, 2025..........       245,002.62
June 25, 2025.........       236,631.96
July 25, 2025.........       228,509.36
August 25, 2025.......       220,627.98
September 25, 2025....       212,981.16

                                             -6-

<PAGE>

October 25, 2025......       $205,562.38
November 25, 2025.....       198,365.34
December 25, 2025.....       191,383.88
January 25, 2026......       184,612.01
February 25, 2026.....       178,043.90
March 25, 2026........       171,673.88
April 25, 2026........       165,496.42
May 25, 2026..........       159,506.15
June 25, 2026.........       153,697.84
July 25, 2026.........       148,066.38
August 25, 2026.......       142,606.83
September 25, 2026....       137,314.36
October 25, 2026......       132,184.27
November 25, 2026.....       127,212.00
December 25, 2026.....       122,393.10
January 25, 2027......       117,723.24
February 25, 2027.....       113,198.20
March 25, 2027........       108,813.90
April 25, 2027........       104,566.35
May 25, 2027..........       100,451.65
June 25, 2027.........        96,466.05
July 25, 2027.........        92,605.85
August 25, 2027.......        88,867.50
September 25, 2027....        85,247.50
October 25, 2027......        81,742.48
November 25, 2027.....        78,349.15
December 25, 2027.....        75,064.29
January 25, 2028......        71,884.80
February 25, 2028.....        68,807.63
March 25, 2028........        65,829.85
April 25, 2028........        62,948.58
May 25, 2028..........        60,161.04
June 25, 2028.........        57,464.49
July 25, 2028.........        54,856.31
August 25, 2028.......        52,333.93
September 25, 2028....        49,894.84
October 25, 2028......        47,536.62
November 25, 2028.....        45,256.90
December 25, 2028.....        43,053.38
January 25, 2029......        40,923.83
February 25, 2029.....        38,866.07
March 25, 2029........        36,877.99
April 25, 2029........        34,957.52
May 25, 2029..........        33,102.68
June 25, 2029.........        31,311.51
July 25, 2029.........        29,582.13
August 25, 2029.......        27,912.69
September 25, 2029....        26,301.41
October 25, 2029......        24,746.55

                                             -7-

<PAGE>

November 25, 2029.....       $23,246.42
December 25, 2029.....        21,799.38
January 25, 2030......        20,403.82
February 25, 2030.....        19,058.20
March 25, 2030........        17,761.01
April 25, 2030........        16,510.77
May 25, 2030..........        15,306.07
June 25, 2030.........        14,145.51
July 25, 2030.........        13,027.76
August 25, 2030.......        11,951.49
September 25, 2030....        10,915.43
October 25, 2030......        9,918.36
November 25, 2030.....        8,959.06
December 25, 2030.....        8,036.36
January 25, 2031......        7,149.14
February 25, 2031.....        6,296.29
March 25, 2031........        5,476.73
April 25, 2031........        4,689.43
May 25, 2031..........        3,933.38
June 25, 2031.........        3,207.58
July 25, 2031.........        2,511.09
August 25, 2031.......        1,842.97
September 25, 2031....        1,202.33
October 25, 2031......         588.29
November 25, 2031 and
thereafter............          0.00

                                             -8-

<PAGE>

<TABLE>
<CAPTION>

                                         EXHIBIT SIX

                                 TARGETED PRINCIPAL BALANCES

                                              TARGETED
                                             PRINCIPAL                     AGGREGATE
                                           BALANCES FOR                     TARGETED
                               TARGETED     CLASS A-15       TARGETED      PRINCIPAL
                              PRINCIPAL    CERTIFICATES     PRINCIPAL     BALANCES FOR
                             BALANCES FOR                   BALANCES FOR  CLASS A-17 AND
                              CLASS A-14                    CLASS A-16     CLASS-A-18
DISTRIBUTION DATE            CERTIFICATES                  CERTIFICATES   CERTIFICATES
-------------------------------------------               ------------------------------
<S>                         <C>            <C>            <C>            <C>
Initial Balance............ $40,000,000.00 $14,725,000.00 $64,743,000.00 $66,228,000.00
March 25, 2002.............  39,806,962.04  14,801,692.71  64,464,555.90  66,228,000.00
April 25, 2002.............  39,578,408.58  14,878,784.86  64,102,070.03  66,228,000.00
May 25, 2002...............  39,314,424.94  14,956,278.53  63,655,751.57  66,228,000.00
June 25, 2002..............  39,015,167.86  15,034,175.81  63,125,980.64  66,228,000.00
July 25, 2002..............  38,680,865.78  15,112,478.81  62,513,308.98  66,228,000.00
August 25, 2002 ...........  38,311,818.91  15,191,189.64  61,818,460.17  66,228,000.00
September 25, 2002.........  37,908,399.18  15,270,310.42  61,042,329.37  66,228,000.00
October 25, 2002...........  37,471,049.90  15,349,843.29  60,185,982.66  66,228,000.00
November 25, 2002..........  37,000,285.29  15,429,790.39  59,250,655.85  66,228,000.00
December 25, 2002..........  36,496,689.83  15,510,153.88  58,237,752.90  66,228,000.00
January 25, 2003...........  35,960,917.36  15,590,935.93  57,148,843.81  66,228,000.00
February 25, 2003..........  35,393,690.04  15,672,138.72  55,985,662.10  66,228,000.00
March 25, 2003.............  34,795,797.07  15,753,764.44  54,750,101.79  66,228,000.00
April 25, 2003.............  34,168,093.28  15,835,815.30  53,444,213.98  66,228,000.00
May 25, 2003...............  33,511,497.47  15,918,293.50  52,070,202.90  66,228,000.00
June 25, 2003..............  32,826,990.61  16,001,201.28  50,630,421.57  66,228,000.00
July 25, 2003..............  32,115,613.83  16,084,540.87  49,127,367.05  66,228,000.00
August 25, 2003 ...........  31,378,466.25  16,168,314.52  47,563,675.20  66,228,000.00
September 25, 2003.........  30,616,702.64  16,252,524.49  45,942,115.07  66,228,000.00
October 25, 2003...........  29,831,530.89  16,337,173.06  44,265,582.91  66,228,000.00
November 25, 2003..........  29,024,209.34  16,422,262.50  42,537,095.74  66,228,000.00
December 25, 2003..........  28,196,044.00  16,507,795.12  40,759,784.61  66,228,000.00
January 25, 2004...........  27,348,385.49  16,593,773.22  38,936,887.50  66,228,000.00
February 25, 2004..........  26,482,626.04  16,680,199.12  37,071,741.88  66,228,000.00
March 25, 2004.............  25,600,196.18  16,767,075.16  35,167,776.96  66,228,000.00
April 25, 2004.............  24,702,561.40  16,854,403.67  33,228,505.67  66,228,000.00
May 25, 2004...............  23,791,218.73  16,942,187.03  31,257,516.41  66,228,000.00
June 25, 2004..............  22,867,693.14  17,030,427.58  29,258,464.49  66,228,000.00
July 25, 2004..............  21,964,610.28  17,119,127.73  27,309,437.20  66,228,000.00
August 25, 2004 ...........  21,081,594.24  17,208,289.85  25,409,540.59  66,228,000.00
September 25, 2004.........  20,218,275.07  17,297,916.36  23,557,895.07  66,228,000.00
October 25, 2004...........  19,374,288.71  17,388,009.68  21,753,635.11  66,228,000.00
November 25, 2004..........  18,549,276.87  17,478,572.23  19,995,909.06  66,228,000.00
December 25, 2004..........  17,742,886.96  17,569,606.46  18,283,878.95  66,228,000.00
January 25, 2005...........  16,954,772.02  17,661,114.82  16,616,720.25  66,228,000.00
February 25, 2005..........  16,184,590.58  17,753,099.80  14,993,621.67  66,228,000.00
March 25, 2005.............  15,432,006.62  17,845,563.86  13,413,784.97  66,228,000.00
April 25, 2005.............  14,696,689.47  17,938,509.50  11,876,424.75  66,228,000.00
May 25, 2005...............  13,978,313.74  18,031,939.24  10,380,768.25  66,228,000.00
June 25, 2005..............  13,276,559.21  18,125,855.59   8,926,055.15  66,228,000.00
July 25, 2005..............  12,591,110.77  18,220,261.09   7,511,537.39  66,228,000.00
August 25, 2005 ...........  11,921,658.35  18,315,158.28   6,136,478.96  66,228,000.00

                                             -1-

<PAGE>

September 25, 2005......... $11,267,896.82 $18,410,549.73  $4,800,155.75 $66,228,000.00
October 25, 2005...........  10,629,525.93  18,506,438.01   3,501,855.33  66,228,000.00
November 25, 2005..........  10,006,250.20  18,602,825.71   2,240,876.77  66,228,000.00
December 25, 2005..........   9,397,778.92  18,699,715.43   1,016,530.50  66,228,000.00
January 25, 2006...........   8,803,825.99  18,797,109.78           0.00  66,056,138.11
February 25, 2006..........   8,224,109.89  18,895,011.39           0.00  64,903,032.14
March 25, 2006.............   7,658,353.64  18,993,422.91           0.00  63,784,555.98
April 25, 2006.............   7,106,284.65  19,092,346.99           0.00  62,700,063.67
May 25, 2006...............   6,567,634.73  19,191,786.29           0.00  61,648,919.71
June 25, 2006..............   6,042,139.98  19,291,743.51           0.00  60,630,498.94
July 25, 2006..............   5,529,540.71  19,392,221.34           0.00  59,644,186.35
August 25, 2006............   5,029,581.43  19,493,222.50           0.00  58,689,376.94
September 25, 2006.........   4,542,010.73  19,594,749.70           0.00  57,765,475.56
October 25, 2006...........   4,066,581.25  19,696,805.69           0.00  56,871,896.75
November 25, 2006..........   3,603,049.58  19,799,393.22           0.00  56,008,064.59
December 25, 2006..........   3,151,176.24  19,902,515.05           0.00  55,173,412.57
January 25, 2007...........   2,710,725.61  20,006,173.99           0.00  54,367,383.42
February 25, 2007..........   2,281,465.85  20,110,372.81           0.00  53,589,428.97
March 25, 2007.............   1,872,234.81  20,215,114.34           0.00  52,860,707.25
April 25, 2007.............   1,473,660.76  20,320,401.39           0.00  52,158,796.04
May 25, 2007...............   1,085,523.19  20,426,236.81           0.00  51,483,174.41
June 25, 2007..............     707,605.16  20,532,623.46           0.00  50,833,329.99
July 25, 2007..............     339,693.23  20,639,564.21           0.00  50,208,758.81
August 25, 2007............           0.00  20,728,639.32           0.00  49,608,965.20
September 25, 2007.........           0.00  20,488,170.58           0.00  49,033,461.64
October 25, 2007...........           0.00  20,257,650.84           0.00  48,481,768.64
November 25, 2007..........           0.00  20,036,883.08           0.00  47,953,414.59
December 25, 2007..........           0.00  19,825,673.47           0.00  47,447,935.68
January 25, 2008...........           0.00  19,623,831.43           0.00  46,964,875.76
February 25, 2008..........           0.00  19,431,169.50           0.00  46,503,786.22
March 25, 2008.............           0.00  19,250,254.64           0.00  46,070,810.41
April 25, 2008.............           0.00  19,078,104.72           0.00  45,658,811.40
May 25, 2008...............           0.00  18,914,541.95           0.00  45,267,363.62
June 25, 2008..............           0.00  18,759,391.46           0.00  44,896,048.60
July 25, 2008..............           0.00  18,612,481.31           0.00  44,544,454.82
August 25, 2008............           0.00  18,473,642.41           0.00  44,212,177.61
September 25, 2008.........           0.00  18,331,196.43           0.00  43,871,267.74
October 25, 2008...........           0.00  18,184,316.74           0.00  43,519,746.86
November 25, 2008..........           0.00  18,033,232.04           0.00  43,158,162.33
December 25, 2008..........           0.00  17,878,163.52           0.00  42,787,043.47
January 25, 2009...........           0.00  17,719,325.01           0.00  42,406,902.08
February 25, 2009..........           0.00  17,556,923.27           0.00  42,018,232.94
March 25, 2009.............           0.00  17,386,587.90           0.00  41,610,576.59
April 25, 2009.............           0.00  17,213,291.48           0.00  41,195,833.68
May 25, 2009...............           0.00  17,037,215.26           0.00  40,774,438.01
June 25, 2009..............           0.00  16,858,534.28           0.00  40,346,808.47
July 25, 2009..............           0.00  16,677,417.51           0.00  39,913,349.46
August 25, 2009............           0.00  16,494,028.06           0.00  39,474,451.33
September 25, 2009.........           0.00  16,308,523.31           0.00  39,030,490.74

                                             -2-

<PAGE>

October 25, 2009...........          $0.00 $16,121,055.11          $0.00 $38,581,831.14
November 25, 2009..........           0.00  15,931,769.94           0.00  38,128,823.05
December 25, 2009..........           0.00  15,740,809.06           0.00  37,671,804.53
January 25, 2010...........           0.00  15,548,308.63           0.00  37,211,101.50
February 25, 2010..........           0.00  15,354,399.93           0.00  36,747,028.10
March 25, 2010.............           0.00  15,155,974.80           0.00  36,272,145.74
April 25, 2010.............           0.00  14,956,411.49           0.00  35,794,539.42
May 25, 2010...............           0.00  14,756,225.37           0.00  35,315,442.54
June 25, 2010..............           0.00  14,555,318.49           0.00  34,834,620.69
July 25, 2010..............           0.00  14,353,791.92           0.00  34,352,315.80
August 25, 2010............           0.00  14,151,742.88           0.00  33,868,760.47
September 25, 2010.........           0.00  13,949,264.77           0.00  33,384,178.27
October 25, 2010...........           0.00  13,746,447.33           0.00  32,898,783.99
November 25, 2010..........           0.00  13,543,376.78           0.00  32,412,783.92
December 25, 2010..........           0.00  13,340,135.84           0.00  31,926,376.09
January 25, 2011...........           0.00  13,136,803.94           0.00  31,439,750.56
February 25, 2011..........           0.00  12,933,457.25           0.00  30,953,089.62
March 25, 2011.............           0.00  12,728,255.23           0.00  30,461,988.40
April 25, 2011.............           0.00  12,523,385.65           0.00  29,971,682.80
May 25, 2011...............           0.00  12,318,905.76           0.00  29,482,309.85
June 25, 2011..............           0.00  12,114,870.32           0.00  28,994,000.55
July 25, 2011..............           0.00  11,911,331.64           0.00  28,506,880.14
August 25, 2011............           0.00  11,708,339.68           0.00  28,021,068.19
September 25, 2011.........           0.00  11,505,942.15           0.00  27,536,678.84
October 25, 2011...........           0.00  11,304,184.53           0.00  27,053,820.95
November 25, 2011.........            0.00  11,103,110.15           0.00  26,572,598.26
December 25, 2011..........           0.00  10,902,760.31           0.00  26,093,109.56
January 25, 2012...........           0.00  10,703,174.28           0.00  25,615,448.84
February 25, 2012..........           0.00  10,504,389.39           0.00  25,139,705.48
March 25, 2012.............           0.00  10,306,441.10           0.00  24,665,964.33
April 25, 2012.............           0.00  10,109,363.08           0.00  24,194,305.92
May 25, 2012...............           0.00   9,913,187.19           0.00  23,724,806.56
June 25, 2012..............           0.00   9,717,943.63           0.00  23,257,538.51
July 25, 2012..............           0.00   9,523,660.94           0.00  22,792,570.07
August 25, 2012............           0.00   9,330,366.08           0.00  22,329,965.76
September 25, 2012.........           0.00   9,138,084.46           0.00  21,869,786.39
October 25, 2012...........           0.00   8,946,840.01           0.00  21,412,089.24
November 25, 2012.........            0.00   8,756,655.23           0.00  20,956,928.12
December 25, 2012..........           0.00   8,567,551.20           0.00  20,504,353.54
January 25, 2013...........           0.00   8,379,547.69           0.00  20,054,412.79
February 25, 2013..........           0.00   8,192,663.16           0.00  19,607,150.04
March 25, 2013.............           0.00   8,006,914.81           0.00  19,162,606.48
April 25, 2013.............           0.00   7,822,318.65           0.00  18,720,820.38
May 25, 2013...............           0.00   7,638,889.49           0.00  18,281,827.24
June 25, 2013..............           0.00   7,456,641.04           0.00  17,845,659.82
July 25, 2013..............           0.00   7,275,585.91           0.00  17,412,348.32
August 25, 2013............           0.00   7,095,735.64           0.00  16,981,920.38
September 25, 2013.........           0.00   6,917,100.79           0.00  16,554,401.24
October 25, 2013...........           0.00   6,739,690.92           0.00  16,129,813.78

                                             -3-

<PAGE>

November 25, 2013.........           $0.00  $6,563,514.64          $0.00 $15,708,178.64
December 25, 2013..........           0.00   6,388,579.67           0.00  15,289,514.26
January 25, 2014...........           0.00   6,214,892.84           0.00  14,873,837.00
February 25, 2014..........           0.00  $6,042,460.13           0.00  14,461,161.17
March 25, 2014.............           0.00   5,871,286.71           0.00  14,051,499.16
April 25, 2014.............           0.00   5,701,376.98           0.00  13,644,861.48
May 25, 2014...............           0.00   5,532,734.56           0.00  13,241,256.80
June 25, 2014..............           0.00   5,365,362.36           0.00  12,840,692.08
July 25, 2014..............           0.00   5,199,262.59           0.00  12,443,172.59
August 25, 2014............           0.00   5,034,436.77           0.00  12,048,702.01
September 25, 2014.........           0.00   4,870,885.78           0.00  11,657,282.44
October 25, 2014...........           0.00   4,708,609.90           0.00  11,268,914.51
November 25, 2014.........            0.00   4,547,608.77           0.00  10,883,597.42
December 25, 2014..........           0.00   4,387,881.50           0.00  10,501,328.97
January 25, 2015...........           0.00   4,229,426.61           0.00  10,122,105.66
February 25, 2015..........           0.00   4,072,242.11           0.00   9,745,922.73
March 25, 2015.............           0.00   3,916,325.50           0.00   9,372,774.18
April 25, 2015.............           0.00   3,761,673.79           0.00   9,002,652.86
May 25, 2015...............           0.00   3,608,283.52           0.00   8,635,550.50
June 25, 2015..............           0.00   3,456,150.78           0.00   8,271,457.73
July 25, 2015..............           0.00   3,305,271.25           0.00   7,910,364.20
August 25, 2015............           0.00   3,155,640.17           0.00   7,552,258.53
September 25, 2015.........           0.00   3,007,252.40           0.00   7,197,128.44
October 25, 2015...........           0.00   2,860,102.43           0.00   6,844,960.72
November 25, 2015.........            0.00   2,714,184.39           0.00   6,495,741.33
December 25, 2015..........           0.00   2,569,492.06           0.00   6,149,455.37
January 25, 2016...........           0.00   2,426,018.90           0.00   5,806,087.18
February 25, 2016..........           0.00   2,283,758.04           0.00   5,465,620.37
March 25, 2016.............           0.00   2,142,702.34           0.00   5,128,037.79
April 25, 2016.............           0.00   2,002,844.36           0.00   4,793,321.66
May 25, 2016...............           0.00   1,864,176.38           0.00   4,461,453.53
June 25, 2016..............           0.00   1,726,690.45           0.00   4,132,414.33
July 25, 2016..............           0.00   1,590,378.35           0.00   3,806,184.43
August 25, 2016............           0.00   1,455,231.65           0.00   3,482,743.62
September 25, 2016.........           0.00   1,321,241.69           0.00   3,162,071.19
October 25, 2016...........           0.00   1,188,399.61           0.00   2,844,145.91
November 25, 2016.........            0.00   1,056,696.34           0.00   2,528,946.11
December 25, 2016..........           0.00     926,122.63           0.00   2,216,449.64
January 25, 2017...........           0.00     796,669.06           0.00   1,906,633.97
February 25, 2017..........           0.00     668,326.05           0.00   1,599,476.13
March 25, 2017.............           0.00     541,083.86           0.00   1,294,952.83
April 25, 2017.............           0.00     414,932.58           0.00     993,040.39
May 25, 2017...............           0.00     289,862.21           0.00     693,714.82
June 25, 2017..............           0.00     165,862.59           0.00     396,951.84
July 25, 2017..............           0.00      42,923.45           0.00     102,726.86
August 25, 2017 and thereafter        0.00           0.00           0.00           0.00

                                             -4-

<PAGE>

</TABLE>CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.,

                                    Depositor

                           DLJ MORTGAGE CAPITAL, INC.,

                                     Seller

                          WILSHIRE CREDIT CORPORATION,

                                    Servicer

                             OCWEN FEDERAL BANK FSB,

                                    Servicer

                                       and

                              JPMORGAN CHASE BANK,

                                     Trustee

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

                         POOLING AND SERVICING AGREEMENT
                          Dated as of February 1, 2002

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

                            CSFB TRUST SERIES 2002-S6
             CSFB MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2002-S6

<PAGE>

<TABLE>
<CAPTION>
                                                 Table of Contents

                                                                                                               Page
                                                                                                               ----
<S>                                                                                                            <C>
ARTICLE I

         DEFINITIONS..............................................................................................8
                           SECTION 1.01     ......................................................................8
                           SECTION 1.02     Interest Calculations................................................58
                           SECTION 1.03     Allocation of Certain Interest Shortfalls............................58

ARTICLE II

         CONVEYANCE OF MORTGAGE LOANS;
         REPRESENTATIONS AND WARRANTIES..........................................................................59
                           SECTION 2.01     Conveyance of Mortgage Loans.........................................59
                           SECTION 2.02     Acceptance by the Trustee............................................66
                           SECTION 2.03     Representations and Warranties of the Seller and
                                            Servicers............................................................68
                           SECTION 2.04     Representations and Warranties of the Depositor as to
                                            the Mortgage Loans...................................................70
                           SECTION 2.05     Delivery of Opinion of Counsel in Connection with
                                            Substitutions........................................................71
                           SECTION 2.06     Execution and Delivery of Certificates...............................71
                           SECTION 2.07     REMIC Matters........................................................71
                           SECTION 2.08     Covenants of each Servicer...........................................72
                           SECTION 2.09     Conveyance of REMIC Regular Interests and
                                            Acceptance of REMIC 1 by the Trustee; Issuance of
                                            Certificates.........................................................72

ARTICLE III

         ADMINISTRATION AND SERVICING
         OF MORTGAGE LOANS.......................................................................................74
                           SECTION 3.01     Servicers to Service Mortgage Loans..................................74
                           SECTION 3.02     Subservicing; Enforcement of the Obligations of
                                            Subservicers.........................................................76
                           SECTION 3.03     [Reserved]...........................................................77
                           SECTION 3.04     Trustee to Act as Servicer...........................................77
                           SECTION 3.05     Collection of Mortgage Loans; Collection Accounts;
                                            Certificate Account; Pre-Funding Accounts;
                                            Capitalized Interest Account.........................................78
                           SECTION 3.06     Establishment of and Deposits to Escrow Accounts;
                                            Permitted Withdrawals from Escrow Accounts;
                                            Payments of Taxes, Insurance and Other Charges;

                                        i

<PAGE>

                                            Simple Interest Excess Sub-Accounts; Deposits in
                                            Simple Interest Excess Sub-Accounts..................................81
                           SECTION 3.07     Access to Certain Documentation and Information
                                            Regarding the Mortgage Loans; Inspections............................84
                           SECTION 3.08     Permitted Withdrawals from the Collection Accounts
                                            and Certificate Account..............................................84
                           SECTION 3.09     Maintenance of Hazard Insurance and Mortgage
                                            Impairment Insurance; Claims; Restoration of
                                            Mortgaged Property...................................................86
                           SECTION 3.10     Enforcement of Due-on-Sale Clauses; Assumption
                                            Agreements...........................................................87
                           SECTION 3.11     Realization Upon Defaulted Mortgage Loans;
                                            Repurchase of Certain Mortgage Loans.................................88
                           SECTION 3.12     Trustee to Cooperate; Release of Mortgage Files
                                             ....................................................................93
                           SECTION 3.13     Documents, Records and Funds in Possession of a
                                            Servicer to be Held for the Trustee..................................93
                           SECTION 3.14     Servicing Fee........................................................94
                           SECTION 3.15     Access to Certain Documentation......................................94
                           SECTION 3.16     Annual Statement as to Compliance....................................95
                           SECTION 3.17     Annual Independent Public Accountants' Servicing
                                            Statement; Financial Statements......................................95
                           SECTION 3.18     Maintenance of Fidelity Bond and Errors and
                                            Omissions Insurance..................................................95
                           SECTION 3.19     Duties of the Credit Risk Manager....................................96
                           SECTION 3.20     Limitation Upon Liability of the Credit Risk Manager
                                             ....................................................................96

ARTICLE IV

         DISTRIBUTIONS AND
         ADVANCES BY THE SERVICERS...............................................................................98
                           SECTION 4.01     Advances by the Servicers............................................98
                           SECTION 4.02     Priorities of Distribution...........................................99
                           SECTION 4.03     [Reserved]..........................................................104
                           SECTION 4.04     [Reserved]..........................................................104
                           SECTION 4.05     Allocation of Realized Losses.......................................104
                           SECTION 4.06     Monthly Statements to Certificateholders............................105
                           SECTION 4.07     Distributions on the REMIC 1 Regular Interests
                                             ...................................................................107
                           SECTION 4.08     Distributions on the REMIC 2 Regular Interests
                                             ...................................................................111
                           SECTION 4.09      Reserve Fund.......................................................112
                           SECTION 4.10     Prepayment Penalties................................................113
                           SECTION 4.11     Policy Matters......................................................114

                                       ii

<PAGE>

ARTICLE V

         THE CERTIFICATES.......................................................................................117
                           SECTION 5.01     The Certificates....................................................117
                           SECTION 5.02     Certificate Register; Registration of Transfer and
                                            Exchange of Certificates............................................118
                           SECTION 5.03     Mutilated, Destroyed, Lost or Stolen Certificates
                                             ...................................................................122
                           SECTION 5.04     Persons Deemed Owners...............................................122
                           SECTION 5.05     Access to List of Certificateholders' Names and
                                            Addresses...........................................................122
                           SECTION 5.06     Maintenance of Office or Agency.....................................123

ARTICLE VI

         THE DEPOSITOR, THE SELLER AND THE SERVICERS............................................................124
                           SECTION 6.01     Respective Liabilities of the Depositor, the Sellers and
                                            the Servicers.......................................................124
                           SECTION 6.02     Merger or Consolidation of the Depositor, the Seller
                                            or a Servicer.......................................................124
                           SECTION 6.03     Limitation on Liability of the Depositor, the Seller,
                                            the Servicers and Others............................................124
                           SECTION 6.04     Limitation on Resignation of a Servicer.............................125

ARTICLE VII

         DEFAULT................................................................................................126
                           SECTION 7.01     Events of Default...................................................126
                           SECTION 7.02     Trustee to Act; Appointment of Successor............................127
                           SECTION 7.03     Notification to Certificateholders..................................129

ARTICLE VIII

         CONCERNING THE TRUSTEE.................................................................................130
                           SECTION 8.01     Duties of the Trustee...............................................130
                           SECTION 8.02     Certain Matters Affecting the Trustee...............................131
                           SECTION 8.03     Trustee Not Liable for Certificates or Mortgage Loans
                                             ...................................................................132
                           SECTION 8.04     Trustee May Own Certificates........................................132
                           SECTION 8.05     Trustee's Fees and Expenses.........................................132
                           SECTION 8.06     Eligibility Requirements for the Trustee and
                                            Custodian...........................................................133
                           SECTION 8.07     Resignation and Removal of the Trustee..............................133
                           SECTION 8.08     Successor Trustee...................................................134
                           SECTION 8.09     Merger or Consolidation of the Trustee..............................134

                                       iii

<PAGE>

                           SECTION 8.10     Appointment of Co-Trustee or Separate Trustee
                                             ...................................................................135
                           SECTION 8.11     Tax Matters.........................................................136
                           SECTION 8.12     Periodic Filings....................................................138

ARTICLE IX

         TERMINATION............................................................................................139
                           SECTION 9.01     Termination upon Liquidation or Purchase of the
                                            Mortgage Loans......................................................139
                           SECTION 9.02     Final Distribution on the Certificates..............................139
                           SECTION 9.03     Additional Termination Requirements.................................140

ARTICLE X

         MISCELLANEOUS PROVISIONS...............................................................................142
                           SECTION 10.01    Amendment...........................................................142
                           SECTION 10.02    Recordation of Agreement; Counterparts..............................143
                           SECTION 10.03    Governing Law.......................................................144
                           SECTION 10.04    [Reserved]..........................................................144
                           SECTION 10.05    Notices.............................................................144
                           SECTION 10.06    Severability of Provisions..........................................145
                           SECTION 10.07    Assignment..........................................................145
                           SECTION 10.08    Limitation on Rights of Certificateholders..........................145
                           SECTION 10.09    Certificates Nonassessable and Fully Paid...........................146

EXHIBITS
EXHIBIT A.            Form of Class A Certificates..............................................................A-1
EXHIBIT B.            Form of Subordinate Certificate...........................................................B-1
EXHIBIT C.            Form of Residual Certificate..............................................................C-1
EXHIBIT D.            Form of Notional Amount Certificate.......................................................D-1
EXHIBIT E.            Form of Class P Certificate...............................................................E-1
EXHIBIT F.            Form of Reverse Certificates..............................................................F-1
EXHIBIT G.            Form of Initial Certification of Custodian................................................G-1
EXHIBIT H.            Form of Final Certification of Custodian..................................................H-1
EXHIBIT I.            Transfer Affidavit........................................................................I-1
EXHIBIT J.            Form of Transferor Certificate............................................................J-1
EXHIBIT K.            Form of Investment Letter (Non-Rule 144A).................................................K-1
EXHIBIT L.            Form of Rule 144A Letter..................................................................L-1
EXHIBIT M.            Request for Release.......................................................................M-1
EXHIBIT N.            Form of Subsequent Transfer Agreement.....................................................N-1
EXHIBIT O-1.          Form of Collection Account Certification................................................O-1-1
EXHIBIT O-2.          Form of Collection Account Letter Agreement.............................................O-2-1
EXHIBIT P-1.          Form of Escrow Account Certification ...................................................P-1-1

                                       iv

<PAGE>

EXHIBIT P-2.          Form of Escrow Account Letter Agreement.................................................P-2-1
EXHIBIT Q.            Form of Monthly Remittance Advice.........................................................Q-1
EXHIBIT R.            Form of Custodial Agreement...............................................................R-1
EXHIBIT S.            FSA Policy................................................................................S-1
SCHEDULE I            Mortgage Loan Schedule....................................................................I-1
SCHEDULE II           Seller's Representations and Warranties..................................................II-1
SCHEDULE IIIA         Wilshire Representations and Warranties...............................................III-A-1
SCHEDULE IIIB         Ocwen Representations and Warranties..................................................III-B-1
SCHEDULE IV           Representations and Warranties for the Mortgage Loans....................................IV-1
SCHEDULE V            Class A-IO Notional Amount................................................................V-1
</TABLE>

                                        v

<PAGE>

                      THIS POOLING AND SERVICING AGREEMENT, dated as of February
1, 2002, among CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., a Delaware
corporation, as depositor (the "Depositor"), DLJ MORTGAGE CAPITAL , INC., a
Delaware corporation, as Seller (the "Seller"), WILSHIRE CREDIT CORPORATION, a
Nevada corporation, as a servicer (a "Servicer"), OCWEN FEDERAL BANK FSB, a
federally chartered savings bank, as a servicer (a "Servicer") and JPMORGAN
CHASE BANK, a New York banking corporation, as trustee (the "Trustee").

                                 WITNESSETH THAT

                      In consideration of the mutual agreements herein
contained, the parties hereto agree as follows:

                              PRELIMINARY STATEMENT

                      The Depositor intends to sell pass-through certificates
(collectively, the "Certificates"), to be issued hereunder in multiple classes,
which in the aggregate will evidence the entire beneficial ownership interest in
the Trust Fund created hereunder. The Certificates will consist of fourteen
classes of certificates, designated as (i) the Class A-1 Certificates, (ii) the
Class A-2 Certificates, (iii) the Class A-3 Certificates, (iv) the Class A-4
Certificates, (v) the Class A-5 Certificates, (vi) the Class A-IO Certificates,
(vii) the Class M-1 Certificates, (viii) the Class M-2 Certificates, (ix) the
Class BA Certificates, (x) the Class BF Certificates, (xi) the Class P
Certificates, (xii) the Class X-1 Certificates, (xiii) the Class X-2
Certificates and (xiv) the Class A-R Certificates.

                                     REMIC 1
                                     -------

                      As provided herein, the Trustee will make an election to
treat the segregated pool of assets consisting of the Loan Group 1 Mortgage
Loans, the Loan Group 2 Mortgage Loans and certain other related assets subject
to this Agreement (exclusive of the Pre-Funding Accounts, the Capitalized
Interest Accounts, the Reserve Fund and the Subsequent Mortgage Loan Interest)
as a real estate mortgage investment conduit (a "REMIC") for federal income tax
purposes, and such segregated pool of assets will be designated as "REMIC 1."
The Class R-1 Interest will represent the sole class of "residual interests" in
REMIC 1 for purposes of the REMIC Provisions (as defined herein) under federal
income tax law. The following table irrevocably sets forth the designation, the
Uncertificated REMIC 1 Pass-Through Rate, the initial Uncertificated Principal
Balance, and solely for purposes of satisfying Treasury regulation Section
1.860G-1(a)(4)(iii), the "latest possible maturity date" for each of the REMIC 1
Regular Interests. None of the REMIC 1 Regular Interests will be certificated.
The latest possible maturity date (determined solely for purposes of satisfying
Treasury regulation Section 1.860G-1(a)(4)(iii)) of each of the REMIC 1 Regular
Interests will be the Latest Possible Maturity Date as defined herein.

<PAGE>

<TABLE>
<CAPTION>
                      Uncertificated REMIC 1           Initial Uncertificated
Designation              Pass-Through Rate                     Balance
-----------              -----------------                     -------
<S>                   <C>                              <C>
   LT-1                     Variable(1)                   $361,445,471.00
   LT-1A                    Variable(1)                   $ 30,554,529.00
   LT-2                     Variable(1)                   $ 10,000,000.00
   LT-3                     Variable(1)                   $  9,400,000.00
   LT-4                     Variable(1)                   $  8,900,000.00
   LT-5                     Variable(1)                   $  7,800,000.00
   LT-6                     Variable(1)                   $  8,500,000.00
   LT-7                     Variable(1)                   $  7,500,000.00
   LT-8                     Variable(1)                   $  7,000,000.00
   LT-9                     Variable(1)                   $  6,700,000.00
   LT-10                    Variable(1)                   $  6,200,000.00
   LT-11                    Variable(1)                   $  5,900,000.00
   LT-12                    Variable(1)                   $  5,600,000.00
   LT-13                    Variable(1)                   $  5,300,000.00
   LT-14                    Variable(1)                   $  4,900,000.00
   LT-15                    Variable(1)                   $  4,700,000.00
   LT-16                    Variable(1)                   $  4,400,000.00
   LT-17                    Variable(1)                   $  4,200,000.00
   LT-18                    Variable(1)                   $  3,900,000.00
   LT-19                    Variable(1)                   $  3,700,000.00
   LT-20                    Variable(1)                   $  3,500,000.00
   LT-21                    Variable(1)                   $  3,300,000.00
   LT-22                    Variable(1)                   $  3,100,000.00
   LT-23                    Variable(1)                   $  2,900,000.00
   LT-24                    Variable(1)                   $  2,800,000.00

                                2

<PAGE>

   LT-25                    Variable(1)                   $  2,600,000.00
   LT-26                    Variable(1)                   $  2,500,000.00
   LT-27                    Variable(1)                   $  2,300,000.00
   LT-28                    Variable(1)                   $  2,200,000.00
   LT-29                    Variable(1)                   $  2,000,000.00
   LT-30                    Variable(1)                   $  2,000,000.00
   LT-31                    Variable(1)                   $ 32,200,000.00
   LT-P                     Variable(1)                   $        100.00
   LT-R                     Variable(1)                   $        100.00
</TABLE>

-------------------
(1)      Calculated as provided in the definition of Uncertificated REMIC 1
         Pass-Through Rate.

                                     REMIC 2
                                     -------

                  As provided herein, an election will be made to treat the
segregated pool of assets consisting of the Uncertificated REMIC 1 Regular
Interests (exclusive of the Pre-Funding Accounts, the Capitalized Interest
Accounts and the Reserve Fund) as a REMIC for federal income tax purposes, and
such segregated pool of assets will be designated as REMIC 2. The Class R-2
Interest will represent the sole class of "residual interests" in REMIC 2 for
purposes of the REMIC Provisions under federal income tax law. The following
table irrevocably sets forth the designation, REMIC 2 Pass-Through Rate and
initial Principal Balance for each of the "regular interests" in REMIC 2 (the
"REMIC 2 Regular Interests"). None of the REMIC 2 Regular Interests will be
certificated. The latest possible maturity date (determined solely for purposes
of satisfying Treasury regulation Section 1.860G-1(a)(4)(iii)) of each of the
REMIC 2 Regular Interests will be the Latest Possible Maturity Date as defined
herein.

                      Uncertificated REMIC           Initial Uncertificated
Designation           2 Pass-Through Rate              Principal Balance
-----------           -------------------              -----------------

   MT-1                   Variable(1)                  $556,640,000.00
   MT-2                   Variable(1)                  $    500,000.00
   MT-3                   Variable(1)                  $  1,385,000.00
   MT-4                   Variable(1)                  $  1,807,500.00
   MT-5                   Variable(1)                  $    450,000.00
   MT-6                   Variable(1)                  $    500,000.00
   MT-7                   Variable(1)                  $    540,000.00

                                3

<PAGE>

   MT-8                   Variable(1)                  $    327,500.00
   MT-9                   Variable(1)                  $     70,000.00
   MT-10                  Variable(1)                  $    100,000.00
   MT-11                  Variable(1)                  $  5,680,000.00
   MT-P                   Variable(1)                  $        100.00
   MT-R                   Variable(1)                  $        100.00
   MT-IO                     7.00%                     $          0.00(2)

-------------------
(1)      Calculated as provided in the definition of Uncertificated REMIC 2
         Pass-Through Rate.

(2)      Will not have an Uncertificated Principal Balance but will accrue
         interest on an "Uncertificated Notional Amount" as defined herein.

                                        4

<PAGE>

<TABLE>
<CAPTION>
                                                                                                 Integral Multiples
                         Class Certificate           Pass-Through              Minimum              in Excess of
                              Balance                    Rate               Denomination              Minimum
                              -------                    ----               ------------              -------
<S>                      <C>                         <C>                    <C>                  <C>
Class A-1                  $ 50,000,000.00             3.289%(1)              $ 25,000                   $1
Class A-2                  $138,500,000.00           Adjustable(2)            $ 25,000                   $1
Class A-3                  $180,750,000.00              6.25%(1)              $ 25,000                   $1
Class A-4                  $ 45,000,000.00           Adjustable(2)            $ 25,000                   $1
Class A-5                  $ 50,000,000.00           Adjustable(2)            $ 25,000                   $1
Class A-IO                             (3)              7.00%(4)              $100,000                   $1
Class P                    $        100.00            Variable(5)             $    100                   N/A
Class A-R                  $        100.00            Variable(5)             $    100                   N/A
Class M-1                  $ 54,000,000.00           Adjustable(2)            $ 25,000                   $1
Class M-2                  $ 32,750,000.00           Adjustable(2)            $ 25,000                   $1
Class BA                   $  7,000,000.00           Adjustable(2)            $ 25,000                   $1
Class BF                   $ 10,000,000.00              6.00%(1)              $ 25,000                   $1
Class X-1                  $          0(6)           Variable(7)              $ 25,000                   $1
Class X-2                  $             0               0.00%                     N/A                   N/A
</TABLE>

--------------
(1)      The Class A-1, Class A-3 and Class BF Certificates have fixed rates
         subject to the Net Funds Cap.

(2)      The Class A-2, Class A-4, Class A-5, Class M-1, Class M-2 and Class BA
         Certificates are adjustable rate and will receive interest pursuant to
         formulas based on LIBOR, subject to the Net Funds Cap.

(3)      These Certificates are interest only certificates, will have no
         principal balance and will accrue interest on their related notional
         amount for the first 30 Distribution Dates. For any Distribution Date,
         the notional amount of the Class A-IO Certificates will be equal to the
         lesser of (i) the Notional Amount for such Distribution Date and (ii)
         the Aggregate Collateral Balance immediately prior to such Distribution
         Date. The initial notional amount of the Class A-IO Certificates is
         $176,000,000.

(4)      The Pass-Through Rate on the Class A-IO Certificates for the first 30
         Distribution Dates will be equal to the lesser of (a) 7.00% per annum
         and (b) the Net Rate Cap; thereafter, the Pass- Through Rate on the
         Class A-IO Certificates will be equal to 0.00% per annum.

(5)      The initial pass-through rates on the Class P and Class A-R
         Certificates will be approximately 9.2897% per annum and will vary
         after the first Distribution Date.

(6)      The Class X-1 Certificates will have an initial principal balance of
         $0.00 and will accrue interest on its notional amount. For any
         Distribution Date, the notional amount of the Class X-1 Certificates
         will be equal to the Aggregate Collateral Balance immediately prior to
         such Distribution Date. The initial notional amount of the Class X-1
         Certificates is $568,000,200.

                                        5

<PAGE>

(7)      The Class X-1 Certificates are adjustable rate and will accrue interest
         on a notional amount.

                  Set forth below are designations of Classes of Certificates to
the categories used herein:

<TABLE>
<CAPTION>
<S>                                                <C>
Book-Entry Certificates..........................  All Classes of Certificates other than the Physical
                                                   Certificates.

ERISA-Restricted Certificates....................  Class A-R, Class P and Class X Certificates.

LIBOR Certificates...............................  Class A-2, Class A-4, Class A-5, Class M-1, Class M-2
                                                   and Class BA Certificates.

Notional Amount Certificates.....................  Class A-IO and Class X-1 Certificates.

Class A Certificates.............................  Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
                                                   Class A-IO and Class A-R Certificates.

Class B Certificates.............................  Class BA and Class BF Certificates.

Class M Certificates.............................  Class M-1 and Class M-2 Certificates.

Offered Certificates.............................  All Classes of Certificates (other than the Class P and
                                                   Class X Certificates).

Physical Certificates............................  Class A-R, Class P and Class X Certificates.

Private Certificates.............................  Class P and Class X Certificates.

Rating Agencies..................................  S&P and Moody's.

Regular Certificates.............................  All Classes of Certificates other than the Class A-R
                                                   Certificates.

Residual Certificates............................  Class A-R Certificates.

Senior Certificates..............................  Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
                                                   Class A-IO, Class P and Class A-R Certificates.

Subordinate Certificates.........................  Class M-1, Class M-2, Class BA, Class BF and Class
                                                   X-1 Certificates.

Minimum Denominations............................  Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
                                                   Class M-1, Class M-2, Class BA and Class BF
                                                   Certificates: $25,000 and  multiples of $1 in excess

                                        6

<PAGE>

                                                   thereof.  Class A-IO Certificates: $100,000 and
                                                   multiples of $1  in excess thereof.
                                                   Class A-R and Class P Certificates: $100.
                                                   The Class X-1 Certificates will be issued as a single
                                                   Certificate with a Certificate Principal Balance of $0.00.
                                                   The Class X-2 Certificates will not have a principal
                                                   balance.
</TABLE>

                                        7

<PAGE>

                                    ARTICLE I

                                   DEFINITIONS

                  SECTION 1.01

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

                  Accepted Servicing Practices: With respect to any Mortgage
Loan, those mortgage servicing practices of prudent mortgage lending
institutions which service mortgage loans of the same type as such Mortgage Loan
in the jurisdiction where the related Mortgaged Property is located.

                  Adjusted Net WAC Rate: For the March 2002 Distribution Date
through the August 2004 Distribution Date, a per annum rate equal to (1) the
weighted average of the Net Mortgage Rates of the Mortgage Loans as of the first
day of the month preceding the month in which such Distribution Date occurs
minus (2) the Pass-Through Rate for the Class A-IO Certificates for such
Distribution Date multiplied by a fraction, the numerator of which is (x) the
Notional Amount of the Class A-IO Certificates immediately prior to such
Distribution Date, and the denominator of which is (y) the aggregate Stated
Principal Balance of the Mortgage Loans as of the first day of the month
preceding the month in which such Distribution Date occurs. For any subsequent
Distribution Date, the weighted average of the Net Mortgage Rates of the
Mortgage Loans. For federal income tax purposes, however, the equivalent of the
foregoing, expressed as a per annum rate (but not less than zero) (I) for the
March 2002 Distribution Date through the May 2002 Distribution Date, equal to
the weighted average of (x) the Uncertificated REMIC 1 Pass-Through Rate with
respect to REMIC 1 Regular Interest LT-1 for such Distribution Date, (y) the
excess, if any, of (1) the Uncertificated REMIC 1 Pass-Through Rate with respect
to REMIC 1 Regular Interest LT-31 for such Distribution Date over (2) (A) in the
case of the Distribution Date in March 2002 through the Distribution Date in May
2004, 7.00% per annum and (B) in the case of any Distribution Date thereafter,
0.00% per annum, and (z) the Uncertificated REMIC 1 Pass-Through Rate with
respect to REMIC 1 Regular Interest LT-1A for such Distribution Date; weighted,
(i) for the Distribution Date in March 2002, in the case of clause (x), on the
basis of the aggregate Uncertificated Principal Balances of REMIC 1 Regular
Interests LT-1 and LT-P, in the case of clause (y), on the basis of the
aggregate Uncertificated Principal Balances of REMIC 1 Regular Interests LT-2
through LT-31, and in the case of clause (z), on the basis of the Uncertificated
Principal Balance of REMIC 1 Regular Interest LT- 1A, (ii) for the Distribution
Date in April 2002, in the case of clause (x), on the basis of the aggregate
Uncertificated Principal Balances of REMIC 1 Regular Interests LT-1, LT-2 and
LT-P, in the case of clause (y), on the basis of the aggregate Uncertificated
Principal Balance of REMIC 1 Regular Interests LT-3 through LT-31, and in the
case of clause (z), on the basis of the Uncertificated Principal Balance of
REMIC 1 Regular Interest LT-1A and (iii) for the Distribution Date in May 2002,
in the case of clause (x), on the basis of the aggregate Uncertificated
Principal Balances of REMIC 1 Regular Interests LT-1, LT-2, LT-3 and LT-P, in
the case of clause (y), on the basis of the aggregate Uncertificated Principal
Balance of REMIC 1 Regular Interests LT-4 through LT-31, and in the case of
clause (z), on the basis of the Uncertificated Principal Balance of REMIC 1
Regular

                                        8

<PAGE>

Interest LT-1A, and (II) for any subsequent Distribution Date, equal to the
weighted average of (x) the Uncertificated REMIC 1 Pass-Through Rate with
respect to REMIC 1 Regular Interest LT-1 for such Distribution Date and (y) the
excess, if any, of (1) the Uncertificated REMIC 1 Pass-Through Rate with respect
to REMIC 1 Regular Interest LT-31 for such Distribution Date over (2) (A) in the
case of the Distribution Date in June 2002 through the Distribution Date in
August 2004, 7.00% per annum and (B) in the case of any Distribution Date
thereafter, 0.00% per annum, weighted (i) for the Distribution Date in June
2002, in the case of clause (x), on the basis of the aggregate Uncertificated
Principal Balances of REMIC 1 Regular Interests LT-1A, LT-P and LT-1 through LT-
4, and in the case of clause (y), on the basis of the aggregate Uncertificated
Principal Balance of REMIC 1 Regular Interests LT-5 through LT-31, (ii) for the
Distribution Date in July 2002, in the case of clause (x), on the basis of the
aggregate Uncertificated Principal Balances of REMIC 1 Regular Interests LT-1A,
LT-P and LT-1 through LT-5, and in the case of clause (y), on the basis of the
aggregate Uncertificated Principal Balance of REMIC 1 Regular Interests LT-6
through LT- 31, (iii) for the Distribution Date in August 2002, in the case of
clause (x), on the basis of the aggregate Uncertificated Principal Balances of
REMIC 1 Regular Interests LT-1A, LT-P and LT-1 through LT-6, and in the case of
clause (y), on the basis of the aggregate Uncertificated Principal Balance of
REMIC 1 Regular Interests LT-7 through LT-31, (iv) for the Distribution Date in
September 2002, in the case of clause (x), on the basis of the aggregate
Uncertificated Principal Balances of REMIC 1 Regular Interests LT-1A, LT-P and
LT-1 through LT-7, and in the case of clause (y), on the basis of the aggregate
Uncertificated Principal Balance of REMIC 1 Regular Interests LT-8 through
LT-31, (v) for the Distribution Date in October 2002, in the case of clause (x),
on the basis of the aggregate Uncertificated Principal Balances of REMIC 1
Regular Interests LT-1A, LT-P and LT-1 through LT-8, and in the case of clause
(y), on the basis of the aggregate Uncertificated Principal Balance of REMIC 1
Regular Interests LT-9 through LT-31, (vi) for the Distribution Date in November
2002, in the case of clause (x), on the basis of the aggregate Uncertificated
Principal Balances of REMIC 1 Regular Interests LT-1A, LT-P and LT-1 through LT-
9, and in the case of clause (y), on the basis of the aggregate Uncertificated
Principal Balance of REMIC 1 Regular Interests LT-10 through LT-31, (vii) for
the Distribution Date in December 2002, in the case of clause (x), on the basis
of the aggregate Uncertificated Principal Balances of REMIC 1 Regular Interests
LT-1A, LT-P and LT-1 through LT-10, and in the case of clause (y), on the basis
of the aggregate Uncertificated Principal Balance of REMIC 1 Regular Interests
LT-11 through LT- 31, (viii) for the Distribution Date in January 2003, in the
case of clause (x), on the basis of the aggregate Uncertificated Principal
Balances of REMIC 1 Regular Interests LT-1A, LT-P and LT-1 through LT-11, and in
the case of clause (y), on the basis of the aggregate Uncertificated Principal
Balance of REMIC 1 Regular Interests LT-12 through LT-31, (ix) for the
Distribution Date in February 2003, in the case of clause (x), on the basis of
the aggregate Uncertificated Principal Balances of REMIC 1 Regular Interests
LT-1A, LT-P and LT-1 through LT-12, and in the case of clause (y), on the basis
of the aggregate Uncertificated Principal Balance of REMIC 1 Regular Interests
LT-13 through LT-31, (x) for the Distribution Date in March 2003, in the case of
clause (x), on the basis of the aggregate Uncertificated Principal Balances of
REMIC 1 Regular Interests LT-1A, LT-P and LT-1 through LT-13, and in the case of
clause (y), on the basis of the aggregate Uncertificated Principal Balance of
REMIC 1 Regular Interests LT-14 through LT-31, (xi) for the Distribution Date in
April 2003, in the case of clause (x), on the basis of the aggregate
Uncertificated Principal Balances of REMIC 1 Regular Interests LT-1A, LT-P and
LT-1 through LT-14, and in the case of clause (y), on the basis of the aggregate
Uncertificated Principal Balance of REMIC 1 Regular Interests LT-15 through
LT-31, (xii) for the Distribution Date in May 2003, in the case of

                                        9

<PAGE>

clause (x), on the basis of the aggregate Uncertificated Principal Balances of
REMIC 1 Regular Interests LT-1A, LT-P and LT-1 through LT-15, and in the case of
clause (y), on the basis of the aggregate Uncertificated Principal Balance of
REMIC 1 Regular Interests LT-16 through LT-31, (xiii) for the Distribution Date
in June 2003, in the case of clause (x), on the basis of the aggregate
Uncertificated Principal Balances of REMIC 1 Regular Interests LT-1A, LT-P and
LT-1 through LT- 16, and in the case of clause (y), on the basis of the
aggregate Uncertificated Principal Balance of REMIC 1 Regular Interests LT-17
through LT-31, (xiv) for the Distribution Date in July 2003, in the case of
clause (x), on the basis of the aggregate Uncertificated Principal Balances of
REMIC 1 Regular Interests LT-1A, LT-P and LT-1 through LT-17, and in the case of
clause (y), on the basis of the aggregate Uncertificated Principal Balance of
REMIC 1 Regular Interests LT-18 through LT- 31, (xv) for the Distribution Date
in August 2003, in the case of clause (x), on the basis of the aggregate
Uncertificated Principal Balances of REMIC 1 Regular Interests LT-1A, LT-P and
LT-1 through LT-18, and in the case of clause (y), on the basis of the aggregate
Uncertificated Principal Balance of REMIC 1 Regular Interests LT-19 through
LT-31, (xvi) for the Distribution Date in September 2003, in the case of clause
(x), on the basis of the aggregate Uncertificated Principal Balances of REMIC 1
Regular Interests LT-1A, LT-P and LT-1 through LT-19, and in the case of clause
(y), on the basis of the aggregate Uncertificated Principal Balance of REMIC 1
Regular Interests LT-20 through LT-31, (xvii) for the Distribution Date in
October 2003, in the case of clause (x), on the basis of the aggregate
Uncertificated Principal Balances of REMIC 1 Regular Interests LT-1A, LT-P and
LT-1 through LT-20, and in the case of clause (y), on the basis of the aggregate
Uncertificated Principal Balance of REMIC 1 Regular Interests LT-21 through
LT-31, (xviii) for the Distribution Date in November 2003, in the case of clause
(x), on the basis of the aggregate Uncertificated Principal Balances of REMIC 1
Regular Interests LT-1A, LT-P and LT-1 through LT- 21, and in the case of clause
(y), on the basis of the aggregate Uncertificated Principal Balance of REMIC 1
Regular Interests LT-22 through LT-31, (xix) for the Distribution Date in
December 2003, in the case of clause (x), on the basis of the aggregate
Uncertificated Principal Balances of REMIC 1 Regular Interests LT-1A, LT-P and
LT-1 through LT-22, and in the case of clause (y), on the basis of the aggregate
Uncertificated Principal Balance of REMIC 1 Regular Interests LT-23 through LT-
31, (xx) for the Distribution Date in January 2004, in the case of clause (x),
on the basis of the aggregate Uncertificated Principal Balances of REMIC 1
Regular Interests LT-1A, LT-P and LT-1 through LT-23, and in the case of clause
(y), on the basis of the aggregate Uncertificated Principal Balance of REMIC 1
Regular Interests LT-24 through LT-31, (xxi) for the Distribution Date in
February 2004, in the case of clause (x), on the basis of the aggregate
Uncertificated Principal Balances of REMIC 1 Regular Interests LT-1A, LT-P and
LT-1 through LT-24, and in the case of clause (y), on the basis of the aggregate
Uncertificated Principal Balance of REMIC 1 Regular Interests LT-25 through
LT-31, (xxii) for the Distribution Date in March 2004, in the case of clause
(x), on the basis of the aggregate Uncertificated Principal Balances of REMIC 1
Regular Interests LT-1A, LT-P and LT-1 through LT-25, and in the case of clause
(y), on the basis of the aggregate Uncertificated Principal Balance of REMIC 1
Regular Interests LT-26 through LT-31, (xxiii) for the Distribution Date in
April 2004, in the case of clause (x), on the basis of the aggregate
Uncertificated Principal Balances of REMIC 1 Regular Interests LT-1A, LT-P and
LT-1 through LT-26, and in the case of clause (y), on the basis of the aggregate
Uncertificated Principal Balance of REMIC 1 Regular Interests LT-27 through
LT-31, (xxiv) for the Distribution Date in May 2004, in the case of clause (x),
on the basis of the aggregate Uncertificated Principal Balances of REMIC 1
Regular Interests LT-1A, LT-P and LT-1 through LT-27, and in the case of clause
(y), on the basis of the aggregate Uncertificated Principal Balance of REMIC 1
Regular Interests LT-28 through LT-31,

                                       10

<PAGE>

(xxv) for the Distribution Date in June 2004, in the case of clause (x), on the
basis of the aggregate Uncertificated Principal Balances of REMIC 1 Regular
Interests LT-1A, LT-P and LT-1 through LT- 28, and in the case of clause (y), on
the basis of the aggregate Uncertificated Principal Balance of REMIC 1 Regular
Interests LT-29 through LT-31, (xxvi) for the Distribution Date in July 2004, in
the case of clause (x), on the basis of the aggregate Uncertificated Principal
Balances of REMIC 1 Regular Interests LT-1A, LT-P and LT-1 through LT-29, and in
the case of clause (y), on the basis of the aggregate Uncertificated Principal
Balance of REMIC 1 Regular Interests LT-30 through LT- 31, (xxvii) for the
Distribution Date in August 2004, in the case of clause (x), on the basis of the
aggregate Uncertificated Principal Balances of REMIC 1 Regular Interests LT-1A,
LT-P and LT-1 through LT-30, and in the case of clause (y), on the basis of the
Uncertificated Principal Balance of REMIC 1 Regular Interest LT-31,
respectively.

                  Advance: The payment required to be made by a Servicer with
respect to any Distribution Date pursuant to Section 4.01.

                  Aggregate Collateral Balance: As of any date of determination
will be equal to the Aggregate Loan Balance plus the amount, if any, then on
deposit in the Pre-Funding Accounts.

                  Aggregate Loan Balance: As of any Distribution Date will be
equal to the aggregate of the Stated Principal Balances of the Mortgage Loans
determined as of the last day of the related Collection Period.

                  Aggregate Subsequent Transfer Amount: With respect to any
Subsequent Transfer Date, the aggregate Stated Principal Balances as of the
applicable Cut-off Date of the Subsequent Mortgage Loans conveyed on such
Subsequent Transfer Date, as listed on the revised Mortgage Loan Schedule
delivered pursuant to Section 2.01(b); PROVIDED, HOWEVER, that such amount shall
not exceed the amount on deposit in the related Pre-Funding Account.

                  Agreement: This Pooling and Servicing Agreement and all
amendments or supplements hereto.

                  Ancillary Income: All income derived from the Mortgage Loans,
other than Servicing Fees and Prepayment Penalties, including but not limited
to, late charges, fees received with respect to checks or bank drafts returned
by the related bank for non-sufficient funds, assumption fees, optional
insurance administrative fees and all other incidental fees and charges.

                  Applied Loss Amount: As to any Distribution Date, an amount
equal to the excess, if any of (i) the aggregate Class Principal Balance of the
Certificates, other than the Class A-IO Certificates, after giving effect to all
Realized Losses incurred with respect to the Mortgage Loans during the Due
Period for such Distribution Date and payments of principal on such Distribution
Date over (ii) the Aggregate Loan Balance for such Distribution Date.

                  Appraised Value: The amount set forth in an appraisal made in
connection with the origination of the related Mortgage Loan as the value of the
Mortgaged Property.

                                       11

<PAGE>

                  Assignment Agreement: An assignment agreement between DLJ
Mortgage Capital, Inc. as Seller and the Depositor, whereby the Mortgage Loans
are transferred and the representations and warranties on the related Mortgage
Loans are made.

                  Assignment of Mortgage: 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 the transfer of the Mortgage to the Trustee for the benefit of the
Certificateholders.

                  Available Funds: With respect to any Distribution Date the sum
of (i) all related Scheduled Payments (net of the related Expense Fees) due on
the Due Date in the month in which such Distribution Date occurs and received
prior to the related Determination Date, together with any Advances in respect
thereof; (ii) all related Insurance Proceeds and Liquidation Proceeds received
during the month preceding the month of such Distribution Date; (iii) all
Curtailments and Payoffs received during the Prepayment Period applicable to
such Distribution Date (excluding Prepayment Penalties); (iv) related amounts
received with respect to such Distribution Date as the Substitution Adjustment
Amount or Repurchase Price; (v) related Compensating Interest Payments for such
Distribution Date; and (vi) with respect to the Distribution Date in May 2002,
the amount remaining in the related Pre-Funding Account at the end of the
applicable Pre-Funding Period; as to clauses (i) through (iv) above, reduced by
amounts in reimbursement for Advances previously made and other amounts as to
which the Servicers are entitled to be reimbursed pursuant to Section 3.08.

                  Bankruptcy Code: The United States Bankruptcy Reform Act of
1978, as amended.

                  Basis Risk Shortfall: For any Class of LIBOR Certificates and
any Distribution Date, the sum of: (i) the excess, if any, of the related
Current Interest calculated on the basis of the lesser of (x) LIBOR plus the
applicable Certificate Margin and (y) the applicable Maximum Interest Rate over
the related Current Interest for the applicable Distribution Date; (ii) any
Basis Risk Shortfall remaining unpaid from prior Distribution Dates; and (iii)
30 days interest on the amount in clause (ii) calculated at a per annum rate
equal to the lesser of (x) the LIBOR plus the applicable Certificate Margin and
(y) the applicable Maximum Interest Rate.

                  Book-Entry Certificates: As specified in the Preliminary
Statement.

                  Business Day: Any day other than (i) a Saturday or a Sunday,
or (ii) a day on which banking institutions in the City of New York, New York,
or the city in which the Corporate Trust Office of the Trustee, or savings and
loan institutions in the States of Illinois, California, Texas, New Jersey or
Florida is located are authorized or obligated by law or executive order to be
closed.

                  Capitalized Interest Account: The Group 1 Capitalized Interest
Account or Group 2 Capitalized Interest Account.

                  Capitalized Interest Deposit: With respect to the Group 1
Capitalized Interest Account, $374,364.81, and with respect to the Group 2
Capitalized Interest Account, $132,558.23.

                                       12

<PAGE>

                  Capitalized Interest Requirement: With respect to the March
2002 Distribution Date, an amount equal to 26 days of interest accruing at a per
annum rate equal to (x) the sum of (a) the weighted average Pass-Through Rate of
the Offered Certificates (other than the Class A-IO Certificates) and (b)
2.7252% multiplied by (y) the related Pre-Funded Amount outstanding at the end
of the related Due Period. With respect to the April 2002 Distribution Date, an
amount equal to interest accruing during the related Interest Accrual Period at
a per annum rate equal to (x) the sum of (a) the weighted average Pass-Through
Rate of the Offered Certificates (other than the Class A-IO Certificates) for
such Distribution Date and (b) 2.6020% multiplied by (y) the sum of (c) the
related Pre-Funded Amount at the end of the related Due Period and (d) the
aggregate Stated Principal Balance of the Subsequent Mortgage Loans that do not
have a first Due Date prior to April 1, 2002, transferred to the Trust during
the related Due Period. With respect to the May 2002 Distribution Date, an
amount equal to interest accruing during the related Interest Accrual Period at
a per annum rate equal to (x) the sum of (a) the weighted average Pass-Through
Rate of the Offered Certificates (other than the Class A-IO Certificates) for
such Distribution Date and (b) 2.4861% multiplied by (y) the sum of (c) the
related Pre-Funded Amount at the end of the related Due Period and (d) the
aggregate Stated Principal Balance of the Subsequent Mortgage Loans that do not
have a first Due Date prior to May 1, 2002, transferred to the Trust during the
related Due Period.

                  Carryforward Interest: For any Class of Certificates and any
Distribution Date, the sum of (1) the amount, if any, by which (x) the sum of
(A) Current Interest for such Class for the immediately preceding Distribution
Date and (B) any unpaid Carryforward Interest from previous Distribution Dates
exceeds (y) the amount paid in respect of interest on such Class on such
immediately preceding Distribution Date, and (2) interest on such amount for the
related Interest Accrual Period at the applicable Pass-Through Rate.

                  Certificate: Any one of the Certificates executed by the
Trustee in substantially the forms attached hereto as exhibits.

                  Certificates: As specified in the Preliminary Statement.

                  Certificate Account: The separate Eligible Account created and
maintained with the Trustee, or any other bank or trust company acceptable to
the Rating Agencies which is incorporated under the laws of the United States or
any state thereof pursuant to Section 3.05, which account shall bear a
designation clearly indicating that the funds deposited therein are held in
trust for the benefit of the Trustee on behalf of the Certificateholders or any
other account serving a similar function acceptable to the Rating Agencies.
Funds in the Certificate Account may (i) be held uninvested without liability
for interest or compensation thereon or (ii) be invested at the direction of the
Trustee in Eligible Investments and reinvestment earnings thereon (net of
investment losses) shall be paid to the Trustee. Funds deposited in the
Certificate Account (exclusive of the Trustee Fee and other amounts permitted to
be withdrawn pursuant to Section 3.08) shall be held in trust for the
Certificateholders.

                  Certificate Balance: With respect to any Certificate at any
date, the maximum dollar amount of principal to which the Holder thereof is then
entitled hereunder, such amount being equal to the Denomination thereof minus
the sum of (i) all distributions of principal previously made with respect
thereto and (ii) all Realized Losses allocated thereto and, in the case of any
Subordinate

                                       13

<PAGE>

Certificates, all other reductions in Certificate Balance previously allocated
thereto pursuant to Section 4.05. Exclusively for the purpose of determining any
subrogation rights of FSA arising under Section 4.11 hereof, "Certificate
Balance" of the Class A-2 Certificates and Class A-5 Certificates shall not be
reduced by the amount of any payments made by FSA in respect of principal on
such Certificates under the FSA Policy, except to the extent such payment shall
have been reimbursed to FSA pursuant to the provisions of this Agreement.

                  Certificate Margin: As to each Class of LIBOR Certificates,
the applicable amount set forth below:

           CLASS                       CERTIFICATE MARGIN
           -----                       ------------------

                                    (1)                    (2)
            A-2                    0.35%                  0.70%
            A-4                    0.45%                  0.90%
            A-5                    0.85%                  1.35%
            M-1                    1.40%                  1.90%
            M-2                    2.25%                  2.75%
            BA                     3.50%                  4.00%

-----------------
(1)      On or prior to the Optional Termination Date.

(2)      After the Optional Termination Date.

                  Certificate Owner: With respect to a Book-Entry Certificate,
the Person who is the beneficial owner of such Book-Entry Certificate.

                  Certificate Register: The register maintained pursuant to
Section 5.02.

                  Certificateholder or Holder: The person in whose name a
Certificate is registered in the Certificate Register, except that, solely for
the purpose of giving any consent pursuant to this Agreement, any Certificate
registered in the name of the Depositor or any affiliate of the Depositor shall
be deemed not to be Outstanding and the Percentage Interest evidenced thereby
shall not be taken into account in determining whether the requisite amount of
Percentage Interests necessary to effect such consent has been obtained;
provided, however, that if any such Person (including the Depositor) owns 100%
of the Percentage Interests evidenced by a Class of Certificates, such
Certificates shall be deemed to be Outstanding for purposes of any provision
hereof that requires the consent of the Holders of Certificates of a particular
Class as a condition to the taking of any action hereunder. The Trustee is
entitled to rely conclusively on a certification of the Depositor or any
affiliate of the Depositor in determining which Certificates are registered in
the name of an affiliate of the Depositor.

                  Class: All Certificates bearing the same class designation as
set forth in the Preliminary Statement.

                                       14

<PAGE>

                  Class A-1 Pass-Through Rate: With respect to any Interest
Accrual Period (a) on or prior to the Optional Termination Date, the lesser of
(i) 3.289% per annum and (ii) the Net Funds Cap, and (b) after the Optional
Termination Date, the lesser of (i) 3.789% per annum and (ii) the Net Funds Cap.

                  Class A-2 Pass-Through Rate: With respect to any Interest
Accrual Period, will be a per annum rate equal to the lesser of (i) the sum of
LIBOR plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class A-3 Pass-Through Rate: With respect to any Interest
Accrual Period (a) on or prior to the Optional Termination Date, the lesser of
(i) 6.25% per annum and (ii) the Net Funds Cap, and (b) after the Optional
Termination Date, the lesser of (i) 6.75% per annum and (ii) the Net Funds Cap.

                  Class A-4 Pass-Through Rate: With respect to any Interest
Accrual Period, will be a per annum rate equal to the lesser of (i) the sum of
LIBOR plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class A-5 Pass-Through Rate: With respect to any Interest
Accrual Period, will be a per annum rate equal to the lesser of (i) the sum of
LIBOR plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class A-IO Notional Amount: With respect to any Distribution
Date will equal the lesser of (i) the amount set forth on Schedule VI attached
hereto for such Distribution Date and (ii) the Aggregate Collateral Balance as
of the last day of the preceding Collection Period. For federal income tax
purposes, however, the Class A-IO Certificate will not have a notional amount
but instead will be entitled to 100% of the interest payable on REMIC 2 Regular
Interest MT-IO.

                  Class A-R Pass-Through Rate: With respect to any Distribution
Date, a per annum rate equal to the Net Funds Cap. For federal income tax
purposes, however, with respect to any Distribution Date, a per annum rate equal
to the weighted average of the Uncertificated Pass- Through-Rate for REMIC 2
Regular Interest MT-R.

                  Class BA Pass-Through Rate: With respect to any Interest
Accrual Period, will be a per annum rate equal to the lesser of (i) the sum of
LIBOR plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class B Principal Payment Amount: With respect to the Class B
Certificates and for any Distribution Date on or after the Stepdown Date and as
long as a Trigger Event is not in effect with respect to such Distribution Date,
will be the amount, if any, by which (x) the sum of (i) the aggregate Class
Principal Balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
Class P, Class A-R, Class M-1 and Class M-2 Certificates, in each case, after
giving effect to payments on such Distribution Date and (ii) the aggregate Class
Principal Balance of the Class B Certificates immediately prior to such
Distribution Date exceeds (y) the lesser of (A) the product of (i) 92.50% and
(ii) the Aggregate Collateral Balance for such Distribution Date and (B) the
amount,

                                       15

<PAGE>

if any, by which (i) the Aggregate Collateral Balance for such Distribution Date
exceeds (ii) 0.50% of the Aggregate Collateral Balance as of the Cut-off Date.

                  Class BF Pass-Through Rate: With respect to any Interest
Accrual Period (a) on or prior to the Optional Termination Date, the lesser of
(i) 6.00% per annum and (ii) the Net Funds Cap and (b) after the Optional
Termination Date, the lesser of (i) 6.50% per annum and (ii) the Net Funds Cap.

                  Class M-1 Pass-Through Rate: With respect to any Interest
Accrual Period, will be a per annum rate equal to the lesser of (i) the sum of
LIBOR plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class M-1 Principal Payment Amount: For any Distribution Date
on or after the Stepdown Date and as long as a Trigger Event is not in effect
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate Class Principal Balance of the Class A-1, Class
A-2, Class A-3, Class A-4, Class A-5, Class P and Class A-R Certificates after
giving effect to payments on such Distribution Date and (ii) the Class Principal
Balance of the Class M-1 Certificates immediately prior to such Distribution
Date exceeds (y) the lesser of (A) the product of (i) 74.98% and (ii) the
Aggregate Collateral Balance for such Distribution Date and (B) the amount, if
any, by which (i) the Aggregate Collateral Balance for such Distribution Date
exceeds (ii) 0.50% of the Aggregate Collateral Balance as of the Cut-off Date.

                  Class M-2 Pass-Through Rate: With respect to any Interest
Accrual Period, will be a per annum rate equal to the lesser of (i) the sum of
LIBOR plus the related Certificate Margin and (ii) the Net Funds Cap.

                  Class M-2 Principal Payment Amount: For any Distribution Date
on or after the Stepdown Date and as long as a Trigger Event has not occurred
with respect to such Distribution Date, will be the amount, if any, by which (x)
the sum of (i) the aggregate Class Principal Balance of the Class A-1, Class
A-2, Class A-3, Class A-4, Class A-5, Class P, Class A-R and Class M-1
Certificates, in each case, after giving effect to payments on such Distribution
Date and (ii) the Class Principal Balance of the Class M-2 Certificates
immediately prior to such Distribution Date exceeds (y) the lesser of (A) the
product of (i) 86.51% and (ii) the Aggregate Collateral Balance for such
Distribution Date and (B) the amount, if any, by which (i) the Aggregate
Collateral Balance for such Distribution Date exceeds (ii) 0.50% of the
Aggregate Collateral Balance as of the Cut-off Date.

                  Class X-1 Distributable Amount: With respect to any
Distribution Date, the amount of interest accrued during the related Interest
Accrual Period at the related Pass-Through Rate on the Class X-1 Notional Amount
for such Distribution Date.

                  Class X-1 Notional Amount: Immediately prior to any
Distribution Date, with respect to the Class X-1 Certificates, an amount equal
to the aggregate of the Uncertificated Principal Balances of the REMIC 2 Regular
Interests (other than REMIC 2 Regular Interests MT-P, MT-R and MT-IO).

                                       16

<PAGE>

                  Class P Pass-Through Rate: With respect to any Distribution
Date and the Class P Certificates, a per annum rate equal to the Net Funds Cap.
For federal income tax purposes, however, with respect to any Distribution Date
and the Class P Certificates, the equivalent of the foregoing, expressed as a
per annum rate equal to the weighted average of the Uncertificated Pass- Through
Rate for REMIC 2 Regular Interest MT-P.

                  Class Principal Balance: With respect to any Class and as to
any date of determination, the aggregate of the Certificate Balances of all
Certificates of such Class as of such date.

                  Closing Date: February 27, 2002.

                  Code: The Internal Revenue Code of 1986, as the same may be
amended from time to time (or any successor statute thereto).

                  Collection Accounts: The accounts established and maintained
by a Servicer in accordance with Section 3.05.

                  Collection Period: With respect to any Distribution Date, the
period from the second day of the month immediately preceding such Distribution
Date to and including the first day of the month of such Distribution Date.

                  Combined Loan-to-Value Ratio: With respect to any Mortgage
Loan and as to any date of determination, the fraction (expressed as a
percentage) the numerator of which is the sum of (i) principal balance of the
related Mortgage Loan at such date of determination and (ii) the principal
balance of the related First Mortgage Loan as of the date of origination of that
Mortgage Loan and the denominator of which is the Appraised Value of the related
Mortgaged Property.

                  Compensating Interest Payment: For any Distribution Date, an
amount to be paid by the applicable Servicer for such Distribution Date, equal
to the lesser of (i) an amount equal to one half of the monthly Servicing Fee
Rate on the Mortgage Loans being serviced by the related Servicer otherwise
payable to the related Servicer on such Distribution Date (prior to giving
effect to any Scheduled Payments due on such Mortgage Loans on such Due Date)
and (ii) the aggregate Prepayment Interest Shortfall for the Mortgage Loans
being serviced by the related Servicer relating to Principal Prepayments
received during the related Prepayment Period.

                  Corporate Trust Office: The designated office of the Trustee
in the State of New York 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 Agreement is located at 450 West 33rd Street,
14th Floor, New York, New York 10001, Attention: Institutional Trust
Services/Structured Finance: CSFB-2002-S6.

                  Corresponding Certificate: With respect to (i) REMIC 2 Regular
Interest MT-P, (ii) REMIC 2 Regular Interest MT-R, (iii) REMIC 2 Regular
Interest MT-2, (iv) REMIC 2 Regular Interest MT-3, (v) REMIC 2 Regular Interest
MT-4, (vi) REMIC 2 Regular Interest MT-5, (vii) REMIC 2 Regular Interest MT-6,
(viii) REMIC 2 Regular Interest MT-7, (ix) REMIC 2 Regular

                                       17

<PAGE>

Interest MT-8, (x) REMIC 2 Regular Interest MT-9 and (xi) REMIC 2 Regular
Interest MT-10, the (i) Class P Certificates, (ii) Class A-R Certificates, (iii)
Class A-1 Certificates, (iv) Class A-2 Certificates, (v) Class A-3 Certificates,
(vi) Class A-4 Certificates, (vii) Class A-5 Certificates, (viii) Class M-1
Certificates, (ix) Class M-2 Certificates, (x) Class BA Certificates and (vii)
Class BF Certificates, respectively.

                  Corresponding Uncertificated Interest: With respect to (i)
REMIC 1 Regular Interest LT-P and (ii) REMIC 1 Regular Interest LT-R, (i) REMIC
2 Regular Interest MT-P; and (ii) REMIC 2 Regular Interest MT-R, respectively.

                  Credit Risk Manager: The Murrayhill Company, a Colorado
corporation.

                  Credit Risk Management Agreement: Either of the agreements
between a Servicer and the Credit Risk Manager dated as of February 27, 2002.

                  Credit Risk Manager Fee: As to each Mortgage Loan and any
Distribution Date, an amount equal to one month's interest at the Credit Risk
Manager Fee Rate on the Stated Principal Balance of such Mortgage Loan as of the
Due Date in the month of such Distribution Date (prior to giving effect to any
Scheduled Payments due on such Mortgage Loan on such Due Date).

                  Credit Risk Manager Fee Rate: 0.0175% per annum.

                  CSFB: Credit Suisse First Boston Corporation, a Delaware
corporation, and its successors and assigns.

                  Cumulative Loss Event: For any Distribution Date, a Cumulative
Loss Event is occurring if cumulative Realized Losses on the Mortgage Loans
equal or exceed the percentage of the Aggregate Collateral Balance as of the
Cut-off Date for that Distribution Date as specified below:

                                                       PERCENTAGE OF AGGREGATE
                  DISTRIBUTION DATE                      COLLATERAL BALANCE
                  -----------------                      ------------------

   March 2002 - February 2005.....................              N.A.
   March 2005 - February 2006.....................              4.50%
   March 2006 - February 2007.....................              5.25%
   March 2007 - February 2008.....................              6.00%
   March 2008 - February 2009.....................              6.25%
   March 2009 and thereafter......................              6.75%

                  Cumulative Net Losses: As to any date of determination and
with respect to each Mortgage Loan deemed to be a Liquidated Mortgage Loan on or
prior to the last day of the preceding Due Period, the amount by which the
aggregate principal balance of, and accrued interest on, such Liquidated
Mortgage Loan exceeds the Net Liquidation Proceeds for such Mortgage Loan
allocated to principal and accrued interest.

                                       18

<PAGE>

                  Current Interest: For any Class of Certificates and
Distribution Date, the amount of interest accruing at the applicable
Pass-Through Rate on the related Class Principal Balance, or Notional Amount, as
applicable, of such Class during the related Interest Accrual Period; provided,
that if and to the extent that on any Distribution Date the Interest Remittance
Amount is less than the aggregate distributions required pursuant to Section
4.02(b)(i)A-F without regard to this proviso, then the Current Interest on each
such Class will be reduced, on a pro rata basis in proportion to the amount of
Current Interest for each Class without regard to this proviso, by the lesser of
(i) the amount of the deficiency described above in this proviso and (ii) the
related Interest Shortfall for such Distribution Date.

                  Curtailment: Any payment of principal on a Mortgage Loan, made
by or on behalf of the related Mortgagor, other than a Scheduled Payment, a
prepaid Scheduled Payment or a Payoff, which is applied to reduce the
outstanding Stated Principal Balance of the Mortgage Loan.

                  Custodial Agreement: The agreement, among the Trustee, the
related Custodian and the Depositor providing for the safekeeping of any
documents or instruments referred to in Section 2.01 on behalf of the
Certificateholders, attached hereto as Exhibit R.

                  Custodian: Either of (i) Bank One Trust Company, N.A., a
national banking association or (ii) LaSalle Bank National Association, a
national banking association, or any successor custodian appointed pursuant to
the terms of the related Custodial Agreement. Each Custodian so appointed shall
act as agent on behalf of the Trustee, and shall be compensated by the
Depositor. The Trustee shall remain at all times responsible under the terms of
this Agreement, notwithstanding the fact that certain duties have been assigned
to a Custodian.

                  Cut-off Date: For any Mortgage Loan, other than a Subsequent
Mortgage Loan, February 1, 2002. For any Subsequent Mortgage Loan, the
applicable Subsequent Transfer Date.

                  Cut-off Date Principal Balance: As to any Mortgage Loan, the
Stated Principal Balance thereof as of the close of business on the Cut-off
Date.

                  Defective Mortgage Loan: Any Mortgage Loan which is required
to be repurchased pursuant to Section 2.02 or 2.03.

                  Deferred Amount: For any Class of Class M or Class B
Certificates and any Distribution Date, will equal the amount by which (x) the
aggregate of the Applied Loss Amounts previously applied in reduction of the
Class Principal Balance thereof exceeds (y) the aggregate of amounts previously
paid in reimbursement thereof.

                  Definitive Certificates: Any Certificate issued in lieu of a
Book-Entry Certificate pursuant to Section 5.02(e).

                  Deleted Mortgage Loan: As defined in Section 2.03.

                  Delinquency Rate: For any month, a fraction, expressed as a
percentage, the numerator of which is the aggregate outstanding principal
balance of all Mortgage Loans 60 or more

                                       19

<PAGE>

days delinquent (including all foreclosures, bankruptcies and REO Properties) as
of the close of business on the last day of such month, and the denominator of
which is the Aggregate Collateral Balance as of the close of business on the
last day of such month.

                  Denomination: With respect to each Certificate, the amount set
forth on the face thereof as the "Initial Certificate Balance of this
Certificate" or the "Initial Notional Amount of this Certificate" or, if neither
of the foregoing, the Percentage Interest appearing on the face thereof.

                  Depositor: Credit Suisse First Boston Mortgage Securities
Corp., a Delaware corporation, or its successor in interest.

                  Depository: The initial Depository shall be The Depository
Trust Company, the nominee of which is CEDE & Co., as the registered Holder of
the Book-Entry Certificates. The Depository shall at all times be a "clearing
corporation" as defined in Section 8-102(3) of the Uniform Commercial Code of
the State of New York.

                  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.

                  Determination Date: As to any Distribution Date and any
Mortgage Loan, the second Business Day immediately following the 15th day of
each month.

                  Distribution Date: The 25th day of each month or if such day
is not a Business Day, the first Business Day thereafter, commencing in March
2002.

                  DLJMC: DLJ Mortgage Capital, Inc., a Delaware corporation, and
its successors and assigns.

                  Due Date: With respect to any Distribution Date, the first day
of the month in which the related Distribution Date occurs.

                  Due Period: With respect to each Distribution Date, the period
commencing on the second day of the month preceding the month of the
Distribution Date and ending on the first day of the month of the Distribution
Date.

                  Eligible Account: Either (i) an account or accounts maintained
with a federal or state chartered depository institution or trust company
acceptable to the Rating Agencies or (ii) an account or accounts the deposits in
which are insured by the FDIC to the limits established by such corporation,
provided that any such deposits not so insured shall be maintained in an account
at a depository institution or trust company whose commercial paper or other
short term debt obligations (or, in the case of a depository institution or
trust company which is the principal subsidiary of a holding company, the
commercial paper or other short term debt obligations of such holding company)
have been rated by each Rating Agency in its highest short-term rating category,
or (iii) a segregated trust account or accounts (which shall be a "special
deposit account") maintained with the Trustee or any other federal or state
chartered depository institution or trust company, acting in

                                       20

<PAGE>

its fiduciary capacity, in a manner acceptable to the Trustee and the Rating
Agencies. Eligible Accounts may bear interest.

                  Eligible Institution: An institution having the highest
short-term debt rating, and one of the two highest long-term debt ratings of the
Rating Agencies or the approval of the Rating Agencies.

                  Eligible Investments: Any one or more of the obligations and
securities listed below which investment provides for a date of maturity not
later than the Determination Date in each month:

                  (i) direct obligations of, and obligations fully guaranteed
         by, the United States of America, or any agency or instrumentality of
         the United States of America the obligations of which are backed by the
         full faith and credit of the United States of America; or obligations
         fully guaranteed by, the United States of America; Freddie Mac, Fannie
         Mae, the Federal Home Loan Banks or any agency or instrumentality of
         the United States of America rated AA or higher by the Rating Agencies;

                  (ii) federal funds, demand and time deposits in, certificates
         of deposits of, or bankers' acceptances issued by, any depository
         institution or trust company incorporated or organized under the laws
         of the United States of America or any state thereof and subject to
         supervision and examination by federal and/or state banking
         authorities, so long as at the time of such investment or contractual
         commitment providing for such investment the commercial paper or other
         short-term debt obligations of such depository institution or trust
         company (or, in the case of a depository institution or trust company
         which is the principal subsidiary of a holding company, the commercial
         paper or other short-term debt obligations of such holding company) are
         rated in one of two of the highest ratings by each of the Rating
         Agencies, and the long-term debt obligations of such depository
         institution or trust company (or, in the case of a depository
         institution or trust company which is the principal subsidiary of a
         holding company, the long-term debt obligations of such holding
         company) are rated in one of two of the highest ratings, by each of the
         Rating Agencies;

                  (iii) repurchase obligations with a term not to exceed 30 days
         with respect to any security described in clause (i) above and entered
         into with a depository institution or trust company (acting as a
         principal) rated A or higher by the Rating Agencies; provided, however,
         that collateral transferred pursuant to such repurchase obligation must
         be of the type described in clause (i) above and must (A) be valued
         daily at current market price plus accrued interest, (B) pursuant to
         such valuation, be equal, at all times, to 105% of the cash transferred
         by the Trustee in exchange for such collateral, and (C) be delivered to
         the Trustee or, if the Trustee is supplying the collateral, an agent
         for the Trustee, in such a manner as to accomplish perfection of a
         security interest in the collateral by possession of certificated
         securities;

                  (iv) securities bearing interest or sold at a discount issued
         by any corporation incorporated under the laws of the United States of
         America or any state thereof which has

                                       21

<PAGE>

         a long-term unsecured debt rating in the highest available rating
         category of each of the Rating Agencies at the time of such investment;

                  (v) commercial paper having an original maturity of less than
         365 days and issued by an institution having a short-term unsecured
         debt rating in the highest available rating category of each of the
         Rating Agencies at the time of such investment;

                  (vi) a guaranteed investment contract approved by each of the
         Rating Agencies and issued by an insurance company or other corporation
         having a long-term unsecured debt rating in the highest available
         rating category of each of the Rating Agencies at the time of such
         investment;

                  (vii) which may be 12b-1 funds as contemplated under the rules
         promulgated by the Securities and Exchange Commission under the
         Investment Company Act of 1940) having ratings in the highest available
         rating category of Moody's and one of the two highest available rating
         categories of S&P at the time of such investment (any such money market
         funds which provide for demand withdrawals being conclusively deemed to
         satisfy any maturity requirements for Eligible Investments set forth
         herein) including money market funds of the Servicers or the Trustee
         and any such funds that are managed by the Servicer or the Trustee or
         their respective Affiliates or for the Servicers or the Trustee or any
         Affiliate of either acts as advisor, as long as such money market funds
         satisfy the criteria of this subparagraph (vii); and

                  (viii) such other investments the investment in which will
         not, as evidenced by a letter from each of the Rating Agencies, result
         in the downgrading or withdrawal of the Ratings of the Certificates.

provided, however, that no such instrument shall be an Eligible Investment if
such instrument evidences either (i) a right to receive only interest payments
with respect to the obligations underlying such instrument, or (ii) 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 of greater than 120% of the yield to
maturity at par of such underlying obligations.

                  ERISA: The Employee Retirement Income Security Act of 1974, as
amended.

                  ERISA-Restricted Certificates: As specified in the Preliminary
Statement.

                  Escrow Account: The separate account or accounts created and
maintained by each Servicer pursuant to Section 3.06.

                  Escrow Payments: With respect to any Mortgage Loan, the
amounts constituting ground rents, taxes, mortgage insurance premiums, fire and
hazard insurance premiums, and any other payments required to be escrowed by the
Mortgagor with the mortgagee pursuant to the Mortgage, applicable law or any
other related document.

                                       22

<PAGE>

                  Event of Default: As defined in Section 7.01.

                  Expense Fees: As to each Mortgage Loan, the sum of the related
Servicing Fee, the Credit Risk Manager Fee and the Trustee Fee.

                  Expense Fee Rate: As to each Mortgage Loan, the sum of the
related Servicing Fee Rate, the Credit Risk Manager Fee Rate and the Trustee Fee
Rate.

                  FDIC: The Federal Deposit Insurance Corporation, or any
successor thereto.

                  Financial Security Default: Any failure by FSA to pay any
Insured Payment pursuant to the terms of the FSA Policy.

                  FIRREA: The Financial Institutions Reform, Recovery and
Enforcement Act of 1989.

                  First Mortgage Loan: A Mortgage Loan that is secured by a
first lien on the Mortgaged Property securing the related Mortgage Note.

                  Fitch: Fitch, Inc., or any successor thereto, located at One
State Street Plaza 32nd Floor, New York, NY 10004.

                  Fannie Mae: Fannie Mae, a federally chartered and privately
owned corporation organized and existing under the Federal National Mortgage
Association Charter Act, or any successor thereto.

                  Fannie Mae Guides: The Fannie Mae Sellers' Guide and the
Fannie Mae Servicers' Guide and all amendments or additions thereto.

                  Foreclosure Restricted Loan: Any Mortgage Loan that is 60 or
more days delinquent as of the Closing Date, unless such Mortgage Loan has
become current for three consecutive Scheduled Payments after the Closing Date.

                  Freddie Mac: Freddie Mac, 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.

                  FSA: Financial Security Assurance Inc., a monoline insurance
company incorporated in 1984 under the laws of the State of New York. FSA is
licensed to engage in financial guaranty insurance business in all 50 states,
the District of Columbia, Puerto Rico and the U.S. Virgin Islands.

                  FSA Account: The account established pursuant to Section
4.11(c) hereof.

                  FSA Policy: The irrevocable Certificate Guaranty Insurance
Policy, No. 51254-N including any endorsements thereto, issued by FSA with
respect to the Class A-2 Certificates and Class A-5 Certificates, in the form
attached hereto as Exhibit S.

                                       23

<PAGE>

                  FSA Premium: With respect to any Distribution Date, an amount
equal to 1/12th of the product of (a) the aggregate Class Principal Balance of
the Class A-2 Certificates and Class A-5 Certificates as of such Distribution
Date (prior to giving effect to any distributions thereon on such Distribution
Date) and (b) the Premium Percentage.

                  FSA Reimbursement Amount: For any Distribution Date, the sum
of (i) all amounts paid by FSA under the FSA Policy which have not been
previously reimbursed, (ii) all unpaid FSA Premiums, (iii) all amounts due to
FSA under this Agreement and (iv) interest on the foregoing at the applicable
Late Payment Rate, in each case accruing from the date such amount was first due
and payable to FSA to and including such Distribution Date.

                  Group 1 Capitalized Interest Account: The separate Eligible
Account designated as such and created and maintained by the Trustee pursuant to
Section 3.05(g) hereof. The Group 1 Capitalized Interest Account shall be
treated as an "outside reserve fund" under applicable Treasury regulations and
shall not be part of any REMIC. Except as provided in Section 3.05(g) hereof,
any investment earnings on the Group 1 Capitalized Interest Account shall be
treated as owned by the Depositor and will be taxable to the Depositor.

                  Group 2 Capitalized Interest Account: The separate Eligible
Account designated as such and created and maintained by the Trustee pursuant to
Section 3.05(g) hereof. The Group 2 Capitalized Interest Account shall be
treated as an "outside reserve fund" under applicable Treasury regulations and
shall not be part of any REMIC. Except as provided in Section 3.05(g) hereof,
any investment earnings on the Group 2 Capitalized Interest Account shall be
treated as owned by the Depositor and will be taxable to the Depositor.

                  Group 1 Overfunded Interest Amount: With respect to any
Subsequent Transfer Date and the Group 1 Subsequent Mortgage Loans, the excess
of (A) the amount on deposit in the Group 1 Capitalized Interest Account on such
date over (B) the excess of (i) the amount of interest accruing at (x) the sum
of (a) the assumed weighted average Pass-Through Rates of the Loan Group 1
Senior Certificates and (b) 4.943% per annum multiplied by (y) the Group 1
Pre-Funding Amount outstanding at the end of the related Due Period for the
total number of days remaining through the end of the Interest Accrual Periods
ending March 24, 2002, April 24, 2002 and May 24, 2002 over (ii) one month of
investment earnings on the amount on deposit in the Group 1 Capitalized Interest
Account on such date at an annual rate of 2.50%. The assumed weighted average
Pass-Through Rate of the Loan Group 1 Senior Certificates will be calculated
assuming LIBOR is 2.10% for any Subsequent Transfer Date for the Group 1
Subsequent Mortgage Loans prior to the April 2002 Distribution Date and 2.35%
for any such Subsequent Transfer Date prior to the May 2002 Distribution Date.

                  Group 2 Overfunded Interest Amount: With respect to any
Subsequent Transfer Date and the Group 2 Subsequent Mortgage Loans, the excess
of (A) the amount on deposit in the Group 2 Capitalized Interest Account on such
date over (B) the excess of (i) the amount of interest accruing at (x) the sum
of (a) the assumed weighted average Pass-Through Rates of the Loan Group 2
Senior Certificates and (b) 5.000% per annum multiplied by (y) the Group 2
Pre-Funding Amount outstanding at the end of the related Due Period for the
total number of days remaining through the end of the Interest Accrual Periods
ending March 24, 2002, April 24, 2002 and May 24, 2002 over

                                       24

<PAGE>

(ii) one month of investment earnings on the amount on deposit in the Group 2
Capitalized Interest Account on such date at an annual rate of 2.50%. The
assumed weighted average Pass-Through Rate of the Loan Group 2 Senior
Certificates will be calculated assuming LIBOR is 2.10% for any Subsequent
Transfer Date for the Group 2 Subsequent Mortgage Loans prior to the April 2002
Distribution Date and 2.35% for any such Subsequent Transfer Date prior to the
May 2002 Distribution Date.

                  Group 1 Pre-Funding Account: The separate Eligible Account
created and maintained by the Trustee with respect to the Loan Group 1 Mortgage
Loans pursuant to Section 3.05(f) in the name of the Trustee for the benefit of
the Certificateholders and designated "JPMorgan Chase Bank, in trust for
registered holders of CSFB Mortgage Pass-Through Certificates, Series 2002-S6."
Funds in the Group 1 Pre-Funding Account shall be held in trust for the
Certificateholders for the uses and purposes set forth in this Agreement and
shall not be a part of any REMIC created hereunder; provided, however, that any
investment income earned from Eligible Investments made with funds in the Group
1 Pre-Funding Account shall be for the account of the Depositor.

                  Group 1 Pre-Funding Amount: The amount deposited in the Group
1 Pre-Funding Account on the Closing Date, which shall equal $22,564,648.85.

                  Group 2 Pre-Funding Account: The separate Eligible Account
created and maintained by the Trustee with respect to the Loan Group 2 Mortgage
Loans pursuant to Section 3.05(f) in the name of the Trustee for the benefit of
the Certificateholders and designated "JPMorgan Chase Bank, in trust for
registered holders of CSFB Mortgage Pass-Through Certificates, Series 2002-S6."
Funds in the Group 2 Pre-Funding Account shall be held in trust for the
Certificateholders for the uses and purposes set forth in this Agreement and
shall not be a part of any REMIC created hereunder; provided, however, that any
investment income earned from Eligible Investments made with funds in the Group
2 Pre-Funding Account shall be for the account of the Depositor.

                  Group 2 Pre-Funded Amount: The amount deposited in the Group 2
Pre-Funding Account on the Closing Date, which shall equal $7,989,879.82.

                  Group 1 Subsequent Mortgage Loan: Any Mortgage Loan other than
an Initial Mortgage Loan conveyed to the Trust Fund as part of Loan Group 1
pursuant to Section 2.01 hereof and to a Subsequent Transfer Agreement, which
Mortgage Loan shall be listed on the revised Mortgage Loan Schedule delivered
pursuant to this Agreement and on Schedule A to such Subsequent Transfer
Agreement. When used with respect to a single Subsequent Transfer Date, Group 1
Subsequent Mortgage Loan shall mean a Subsequent Mortgage Loan conveyed to the
Trust as part of Loan Group 1 on that Subsequent Transfer Date.

                  Group 2 Subsequent Mortgage Loan: Any Mortgage Loan other than
an Initial Mortgage Loan conveyed to the Trust Fund as part of Loan Group 2
pursuant to Section 2.01 hereof and to a Subsequent Transfer Agreement, which
Mortgage Loan shall be listed on the revised Mortgage Loan Schedule delivered
pursuant to this Agreement and on Schedule A to such Subsequent Transfer
Agreement. When used with respect to a single Subsequent Transfer Date,

                                       25

<PAGE>

Group 2 Subsequent Mortgage Loan shall mean a Subsequent Mortgage Loan conveyed
to the Trust as part of Loan Group 2 on that Subsequent Transfer Date.

                  Guaranteed Distributions: As defined in the FSA Policy.

                  Indirect Participant: A broker, dealer, bank or other
financial institution or other Person that clears through or maintains a
custodial relationship with a Depository Participant.

                  Initial Mortgage Loan: A Mortgage Loan conveyed to the Trust
on the Closing Date pursuant to this Agreement as identified on the Mortgage
Loan Schedule delivered to the Trustee on the Closing Date.

                  Initial Mortgage Loan Net WAC Rate: A per annum rate equal to
the weighted average of the Net Mortgage Rates of the Initial Mortgage Loans.

                  Insurance Proceeds: Proceeds paid under any Insurance Policy
covering a Mortgage Loan to the extent the proceeds are not applied to the
restoration of the related Mortgaged Property or released to the Mortgagor in
accordance with the procedures that the Servicer would follow in servicing
mortgage loans held for its own account.

                  Insured Certificates: Any of the Class A-2 Certificates or
Class A-5 Certificates.

                  Insured Payment: As to any Distribution Date, an amount
actually paid under the FSA Policy for such Distribution Date.

                  Interest Accrual Period: With respect to each Distribution
Date, (i) with respect to the Class A-1, Class A-3, Class P, Class A-IO, Class
A-R, Class BF and Class X-1 Certificates, the calendar month prior to the month
of such Distribution Date, (ii) with respect to the Class A-2, Class A-4, Class
A-5, Class M-1, Class M-2 and Class BA Certificates, the one-month period
commencing on the 25th day of the month preceding the month in which such
Distribution Date occurs and ending on the 24th day of the month in which such
Distribution Date occurs.

                  Interest Remittance Amount: For any Distribution Date, an
amount equal to the sum of (1) all interest collected (other than Payaheads and
Simple Interest Excess, if applicable) or advanced in respect of Scheduled
Payments on the Mortgage Loans during the related Due Period, the interest
portion of Payaheads previously received and intended for application in the
related Due Period and the interest portion of all Payoffs and Curtailments
received on the Mortgage Loans during the related Prepayment Period, less (x)
the Expense Fee with respect to such Mortgage Loans and (y) unreimbursed
Advances and other amounts due to a Servicer or the Trustee with respect to such
Mortgage Loans, to the extent allocable to interest, (2) all Compensating
Interest Payments paid by each Servicer with respect to the Mortgage Loans it is
servicing and such Distribution Date, (3) the portion of any Substitution
Adjustment Amount or Repurchase Price paid with respect to such Mortgage Loans
during the calendar month immediately preceding the Distribution Date allocable
to interest, (4) all Net Liquidation Proceeds, and any Insurance Proceeds and
other recoveries (net of unreimbursed Advances, Servicing Advances and expenses,
to the extent allocable to interest, and unpaid Servicing Fees) collected with
respect to the Mortgage Loans during the prior calendar

                                       26

<PAGE>

month, to the extent allocable to interest and (5) any amounts withdrawn from
the Simple Interest Excess Sub-Account and the related Capitalized Interest
Account to pay interest on the Certificates with respect to such Distribution
Date. If on any Determination Date the amount deposited into the Collection
Account with respect to Compensating Interest is the amount calculated in clause
(ii) of the definition of Compensating Interest Payment for such Distribution
Date, any remaining Servicing Fee relating to the Wilshire Serviced Loans shall
be available to cover any Net Simple Interest Shortfalls remaining on such
Distribution Date, after giving effect to the withdrawal from the Simple
Interest Excess Sub-Account pursuant to Section 3.06(f) on such Distribution
Date.

                  Interest Shortfall: For any Distribution Date, the aggregate
shortfall, if any, in collections of interest for the previous month (adjusted
to the related Net Mortgage Rate) on Mortgage Loans resulting from (a) Principal
Prepayments received during the related Prepayment Period to the extent not
covered by Compensating Interest and (b) Relief Act Reductions.

                  Investment Account: The commingled account (which shall be
commingled only with investment accounts related to series of pass-through
certificates with a Class of certificates which has a rating equal to the
highest of the Ratings of the Certificates) maintained by a Servicer in the
trust department of the Investment Depository pursuant to Section 3.05.

                  Investment Depository: JPMorgan Chase Bank, New York, New York
or another bank or trust company designated from time to time by a Servicer. The
Investment Depository shall at all times be an Eligible Institution.

                  Last Scheduled Distribution Date: With respect to each Class
of Certificates, other than the Class A-IO Certificates, the Distribution Date
in May 2032. With respect to the Class A-IO Certificates, the Distribution Date
in August 2004.

                  Late Payment Rate: With respect to each Class of Insured
Certificates, the lesser of (a) the greater of (i) the per annum rate of
interest, publicly announced from time to time by JPMorgan Chase Bank at its
principal office in New York, New York, as its prime or base lending rate (any
change in such rate of interest to be effective on the date such change is
announced by JPMorgan Chase Bank) plus 3%, and (ii) the related Pass-Through
Rate and (b) the maximum rate permissible under applicable usury or similar laws
limiting interest rates. The Late Payment Rate shall be computed on the basis of
the actual number of days elapsed over a year of 360 days.

                  Latest Possible Maturity Date: Solely for purposes of
satisfying Treasury regulation Section 1.860G-1(a)(4)(iii), the "latest possible
maturity date" of all interests created in REMIC 1, REMIC 2 and REMIC 3 shall be
May 25, 2032.

                  LIBOR: For any Interest Accrual Period other than the first
Interest Accrual Period, the rate for United States dollar deposits for one
month which appears on the Dow Jones Telerate Screen Page 3750 as of 11:00 A.M.,
London, England time, on the second LIBOR Business Day prior to the first day of
such Interest Accrual Period. With respect to the first Interest Accrual Period,
the rate for United States dollar deposits for one month which appears on the
Dow Jones Telerate Screen Page 3750 as of 11:00 A.M., London, England time, two
LIBOR Business Days prior to the Closing Date. If such rate does not appear on
such page (or such other page as may replace that page

                                       27

<PAGE>

on that service, or if such service is no longer offered, such other service for
displaying LIBOR or comparable rates as may be reasonably selected by the
Trustee), the rate will be the Reference Bank Rate. If no such quotations can be
obtained and no Reference Bank Rate is available, LIBOR will be the LIBOR
applicable to the Interest Accrual Period preceding the next applicable
Distribution Date.

                  LIBOR 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 or
in the city of London, England are required or authorized by law to be closed.

                  Liquidated Mortgage Loan: With respect to any Distribution
Date, a defaulted Mortgage Loan (including any REO Property) which was
liquidated in the calendar month preceding the month of such Distribution Date
and as to which the Servicer has determined (in accordance with this Agreement)
that it has received all amounts it expects to receive in connection with the
liquidation of such Mortgage Loan, including the final disposition of the
related REO Property.

                  Liquidation Proceeds: Amounts, including Insurance Proceeds,
received in connection with the partial or complete liquidation of defaulted
Mortgage Loans, whether through trustee's sale, foreclosure sale or otherwise or
amounts received in connection with any condemnation or partial release of a
Mortgaged Property and any other proceeds received in connection with an REO
Property, less the sum of related unreimbursed Expense Fees, Servicing Advances,
Advances and reasonable out-of-pocket expenses.

                  Loan Group: Any of Loan Group 1 or Loan Group 2, as
applicable.

                  Loan Group 1: All Mortgage Loans identified as Loan Group 1
Mortgage Loans on the Mortgage Loan Schedule.

                  Loan Group 1 Senior Certificates: Any of the Class A-1
Certificates and Class A-3 Certificates.

                  Loan Group 2: All Mortgage Loans identified as Loan Group 2
Mortgage Loans on the Mortgage Loan Schedule.

                  Loan Group 2 Senior Certificates: Any of the Class A-2, Class
A-4 and Class A-5 Certificates.

                  Majority in Interest: As to any Class of Regular Certificates,
the Holders of Certificates of such Class evidencing, in the aggregate, at least
51% of the Percentage Interests evidenced by all Certificates of such Class.

                  Marker Rate: With respect to the Class X-1 Certificates and
any Distribution Date, a per annum rate equal to two (2) times the weighted
average of the Uncertificated REMIC 2 Pass- Through Rates for REMIC 2 Regular
Interests MT-2, MT-3, MT-4, MT-5, MT-6, MT-7, MT-8, MT- 9, MT-10 and MT-11, with
the rate on REMIC 2 Regular Interest MT-2 subject to a cap equal to the lesser
of (A) with respect to any Interest Accrual Period on or prior to the Optional
Termination

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<PAGE>

Date, 3.289% per annum, and with respect to any Interest Accrual Period after
the Optional Termination Date, 3.789% per annum and (B) the REMIC 2 Net WAC Rate
for the purpose of this calculation, with the rate on REMIC 2 Regular Interest
MT-4 subject to a cap equal to the lesser of (A) with respect to any Interest
Accrual Period on or prior to the Optional Termination Date, 6.25% per annum,
and with respect to any Interest Accrual Period after the Optional Termination
Date, 6.75% per annum and (B) the REMIC 2 Net WAC Rate for the purpose of this
calculation, with the rate on REMIC 2 Regular Interest MT-10 subject to a cap
equal to the lesser of (A) with respect to any Interest Accrual Period on or
prior to the Optional Termination Date, 6.00% per annum, and with respect to any
Interest Accrual Period after the Optional Termination Date, 6.50% per annum and
(B) the REMIC 2 Net WAC Rate for the purpose of this calculation, with the rates
on REMIC 2 Regular Interests MT-3, MT-5, MT-6, MT-7, MT-8 and MT-9 subject to a
cap equal to the lesser of (A) LIBOR plus the Certificate Margin for the
Corresponding Certificate and (B) the REMIC 2 Net WAC Rate for the purpose of
this calculation, and with the rate on REMIC 2 Regular Interest MT-11 subject to
a cap of zero for the purpose of this calculation.

                  Maximum Interest Rate: With respect to the Class A-2, Class
A-4 and Class A-5 Certificates and any Distribution Date, an annual rate equal
to the weighted average of the Net Mortgage Rates of the Loan Group 2 Mortgage
Loans. With respect to the Class M-1, Class M-2 and Class BA Certificates and
any Distribution Date, an annual rate equal to the weighted average of the Net
Mortgage Rates of all of the Mortgage Loans.

                  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.

                  MOM Loan: With respect to any Mortgage Loan, MERS acting as
the mortgagee of such Mortgage Loan, solely as nominee for the originator of
such Mortgage Loan and its successors and assigns, at the origination thereof.

                  Monthly Excess Cashflow: For any Distribution Date, an amount
equal to the sum of the Monthly Excess Interest and Overcollateralization
Release Amount, if any, for such date.

                  Monthly Excess Interest: As to any Distribution Date, the sum
of (A) the Interest Remittance Amount remaining after the application of
payments pursuant to clauses A. through F. of Section 4.02(b)(i) plus (B) the
Principal Payment Amount remaining after the application of payments pursuant to
clauses A. through E. of Section 4.02(b)(ii) or (iii).

                  Monthly Statement: The statement delivered to the
Certificateholders pursuant to Section 4.06.

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<PAGE>

                  Moody's: Moody's Investors Service, Inc., or any successor
thereto. For purposes of Section 10.05(b) the address for notices to Moody's
shall be Moody's Investors Service, Inc., 99 Church Street, New York, New York
10007, Attention: Residential Pass-Through Monitoring, or such other address as
Moody's may hereafter furnish to the Depositor, each Servicer and the Trustee.

                  Mortgage: The mortgage, deed of trust or other instrument
creating a first or second 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(b) hereof pertaining to a particular Initial Mortgage Loan or Subsequent
Mortgage Loan and any additional documents delivered to the Trustee 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 the provisions hereof as from time to time
are held as a part of the Trust Fund (including any REO Property), the mortgage
loans so held being identified in the Mortgage Loan Schedule, notwithstanding
foreclosure or other acquisition of title of the related Mortgaged Property.

                  Mortgage Loan Schedule: The Mortgage Loan Schedule which will
list the Mortgage Loans (as from time to time amended by the Seller to reflect
the addition of Qualified Substitute Mortgage Loans and the purchase of Mortgage
Loans pursuant to Section 2.02 or 2.03) transferred to the Trustee as part of
the Trust Fund and from time to time subject to this Agreement, attached hereto
as Schedule I, setting forth the following information with respect to each
Mortgage Loan:

                  (i)      the Mortgage Loan identifying number;

                  (ii)     the Mortgagor's name;

                  (iii)    the street address of the Mortgaged Property
         including the state and zip code;

                  (iv)     a code indicating the type of Mortgaged Property and
         the occupancy status.

                  (v)      the original months to maturity or the remaining
         months to maturity from the Cut-off Date, in any case based on the
         original amortization schedule and, if different, the maturity
         expressed in the same manner but based on the actual amortization
         schedule;

                  (vi)     the Combined Loan-to-Value Ratio at origination;

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

                  (viii)   the stated maturity date;

                  (ix)     the amount of the Scheduled Payment as of the Cut-off
         Date;

                  (x)      the original principal amount of the Mortgage Loan;

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<PAGE>

                  (xi) the principal balance of the Mortgage Loan as of the
         close of business on the Cut-off Date, after deduction of payments of
         principal due on or before the Cut-off Date whether or not collected;

                  (xii)    a code indicating the purpose of the Mortgage Loan
         (i.e., purchase, rate and term refinance, equity take-out refinance);

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

                  (xiv)    the Originator of the related Mortgage Loan;

                  (xv)     the Servicing Fee Rate;

                  (xvi)    the related sub-servicer;

                  (xvii)   a code indicating whether a Mortgage Loan is subject
         to a Prepayment Penalty;

                  (xviii)  the amount of the Prepayment Penalty with respect to
         each Mortgage Loan and a code identifying whether such Prepayment
         Penalty is related to a Curtailment or Payoff;

                  (xix)    whether such Mortgage Loan is a Simple Interest Loan;

                  (xx)     whether such Mortgage Loan is a Balloon Loan;

                  (xxi)    whether such Mortgage Loan is in Loan Group 1 or Loan
         Group 2; and

                  (xxii)   whether such Mortgage Loan is a Wilshire Serviced
         Loan or an Ocwen Serviced Loan.

                  With respect to the Mortgage Loans in the aggregate in each
Loan Group, each Mortgage Loan Schedule shall set forth the following
information, as of the Cut-off Date:

                  (i)      the number of Mortgage Loans in each Loan Group; and

                  (ii)     the current aggregate principal balance of the
         Mortgage Loans in each Loan Group as of the close of business on the
         Cut-off Date, after deduction of payments of principal due on or before
         the Cut-off Date whether or not collected.

                  Mortgage Note: The original executed note or other evidence of
indebtedness evidencing the indebtedness of a Mortgagor under a Mortgage Loan.

                  Mortgage Rate: The annual fixed rate of interest borne by a
Mortgage Note.

                  Mortgaged Property: The underlying real property securing a
Mortgage Loan.

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<PAGE>

                  Mortgagor: The obligor(s) on a Mortgage Note.

                  Net Excess Spread: With respect to any Distribution Date and
Loan, a fraction, expressed as a percentage, the numerator of which is equal to
the excess of (x) the aggregate Stated Principal Balance for such Distribution
Date of the Mortgage Loans, multiplied by the weighted average Net Mortgage Rate
of such Mortgage Loans over (y) the Interest Remittance Amount for such
Distribution Date, and the denominator of which is an amount equal to the
aggregate Stated Principal Balance for such Distribution Date of the Mortgage
Loans, multiplied by the actual number of days elapsed in the related Interest
Accrual Period divided by 360.

                  Net Funds Cap: As to any Distribution Date, will be a per
annum rate equal to (a) a fraction, expressed as a percentage, (a) the numerator
of which is (1) the amount of interest accrued on the Mortgage Loans for such
date, minus (2) the sum of (i) the Expense Fee and (ii) the Current Interest for
the Class A-IO Certificates for such date and (iii) any FSA Premium, and (b) the
denominator of which is the product of (i) the Aggregate Collateral Balance
immediately preceding such Distribution Date (or as of the Cut-off Date in the
case of the first Distribution Date), multiplied by (ii)(x) in the case of the
Class A-1, Class A-3, Class A-R, Class P and Class BF Certificates, 1/12 and (y)
in the case of the Class A-2, Class A-4, Class A-5, Class M-1, Class M-2 and
Class BA Certificates, the actual number of days in the related Interest Accrual
Period divided by 360. For federal income tax purposes, however, as to any
Distribution Date will be the equivalent of the foregoing, expressed as a per
annum rate equal to the weighted average of the Uncertificated Pass- Through
Rates on the REMIC 2 Regular Interests other than REMIC 2 Regular Interest
MT-II-IO, multiplied by (x) in the case of the Class A-1, Class A-3, Class A-R,
Class P and Class BF Certificates, 1/12 and (y) in the case of the Class A-2,
Class A-4, Class A-5, Class M-1, Class M-2 and Class BA Certificates, the actual
number of days in the related Interest Accrual Period divided by 360.

                  Net Mortgage Rate: As to each Mortgage Loan, and at any time,
the per annum rate equal to the Mortgage Rate less the related Expense Fee Rate.

                  Net Prepayment Interest Shortfalls: As to any Distribution
Date, the amount, if any, by which the aggregate of Prepayment Interest
Shortfalls during the Prepayment Period exceeds the Compensating Interest
Payment for such Distribution Date.

                  Net Rate Cap: As to any Distribution Date, will be a per annum
rate equal to (a) a fraction, expressed as a percentage, (a) the numerator of
which is 12 times the excess of (1) the amount of interest accrued on the
Mortgage Loans for such date, over (2) the sum of (i) the Expense Fee and (ii)
FSA Premium, and (b) the denominator of which is the Aggregate Loan Balance
immediately preceding such Distribution Date (or as of the Cut-off Date in the
case of the first Distribution Date).

                  Net Simple Interest Excess: As of any Distribution Date, the
excess, if any, of the aggregate amount of Simple Interest Excess over the
amount of Simple Interest Shortfall.

                  Net Simple Interest Shortfall: As of any Distribution Date,
the excess, if any, of the aggregate amount of Simple Interest Shortfall over
the amount of Simple Interest Excess.

                                       32

<PAGE>

                  Nonrecoverable Advance: Any portion of an Advance or Servicing
Advance previously made or proposed to be made by the applicable Servicer that,
in the good faith judgment of the applicable Servicer, will not be ultimately
recoverable by the Servicer from the related Mortgagor, related Liquidation
Proceeds or otherwise.

                  Notional Amount: Any of the Class A-IO Notional Amount or
Class X-1 Notional Amount, as the context requires.

                  Notional Amount Certificates: As specified in the Preliminary
Statement.

                  Ocwen: Ocwen Federal Bank FSB, a federally chartered savings
bank.

                  Ocwen Serviced Loans: The Mortgage Loans identified as such on
the Mortgage Loan Schedule.

                  Offered Certificates: As specified in the Preliminary
Statement.

                  Officer's Certificate: A certificate signed by the Chairman of
the Board or the Vice Chairman of the Board or the President or a Vice President
or an Assistant Vice President or the Treasurer or the Secretary or one of the
Assistant Treasurers or Assistant Secretaries of the Servicer or the Depositor,
and delivered to the Depositor or the Trustee, as the case may be, as required
by this Agreement.

                  Opinion of Counsel: A written opinion of counsel, who may be
counsel for the Depositor or a Servicer, including in-house counsel, reasonably
acceptable to the Trustee; provided, however, that with respect to the
interpretation or application of the REMIC Provisions, such counsel must (i) in
fact be independent of the Depositor and any Servicer, (ii) not have any
material direct financial interest in the Depositor or the Servicer or in any
affiliate of either, and (iii) not be connected with the Depositor or the
Servicer as an officer, employee, promoter, underwriter, trustee, partner,
director or person performing similar functions.

                  Optional Termination: The termination of the trust created
hereunder in connection with the purchase of the Mortgage Loans pursuant to
Section 9.01.

                  Optional Termination Date: The first date on which the
Optional Termination may be exercised.

                  Optional Termination Holder: The Person who may terminate the
trust pursuant to Section 9.01, which shall be the Majority in Interest Class
X-1 Certificateholder; provided however that if the Majority in Interest Class
X-1 Certificateholder is the Seller or Credit Suisse First Boston Corporation,
or an Affiliate of the Seller or Credit Suisse First Boston Corporation, then
the Optional Termination Holder shall not terminate the trust pursuant to
Section 9.01.

                  OTS: The Office of Thrift Supervision.

                  Outsourcer: As defined in Section 3.02.

                                       33

<PAGE>

                  Outstanding: With respect to the Certificates as of any date
of determination, all Certificates theretofore executed and authenticated under
this Agreement except: (i) Certificates theretofore canceled by the Trustee or
delivered to the Trustee for cancellation; and (ii) Certificates in exchange for
which or in lieu of which other Certificates have been executed and delivered by
the Trustee pursuant to this Agreement.

                  Outstanding Mortgage Loan: As of any Due Date, a Mortgage Loan
with a Stated Principal Balance greater than zero which was not the subject of a
Payoff prior to such Due Date and which did not become a Liquidated Mortgage
Loan prior to such Due Date.

                  Overcollateralization Amount: For any Distribution Date, an
amount equal to the amount, if any, by which (x) the Aggregate Loan Balance for
such Distribution Date exceeds (y) the aggregate Class Principal Balance of the
Certificates after giving effect to payments on such Distribution Date.

                  Overcollateralization Release Amount: For any Distribution
Date, an amount equal to the lesser of (x) the Principal Remittance Amount for
such Distribution Date and (y) the amount, if any, by which (1) the
Overcollateralization Amount for such date, calculated for this purpose on the
basis of the assumption that 100% of the aggregate of the Principal Remittance
Amount for such date is applied on such date in reduction of the aggregate of
the Class Principal Balances of the Certificates, exceeds (2) the Targeted
Overcollateralization Amount for such date.

                  Overfunded Interest Amount: The Group 1 Overfunded Interest
Amount or the Group 2 Overfunded Interest Amount.

                  Ownership Interest: As to any Residual 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.

                  Pass-Through Rate: With respect to the Class A-IO
Certificates, the per annum rate set forth in the Preliminary Statement. With
respect to the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-R,
Class P, Class M-1, Class M-2, Class BA and Class BF Certificates, the Class A-1
Pass-Through Rate, Class A-2 Pass-Through Rate, Class A-3 Pass-Through Rate,
Class A-4 Pass-Through Rate, Class A-5 Pass-Through Rate, Class A-R Pass-Through
Rate, Class P Pass- Through Rate, Class M-1 Pass-Through Rate, Class M-2
Pass-Through Rate, Class BA Pass- Through Rate and Class BF Pass-Through Rate.

                  With respect to the Class A-IO Certificates and each Interest
Accrual Period, the lesser of 7.00% per annum and the Net Rate Cap for the March
2002 through August 2004 Distribution Dates, and 0.00% per annum thereafter;
provided, however, for federal income tax purposes, the Class A-IO Certificate
will not have a Pass-Through Rate but will pay an amount equal to 100% of the
amount paid on REMIC 2 Regular Interest MT-IO.

                  With respect to the Class X-1 Certificates and any
Distribution Date, a per annum rate equal to the percentage equivalent of a
fraction, the numerator of which is the sum of the amounts calculated pursuant
to clauses (A) through (K) below, and the denominator of which is the aggregate

                                       34

<PAGE>

of the Uncertificated Principal Balances of REMIC 2 Regular Interest MT-1, REMIC
2 Regular Interest MT-2, REMIC 2 Regular Interest MT-3, REMIC 2 Regular Interest
MT-4, REMIC 2 Regular Interest MT-5, REMIC 2 Regular Interest MT-6, REMIC 2
Regular Interest MT-7, REMIC 2 Regular Interest MT-8, REMIC 2 Regular Interest
MT-9, REMIC 2 Regular Interest MT-10 and REMIC 2 Regular Interest MT-11. For
purposes of calculating the Pass-Through Rate for the Class X-1 Certificates,
the numerator is equal to the sum of the following components:

                  (A)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-1 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-1;

                  (B)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-2 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-2;

                  (C)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-3 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-3;

                  (D)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-4 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-4;

                  (E)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-5 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-5;

                  (F)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-6 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-6;

                  (G)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-7 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-7.

                  (H)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-8 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-8;

                  (I)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-9 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-9;

                  (J)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-10 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-10;
                           and

                                       35

<PAGE>

                  (K)      the Uncertificated REMIC 2 Pass-Through Rate for
                           REMIC 2 Regular Interest MT-11 minus the Marker Rate,
                           applied to an amount equal to the Uncertificated
                           Principal Balance of REMIC 2 Regular Interest MT-11.

                  Payahead: Any Scheduled Payment intended by the related
Mortgagor to be applied in a Due Period subsequent to the Due Period in which
such payment was received.

                  Payoff: Any payment of principal on a Mortgage Loan equal to
the entire outstanding Stated Principal Balance of such Mortgage Loan, if
received in advance of the last scheduled Due Date for such Mortgage Loan and
accompanied by an amount of interest equal to accrued unpaid interest on the
Mortgage Loan to the date of such payment-in-full.

                  Percentage Interest: As to any Certificate, the percentage
interest evidenced thereby in distributions required to be made on the related
Class, such percentage interest being set forth on the face thereof or equal to
the percentage obtained by dividing the Denomination of such Certificate by the
aggregate of the Denominations of all Certificates of the same Class.

                  Permitted Transferee: Any person other than (i) the United
States, any State or political subdivision thereof, or any agency or
instrumentality of any of the foregoing, (ii) a foreign government,
International Organization or any agency or instrumentality of either of the
foregoing, (iii) an organization (except certain farmers' cooperatives described
in section 521 of the Code) which is exempt from tax imposed by Chapter 1 of the
Code (including the tax imposed by section 511 of the Code on unrelated business
taxable income) on any excess inclusions (as defined in section 860E(c)(1) of
the Code) with respect to any Residual Certificate, (iv) rural electric and
telephone cooperatives described in section 1381(a)(2)(C) of the Code, (v) a
Person that is not a United States Person, and (vi) a Person designated as a
non-Permitted Transferee by the Depositor based upon an Opinion of Counsel that
the Transfer of an Ownership Interest in a Residual Certificate to such Person
may cause any REMIC created hereunder to fail to qualify as a REMIC at any time
that the Certificates are outstanding. The terms "United States," "State" and
"International Organization" shall have the meanings set forth in section 7701
of the Code or successor provisions. A corporation will not be treated as an
instrumentality of the United States or of any State or political subdivision
thereof for these purposes if all of its activities are subject to tax and, with
the exception of Freddie Mac, a majority of its board of directors is not
selected by such government unit.

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

                  Physical Certificates: As specified in the Preliminary
Statement.

                  Pre-Funding Account: The Group 1 Pre-Funding Account or Group
2 Pre-Funding Account.

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<PAGE>

                  Pre-Funded Amount: The Group 1 Pre-Funding Amount or Group 2
Pre-Funding Amount.

                  Pre-Funding Period: With respect to the Loan Group 1 Senior
Certificates and the Loan Group 2 Senior Certificates, the period from the
Closing Date until the earliest of (i) the date on which the amount on deposit
in the related Pre-Funding Account is reduced to zero, (ii) the date on which an
Event of Default occurs or (iii) May 24, 2002.

                  Premium Percentage: With respect to the Insured Certificates,
0.10% per annum.

                  Prepayment Interest Shortfall: As to any Mortgage Loan,
Distribution Date and Principal Prepayment, other than Principal Prepayments in
full that occur during the portion of the Prepayment Period that is in the same
calendar month as the Distribution Date, the difference between (i) one full
month's interest at the applicable Mortgage Rate (giving effect to any
applicable Relief Act Reduction), as reduced by the Expense Fee Rate, on the
outstanding principal balance of such Mortgage Loan immediately prior to such
prepayment and (ii) the amount of interest actually received that accrued during
the month immediately preceding such Distribution Date with respect to such
Mortgage Loan in connection with such Principal Prepayment.

                  Prepayment Penalty: With respect to any Mortgage Loan, any
penalty required to be paid if the Mortgagor prepays such Mortgage Loan as
provided in the related Mortgage Note or Mortgage.

                  Prepayment Period: With respect to each Distribution Date and
each Payoff, the related "Prepayment Period" will be the 15th of the month
preceding the month in which the related Distribution Date occurs through the
14th of the month in which the related Distribution Date occurs. With respect to
each Distribution Date and each Curtailment, the related "Prepayment Period"
will be the calendar month preceding the month in which the related Distribution
Date occurs.

                  Principal Payment Amount: For any Distribution Date, an amount
equal to the Principal Remittance Amount for such date minus the
Overcollateralization Release Amount, if any, for such date.

                  Principal Remittance Amount: For any Distribution Date, an
amount equal to the sum of (1) all principal collected (other than Payaheads) or
advanced in respect of Scheduled Payments on the Mortgage Loans during the
related Due Period (less unreimbursed Advances, Servicing Advances and other
amounts due to each Servicer and the Trustee with respect to the Mortgage Loans,
to the extent allocable to principal) and the principal portion of Payaheads
previously received and intended for application in the related Due Period, (2)
all Principal Prepayments on the Mortgage Loans received during the related
Prepayment Period, (3) the outstanding principal balance of each Mortgage Loan
that was repurchased by the Seller, the Optional Termination Holder or the
Majority in Interest Class X-2 Certificateholder during the calendar month
immediately preceding such Distribution Date, (4) the portion of any
Substitution Adjustment Amount paid with respect to any Deleted Mortgage Loans
during the calendar month immediately preceding such Distribution Date allocable
to principal, (5) all Net Liquidation Proceeds, and any Insurance Proceeds and
other recoveries (net of unreimbursed Advances, Servicing Advances and other
expenses, to the extent

                                       37

<PAGE>

allocable to principal) collected with respect to the Mortgage Loans during the
prior calendar month, to the extent allocable to principal and (6) with respect
to the Distribution Date in May 2002, the amount remaining in the related
Pre-Funding Account at the end of the applicable Pre-Funding Period.

                  Principal Prepayment: Any payment of principal on a Mortgage
Loan which constitutes a Payoff or Curtailment.

                  Prospectus Supplement: The Prospectus Supplement dated
February 22, 2002 relating to the Offered Certificates.

                  PUD: Planned Unit Development.

                  Qualified Insurer: A mortgage guaranty insurance company duly
qualified as such under the laws of the state of its principal place of business
and each state having jurisdiction over such insurer in connection with the
insurance policy issued by such insurer, duly authorized and licensed in such
states to transact a mortgage guaranty insurance business in such states and to
write the insurance provided by the insurance policy issued by it, approved as a
Fannie Mae- or Freddie Mac-approved mortgage insurer or having a claims paying
ability rating of at least "AA" or equivalent rating by at least two nationally
recognized statistical rating organizations. Any replacement insurer with
respect to a Mortgage Loan must have at least as high a claims paying ability
rating as the insurer it replaces had on the Closing Date.

                  Qualified Substitute Mortgage Loan: A Mortgage Loan
substituted by the Seller for a Deleted Mortgage Loan which must, on the date of
such substitution, as confirmed in a Request for Release, substantially in the
form of Exhibit M (i) have a Stated Principal Balance, after deduction of the
principal portion of the Scheduled 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 principal balance), not in excess of, and not more
than 10% less than the Stated Principal Balance of the Deleted Mortgage Loan;
(ii) be accruing interest at a rate no lower than and not more than 1% per annum
higher than, that of the Deleted Mortgage Loan; (iii) have a Combined Loan-to-
Value Ratio no higher than that of the Deleted Mortgage Loan; (iv) have a
remaining term to maturity no greater than (and not more than one year less than
that of) the Deleted Mortgage Loan; and (v) comply with each representation and
warranty set forth in Section 2.03(b).

                  Rating Agency: S&P and Moody's. If either such organization or
a successor is no longer in existence, "Rating Agency" shall be such nationally
recognized statistical rating organization, or other comparable Person, as is
designated by the Depositor, notice of which designation shall be given to the
Trustee and the Servicers. References herein to a given rating or rating
category of a Rating Agency shall mean such rating category without giving
effect to any modifiers.

                  Ratings: As of any date of determination, the ratings, if any,
of the Certificates as assigned by the Rating Agencies.

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<PAGE>

                  Realized Loss: With respect to each Liquidated Mortgage Loan,
an amount (not less than zero or greater than the Stated Principal Balance of
the Mortgage Loan) as of the date of such liquidation, equal to (i) the Stated
Principal Balance of the Liquidated Mortgage Loan as of the date of such
liquidation, plus (ii) interest at the Net Mortgage Rate from the related Due
Date as to which interest was last paid or advanced (and not reimbursed) to the
related Certificateholders up to the related Due Date in the month in which
Liquidation Proceeds are required to be distributed on the Stated Principal
Balance of such Liquidated Mortgage Loan from time to time, minus (iii) the
Liquidation Proceeds, if any, received during the month in which such
liquidation occurred, to the extent applied as recoveries of interest at the Net
Mortgage Rate and to principal of the Liquidated Mortgage Loan.

                  Record Date: With respect to the Certificates (other than the
Class A-2, Class A-4, Class A-5, Class M-1, Class M-2 and BA Certificates) and
any Distribution Date, the close of business on the last Business Day of the
month preceding the month in which such applicable Distribution Date occurs.
With respect to the Class A-2, Class A-4, Class A-5, Class M-1, Class M-2 and BA
Certificates which are Book-Entry Certificates and any Distribution Date, the
close of business on the Business Day preceding such Distribution Date.

                  Reference Bank Rate: With respect to any Interest Accrual
Period, as follows: the arithmetic mean (rounded upwards, if necessary, to the
nearest one sixteenth of a percent) of the offered rates for United States
dollar deposits for one month which are offered by the Reference Banks as of
11:00 A.M., London, England time, on the second LIBOR Business Day prior to the
first day of such Interest Accrual Period to prime banks in the London interbank
market for a period of one month in amounts approximately equal to the aggregate
Class Principal Balance of the LIBOR Certificates; provided that at least two
such Reference Banks provide such rate. If fewer than two offered rates appear,
the Reference Bank Rate will be the arithmetic mean of the rates quoted by one
or more major banks in New York City, selected by the Trustee, as of 11:00 a.m.,
New York time, on such date for loans in U.S. Dollars to leading European Banks
for a period of one month in amounts approximately equal to the aggregate Class
Principal Balance of the LIBOR Certificates. If no such quotations can be
obtained, the Reference Bank Rate shall be LIBOR applicable to the preceding
Distribution Date; provided however, that if, under the priorities indicated
above, LIBOR for a Distribution Date would be based on LIBOR for the previous
Payment Date for the third consecutive Distribution Date, the Trustee shall
select an alternative comparable index over which the Trustee has no control,
used for determining one-month Eurodollar lending rates that is calculated and
published or otherwise made available by an independent party.

                  Reference Banks: Barclays Bank PLC, National Westminster Bank
and Abbey National PLC.

                  Regular Certificates: As specified in the Preliminary
Statement.

                  Relief Act: The Soldiers' and Sailors' Civil Relief Act of
1940, as amended or any similar state law or regulation.

                  Relief Act Reductions: With respect to any Distribution Date
and any Mortgage Loan as to which there has been a reduction in the amount of
interest or principal collectible thereon for

                                       39

<PAGE>

the most recently ended calendar month as a result of the application of the
Relief Act or similar state law or regulation, the amount, if any, by which (i)
interest and/or principal collectible on such Mortgage Loan for the most
recently ended calendar month is less than (ii) interest and/or principal
accrued thereon for such month pursuant to the Mortgage Note.

                  REMIC: A "real estate mortgage investment conduit" within the
meaning of section 860D of the Code.

                  REMIC 1: The segregated pool of assets subject hereto,
constituting the primary trust created hereby and to be administered hereunder,
with respect to which a REMIC election is to be made consisting of: (i) such
Mortgage Loans as from time to time are subject to this Agreement (other than
any Prepayment Premiums), together with the Mortgage Files relating thereto, and
together with all collections thereon and proceeds thereof, (ii) any REO
Property, together with all collections thereon and proceeds thereof, (iii) the
Trustee's rights with respect to the Mortgage Loans under all insurance
policies, including the Primary Insurance Policy, required to be maintained
pursuant to this Agreement and any proceeds thereof and, (iv) the Collection
Account and the Certificate Account (subject to the last sentence of this
definition) and such assets that are deposited therein from time to time and any
investments thereof. Notwithstanding the foregoing, however, a REMIC election
will not be made with respect to the Reserve Fund, the Pre-Funding Accounts or
the Capitalized Interest Accounts.

                  REMIC 1 Net Wac Rate: With respect to any Distribution Date, a
per annum rate equal to the weighted average of the related REMIC 1 Pass-Through
Rates on the REMIC 1 Regular Interests, weighted on the basis of the respective
Uncertificated Principal Balances thereof immediately preceding such
Distribution Date.

                  REMIC 1 Regular Interest LT-1: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-1 shall
accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 1 Regular Interest LT-1A: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-1A
shall accrue interest at the related Uncertificated REMIC 1 Pass-Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 1 Regular Interest LT-2: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-2 shall
accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                                       40

<PAGE>

                  REMIC 1 Regular Interest LT-3: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-3 shall
accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 1 Regular Interest LT-4: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-4 shall
accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 1 Regular Interest LT-5: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-5 shall
accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 1 Regular Interest LT-6: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-6 shall
accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 1 Regular Interest LT-7: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-7 shall
accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 1 Regular Interest LT-8: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-8 shall
accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 1 Regular Interest LT-9: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-9 shall
accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject

                                       41

<PAGE>

to the terms and conditions hereof, in an aggregate amount equal to its initial
Uncertificated Principal Balance as set forth in the Preliminary Statement
hereto.

                  REMIC 1 Regular Interest LT-10: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-10
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-11: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-11
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-12: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-12
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-13: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-13
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-14: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-14
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-15: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-15
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                                       42

<PAGE>

                  REMIC 1 Regular Interest LT-16: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-16
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-17: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-17
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-18: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-18
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-19: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-19
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-20: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-20
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-21: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-21
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-22: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-22
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject

                                       43

<PAGE>

to the terms and conditions hereof, in an aggregate amount equal to its initial
Uncertificated Principal Balance as set forth in the Preliminary Statement
hereto.

                  REMIC 1 Regular Interest LT-23: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-23
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-24: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-24
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-25: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-25
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-26: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-26
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-27: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-27
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-28: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-28
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                                       44

<PAGE>

                  REMIC 1 Regular Interest LT-29: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-29
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-30: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-30
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-31: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-31
shall accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate
in effect from time to time, and shall be entitled to distributions of
principal, subject to the terms and conditions hereof, in an aggregate amount
equal to its initial Uncertificated Principal Balance as set forth in the
Preliminary Statement hereto.

                  REMIC 1 Regular Interest LT-P: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-P shall
accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 1 Regular Interest LT-R: One of the separate
non-certificated beneficial ownership interests in REMIC 1 issued hereunder and
designated as a Regular Interest in REMIC 1. REMIC 1 Regular Interest LT-R shall
accrue interest at the related Uncertificated REMIC 1 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 1 Regular Interests: REMIC 1 Regular Interest LT-1,
LT-1A, LT-2, LT-3, LT-4, LT-5, LT-6, LT-7, LT-8, LT-9, LT-10, LT-11, LT-12,
LT-13, LT-14, LT-15, LT-16, LT-17, LT-18, LT-19, LT-20, LT-21, LT-22, LT-23,
LT-24, LT-25, LT-26, LT-27, LT-28, LT-29, LT-30, LT-31, LT-P and LT-R.

                  REMIC 2: The segregated pool of assets containing all of the
REMIC 1 Regular Interests, with respect to which a REMIC election is to be made.

                  REMIC 2 Interest Loss Allocation Amount: With respect to any
Distribution Date, an amount equal to (a) the product of (i) the aggregate
Stated Principal Balance of the Mortgage

                                       45

<PAGE>

Loans and related REO Properties then outstanding and (ii) the Uncertificated
REMIC 2 Pass- Through Rate for REMIC 2 Regular Interest MT-1 minus the Marker
Rate, divided by (b) 12.

                  REMIC 2 Net WAC Rate: With respect to any Distribution Date, a
per annum rate equal to the weighted average of the related Uncertificated REMIC
2 Pass-Through Rates on the REMIC 2 Regular Interests (other than REMIC 2
Regular Interest MT-IO), weighted on the basis of the respective Uncertificated
Principal Balances thereof immediately preceding such Distribution Date.

                  REMIC 2 Overcollateralization Amount: With respect to any date
of determination, (i) 1% of the aggregate Uncertificated Principal Balances of
the REMIC 2 Regular Interests minus (ii) the aggregate Uncertificated Principal
Balances of REMIC 2 Regular Interests MT-2, MT-3, MT- 4, MT-5, MT-6, MT-7, MT-8,
MT-9, MT-10, MT-R and MT-P, in each case as of such date of determination.

                  REMIC 2 Principal Loss Allocation Amount: With respect to any
Distribution Date, an amount equal to the product of (i) the aggregate Stated
Principal Balance of the Mortgage Loans and related REO Properties then
outstanding and (ii) 1 minus a fraction, the numerator of which is two times the
aggregate Uncertificated Principal Balance of REMIC 2 Regular Interests MT-2,
MT- 3, MT-4, MT-5, MT-6, MT-7, MT-8, MT-9 and MT-10, and the denominator of
which is the aggregate Uncertificated Principal Balance of REMIC 2 Regular
Interests MT-2, MT-3, MT-4, MT- 5, MT-6, MT-7, MT-8, MT-9, MT-10 and MT-11.

                  REMIC 2 Regular Interest MT-1: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-1 shall
accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 2 Regular Interest MT-2: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-2 shall
accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 2 Regular Interest MT-3: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-3 shall
accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 2 Regular Interest MT-4: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC

                                       46

<PAGE>

2. REMIC 2 Regular Interest MT-4 shall accrue interest at the related
Uncertificated REMIC 2 Pass- Through Rate in effect from time to time, and shall
be entitled to distributions of principal, subject to the terms and conditions
hereof, in an aggregate amount equal to its initial Uncertificated Principal
Balance as set forth in the Preliminary Statement hereto.

                  REMIC 2 Regular Interest MT-5: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-5 shall
accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 2 Regular Interest MT-6: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-6 shall
accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 2 Regular Interest MT-7: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-7 shall
accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 2 Regular Interest MT-8: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-8 shall
accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 2 Regular Interest MT-9: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-9 shall
accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 2 Regular Interest MT-10: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-10
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                                       47

<PAGE>

                  REMIC 2 Regular Interest MT-11: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-11
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 2 Regular Interest MT-11 Maximum Interest Deferral
Amount: With respect to any Distribution Date, the excess of (i) REMIC 2
Uncertificated Accrued Interest calculated with the Uncertificated Pass-Through
Rate for REMIC 2 Regular Interest MT-11 and an Uncertificated Principal Balance
equal to the excess of (x) the Uncertificated Principal Balance of REMIC 2
Regular Interest MT-11 over (y) the REMIC 2 Overcollateralization Amount, in
each case for such Distribution Date, over (ii) the sum of REMIC 2
Uncertificated Accrued Interest on REMIC 2 Regular Interests MT-2, MT-3, MT-4,
MT-5, MT-6, MT-7, MT-8, MT-9 and MT-10, with the rate on REMIC 2 Regular
Interest MT-2 subject to a cap equal to the lesser of (a) with respect to any
Interest Accrual Period on or prior to the Optional Termination Date, 3.289% per
annum, and with respect to any Interest Accrual Period after the Optional
Termination Date, 3.789% per annum and (b) the REMIC 2 Net WAC Rate for the
purpose of this calculation, with the rate on REMIC 2 Regular Interest MT-4
subject to a cap equal to the lesser of (a) with respect to any Interest Accrual
Period on or prior to the Optional Termination Date, 6.25% per annum, and with
respect to any Interest Accrual Period after the Optional Termination Date,
6.75% per annum and (b) the REMIC 2 Net WAC Rate for the purpose of this
calculation, with the rate on REMIC 2 Regular Interest MT- 10 subject to a cap
equal to the lesser of (a) with respect to any Interest Accrual Period on or
prior to the Optional Termination Date, 6.00% per annum, and with respect to any
Interest Accrual Period after the Optional Termination Date, 6.50% per annum and
(b) the REMIC 2 Net WAC Rate for the purpose of this calculation, and with the
rates on REMIC 2 Regular Interests MT-3, MT-5, MT-6, MT-7, MT-8 and MT-9 subject
to a cap equal to the lesser of (a) LIBOR plus the Certificate Margin relating
to the Corresponding Certificate and (b) the REMIC 2 Net WAC Rate for the
purpose of this calculation for such Distribution Date.

                  REMIC 2 Regular Interest MT-IO: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-IO
shall accrue interest at the related Uncertificated REMIC 2 Pass-Through Rate in
effect from time to time, and shall not be entitled to distributions of
principal.

                  REMIC 2 Regular Interest MT-P: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-P shall
accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject to the terms and conditions hereof, in an aggregate amount equal to its
initial Uncertificated Principal Balance as set forth in the Preliminary
Statement hereto.

                  REMIC 2 Regular Interest MT-R: One of the separate
non-certificated beneficial ownership interests in REMIC 2 issued hereunder and
designated as a Regular Interest in REMIC 2. REMIC 2 Regular Interest MT-R shall
accrue interest at the related Uncertificated REMIC 2 Pass- Through Rate in
effect from time to time, and shall be entitled to distributions of principal,
subject

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to the terms and conditions hereof, in an aggregate amount equal to its initial
Uncertificated Principal Balance as set forth in the Preliminary Statement
hereto.

                  REMIC 2 Regular Interests: REMIC 2 Regular Interest MT-1,
REMIC 2 Regular Interest MT-2, REMIC 2 Regular Interest MT-3, REMIC 2 Regular
Interest MT-4, REMIC 2 Regular Interest MT-5, REMIC 2 Regular Interest MT-6,
REMIC 2 Regular Interest MT-7, REMIC 2 Regular Interest MT-8, REMIC 2 Regular
Interest MT-9, REMIC 2 Regular Interest MT-10, REMIC 2 Regular Interest MT-11,
REMIC 2 Regular Interest MT-IO, REMIC 2 Regular Interest MT-P and REMIC 2
Regular Interest MT-R.

                  REMIC 2 Targeted Overcollateralization Amount: 1% of the
Targeted Overcollateralization Amount.

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

                  REMIC 3 Regular Interests: The Regular Certificates.

                  REMIC Provisions: Provisions of the federal income tax law
relating to real estate mortgage investment conduits, which appear at sections
860A through 860G of Subchapter M of Chapter 1 of the Code, and related
provisions, and regulations promulgated thereunder, as the foregoing may be in
effect from time to time.

                  REMIC Regular Interests: The REMIC 1 Regular Interests, REMIC
2 Regular Interests and Regular Certificates.

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

                  Repurchase Price: With respect to any Mortgage Loan required
to be purchased by the Seller pursuant to this Agreement or purchased at the
option of the Optional Termination Holder or the Majority in Interest Holder of
the Class X-2 Certificates pursuant to this Agreement, an amount equal to the
sum of (i) 100% of the unpaid principal balance of the Mortgage Loan on the date
of such purchase, (ii) accrued unpaid interest thereon at the applicable
Mortgage Rate from the date through which interest was last paid by the
Mortgagor to the Due Date in the month in which the Repurchase Price is to be
distributed to Certificateholders and (iii) any unreimbursed Servicing Advances.

                  Request for Release: The Request for Release submitted by a
Servicer to the Trustee, substantially in the form of Exhibit M.

                  Required Insurance Policy: With respect to any Mortgage Loan,
any insurance policy that is required to be maintained from time to time under
this Agreement.

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                  Required Reserve Fund Amount: With respect to any Distribution
Date on which the Net Excess Spread is less than 0.25%, the greater of (a)
$15,000 and (b) the product of 0.50% and the Aggregate Loan Balance. With
respect to any Distribution Date on which the Net Excess Spread is equal to or
greater than 0.25%, $5,000.

                  Required Reserve Fund Deposit: With respect to any
Distribution Date on which the Net Excess Spread is less than 0.25%, the excess
of (i) the greater of (a) $15,000 and (b) product of 0.50% and the Aggregate
Collateral Balance over (ii) the amount of funds on deposit in the Reserve Fund
prior to deposits thereto on such Distribution Date. With respect to any
Distribution Date on which the Net Excess Spread is equal to or greater than
0.25%, the excess of (i) $5,000 over (ii) the amount of funds on deposit in the
Reserve Fund prior to deposits thereto on such Distribution Date.

                   Reserve Fund: The separate Eligible Account created and
initially maintained by the Trustee pursuant to Section 4.09 in the name of the
Trustee for the benefit of the Certificateholders and designated "JPMorgan Chase
Bank in trust for registered holders of Credit Suisse First Boston Mortgage
Securities Corp., Mortgage Pass-Through Certificates, Series 2002-S6." Funds in
the Reserve Fund shall be held in trust for the holders of the Class A-2, Class
A-4, Class A-5, Class M- 1, Class M-2 and Class BA Certificates for the uses and
purposes set forth in this Agreement. The Reserve Fund will be an "outside
reserve fund" within the meaning of Treasury regulation Section 1.860G-2(h)
established and maintained pursuant to Section 4.09. The Reserve Fund is not an
asset of any REMIC. Ownership of the Reserve Fund is evidenced by the Class X-1
Certificates.

                  Residual Certificates: As specified in the Preliminary
Statement.

                  Responsible Officer: When used with respect to the Trustee,
any Vice President, any Assistant Vice President, any Assistant Secretary, any
Trust Officer or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also to whom, with respect to a particular matter, such matter is referred
because of such officer's knowledge of and familiarity with the particular
subject and who shall have direct responsibility for the administration of this
Agreement.

                  Rolling Three Month Delinquency Rate: For any Distribution
Date will be the fraction, expressed as a percentage, equal to the average of
the Delinquency Rates for each of the three (or one and two, in the case of the
first and second Distribution Dates, respectively) immediately preceding months.

                  SAIF: The Savings Association Insurance Fund, or any successor
thereto.

                  S&P: Standard & Poor's, a division of The McGraw-Hill
Companies, Inc. For purposes of Section 10.05(b) the address for notices to S&P
shall be Standard & Poor's, 55 Water Street, New York, New York 10004,
Attention: Mortgage Surveillance Monitoring, or such other address as S&P may
hereafter furnish to the Depositor, the Servicers and the Trustee.

                  Scheduled Payment: The scheduled monthly payment on a Mortgage
Loan due on any Due Date allocable to principal and/or interest on such Mortgage
Loan pursuant to the terms of the related Mortgage Note, as reduced by any
Relief Act Reductions.

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<PAGE>

                  Second Mortgage Loan: A Mortgage Loan that is secured by a
second lien on the Mortgaged Property securing the related Mortgage Note.

                  Securities Act: The Securities Act of 1933, as amended.

                  Seller: DLJ Mortgage Capital Inc.

                  Senior Certificates: As specified in the Preliminary
Statement.

                  Senior Enhancement Percentage: For any Distribution Date, the
fraction, expressed as a percentage, the numerator of which is the sum of the
aggregate Class Principal Balance of the Class M-1, Class M-2, Class BA and
Class BF Certificates and the Overcollateralization Amount (which, for purposes
of this definition only, shall not be less than zero), in each case after giving
effect to payments on such Distribution Date (assuming no Trigger Event is in
effect), and the denominator of which is the Aggregate Loan Balance for such
Distribution Date.

                  Senior Principal Payment Amount: For any Distribution Date on
or after the Stepdown Date and as long as a Trigger Event is not in effect with
respect to such Distribution Date, will be the amount, if any, by which (x) the
Class Principal Balance of the Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5, Class P and Class A-R Certificates immediately prior to such Distribution
Date exceeds (y) the lesser of (A) the product of (i) 55.97% and (ii) the
Aggregate Collateral Balance for such Distribution Date and (B) the amount, if
any, by which (i) the Aggregate Collateral Balance for such Distribution Date
exceeds (ii) 0.50% of the Aggregate Collateral Balance as of the Cut-off Date.

                  Servicer: Wilshire or Ocwen, or their successors in interest,
as applicable, or any successor servicer appointed as provided herein.

                  Servicer Employee: As defined in Section 3.18.

                  Servicing Advance: All customary, reasonable and necessary
"out of pocket" costs and expenses incurred in the performance by the Servicer
of its servicing obligations, including, but not limited to, the cost (including
reasonable attorneys' fees and disbursements) of (i) the preservation,
restoration and protection of a Mortgaged Property, (ii) any expenses
reimbursable to the Servicer pursuant to Section 3.11 and any enforcement or
judicial proceedings, including foreclosures, and including any expenses
incurred in relation to any such proceedings that result from the Mortgage Loan
being registered on the MERS System; (iii) the management and liquidation of any
REO Property (including default management and similar services, appraisal
services and real estate broker services); (iv) any expenses incurred by the
Servicer in connection with obtaining an environmental inspection or review
pursuant to the second paragraph of Section 3.11(a); (v) compliance with the
obligations under Section 3.09 and (vi) the cost of obtaining any broker's price
opinion in accordance with Section 3.11 hereof.

                  Servicing Fee: As to each Mortgage Loan and any Distribution
Date, an amount equal to one month's interest at the Servicing Fee Rate on the
Stated Principal Balance of such Mortgage

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<PAGE>

Loan as of the Due Date in the month of such Distribution Date (prior to giving
effect to any Scheduled Payments due on such Mortgage Loan on such Due Date),
subject to reduction as provided in Section 3.14.

                  Servicing Fee Rate: As to each Mortgage Loan, 0.50% per annum.

                  Servicing Officer: With respect to each Servicer, any officer
of that Servicer involved in, or responsible for, the administration and
servicing of the related Mortgage Loans whose name and specimen signature appear
on a list of servicing officers furnished to the Trustee by such Servicer on the
Closing Date pursuant to this Agreement, as such list may from time to time be
amended. Simple Interest Excess: As of any Distribution Date for each Simple
Interest Qualifying Loan, the excess, if any, of (i) the portion of the monthly
payment received from the Mortgagor for such Mortgage Loan allocable to interest
with respect to the related Due Period, over (ii) 30 days' interest on the
Stated Principal Balance of such Mortgage Loan at the Mortgage Rate.

                  Simple Interest Excess Sub-Account: The sub-account of the
Collection Account established by each Servicer pursuant to Section 3.06(d). The
Simple Interest Excess Sub-Account shall be an Eligible Account.

                  Simple Interest Mortgage Loan: Any Mortgage Loan for which the
interest due thereon is calculated based on the actual number of days elapsed
between the date on which interest was last paid through the date on which the
most current payment is received.

                  Simple Interest Qualifying Loan: As of any Determination Date,
any Simple Interest Mortgage Loan that was neither prepaid in full during the
related Due Period, nor delinquent with respect to a payment that became due
during the related Due Period as of the close of business on the Determination
Date following such Due Period.

                  Simple Interest Shortfall: As of any Distribution Date for
each Simple Interest Qualifying Loan, the excess, if any, of (i) 30 days'
interest on the Stated Principal Balance of all such Mortgage Loans at the
Mortgage Rate, over (ii) the portion of the monthly payment received from the
Mortgagor for such Mortgage Loan allocable to interest with respect to the
related Due Period.

                  Startup Day: February 27, 2002.

                  Stated Principal Balance: As to any Mortgage Loan and Due
Date, the unpaid principal balance of such Mortgage Loan as of such Due Date as
specified in the amortization schedule at the time relating thereto (before any
adjustment to such amortization schedule by reason of any moratorium or similar
waiver or grace period) after giving effect to any previous Curtailments and
Liquidation Proceeds allocable to principal (other than with respect to any
Liquidated Mortgage Loan) and to the payment of principal due on such Due Date
and irrespective of any delinquency in payment by the related Mortgagor;
provided, however, for purposes of calculating the Servicing Fee and the Trustee
Fee, the Stated Principal Balance of any REO will be the unpaid principal
balance immediately prior to foreclosure.

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<PAGE>

                  Stepdown Date: The date occurring on the later of (x) the
Distribution Date in March 2005 and (y) the first Distribution Date on which the
Senior Enhancement Percentage (calculated for this purpose after giving effect
to payments or other recoveries in respect of the Mortgage Loans during the
related Due Period but before giving effect to payments on the Certificates on
such Distribution Date) is greater than or equal to 44.03%.

                  Subordinate Certificates: As specified in the Preliminary
Statement.

                  Subsequent Mortgage Loan: Any Group 1 Subsequent Mortgage Loan
or Group 2 Subsequent Mortgage Loan.

                  Subsequent Mortgage Loan Interest: Any amount constituting an
Interest Remittance Amount (other than an amount withdrawn from the related
Capitalized Interest Account pursuant to clause (5) of the definition of
"Interest Remittance Amount") received or advanced with respect to a Subsequent
Mortgage Loan during the Due Periods relating to the March 2002, April 2002 or
May 2002 Distribution Dates, but only to the extent of the excess of such amount
over the amount of interest accruing on such Subsequent Mortgage Loan during the
related period at a per annum rate equal to 6.42%, 6.70% and 6.87%,
respectively. The Subsequent Mortgage Loan Interest shall not be an asset of any
REMIC.

                  Subsequent Transfer Agreement: A Subsequent Transfer Agreement
substantially in the form of Exhibit N hereto, executed and delivered by the
related Servicer, the Depositor, the Seller and the Trustee as provided in
Section 2.01 hereof.

                  Subsequent Transfer Date: For any Subsequent Transfer
Agreement, the date the related Subsequent Mortgage Loans are transferred to the
Trust Fund pursuant to the related Subsequent Transfer Agreement.

                  Subservicer: Any Subservicer which is subservicing the
Mortgage Loans pursuant to a Subservicing Agreement. Any subservicer shall meet
the qualifications set forth in Section 3.02.

                  Subservicing Agreement: An agreement between a Servicer and a
Subservicer for the servicing of the Mortgage Loans.

                  Substitution Adjustment Amount: As defined in Section 2.03.

                  Targeted Overcollateralization Amount: For any Distribution
Date prior to the Stepdown Date, 3.75% of the Aggregate Collateral Balance as of
the Cut-off Date; with respect to any Distribution Date on or after the Stepdown
Date and with respect to which a Trigger Event is not in effect, the greater of
(a) 7.50% of the Aggregate Collateral Balance for such Distribution Date, or (b)
0.50% of the Aggregate Collateral Balance as of the Cut-off Date; with respect
to any Distribution Date on or after the Stepdown Date with respect to which a
Trigger Event is in effect and is continuing, the Targeted Overcollateralization
Amount for the Distribution Date immediately preceding such Distribution Date;
provided, however, that the Targeted Overcollateralization Amount shall not
exceed the aggregate Class Principal Balance of the Certificates. Upon (x)
written direction by the Majority in Interest Holder of the Class X-1
Certificates and (y) the issuance by an

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<PAGE>

affiliate of the Depositor of a credit enhancement contract in favor of REMIC 1
which is satisfactory to the Rating Agencies, the Targeted Overcollateralization
Amount shall be reduced to the level approved by the Rating Agencies as a result
of such credit enhancement contract.

                  Tax Matters Person: The person designated as "tax matters
person" in the manner provided under Treasury regulationss.1.860F-4(d) and
temporary Treasury regulationss. 301.6231(a)(7)-1T. Initially, the Tax Matters
Person shall be the Trustee.

                  Tax Matters Person Certificate: The Class A-R Certificates,
with a Denomination of $0.05. Transfer: Any direct or indirect transfer or sale
of any Ownership Interest in a Residual Certificate.

                  Trigger Event: A Trigger Event will be in effect for any
Distribution Date if (a) the Rolling Three Month Delinquency Rate as of the last
day of the related Due Period equals or exceeds 15.50% of the Senior Enhancement
Percentage for such Distribution Date or (ii) a Cumulative Loss Event is
occurring. The Trigger Event may be amended by the parties hereto in the future
with the consent of the Rating Agencies.

                  Trust Fund: Collectively, the assets of REMIC 1, REMIC 2,
REMIC 3, the Pre- Funding Accounts, the Capitalized Interest Accounts, the
Reserve Fund and the Subsequent Mortgage Loan Interest.

                  Trustee: JPMorgan Chase Bank and its successors and, if a
successor trustee is appointed hereunder, such successor.

                  Trustee Fee: As to each Mortgage Loan and any Distribution
Date, an amount equal to one month's interest at the Trustee Fee Rate on the
Stated Principal Balance of such Mortgage Loan as of the Due Date in the month
of such Distribution Date (prior to giving effect to any Scheduled Payments due
on such Mortgage Loan on such Due Date).

                  Trustee Fee Rate: With respect to any Distribution Date,
0.0055% per annum.

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

                  Uncertificated Notional Amount: With respect to any
Distribution Date and REMIC 2 Regular Interest MT-IO, an amount equal to the
lesser of (i) the Aggregate Collateral Balance and (ii) with respect to the
Distribution Date in March 2002, the aggregate Uncertificated Principal Balances
of REMIC 1 Regular Interests LT-2, LT-3, LT-4, LT-5, LT-6, LT-7, LT-8, LT-9,
LT-10, LT-11, LT-12, LT-13, LT-14, LT-15, LT-16, LT-17, LT-18, LT-19, LT-20,
LT-21, LT-22, LT-23, LT-24, LT-25, LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31;
with respect to the Distribution Date in April 2002, the aggregate
Uncertificated Principal Balances of REMIC 1 Regular Interests LT-3,

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LT-4, LT-5, LT-6, LT-7, LT-8, LT-9, LT-10, LT-11, LT-12, LT-13, LT-14, LT-15,
LT-16, LT-17, LT-18, LT-19, LT-20, LT-21, LT-22, LT-23, LT-24, LT-25, LT-26,
LT-27, LT-28, LT-29, LT-30 and LT-31; with respect to the Distribution Date in
May 2002, the aggregate Uncertificated Principal Balances of REMIC 1 Regular
Interest LT-4, LT-5, LT-6, LT-7, LT-8, LT-9, LT-10, LT-11, LT-12, LT-13, LT-14,
LT-15, LT-16, LT-17, LT-18, LT-19, LT-20, LT-21, LT-22, LT-23, LT-24, LT-25,
LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31; with respect to the Distribution
Date in June 2002, the aggregate Uncertificated Principal Balances of REMIC 1
Regular Interest LT-5, LT-6, LT-7, LT- 8, LT-9, LT-10, LT-11, LT-12, LT-13,
LT-14, LT-15, LT-16, LT-17, LT-18, LT-19, LT-20, LT-21, LT-22, LT-23, LT-24,
LT-25, LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31; with respect to the
Distribution Date in July 2002, the Uncertificated Principal Balances of REMIC 1
Regular Interest LT-6, LT-7, LT-8, LT-9, LT-10, LT-11, LT-12, LT-13, LT-14,
LT-15, LT-16, LT-17, LT-18, LT-19, LT-20, LT-21, LT-22, LT-23, LT-24, LT-25,
LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31; with respect to the Distribution
Date in August 2002, the Uncertificated Principal Balances of REMIC 1 Regular
Interest LT-7, LT-8, LT-9, LT-10, LT-11, LT-12, LT-13, LT-14, LT-15, LT-16,
LT-17, LT-18, LT-19, LT-20, LT-21, LT-22, LT-23, LT-24, LT-25, LT-26, LT-27,
LT-28, LT-29, LT-30 and LT-31; with respect to the Distribution Date in
September 2002, the Uncertificated Principal Balances of REMIC 1 Regular
Interest LT-8, LT-9, LT-10, LT-11, LT-12, LT-13, LT-14, LT-15, LT-16, LT-17,
LT-18, LT-19, LT-20, LT-21, LT-22, LT-23, LT-24, LT-25, LT-26, LT-27, LT-28,
LT-29, LT-30 and LT-31; with respect to the Distribution Date in October 2002,
the Uncertificated Principal Balances of REMIC 1 Regular Interest LT-9, LT-10,
LT-11, LT-12, LT-13, LT-14, LT-15, LT-16, LT-17, LT-18, LT-19, LT-20, LT-21,
LT-22, LT-23, LT-24, LT-25, LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31; with
respect to the Distribution Date in November 2002, the Uncertificated Principal
Balances of REMIC 1 Regular Interest LT-10, LT-11, LT-12, LT-13, LT-14, LT-15,
LT-16, LT-17, LT-18, LT-19, LT-20, LT-21, LT-22, LT-23, LT-24, LT-25, LT-26,
LT-27, LT-28, LT-29, LT-30 and LT-31; with respect to the Distribution Date in
December 2002, the Uncertificated Principal Balances of REMIC 1 Regular Interest
LT-11, LT-12, LT-13, LT-14, LT- 15, LT-16, LT-17, LT-18, LT-19, LT-20, LT-21,
LT-22, LT-23, LT-24, LT-25, LT-26, LT-27, LT- 28, LT-29, LT-30 and LT-31; with
respect to the Distribution Date in January 2003, the Uncertificated Principal
Balances of REMIC 1 Regular Interest LT-12, LT-13, LT-14, LT-15, LT-16, LT-17,
LT-18, LT-19, LT-20, LT-21, LT-22, LT-23, LT-24, LT-25, LT-26, LT-27, LT-28,
LT-29, LT-30 and LT-31; with respect to the Distribution Date in February 2003,
the Uncertificated Principal Balances of REMIC 1 Regular Interest LT-13, LT-14,
LT-15, LT-16, LT-17, LT-18, LT- 19, LT-20, LT-21, LT-22, LT-23, LT-24, LT-25,
LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31; with respect to the Distribution
Date in March 2003, the Uncertificated Principal Balances of REMIC 1 Regular
Interest LT-14, LT-15, LT-16, LT-17, LT-18, LT-19, LT-20, LT-21, LT-22, LT- 23,
LT-24, LT-25, LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31; with respect to the
Distribution Date in April 2003, the Uncertificated Principal Balances of REMIC
1 Regular Interest LT-15, LT- 16, LT-17, LT-18, LT-19, LT-20, LT-21, LT-22,
LT-23, LT-24, LT-25, LT-26, LT-27, LT-28, LT- 29, LT-30 and LT-31; with respect
to the Distribution Date in May 2003, the Uncertificated Principal Balances of
REMIC 1 Regular Interest LT-16, LT-17, LT-18, LT-19, LT-20, LT-21, LT-22, LT-23,
LT-24, LT-25, LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31; with respect to the
Distribution Date in June 2003, the Uncertificated Principal Balances of REMIC 1
Regular Interest LT-17, LT- 18, LT-19, LT-20, LT-21, LT-22, LT-23, LT-24, LT-25,
LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31; with respect to the Distribution
Date in July 2003, the Uncertificated Principal Balances of REMIC 1 Regular
Interest LT-18, LT-19, LT-20, LT-21, LT-22, LT-23, LT-24, LT-25, LT-26, LT- 27,
LT-28, LT-29, LT-30 and LT-31; with respect to the Distribution Date in August
2003, the

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Uncertificated Principal Balances of REMIC 1 Regular Interest LT-19, LT-20,
LT-21, LT-22, LT- 23, LT-24, LT-25, LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31;
with respect to the Distribution Date in September 2003, the Uncertificated
Principal Balances of REMIC 1 Regular Interest LT-20, LT-21, LT-22, LT-23,
LT-24, LT-25, LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31; with respect to the
Distribution Date in October 2003, the Uncertificated Principal Balances of
REMIC 1 Regular Interest LT-21, LT-22, LT-23, LT-24, LT-25, LT-26, LT-27, LT-28,
LT-29, LT-30 and LT-31; with respect to the Distribution Date in November 2003,
the Uncertificated Principal Balances of REMIC 1 Regular Interest LT-22, LT-23,
LT-24, LT-25, LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31; with respect to the
Distribution Date in December 2003, the Uncertificated Principal Balances of
REMIC 1 Regular Interest LT-23, LT-24, LT-25, LT-26, LT-27, LT-28, LT-29, LT-30
and LT-31; with respect to the Distribution Date in January 2004, the
Uncertificated Principal Balances of REMIC 1 Regular Interest LT-24, LT-25,
LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31; with respect to the Distribution
Date in February 2004, the Uncertificated Principal Balances of REMIC 1 Regular
Interest LT-25, LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31; with respect to the
distribution date Distribution Date in March 2004, the Uncertificated Principal
Balances of REMIC 1 Regular Interest LT-26, LT-27, LT-28, LT-29, LT-30 and
LT-31; with respect to the Distribution Date in April 2004, the Uncertificated
Principal Balances of REMIC 1 Regular Interest LT-27, LT- 28, LT-29, LT-30 and
LT-31; with respect to the Distribution Date in May 2004, the Uncertificated
Principal Balances of REMIC 1 Regular Interest LT-28, LT-29, LT-30 and LT-31;
with respect to the Distribution Date in June 2004, the Uncertificated Principal
Balances of REMIC 1 Regular Interest LT-29, LT-30 and LT-31; with respect to the
Distribution Date in July 2004, the Uncertificated Principal Balances of REMIC 1
Regular Interest LT-30 and LT-31; with respect to the Distribution Date in
August 2004, the Uncertificated Principal Balance of REMIC 1 Regular Interest
LT-31, respectively.

                  Uncertificated Pass-Through Rate: The Uncertificated REMIC 1
Pass-Through Rate or the Uncertificated REMIC 2 Pass-Through Rate.

                  Uncertificated Principal Balance: With respect to each REMIC
Regular Interest, the amount of such REMIC Regular Interest outstanding as of
any date of determination. As of the Closing Date, the Uncertificated Principal
Balance of each REMIC Regular Interest shall equal the amount set forth in the
Preliminary Statement hereto as its initial Uncertificated Principal Balance. On
each Distribution Date, the Uncertificated Principal Balance of each REMIC
Regular Interest shall be reduced by all distributions of principal made on such
REMIC Regular Interest on such Distribution Date pursuant to Section 4.07 and,
if and to the extent necessary and appropriate, shall be further reduced on such
Distribution Date by Realized Losses as provided in Section 4.05(b), and the
Uncertificated Principal Balance of REMIC 2 Regular Interest MT-11 shall be
increased by interest deferrals as provided in Section 4.07. The Uncertificated
Principal Balance of each REMIC Regular Interest that has an Uncertificated
Principal Balance shall never be less than zero.

                  Uncertificated REMIC 1 Pass-Through Rate: With respect to each
REMIC 1 Regular Interest (other than REMIC 1 Regular Interest LT-1A) and the
Interest Accrual Periods in March 2002, April 2002 and May 2002, a per annum
rate equal to the Initial Mortgage Loan Net WAC Rate; with respect to REMIC 1
Regular Interest LT-1A and the Interest Accrual Periods in March 2002, April
2002 and May 2002, a per annum rate equal to 6.42%, 6.70% and 6.87%,
respectively;

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and with respect to each REMIC 1 Regular Interest and each Interest Accrual
Period thereafter, the weighted average of the Net Mortgage Rates on the
Mortgage Loans.

                  Uncertificated REMIC 2 Pass-Through Rate: For any Distribution
Date, with respect to REMIC 2 Regular Interest MT-1, REMIC 2 Regular Interest
MT-2, REMIC 2 Regular Interest MT-3, REMIC 2 Regular Interest MT-4, REMIC 2
Regular Interest MT-5, REMIC 2 Regular Interest MT-6, REMIC 2 Regular Interest
MT-7, REMIC 2 Regular Interest MT-8, REMIC 2 Regular Interest MT-9, REMIC 2
Regular Interest MT-10, REMIC 2 Regular Interest MT-11, REMIC 2 Regular Interest
MT-P and REMIC 2 Regular Interest MT-R, the Adjusted Net WAC Rate for such
Distribution Date. For any Distribution Date, with respect to REMIC 2 Regular
Interest MT-IO, a per annum rate equal to the excess, if any, of (A) the REMIC 1
Net Wac Rate over (B) the excess, if any, of (i) the REMIC 1 Net Wac Rate over
(ii) 7.00%.

                  United States Person: A citizen or resident of the United
States, a corporation or a partnership (including an entity treated as a
corporation or partnership for United States federal income tax purposes)
created or organized in, or under the laws of, the United States or any State
thereof or the District of Columbia (except, in the case of a partnership, to
the extent provided in regulations) provided that, for purposes solely of the
restrictions on the transfer of Class A-R Certificates, no partnership or other
entity treated as a partnership for United States federal income tax purposes
shall be treated as a United States Person unless all persons that own an
interest in such partnership either directly or through any entity that is not a
corporation for United States federal income tax purposes are required to be
United States Persons or an estate whose income is subject to United States
federal income tax regardless of its source, or a trust if a court within the
United States is able to exercise primary supervision over the administration of
the trust and one or more such United States Persons have the authority to
control all substantial decisions of the trust. To the extent prescribed in
regulations by the Secretary of the Treasury, which have not yet been issued, a
trust which was in existence on August 20, 1996 (other than a trust treated as
owned by the grantor under subpart E of part I of subchapter J of chapter 1 of
the Code), and which was treated as a United States person on August 20, 1996
may elect to continue to be treated as a United States Person notwithstanding
the previous sentence.

                  Voting Rights: The portion of the voting rights of all the
Certificates that is allocated to any Certificate for purposes of the voting
provisions of this Agreement. At all times during the term of this Agreement,
97% of all Voting Interests shall be allocated among the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class M-1, Class M-2, Class BA and Class BF
Certificates. The portion of such 97% Voting Interests allocated to the Class
A-1, Class A-2, Class A-3, Class A- 4, Class A-5, Class M-1, Class M-2, Class BA
and Class BF Certificates shall be based on the fraction, expressed as a
percentage, the numerator of which is the aggregate Class Principal Balance then
outstanding and the denominator of which is the Class Principal Balance of all
such Classes then outstanding. The Class A-IO, Class P and Class X-1
Certificates shall each be allocated 1% of the Voting Interest. Voting Interests
shall be allocated among the Certificates within each such Class (other than the
Class A-IO, Class P and Class X-1 Certificates, which each have only one
certificate) in accordance with their respective Percentage Interests. The Class
A-R shall have no voting rights.

                  Wilshire: Wilshire Credit Corporation.

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                  Wilshire Serviced Loans: The Mortgage Loans identified as such
on the Mortgage Loan Schedule.

                  SECTION 1.02              Interest Calculations.

                  The calculation of the Trustee Fee, the Servicing Fee, the
Credit Risk Manager Fee and interest on the Class A-1, Class A-3, Class A-IO,
Class BF and Class X-1 Certificates and on the related Uncertificated Interests
shall be made on the basis of a 360-day year consisting of twelve 30-day months.
The calculation of interest on the Class A-2, Class A-4, Class A-5, Class M-1,
Class M-2 and Class BA Certificates and the related Uncertificated Interests
shall be made on the basis of a 360-day year and the actual number of days
elapsed in the related Interest Accrual Period. All dollar amounts calculated
hereunder shall be rounded to the nearest penny with one-half of one penny being
rounded down.

                  SECTION 1.03              Allocation of Certain Interest
                                            Shortfalls.

                  For purposes of calculating the amount of Uncertificated
Accrued Interest for the REMIC 1 Regular Interests for any Distribution Date,
the aggregate amount of any Prepayment Interest Shortfalls (net of any
Compensating Interest Payment) and any Relief Act Reductions incurred in respect
of the Mortgage Loans for any Distribution Date shall be allocated first to
REMIC 1 Regular Interests LT-1 and LT-1A and then to REMIC 1 Regular Interests
LT-2, LT-3, LT-4, LT-5, LT-6, LT-7, LT-8, LT-9, LT-10, LT-11, LT-12, LT-13,
LT-14, LT-15, LT-16, LT-17, LT-18, LT-19, LT-20, LT-21, LT-22, LT-23, LT-24,
LT-25, LT-26, LT-27, LT-28, LT-29, LT-30, LT-31, LT-P and LT-R, in each case to
the extent of one month's interest at the then applicable respective
Uncertificated REMIC 1 Pass-Through Rate on the respective Uncertificated
Principal Balance of each such Uncertificated REMIC 1 Regular Interest;
provided, however, that with respect to the first three Distribution Dates, such
amounts relating to the Initial Mortgage Loans shall be allocated to the REMIC 1
Regular Interests (other than REMIC 1 Regular Interest LT-1A) in the order and
priority described above and such amounts relating to the Subsequent Mortgage
Loans shall be allocated to REMIC 1 Regular Interest LT-1A. For purposes of
calculating the amount of Uncertificated Accrued Interest for the REMIC 2
Regular Interests for any Distribution Date, any Prepayment Interest Shortfalls
(to the extent not covered by Compensating Interest) relating to the Mortgage
Loans for any Distribution Date shall be allocated first, to Uncertificated
Accrued Interest payable to REMIC 2 Regular Interest MT-1 and REMIC 2 Regular
Interest MT-11 up to an aggregate amount equal to the REMIC 2 Interest Loss
Allocation Amount, 98% and 2%, respectively, and thereafter any remaining
Prepayment Interest Shortfalls (to the extent not covered by Compensating
Interest) relating to the Mortgage Loans for any Distribution Date shall be
allocated among REMIC 2 Regular Interests MT-1, MT-2, MT-3, MT-4, MT-5, MT-6,
MT-7, MT-8, MT-9, MT-10, MT-11, MT-R and MT-P, pro rata based on, and to the
extent of, Uncertificated Accrued Interest, as calculated without application of
this sentence.

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                                   ARTICLE II

                          CONVEYANCE OF MORTGAGE LOANS;
                         REPRESENTATIONS AND WARRANTIES

                  SECTION 2.01              Conveyance of Mortgage Loans.

                  (a) The Depositor, concurrently with the execution and
delivery hereof, hereby sells, transfers, assigns, sets over and otherwise
conveys to the Trustee in trust for the benefit of the Certificateholders,
without recourse, all (i) the right, title and interest of the Depositor (which
does not include servicing rights) in and to each Initial Mortgage Loan,
including all interest and principal received or receivable on or with respect
to such Initial Mortgage Loans after the Cut-off Date and all interest and
principal payments on the Initial Mortgage Loans received prior to the Cut-off
Date in respect of installments of interest and principal due thereafter, but
not including payments of principal and interest due and payable on the Mortgage
Loans on or before the Cut-off Date (other than the rights of the Servicers to
service the Initial Mortgage Loans in accordance with this Agreement), (ii) the
Depositor's rights under the Assignment Agreement, (iii) any such amounts as may
be deposited into and held by the Trustee in the Pre-Funding Accounts and the
Capitalized Interest Accounts and (iv) all proceeds of any of the foregoing. In
addition, on or prior to the Closing Date, the Depositor shall cause FSA to
deliver the FSA Policy to the Trustee.

                  (b) In connection with the transfer and assignment set forth
in clause (a) above, the Depositor has delivered or caused to be delivered to
the Trustee or its designated agent, the related Custodian, for the benefit of
the Certificateholders, the documents and instruments with respect to each
Mortgage Loan as assigned:

                  (i) the original Mortgage Note of the Mortgagor in the name of
         the Trustee or endorsed "Pay to the order of ________________ without
         recourse" and signed in the name of the last named endorsee by an
         authorized officer, together with all intervening endorsements showing
         a complete chain of endorsements from the originator of the related
         Mortgage Loan to the last endorsee or with respect to any Lost Mortgage
         Note (as such term is defined in the Pooling and Servicing Agreement),
         a lost note affidavit stating that the original Mortgage Note was lost
         or destroyed, together with a copy of such Mortgage Note;

                  (ii) the original Mortgage bearing evidence that such
         instruments have been recorded in the appropriate jurisdiction where
         the Mortgaged Property is located as determined by DLJMC (or, in lieu
         of the original of the Mortgage or the assignment thereof, a duplicate
         or conformed copy of the Mortgage or the instrument of assignment, if
         any, together with a certificate of receipt from the Seller or the
         settlement agent who handled the closing of the Mortgage Loan,
         certifying that such copy or copies represent true and correct
         copy(ies) of the original(s) and that such original(s) have been or are
         currently submitted to be recorded in the appropriate governmental
         recording office of the jurisdiction where the Mortgaged Property is
         located) or a certification or receipt of the recording authority
         evidencing the same;

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<PAGE>

                  (iii) the original Assignment of Mortgage, in blank, which
         assignment appears to be in form and substance acceptable for recording
         and, in the event that the related Seller acquired the Mortgage Loan in
         a merger, the assignment must be by "[Seller], successor by merger to
         [name of predecessor]", and in the event that the Mortgage Loan was
         acquired or originated by the related Seller while doing business under
         another name, the assignment must be by "[Seller], formerly known as
         [previous name]";

                  (iv) the original of any intervening assignment of the
         Mortgage not included in (iii) above, including any warehousing
         assignment, with evidence of recording thereon (or, in lieu of the
         original of any such intervening assignment, a duplicate or conformed
         copy of such intervening assignment together with a certificate of
         receipt from the related Seller or the settlement agent who handled the
         closing of the Mortgage Loan, certifying that such copy or copies
         represent true and correct copy(ies) of the original(s) and that such
         original(s) have been or are currently submitted to be recorded in the
         appropriate governmental recording office of the jurisdiction where the
         Mortgaged Property is located) or a certification or receipt of the
         recording authority evidencing the same;

                  (v) an original of any related security agreement (if such
         item is a document separate from the Mortgage) and the originals of any
         intervening assignments thereof showing a complete chain of assignment
         from the originator of the related Mortgage Loan to the last assignee;

                  (vi) an original assignment of any related security agreement
         (if such item is a document separate from the Mortgage) executed by the
         last assignee in blank;

                  (vii) the originals of any assumption, modification, extension
         or guaranty agreement with evidence of recording thereon, if applicable
         (or, in lieu of the original of any such agreement, a duplicate or
         conformed copy of such agreement together with a certificate of receipt
         from the related Seller or the settlement agent who handled the closing
         of the Mortgage Loan, certifying that such copy(ies) represent true and
         correct copy(ies) of the original(s) and that such original(s) have
         been or are currently submitted to be recorded in the appropriate
         governmental recording office of the jurisdiction where the Mortgaged
         Property is located), or a certification or receipt of the recording
         authority evidencing the same;

                  (viii) if the Mortgage Note or Mortgage or any other document
         or instrument relating to the Mortgage Loan has been signed by a person
         on behalf of the Mortgagor, the original power of attorney or other
         instrument that authorized and empowered such person to sign bearing
         evidence that such instrument has been recorded, if so required, in the
         appropriate jurisdiction where the Mortgaged Property is located as
         determined by DLJMC (or, in lieu thereof, a duplicate or conformed copy
         of such instrument, together with a certificate of receipt from the
         related Seller or the settlement agent who handled the closing of the
         Mortgage Loan, certifying that such copy(ies) represent true and
         complete copy(ies)of the original(s) and that such original(s) have
         been or are currently submitted to be recorded in the appropriate
         governmental recording office of the jurisdiction where the Mortgaged

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<PAGE>

         Property is located) or a certification or receipt of the recording
         authority evidencing the same; and

                  (ix) in the case of the First Mortgage Loans, the original
         mortgage title insurance policy, or if such mortgage title insurance
         policy has not yet been issued, an original or copy of a marked-up
         written commitment or a pro forma title insurance policy marked as
         binding and countersigned by the title insurance company or its
         authorized agent either on its face or by an acknowledged closing
         instruction or escrow letter.

                  In the event the Seller delivers to the Trustee certified
copies of any document or instrument set forth in 2.01(b) because of a delay
caused by the public recording office in returning any recorded document, the
Seller shall deliver to the Trustee, within 60 days of the Closing Date, an
Officer's Certificate which shall (i) identify the recorded document, (ii) state
that the recorded document has not been delivered to the Trustee due solely to a
delay caused by the public recording office, and (iii) state the amount of time
generally required by the applicable recording office to record and return a
document submitted for recordation.

                  In the event that in connection with any Mortgage Loan the
Depositor cannot deliver (a) the original recorded Mortgage, (b) all interim
recorded assignments or (c) the lender's title policy (together with all riders
thereto) satisfying the requirements set forth above, concurrently with the
execution and delivery hereof because such document or documents have not been
returned from the applicable public recording office in the case of clause (a)
or (b) above, or because the title policy has not been delivered to the Seller
or the Depositor by the applicable title insurer in the case of clause (c)
above, the Depositor shall promptly deliver to the Trustee, in the case of
clause (a) or (b) above, such original Mortgage or such interim assignment, as
the case may be, with evidence of recording indicated thereon upon receipt
thereof from the public recording office, or a copy thereof, certified, if
appropriate, by the relevant recording office.

                  As promptly as practicable subsequent to such transfer and
assignment, and in any event, within thirty (30) days thereafter, the Trustee
shall (at the Seller's expense) (i) affix the Trustee's name to each Assignment
of Mortgage, as the assignee thereof, (ii) cause such assignment to be in proper
form for recording in the appropriate public office for real property records
within thirty (30) days after receipt thereof and (iii) cause to be delivered
for recording in the appropriate public office for real property records the
assignments of the Mortgages to the Trustee, except that, with respect to any
assignment of a Mortgage as to which the Trustee has not received the
information required to prepare such assignment in recordable form, the
Trustee's obligation to do so and to deliver the same for such recording shall
be as soon as practicable after receipt of such information and in any event
within thirty (30) days after the receipt thereof, and the Trustee need not
cause to be recorded (a) any assignment which relates to a Mortgage Loan in any
jurisdiction under the laws of which, as evidenced by an Opinion of Counsel
delivered by the Trustee (at the Depositor's expense, provided such expense has
been previously approved by the Depositor in writing) within 20 days of the
Closing Date, acceptable to the Rating Agencies, the recordation of such
assignment is not necessary to protect the Trustee's and the Certificateholders'
interest in the related 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.

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<PAGE>

                  In connection with the assignment of any Mortgage Loan
registered on the MERS(R) System, the Depositor further agrees that it will
cause, at the Depositor's own expense, on or prior to the Closing Date, the
MERS(R) System to indicate that such Mortgage Loans have been assigned by the
Depositor 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 "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field "[IDENTIFY THE
FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b) the code
"[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field" which
identifies the series of the Certificates issued in connection with such
Mortgage Loans. The Depositor further agrees that it will not, and will not
permit either Servicer to, and each 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.

                  (c) The Trustee is authorized to appoint any bank or trust
company approved by the Depositor as Custodian of the documents or instruments
referred to in this Section 2.01, and to enter into a Custodial Agreement for
such purpose and any documents delivered thereunder shall be delivered to the
related Custodian and any Officer's Certificates delivered with respect thereto
shall be delivered to the Trustee and the related Custodian.

                  (d) It is the express intent of the parties to this Agreement
that the conveyance of the Mortgage Loans by the Depositor to the Trustee as
provided in this Section 2.01 be, and be construed as, a sale of the Mortgage
Loans by the Depositor to the Trustee. It is, further, not the intention of the
parties to this Agreement that such conveyance be deemed a pledge of the
Mortgage Loans by the Depositor to the Trustee to secure a debt or other
obligation of the Depositor. However, in the event that, notwithstanding the
intent of the parties to this Agreement, the Mortgage Loans are held to be the
property of the Depositor, or if for any other reason this Agreement is held or
deemed to create a security interest in the Mortgage Loans then (a) this
Agreement shall also be deemed to be a security agreement within the meaning of
Articles 8 and 9 of the New York Uniform Commercial Code; (b) the conveyance
provided for in this Section 2.01 shall be deemed to be a grant by the Depositor
to the Trustee for the benefit of the Certificateholders of a security interest
in all of the Depositor's right, title and interest in and to the Mortgage Loans
and all amounts payable to the holders of the Mortgage Loans in accordance with
the terms thereof and all proceeds of the conversion, voluntary or involuntary,
of the foregoing into cash, instruments, securities or other property, including
without limitation all amounts, other than investment earnings, from time to
time held or invested in the Certificate Account, whether in the form of cash,
instruments, securities or other property; (c) the possession by the Trustee or
any Custodian of such items of property and such other items of property as
constitute instruments, money, negotiable documents or chattel paper shall be
deemed to be "in possession by the secured party" for purposes of perfecting the
security interest pursuant to Section 9-305 of the New York Uniform Commercial
Code; and (d) notifications to persons holding such property, and
acknowledgments, receipts or confirmations from persons holding such property,
shall be deemed notifications to, or acknowledgments, receipts or confirmations
from, financial intermediaries, bailees or agents (as applicable) of the Trustee
for the benefit of the Certificateholders for the purpose of perfecting such
security interest under applicable law (except that nothing in this clause (e)
shall cause any person to be deemed to be an agent of the Trustee for any
purpose other than for perfection of such security interests unless, and then
only to

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the extent, expressly appointed and authorized by the Trustee in writing). The
Depositor and the Trustee, upon directions from the Depositor, shall, to the
extent consistent with this Agreement, take such actions as may be necessary to
ensure that, if this Agreement were deemed to create a security interest in the
Mortgage Loans, such security interest would be deemed to be a perfected
security interest of first priority under applicable law and will be maintained
as such throughout the term of this Agreement.

                  (e) The Depositor hereby sells, transfers, assigns, sets over
and otherwise conveys to the Trustee in trust for the benefit of the
Certificateholders, without recourse, all right, title and interest in such
Subsequent Mortgage Loans, including all interest and principal due on or with
respect to such Subsequent Mortgage Loans on or after the related Subsequent
Transfer Date and all interest and principal payments on such Subsequent
Mortgage Loans received prior to the Subsequent Transfer Date in respect of
installments of interest and principal due thereafter, but not including
principal and interest due on such Subsequent Mortgage Loans prior to the
related Subsequent Transfer Date, any insurance policies in respect of such
Subsequent Mortgage Loans and all proceeds of any of the foregoing.

                  (f) Upon one Business Day's prior written notice to the
Trustee, the related Servicer and the Rating Agencies, on any Business Day
during the Pre-Funding Period designated by the Depositor, the Depositor, DLJMC,
the related Servicer and the Trustee shall complete, execute and deliver a
Subsequent Transfer Agreement so long as no Rating Agency has provided notice
that the execution and delivery of such Subsequent Transfer Agreement will
result in a reduction or withdrawal of the ratings assigned to the Certificates
(without regard to the FSA Policy).

                  The transfer of Subsequent Mortgage Loans and the other
property and rights relating to them on a Subsequent Transfer Date is subject to
the satisfaction of each of the following conditions:

                  (i) each Subsequent Mortgage Loan conveyed on such Subsequent
         Transfer Date satisfies the representations and warranties applicable
         to it under this Agreement as of the applicable Subsequent Transfer
         Date; provided, however, that with respect to a breach of a
         representation and warranty with respect to a Subsequent Mortgage Loan,
         the obligation under Section 2.03(f) of this Agreement of the Seller to
         cure, repurchase or replace such Subsequent Mortgage Loan shall
         constitute the sole remedy against the Seller respecting such breach
         available to Certificateholders, the Depositor or the Trustee;

                  (ii) the Trustee and the Rating Agencies are provided with an
         Opinion of Counsel or Opinions of Counsel, at the expense of the
         Depositor, stating that each REMIC in the Trust Fund is and shall
         continue to qualify as a REMIC following the transfer of the Subsequent
         Mortgage Loans, to be delivered as provided pursuant to Section
         2.01(g);

                  (iii) the Rating Agencies and the Trustee are provided with an
         Opinion of Counsel or Opinions of Counsel, at the expense of the
         Depositor, confirming that the transfer of the Subsequent Mortgage
         Loans conveyed on such Subsequent Transfer Date is a true sale, to be
         delivered as provided pursuant to Section 2.01(g);

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<PAGE>

                  (iv) the execution and delivery of such Subsequent Transfer
         Agreement or conveyance of the related Subsequent Mortgage Loans does
         not result in a reduction or withdrawal of any ratings assigned to the
         Certificates by the Rating Agencies (without regard to the FSA Policy);

                  (v) no Subsequent Mortgage Loan conveyed on such Subsequent
         Transfer Date is 30 or more days contractually delinquent as of such
         date;

                  (vi) the remaining term to stated maturity of such Subsequent
         Mortgage Loan does not exceed 30 years for fully amortizing loans or 15
         years for balloon loans;

                  (vii) in the case of a Group 1 Subsequent Mortgage Loan, such
         Subsequent Mortgage Loan does not have a Net Mortgage Rate less than
         6.60% per annum, and in the case of a Group 2 Subsequent Mortgage Loan,
         such Subsequent Mortgage Loan does not have a Net Mortgage Rate less
         than 6.47% per annum;

                  (viii) the Depositor shall have deposited in the Collection
         Account all principal and interest collected with respect to the
         related Subsequent Mortgage Loans on or after the related Subsequent
         Transfer Date;

                  (ix) such Subsequent Mortgage Loan does not have a Combined
         Loan-to-Value Ratio greater than 100.00%;

                  (x) in the case of a Group 1 Subsequent Mortgage Loan, such
         Subsequent Mortgage Loan has a principal balance not greater than
         $149,758, and in the case of a Group 2 Subsequent Mortgage Loan, such
         Subsequent Mortgage Loan has a principal balance not greater than
         $399,849;

                  (xi) no Subsequent Mortgage Loan shall have a final maturity
         date after April 1, 2032;

                  (xii) such Subsequent Mortgage Loan is secured by a first or
         second lien;

                  (xiii) such Subsequent Mortgage Loan is otherwise acceptable
         to the Rating Agencies;

                  (xiv) following the conveyance of such Group 1 Subsequent
         Mortgage Loans on such Subsequent Transfer Date the characteristics of
         the Loan Group 1 Mortgage Loans will be as follows:

                  A.       a weighted average Mortgage Rate of at least 12.00%
                           per annum;

                  B.       a weighted average remaining term to stated maturity
                           of less than 194 months;

                  C.       a weighted average Combined Loan-to-Value Ratio of
                           not more than 95.10%;

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<PAGE>

                  D.       no more than 62.86% of the Loan Group 2 Mortgage
                           Loans by aggregate Cut-off Date Principal Balance are
                           balloon loans;

                  E.       no more than 42.00% of the Loan Group 2 Mortgage
                           Loans by aggregate Cut-off Date Principal Balance are
                           concentrated in one state; and

                  F.       no more than 6.75% of the Loan Group 2 Mortgage Loans
                           by aggregate Cut-off Date Principal Balance relate to
                           non-owner occupied properties;

                  (xv) following the conveyance of such Group 2 Subsequent
         Mortgage Loans on such Subsequent Transfer Date the characteristics of
         the Loan Group 2 Mortgage Loans will be as follows:

                  A.       a weighted average Mortgage Rate of at least 12.00%
                           per annum;

                  B.       a weighted average remaining term to stated maturity
                           of less than 201 months;

                  C.       a weighted average Combined Loan-to-Value Ratio of
                           not more than 90.92%;

                  D.       no more than 67.51% of the Loan Group 2 Mortgage
                           Loans by aggregate Cut-off Date Principal Balance are
                           balloon loans;

                  E.       no more than 60.59% of the Loan Group 2 Mortgage
                           Loans by aggregate Cut-off Date Principal Balance are
                           concentrated in one state; and

                  F.       no more than 5.76% of the Loan Group 2 Mortgage Loans
                           by aggregate Cut-off Date Principal Balance relate to
                           non-owner occupied properties;

                  (xvi) neither the applicable Seller nor the Depositor shall be
         insolvent or shall be rendered insolvent as a result of such transfer;

                  (xvii) no Event of Default has occurred hereunder; and

                  (xviii) the Depositor shall have delivered to the Trustee an
         Officer's Certificate confirming the satisfaction of each of these
         conditions precedent.

                  (g) Upon (1) delivery to the Trustee by the Depositor of the
Opinions of Counsel referred to in Sections 2.01(f)(ii) and (iii), (2) delivery
to the Trustee by the Depositor of a revised Mortgage Loan Schedule reflecting
the Subsequent Mortgage Loans conveyed on such Subsequent Transfer Date and the
related Subsequent Mortgage Loans and (3) delivery to the Trustee by the
Depositor of an Officer's Certificate confirming the satisfaction of each of the
conditions precedent set forth in Section 2.01(f), the Trustee shall remit to
the Depositor the Aggregate Subsequent Transfer Amount related to the Subsequent
Mortgage Loans transferred by the Depositor on such Subsequent Transfer Date
from funds in the Pre-Funding Accounts.

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<PAGE>

                  The Trustee shall not be required to investigate or otherwise
verify compliance with the conditions set forth in the preceding paragraph,
except for its own receipt of documents specified above, and shall be entitled
to rely on the required Officer's Certificate.

                  SECTION 2.02              Acceptance by the Trustee.

                  The Trustee acknowledges receipt by each Custodian of the
documents identified in the Initial Certification in the form annexed hereto as
Exhibit G and declares that each Custodian on its behalf hold and will hold the
documents delivered to such Custodian constituting the Mortgage Files, and that
it or the related Custodian holds or will hold such other assets as are included
in the Trust Fund, in trust for the exclusive use and benefit of all present and
future Certificateholders. The Trustee acknowledges that it will maintain
possession through the related Custodian of the Mortgage Notes in the State of
Texas or the State of Illinois, as directed by the Seller, unless otherwise
permitted by the Rating Agencies.

                  Each Custodian agrees to execute and deliver on the Closing
Date to the Depositor, the Seller, FSA, the Trustee and the Servicers an Initial
Certification in the form annexed hereto as Exhibit G. Based on its review and
examination, and only as to the documents identified in such Initial
Certification, each Custodian will acknowledge that such documents appear
regular on their face and relate to such Mortgage Loan. Neither the Trustee nor
the Custodians shall be under any duty or obligation to inspect, review or
examine said documents, instruments, certificates or other papers to determine
that the same are genuine, enforceable or appropriate for the represented
purpose or that they have actually been recorded in the real estate records or
that they are other than what they purport to be on their face.

                  Not later than 90 days after the Closing Date, each Custodian
is required to deliver to the Depositor, the Seller, FSA, the Trustee and the
Servicers a Final Certification in the form annexed hereto as Exhibit H, with
any applicable exceptions noted thereon.

                  If, in the course of such review, a Custodian finds any
document constituting a part of a Mortgage File which does not meet the
requirements of Section 2.01, such Custodian will list such as an exception in
the Final Certification; provided, however, that neither the Trustee nor the
related Custodian shall make any determination as to whether (i) any endorsement
is sufficient to transfer all right, title and interest of the party so
endorsing, as noteholder or assignee thereof, in and to that Mortgage Note or
(ii) any assignment is in recordable form or is sufficient to effect the
assignment of and transfer to the assignee thereof under the mortgage to which
the assignment relates.

                  The Seller shall promptly correct or cure such defect within
90 days from the date it was so notified of such defect and, if the Seller does
not correct or cure such defect within such period, the Seller shall either (a)
substitute for the related Mortgage Loan a Qualified Substitute Mortgage Loan,
which substitution shall be accomplished in the manner and subject to the
conditions set forth in Section 2.03, or (b) purchase such Mortgage Loan from
the Trustee within 90 days from the date the Seller was notified of such defect
in writing at the Repurchase Price of such Mortgage Loan; provided, however,
that in no event shall such substitution or repurchase occur more than 540 days
from the Closing Date, except that if the substitution or repurchase of a
Mortgage Loan

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pursuant to this provision is required by reason of a delay in delivery of any
documents by the appropriate recording office, then such substitution or
repurchase shall occur within 720 days from the Closing Date; and further
provided, that the Seller shall have no liability for recording any Assignment
of Mortgage in favor of the Trustee or for the Trustee's failure to record such
Assignment of Mortgage, and the Seller shall not be obligated to repurchase or
cure any Mortgage Loan solely as a result of the Trustee's failure to record
such Assignment of Mortgage. The Trustee shall deliver written notice to each
Rating Agency within 360 days from the Closing Date indicating each Mortgage
Loan (a) the Assignment of Mortgage which has not been returned by the
appropriate recording office or (b) as to which there is a dispute as to
location or status of such Mortgage Loan. Such notice shall be delivered every
90 days thereafter until the Assignment of Mortgage for the related Mortgage
Loan is returned to the Trustee or the dispute as to location or status has been
resolved. Any such substitution pursuant to (a) above shall not be effected
prior to the delivery to the Trustee of the Opinion of Counsel required by
Section 2.05 hereof, if any, and any substitution pursuant to (a) above shall
not be effected prior to the additional delivery to the Trustee of a Request for
Release substantially in the form of Exhibit M. No substitution is permitted to
be made in any calendar month after the Determination Date for such month. The
Repurchase Price for any such Mortgage Loan shall be deposited by the Seller in
the Certificate Account on or prior to the Business Day immediately preceding
such Distribution Date in the month following the month of repurchase and, upon
receipt of such deposit and certification with respect thereto in the form of
Exhibit M hereto, the Trustee shall release the related Mortgage File to the
Seller and shall execute and deliver at such entity's request such instruments
of transfer or assignment prepared by such entity, in each case without
recourse, as shall be necessary to vest in such entity, or a designee, the
Trustee's interest in any Mortgage Loan released pursuant hereto. In furtherance
of the foregoing, if the Seller is not a member of MERS and repurchases a
Mortgage Loan which is registered on the MERS(R) System, the Seller, at its own
expense and without any right of reimbursement, shall cause MERS to execute and
deliver an assignment of the Mortgage in recordable form to transfer the
Mortgage from MERS to the Seller and shall cause such Mortgage to be removed
from registration on the MERS(R) System in accordance with MERS' rules and
regulations.

                  Pursuant to the related Custodial Agreement, the related
Custodian is required to execute and deliver on the Subsequent Transfer Date to
the Depositor, the Seller, FSA, the Trustee and the related Servicer an Initial
Certification in the form annexed hereto as Exhibit G. Based on its review and
examination, and only as to the documents identified in such Initial
Certification, the related Custodian shall acknowledge that such documents
appear regular on their face and relate to such Subsequent Mortgage Loan.
Neither the Trustee nor the related Custodian shall be under a duty or
obligation to inspect, review or examine said documents, instruments,
certificates or other papers to determine that the same are genuine, enforceable
or appropriate for the represented purpose or that they have actually been
recorded in the real estate records or that they are other than what they
purport to be on their face.

                  Pursuant to the related Custodial Agreement, not later than 90
days after the end of the Pre-Funding Period, the related Custodian is required
to deliver to the Depositor, the Seller, FSA, the Trustee and the related
Servicer a Final Certification with respect to the Subsequent Mortgage Loans in
the form annexed hereto as Exhibit H with any applicable exceptions noted
thereon.

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                  If, in the course of such review of the Mortgage Files
relating to the Subsequent Mortgage Loans, the related Custodian finds any
document constituting a part of a Mortgage File which does not meet the
requirements of Section 2.01, pursuant to the related Custodial Agreement, the
related Custodian will be required to list such as an exception in the Final
Certification; provided, however that neither the Trustee nor the related
Custodian shall make any determination as to whether (i) any endorsement is
sufficient to transfer all right, title and interest of the party so endorsing,
as noteholder or assignee thereof, in and to that Mortgage Note or (ii) any
assignment is in recordable form or is sufficient to effect the assignment of
and transfer to the assignee thereof under the mortgage to which the assignment
relates. The Seller shall cure any such defect or repurchase or substitute for
any such Mortgage Loan in accordance with Section 2.02(a).

                  It is understood and agreed that the obligation of the Seller
to cure, substitute for or to repurchase any Mortgage Loan which does not meet
the requirements of Section 2.01 shall constitute the sole remedy respecting
such defect available to the Trustee, the Depositor and any Certificateholder
against the Seller.

                  The Trustee shall pay to each Custodian from time to time
reasonable compensation for all services rendered by it hereunder or under the
related Custodial Agreement, and the Trustee shall pay or reimburse each
Custodian upon its request for all reasonable expenses, disbursements and
advances incurred or made by such Custodian in accordance with any of the
provisions of this Agreement or the related Custodial Agreement, except any such
expense, disbursement or advance as may arise from its negligence or bad faith.

                  SECTION 2.03              Representations and Warranties of
                                            the Seller and Servicers.

                  (a) The Seller hereby makes the representations and warranties
applicable to it set forth in Schedule II hereto, and by this reference
incorporated herein, to the Depositor and the Trustee, as of the Closing Date,
or if so specified therein, as of the Cut-off Date or such other date as may be
specified.

                  (b) Wilshire, in its capacity as Servicer, hereby makes the
representations and warranties applicable to it set forth in Schedule IIIA
hereto, and by this reference incorporated herein, to the Depositor and the
Trustee, as of the Closing Date, or if so specified therein, as of the Cut-off
Date or such other date as may be specified.

                  (c) Ocwen, in its capacity as Servicer, hereby makes the
representations and warranties set forth in Schedule IIIB hereto, and by this
reference incorporated herein, to the Depositor and the Trustee, as of the
Closing Date, or if so specified therein, as of the applicable Cut- off Date.

                  (d) Each of Wilshire and Ocwen, in their capacity as Servicer,
will use its reasonable efforts to become a member of MERS in good standing, and
will comply in all material respects with the rules and procedures of MERS in
connection with the servicing of the Mortgage Loans that are registered with
MERS.

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                  (e) The Seller hereby makes the representations and warranties
set forth in Schedule V as applicable hereto, and by this reference incorporated
herein, to the Trustee, as of the Closing Date, or the Subsequent Transfer Date,
as applicable, or if so specified therein, as of the Cut- off Date or such other
date as may be specified.

                  (f) Upon discovery by any of the parties hereto of a breach of
a representation or warranty made pursuant to Section 2.03(e) that materially
and adversely affects the interests of the Certificateholders in any Mortgage
Loan, the party discovering such breach shall give prompt notice thereof to the
other parties. The Seller hereby covenants that within 90 days of the earlier of
its discovery or its receipt of written notice from any party of a breach of any
representation or warranty made by it pursuant to Section 2.03(e) which
materially and adversely affects the interests of the Certificateholders in any
Mortgage Loan sold by the Seller to the Depositor, it shall cure such breach in
all material respects, and if such breach is not so cured, shall, (i) if such
90-day period expires prior to the second anniversary of the Closing Date,
remove such Mortgage Loan (a "Deleted Mortgage Loan") from the Trust Fund and
substitute in its place a Qualified Substitute Mortgage Loan, in the manner and
subject to the conditions set forth in this Section; or (ii) repurchase the
affected Mortgage Loan from the Trustee at the Repurchase Price in the manner
set forth below; provided, however, that any such substitution pursuant to (i)
above shall not be effected prior to the delivery to the Trustee of the Opinion
of Counsel required by Section 2.05 hereof, if any, and any such substitution
pursuant to (i) above shall not be effected prior to the additional delivery to
the Trustee of a Request for Release substantially in the form of Exhibit M and
the Mortgage File for any such Qualified Substitute Mortgage Loan. The Seller
shall promptly reimburse the Trustee for any actual out-of-pocket expenses
reasonably incurred by the Trustee in respect of enforcing the remedies for such
breach. With respect to any representation and warranties described in this
Section which are made to the best of a Seller's knowledge if it is discovered
by the Depositor, the Seller or the Trustee that the substance of such
representation and warranty is inaccurate and such inaccuracy materially and
adversely affects the value of the related Mortgage Loan or the interests of the
Certificateholders therein, notwithstanding the Seller's lack of knowledge with
respect to the substance of such representation or warranty, such inaccuracy
shall be deemed a breach of the applicable representation or warranty.

                  With respect to any Qualified Substitute Mortgage Loan or
Loans, the Seller shall deliver to the Trustee for the benefit of the
Certificateholders the Mortgage Note, the Mortgage, the related assignment of
the Mortgage, and such other documents and agreements as are required by Section
2.01(b), with the Mortgage Note endorsed and the Mortgage assigned as required
by Section 2.01. No substitution is permitted to be made in any calendar month
after the Determination Date for such month. Scheduled 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 Seller on the next succeeding
Distribution Date. For the month of substitution, distributions to
Certificateholders will include the monthly payment due on any Deleted Mortgage
Loan for such month and thereafter the Seller shall be entitled to retain all
amounts received in respect of such Deleted Mortgage Loan. The Seller shall
amend the Mortgage Loan Schedule 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 Seller shall deliver the
amended Mortgage Loan Schedule to the Trustee. Upon such substitution, the
Qualified Substitute Mortgage Loan or Loans shall be subject to the terms of
this Agreement in all respects, and the Seller shall be deemed to have made with

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respect to such Qualified Substitute Mortgage Loan or Loans, as of the date of
substitution, the representations and warranties made pursuant to Section
2.03(b) with respect to such Mortgage Loan. Upon any such substitution and the
deposit to the Certificate Account of the amount required to be deposited
therein in connection with such substitution as described in the following
paragraph, the Trustee shall release the Mortgage File held for the benefit of
the Certificateholders relating to such Deleted Mortgage Loan to the Seller and
shall execute and deliver at the Seller's direction such instruments of transfer
or assignment prepared by the Seller, in each case without recourse, as shall be
necessary to vest title in the Seller, or its designee, the Trustee's interest
in any Deleted Mortgage Loan substituted for pursuant to this Section 2.03.

                  For any month in which the Seller substitutes one or more
Qualified Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the
Trustee shall 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 (after application of the scheduled principal portion of
the monthly payments due in the month of substitution). The amount of such
shortage (the "Substitution Adjustment Amount") plus an amount equal to the
aggregate of any unreimbursed Advances with respect to such Deleted Mortgage
Loans shall be deposited in the Certificate Account by the Seller on or before
the Business Day immediately preceding the Distribution Date in the month
succeeding the calendar month during which the related Mortgage Loan became
required to be repurchased or replaced hereunder.

                  In the event that the Seller shall have repurchased a Mortgage
Loan, the Repurchase Price therefor shall be deposited in the Certificate
Account on or before the Business Day immediately preceding the Distribution
Date in the month following the month during which the Seller became obligated
hereunder to repurchase or replace such Mortgage Loan and upon such deposit of
the Repurchase Price, the delivery of the Opinion of Counsel if required by
Section 2.05 and receipt of a Request for Release in the form of Exhibit M
hereto, the Trustee shall release the related Mortgage File held for the benefit
of the Certificateholders to such Person, and the Trustee shall execute and
deliver at such Person's direction such instruments of transfer or assignment
prepared by such Person, in each case without recourse, as shall be necessary to
transfer title from the Trustee. It is understood and agreed that the obligation
under this Agreement of any Person to cure, repurchase or substitute any
Mortgage Loan as to which a breach has occurred and is continuing shall
constitute the sole remedy against such Persons respecting such breach available
to Certificateholders, the Depositor or the Trustee on their behalf.

         The representations and warranties made pursuant to this Section 2.03
shall survive delivery of the respective Mortgage Files to the Trustee for the
benefit of the Certificateholders.

                  SECTION 2.04              Representations and Warranties of
                                            the Depositor as to the Mortgage
                                            Loans.

                  The Depositor hereby represents and warrants to the Trustee
with respect to the Mortgage Loans that, as of the Closing Date, assuming good
title has been conveyed to the Depositor, the Depositor had good title to the
Mortgage Loans and Mortgage Notes, and did not encumber the Mortgage Loans
during its period of ownership thereof, other than as contemplated by the
Agreement.

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                  It is understood and agreed that the representations and
warranties set forth in this Section 2.04 shall survive delivery of the Mortgage
Files to the Trustee.

                  SECTION 2.05              Delivery of Opinion of Counsel in
                                            Connection with Substitutions.

                  Notwithstanding any contrary provision of this Agreement, no
substitution pursuant to Section 2.02 shall be made more than 90 days after the
Closing Date unless the Seller delivers to the Trustee an Opinion of Counsel,
which Opinion of Counsel shall not be at the expense of either the Trustee or
the Trust Fund, addressed to the Trustee, to the effect that such substitution
will not (i) result in the imposition of the tax on "prohibited transactions" on
the Trust Fund or contributions after the Startup Date, as defined in Sections
860F(a)(2) and 860G(d) of the Code, respectively, or (ii) cause any REMIC
created hereunder to fail to qualify as a REMIC at any time that any
Certificates are outstanding.

                  SECTION 2.06              Execution and Delivery of
                                            Certificates.

                  The Trustee (or the related Custodian) acknowledges receipt of
the items described in Section 2.02 of this Agreement and the documents
identified in the Initial Certification in the form annexed hereto as Exhibit G
and, concurrently with such receipt, has executed and delivered to or upon the
order of the Depositor, the Certificates in authorized denominations evidencing
directly or indirectly the entire ownership of the Trust Fund. The Trustee
agrees to hold the Trust Fund and exercise the rights referred to above for the
benefit of all present and future Holders of the Certificates and to perform the
duties set forth in this Agreement to the best of its ability, to the end that
the interests of the Holders of the Certificates may be adequately and
effectively protected.

                  SECTION 2.07              REMIC Matters.

                  The Preliminary Statement sets forth the designations and
"latest possible maturity date" for federal income tax purposes of all interests
created hereby. The "Startup Day" for purposes of the REMIC Provisions shall be
the Closing Date. The REMIC 1 Regular Interests shall be designated as the
"regular interests." REMIC 2 Regular Interests shall be designated as the
"regular interests." The Class A-1, Class A-2, Class A-3, Class A-4, Class A-5,
Class A-IO, Class M, Class BA, Class BF, Class P and Class X Certificates shall
be designated as the "regular interests" in REMIC 3. The Class A-R Certificates
will represent beneficial ownership of three residual interests, each of which
will constitute the sole class of residual interests in each of REMIC 1, REMIC 2
and REMIC 3. The Trustee shall not permit the creation of any "interests"
(within the meaning of Section 860G of the Code) in REMIC 1, REMIC 2 or REMIC 3
other than the Certificates or the Uncertificated REMIC Regular Interests. The
"tax matters person" with respect to each of REMIC 1, REMIC 2 and REMIC 3 shall
be the Trustee and the Trustee shall hold the related Tax Matters Person
Certificate in the manner provided under Treasury regulations section
1.860F-4(d) and Treasury regulations section 301.6231(a)(7)-1. The fiscal year
for each REMIC shall be the calendar year.

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                  SECTION 2.08              Covenants of each Servicer.

                  Each respective Servicer hereby covenants to the Depositor and
the Trustee that no written information, certificate of an officer, statement
furnished in writing or written report prepared by such Servicer and delivered
to the Depositor, any affiliate of the Depositor or the Trustee and prepared by
such Servicer pursuant to this Agreement will contain any untrue statement of a
material fact.

                  SECTION 2.09              Conveyance of REMIC Regular
                                            Interests and Acceptance of REMIC 1
                                            by the Trustee; Issuance of
                                            Certificates.

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

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

                  (c) In exchange for the REMIC 2 Regular Interests and,
concurrently with the assignment to the Trustee thereof, pursuant to the written
request of the Depositor executed by an officer of the Depositor, the Trustee
has executed, authenticated and delivered to or upon the order of the Depositor,
the Regular Certificates in authorized denominations evidencing (together with
the Class R-3 Interest) the entire beneficial ownership interest in REMIC 3.

                  (d) Concurrently with (i) the assignment and delivery to the
Trustee of REMIC 1 (including the Residual Interest therein represented by the
Class R-1 Interest) and the acceptance by the Trustee thereof, pursuant to
Section 2.01, Section 2.02 and Section 2.09(a); (ii) the assignment and delivery
to the Trustee of REMIC 2 (including the Residual Interest therein represented
by the Class R-2 Interest) and the acceptance by the Trustee thereof, pursuant
to Section 2.09(b) and (iii) the assignment and delivery to the Trustee of REMIC
3 (including the Residual Interest therein represented by the Class R-3
Interest) and the acceptance by the Trustee thereof, pursuant to Section 2.09(c)
the Trustee, pursuant to the written request of the Depositor executed by an
officer of the Depositor, has executed, authenticated and delivered to or upon
the order of the Depositor, the Class

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<PAGE>

A-R Certificates in authorized denominations evidencing the Class R-1 Interest,
the Class R-2 Interest and the Class R-3 Interest.

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                                   ARTICLE III

                          ADMINISTRATION AND SERVICING
                                OF MORTGAGE LOANS

                  SECTION 3.01              Servicers to Service Mortgage Loans.

                  For and on behalf of the Certificateholders, each Servicer
shall service and administer the Mortgage Loans in accordance with the terms of
this Agreement and with Accepted Servicing Practices. The obligations of each of
Wilshire and Ocwen hereunder to service and administer the Mortgage Loans shall
be limited to the Wilshire Serviced Loans and the Ocwen Serviced Loans,
respectively; and with respect to the duties and obligations of each Servicer,
references herein to "Mortgage Loans" or "related Mortgage Loans" shall be
limited to the Wilshire Serviced Loans (and the related proceeds thereof and
related REO Properties) in the case of Wilshire and the Ocwen Serviced Loans
(and the related proceeds thereof and related REO Properties), in the case of
Ocwen, and in no event shall any Servicer have any responsibility or liability
with respect to any of the other Mortgage Loans. Notwithstanding anything in
this Agreement, any Servicing Agreement or any Credit Risk Management Agreement
to the contrary, neither Servicer shall have any duty or obligation to enforce
any Credit Risk Management Agreement or to supervise, monitor or oversee the
activities of the Credit Risk Manager under its Credit Risk Management Agreement
with respect to any action taken or not taken by a Servicer pursuant to a
recommendation of the Credit Risk Manager. In connection with such servicing and
administration, each Servicer shall have full power and authority, acting alone
and/or through Subservicers as provided in Section 3.02 hereof, to do or cause
to be done any and all things that it may deem necessary or desirable in
connection with such servicing and administration, including but not limited to,
the power and authority, subject to the terms hereof (i) to execute and deliver,
on behalf of the Certificateholders and the Trustee, customary consents or
waivers and other instruments and documents, (ii) to consent to transfers of any
Mortgaged Property and assumptions of the Mortgage Notes and related Mortgages
(but only in the manner provided in this Agreement), (iii) to collect any
Insurance Proceeds and other Liquidation Proceeds, and (iv) to effectuate
foreclosure or other conversion of the ownership of the Mortgaged Property
securing any Mortgage Loan; provided that a Servicer shall not take any action
that is inconsistent with or prejudices the interests of the Trust Fund or the
Certificateholders in any Mortgage Loan or the rights and interests of the
Depositor, the Trustee or the Certificateholders under this Agreement. The
Trustee will provide a limited power of attorney to each Servicer, prepared by
each Servicer and reasonably acceptable to the Trustee, to permit each Servicer
to act on behalf of the Trustee under this Agreement. Each Servicer hereby
indemnifies the Trustee for all costs and expenses incurred by the Trustee in
connection with the negligent or willful misuse of such power of attorney. Each
Servicer shall represent and protect the interests of the Trust Fund in the same
manner as it protects its own interests in mortgage loans in its own portfolio
in any claim, proceeding or litigation regarding a Mortgage Loan. Each Servicer
further is hereby authorized and empowered in its own name or in the name of the
Subservicer, when such Servicer or the Subservicer, as the case may be, believes
it is appropriate in its best judgment to register any Mortgage Loan on the
MERS(R) System, or cause the removal from the registration of any Mortgage Loan
on the MERS(R) System, to execute and deliver, on behalf of the Trustee and the
Certificateholders or any of them, any and all instruments of assignment and
other comparable instruments with respect to such assignment or re-recording of
a Mortgage in the name of MERS,

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<PAGE>

solely as nominee for the Trustee and its successors and assigns. Any reasonable
expenses incurred in connection with the actions described in the preceding
sentence or as a result of MERS discontinuing or becoming unable to continue
operations in connection with the MERS(R) System, shall be reimbursable by the
Trust Fund to such Servicer. Notwithstanding the foregoing, subject to Section
3.05(a), the Servicers shall not make or permit any modification, waiver or
amendment of any Mortgage Loan that would both constitute a sale or exchange of
such Mortgage Loan within the meaning of Section 1001 of the Code and any
proposed, temporary or final regulations promulgated thereunder (other than in
connection with a proposed conveyance or assumption of such Mortgage Loan that
is treated as a Principal Prepayment in Full pursuant to Section 3.10 hereof)
which would cause any of REMIC 1, REMIC 2 or REMIC 3 to fail to qualify as a
REMIC. Without limiting the generality of the foregoing, each Servicer, in its
own name or in the name of the Depositor and the Trustee, is hereby authorized
and empowered by the Depositor and the Trustee, when such Servicer believes it
appropriate in its reasonable judgment, to execute and deliver, on behalf of the
Trustee, the Depositor, the Certificateholders or any of them, any and all
instruments of satisfaction or cancellation, or of partial or full release or
discharge and all other comparable instruments, with respect to the Mortgage
Loans, and with respect to the Mortgaged Properties held for the benefit of the
Certificateholders. Each Servicer shall prepare and deliver to the Depositor
and/or the Trustee such documents requiring execution and delivery by either or
both of them as are necessary or appropriate to enable such Servicer to service
and administer the Mortgage Loans to the extent that such Servicer is not
permitted to execute and deliver such documents pursuant to the preceding
sentence. Upon receipt of such documents and a written request signed by an
authorized officer, the Depositor and/or the Trustee shall execute such
documents and deliver them to such Servicer.

                  In accordance with the standards of the preceding paragraph,
each Servicer shall advance or cause to be advanced funds as necessary for the
purpose of effecting the payment of taxes and assessments on any Mortgaged
Property (to the extent the Servicer has been notified that such taxes or
assessments have not paid by the related Mortgagor or the owner or the servicer
of the related First Mortgage Loan), which advances shall be reimbursable in the
first instance from related collections from the Mortgagors pursuant to Section
3.06, and further as provided in Section 3.08. The costs incurred by a Servicer,
if any, in effecting the timely payments of taxes and assessments on the
Mortgaged Properties and related insurance premiums shall not, for the purpose
of calculating monthly distributions to the Certificateholders, be added to the
Stated Principal Balances of the related Mortgage Loans, notwithstanding that
the terms of such Mortgage Loans so permit.

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

                  If the Mortgage relating to a Mortgage Loan had a lien senior
to the Mortgage Loan on the related Mortgaged Property as of the Cut-off Date,
then the related Servicer, in such capacity, may consent to the refinancing of
the prior senior lien, provided that the following requirements are met:

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<PAGE>

                  (i) the resulting Combined Loan-to-Value Ratio of such
         Mortgage Loan is no higher than the Combined Loan-to-Value Ratio prior
         to such refinancing; and

                  (ii) the interest rate, or, in the case of an adjustable rate
         existing senior lien, the maximum interest rate, for the loan
         evidencing the refinanced senior lien is no more than 2.0% higher than
         the interest rate or the maximum interest rate, as the case may be, on
         the loan evidencing the existing senior lien immediately prior to the
         date of such refinancing; and

                  (iii) the loan evidencing the refinanced senior lien is not
         subject to negative amortization.

                  SECTION 3.02              Subservicing; Enforcement of the
                                            Obligations of Subservicers.

                  (a) The Mortgage Loans may be subserviced by a Subservicer on
behalf of the related Servicer in accordance with the servicing provisions of
this Agreement, provided that the Subservicer is an approved Fannie Mae or
Freddie Mac seller/servicer in good standing. A Servicer may perform any of its
servicing responsibilities hereunder or may cause the Subservicer to perform any
such servicing responsibilities on its behalf, but the use by such Servicer of
the Subservicer shall not release such Servicer from any of its obligations
hereunder and such Servicer shall remain responsible hereunder for all acts and
omissions of the Subservicer as fully as if such acts and omissions were those
of such Servicer. Each Servicer shall pay all fees and expenses of any
Subservicer engaged by such Servicer from its own funds.

                  Notwithstanding the foregoing, each Servicer shall be entitled
to outsource one or more separate servicing functions to a Person (each, an
"Outsourcer") that does not meet the eligibility requirements for a Subservicer,
so long as such outsourcing does not constitute the delegation of such
Servicer's obligation to perform all or substantially all of the servicing of
the related Mortgage Loans to such Outsourcer. In such event, the use by a
Servicer of any such Outsourcer shall not release such Servicer from any of its
obligations hereunder and such Servicer shall remain responsible hereunder for
all acts and omissions of such Outsourcer as fully as if such acts and omissions
were those of such Servicer, and such Servicer shall pay all fees and expenses
of the Outsourcer from such Servicer's own funds.

                  (b) At the cost and expense of a Servicer, without any right
of reimbursement from the Depositor, Trustee, the Trust Fund, or the applicable
Collection Account, such Servicer shall be entitled to terminate the rights and
responsibilities of its Subservicer and arrange for any servicing
responsibilities to be performed by a successor Subservicer meeting the
requirements set forth in Section 3.02(a), provided, however, that nothing
contained herein shall be deemed to prevent or prohibit such Servicer, at such
Servicer's option, from electing to service the related Mortgage Loans itself.
In the event that a Servicer's responsibilities and duties under this Agreement
are terminated pursuant to Section 7.01, and if requested to do so by the
Trustee, such Servicer shall at its own cost and expense terminate the rights
and responsibilities of its Subservicer as soon as is reasonably possible. Each
Servicer shall pay all fees, expenses or penalties necessary in order to
terminate the rights and responsibilities of its Subservicer from such
Servicer's own funds without

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any right of reimbursement from the Depositor, Trustee, the Trust Fund, or the
applicable Collection Account.

                  (c) Notwithstanding any of the provisions of this Agreement
relating to agreements or arrangements between a Servicer and its Subservicer, a
Servicer and its Outsourcer, or any reference herein to actions taken through
the Subservicer, the Outsourcer, or otherwise, no Servicer shall be relieved of
its obligations to the Depositor, Trustee or Certificateholders and shall be
obligated to the same extent and under the same terms and conditions as if it
alone were servicing and administering the related Mortgage Loans. Each Servicer
shall be entitled to enter into an agreement with its Subservicer and Outsourcer
for indemnification of such Servicer or Outsourcer, as applicable, by such
Subservicer and nothing contained in this Agreement shall be deemed to limit or
modify such indemnification.

                  For purposes of this Agreement, a Servicer shall be deemed to
have received any collections, recoveries or payments with respect to the
related Mortgage Loans that are received by a related Subservicer or Outsourcer,
as applicable, regardless of whether such payments are remitted by the
Subservicer or Outsourcer, as applicable, to such Servicer.

                  Any Subservicing Agreement and any other transactions or
services relating to the Mortgage Loans involving a Subservicer or an Outsourcer
shall be deemed to be between the Subservicer or an Outsourcer, and the related
Servicer alone, and the Depositor, the Trustee and the other Servicer shall have
no obligations, duties or liabilities with respect to a Subservicer including no
obligation, duty or liability of the Depositor and Trustee or the Trust Fund to
pay a Subservicer's fees and expenses.

                  SECTION 3.03              [Reserved].

                  SECTION 3.04              Trustee to Act as Servicer.

                  (a) In the event that any Servicer shall for any reason no
longer be a Servicer hereunder (including by reason of an Event of Default), the
Trustee or its successor shall thereupon assume all of the rights and
obligations of such Servicer hereunder arising thereafter (except that the
Trustee shall not be (i) liable for losses of such Servicer pursuant to Section
3.09 hereof or any acts or omissions of the related predecessor Servicer
hereunder, (ii) obligated to make Advances if it is prohibited from doing so by
applicable law or (iii) deemed to have made any representations and warranties
of such Servicer hereunder). Any such assumption shall be subject to Section
7.02 hereof.

                  Each Servicer shall, upon request of the Trustee, but at the
expense of such Servicer, deliver to the assuming party all documents and
records relating to each Subservicing Agreement or substitute Subservicing
Agreement and the Mortgage Loans then being serviced thereunder and hereunder by
such Servicer and an accounting of amounts collected or held by it and otherwise
use its best efforts to effect the orderly and efficient transfer of the
substitute Subservicing Agreement to the assuming party.

                  (b)      [reserved]

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                  SECTION 3.05              Collection of Mortgage Loans;
                                            Collection Accounts; Certificate
                                            Account; Pre-Funding Accounts;
                                            Capitalized Interest Accounts.

                  (a) Continuously from the date hereof until the principal and
interest on all Mortgage Loans have been paid in full or such Mortgage Loans
have become Liquidated Mortgage Loans, each Servicer shall proceed in accordance
with the customary and usual standards of practice of prudent mortgage loan
servicers to collect all payments due under each of the related Mortgage Loans
when the same shall become due and payable to the extent consistent with this
Agreement and shall take special care with respect to Mortgage Loans for which a
Servicer collects escrow payments in ascertaining and estimating Escrow Payments
and all other charges that will become due and payable with respect to the
Mortgage Loans and the Mortgaged Properties, to the end that the installments
payable by the Mortgagors will be sufficient to pay such charges as and when
they become due and payable. Consistent with the terms of this Agreement, each
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 such 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
such 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 such Servicer, such default is reasonably foreseeable; and that no
such modification shall reduce the interest rate on a Mortgage Loan below the
rate at which the Servicing Fee with respect to such Mortgage Loan accrues. In
the event of any such arrangement, the related Servicer shall make Advances on
the related Mortgage Loan in accordance with the provisions of Section 4.01
during the scheduled period in accordance with the amortization schedule of such
Mortgage Loan without modification thereof by reason of such arrangements. Each
Servicer shall not be required to institute or join in litigation with respect
to collection of any payment (whether under a Mortgage, Mortgage Note or
otherwise or against any public or governmental authority with respect to a
taking or condemnation) if it reasonably believes that enforcing the provision
of the Mortgage or other instrument pursuant to which such payment is required
is prohibited by applicable law.

                  (b) Each Servicer shall segregate and hold all funds collected
and received pursuant to a Mortgage Loan separate and apart from any of its own
funds and general assets and shall establish and maintain one or more Collection
Accounts, in the form of time deposit or demand accounts, titled "[Servicer's
name], in trust for the Holders of Credit Suisse First Boston Mortgage
Securities Corp., CSFB Mortgage Pass-Through Certificates, Series 2002-S6" or,
if established and maintained by a Subservicer on behalf of the related
Servicer, "[Subservicer's name], in trust for [Servicer's name]" or
"[Subservicer's name], as agent, trustee and/or bailee of principal and interest
custodial account for [Servicer's name], its successors and assigns, for various
owners of interest in [Servicer's name] mortgage-backed pools". Each Collection
Account shall be an Eligible Account. Any funds deposited in a Collection
Account shall at all times be either invested in Eligible

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Investments or shall be fully insured to the full extent permitted under
applicable law. Funds deposited in a Collection Account may be drawn on by the
applicable Servicer in accordance with Section 3.08.

                  Each Servicer shall deposit in the Collection Account on a
daily basis and retain therein, the following collections remitted by
Subservicers or payments received by such Servicer and payments made by such
Servicer subsequent to the Cut-off Date, other than payments of principal and
interest due on or before the Cut-off Date:

                  (i) all payments on account of principal on the Mortgage
         Loans, including all Principal Prepayments;

                  (ii) all payments on account of interest on the Mortgage Loans
         adjusted to the per annum rate equal to the Mortgage Rate reduced by
         the related Servicing Fee Rate;

                  (iii) all Liquidation Proceeds on the Mortgage Loans;

                  (iv) all Insurance Proceeds on the Mortgage Loans including
         amounts required to be deposited pursuant to Section 3.09 (other than
         proceeds to be held in the Escrow Account and applied to the
         restoration or repair of the Mortgaged Property or released to the
         Mortgagor in accordance with Section 3.09);

                  (v) all Advances made by such Servicer pursuant to Section
         4.01;

                  (vi) with respect to each Principal Prepayment on the Mortgage
         Loans, the Prepayment Interest Shortfall, if any, for the Prepayment
         Period. The aggregate of such deposits shall be made from such
         Servicer's own funds, without reimbursement therefor, up to a maximum
         amount per month equal to the Compensating Interest Payment, if any,
         for the Mortgage Loans and that Distribution Date;

                  (vii) any amounts required to be deposited by such Servicer in
         respect of net monthly income from REO Property pursuant to Section
         3.11; and

                  (viii) any other amounts required to be deposited hereunder
         including all collected Prepayment Penalties.

                  The foregoing requirements for deposit into each Collection
Account shall be exclusive, it being understood and agreed that, without
limiting the generality of the foregoing, Ancillary Income need not be deposited
by such Servicer into such Collection Account. In addition, notwithstanding the
provisions of this Section 3.05, each Servicer may deduct from amounts received
by it, prior to deposit to the applicable Collection Account, any portion of any
Scheduled Payment representing the applicable Servicing Fee. In the event that a
Servicer shall remit any amount not required to be remitted, it may at any time
withdraw or direct the institution maintaining the related Collection Account to
withdraw such amount from such Collection Account, any provision herein to the
contrary notwithstanding. Such withdrawal or direction may be accomplished by
delivering written notice thereof to the Trustee or such other institution
maintaining such

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Collection Account which describes the amounts deposited in error in such
Collection Account. Each Servicer shall maintain adequate records with respect
to all withdrawals made by it pursuant to this Section. All funds deposited in a
Collection Account shall be held in trust for the Certificateholders until
withdrawn in accordance with Section 3.08.

                  (c) On or prior to the Closing Date, the Trustee shall
establish and maintain, on behalf of the Certificateholders, the Certificate
Account. The Trustee shall, promptly upon receipt, deposit in the Certificate
Account and retain therein the following:

                  (i) the aggregate amount remitted by each Servicer to the
         Trustee pursuant to Section 3.08(viii);

                  (ii) any amount deposited by the Trustee pursuant to Section
         3.05(e) in connection with any losses on Eligible Investments; and

                  (iii) any other amounts deposited hereunder which are required
         to be deposited in the Certificate Account.

                  In the event that a Servicer shall remit to the Trustee any
amount not required to be remitted, it may at any time direct the Trustee to
withdraw such amount from the Certificate Account, any provision herein to the
contrary notwithstanding. Such direction may be accomplished by delivering an
Officer's Certificate to the Trustee which describes the amounts deposited in
error in the Certificate Account. All funds deposited in the Certificate Account
shall be held by the Trustee in trust for the Certificateholders until disbursed
in accordance with this Agreement or withdrawn in accordance with Section
3.08(b). In no event shall the Trustee incur liability for withdrawals from the
Certificate Account at the direction of a Servicer.

                  (d) Each institution at which a Collection Account, the
Certificate Account or the Pre-Funding Accounts is maintained shall either hold
such funds on deposit uninvested or shall invest the funds therein as directed
in writing by the related Servicer (in the case of a Collection Account), the
Trustee (in the case of the Certificate Account) or the Depositor (in the case
of the Pre- Funding Accounts), in Eligible Investments, which shall mature not
later than (i) in the case of a Collection Account, the second Business Day
immediately preceding the related Distribution Date and (ii) in the case of the
Certificate Account and the Pre-Funding Accounts, the Business Day immediately
preceding the Distribution Date and, in each case, shall not be sold or disposed
of prior to its maturity. All income and gain net of any losses realized from
any such balances or investment of funds on deposit in a Collection Account
shall be for the benefit of the related Servicer as servicing compensation and
shall be remitted to it monthly as provided herein. The amount of any realized
losses in a Collection Account incurred in any such account in respect of any
such investments shall promptly be deposited by the related Servicer in the
related Collection Account. The Trustee in its fiduciary capacity shall not be
liable for the amount of any loss incurred in respect of any investment or lack
of investment of funds held in a Collection Account or the Pre-Funding Accounts.
All income and gain net of any losses realized from any such investment of funds
on deposit in the Certificate Account shall be for the benefit of the Trustee as
compensation and shall be remitted to it monthly as provided herein. The amount
of any realized losses in the Certificate Account incurred in any such account
in respect of any such investments shall promptly be deposited

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by the Trustee in the Certificate Account. All income and gain net of any losses
realized from any such balances or investment of funds on deposit in the
Pre-Funding Accounts shall be for the benefit of the Depositor and shall be
remitted to it monthly.

                  (e) Each Servicer shall give notice to the Trustee, the
Seller, each Rating Agency and the Depositor of any proposed change of the
location of the related Collection Account prior to any change thereof. The
Trustee shall give notice to each Servicer, the Seller, each Rating Agency and
the Depositor of any proposed change of the location of the Certificate Account
prior to any change thereof.

                  (f) The Trustee shall establish and maintain, on behalf of the
Certificateholders, the Pre-Funding Accounts. On the Closing Date, the Depositor
shall remit the Pre-Funding Amounts to the Trustee for deposit in the related
Pre-Funding Account. On each Subsequent Transfer Date, upon satisfaction of the
conditions for such Subsequent Transfer Date set forth in Section 2.01(f), with
respect to the related Subsequent Transfer Agreement, the Trustee shall remit to
the Depositor the applicable Aggregate Subsequent Transfer Amount as payment of
the purchase price for the related Subsequent Mortgage Loans.

                  If any funds remain in any Pre-Funding Account on May 24,
2002, to the extent they represent interest earnings on the amounts originally
deposited into such Pre-Funding Account, the Trustee shall distribute them to
the order of the Depositor. The remaining funds in the Group 1 Pre- Funding
Account shall be transferred to the Certificate Account to be included as part
of principal distributions to the Class A-1 Certificates if outstanding, or the
Class A-3 Certificates if the Class A-1 Certificates are no longer outstanding,
on the May 2002 Distribution Date. The remaining funds in the Group 2
Pre-Funding Account shall be transferred to the Certificate Account to be
included as part of principal distributions to the Class A-2, Class A-4 and
Class A-5 Certificates concurrently on a pro rata basis on the May 2002
Distribution Date.

                  (g) The Trustee shall establish and maintain, on behalf of the
Certificateholders, the Capitalized Interest Accounts. On the Closing Date, the
Depositor shall remit the applicable Capitalized Interest Deposit to the Trustee
for deposit in the related Capitalized Interest Account. On the Business Day
prior to each of the March 2002, April 2002 and May 2002 Distribution Dates, the
Trustee shall transfer from each Capitalized Interest Account to the Certificate
Account an amount equal to the applicable Capitalized Interest Requirement for
such Distribution Date. On each of the March 2002 and April 2002 Distribution
Dates, the applicable Overfunded Interest Amount shall be withdrawn from the
related Capitalized Interest Account and paid to the Depositor. Any funds
remaining in each Capitalized Interest Accounts immediately after the May 2002
Distribution Date shall be paid to the Depositor.

                  SECTION 3.06              Establishment of and Deposits to
                                            Escrow Accounts; Permitted
                                            Withdrawals from Escrow Accounts;
                                            Payments of Taxes, Insurance and
                                            Other Charges; Simple Interest
                                            Excess Sub- Accounts; Deposits in
                                            Simple Interest Excess Sub-Accounts.

                  (a) To the extent required by the related Mortgage Note and
not violative of current law, the applicable Servicer shall segregate and hold
all funds collected and received

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pursuant to a Mortgage Loan constituting Escrow Payments separate and apart from
any of its own funds and general assets and shall establish and maintain one or
more Escrow Accounts, in the form of time deposit or demand accounts, titled,
"Credit Suisse First Boston Mortgage Securities Corp., CSFB Mortgage
Pass-Through Certificates, Series 2002-S6" or, if established and maintained by
a Subservicer on behalf of the related Servicer, "[Subservicer's name], in trust
for [Servicer's name]" or "[Subservicer's name], as agent, trustee and/or bailee
of taxes and insurance custodial account for [Servicer's name], its successors
and assigns, for various owners of interest in [Servicer's name] mortgage-backed
pools". The Escrow Accounts shall be Eligible Accounts. Funds deposited in the
Escrow Account may be drawn on by the related Servicer in accordance with
Section 3.06(b). The creation of any Escrow Account shall be evidenced by a
certification in the form of Exhibit P-1 hereto, in the case of an account
established with a Servicer, or by a letter agreement in the form of Exhibit P-2
hereto, in the case of an account held by a depository other than a Servicer. A
copy of such certification shall be furnished to the Depositor and Trustee.

                  (b) Each Servicer shall deposit in its Escrow Account or
Accounts on a daily basis within one Business Day of receipt and retain therein:

                  (i) all Escrow Payments collected on account of the related
         Mortgage Loans, for the purpose of effecting timely payment of any such
         items as required under the terms of this Agreement; and

                  (ii) all amounts representing Insurance Proceeds which are to
         be applied to the restoration or repair of any Mortgaged Property.

                  Each Servicer shall make withdrawals from the Escrow Account
only to effect such payments as are required under this Agreement, as set forth
in Section 3.06(d). Each Servicer shall be entitled to retain any interest paid
on funds deposited in the related Escrow Account by the depository institution,
other than interest on escrowed funds required by law to be paid to the
Mortgagor. To the extent required by law, the applicable Servicer shall pay
interest on escrowed funds to the Mortgagor notwithstanding that the Escrow
Account may be non-interest bearing or that interest paid thereon is
insufficient for such purposes.

                  (c) Withdrawals from the Escrow Account or Accounts may be
made by the related Servicer only:

                  (i) to effect timely payments of ground rents, taxes,
         assessments, water rates, mortgage insurance premiums, condominium
         charges, fire and hazard insurance premiums or other items constituting
         Escrow Payments for the related Mortgage;

                  (ii) to reimburse such Servicer for any Servicing Advances
         made by such Servicer pursuant to Section 3.06(e) with respect to a
         related Mortgage Loan, but only from amounts received on the related
         Mortgage Loan which represent late collections of Escrow Payments
         thereunder;

                  (iii) to refund to any Mortgagor any funds found to be in
         excess of the amounts required under the terms of the related Mortgage
         Loan;

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                  (iv) for transfer to the related Collection Account to reduce
         the principal balance of the related Mortgage Loan in accordance with
         the terms of the related Mortgage and Mortgage Note;

                  (v) for application to restore or repair of the related
         Mortgaged Property in accordance with the procedures outlined in
         Section 3.09(e);

                  (vi) to pay to such Servicer, or any Mortgagor to the extent
         required by law, any interest paid on the funds deposited in such
         Escrow Account; and

                  (vii) to clear and terminate such Escrow Account on the
         termination of this Agreement.

                  (d) No later than the Closing Date, each Servicer shall
establish and maintain a sub-account of the Collection Account titled
"[Servicer's name], Simple Interest Excess Sub- Account in trust for the Holders
of Credit Suisse First Boston Mortgage Securities Corp., Mortgage Pass-Through
Certificates, Series 2002-S6". Each Servicer shall, on each Determination Date
transfer from the Collection Account to the Simple Interest Excess Sub-Account
all Net Simple Interest Excess, if any, pursuant to Section 3.08(a)(ix), and
shall maintain a record of all such deposits.

                  (e) Each Servicer shall withdraw amounts on deposit in the
applicable Simple Interest Excess Sub-Account on each Determination Date for
deposit to the Certificate Account in an amount equal to the lesser of (i) the
amount on deposit therein, and (ii) the Net Simple Interest Shortfall for such
Distribution Date.

                  (f) Each Servicer shall remit to the Trustee which shall
thereupon distribute to the Class X-1 Certificateholder 90% of the balance in
the applicable Simple Interest Excess Sub- Account on the Distribution Date each
year occurring in August, commencing in August 2002. Such distributions shall be
deemed to be made on a first-in, first-out basis. In addition, each Servicer
shall clear and terminate each related Simple Interest Excess Sub-Account upon
the termination of this Agreement and retain any funds remaining therein.

                  (g) Amounts on deposit in the Simple Interest Excess
Sub-Accounts may be invested in Eligible Investments. All income and gain net of
any losses realized from any such balances or investment of funds on deposit in
a Simple Interest Excess Sub-Account shall be for the benefit of the related
Servicer as servicing compensation and shall be remitted to it monthly. The
amount of any net investment losses in a Simple Interest Excess Sub-Account
shall promptly be deposited by the related Servicer in such Simple Interest
Excess Sub-Account.

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                  SECTION 3.07              Access to Certain Documentation and
                                            Information Regarding the Mortgage
                                            Loans; Inspections.

                  (a) Each Servicer shall afford the Depositor and the Trustee
reasonable access to all records and documentation regarding the Mortgage Loans
and all accounts, insurance information and other matters relating to this
Agreement, such access being afforded without charge, but only upon reasonable
request and during normal business hours at the office designated by such
Servicer.

                  (b) Each Servicer shall inspect the Mortgaged Properties as
often as deemed necessary by such Servicer in such Servicer's sole discretion,
to assure itself that the value of such Mortgaged Property is being preserved.
In addition, if any Mortgage Loan is more than 60 days delinquent, each Servicer
shall conduct subsequent inspections in accordance with Accepted Servicing
Practices or as may be required by the primary mortgage guaranty insurer. Each
Servicer shall keep a written or electronic report of each such inspection.

                  SECTION 3.08              Permitted Withdrawals from the
                                            Collection Accounts and Certificate
                                            Account.

                  Each Servicer may from time to time make withdrawals from the
related Collection Account for the following purposes:

                  (i) to pay to such Servicer (to the extent not previously
         retained by such Servicer) the servicing compensation to which it is
         entitled pursuant to Section 3.14, and to pay to such Servicer, as
         additional servicing compensation, earnings on or investment income
         with respect to funds in or credited to such Collection Account;

                  (ii) to reimburse such Servicer for unreimbursed Advances made
         by it, such right of reimbursement pursuant to this subclause (ii)
         being limited to amounts received on the Mortgage Loan(s) in respect of
         which any such Advance was made (including without limitation, late
         recoveries of payments, Liquidation Proceeds and Insurance Proceeds to
         the extent received by such Servicer);

                  (iii) to reimburse such Servicer for any Nonrecoverable
         Advance previously made from collections or proceeds of any of the
         Mortgage Loans;

                  (iv) to reimburse such Servicer for (A) unreimbursed Servicing
         Advances, such Servicer's right to reimbursement pursuant to this
         clause (A) with respect to any Mortgage Loan being limited to amounts
         received on such Mortgage Loan which represent late payments of
         principal and/or interest (including, without limitation, Liquidation
         Proceeds and Insurance Proceeds with respect to such Mortgage Loan)
         respecting which any such advance was made, (B) for unpaid Servicing
         Fees as provided in Section 3.11 hereof and (C) in the case of Ocwen,
         for unpaid Servicing Fees not otherwise collected from Liquidation
         Proceeds;

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                  (v) to pay to the purchaser, with respect to each Mortgage
         Loan or property acquired in respect thereof that has been purchased
         pursuant to Section 2.02, 2.03 or 3.11, all amounts received thereon
         after the date of such purchase;

                  (vi) to reimburse such Servicer or the Depositor for expenses
         incurred by any of them and reimbursable pursuant to Section 6.03
         hereof;

                  (vii) to withdraw any amount deposited in such Collection
         Account and not required to be deposited therein;

                  (viii) on or prior to the Business Day immediately preceding
         each Distribution Date, to withdraw an amount equal to the Available
         Funds plus any related Expense Fees (other than the Servicing Fee) for
         such Distribution Date and any Prepayment Penalties received in respect
         of the Mortgage Loans, subject to the collection of funds included in
         the definition of "Available Funds" and remit such amount to the
         Trustee for deposit in the Certificate Account;

                  (ix) to deposit to the Simple Interest Excess Sub-Account any
         amount required to be deposited therein pursuant to Section 3.06(f);
         and

                  (x) to clear and terminate such Collection Account upon
         termination of this Agreement pursuant to Section 9.01 hereof.

                  Each Servicer shall keep and maintain separate accounting, on
a Mortgage Loan basis for the purpose of justifying any withdrawal from the
Collection Account pursuant to such subclauses (i), (ii), (iv) and (v). Prior to
making any withdrawal from a Collection Account pursuant to subclause (iii), the
related Servicer shall deliver to the Trustee a certificate of a Servicing
Officer indicating the amount of any previous Advance determined by such
Servicer to be a Nonrecoverable Advance and identifying the related Mortgage
Loans(s), and their respective portions of such Nonrecoverable Advance.

                  The Trustee shall withdraw funds from the Certificate Account
for distributions to Certificateholders and the Credit Risk Manager, if
applicable, in the manner specified in this Agreement (and to withhold from the
amounts so withdrawn, the amount of any taxes that it is authorized to withhold
pursuant to the last paragraph of Section 8.11). In addition, the Trustee may
from time to time make withdrawals from the Certificate Account for the
following purposes:

                  (i) to pay to itself the Trustee Fee and any investment income
         earned for the related Distribution Date;

                  (ii) to withdraw and return to the applicable Servicer for
         deposit to the Collection Account any amount deposited in the
         Certificate Account and not required to be deposited therein; and

                  (iii) to clear and terminate the Certificate Account upon
         termination of this Agreement pursuant to Section 9.01 hereof.

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                  SECTION 3.09              Maintenance of Hazard Insurance and
                                            Mortgage Impairment Insurance;
                                            Claims; Restoration of Mortgaged
                                            Property.

                  Each Servicer shall obtain and maintain a blanket policy
insuring against losses arising from fire and hazards covered under extended
coverage on all of the related Mortgage Loans, which policy shall provide
coverage in an amount equal to the amount at least equal to the lesser of (i)
the maximum insurable value of the improvements securing such Mortgage Loan and
(ii) the greater of (A) the outstanding principal balance of the Mortgage Loan
and (B) an amount such that the proceeds of such policy shall be sufficient to
prevent the Mortgagor and/or the mortgagee from becoming co-insurer. Any amounts
collected by a Servicer under any such policy relating to a Mortgage Loan shall
be deposited in the related Collection Account subject to withdrawal pursuant to
Section 3.08. Such policy may contain a deductible clause, in which case, in the
event that there shall not have been maintained on the related Mortgaged
Property a standard hazard insurance policy, and there shall have been a loss
which would have been covered by such policy, the related Servicer shall deposit
in the related Collection Account at the time of such loss the amount not
otherwise payable under the blanket policy because of such deductible clause,
such amount to be deposited from such Servicer's funds, without reimbursement
therefor. Upon request of the Trustee, a Servicer shall cause to be delivered to
the Trustee a certified true copy of such policy and a statement from the
insurer thereunder that such policy shall in no event be terminated or
materially modified without 30 days' prior written notice to the Trustee. In
connection with its activities as Servicer of the Mortgage Loans, each Servicer
agrees to present, on behalf of itself, the Depositor, and the Trustee for the
benefit of the Certificateholders, claims under any such blanket policy.

                  Pursuant to Section 3.05, any amounts collected by a Servicer
under any such policies (other than amounts to be deposited in the related
Escrow Account and applied to the restoration or repair of the related Mortgaged
Property, or property acquired in liquidation of the Mortgage Loan, or to be
released to the Mortgagor, in accordance with such Servicer's normal servicing
procedures) shall be deposited in the related Collection Account (subject to
withdrawal pursuant to Section 3.08).

                  A Servicer need not obtain the approval of the Trustee prior
to releasing any Insurance Proceeds to the Mortgagor to be applied to the
restoration or repair of the Mortgaged Property if such release is in accordance
with Accepted Servicing Practices. At a minimum, each Servicer shall comply with
the following conditions in connection with any such release of Insurance
Proceeds:

                  (i) such Servicer shall receive satisfactory independent
         verification of completion of repairs and issuance of any required
         approvals with respect thereto;

                  (ii) such Servicer shall take all steps necessary to preserve
         the priority of the lien of the Mortgage, including, but not limited to
         requiring waivers with respect to mechanics' and materialmen's liens;
         and

                  (iii) pending repairs or restoration, such Servicer shall
         place the Insurance Proceeds in the related Escrow Account.

                  If the Trustee is named as an additional loss payee, the
related Servicer is hereby empowered to endorse any loss draft issued in respect
of such a claim in the name of the Trustee.

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                  SECTION 3.10              Enforcement of Due-on-Sale Clauses;
                                            Assumption Agreements.

                  Each Servicer shall use its best efforts to enforce any
"due-on-sale" provision contained in any related Mortgage or Mortgage Note and
to deny assumption by the person to whom the Mortgaged Property has been or is
about to be sold whether by absolute conveyance or by contract of sale, and
whether or not the Mortgagor remains liable on the Mortgage and the Mortgage
Note. When the Mortgaged Property has been conveyed by the Mortgagor, the
related Servicer shall, to the extent it has knowledge of such conveyance,
exercise its rights to accelerate the maturity of such Mortgage Loan under the
"due-on-sale" clause applicable thereto, provided, however, that such Servicer
shall not exercise such rights if prohibited by law from doing so or if the
exercise of such rights would impair or threaten to impair any recovery under
the related Primary Insurance Policy, if any.

                  If a Servicer reasonably believes it is unable under
applicable law to enforce such "due-on-sale" clause, such Servicer shall enter
into (i) an assumption and modification agreement with the person to whom such
property has been conveyed, pursuant to which such person becomes liable under
the Mortgage Note and the original Mortgagor remains liable thereon or (ii) in
the event such Servicer is unable under applicable law to require that the
original Mortgagor remain liable under the Mortgage Note and such Servicer has
the prior consent of the primary mortgage guaranty insurer, a substitution of
liability agreement with the purchaser of the Mortgaged Property pursuant to
which the original Mortgagor is released from liability and the purchaser of the
Mortgaged Property is substituted as Mortgagor and becomes liable under the
Mortgage Note. Notwithstanding the foregoing, a Servicer shall not be deemed to
be in default under this Section by reason of any transfer or assumption which
such Servicer reasonably believes it is restricted by law from preventing, for
any reason whatsoever. In connection with any such assumption, no material term
of the Mortgage Note, including without limitation, the Mortgage Rate borne by
the related Mortgage Note, the term of the Mortgage Loan or the outstanding
principal amount of the Mortgage Loan shall be changed.

                  Subject to each Servicer's duty to enforce any due-on-sale
clause to the extent set forth in this Section 3.10, in any case in which a
Mortgaged Property has been conveyed to a Person by a Mortgagor, and such Person
is to enter into an assumption agreement or modification agreement or supplement
to the Mortgage Note or Mortgage that 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, such Servicer shall prepare and
deliver or cause to be prepared and delivered to the Trustee for signature and
shall direct, in writing, the Trustee to execute 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.
In connection with any such assumption, no material term of the Mortgage Note
may be changed. Together with each such substitution, assumption or other
agreement or instrument delivered to the Trustee for execution by it, the
related Servicer shall deliver an Officer's Certificate signed by a Servicing
Officer stating that the requirements of this Section 3.10 have been met in
connection therewith. The related Servicer shall notify the Trustee that any
such substitution or assumption agreement has been

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completed by forwarding to the Trustee the original of such substitution or
assumption agreement, which in the case of the original shall be added to the
related Mortgage File and shall, for all purposes, be considered a part of such
Mortgage File to the same extent as all other documents and instruments
constituting a part thereof. Any fee collected by a Servicer for entering into
an assumption or substitution of liability agreement will be retained by such
Servicer as additional servicing compensation.

                  SECTION 3.11              Realization Upon Defaulted Mortgage
                                            Loans; Repurchase of Certain
                                            Mortgage Loans.

                  (a) Each Servicer shall use reasonable efforts to foreclose
upon or otherwise comparably convert the ownership of properties securing such
of the related Mortgage Loans as come into and continue in default and as to
which no satisfactory arrangements can be made for collection of delinquent
payments. With respect to such of the Mortgage Loans as come into and continue
in default, each Servicer will decide whether to (i) foreclose upon the
Mortgaged Properties securing such Mortgage Loans, (ii) write off the unpaid
principal balance of the Mortgage Loans as bad debt, (iii) take a deed in lieu
of foreclosure, (iv) accept a short sale (a payoff of the Mortgage Loan for an
amount less than the total amount contractually owed in order to facilitate a
sale of the Mortgaged Property by the Mortgagor) or permit a short refinancing
(a payoff of the Mortgage Loan for an amount less than the total amount
contractually owed in order to facilitate refinancing transactions by the
Mortgagor not involving a sale of the Mortgaged Property), (v) arrange for a
repayment plan, or (vi) agree to a modification in accordance with this
Agreement. In connection with such decision, the related Servicer shall take
such action as (i) such Servicer would take under similar circumstances with
respect to a similar mortgage loan held for its own account for investment, (ii)
shall be consistent with Accepted Servicing Practices, (iii) such Servicer shall
determine consistently with Accepted Servicing Practices to be in the best
interest of the Trustee and Certificateholders, and (iv) is consistent with the
requirements of the insurer under any Required Insurance Policy; provided,
however, that such Servicer shall not be required to expend its own funds in
connection with any foreclosure 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 related Mortgage Loan after
reimbursement to itself of such expenses and (ii) that such expenses will be
recoverable to it through Liquidation Proceeds (respecting which it shall have
priority for purposes of withdrawals from the related Collection Account). The
related Servicer shall be responsible for all other costs and expenses incurred
by it in any such proceedings; provided, however, that it shall be entitled to
reimbursement thereof from the liquidation proceeds with respect to the related
Mortgaged Property, as provided in the definition of Liquidation Proceeds and as
provided in Section 3.08(iv)(A).

                  Notwithstanding the foregoing, as to any Mortgage Loan that
becomes 180 days delinquent, the related Servicer will determine (or will have
previously determined) whether any net recovery is possible through continued
collection efforts, foreclosure proceedings or other liquidation of the related
Mortgaged Property. If the related Servicer determines that no such recovery is
possible, it will be obligated to charge off the related Mortgage Loan. Any
Mortgage Loan that is charged off will be released to the Class X-2
Certificateholders, and those Holders will be entitled to any amounts
subsequently received in respect of any charged off Mortgage Loans. The Majority
in Interest Class X-2 Certificateholder may designate any servicer to service
any such charged off

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Mortgage Loan. If the related Servicer decides to make Advances or Servicing
Advances on a Mortgage Loan that becomes 180 days delinquent, that Servicer will
notify the Credit Risk Manager of that decision.

                  Notwithstanding anything to the contrary contained in this
Agreement, in connection with the preceding paragraph, with respect to any
Mortgage Loan that is one hundred twenty (120) days delinquent, the related
Servicer shall obtain a broker's price opinion with respect to the related
Mortgaged Property, the cost of obtaining any such broker's price opinion to be
reimbursable to the related Servicer as a Servicing Advance pursuant to Section
3.08(iii) or (iv). After obtaining the related broker's price opinion, the
related Servicer will determine whether any net recovery is possible through
foreclosure proceedings or other liquidation of the related Mortgaged Property,
and then either:

                           (A) if the related Servicer determines that no such
                  recovery is possible, it may, at its discretion, charge off
                  such delinquent Mortgage Loan in accordance with the preceding
                  paragraph and, prior to obtaining the broker's price opinion
                  described above and thereafter except as described in clause
                  (B) below, Ocwen shall have absolutely no obligation to
                  perform loss mitigation or default management services (other
                  than its standard collection activities) with respect to any
                  such Mortgage Loan, provided, however, that Ocwen shall be
                  entitled to receive its Servicing Fee with respect to such
                  Mortgage Loan through the 120th day of delinquency; or

                           (B) if Ocwen determines that a net recovery is
                  possible through foreclosure proceedings or other liquidation
                  of the related Mortgaged Property, then Ocwen shall special
                  service the related Mortgage Loan and shall receive as
                  servicing compensation (i) $100 per month from the date on
                  which Ocwen begins to special service such Mortgage Loan
                  through foreclosure or liquidation and (ii) $135 per month for
                  the period during which Ocwen is special servicing the related
                  REO Property, provided that, if Ocwen acts as special servicer
                  with respect to a Mortgage Loan pursuant this clause (B),
                  Ocwen shall receive such compensation in lieu of their
                  Servicing Fee pursuant to clause (A) above.

                  Notwithstanding anything to the contrary contained in this
Agreement, in connection with a foreclosure or acceptance of a deed in lieu of
foreclosure, in the event the related Servicer has reasonable cause to believe
that a Mortgaged Property is contaminated by hazardous or toxic substances or
wastes, or if the Trustee otherwise requests, an environmental inspection or
review of such Mortgaged Property conducted by a qualified inspector shall be
arranged for by such Servicer. Upon completion of the inspection, the related
Servicer shall promptly provide the Trustee with a written report of
environmental inspection.

                  In the event the environmental inspection report indicates
that the Mortgaged Property is contaminated by hazardous or toxic substances or
wastes, the related Servicer shall not proceed with foreclosure or acceptance of
a deed in lieu of foreclosure if the estimated costs of the environmental clean
up, as estimated in the environmental inspection report, together with the
Servicing Advances made by such Servicer and the estimated costs of foreclosure
or acceptance of a deed in lieu of foreclosure exceeds the estimated value of
the Mortgaged Property. If however, the

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aggregate of such clean up and foreclosure costs and Servicing Advances are less
than or equal to the estimated value of the Mortgaged Property, then the related
Servicer may, in its reasonable judgment and in accordance with Accepted
Servicing Practices, choose to proceed with foreclosure or acceptance of a deed
in lieu of foreclosure and such Servicer shall be reimbursed for all reasonable
costs associated with such foreclosure or acceptance of a deed in lieu of
foreclosure and any related environmental clean up costs, as applicable, from
the related Liquidation Proceeds, or if the Liquidation Proceeds are
insufficient to fully reimburse such Servicer, such Servicer shall be entitled
to be reimbursed from amounts in the related Collection Account pursuant to
Section 3.08 hereof. In the event the related Servicer does not proceed with
foreclosure or acceptance of a deed in lieu of foreclosure pursuant to the first
sentence of this paragraph, such Servicer shall be reimbursed for all Servicing
Advances made with respect to the related Mortgaged Property from the related
Collection Account pursuant to Section 3.08 hereof, and such Servicer shall have
no further obligation to service such Mortgage Loan under the provisions of this
Agreement.

                  (b) With respect to any REO Property, the deed or certificate
of sale shall be taken in the name of the Trustee for the benefit of the
Certificateholders, or its nominee, on behalf of the Certificateholders. The
Trustee's name shall be placed on the title to such REO Property solely as the
Trustee hereunder and not in its individual capacity. The related Servicer shall
ensure that the title to such REO Property references this Agreement and the
Trustee's capacity hereunder. Pursuant to its efforts to sell such REO Property,
the related Servicer shall in accordance with Accepted Servicing Practices
manage, conserve, protect and operate each REO Property for the purpose of its
prompt disposition and sale. The related Servicer, either itself or through an
agent selected by such Servicer, shall manage, conserve, protect and operate the
REO Property in the same manner that it manages, conserves, protects and
operates other foreclosed property for its own account, and in the same manner
that similar property in the same locality as the REO Property is managed. The
related Servicer shall furnish to the Trustee on or before each Distribution
Date a statement with respect to any REO Property covering the operation of such
REO Property for the previous calendar month and such Servicer's efforts in
connection with the sale of such REO Property and any rental of such REO
Property incidental to the sale thereof for the previous calendar month. That
statement shall be accompanied by such other information as the Trustee shall
reasonably request and which is necessary to enable the Trustee to comply with
the reporting requirements of the REMIC Provisions. The net monthly rental
income, if any, from such REO Property shall be deposited in the related
Collection Account no later than the close of business on each Determination
Date. The related Servicer shall perform the tax reporting and withholding
required by Sections 1445 and 6050J of the Code with respect to foreclosures and
abandonments, the tax reporting required by Section 6050H of the Code with
respect to the receipt of mortgage interest from individuals and any tax
reporting required by Section 6050P of the Code with respect to the cancellation
of indebtedness by certain financial entities, by preparing such tax and
information returns as may be required, in the form required, and delivering the
same to the Trustee for filing.

                  To the extent consistent with Accepted Servicing Practices,
the related Servicer shall also maintain on each REO Property fire and hazard
insurance with extended coverage in amount which is equal to the outstanding
principal balance of the related Mortgage Loan (as reduced by any amount applied
as a reduction of principal at the time of acquisition of the REO Property),
liability insurance and, to the extent required and available under the Flood
Disaster Protection Act of 1973, as amended, flood insurance in the amount
required above.

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                  (c) In the event that the Trust Fund acquires any Mortgaged
Property as aforesaid or otherwise in connection with a default or imminent
default on a Mortgage Loan, the related Servicer shall dispose of such Mortgaged
Property prior to three years after the end of the calendar year of its
acquisition by the Trust Fund unless (i) the Trustee shall have been supplied
with an Opinion of Counsel to the effect that the holding by the Trust Fund of
such Mortgaged Property subsequent to such three-year period will not result in
the imposition of taxes on "prohibited transactions" of any REMIC hereunder as
defined in section 860F of the Code or cause any REMIC hereunder to fail to
qualify as a REMIC at any time that any Certificates are outstanding, in which
case the Trust Fund may continue to hold such Mortgaged Property (subject to any
conditions contained in such Opinion of Counsel) or (ii) the applicable Servicer
shall have applied for, prior to the expiration of such three-year period, an
extension of such three-year period in the manner contemplated by Section
856(e)(3) of the Code, in which case the three-year period shall be extended by
the applicable extension period. Notwithstanding any other provision of this
Agreement, no Mortgaged Property acquired by the Trust Fund shall be rented (or
allowed to continue to be rented) or otherwise used for the production of income
by or on behalf of the Trust Fund in such a manner or pursuant to any terms that
would (i) cause such Mortgaged Property to fail to qualify as "foreclosure
property" within the meaning of section 860G(a)(8) of the Code or (ii) subject
any REMIC hereunder to the imposition of any federal, state or local income
taxes on the income earned from such Mortgaged Property under Section 860G(c) of
the Code or otherwise, unless the related Servicer has agreed to indemnify and
hold harmless the Trust Fund with respect to the imposition of any such taxes.

                  In the event of a default on a Mortgage Loan one or more of
whose obligor is not a United States Person, as that term is defined in Section
7701(a)(30) of the Code, in connection with any foreclosure or acquisition of a
deed in lieu of foreclosure (together, "foreclosure") in respect of such
Mortgage Loan, the related 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 the Mortgage Loan.

                  (d) The decision of a Servicer to foreclose on a defaulted
Mortgage Loan shall be subject to a determination by such Servicer that the
proceeds of such foreclosure would exceed the costs and expenses of bringing
such a proceeding. The income earned from the management of any REO Properties,
net of reimbursement to such Servicer for expenses incurred (including any
property or other taxes) in connection with such management and net of
applicable accrued and unpaid Servicing Fees, and unreimbursed Advances and
Servicing Advances, shall be applied to the payment of principal of and interest
on the related defaulted Mortgage Loans (with interest accruing as though such
Mortgage Loans were still current) and all such income shall be deemed, for all
purposes in this Agreement, to be payments on account of principal and interest
on the related Mortgage Notes and shall be deposited into the related Collection
Account. To the extent the net income received during any calendar month is in
excess of the amount attributable to amortizing principal and accrued interest
at the related Mortgage Rate on the related Mortgage Loan for such calendar
month, such excess shall be considered to be a partial prepayment of principal
of the related Mortgage Loan.

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                  No Servicer shall acquire any Mortgaged Property on behalf of
any REMIC created hereunder in connection with a default or imminent default on
a Foreclosure Restricted Loan, if acquiring title to the Mortgaged Property
underlying the loan would cause the adjusted basis, for federal income tax
purposes, of these Mortgaged Properties owned by the related REMIC after
foreclosure, along with any other assets owned by the related REMIC other than
"qualified mortgages" and "permitted investments" within the meaning of Section
860G of the Code, to exceed 0.75% of the adjusted basis of the assets of the
related REMIC. If the adjusted basis of such Mortgaged Properties in
foreclosure, along with any other assets owned by the related REMIC, other than
"qualified mortgages" and "permitted investments" with the meaning of Section
860G of the Code, exceed 1.0% of the adjusted basis of the assets of the related
REMIC immediately after the distribution of principal and interest on any
Distribution Date, the applicable Servicer will dispose of enough of such
Mortgaged Properties in foreclosure, for cash or otherwise, so that the adjusted
basis of such Mortgaged Properties in foreclosure, along with any other assets
owned by the related REMIC, other than "qualified mortgages" and "permitted
investments" within the meaning of Section 860G of the Code, will be less than
1.0% of the adjusted basis of the assets of the related REMIC. Each Servicer
will provide notice to the other Servicer of any Foreclosure Restricted Loan in
order for the Servicers to make the determinations set forth in this clause (d).

                  (e) The proceeds from any liquidation of a Mortgage Loan, as
well as any income from an REO Property, will be applied in the following order
of priority: first, to reimburse the related Servicer for any related
unreimbursed Servicing Advances and Servicing Fees; second, to reimburse such
Servicer for any unreimbursed Advances; third, to reimburse the related
Collection Account for any Nonrecoverable Advances (or portions thereof) that
were previously withdrawn by such Servicer pursuant to Section 3.08(iii) that
related to such Mortgage Loan; fourth, to accrued and unpaid interest (to the
extent no Advance has been made for such amount or any such Advance has been
reimbursed) on the Mortgage Loan or related REO Property, at the per annum rate
equal to the related Mortgage Rate reduced by the related Servicing Fee Rate, to
the Due Date occurring in the month in which such amounts are required to be
distributed; and fifth, as a recovery of principal of the Mortgage Loan. Excess
Proceeds, if any, from the liquidation of a Liquidated Mortgage Loan will be
retained by the related Servicer as additional servicing compensation pursuant
to Section 3.14.

                  (f)      [reserved].

                  (g) The Majority in Interest Class X-2 Certificateholder, at
its option, may (but is not obligated to) repurchase from the Trust Fund, (a)
any related Mortgage Loan that is delinquent in payment by three or more
Scheduled Payments or (b) any related Mortgage Loan with respect to which there
has been initiated legal action or other proceedings for the foreclosure of the
related Mortgaged Property either judicially or non-judicially. If it elects to
make any such repurchase, the Majority in Interest Class X-2 Certificateholder
shall repurchase such Mortgage Loan with its own funds at a price equal to the
Repurchase Price for such Mortgage Loan. The Majority in Interest Class X-2
Certificateholder may designate any servicer to service any such Mortgage Loan
purchased from the Trust. In the event that the Majority in Interest Class X-2
Certificateholder does not purchase any such Mortgage Loan from the Trust, then
the Majority in Interest Class X-1 Certificateholder may appoint a special
servicer to service any such Mortgage Loan.

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                  SECTION 3.12              Trustee to Cooperate; Release of
                                            Mortgage Files.

                  Upon the payment in full of any Mortgage Loan, or the receipt
by a Servicer of a notification that payment in full will be escrowed in a
manner customary for such purposes, such Servicer will immediately notify the
Trustee (or the related Custodian, as the case may be) by delivering, or causing
to be delivered a "Request for Release" substantially in the form of Exhibit M.
Upon receipt of such request, the Trustee (or the related Custodian, as the case
may be) shall within three Business Days release the related Mortgage File to
the related Servicer, and the Trustee shall within three Business Days of such
Servicer's direction execute and deliver to such Servicer the request for
reconveyance, deed of reconveyance or release or satisfaction of mortgage or
such instrument releasing the lien of the Mortgage in each case provided by such
Servicer, together with the Mortgage Note with written evidence of cancellation
thereon. Each Servicer is authorized to cause the removal from the registration
on the MERS(R) System of such Mortgage, if applicable, 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. Expenses incurred in connection with any instrument of satisfaction or
deed of reconveyance shall be chargeable to the related Mortgagor to the extent
permitted by law and otherwise shall constitute a Servicing Advance. From time
to time and as shall be appropriate for the servicing or foreclosure of any
Mortgage Loan, including for such purpose, collection under any policy of flood
insurance, any fidelity bond or errors or omissions policy, or for the purposes
of effecting a partial release of any Mortgaged Property from the lien of the
Mortgage or the making of any corrections to the Mortgage Note or the Mortgage
or any of the other documents included in the Mortgage File, the Trustee shall,
within three Business Days of delivery to the Trustee (or the related Custodian,
as the case may be) of a Request for Release in the form of Exhibit M signed by
a Servicing Officer, release the Mortgage File to the related Servicer. Subject
to the further limitations set forth below, the related Servicer shall cause the
Mortgage File or documents so released to be returned to the Trustee (or the
related Custodian, as the case may be) when the need therefor by such Servicer
no longer exists, unless the Mortgage Loan is liquidated and the proceeds
thereof are deposited in the related Collection Account, in which case such
Servicer shall deliver to the Trustee (or the related Custodian, as the case may
be) a Request for Release in the form of Exhibit M, signed by a Servicing
Officer.

                  If a Servicer at any time seeks to initiate a foreclosure
proceeding in respect of any Mortgaged Property as authorized by this Agreement,
such Servicer shall deliver or cause to be delivered to the Trustee, for
signature, as appropriate, any court pleadings, requests for trustee's sale or
other documents necessary to effectuate such foreclosure or any legal action
brought to obtain judgment against the Mortgagor on the Mortgage Note or the
Mortgage or to obtain a deficiency judgment or to enforce any other remedies or
rights provided by the Mortgage Note or the Mortgage or otherwise available at
law or in equity.

                  SECTION 3.13              Documents, Records and Funds in
                                            Possession of a Servicer to be Held
                                            for the Trustee.

                  Notwithstanding any other provisions of this Agreement, each
Servicer shall transmit to the Trustee as required by this Agreement all
documents and instruments in respect of a Mortgage Loan coming into the
possession of the related Servicer from time to time required to be delivered to
the Trustee pursuant to the terms hereof and shall account fully to the Trustee
for any funds

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received by such Servicer or which otherwise are collected by such Servicer as
Liquidation Proceeds or Insurance Proceeds in respect of any Mortgage Loan. All
Mortgage Files and funds collected or held by, or under the control of, a
Servicer in respect of any Mortgage Loans, whether from the collection of
principal and interest payments or from Liquidation Proceeds, including but not
limited to, any funds on deposit in a Collection Account, shall be held by the
related Servicer for and on behalf of the Trustee and shall be and remain the
sole and exclusive property of the Trustee, subject to the applicable provisions
of this Agreement. Each Servicer also agrees that it shall not create, incur or
subject any Mortgage File or any funds that are deposited in the related
Collection Account, Certificate Account or any related Escrow Account, or any
funds that otherwise are or may become due or payable to the Trustee for the
benefit of the Certificateholders, to any claim, lien, security interest,
judgment, levy, writ of attachment or other encumbrance, or assert by legal
action or otherwise any claim or right of setoff against any Mortgage File or
any funds collected on, or in connection with, a Mortgage Loan, except, however,
that such Servicer shall be entitled to set off against and deduct from any such
funds any amounts that are properly due and payable to such Servicer under this
Agreement.

                  SECTION 3.14              Servicing Fee.

                  As compensation for its services hereunder, each Servicer
shall be entitled to withdraw from the Collection Account or to retain from
interest payments on the related Mortgage Loans the amount of its Servicing Fee
for each Mortgage Loan, less any amounts in respect of its Servicing Fee payable
by such Servicer pursuant to Section 3.05(b)(vi). The Servicing Fee is limited
to, and payable solely from, the interest portion of such Scheduled Payments
collected by the related Servicer or as otherwise provided in Section 3.08.

                  Additional servicing compensation in the form of Ancillary
Income shall be retained by the related Servicer. Each Servicer shall be
required to pay all expenses incurred by it in connection with its servicing
activities hereunder (including the payment of any expenses incurred in
connection with any Subservicing Agreement entered into pursuant to Section
3.02) and shall not be entitled to reimbursement thereof except as specifically
provided for in this Agreement.

                  SECTION 3.15              Access to Certain Documentation.

                  Each Servicer shall provide to the OTS and the FDIC and to
comparable regulatory authorities supervising Holders of Subordinate
Certificates and the examiners and supervisory agents of the OTS, the FDIC and
such other authorities, access to the documentation regarding the related
Mortgage Loans required by applicable regulations of the OTS and the FDIC. Such
access shall be afforded without charge, but only upon reasonable and prior
written request and during normal business hours at the offices designated by
such Servicer. Nothing in this Section shall limit the obligation of any
Servicer to observe any applicable law prohibiting disclosure of information
regarding the Mortgagors and the failure of such Servicer to provide access as
provided in this Section as a result of such obligation shall not constitute a
breach of this Section. Nothing in this Section 3.15 shall require any Servicer
to collect, create, collate or otherwise generate any information that it does
not generate in its usual course of business.

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                  SECTION 3.16              Annual Statement as to Compliance.

                  Each Servicer shall deliver to the Depositor, the Rating
Agencies and the Trustee on or before 120 days after the end of such Servicer's
fiscal year, commencing after its 2002 fiscal year, an Officer's Certificate
stating, as to the signer thereof, that (i) a review of the activities of such
Servicer during the preceding calendar year and of the performance of such
Servicer under this Agreement has been made under such officer's supervision,
and (ii) to the best of such officer's knowledge, based on such review, such
Servicer has materially fulfilled all its obligations under this Agreement
throughout such year, or, if there has been a material default in the
fulfillment of any such obligation, specifying each such default known to such
officer and the nature and status thereof and the action being taken by such
Servicer to cure such default.

                  SECTION 3.17              Annual Independent Public
                                            Accountants' Servicing Statement;
                                            Financial Statements.

                  On or before 120 days after the end of each Servicer's fiscal
year, commencing after its 2002 fiscal year, each Servicer at its expense shall
cause a nationally or regionally recognized firm of independent public
accountants (who may also render other services to such Servicer, the Seller or
any affiliate thereof) which is a member of the American Institute of Certified
Public Accountants to furnish a statement to the Trustee and the Depositor to
the effect that such firm has examined certain documents and records relating to
the servicing of mortgage loans which such Servicer is servicing, including the
related Mortgage Loans, and that, on the basis of such examination, conducted
substantially in compliance with the Uniform Single Attestation Program for
Mortgage Bankers or the Audit Guide for HUD Approved Title II Approved
Mortgagees and Loan Correspondent Programs, nothing has come to their attention
which would indicate that such servicing has not been conducted in compliance
with Accepted Servicing Practices, except for (a) such exceptions as such firm
shall believe to be immaterial, and (b) such other exceptions as shall be set
forth in such statement. In rendering such statement, such firm may rely, as to
matters relating to direct servicing of mortgage loans by Subservicers, upon
comparable statements for examinations conducted substantially in compliance
with the Uniform Single Attestation Program for Mortgage Bankers or the Audit
Guide for HUD Approved Title II Approved Mortgagees and Loan Correspondent
Programs (rendered within one year of such statement) of independent public
accountants with respect to the related Subservicer. Copies of such statement
shall be provided by the Trustee to any Certificateholder upon request at the
related Servicer's expense, provided such statement is delivered by such
Servicer to the Trustee.

                  SECTION 3.18              Maintenance of Fidelity Bond and
                                            Errors and Omissions Insurance.

                  Each Servicer shall maintain with responsible companies, at
its own expense, a blanket Fidelity Bond and an Errors and Omissions Insurance
Policy, with broad coverage on all officers, employees or other persons acting
in any capacity requiring such persons to handle funds, money, documents or
papers relating to the related Mortgage Loans ("Servicer Employees"). Any such
Fidelity Bond and Errors and Omissions Insurance Policy shall be in the form of
the Financial Institution Bond Form 24 - Fidelity Bond American International
Specialty Lines Insurance Policy Form ("43350 12/90") Mortgage Banker Broker E&O
and shall protect and insure the related

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Servicer against losses, including forgery, theft, embezzlement, fraud, errors
and omissions and negligent acts of the Servicer Employees. Such Fidelity Bond
and Errors and Omissions Insurance Policy also shall protect and insure each
Servicer against losses in connection with the release or satisfaction of a
related Mortgage Loan without having obtained payment in full of the
indebtedness secured thereby. No provision of this Section 3.18 requiring such
Fidelity Bond and Errors and Omissions Insurance Policy shall diminish or
relieve a Servicer from its duties and obligations as set forth in this
Agreement. The minimum coverage under any such bond and insurance policy shall
be at least equal to the corresponding amounts required by Fannie Mae. Upon the
request of the Trustee, the related Servicer shall cause to be delivered to the
Trustee a certificate of insurance of the insurer and the surety including a
statement from the surety and the insurer that such fidelity bond and insurance
policy shall in no event be terminated or materially modified without 30 days'
prior written notice to the Trustee.

                  SECTION 3.19              Duties of the Credit Risk Manager.

                  The Depositor appoints The Murrayhill Company as Credit Risk
Manager. For and on behalf of the Depositor, and the Trustee, the Credit Risk
Manager will provide reports and recommendations concerning Mortgage Loans that
are past due, as to which there has been commencement of foreclosure, as to
which there has been forbearance in exercise of remedies which are in default,
as to which obligor is the subject of bankruptcy, receivership, or an
arrangement of creditors, or as to which have become REO Properties. Such
reports and recommendations will be based upon information provided to the
Credit Risk Manager pursuant to the Credit Risk Management Agreement and the
Credit Risk Manager shall look solely to the related Servicer for all
information and data (including loss and delinquency information and data) and
loan level information and data relating to the servicing of the Mortgage Loans.
If the Credit Risk Manager is no longer able to perform its duties hereunder,
the Depositor shall terminate the Credit Risk Manager and cause the appointment
of a successor Credit Risk Manager. Upon any termination of the Credit Risk
Manager or the appointment of a successor Credit Risk Manager, the Depositor
shall give written notice thereof to the Seller, the Servicers, the Trustee and
each Rating Agency. Notwithstanding the foregoing, the termination of the Credit
Risk Manager pursuant to this Section 3.19 shall not become effective until the
appointment of a successor Credit Risk Manager.

                  SECTION 3.20              Limitation Upon Liability of the
                                            Credit Risk Manager.

                  Neither the Credit Risk Manager, nor any of the directors,
officers, employees or agents of the Credit Risk Manager, shall be under any
liability to the Trustee, the Certificateholders or the Depositor for any action
taken or for refraining from the taking of any action in good faith pursuant to
this Agreement, in reliance upon information provided by a Servicer under the
Credit Risk Management Agreements or of errors in judgment; provided, however,
that this provision shall not protect the Credit Risk Manager or any such person
against liability that would otherwise be imposed by reason of willful
malfeasance, bad faith or gross negligence in its performance of its duties
under this Agreement or the Credit Risk Manager Agreements. The Credit Risk
Manager and any director, officer, employee or agent of the Credit Risk Manager
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, and may
rely in good faith upon the accuracy of information furnished by

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any Servicer pursuant to the Credit Risk Management Agreements in the
performance of its duties thereunder and hereunder.

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                                   ARTICLE IV

                                DISTRIBUTIONS AND
                            ADVANCES BY THE SERVICERS

                  SECTION 4.01              Advances by the Servicers.

                  Each Servicer shall deposit in a Collection Account an amount
equal to (i) with respect to the Mortgage Loans other than the Simple Interest
Mortgage Loans, all Scheduled Payments (with interest at the Mortgage Rate less
the Servicing Fee Rate) which were due on the related Mortgage Loans during the
applicable Due Period and (ii) with respect to the Simple Interest Mortgage
Loans, 30 day's interest on each such Mortgage Loan, less the Servicing Fee;
provided however, that with respect to any Balloon Loan that is delinquent on
its maturity date, the related Servicer will not be required to advance the
related balloon payment but will be required to continue to make Advances in
accordance with this Section 4.01 with respect to such Balloon Loan in an amount
equal to an assumed scheduled payment that would otherwise be due based on the
original amortization schedule for that Mortgage Loan (with interest at the
Mortgage Rate less the Servicing Fee Rate). Each Servicer's obligation to make
such Advances as to any related Mortgage Loan will continue through the last
Scheduled Payment due prior to the payment in full of such Mortgage Loan, or
through the date that the related Mortgaged Property has, in the judgment of
such Servicer, been completely liquidated.

                  Each Servicer shall be obligated to make Advances in
accordance with the provisions of this Agreement; provided however, that such
obligation with respect to any related Mortgage Loan shall cease if such
Servicer determines, in its reasonable opinion, that Advances with respect to
such Mortgage Loan are Nonrecoverable Advances; provided that the related
Servicer will be required to make Advances until the earlier of (i) the time at
which the related Mortgage Loan becomes 120 days delinquent or (ii) the time at
which the related Servicer determines that such Advances with respect to such
Mortgage Loan are Nonrecoverable Advances. In the event that such Servicer
determines that any such Advances are Nonrecoverable Advances, such Servicer
shall provide the Trustee with a certificate signed by a Servicing Officer
evidencing such determination.

                  If an Advance is required to be made hereunder, the related
Servicer shall on the second Business Day immediately preceding the Distribution
Date immediately following the related Determination Date either (i) deposit in
the related Collection Account from its own funds an amount equal to such
Advance, (ii) cause to be made an appropriate entry in the records of the
Collection Account that funds in such account being held for future distribution
or withdrawal have been, as permitted by this Section 4.01, used by the related
Servicer to make such Advance or (iii) make Advances in the form of any
combination of clauses (i) and (ii) aggregating the amount of such Advance. Any
such funds being held in a Collection Account for future distribution and so
used shall be replaced by the related Servicer from its own funds by deposit in
such Collection Account on or before any future Distribution Date in which such
funds would be due.

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                  SECTION 4.02              Priorities of Distribution.

                  (a) On each Distribution Date, prior to making distributions
to the holders of the Certificates, the Trustee first, shall pay itself the
Trustee's Fee for such Distribution Date, and second, shall pay the Credit Risk
Manager the Credit Risk Manager Fee.

                  (b) With respect to the Available Funds, on each Distribution
Date, the Trustee shall withdraw such Available Funds from the Certificate
Account and based on the information provided to it by the Servicers, apply such
funds to distributions on the Certificates in the following order and priority
and, in each case, to the extent of such Available Funds remaining:

                  (i) On each Distribution Date, the Trustee shall distribute
         the Interest Remittance Amount for such date in the following order of
         priority:

                  A.       to FSA, the FSA Premium for such Distribution Date;

                  B.       to the Senior Certificates, pro rata, Current
                           Interest and any Carryforward Interest, as
                           applicable, for each such Class and such Distribution
                           Date;

                  C.       to FSA, any FSA Reimbursement Amount;

                  D.       to the Class M-1 Certificates, Current Interest and
                           any Carryforward Interest for such Class and such
                           Distribution Date;

                  E.       to the Class M-2 Certificates, Current Interest and
                           any Carryforward Interest for such Class and such
                           Distribution Date;

                  F.       to the Class BA Certificates and Class BF
                           Certificates, pro rata, Current Interest and any
                           Carryforward Interest for each such Class and such
                           Distribution Date;

                  G.       On the Distribution Dates occurring in March 2002,
                           April 2002 and May 2002, to the Depositor an amount
                           equal to the amount received during the related Due
                           Period which constitutes Subsequent Mortgage Loan
                           Interest.

                  H.       for application as part of Monthly Excess Cashflow
                           for such Distribution Date as provided in clause (iv)
                           of this Section 4.02(b), any Interest Remittance
                           Amount remaining after application pursuant to
                           clauses A. through G. above.

                  (ii) On each Distribution Date (a) prior to the Stepdown Date
         or (b) with respect to which a Trigger Event has occurred, the Trustee
         shall distribute the Principal Payment Amount for such date in the
         following order of priority:

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                  A.       commencing on the Distribution Date in April 2007 or
                           thereafter, to the Class P Certificates, until the
                           Class Principal Balance of such class has been
                           reduced to zero;

                  B.       first to the Class A-R Certificates, until the Class
                           Principal Balance thereof is reduced to zero, and
                           then to the Loan Group 1 Senior Certificates and the
                           Loan Group 2 Senior Certificates, until the aggregate
                           Class Principal Balance thereof has been reduced to
                           zero, allocated as follows: concurrently in the
                           manner described below in Section 4.02(c), (1)
                           sequentially, to the Class A-1 and Class A-3
                           Certificates, in each case until the Class Principal
                           Balance of each such Class has been reduced to zero,
                           and (2) concurrently on a pro rata basis, based on
                           their respective Class Principal Balances, to the
                           Class A-2, Class A-4 and Class A-5 Certificates,
                           until the Class Principal Balances thereof have been
                           reduced to zero;

                  C.       to FSA, any FSA Reimbursement Amount, to the extent
                           not otherwise paid pursuant to Section 4.02(b)(i);

                  D.       to the Class M-1 Certificates, until the Class
                           Principal Balance of such Class has been reduced to
                           zero;

                  E.       to the Class M-2 Certificates, until the Class
                           Principal Balance of such Class has been reduced to
                           zero;

                  F.       to the Class BA Certificates and Class BF
                           Certificates, concurrently on a pro rata basis, until
                           the Class Principal Balance of each such Class has
                           been reduced to zero;

                  G.       for application as part of Monthly Excess Cashflow
                           for such Distribution Date, as provided in clause
                           (iv) of this Section 4.02(b), any Principal Payment
                           Amount remaining after application pursuant to
                           clauses A. through F. above.

                  (iii) On each Distribution Date (a) on or after the Stepdown
         Date and (b) with respect to which a Trigger Event has not occurred,
         the Trustee shall distribute the Principal Payment Amount for such date
         in the following order of priority:

                  A.       commencing on the Distribution Date in April 2007 or
                           thereafter, to the Class P Certificates, until the
                           Class Principal Balance of such class has been
                           reduced to zero;

                  B.       to the Loan Group 1 Senior Certificates and the Loan
                           Group 2 Senior Certificates, the Senior Principal
                           Payment Amount for such Distribution Date, allocated
                           as follows: concurrently in the manner described
                           below in Section 4.02(c), (1) sequentially, to the
                           Class A-1 and Class A-3 Certificates, in each case
                           until the Class Principal Balance of each such Class
                           has been reduced to zero, and (2) concurrently on a
                           pro rata basis, based on their

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                           respective Class Principal Balances, to the Class
                           A-2, Class A-4 and Class A- 5 Certificates, until the
                           Class Principal Balances thereof have been reduced to
                           zero;

                  C.       to FSA, any FSA Reimbursement Amount, to the extent
                           not otherwise paid pursuant to Section 4.02(b)(i) or
                           (ii);

                  D.       to the Class M-1 Certificates, the Class M-1
                           Principal Payment Amount for such Distribution Date,
                           until the Class Principal Balance of such Class has
                           been reduced to zero;

                  E.       to the Class M-2 Certificates, the Class M-2
                           Principal Payment Amount for such Distribution Date,
                           until the Class Principal Balance of such Class has
                           been reduced to zero;

                  F.       to the Class BA Certificates and Class BF
                           Certificates, concurrently on a pro rata basis, the
                           applicable Class B Principal Payment Amount for such
                           Distribution Date, until the Class Principal Balance
                           of such Class has been reduced to zero; and

                  G.       for application as part of Monthly Excess Cashflow
                           for such Distribution Date, as provided in clause
                           (iv) of this Section 4.02(b), any Principal Payment
                           Amount remaining after application pursuant to
                           clauses A. through F. above.

                  (iv) On each Distribution Date, the Trustee shall distribute
         the Monthly Excess Cashflow for such date in the following order of
         priority:

                  A.       (I) except for the first Distribution Date, until the
                           Overcollateralization Amount equals the Targeted
                           Overcollateralization Amount for such date, on each
                           Distribution Date (a) prior to the Stepdown Date or
                           (b) with respect to which a Trigger Event has
                           occurred, to the extent of Monthly Excess Interest
                           for such Distribution Date, to the Certificates, in
                           the following order of priority:

                           (aa)     first to the Class A-R and then to the Loan
                                    Group 1 Senior Certificates and the Loan
                                    Group 2 Senior Certificates, until the
                                    aggregate Class Principal Balance thereof
                                    has been reduced to zero, allocated as
                                    follows: concurrently in the manner
                                    described below in Section 4.02(c), (1)
                                    sequentially, to the Class A-1 and Class A-3
                                    Certificates, and (2) concurrently on a pro
                                    rata basis, based on their respective Class
                                    Principal Balances, to the Class A-2, Class
                                    A-4 and Class A-5 Certificates, until the
                                    Class Principal Balances thereof have been
                                    reduced to zero;

                           (bb)     to the Class M-1 Certificates, until the
                                    Class Principal Balance of such Class has
                                    been reduced to zero;

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                           (cc)     to the Class M-2 Certificates, until the
                                    Class Principal Balance of such Class has
                                    been reduced to zero; and

                           (dd)     to the Class BA Certificates and Class BF
                                    Certificates, concurrently on a pro rata
                                    basis, until the Class Principal Balance of
                                    each such Class has been reduced to zero.

                           (II)     on each Distribution Date on or after the
                                    Stepdown Date and with respect to which a
                                    Trigger Event has not occurred, to fund any
                                    principal distributions required to be made
                                    on such Distribution Date set forth above in
                                    clause (iii) above, after giving effect to
                                    the distribution of the Principal Payment
                                    Amount for such Distribution Date, in
                                    accordance with the priorities set forth
                                    therein, with the aggregate amount
                                    distributable to the Class A-1, Class A-2,
                                    Class A- 3, Class A-4 and Class A-5
                                    Certificates under this clause (II)
                                    allocated between such Classes as described
                                    below;

                  B.       to FSA, any FSA Reimbursement Amount, to the extent
                           not otherwise paid pursuant to Section 4.02(b)(i),
                           (ii) or (iii);

                  C.       to the Class M-1 Certificates, any Deferred Amount
                           for such Class, with interest thereon at the
                           Pass-Through Rate;

                  D.       to the Class M-2 Certificates, any Deferred Amount
                           for such Class, with interest thereon at the
                           Pass-Through Rate;

                  E.       to the Class BA Certificates and Class BF
                           Certificates, concurrently on a pro rata basis, any
                           Deferred Amount for such Class, with interest thereon
                           at the Pass-Through Rate;

                  F.       from amounts otherwise distributable to the Class X-1
                           Certificate, concurrently to the Class A-2, Class A-4
                           and Class A-5 Certificates, based on their respective
                           amounts of Basis Risk Shortfalls due, any applicable
                           Basis Risk Shortfall for such Class;

                  G.       from amounts otherwise distributable to the Class X-1
                           Certificate, to the Class M-1 Certificates, any
                           applicable Basis Risk Shortfall for such Class;

                  H.       from amounts otherwise distributable to the Class X-1
                           Certificate, to the Class M-2 Certificates, any
                           applicable Basis Risk Shortfall for such Class;

                  I.       from amounts otherwise distributable to the Class X-1
                           Certificate, to the Class BA Certificates, any
                           applicable Basis Risk Shortfall for such Class;

                  J.       from amounts otherwise distributable to the Class X-1
                           Certificate, to the Reserve Fund, the Required
                           Reserve Fund Deposit;

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                  K.       to the Class X-1 Certificate, the Class X-1
                           Distributable Amount for such Distribution Date
                           reduced by amounts distributed pursuant to clause G
                           of Section 4.02(b)(i) and clauses F through J of
                           Section 4.02(b)(iv) for such Distribution Date,
                           together with any amounts withdrawn from the Reserve
                           Fund for distribution to such Class X-1 Certificate
                           pursuant to Sections 4.07(b) and (c) and the amount
                           of any Overcollateralization Release Amount for such
                           Distribution Date; and

                  L.       to the Class A-R Certificate, any remaining amount.

                  On each Distribution Date, the aggregate amount distributable
to the Loan Group 1 Senior Certificates and the Loan Group 2 Senior Certificates
under clause (iv)A.(I)(aa) or (iv)A.(II) above shall be allocated between such
Classes in proportion to the respective aggregate Stated Principal Balances of
the Mortgage Loans in the related Loan Group determined as of the beginning of
the related Collection Period; provided, however, that the aggregate amount
distributed to the Loan Group 1 Senior Certificates under clause (iv)A.(I)(aa)
or (iv)A.(II) above shall be not greater than an amount equal to the excess
(such amount, the "Group 1 Eligible Excess Cashflow") of (1) the portion of the
Interest Remittance Amount for such Distribution Date that is derived from the
Mortgage Loans in Loan Group 1, over (2) the aggregate Current Interest and any
Carryforward Interest for the Loan Group 1 Senior Certificates for such
Distribution Date. If the amount otherwise allocable to the Loan Group 1 Senior
Certificates under the preceding sentence is limited by the Group 1 Eligible
Excess Cashflow, then the amount in excess of that limitation shall be paid to
the Class A-2, Class A-4 and Class A-5 Certificates, concurrently on a pro rata
basis, until the Class Principal Balances thereof is reduced to zero.

                  (v) On each Distribution Date, the Trustee shall distribute to
         the Holder of the Class P Certificate, the aggregate of all Prepayment
         Premiums collected during the preceding Prepayment Period.

                  (vi) On the first Distribution Date only, the Trustee shall
         distribute the Monthly Excess Cashflow for such date to the Class X-1
         Certificate.

                  (vii) On each Distribution Date, the Trustee shall distribute
         to the Holder of the Class X-2 Certificates, the proceeds of any
         Mortgage Loan that has been charged off.

                  (c) Distributions of principal pursuant to Sections
4.02(b)(ii)(B) and 4.02(b)(iii)(B) on the Loan Group 1 Senior Certificates and
Loan Group 2 Senior Certificates on each Distribution Date will be made
concurrently based on their respective Class Principal Balances, in each case in
accordance with the percentage of the amounts described in clauses (1) through
(6) in the definition of Principal Remittance Amount derived from the related
Loan Group, until the aggregate Class Principal Balance of the Loan Group 1
Senior Certificates and Loan Group 2 Senior Certificates, as applicable, have
been reduced to zero. If on any Distribution Date either the Loan Group 1 Senior
Certificates or the Loan Group 2 Senior Certificates are reduced to zero, the
remaining amount of principal available, if any, to be allocated to such Class
on such Distribution Date will be distributed to the other group of Class A
Certificates.

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                  (d) On each Distribution Date, the Trustee shall distribute to
the Class A-2 Certificates and Class A-5 Certificates any Insured Payments
received from FSA to make Guaranteed Distributions on such Certificates.

                  SECTION 4.03              [Reserved]

                  SECTION 4.04              [Reserved]

                  SECTION 4.05              Allocation of Realized Losses.

                  On each Distribution Date, the Trustee shall determine the
total of the Applied Loss Amount, if any, for such Distribution Date. The
Applied Loss Amount for any Distribution Date shall be applied by reducing the
Class Principal Balance of each Class of Subordinate Certificates beginning with
the Class of Subordinate Certificates then outstanding with the lowest relative
payment priority, in each case until the respective Class Principal Balance
thereof is reduced to zero. Any Applied Loss Amount allocated to a Class of
Subordinate Certificates shall be allocated among the Subordinate Certificates
of such Class in proportion to their respective Percentage Interests.

                  All Realized Losses on the Mortgage Loans shall be allocated
on each Distribution Date to the following REMIC 1 Regular Interests: first, to
REMIC 1 Regular Interest LT-1 until the Uncertificated Principal Balance thereof
has been reduced to zero, then to REMIC 1 Regular Interest LT-1A until the
Uncertificated Principal Balance thereof has been reduced to zero, then to REMIC
1 Regular Interest LT-2 until the Uncertificated Principal Balance thereof has
been reduced to zero, then to REMIC 1 Regular Interest LT-3 until the
Uncertificated Principal Balance thereof has been reduced to zero, then to REMIC
1 Regular Interest LT-4 until the Uncertificated Principal Balance thereof has
been reduced to zero, then to REMIC 1 Regular Interest LT-5 until the
Uncertificated Principal Balance thereof has been reduced to zero, then to REMIC
1 Regular Interest LT-6 until the Uncertificated Principal Balance thereof has
been reduced to zero, then to REMIC 1 Regular Interest LT-7 until the
Uncertificated Principal Balance thereof has been reduced to zero, then to REMIC
1 Regular Interest LT-8 until the Uncertificated Principal Balance thereof has
been reduced to zero, then to REMIC 1 Regular Interest LT-9 until the
Uncertificated Principal Balance thereof has been reduced to zero, then to REMIC
1 Regular Interest LT-10 until the Uncertificated Principal Balance thereof has
been reduced to zero, then to REMIC 1 Regular Interest LT-11 until the
Uncertificated Principal Balance thereof has been reduced to zero, then to REMIC
1 Regular Interest LT-12 until the Uncertificated Principal Balance thereof has
been reduced to zero, then to REMIC 1 Regular Interest LT-13 until the
Uncertificated Principal Balance thereof has been reduced to zero, then to REMIC
1 Regular Interest LT-14 until the Uncertificated Principal Balance thereof has
been reduced to zero, then to REMIC 1 Regular Interest LT-15 until the
Uncertificated Principal Balance thereof has been reduced to zero, then to REMIC
1 Regular Interest LT-16 until the Uncertificated Principal Balance thereof has
been reduced to zero, then to REMIC 1 Regular Interest LT-17 until the
Uncertificated Principal Balance thereof has been reduced to zero, then to REMIC
1 Regular Interest LT-18 until the Uncertificated Principal Balance thereof has
been reduced to zero, then to REMIC 1 Regular Interest LT-19 until the
Uncertificated Principal Balance thereof has been reduced to zero, then to REMIC
1 Regular Interest LT-20 until the Uncertificated Principal Balance thereof has
been reduced to zero, then to REMIC 1 Regular Interest LT-21 until the
Uncertificated Principal Balance thereof has been reduced to zero, then to REMIC
1 Regular Interest LT-22 until the Uncertificated

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Principal Balance thereof has been reduced to zero, then to REMIC 1 Regular
Interest LT-23 until the Uncertificated Principal Balance thereof has been
reduced to zero, then to REMIC 1 Regular Interest LT-24 until the Uncertificated
Principal Balance thereof has been reduced to zero, then to REMIC 1 Regular
Interest LT-25 until the Uncertificated Principal Balance thereof has been
reduced to zero, then to REMIC 1 Regular Interest LT-26 until the Uncertificated
Principal Balance thereof has been reduced to zero, then to REMIC 1 Regular
Interest LT-27 until the Uncertificated Principal Balance thereof has been
reduced to zero, then to REMIC 1 Regular Interest LT-28 until the Uncertificated
Principal Balance thereof has been reduced to zero, then to REMIC 1 Regular
Interest LT-29 until the Uncertificated Principal Balance thereof has been
reduced to zero, then to REMIC 1 Regular Interest LT-30 until the Uncertificated
Principal Balance thereof has been reduced to zero, then to REMIC 1 Regular
Interest LT-31 until the Uncertificated Principal Balance thereof has been
reduced to zero; provided, however, that with respect to the first three
Distribution Dates, Realized Losses relating to the Initial Mortgage Loans shall
be allocated to the REMIC 1 Regular Interests (other than REMIC 1 Regular
Interest LT-1A) in the order and priority described above and Realized Losses
relating to the Subsequent Mortgage Loans shall be allocated to REMIC 1 Regular
Interest LT-1A until the Uncertificated Principal Balance thereof has been
reduced to zero. All Realized Losses on the REMIC 1 Regular Interests LT-1,
LT-1A, LT-2, LT-3, LT-4, LT-5, LT-6, LT-7, LT-8, LT-9, LT-10, LT-11, LT-12,
LT-13, LT-14, LT-15, LT-16, LT-17, LT-18, LT-19, LT-20, LT-21, LT- 22, LT-23,
LT-24, LT-25, LT-26, LT-27, LT-28, LT-29, LT-30 and LT-31, shall be deemed to
have been allocated to the following REMIC 2 Regular Interests in the specified
percentages, as follows: first, to Uncertificated Accrued Interest payable to
the REMIC 2 Regular Interests MT-1 and MT-11 up to an aggregate amount equal to
the excess of (a) the REMIC 2 Interest Loss Allocation Amount over (b)
Prepayment Interest Shortfalls (to the extent not covered by Compensating
Interest) relating to the Mortgage Loans for such Distribution Date, 98% and 2%,
respectively; second, to the Uncertificated Principal Balances of the REMIC 2
Regular Interests MT-1 and MT-11 up to an aggregate amount equal to the REMIC 2
Principal Loss Allocation Amount, 98% and 2%, respectively; third, to the
Uncertificated Principal Balances of REMIC 2 Regular Interest MT-1, REMIC 2
Regular Interest MT-10 and REMIC 2 Regular Interest MT-11, 98%, 1% and 1%,
respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
Interest MT-10 has been reduced to zero; fourth, to the Uncertificated Principal
Balances of REMIC 2 Regular Interest MT-1, REMIC 2 Regular Interest MT-9 and
REMIC 2 Regular Interest MT-11, 98%, 1% and 1%, respectively, until the
Uncertificated Principal Balance of REMIC 2 Regular Interest MT-9 has been
reduced to zero; fifth, to the Uncertificated Principal Balances of REMIC 2
Regular Interest MT-1, REMIC 2 Regular Interest MT-8 and REMIC 2 Regular
Interest MT-11, 98%, 1% and 1%, respectively, until the Uncertificated Principal
Balance of REMIC 2 Regular Interest MT-8 has been reduced to zero; and sixth, to
the Uncertificated Principal Balances of REMIC 2 Regular Interest MT-1, REMIC 2
Regular Interest MT-7 and REMIC 2 Regular Interest MT-11, 98%, 1% and 1%,
respectively, until the Uncertificated Principal Balance of REMIC 2 Regular
Interest MT-7 has been reduced to zero.

                  SECTION 4.06              Monthly Statements to
                                            Certificateholders.

                  (a) Not later than each Distribution Date, the Trustee shall
prepare and cause to be forwarded by first class mail to the Depositor, each
Servicer and each Rating Agency, and make available on the website maintained by
the Trustee at http://www.jpmorgan.com/absmbs, a statement setting forth with
respect to the related distribution for each Certificate Group:

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                  (i) the amount thereof allocable to principal, separately
         identifying the aggregate amount of any Principal Prepayments and
         Liquidation Proceeds included therein, and the amount of the
         distribution made to the holders of the Class P Certificates allocable
         to Prepayment Penalties;

                  (ii) 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 and the allocation thereof as between principal
         and interest;

                  (iii) the Class Principal Balance of each Class of
         Certificates after giving effect to the distribution of principal on
         such Distribution Date;

                  (iv) the aggregate Stated Principal Balance of the Mortgage
         Loans in Loan Group 1 and the Mortgage Loans in Loan Group 2;

                  (v) the amount of the Servicing Fees, the aggregate Trustee
         Fee, the aggregate Credit Risk Manager Fee, the FSA Premium and
         Prepayment Penalties, if applicable, with respect to such Distribution
         Date;

                  (vi) the Pass-Through Rate for each such Class of Certificates
         with respect to such Distribution Date;

                  (vii) the amount of Advances included in the distribution on
         such Distribution Date and the aggregate amount of Advances outstanding
         as of the end of the preceding month;

                  (viii) the number and aggregate principal amounts of Mortgage
         Loans (A) delinquent (exclusive of Mortgage Loans in foreclosure) (1)
         31 to 60 days, (2) 61 to 90 days and (3) 91 or more days and (B) in
         foreclosure and delinquent (1) 31 to 60 days, (2) 61 to 90 days and (3)
         91 or more days, as of the close of business on the last day of the
         calendar month preceding such Distribution Date, assuming twelve thirty
         day months;

                  (ix) for each of the preceding 12 calendar months, or all
         calendar months since the related Cut-off Date, whichever is less, the
         aggregate dollar amount of the Scheduled Payments (A) due on all
         Outstanding Mortgage Loans on each of the Due Dates in each such month
         and (B) delinquent 60 days or more on each of the Due Dates in each
         such month;

                  (x) with respect to any Mortgage Loan that became an REO
         Property during the preceding calendar month, the loan number and
         Stated Principal Balance of such Mortgage Loan as of the close of
         business on the Determination Date preceding such Distribution Date and
         the date of acquisition thereof;

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                  (xi) the total number and principal balance of any REO
         Properties (and market value, if available) as of the close of business
         on the Determination Date preceding such Distribution Date;

                  (xii) the aggregate amount of Realized Losses incurred during
         the preceding calendar month and aggregate Realized Losses through such
         Distribution Date;

                  (xiii) the Rolling Three Month Delinquency Rate for the
         Mortgage Loans for such Distribution Date;

                  (xiv) the amount on deposit in each Pre-Funding Account; and

                  (xv) the amount of any Insured Payment.

                  Assistance in using the website can be obtained by calling the
Trustee's customer service desk at 877-722-1095. Parties that are unable to use
the website are entitled to have a paper copy mailed to them via first class
mail by written notice to the Trustee at its Corporate Trust Office. The
Trustee's responsibility for disbursing the above information to the
Certificateholders for each Certificate Group is limited to the availability,
timeliness and accuracy of the information derived from the Servicers. The
foregoing information shall be reported to the Trustee each month on or before
the related Determination Date.

                  (b) Within a reasonable period of time after the end of each
calendar year, the Trustee shall cause to be furnished to each Person who at any
time during the calendar year was a Certificateholder, a statement containing
the information set forth in, clauses (a)(i), (a)(ii) and (a)(vii) of this
Section 4.06 aggregated for such calendar year or applicable portion thereof
during which such Person was a Certificateholder. Such obligation of the Trustee
shall be deemed to have been satisfied to the extent that substantially
comparable information shall be provided by the Trustee pursuant to any
requirements of the Code as from time to time in effect.

                  SECTION 4.07              Distributions on the REMIC 1 Regular
                                            Interests.

                  (a) On each Distribution Date, the Trustee shall cause in the
following order of priority, the following amounts to be distributed by REMIC 1
to REMIC 2 on account of the REMIC 1 Regular Interests or withdrawn from the
Distribution Account and distributed to the holders of the Class A-R
Certificates (in respect of the Class R-1 Interest), as the case may be:

                  (i) to the Holders of REMIC 1 Regular Interests LT-2, LT-3,
         LT-4, LT-5, LT-6, LT-7, LT-8, LT-9, LT-10, LT-11, LT-12, LT-13, LT-14,
         LT-15, LT-16, LT-17, LT-18, LT- 19, LT-20, LT-21, LT-22, LT-23, LT-24,
         LT-25, LT-26, LT-27, LT-28, LT-29, LT-30, LT- 31, LT-P and LT-R, in an
         amount equal to (x) the related Uncertificated Accrued Interest for
         such Distribution Date, plus (y) any amounts in respect thereof
         remaining unpaid from previous Distribution Dates and second, to
         Holders of Uncertificated REMIC 1 Regular Interests LT-1 and LT-1A an
         amount equal to (x) the related Uncertificated Accrued Interest for
         such Distribution Date, plus (y) any amounts in respect thereof
         remaining unpaid from previous Distribution Dates;

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                  (ii) to the Holders of REMIC 1 Regular Interests, in an amount
         equal to the remainder of the Available Funds for such Distribution
         Date after the distributions made pursuant to clause (i) above,
         allocated as follows:

                           (a) to the Holders of REMIC 1 Regular Interest LT-R,
         an amount equal to the amount of principal distributed to the holder of
         the Corresponding Uncertificated Interest on such Distribution Date
         pursuant to Section 4.08(a)(ii)(a);

                           (b) to the Holders of REMIC 1 Regular Interest LT-P,
         an amount equal to the amount distributed to the holder of the
         Corresponding Uncertificated Interest on such Distribution Date
         pursuant to Section 4.08(a)(ii)(b);

                           (c) to the Holders of REMIC 1 Regular Interest LT-1,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-1 is reduced to zero;

                           (d) to the Holders of REMIC 1 Regular Interest LT-1A,
         until the Uncertificated Principal Balance of REMIC 1 Regular Interest
         LT-1A is reduced to zero;

                           (e) to the Holders of REMIC 1 Regular Interest LT-2,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-2 is reduced to zero;

                           (f) to the Holders of REMIC 1 Regular Interest LT-3,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-3 is reduced to zero;

                           (g) to the Holders of REMIC 1 Regular Interest LT-4,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-4 is reduced to zero;

                           (h) to the Holders of REMIC 1 Regular Interest LT-5,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-5 is reduced to zero;

                           (i) to the Holders of REMIC 1 Regular Interest LT-6,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-6 is reduced to zero;

                           (j) to the Holders of REMIC 1 Regular Interest LT-7,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-7 is reduced to zero;

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                           (k) to the Holders of REMIC 1 Regular Interest LT-8,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-8 is reduced to zero;

                           (l) to the Holders of REMIC 1 Regular Interest LT-9,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-9 is reduced to zero;

                           (m) to the Holders of REMIC 1 Regular Interest LT-10,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-10 is reduced to zero;

                           (n) to the Holders of REMIC 1 Regular Interest LT-11,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-11 is reduced to zero;

                           (o) to the Holders of REMIC 1 Regular Interest LT-12,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-12 is reduced to zero;

                           (p) to the Holders of REMIC 1 Regular Interest LT-13,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-13 is reduced to zero;

                           (q) to the Holders of REMIC 1 Regular Interest LT-14,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-14 is reduced to zero;

                           (r) to the Holders of REMIC 1 Regular Interest LT-15,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-15 is reduced to zero;

                           (s) to the Holders of REMIC 1 Regular Interest LT-16,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-16 is reduced to zero;

                           (t) to the Holders of REMIC 1 Regular Interest LT-17,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-17 is reduced to zero;

                           (u) to the Holders of REMIC 1 Regular Interest LT-18,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-18 is reduced to zero;

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                           (v) to the Holders of REMIC 1 Regular Interest LT-19,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-19 is reduced to zero;

                           (w) to the Holders of REMIC 1 Regular Interest LT-20,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-20 is reduced to zero;

                           (x) to the Holders of REMIC 1 Regular Interest LT-21,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-21 is reduced to zero;

                           (y) to the Holders of REMIC 1 Regular Interest LT-22,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-22 is reduced to zero;

                           (z) to the Holders of REMIC 1 Regular Interest LT-23,
         until the Uncertificated Principal Balance of Uncertificated REMIC 1
         Regular Interest LT-23 is reduced to zero;

                           (aa) to the Holders of REMIC 1 Regular Interest
         LT-24, until the Uncertificated Principal Balance of Uncertificated
         REMIC 1 Regular Interest LT-24 is reduced to zero;

                           (bb) to the Holders of REMIC 1 Regular Interest
         LT-25, until the Uncertificated Principal Balance of Uncertificated
         REMIC 1 Regular Interest LT-25 is reduced to zero;

                           (cc) to the Holders of REMIC 1 Regular Interest
         LT-26, until the Uncertificated Principal Balance of Uncertificated
         REMIC 1 Regular Interest LT-26 is reduced to zero;

                           (dd) to the Holders of REMIC 1 Regular Interest
         LT-27, until the Uncertificated Principal Balance of Uncertificated
         REMIC 1 Regular Interest LT-27 is reduced to zero;

                           (ee) to the Holders of REMIC 1 Regular Interest
         LT-28, until the Uncertificated Principal Balance of Uncertificated
         REMIC 1 Regular Interest LT-28 is reduced to zero;

                           (ff) to the Holders of REMIC 1 Regular Interest
         LT-29, until the Uncertificated Principal Balance of Uncertificated
         REMIC 1 Regular Interest LT-29 is reduced to zero;

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                           (gg) to the Holders of REMIC 1 Regular Interest
         LT-30, until the Uncertificated Principal Balance of Uncertificated
         REMIC 1 Regular Interest LT-30 is reduced to zero;

                           (hh) to the Holders of REMIC 1 Regular Interest
         LT-31, until the Uncertificated Principal Balance of Uncertificated
         REMIC 1 Regular Interest LT-31 is reduced to zero; and

                           (ii) any remaining amount to the Holders of the Class
         R-1 Interest;

provided, however, that for the first three Distribution Dates, such amounts
relating to the Initial Mortgage Loans shall be allocated to the REMIC 1 Regular
Interests (other than REMIC 1 Regular Interest LT-1A) in the order and priority
described above and such amounts relating to the Subsequent Mortgage Loans shall
be allocated to REMIC 1 Regular Interest LT-1A.

                  SECTION 4.08              Distributions on the REMIC 2 Regular
                                            Interests.

                  (a) On each Distribution Date, the Trustee shall cause in the
following order of priority, the following amounts to be distributed by REMIC 2
to REMIC 3 on account of the REMIC 2 Regular Interests or withdrawn from the
Distribution Account and distributed to the holders of the Class A-R
Certificates (in respect of the Class R-2 Interest), as the case may be:

                  (i) first, to the extent of the sum of Available Funds for
         such Distribution Date, to Holders of REMIC 2 Regular Interests MT-1,
         MT-2, MT-3, MT-4, MT-5, MT-6, MT-7, MT-8, MT-9, MT-10, MT-11, MT-P and
         MT-R, pro rata, in an amount equal to (A) the Uncertificated Accrued
         Interest for such Distribution Date, plus (B) any amounts in respect
         thereof remaining unpaid from previous Distribution Dates. Amounts
         payable as Uncertificated Accrued Interest in respect of REMIC 2
         Regular Interest MT-11 shall be reduced when the REMIC 2
         Overcollateralization Amount is less than the REMIC 2
         Overcollateralization Target Amount, by the lesser of (x) the amount of
         such difference and (y) the REMIC 2 Regular Interest MT-11 Maximum
         Interest Deferral Amount;

                  (ii) second, to the Holders of REMIC 2 Regular Interests, in
         an amount equal to the remainder of the Available Funds for such
         Distribution Date after the distributions made pursuant to clause (i)
         above, allocated as follows:

                           (a) to the Holders of REMIC 2 Regular Interest MT-R,
                  an amount equal to the amount of principal distributed to the
                  holder of the Corresponding Certificate on such Distribution
                  Date pursuant to Section 4.02;

                           (b) to the Holders of REMIC 2 Regular Interest MT-P,
                  an amount equal to the sum of (i) the amount of principal
                  distributed to the holder of the Corresponding Certificate on
                  such Distribution Date pursuant to Section 4.02(b)(ii)A. and
                  (ii) the amount distributed to the holder of the Corresponding
                  Certificate on such Distribution Date pursuant to Section
                  4.02(b)(v).

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                  (iii) third, to the Holders of REMIC 2 Regular Interests, in
         an amount equal to the remainder of the Available Funds for such
         Distribution Date after the distributions made pursuant to clauses (i)
         and (ii) above, allocated as follows:

                  (a) with respect Holders of REMIC 2 Regular Interest MT-1,
         98.00% of such remainder, until the Uncertificated Principal Balance of
         such Uncertificated REMIC 2 Regular Interest is reduced to zero;

                  (b) with respect to the Holders of REMIC 2 Regular Interest
         MT-2, MT-3, MT-4, MT-5, MT-6, MT-7, MT-8, MT-9, MT-10 and MT-11, 1.00%
         of such remainder, in the same proportion as principal payments are
         allocated to the Corresponding Certificates, until the Uncertificated
         Principal Balances of such REMIC 2 Regular Interests are reduced to
         zero;

                  (c) to the Holders of REMIC 2 Regular Interest MT-11, 1.00% of
         such remainder, until the Uncertificated Principal Balance of such
         REMIC 2 Regular Interest is reduced to zero; then

                  (d) any remaining amount to the Holders of the Class A-R
         Certificates (in respect of the Class R-2 Interest);

provided, however, 98.00% and 2.00% of any principal payments that are
attributable to an Overcollateralization Release Amount shall be allocated to
Holders of REMIC 2 Regular Interest MT-1 and REMIC 2 Regular Interest MT-11,
respectively.

                  SECTION 4.09               Reserve Fund.

                  (a) On the Closing Date, the Trustee shall establish and
maintain in its name, in trust for the benefit of the Holders of the Class A-2,
Class A-4, Class A-5, Class M-1, Class M-2 and Class BA Certificates, the
Reserve Fund. The Reserve Fund shall be an Eligible Account, and funds on
deposit therein shall be held separate and apart from, and shall not be
commingled with, any other moneys, including without limitation, other moneys
held by the Trustee pursuant to this Agreement.

                  (b) On the Closing Date, $5,000 will be deposited by the
Depositor into the Reserve Fund. On each Distribution Date, the Trustee shall
transfer from the Certificate Account to the Reserve Fund pursuant to Section
4.02(b)(iv)(I)., the Required Reserve Fund Deposit. Amounts on deposit in the
Reserve Fund may be withdrawn by the Trustee in connection with any Distribution
Date to fund the amounts required to be distributed to holders of the Class A-2,
Class A-4, Class A-5, Class M-1, Class M-2 and Class BA Certificates pursuant to
Sections 4.02(b)(iv) F. through I. to the extent Monthly Excess Cashflow on such
date is insufficient to make such payments. Any such amounts distributed shall
be treated for federal tax purposes as amounts distributed by REMIC 3 to the
Class X-1 Certificateholders. On any Distribution Date, any amounts on deposit
in the Reserve Fund in excess of the Required Reserve Fund Amount shall be
distributed to the Class X-1 Certificateholder pursuant to Section 4.02(b)(iv)K.

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                  (c) Amounts distributed pursuant to clause E of Section
4.02(b)(i) and clauses E through I of Section 4.02(b)(iv) for such Distribution
Date shall be treated for federal income tax purposes as amounts distributed by
REMIC 3 to the Class X-1 Certificateholders.

                  (d) Funds in the Reserve Fund may be invested in Eligible
Investments by the Trustee at the direction of the Majority in Interest Holder
of the Class X-1 Certificate. Any net investment earnings on such amounts shall
be payable to the Holder of the Class X-1 Certificate. Amounts held in the
Reserve Fund from time to time shall continue to constitute assets of the Trust
Fund, but not of REMIC 1, REMIC 2 or REMIC 3, until released from the Reserve
Fund pursuant to this Section 4.09. The Reserve Fund constitutes an "outside
reserve fund" within the meaning of Treasury Regulation ss.1.860G-2(h) and is
not an asset of REMIC 1, REMIC 2 or REMIC 3. For all federal tax purposes,
amounts transferred by the REMIC 1, REMIC 2 or REMIC 3 to the Reserve Fund shall
be treated as amounts distributed by REMIC 1, REMIC 2 or REMIC 3 to the Class
X-1 Certificateholders. The Class X-1 Certificate shall evidence ownership of
the Reserve Fund for federal tax purposes and the Holders thereof shall direct
the Trustee in writing as to the investment of amounts therein. In the absence
of such written direction, all funds in the Reserve Fund shall be invested by
the Trustee in the Chase Vista Prime Money Market Fund. The Trustee shall have
no liability for losses on investments in Eligible Investments made pursuant to
this Section 4.09(c) (other than as obligor on any such investments). Upon
termination of the Trust Fund, any amounts remaining in the Reserve Fund shall
be distributed to the Holder of the Class X-1 Certificate in the same manner as
if distributed pursuant to Section 4.02(b)(iv)K. hereof.

                  (e) On the Distribution Date immediately after the
Distribution Date on which the aggregate Class Principal Balance of the Class
A-2, Class A-4, Class A-5, Class M-1, Class M-2 and Class BA Certificates equals
zero, any amounts on deposit in the Reserve Fund not payable on the Class A-2,
Class A-4, Class A-5, Class M-1, Class M-2 or Class BA Certificates shall be
distributed to the Holder of the Class X-1 Certificate in the same manner as if
distributed pursuant to Section 4.02(b)(iv)K. hereof.

                  SECTION 4.10              Prepayment Penalties.

                  Notwithstanding anything in this Agreement to the contrary, in
the event of a Principal Prepayment of a Mortgage Loan, the related Servicer may
not waive any Prepayment Penalty or portion thereof required by the terms of the
related Mortgage Note unless (i) the Mortgage Loan is in default or foreseeable
default and such waiver (a) is standard and customary in servicing similar
mortgage loans to the Mortgage Loans and (b) would, in the reasonable judgment
of the related Servicer, maximize recovery of total proceeds taking into account
the value of such Prepayment Penalty and the related Mortgage Loan or (ii)(A)
the enforceability thereof is limited (1) by bankruptcy, insolvency, moratorium,
receivership, or other similar law relating to creditors' rights generally or
(2) due to acceleration in connection with a foreclosure or other involuntary
payment, or (B) the enforceability is otherwise limited or prohibited by
applicable law. For the avoidance of doubt, the related Servicer may waive a
Prepayment Penalty in connection with a short sale or short payoff on a
defaulted Mortgage Loan. If the related Servicer has waived all or a portion of
a Prepayment Penalty relating to a Principal Prepayment, other than as provided
above, the related Servicer shall deliver to the Trustee no later than the
Business Day immediately preceding the next Distribution Date, for deposit into
the Certificate Account the amount of such Prepayment Penalty

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(or such portion thereof as had been waived) for distribution in accordance with
the terms of this Agreement; provided, however, the related Servicer shall not
have any obligation to pay the amount of any uncollected Prepayment Penalty
under this Section 4.10 if such Servicer did not have a copy of the related
Mortgage Note, such Servicer requested via email a copy of the same from the
Trustee and the Trustee failed to provide such a copy within two (2) Business
Days of receipt of such request. If the related Servicer has waived all or a
portion of a Prepayment Penalty for any reason, it shall promptly notify the
Trustee thereof and shall include such information in any monthly reports it
provides the Trustee.

                  SECTION 4.11              Policy Matters.

                  (a) As soon as possible, and in no event later than 11:00
a.m., New York time, on the third Business Day immediately preceding each
Distribution Date, based solely on the information provided to the Trustee by
the Servicers on or before the related Determination Date, the Trustee shall
determine the amount of funds available for such Distribution Date minus the
amount of any FSA Premium and any Trustee Fee to be paid on such Distribution
Date.

                  If for any Distribution Date the Trustee determines that the
funds available for distribution to the Holders of the Insured Certificates
pursuant to Section 4.02 will be insufficient to pay the Guaranteed
Distribution, the Trustee shall complete a notice in the form set forth as
Exhibit A to the FSA Policy (the "Notice") and shall submit such Notice to the
Fiscal Agent (as defined in the FSA Policy) no later than 12:00 noon, New York
time, on the third Business Day preceding such Distribution Date. The Notice
shall constitute a claim for an Insured Payment pursuant to the FSA Policy. Upon
receipt of the Insured Payment, on behalf of the Holders of the Insured
Certificates, the Trustee shall deposit such Insured Payment in the Distribution
Account and shall distribute such Insured Payment only in accordance with
Section 4.02.

                  The Trustee shall receive any Insured Payment from FSA and
disburse the same to the Insured Certificates, in accordance with the provisions
of Section 4.02. Insured Payments disbursed by the Trustee from proceeds of the
FSA Policy shall not be considered payment by the Trust nor shall such payments
discharge the obligation of the Trust with respect to such Insured Certificates,
and FSA shall become the owner of such unpaid amounts due from the Trust in
respect of such Insured Payments as the deemed assignee of the Holders of such
Certificates and shall be entitled to receive the FSA Reimbursement Amount
pursuant to Section 4.02. The Trustee hereby agrees, and each Holder of an
Insured Certificate by its acceptance of an Insured Certificate is deemed to
agree, in each case for the benefit of FSA, that it and they recognize that to
the extent that FSA makes Insured Payments, either directly or indirectly (as by
paying through the Trustee), to the Insured Certificateholders, FSA will be
entitled to receive the FSA Reimbursement Amount pursuant to Section 4.02.

                  It is understood and agreed that the intention of the parties
is that FSA shall not be entitled to reimbursement on any Distribution Date for
amounts previously paid by it unless on such Distribution Date the Holders of
the Insured Certificates, shall also have received the full amount of the
Guaranteed Distributions for such Distribution Date.

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                  (b) The Trustee shall comply with the provisions of the FSA
Policy with respect to claims upon the FSA Policy.

                  (c) At the time of the execution and delivery of this
Agreement, the Trustee shall establish separate special purpose trust accounts
for the benefit of Holders of the Insured Certificates referred to herein as the
"FSA Accounts" and over which the Trustee shall have exclusive control and sole
right of withdrawal. The Trustee shall deposit any Insured Payment made under
the FSA Policy in the applicable FSA Account and thereafter into the
Distribution Account for distribution of such amount only for purposes of
payment to Holders of the Insured Certificates of Guaranteed Distributions for
the Insured Certificates for which a claim was made and such amount may not be
applied to satisfy any other liability or any cost or expense of the Trustee or
the Trust. Insured Payments made under the FSA Policy shall be disbursed by the
Trustee to Holders of the Insured Certificates in the same manner as
distributions on the Holders of the Insured Certificates are made under Section
4.02. It shall not be necessary for such distributions to be made by checks or
wire transfers separate from the check or wire transfer used to pay Guaranteed
Distributions with other funds available to make such distributions. However,
the amount of any Insured Payments made on the Insured Certificates to be paid
from funds transferred from the applicable FSA Account shall be noted in the
Certificate Register and in the statements to be furnished to Holders of the
Certificates pursuant to Section 4.06 hereof. Funds held in the FSA Accounts
shall not be invested by the Trustee.

                  (d) On any Distribution Date with respect to which a claim has
been made under the FSA Policy, the amount of any Insured Payment received by
the Trustee as a result of any claim under the FSA Policy and which is required
to make distributions on the Insured Certificates equal to Guaranteed
Distributions on the Insured Certificates, on such Distribution Date, shall be
withdrawn from the related FSA Account, deposited into the Distribution Account
and applied directly by the Trustee, together with all other funds to be
withdrawn from the Distribution Account, to the payment in full of Guaranteed
Distributions on the Insured Certificates. Any funds remaining in each FSA
Account on the first Business Day following a Distribution Date shall be
remitted in immediately available funds to FSA, pursuant to the instructions of
FSA, by the end of such Business Day. FSA shall have the right to inspect such
records at reasonable times during normal business hours upon reasonable prior
written notice to the Trustee.

                  (e) The Trustee shall promptly notify FSA of any proceeding or
the institution of any action, of which a Responsible Officer of the Trustee has
actual knowledge, seeking the avoidance as a preferential transfer under the
Bankruptcy Code (a "Preference Claim") of any distribution made with respect to
the Insured Certificates. Each Holder of Insured Certificates, by its purchase
of Insured Certificates, the Seller, the Servicers and the Trustee hereby agree
that FSA (so long as there is no continuing Financial Security Default) may at
any time during the continuation of any proceeding relating to a Preference
Claim direct all matters relating to such Preference Claim, including, without
limitation, (i) the direction of any appeal of any order relating to such
Preference Claim and (ii) the posting of any surety, supersedeas or performance
bond pending any such appeal.

                  (f) The Trustee shall keep a complete and accurate record of
the amount of interest and principal paid in respect of any Insured Certificates
from moneys received under the FSA

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Policy. FSA shall have the right to inspect such records at reasonable times
during normal business hours upon one Business Day's prior notice to the
Trustee.

                  (g) Anything herein to the contrary notwithstanding, any
payment with respect to principal of or interest on any of the Insured
Certificates which is made with moneys received pursuant to the terms of the FSA
Policy shall not be considered payment of such Insured Certificates from the
Trust Fund and shall not result in the payment of or the provision for the
payment of the principal of or interest on such Certificates within the meaning
of Section 4.02. The Depositor, the Seller, the Servicers and the Trustee
acknowledge, and each Holder by its acceptance of as Insured Certificate agrees,
that without the need for any further action on the part of FSA, the Depositor,
the Seller, the Servicers or the Trustee (a) to the extent FSA makes payments,
directly or indirectly, on account of principal of or interest on the Insured
Certificates to the Holders of such Certificates, FSA will be fully subrogated
to the rights of such Holders to receive such principal and interest from the
Trust Fund and (b) FSA shall be paid such principal and interest but only from
the sources and in the manner provided herein for the payment of such principal
and interest.

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

                  (i) For so long as there is no continuing Financial Security
Default, FSA shall be treated by the Depositor and the Trustee as if FSA were
the holder of all of the Insured Certificates for the purpose (and solely for
the purpose) of the giving of any consent, the making of any direction or the
exercise of any voting or other control rights otherwise given to the Insured
Certificateholders hereunder.

                  (j) All notices, statements, reports, certificates or opinions
required by this Agreement to be sent to the Trustee, the Rating Agencies or the
Insured Certificateholders shall also be sent at such time to FSA at Financial
Security Assurance Inc., 350 Park Avenue, New York, New York 10022, Attn:
Transaction Oversight.

                  FSA shall be a third-party beneficiary of this Agreement,
entitled to enforce the provisions hereof as if a party hereto.

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                                    ARTICLE V

                                THE CERTIFICATES

                  SECTION 5.01              The Certificates.

                  The Certificates shall be substantially in the forms attached
hereto as exhibits. The Certificates shall be issuable in registered form, in
the minimum denominations, integral multiples in excess thereof (except that one
Certificate in each Class may be issued in a different amount which must be in
excess of the applicable minimum denomination) and aggregate denominations per
Class set forth in the Preliminary Statement.

                  Subject to Section 9.02 respecting the final distribution on
the Certificates, on each Distribution Date the Trustee shall make distributions
to each Certificateholder of record on the preceding Record Date either (x) by
wire transfer in immediately available funds to the account of such holder at a
bank or other entity having appropriate facilities therefor, if (i) such Holder
has so notified the Trustee at least five Business Days prior to the related
Record Date and (ii) such Holder shall hold (A) a Notional Amount Certificate,
(B) 100% of the Class Principal Balance of any Class of Certificates or (C)
Certificates of any Class with aggregate principal Denominations of not less
than $1,000,000 or (y) by check mailed by first class mail to such
Certificateholder at the address of such holder appearing in the Certificate
Register.

                  The Certificates shall be executed by manual or facsimile
signature on behalf of the Trustee by an authorized officer upon the written
order of the Depositor. Certificates bearing the manual or facsimile signatures
of individuals who were, at the time such signatures were affixed, authorized to
sign on behalf of the Trustee shall bind the Trustee, notwithstanding that such
individuals or any of them have ceased to be so authorized prior to the
countersignature and delivery of any such Certificates or did not hold such
offices at the date of such Certificate. No Certificate shall be entitled to any
benefit under this Agreement, or be valid for any purpose, unless countersigned
by the Trustee by manual signature, and such countersignature upon any
Certificate shall be conclusive evidence, and the only evidence, that such
Certificate has been duly executed and delivered hereunder. All Certificates
shall be dated the date of their countersignature. On the Closing Date, the
Trustee shall countersign the Certificates to be issued at the written direction
of the Depositor, or any affiliate thereof.

                  The Depositor shall provide, or cause to be provided, to the
Trustee on a continuous basis, an adequate inventory of Certificates to
facilitate transfers.

                  The Trustee shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restriction or transfer imposed
under Article V of this Agreement or under applicable law with respect to any
transfer of any Certificate, or any interest therein, other than to require
delivery of the certification(s) and/or opinions of counsel described in Article
V applicable with respect to changes in registration of record ownership of
Certificates in the Certificate Register. The Trustee shall have no liability
for transfers, including transfers made through the book-entry facilities of the
Depository or between or among Depository Participants or beneficial owners of
the Certificates made in violation of applicable restrictions.

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                  SECTION 5.02              Certificate Register; Registration
                                            of Transfer and Exchange of
                                            Certificates.

                  (a) The Trustee shall maintain, or cause to be maintained in
accordance with the provisions of Section 5.06, a Certificate Register for the
Trust Fund in which, subject to the provisions of subsections (b) and (c) below
and 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. Upon surrender for registration of transfer of
any Certificate, the Trustee shall execute and deliver, in the name of the
designated transferee or transferees, one or more new Certificates of the same
Class and aggregate Percentage Interest.

                  At the option of a Certificateholder, Certificates may be
exchanged for other Certificates of the same Class in authorized denominations
and evidencing the same aggregate Percentage Interest upon surrender of the
Certificates to be exchanged at the office or agency of the Trustee. Whenever
any Certificates are so surrendered for exchange, the Trustee shall execute,
authenticate, and deliver the Certificates which the Certificateholder making
the exchange is entitled to receive. Every Certificate presented or surrendered
for registration of transfer or exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Trustee duly executed by the
holder thereof or his attorney duly authorized in writing.

                  No service charge to the Certificateholders shall be made for
any registration of transfer or exchange of Certificates, but 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 may be required.

                  All Certificates surrendered for registration of transfer or
exchange shall be canceled and subsequently disposed of by the Trustee in
accordance with the Trustee's customary procedures.

                  (b) No transfer of a Private Certificate shall be made unless
such transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws or is exempt from the
registration requirements under said Act and such state securities laws. Except
in connection with any transfer of a Private Certificate by the Depositor to any
affiliate, in the event that a transfer is to be made in reliance upon an
exemption from the Securities Act and such laws, in order to assure compliance
with the Securities Act and such laws, the Certificateholder desiring to effect
such transfer and such Certificateholder's prospective transferee shall each
certify to the Trustee in writing the facts surrounding the transfer in
substantially the form set forth in Exhibit J (the "Transferor Certificate") and
(i) deliver a letter in substantially the form of either Exhibit K (the
"Investment Letter") or Exhibit L (the "Rule 144A Letter") or (ii) there shall
be delivered to the Trustee at the expense of the transferor an Opinion of
Counsel that such transfer may be made pursuant to an exemption from the
Securities Act. The Depositor shall provide to any Holder of a Private
Certificate and any prospective transferee designated by any such Holder,
information regarding the related Certificates and the Mortgage Loans and such
other information as shall be necessary to satisfy the condition to eligibility
set forth in Rule 144A(d)(4) for transfer of any such Certificate without
registration thereof under the Securities Act pursuant to the registration
exemption provided by Rule 144A. The Trustee and the Servicers shall cooperate
with the Depositor in providing the Rule 144A information referenced in

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the preceding sentence, including providing to the Depositor such information
regarding the Certificates, the Mortgage Loans and other matters regarding the
Trust Fund as the Depositor shall reasonably request to meet its obligation
under the preceding sentence. Each Holder of a Private Certificate desiring to
effect such transfer shall, and does hereby agree to, indemnify the Trustee, the
Depositor, the Seller and the Servicers against any liability that may result if
the transfer is not so exempt or is not made in accordance with such federal and
state laws.

                  No transfer of an ERISA-Restricted Certificate shall be made
unless the Trustee shall have received either (i) a representation from the
transferee of such Certificate, acceptable to and in form and substance
satisfactory to the Trustee (in the event such Certificate is a Private
Certificate or a Residual Certificate, such requirement is satisfied only by the
Trustee's receipt of a representation letter from the transferee substantially
in the form of Exhibit K or Exhibit L, as applicable), to the effect that such
transferee is not an employee benefit plan or arrangement subject to Section 406
of ERISA or a plan subject to Section 4975 of the Code, nor a person acting on
behalf of any such plan or arrangement nor using the assets of any such plan or
arrangement to effect such transfer or (ii) in the case of any such
ERISA-Restricted Certificate presented for registration in the name of an
employee benefit plan subject to ERISA, or a plan or arrangement subject to
Section 4975 of the Code (or comparable provisions of any subsequent
enactments), or a trustee of any such plan or any other person acting on behalf
of any such plan or arrangement or using such plan's or arrangement's assets, an
Opinion of Counsel satisfactory to the Trustee, which Opinion of Counsel shall
not be an expense of either the Trustee or the Trust Fund, addressed to the
Trustee, to the effect that the purchase or holding of such ERISA-Restricted
Certificate will not result in the assets of the Trust Fund being deemed to be
"plan assets" and subject to the prohibited transaction provisions of ERISA and
the Code and will not subject the Trustee or the Servicers to any obligation in
addition to those expressly undertaken in this Agreement or to any liability.
For purposes of the preceding sentence, with respect to an ERISA-Restricted
Certificate that is not a Private Certificate or a Residual Certificate, in the
event the representation letter referred to in the preceding sentence is not
furnished, such representation shall be deemed to have been made to the Trustee
by the transferee's (including an initial acquiror's) acceptance of the
ERISA-Restricted Certificates. Notwithstanding anything else to the contrary
herein, any purported transfer of an ERISA-Restricted Certificate to or on
behalf of an employee benefit plan subject to ERISA or to the Code without the
delivery to the Trustee of an Opinion of Counsel satisfactory to the Trustee as
described above shall be void and of no effect.

                  To the extent permitted under applicable law (including, but
not limited to, ERISA), the Trustee shall be under no liability to any Person
for any registration of transfer of any ERISA- Restricted Certificate that is in
fact not permitted by this Section 5.02(b) or for making any payments due on
such Certificate to the Holder thereof or taking any other action with respect
to such Holder under the provisions of this Agreement so long as the transfer
was registered by the Trustee in accordance with the foregoing requirements.

                  (c) Each Person who has or who acquires any Ownership Interest
in a Residual Certificate shall be deemed by the acceptance or acquisition of
such Ownership Interest to have agreed to be bound by the following provisions,
and the rights of each Person acquiring any Ownership Interest in a Residual
Certificate are expressly subject to the following provisions:

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                  (i) Each Person holding or acquiring any Ownership Interest in
         a Residual 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.

                  (ii) No Ownership Interest in a Residual Certificate may be
         registered on the Closing Date or thereafter transferred, and the
         Trustee shall not register the Transfer of any Residual Certificate
         unless, in addition to the certificates required to be delivered to the
         Trustee under subparagraph (b) above, the Trustee shall have been
         furnished with an affidavit (a "Transfer Affidavit") of the initial
         owner or the proposed transferee in the form attached hereto as Exhibit
         I.

                  (iii) Each Person holding or acquiring any Ownership Interest
         in a Residual Certificate shall agree (A) to obtain a Transfer
         Affidavit from any other Person to whom such Person attempts to
         Transfer its Ownership Interest in a Residual Certificate, (B) to
         obtain a Transfer Affidavit from any Person for whom such Person is
         acting as nominee, trustee or agent in connection with any Transfer of
         a Residual Certificate and (C) not to Transfer its Ownership Interest
         in a Residual Certificate or to cause the Transfer of an Ownership
         Interest in a Residual Certificate to any other Person if it has actual
         knowledge that such Person is not a Permitted Transferee.

                  (iv) Any attempted or purported Transfer of any Ownership
         Interest in a Residual Certificate in violation of the provisions of
         this Section 5.02(c) shall be absolutely null and void and shall vest
         no rights in the purported Transferee. If any purported transferee
         shall become a Holder of a Residual Certificate in violation of the
         provisions of this Section 5.02(c), then the last preceding Permitted
         Transferee shall be restored to all rights as Holder thereof
         retroactive to the date of registration of Transfer of such Residual
         Certificate. The Trustee shall be under no liability to any Person for
         any registration of Transfer of a Residual Certificate that is in fact
         not permitted by Section 5.02(b) and this Section 5.02(c) or for making
         any payments due on such Certificate to the Holder thereof or taking
         any other action with respect to such Holder under the provisions of
         this Agreement so long as the Transfer was registered after receipt of
         the related Transfer Affidavit, Transferor Certificate and either the
         Rule 144A Letter or the Investment Letter. The Trustee shall be
         entitled but not obligated to recover from any Holder of a Residual
         Certificate that was in fact not a Permitted Transferee at the time it
         became a Holder or, at such subsequent time as it became other than a
         Permitted Transferee, all payments made on such Residual Certificate at
         and after either such time. Any such payments so recovered by the
         Trustee shall be paid and delivered by the Trustee to the last
         preceding Permitted Transferee of such Certificate.

                  (v) The Depositor shall use its best efforts to make
         available, upon receipt of written request from the Trustee, all
         information necessary to compute any tax imposed under Section 860E(e)
         of the Code as a result of a Transfer of an Ownership Interest in a
         Residual Certificate to any Holder who is not a Permitted Transferee.

                  The restrictions on Transfers of a Residual Certificate set
forth in this Section 5.02(c) shall cease to apply (and the applicable portions
of the legend on a Residual Certificate may be deleted) with respect to
Transfers occurring after delivery to the Trustee of an Opinion of Counsel,

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which Opinion of Counsel shall not be an expense of the Trust Fund, the Trustee,
the Seller or the Servicers, to the effect that the elimination of such
restrictions will not cause the Trust Fund hereunder to fail to qualify as a
REMIC at any time that the Certificates are outstanding or result in the
imposition of any tax on the Trust Fund, a Certificateholder or another Person.
Each Person holding or acquiring any Ownership Interest in a Residual
Certificate hereby consents to any amendment of this Agreement which, based on
an Opinion of Counsel furnished to the Trustee, is reasonably necessary (a) to
ensure that the record ownership of, or any beneficial interest in, a Residual
Certificate is not transferred, directly or indirectly, to a Person that is not
a Permitted Transferee and (b) to provide for a means to compel the Transfer of
a Residual Certificate which is held by a Person that is not a Permitted
Transferee to a Holder that is a Permitted Transferee.

                  (d) The preparation and delivery of all certificates and
opinions referred to above in this Section 5.02 in connection with transfer
shall be at the expense of the parties to such transfers.

                  (e) Except as provided below, the Book-Entry Certificates
shall at all times remain registered in the name of the Depository or its
nominee and at all times: (i) registration of the Certificates may not be
transferred by the Trustee except to another Depository; (ii) the Depository
shall maintain book-entry records with respect to the Certificate Owners and
with respect to ownership and transfers of such Book-Entry Certificates; (iii)
ownership and transfers of registration of the Book-Entry Certificates on the
books of the Depository shall be governed by applicable rules established by the
Depository; (iv) the Depository may collect its usual and customary fees,
charges and expenses from its Depository Participants; (v) the Trustee shall
deal with the Depository, Depository Participants and indirect participating
firms as representatives of the Certificate Owners of the Book-Entry
Certificates for purposes of exercising the rights of holders under this
Agreement, and requests and directions for and votes of such representatives
shall not be deemed to be inconsistent if they are made with respect to
different Certificate Owners; and (vi) the Trustee may rely and shall be fully
protected in relying upon information furnished by the Depository with respect
to its Depository Participants and furnished by the Depository Participants with
respect to indirect participating firms and persons shown on the books of such
indirect participating firms as direct or indirect Certificate Owners.

                  All transfers by Certificate Owners of 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 only transfer 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.

                  If (x) (i) the Depository or the Depositor advises the Trustee
in writing that the Depository is no longer willing or able to properly
discharge its responsibilities as Depository, and (ii) the Trustee or the
Depositor is unable to locate a qualified successor, (y) the Depositor at its
option advises the Trustee in writing that it elects to terminate the book-entry
system through the Depository or (z) after the occurrence of an Event of
Default, Certificate Owners representing at least 51% of the Certificate Balance
of the Book-Entry Certificates together advise the Trustee and the Depository
through the Depository Participants in writing that the continuation of a
book-entry system through the Depository is no longer in the best interests of
the Certificate Owners, the Trustee shall notify all Certificate Owners, through
the Depository, of the occurrence of any such event and

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of the availability of definitive, fully-registered Certificates (the
"Definitive Certificates") to Certificate Owners requesting the same. Upon
surrender to the Trustee of the related Class of Certificates by the Depository,
accompanied by the instructions from the Depository for registration, the
Trustee shall issue the Definitive Certificates. None of the Sellers, the
Servicers, the Depositor or the Trustee shall be liable for any delay in
delivery of such instruction and each may conclusively rely on, and shall be
protected in relying on, such instructions. The Depositor shall provide the
Trustee with an adequate inventory of certificates to facilitate the issuance
and transfer of Definitive Certificates. Upon the issuance of Definitive
Certificates all references herein to obligations imposed upon or to be
performed by the Depository shall be deemed to be imposed upon and performed by
the Trustee, to the extent applicable with respect to such Definitive
Certificates and the Trustee shall recognize the Holders of the Definitive
Certificates as Certificateholders hereunder; provided that the Trustee shall
not by virtue of its assumption of such obligations become liable to any party
for any act or failure to act of the Depository.

                  SECTION 5.03              Mutilated, Destroyed, Lost or Stolen
                                            Certificates.

                  If (a) any mutilated Certificate is surrendered to the
Trustee, or the Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there is delivered to the
Trustee such security or indemnity as may be required by it to hold it harmless,
then, in the absence of notice to the Trustee that such Certificate has been
acquired by a bona fide purchaser, the Trustee shall execute, countersign and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Certificate, a new Certificate of like Class, tenor and Percentage
Interest. In connection with the issuance of any new Certificate under this
Section 5.03, the Trustee may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and
any other expenses (including the fees and expenses of the Trustee) connected
therewith. Any replacement Certificate issued pursuant to this Section 5.03
shall constitute complete and indefeasible evidence of ownership, as if
originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

                  SECTION 5.04              Persons Deemed Owners.

                  The Servicers, the Trustee and any agent of the Servicers or
the Trustee may treat the Person in whose name any Certificate is registered as
the owner of such Certificate for the purpose of receiving distributions as
provided in this Agreement and for all other purposes whatsoever, and none of
the Servicers, the Trustee or any agent of the Servicers or the Trustee shall be
affected by any notice to the contrary.

                  SECTION 5.05              Access to List of
                                            Certificateholders' Names and
                                            Addresses.

                  If three or more Certificateholders (a) request such
information in writing from the Trustee, (b) state that such Certificateholders
desire to communicate with other Certificateholders with respect to their rights
under this Agreement or under the Certificates, and (c) provide a copy of the
communication which such Certificateholders propose to transmit, or if the
Depositor or a Servicer shall request such information in writing from the
Trustee, then the Trustee shall, within ten Business Days after the receipt of
such request, provide the Depositor, the Servicers or such Certificateholders at
such recipients' expense the most recent list of the Certificateholders of such

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Trust Fund held by the Trustee, if any. The Depositor and every
Certificateholder, by receiving and holding a Certificate, agree that the
Trustee shall not be held accountable by reason of the disclosure of any such
information as to the list of the Certificateholders hereunder, regardless of
the source from which such information was derived.

                  SECTION 5.06              Maintenance of Office or Agency.

                  The Trustee will maintain or cause to be maintained at its
expense an office or offices or agency or agencies in New York, New York where
Certificates may be surrendered for registration of transfer or exchange. The
Trustee initially designates its Corporate Trust Office for such purposes. The
Trustee will give prompt written notice to the Certificateholders of any change
in such location of any such office or agency.

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                                   ARTICLE VI

                   THE DEPOSITOR, THE SELLER AND THE SERVICERS

                  SECTION 6.01              Respective Liabilities of the
                                            Depositor, the Sellers and the
                                            Servicers.

                  The Depositor, the Seller and each Servicer shall each be
liable in accordance herewith only to the extent of the obligations specifically
and respectively imposed upon and undertaken by them herein.

                  SECTION 6.02              Merger or Consolidation of the
                                            Depositor, the Seller or a Servicer.

                  The Depositor, the Seller and each Servicer will each keep in
full effect its existence, rights and franchises as a corporation under the laws
of the United States or under the laws of one of the states thereof or as a
federally chartered savings bank organized under the laws of the United States
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, or any
of the Mortgage Loans and to perform its respective duties under this Agreement.
Notwithstanding the foregoing, the Seller or a Servicer may be merged or
consolidated into another Person in accordance with the following paragraph.

                  Any Person into which the Depositor, the Seller or a Servicer
may be merged or consolidated, or any Person resulting from any merger or
consolidation to which the Depositor, the Seller or a Servicer shall be a party,
or any person succeeding to the business of the Depositor, the Seller or a
Servicer, shall be the successor of the Depositor, the Seller or a 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 with respect to a merger or consolidation of a Servicer shall be an
institution which is a Fannie Mae or Freddie Mac approved company in good
standing. In addition to the foregoing, there must be delivered to the Trustee a
letter from each of the Rating Agencies, to the effect that such merger,
conversion or consolidation of a Servicer will not result in a disqualification,
withdrawal or downgrade of the then current rating of any of the Certificates.

                  SECTION 6.03              Limitation on Liability of the
                                            Depositor, the Seller, the Servicers
                                            and Others.

                  None of the Depositor, the Seller, any Servicer nor any of the
directors, officers, employees or agents of the Depositor, the Seller or any
Servicer shall be under any liability to the Certificateholders for any action
taken or for refraining from the taking of any action in good faith pursuant to
this Agreement, or for errors in judgment; provided, however, that this
provision shall not protect the Depositor, the Seller, any Servicer or any such
Person against any breach of representations or warranties made by it herein or
protect the Depositor, the Seller, any Servicer or any such Person from any
liability which would otherwise be imposed by reasons of willful misfeasance,
bad faith or negligence in the performance of duties or by reason of reckless
disregard

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of obligations and duties hereunder. The Depositor, the Seller, each Servicer
and any director, officer, employee or agent of the Depositor, the Seller or a
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.
None of the Depositor, the Seller or any Servicer shall be under any obligation
to appear in, prosecute or defend any legal action that is not incidental to its
respective duties hereunder and which in its opinion may involve it in any
expense or liability; provided, however, that any of the Depositor, the Seller
or any Servicer may in its discretion undertake any such action that it may deem
necessary or desirable in respect of this Agreement and the rights and duties of
the parties hereto and interests of the Trustee and the Certificateholders
hereunder. In such event, the legal expenses and costs of such action and any
liability resulting therefrom shall be expenses, costs and liabilities of the
Trust Fund, and the Depositor, the Seller and each Servicer shall be entitled to
be reimbursed therefor out of the Collection Account. Each Servicer's right to
indemnity or reimbursement pursuant to this Section 6.03 shall survive the
resignation or termination of such Servicer as set forth herein.

                  SECTION 6.04              Limitation on Resignation of a
                                            Servicer.

                  (a) Subject to Section 6.04(b) below, a Servicer shall not
resign from the obligations and duties hereby imposed on it except (a)(i) upon
appointment, pursuant to the provisions of Section 7.02, of a successor servicer
which (x) has a net worth of not less than $10,000,000 and (y) is a Fannie Mae
or Freddie Mac approved company in good standing, (ii) receipt by the Trustee of
a letter from each Rating Agency that such a resignation and appointment will
not result in a qualification, withdrawal or downgrading of the then current
rating of any of the Certificates and (iii) receipt by FSA of oral confirmation
from each Rating Agency that the rating assigned to any of the Certificates is
given without regard to the FSA Policy, or (b) upon determination that its
duties hereunder are no longer permissible under applicable law. Any such
determination under clause (b) permitting the resignation of a Servicer shall be
evidenced by an Opinion of Counsel to such effect delivered to the Trustee. No
such resignation shall become effective until the Trustee or a successor
servicer shall have assumed such Servicer's responsibilities, duties,
liabilities and obligations hereunder and the requirements of Section 7.02 have
been satisfied.

                  (b) Notwithstanding the foregoing, the Seller, as owner of the
servicing rights with respect to the Wilshire Serviced Loans, or any subsequent
owner of such servicing rights, shall be entitled to require that Wilshire
resign and appoint a successor servicer with respect to the Wilshire Serviced
Loans; provided that such entity delivers to the Trustee the letter required by
Section 6.04(a)(ii) above.

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                                   ARTICLE VII

                                     DEFAULT

                  SECTION 7.01              Events of Default.

                  "Event of Default", wherever used herein, means any one of the
following events:

                  (i) any failure by a Servicer to make any deposit or payment
         required pursuant to this Agreement (including but not limited to
         Advances to the extent required under Section 4.01) which continues
         unremedied for a period of one Business Day after the date upon which
         written notice of such failure, requiring the same to be remedied,
         shall have been given to such Servicer by the Trustee or the Depositor,
         or to such Servicer and the Trustee by the Holders of Certificates
         having not less than 25% of the Voting Rights evidenced by the
         Certificates; or

                  (ii) any failure by a Servicer duly to observe or perform in
         any material respect any other of the covenants or agreements on the
         part of such Servicer set forth in this Agreement, or if any of the
         representations and warranties of such Servicer in Section 2.03(b)
         proves to be untrue in any material respect, which failure or breach
         continues unremedied for a period of 30 days after the date on which
         written notice of such failure or breach, requiring the same to be
         remedied, shall have been given to such Servicer by the Trustee or the
         Depositor, or to such Servicer and the Trustee by the Holders of
         Certificates having not less than 25% of the Voting Rights evidenced by
         the Certificates; or

                  (iii) failure by a Servicer to maintain, if required, its
         license to do business in any jurisdiction where the related Mortgaged
         Property is located; or

                  (iv) a decree or order of a court or agency or supervisory
         authority having jurisdiction for the appointment of a conservator or
         receiver or liquidator in any insolvency, readjustment of debt,
         including bankruptcy, marshaling of assets and liabilities or similar
         proceedings, or for the winding-up or liquidation of its affairs, shall
         have been entered against a Servicer and such decree or order shall
         have remained in force undischarged or unstayed for a period of 60
         consecutive days; or

                  (v) a Servicer shall consent to the appointment of a
         conservator or receiver or liquidator in any insolvency, readjustment
         of debt, marshaling of assets and liabilities or similar proceedings of
         or relating to such Servicer or of or relating to all or substantially
         all of its property; or

                  (vi) a 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, bankruptcy or reorganization statute, make an assignment
         for the benefit of its creditors, voluntarily suspend payment of its
         obligations or cease its normal business operations for three Business
         Days.

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                  Other than an Event of Default resulting from a failure of a
Servicer to make any Advance, if an Event of Default shall occur, then, and in
each and every such case, so long as such Event of Default shall not have been
remedied, the Trustee may, or at the direction of the Holders of Certificates
evidencing not less than 51% of the Voting Rights evidenced by the Certificates,
the Trustee shall by notice in writing to such Servicer (with a copy to each
Rating Agency), terminate all of the rights and obligations of such Servicer
under this Agreement and in and to the related Mortgage Loans and the proceeds
thereof, other than its rights as a Certificateholder hereunder. If an Event of
Default results from the failure of a Servicer to make an Advance, the Trustee
shall, by notice in writing to such Servicer and the Depositor (with a copy to
each Rating Agency), terminate all of the rights and obligations of such
Servicer under this Agreement and in and to the related Mortgage Loans and the
proceeds thereof, other than its rights as a Certificateholder hereunder.

                  Upon receipt by a Servicer of such written notice of
termination, all authority and power of such Servicer under this Agreement,
whether with respect to the related Mortgage Loans or otherwise, shall pass to
and be vested in the Trustee or its nominee. Upon written request from the
Trustee, such Servicer shall prepare, execute and deliver to the successor
entity designated by the Trustee any and all documents and other instruments,
place in such successor's possession all related Mortgage Files, and do or cause
to be done all other acts or things necessary or appropriate to effect the
purposes of such notice of termination, including but not limited to the
transfer and endorsement or assignment of the related Mortgage Loans and related
documents, at such Servicer's sole expense. Each Servicer shall cooperate with
the Trustee and such successor in effecting the termination of such Servicer's
responsibilities and rights hereunder, including without limitation, the
transfer to such successor for administration by it of all cash amounts which
shall at the time be credited by such Servicer to the Collection Account or
Escrow Account or thereafter received with respect to the related Mortgage
Loans. The Trustee shall thereupon make any Advance. The Trustee is hereby
authorized and empowered to execute and deliver, on behalf of such 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 related Mortgage Loans and related documents,
or otherwise.

                  SECTION 7.02              Trustee to Act; Appointment of
                                            Successor.

                  On and after the time a Servicer receives a notice of
termination pursuant to Section 7.01 of this Agreement or the resignation of
such Servicer pursuant to Section 6.04, the Trustee shall, subject to and to the
extent provided herein, be the successor to such Servicer, but only in its
capacity as servicer under this Agreement, and not in any other, and the
transactions set forth herein and shall be subject to all the responsibilities,
duties and liabilities relating thereto placed on such Servicer by the terms and
provisions hereof and applicable law including the obligation to make Advances
pursuant to Section 4.01. As compensation therefor, the Trustee shall be
entitled to all funds relating to the related Mortgage Loans that such Servicer
would have been entitled to charge to the Collection Account, provided that the
terminated Servicer shall nonetheless be entitled to payment or reimbursement as
provided in Section 3.08 to the extent that such payment or reimbursement
relates to the period prior to termination of such Servicer. Notwithstanding the
foregoing, if the Trustee has become the successor to a Servicer in accordance
with Section 7.01, the Trustee may, if it shall be unwilling to so act, or
shall, if it is prohibited by applicable law from making Advances pursuant to

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4.01 hereof, or if it is otherwise unable to so act, appoint, or petition a
court of competent jurisdiction to appoint, any established mortgage loan
servicing institution the appointment of which does not adversely affect the
then current rating of the Certificates by each Rating Agency, as the successor
to such Servicer hereunder in the assumption of all or any part of the
responsibilities, duties or liabilities of such Servicer hereunder. Any
successor to a Servicer shall be an institution which is a Fannie Mae or Freddie
Mac approved seller/servicer for first and second loans in good standing, which
has a net worth of at least $10,000,000, which is willing to service the related
Mortgage Loans and which executes and delivers to the Depositor and the Trustee
an agreement accepting such delegation and assignment, containing an assumption
by such Person of the rights, powers, duties, responsibilities, obligations and
liabilities of such Servicer (other than liabilities of such Servicer under
Section 6.03 hereof incurred prior to termination of such Servicer under Section
7.01 hereunder), with like effect as if originally named as a party to this
Agreement; provided that each Rating Agency acknowledges that its rating of the
Certificates in effect immediately prior to such assignment and delegation will
not be qualified, withdrawn or downgraded as a result of such assignment and
delegation. Pending appointment of a successor to such Servicer hereunder, the
Trustee, unless the Trustee is prohibited by law from so acting, shall, subject
to the limitations described herein, 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
the related Mortgage Loans as it and such successor shall agree; provided,
however, that no such compensation shall be in excess of the Servicing Fee. The
Trustee and such successor shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession. Neither the
Trustee nor any other successor servicer shall be deemed to be in default by
reason of any failure to make, or any delay in making, any distribution
hereunder or any portion thereof or any failure to perform, or any delay in
performing, any duties or responsibilities hereunder, in either case caused by
the failure of such Servicer to deliver or provide, or any delay in delivering
or providing, any cash, information, documents or records to it.

                  In connection with the termination or resignation of any
Servicer hereunder, either (i) the successor servicer, including the Trustee if
the Trustee is acting as successor 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 Servicer shall cooperate with the successor Servicer in causing MERS
to revise its records to reflect the transfer of servicing to the successor
Servicer as necessary under MERS' rules and regulations, or (ii) the predecessor
Servicer shall cooperate with the successor Servicer in causing MERS to execute
and deliver an assignment of Mortgage in recordable form to transfer the
Mortgage from MERS to the Trustee and to execute and deliver such other notices,
documents and other instruments as may be necessary or desirable to effect a
transfer of such Mortgage Loan or servicing of such Mortgage Loan on the MERS(R)
System to the successor Servicer. The predecessor Servicer shall file or cause
to be filed any such assignment in the appropriate recording office. The
predecessor 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.

                  Any successor to a Servicer shall give notice to the
Mortgagors of such change of servicer and shall, during the term of its service
as servicer, maintain in force the policy or policies that such Servicer is
required to maintain pursuant to this Agreement.

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                  SECTION 7.03              Notification to Certificateholders.

                  (a) Upon any termination of or appointment of a successor to a
Servicer, the Trustee shall give prompt written notice thereof to
Certificateholders and to each Rating Agency.

                  (b) Within 60 days after the occurrence of any Event of
Default, the Trustee shall transmit by mail to all Certificateholders notice of
each such Event of Default hereunder actually known to the Trustee, unless such
Event of Default shall have been cured or waived.

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                                  ARTICLE VIII

                             CONCERNING THE TRUSTEE

                  SECTION 8.01              Duties of the Trustee.

                  The Trustee, prior to the occurrence of an Event of Default
and after the curing of all Events of Default that may have occurred, shall
undertake to perform such duties and only such duties as are specifically set
forth in this Agreement. In case an Event of Default has occurred and remains
uncured, 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 person would exercise or use under the circumstances in the conduct
of such person's own affairs.

                  The Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee that are specifically required to be furnished pursuant to any
provision of this Agreement shall examine them to determine whether they are in
the form required by this Agreement; provided, however, that the Trustee shall
not be responsible for the accuracy or content of any such resolution,
certificate, statement, opinion, report, document, order or other instrument.

                  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) unless an Event of Default actually known to the Trustee
         shall have occurred and be continuing, 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 the Trustee may
         conclusively rely, as to the truth of the statements and the
         correctness of the opinions expressed therein, upon any certificates or
         opinions furnished to the Trustee and conforming to the requirements of
         this Agreement which it believed in good faith to be genuine and to
         have been duly executed by the proper authorities respecting any
         matters arising hereunder;

                  (ii) the Trustee shall not be liable for an error of judgment
         made in good faith by a Responsible Officer or Responsible Officers of
         the Trustee, unless it shall be finally proven that the Trustee was
         negligent in ascertaining the pertinent facts; and

                  (iii) the Trustee shall not be liable with respect to any
         action taken, suffered or omitted to be taken by it in good faith in
         accordance with the direction of Holders of Certificates evidencing not
         less than 25% of the Voting Rights of Certificates relating to the
         time, method and place of conducting any proceeding for any remedy
         available to the Trustee, or exercising any trust or power conferred
         upon the Trustee under this Agreement.

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                  SECTION 8.02              Certain Matters Affecting the
                                            Trustee.

                  Except as otherwise provided in Section 8.01:

                  (i) the Trustee may request and conclusively rely upon 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 and the Trustee shall have no responsibility to
         ascertain or confirm the genuineness of any signature of any such party
         or parties;

                  (ii) the Trustee may consult with counsel, financial advisers
         or accountants and the advice of any such counsel, financial advisers
         or accountants 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
         advice or Opinion of Counsel;

                  (iii) the Trustee shall not be liable for any action taken,
         suffered or omitted by it in good faith and believed by it to be
         authorized or within the discretion or rights or powers conferred upon
         it by this Agreement;

                  (iv) 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 evidencing not less than
         25% of the Voting Rights allocated to each Class of Certificates;

                  (v) the Trustee may execute any of the trusts or powers
         hereunder or perform any duties hereunder either directly or by or
         through agents, affiliates, accountants or attorneys;

                  (vi) the Trustee shall not be required to risk or expend its
         own funds or otherwise incur any financial liability in the performance
         of any of its duties or in the exercise of any of its rights or powers
         hereunder if it shall have reasonable grounds for believing that
         repayment of such funds or adequate indemnity against such risk or
         liability is not assured to it;

                  (vii) the Trustee shall not be liable for any loss on any
         investment of funds pursuant to this Agreement (other than as issuer of
         the investment security);

                  (viii) the Trustee shall not be deemed to have knowledge of an
         Event of Default until a Responsible Officer of the Trustee shall have
         received written notice thereof; and

                  (ix) the Trustee shall be under no obligation to exercise any
         of the trusts, rights 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

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         Certificateholders, pursuant to the provisions of this Agreement,
         unless such Certificateholders shall have offered to the Trustee
         reasonable security or indemnity satisfactory to the Trustee against
         the costs, expenses and liabilities which may be incurred therein or
         thereby.

                  SECTION 8.03              Trustee Not Liable for Certificates
                                            or Mortgage Loans.

                  The recitals contained herein and in the Certificates shall be
taken as the statements of the Depositor or the Seller, 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 or of any Mortgage Loan or related document, or of MERS or the
MERS(R) System, other than with respect to the Trustee's execution and
countersignature of the Certificates. The Trustee shall not be accountable for
the use or application by the Depositor or a Servicer of any funds paid to the
Depositor or a Servicer in respect of the Mortgage Loans or deposited in or
withdrawn from the Collection Account by the Depositor or a 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 and may transact business with the
Depositor, the Seller, any Servicer and their affiliates, with the same rights
as it would have if it were not the Trustee.

                  SECTION 8.05              Trustee's Fees and Expenses.

                  The Trustee, as compensation for its activities hereunder,
shall be entitled to withdraw from the Certificate Account on each Distribution
Date prior to making distributions pursuant to Section 4.02 an amount equal to
the Trustee Fee for such Distribution Date. The Trustee and any director,
officer, employee or agent of the Trustee shall be indemnified by the Depositor
and the Servicers, to the extent such indemnity related to the failure of the
related Servicer to perform its servicing obligations in accordance with this
Agreement, and held harmless against any loss, liability or expense (including
reasonable attorney's fees and expenses) (i) incurred in connection with any
claim or legal action relating to (a) this Agreement, (b) the Custodial
Agreement, (c) the Certificates, (d) the FSA Policy, or (e) the performance of
any of the Trustee's duties hereunder, other than any loss, liability or expense
incurred by reason of willful misfeasance, bad faith or negligence in the
performance of any of the Trustee's duties hereunder or incurred by reason of
any action of the Trustee taken at the direction of the Certificateholders and
(ii) resulting from any error in any tax or information return prepared by the
related Servicer. Such indemnity shall survive the termination of this Agreement
or the resignation or removal of the Trustee hereunder. Without limiting the
foregoing, the Depositor covenants and agrees, except as otherwise agreed upon
in writing by the Depositor and the Trustee, and except for any such expense,
disbursement or advance as may arise from the Trustee's negligence, bad faith or
willful misconduct, to pay or reimburse the Trustee, for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in
accordance with any of the provisions of this Agreement with respect to: (A) the
reasonable compensation and the expenses and disbursements of its counsel not
associated with the closing of the issuance of the Certificates, (B) the
reasonable compensation, expenses and disbursements of any accountant, engineer
or appraiser that is not regularly employed by the Trustee, to the extent that
the Trustee

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must engage such persons to perform acts or services hereunder and (C) printing
and engraving expenses in connection with preparing any Definitive Certificates.
Except as otherwise provided herein, the Trustee shall not be entitled to
payment or reimbursement for any routine ongoing expenses incurred by the
Trustee in the ordinary course of its duties as Trustee, Registrar or Tax
Matters Person hereunder or for any other expenses.

                  SECTION 8.06              Eligibility Requirements for the
                                            Trustee and Custodian.

                  The Trustee hereunder shall at all times be a corporation or
association organized and doing business under the laws of a 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, subject
to supervision or examination by federal or state authority and with a credit
rating which would not cause either of the Rating Agencies to reduce their
respective then current Ratings of the Certificates (or having provided such
security from time to time as is sufficient to avoid such reduction) as
evidenced in writing by each Rating Agency. If such corporation or 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 8.06 the combined capital and surplus of such
corporation or association 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 8.06, the Trustee shall resign immediately in the
manner and with the effect specified in Section 8.07. The entity serving as
Trustee may have normal banking and trust relationships with the Depositor and
its affiliates or a Servicer and its affiliates; provided, however, that such
entity cannot be an affiliate of the Seller, the Depositor or a Servicer other
than the Trustee in its role as successor to a Servicer.

                  SECTION 8.07              Resignation and Removal of the
                                            Trustee.

                  The Trustee may at any time resign and be discharged from the
trusts hereby created by giving written notice of resignation to the Depositor,
the Seller, each Servicer and each Rating Agency not less than 60 days before
the date specified in such notice, when, subject to Section 8.08, such
resignation is to take effect, and acceptance by a successor trustee in
accordance with Section 8.08 meeting the qualifications set forth in Section
8.06. If no successor trustee meeting such qualifications shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation or removal (as provided below), the resigning or removed
Trustee may petition any court of competent jurisdiction for the appointment of
a successor trustee.

                  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 thereto by the Depositor, or if at any time the Trustee shall
become incapable of acting, or shall be adjudged as 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, or a tax
is imposed with respect to the Trust Fund by any state in which the Trustee or
the Trust Fund is located and the imposition of such tax would be avoided by the
appointment of a different trustee, then the Depositor may remove the Trustee
and appoint a successor trustee by written instrument, in triplicate, one copy
of which shall be delivered to the Trustee, one copy to each Servicer and the
Seller and one copy to the successor trustee.

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                  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 shall be
delivered by the successor Trustee to each Servicer and the Seller, one complete
set to the Trustee so removed and one complete set to the successor so
appointed. Notice of any removal of the Trustee shall be given to each Rating
Agency by the successor trustee. All costs and expenses incurred by the Trustee
in connection with the removal of the Trustee without cause shall be reimbursed
to the Trustee from amounts on deposit in the Collection Account.

                  Any resignation or removal of the Trustee and appointment of a
successor trustee pursuant to any of the provisions of this Section 8.07 shall
become effective upon acceptance of appointment by the successor trustee as
provided in Section 8.08.

                  SECTION 8.08              Successor Trustee.

                  Any successor trustee appointed as provided in Section 8.07
shall execute, acknowledge and deliver to the Depositor and to its predecessor
trustee and each Servicer and the Seller an instrument accepting such
appointment hereunder and thereupon the resignation or removal of the
predecessor trustee shall become effective and such successor trustee, without
any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with the
like effect as if originally named as trustee herein. The Depositor, each
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.

                  No successor trustee shall accept appointment as provided in
this Section 8.08 unless at the time of such acceptance such successor trustee
shall be eligible under the provisions of Section 8.06 and its appointment shall
not adversely affect the then current rating of the Certificates.

                  Upon acceptance of appointment by a successor trustee as
provided in this Section 8.08, the Depositor shall mail notice of the succession
of such trustee hereunder to all Holders of Certificates. If the Depositor 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 Depositor.

                  SECTION 8.09              Merger or Consolidation of the
                                            Trustee.

                  Any corporation into which the Trustee may be merged or
converted or with which it may be consolidated or any corporation resulting from
any merger, conversion or consolidation to which the Trustee shall be a party,
or any corporation succeeding to the business of the Trustee, shall be the
successor of the Trustee hereunder, provided that such corporation shall be
eligible under the provisions of Section 8.06 without the execution or filing of
any paper or further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding.

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                  SECTION 8.10              Appointment of Co-Trustee or
                                            Separate Trustee.

                  Notwithstanding any other provisions of this Agreement, 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 any Mortgage Note may at
the time be located, each 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 and for the
benefit of the Certificateholders, such title to the Trust Fund or any part
thereof, whichever is applicable, and, subject to the other provisions of this
Section 8.10, such powers, duties, obligations, rights and trusts as each
Servicer and the Trustee may consider necessary or desirable. If a Servicer
shall not have joined in such appointment within 15 days after the receipt by it
of a request to do so, or in the 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 and no
notice to Certificateholders of the appointment of any co-trustee or separate
trustee shall be required under Section 8.08.

                  Every separate trustee and co-trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions and
conditions:

                  (i) To the extent necessary to effectuate the purposes of 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 (it being understood that such separate trustee or
         co-trustee is not authorized to act separately without the Trustee
         joining in such act), 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 a 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 applicable Trust Fund or any
         portion thereof in any such jurisdiction) shall be exercised and
         performed singly by such separate trustee or co-trustee, but solely at
         the direction of the Trustee;

                  (ii) No trustee hereunder shall be held personally liable by
         reason of any act or omission of any other trustee hereunder and such
         appointment shall not, and shall not be deemed to, constitute any such
         separate trustee or co-trustee as agent of the Trustee;

                  (iii) The Trustee may at any time accept the resignation of or
         remove any separate trustee or co-trustee; and

                  (iv) The Depositor, and not the Trustee, shall be liable for
         the payment of reasonable compensation, reimbursement and
         indemnification to any such separate trustee or co-trustee.

                  Any notice, request or other writing given to the Trustee
shall be deemed to have been given to each of the separate trustees and
co-trustees, when and as effectively as if given to each of

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<PAGE>

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 and a copy thereof given to each Servicer and the Depositor.

                  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              Tax Matters.

                  It is intended that the assets with respect to which the REMIC
elections are to be made, as set forth in the Preliminary Statement, shall
constitute, and that the conduct of matters relating to each such segregated
pool of assets shall be such as to qualify such assets as, a "real estate
mortgage investment conduit" as defined in and in accordance with the Trust Fund
Provisions. In furtherance of such intention, the Trustee covenants and agrees
that it shall act as agent (and the Trustee is hereby appointed to act as agent)
on behalf of the Trust Fund and that in such capacity it shall: (a) prepare and
file, or cause to be prepared and filed, in a timely manner, a U.S. Real Estate
Mortgage Investment Conduit Income Tax Return (Form 1066 or any successor form
adopted by the Internal Revenue Service) and prepare and file or cause to be
prepared and filed with the Internal Revenue Service and applicable state or
local tax authorities income tax or information returns for each taxable year
with respect to each of REMIC 1, REMIC 2, and REMIC 3 containing such
information and at the times and in the manner as may be required by the Code or
state or local tax laws, regulations, or rules, and furnish or cause to be
furnished to Certificateholders the schedules, statements or information at such
times and in such manner as may be required thereby; (b) within thirty days of
the Closing Date, furnish or cause to be furnished to the Internal Revenue
Service, on Forms 8811 or as otherwise may be required by the Code, the name,
title, address, and telephone number of the person that the holders of the
Certificates may contact for tax information relating thereto, together with
such additional information as may be required by such form, and update such
information at the time or times in the manner required by the Code; (c) make or
cause to be made elections that the assets of each of REMIC 1, REMIC 2 and REMIC
3 be treated as a REMIC on the federal tax return for its first taxable year
(and, if necessary, under applicable state law); (d) prepare and forward, or
cause to be prepared and forwarded, to the Certificateholders and to the
Internal Revenue Service and, if necessary, state tax authorities, all
information returns and reports as and when required to be provided to them in
accordance with the REMIC Provisions, including without limitation, the
calculation of any original issue discount using the Prepayment Assumption; (e)
provide information necessary for the computation of tax imposed on the transfer
of a Residual Certificate to a Person that is not a Permitted Transferee, or an
agent (including a broker, nominee or other middleman) of a Non-Permitted
Transferee, or a pass-through entity in which a Non-

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Permitted Transferee is the record holder of an interest (the reasonable cost of
computing and furnishing such information may be charged to the Person liable
for such tax); (f) to the extent that they are under its control, conduct
matters relating to such assets at all times that any Certificates are
outstanding so as to maintain the status of REMIC 1, REMIC 2 and REMIC 3 as a
REMIC under the REMIC Provisions; (g) not knowingly or intentionally take any
action or omit to take any action that would cause the termination of the REMIC
status of REMIC 1, REMIC 2 or REMIC 3; (h) pay, from the sources specified in
the last paragraph of this Section 8.11, the amount of any federal or state tax,
including prohibited transaction taxes as described below, imposed on the Trust
Fund prior to its termination when and as the same shall be due and payable (but
such obligation shall not prevent the Trustee or any other appropriate Person
from contesting any such tax in appropriate proceedings and shall not prevent
the Trustee from withholding payment of such tax, if permitted by law, pending
the outcome of such proceedings); (i) ensure that federal, state or local income
tax or information returns shall be signed by the Trustee or such other person
as may be required to sign such returns by the Code or state or local laws,
regulations or rules; (j) maintain records relating to the Trust Fund, including
but not limited to the income, expenses, assets and liabilities thereof and the
fair market value and adjusted basis of the assets determined at such intervals
as may be required by the Code, as may be necessary to prepare the foregoing
returns, schedules, statements or information; and (k) as and when necessary and
appropriate, represent the Trust Fund in any administrative or judicial
proceedings relating to an examination or audit by any governmental taxing
authority, request an administrative adjustment as to any taxable year of the
Trust Fund, enter into settlement agreements with any governmental taxing
agency, extend any statute of limitations relating to any tax item of the Trust
Fund, and otherwise act on behalf of the Trust Fund in relation to any tax
matter or controversy involving it.

                  To the extent that they are under its control, each Servicer
shall conduct matters relating to the assets of each REMIC at all times that any
Certificates are outstanding so as to maintain the status of REMIC 1, REMIC 2
and REMIC 3 as a REMIC under the REMIC Provisions. No Servicer shall knowingly
or intentionally take any action that would cause the termination of the REMIC
status of REMIC 1, REMIC 2 or REMIC 3.

                  In order to enable the Trustee to perform its duties as set
forth herein, the Depositor shall provide, or cause to be provided, to the
Trustee within ten (10) days after the Closing Date all information or data that
the Trustee requests in writing and determines to be relevant for tax purposes
to the valuations and offering prices of the Certificates, including, without
limitation, the price, yield, prepayment assumption and projected cash flows of
the Certificates and the Mortgage Loans. Thereafter, the Depositor shall provide
to the Trustee promptly upon written request therefor any such additional
information or data that the Trustee may, from time to time, reasonably request
in order to enable the Trustee to perform its duties as set forth herein. The
Depositor hereby indemnifies the Trustee for any losses, liabilities, damages,
claims or expenses of the Trustee arising from any errors or miscalculations of
the Trustee that result from any failure of the Depositor to provide, or to
cause to be provided, accurate information or data to the Trustee on a timely
basis.

                  In the event that any tax is imposed on "prohibited
transactions" of the Trust Fund as defined in Section 860F(a)(2) of the Code, on
the "net income from foreclosure property" of the Trust Fund as defined in
Section 860G(c) of the Code, on any contribution to the Trust Fund after the
Startup Day pursuant to Section 860G(d) of the Code, or any other tax is
imposed, if not paid as

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otherwise provided for herein, such tax shall be paid by (i) the Trustee, if any
such other tax arises out of or results from a breach by the Trustee of any of
its obligations under this Agreement, (ii) the related Servicer or the Seller,
in the case of any such minimum tax, if such tax arises out of or results from a
breach by such Servicer or the Seller of any of their obligations under this
Agreement or (iii) the Seller, if any such tax arises out of or results from the
Seller's obligation to repurchase a related Mortgage Loan pursuant to Section
2.02 or 2.03 or (iv) in all other cases, or in the event that the Trustee, the
related Servicer or Seller fails to honor its obligations under the preceding
clauses (i), (ii) or (iii), any such tax will be paid with amounts otherwise to
be distributed to the Certificateholders, as provided in Section 4.02.

                  The Trustee shall treat the Reserve Fund as an outside reserve
fund within the meaning of Treasury Regulation 1.860G-2(h) that is owned by the
Class X-1 Certificateholder and that is not an asset of the REMICs. The Trustee
shall treat the rights of the Class A-1, Class A-2, Class A-3, Class A-4, Class
A-5, Class M-1, Class M-2, Class B and Class BF Certificateholders to receive
payments from the Reserve Fund as rights in an interest rate cap contract
written by the Class X-1 Certificateholder in favor of the Class A-1, Class A-2,
Class A-3, Class A-4, Class A-5, Class M-1, Class M-2, Class B and Class BF
Certificateholders. Thus, each Certificate other than the Class X-1 Certificates
shall be treated as representing ownership of not only REMIC Regular Interests,
but also ownership of an interest in an interest rate cap contract. For purposes
of determining the issue price of the REMIC Regular interests, the Trustee shall
assume that the interest rate cap contract has a value of $5,000.

                  Neither a Servicer nor the Trustee shall enter into any
arrangement by which any of REMIC 1, REMIC 2 or REMIC 3 will receive a fee or
other compensation for services nor permit any of REMIC 1, REMIC 2 or REMIC 3 to
receive any income from assets other than "qualified mortgages" as defined in
Section 860G(a)(3) of the Code or "permitted investments" as defined in Section
860G(a)(5) of the Code.

                  SECTION 8.12              Periodic Filings.

                  The Trustee shall, on behalf of the Trust Fund, cause to be
filed with the Securities and Exchange Commission any periodic reports required
to be filed under the provisions of the Securities Exchange Act of 1934, as
amended, and the rules and regulations of the Securities and Exchange Commission
thereunder. In connection with the preparation and filing of such periodic
reports, the Depositor and each Servicer shall timely provide to the Trustee all
material information available to them which is required to be included in such
reports. The Trustee shall have no liability with respect to any failure to
properly prepare or file such periodic reports resulting from or relating to the
Trustee's inability or failure to obtain any information not resulting from its
own negligence or willful misconduct.

                                      138
<PAGE>

                                   ARTICLE IX

                                   TERMINATION

                  SECTION 9.01              Termination upon Liquidation or
                                            Purchase of the Mortgage Loans.

                  Subject to Section 9.03, the rights, obligations and
responsibilities of the Depositor, the Seller, the Servicers and the Trustee
created hereunder with respect to the Trust Fund shall terminate upon the
earlier of (a) the purchase by the Optional Termination Holder of all Mortgage
Loans (and REO Properties) remaining at the price equal to the sum of (A) 100%
of the Aggregate Collateral Balance plus one month's accrued interest thereon at
the applicable Mortgage Rate, (B) the lesser of (x) the appraised value of any
REO Property as determined by the higher of two appraisals completed by two
independent appraisers selected by the Depositor at the expense of the Depositor
and (y) the Stated Principal Balance of each Mortgage Loan related to any REO
Property, in each case plus accrued and unpaid interest thereon at the
applicable Mortgage Rate and (C) any unreimbursed Servicing Advances and (b) the
later of (i) the maturity or other liquidation (or any Advance with respect
thereto) of the last Mortgage Loan remaining in the Trust Fund and the
disposition of all REO Property and (ii) the distribution to Certificateholders
of all amounts required to be distributed to them pursuant to this Agreement. In
no event shall the trusts created hereby continue beyond the expiration of 21
years from the death of the survivor of the descendants of Joseph P. Kennedy,
the late Ambassador of the United States to the Court of St. James's, living on
the date hereof. The right to repurchase all Mortgage Loans and REO Properties
pursuant to clause (a) above shall be conditioned upon the aggregate Stated
Principal Balance of the Mortgage Loans and the appraised value of the REO
Properties at the time of any such repurchase, aggregating less than ten percent
of the Aggregate Collateral Balance as of the Cut-off Date.

                  SECTION 9.02              Final Distribution on the
                                            Certificates.

                  If on any Determination Date, the Trustee determines that
there are no Outstanding Mortgage Loans and no other funds or assets in the
Trust Fund other than the funds in the Collection Accounts and Certificate
Account, the Trustee shall promptly send a final distribution notice to each
Certificateholder. If the Optional Termination Holder above elects to terminate
the Trust Fund pursuant to Section 9.01, at least 20 days prior to the date
notice is to be mailed to the affected Certificateholders such Person shall
notify the Servicers and the Trustee of the date the Depositor intends to
terminate the Trust Fund and of the applicable repurchase price of the Mortgage
Loans and REO Properties.

                  Notice of any termination of the Trust Fund, specifying the
Distribution Date on which Certificateholders shall surrender their Certificates
for payment of the final distribution and cancellation, shall be given promptly
by the Trustee by letter to Certificateholders mailed not earlier than the 10th
day and not later than the 15th day of the month next preceding the month of
such final distribution. Any such notice shall specify (a) the Distribution Date
upon which final distribution on the Certificates will be made upon presentation
and surrender of Certificates at the office therein designated, (b) the amount
of such final distribution, (c) the location of the office or agency at which
such presentation and surrender must be made, and (d) that the Record Date
otherwise applicable

                                      139
<PAGE>

to such Distribution Date is not applicable, distributions being made only upon
presentation and surrender of the Certificates at the office therein specified.
The Trustee shall give such notice to each Rating Agency at the time such notice
is given to Certificateholders.

                  Upon presentation and surrender of the Certificates, the
Trustee shall cause to be distributed to the Certificateholders of each Class,
in each case on the final Distribution Date and in the order set forth in
Section 4.02, in the case of the Certificateholders, in proportion to their
respective Percentage Interests, with respect to Certificateholders of the same
Class, an amount equal to (i) as to each Class of Regular Certificates, the
Certificate Balance thereof plus accrued interest thereon (or on their Notional
Amount, if applicable) in the case of an interest-bearing Certificate and (ii)
as to the Residual Certificates, the amount, if any, which remains on deposit in
the Collection Accounts (other than the amounts retained to meet claims) after
application pursuant to clause (i) above.

                  In the event that any affected Certificateholders shall not
surrender Certificates for cancellation within six months after the date
specified in the above mentioned written notice, the Trustee 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 all the applicable
Certificates shall not have been surrendered for cancellation, the Trustee may
take appropriate steps, or may appoint an agent to take appropriate steps, to
contact the remaining Certificateholders concerning surrender of their
Certificates, and the cost thereof shall be paid out of the funds and other
assets which remain a part of the Trust Fund. If within one year after the
second notice all Certificates shall not have been surrendered for cancellation,
the Class A-R Certificateholders shall be entitled to all unclaimed funds and
other assets of the Trust Fund which remain subject hereto and the Trustee shall
be discharged from all further liability with respect to the Certificates and
this Agreement.

                  SECTION 9.03              Additional Termination Requirements.

                  (a) In the event that the Optional Termination Holder
exercises its purchase option with respect to the Mortgage Loans as provided in
Section 9.01, at such time as the Mortgage Loans are so purchased, the Trust
Fund shall be terminated in accordance with the following additional
requirements, unless the Trustee has been supplied with an Opinion of Counsel,
at the expense of the Depositor, to the effect that the failure to comply with
the requirements of this Section 9.03 will not (i) result in the imposition of
taxes on "prohibited transactions" on any REMIC as defined in Section 860F of
the Code, or (ii) cause REMIC 1, REMIC 2 or REMIC 3 to fail to qualify as a
REMIC at any time that any Certificates are outstanding:

                           (1)      Within 90 days prior to the final
                                    Distribution Date set forth in the notice
                                    given by the Trustee under Section 9.02, the
                                    Depositor shall prepare and the Trustee, at
                                    the expense of the Depositor, shall adopt a
                                    plan of complete liquidation within the
                                    meaning of Section 860F(a)(4) of the Code
                                    which, as evidenced by an Opinion of Counsel
                                    (which opinion shall not be an expense of
                                    the Trustee, the Tax Matters Person or the
                                    Trust Fund), meets the requirements of a
                                    qualified liquidation;

                                      140
<PAGE>

                           (2)      Within 90 days after the time of adoption of
                                    such a plan of complete liquidation, the
                                    Trustee shall sell all of the assets of the
                                    Trust Fund to the Depositor for cash in
                                    accordance with Section 9.01; and

                                            On the date specified for final
                                    payment of the Certificates, the Trustee
                                    shall, after payment of any unreimbursed
                                    Advances, Servicing Advances, Servicing Fees
                                    or other fee compensation payable to each
                                    Servicer pursuant to this Agreement, make
                                    final distributions of principal and
                                    interest on the Certificates in accordance
                                    with Section 4.02 and distribute or credit,
                                    or cause to be distributed or credited, to
                                    the Holders of the Residual Certificates all
                                    cash on hand after such final payment (other
                                    than the cash retained to meet claims), and
                                    the Trust Fund (and any REMIC) shall
                                    terminate at that time.

                  (b) The Trustee as agent for REMIC 1, REMIC 2 and REMIC 3
hereby agrees to adopt and sign such a plan of complete liquidation upon the
written request of the Depositor, and the receipt of the Opinion of Counsel
referred to in Section 9.03(a)(1) and to take such other action in connection
therewith as may be reasonably requested by the Depositor.

                  (c) By their acceptance of the Certificates, the Holders
thereof hereby authorize the Depositor to prepare and the Trustee to adopt and
sign a plan of complete liquidation.

                                      141
<PAGE>

                                    ARTICLE X

                            MISCELLANEOUS PROVISIONS

                  SECTION 10.01             Amendment.

                  This Agreement may be amended from time to time by the
Depositor, each Servicer, the Seller and the Trustee without the consent of any
of the Certificateholders (i) to cure any ambiguity or mistake, (ii) to correct
any defective provision herein or to supplement any provision herein which may
be inconsistent with any other provision herein, (iii) to add to the duties of
the Depositor, the Seller or any Servicer, (iv) to add any other provisions with
respect to matters or questions arising hereunder or (v) to modify, alter,
amend, add to or rescind any of the terms or provisions contained in this
Agreement; provided that any action pursuant to clauses (iv) or (v) above shall
not, as evidenced by an Opinion of Counsel (which Opinion of Counsel shall not
be an expense of the Trustee or the Trust Fund, but shall be at the expense of
the party proposing such amendment), adversely affect in any material respect
the interests of any Certificateholder; provided, however, that no such Opinion
of Counsel shall be required if the Person requesting the amendment obtains a
letter from each Rating Agency stating that the amendment would not result in
the downgrading or withdrawal of the respective ratings then assigned to the
Certificates; it being understood and agreed that any such letter in and of
itself will not represent a determination as to the materiality of any such
amendment and will represent a determination only as to the credit issues
affecting any such rating. The Trustee, the Depositor, the Seller and the
Servicers also may at any time and from time to time amend this Agreement
without the consent of the Certificateholders to modify, eliminate or add to any
of its provisions to such extent as shall be necessary or helpful to (i)
maintain the qualification of REMIC 1, REMIC 2 or REMIC 3 as a REMIC under the
Code, (ii) avoid or minimize the risk of the imposition of any tax on the Trust
Fund pursuant to the Code that would be a claim at any time prior to the final
redemption of the Certificates or (iii) comply with any other requirements of
the Code, provided that the Trustee has been provided an Opinion of Counsel,
which opinion shall be an expense of the party requesting such opinion but in
any case shall not be an expense of the Trustee or the Trust Fund, to the effect
that such action is necessary or helpful to, as applicable, (i) maintain such
qualification, (ii) avoid or minimize the risk of the imposition of such a tax
or (iii) comply with any such requirements of the Code.

                  Notwithstanding the foregoing, FSA's written consent shall be
required for any amendment that adversely affects in any respect the rights and
interests of FSA hereunder.

                  This Agreement may also be amended from time to time by the
Depositor, the Servicers, the Seller and the Trustee with the consent of the
Holders of a Majority in Interest 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 of modifying in any
manner the rights of the Holders of Certificates; provided, however, that no
such amendment shall (i) reduce in any manner the amount of, or delay the timing
of, payments required to be distributed on any Certificate without the consent
of the Holder of such Certificate, (ii) adversely affect in any material respect
the interests of the Holders of any Class of Certificates in a manner other than
as described in clause (i), without the consent of the Holders of Certificates
of such Class evidencing, as to such Class, Percentage Interests aggregating
66%, or (iii) reduce the aforesaid percentages of Certificates

                                      142
<PAGE>

the Holders of which are required to consent to any such amendment, without the
consent of the Holders of all such Certificates then outstanding.

                  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, which opinion shall not be an expense
of the Trustee or the Trust Fund, but shall be at the expense of the party
preparing such amendment, to the effect that such amendment will not cause the
imposition of any tax on the Trust Fund or the Certificateholders or cause REMIC
1, REMIC 2 or REMIC 3 to fail to qualify as a REMIC at any time that any
Certificates are outstanding.

                  Promptly after the execution of any amendment to this
Agreement, the Trustee shall furnish written notification of the substance or a
copy of such amendment to each Certificateholder if the consent of
Certificateholders was required and each Rating Agency.

                  It shall not be necessary for the consent of
Certificateholders under this Section 10.01 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.

                  Nothing in this Agreement shall require the Trustee to enter
into an amendment without receiving an Opinion of Counsel (which Opinion shall
not be an expense of the Trustee or the Trust Fund), satisfactory to the Trustee
that (i) such amendment is permitted and is not prohibited by this Agreement and
that all requirements for amending this Agreement have been complied with; and
(ii) either (A) the amendment does not adversely affect in any material respect
the interests of any Certificateholder or (B) the conclusion set forth in the
immediately preceding clause (A) is not required to be reached pursuant to this
Section 10.01.

                  SECTION 10.02             Recordation of Agreement;
                                            Counterparts.

                  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 Depositor at its expense, but only upon
direction by the Trustee accompanied by an Opinion of Counsel to the effect that
such recordation materially and beneficially affects the interests of the
Certificateholders.

                  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.

                                      143
<PAGE>

                  SECTION 10.03             Governing Law.

                  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE SUBSTANTIVE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HERETO AND THE
CERTIFICATEHOLDERS SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                  SECTION 10.04             [Reserved]

                  SECTION 10.05             Notices.

                  (a) The Trustee shall use its best efforts to promptly provide
notice to each Rating Agency with respect to each of the following of which it
has actual knowledge:

                  (i) Any material change or amendment to this Agreement;

                  (ii) The occurrence of any Event of Default that has not been
         cured;

                  (iii) The resignation or termination of any Servicer or the
         Trustee and the appointment of any successor;

                  (iv) The repurchase or substitution of Mortgage Loans pursuant
         to Sections 2.02 and 2.03; and

                  (v) The final payment to Certificateholders.

                  In addition, the Trustee shall promptly furnish to each Rating
Agency copies of the following to the extent such items are in its possession:

                  (i) Each report to Certificateholders described in Section
         4.06 and 3.19;

                  (ii) Each annual statement as to compliance described in
         Section 3.16;

                  (iii) Each annual independent public accountants' servicing
         report described in Section 3.17; and

                  (iv) Any notice of a purchase of a Mortgage Loan pursuant to
         Section 2.02, 2.03 or 3.11.

                  All directions, demands and notices hereunder shall be in
writing and shall be deemed to have been duly given when delivered to (a) in the
case of the Depositor and the Seller, Eleven Madison Avenue, 4th Floor, New
York, New York 10010, Attention: Helaine Hebble (with a copy to Credit Suisse
First Boston Mortgage Securities Corp., Eleven Madison Avenue, 4th Floor, New
York, New York 10010, Attention: Office of the General Counsel), (b) in the case
of the Trustee,

                                      144
<PAGE>

the Corporate Trust Office or such other address as the Trustee may hereafter
furnish to the Depositor and the Servicers, (c) in the case of Wilshire, 1776 SW
Madison, Portland, Oregon 97205 Attention: Jay Memmott, with a copy to Stoel
Rives LLP, 900 SW Fifth, Portland, Oregon 97204 Attention: Gary Barnum or such
other address as may be hereafter furnished in writing to the Depositor and the
Trustee by the Servicer, (d) in the case of each of the Rating Agencies, the
address specified therefor in the definition corresponding to the name of such
Rating Agency and (e) in the case of Ocwen, Ocwen Federal Bank FSB, 1675 Palm
Beach Lakes Blvd., West Palm Beach, FL 33401, Attention: Secretary. Notices to
Certificateholders shall be deemed given when mailed, first class postage
prepaid, to their respective addresses appearing in the Certificate Register.

                  SECTION 10.06             Severability of Provisions.

                  If any one or more of the covenants, agreements, provisions or
terms of this Agreement shall be for any reason whatsoever held invalid, then
such covenants, agreements, provisions or terms shall be deemed severable from
the remaining covenants, agreements, provisions or terms of this Agreement and
shall in no way affect the validity or enforceability of the other provisions of
this Agreement or of the Certificates or the rights of the Holders thereof.

                  SECTION 10.07             Assignment.

                  Notwithstanding anything to the contrary contained herein,
except as provided in Sections 6.02 and 6.04, this Agreement may not be assigned
by any Servicer without the prior written consent of the Trustee and Depositor;
provided, however, that neither the Depositor nor the Trustee shall consent to
any such assignment unless each Rating Agency has confirmed in writing that such
assignment will not cause a reduction or withdrawal of the ratings then assigned
by it to any Class of Certificates.

                  SECTION 10.08             Limitation on Rights of
                                            Certificateholders.

                  The death or incapacity of any Certificateholder shall not
operate to terminate this Agreement or the trust created hereby, nor entitle
such Certificateholder's legal representative or heirs to claim an accounting or
to take any action or commence any proceeding in any court for a petition or
winding up of the trust created hereby, or otherwise affect the rights,
obligations and liabilities of the parties hereto or any of them.

                  No Certificateholder shall have any right to vote (except as
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 party by reason of any action taken by the parties to this Agreement
pursuant to any provision hereof.

                  No Certificateholder shall have any right by virtue or by
availing itself of any provisions 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 an Event of Default and of the continuance thereof, as herein
provided,

                                      145
<PAGE>

and unless the Holders of Certificates evidencing not less than 25% of the
Voting Rights evidenced by the Certificates shall also have made written request
to 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
shall have any right in any manner whatever by virtue or by availing itself or
themselves of any provisions of this Agreement to affect, disturb or prejudice
the rights of the Holders of any other of the Certificates, or to obtain or seek
to obtain priority over or preference to any other such Holder or to enforce any
right under this Agreement, except in the manner herein provided and for the
common benefit of all Certificateholders. For the protection and enforcement of
the provisions of this Section 10.08, each and every Certificateholder and the
Trustee shall be entitled to such relief as can be given either at law or in
equity.

                  SECTION 10.09             Certificates Nonassessable and Fully
                                            Paid.

                  It is the intention of the Depositor that Certificateholders
shall not be personally liable for obligations of the Trust Fund, that the
interests in the Trust Fund represented by the Certificates shall be
nonassessable for any reason whatsoever, and that the Certificates, upon due
authentication thereof by the Trustee pursuant to this Agreement, are and shall
be deemed fully paid.

                                      146
<PAGE>

                  IN WITNESS WHEREOF, the Depositor, the Trustee, the Seller and
the Servicers have caused their names to be signed hereto by their respective
officers thereunto duly authorized as of the day and year first above written.

                                CREDIT SUISSE FIRST BOSTON MORTGAGE
                                SECURITIES CORP.,
                                as Depositor

                                By: /s/ Kari S. Roberts
                                    --------------------------------------------
                                Name:   Kari S. Roberts
                                Title:  Managing Director

                                JPMORGAN CHASE BANK,
                                as Trustee

                                By: /s/ Thomas Britt
                                    --------------------------------------------
                                Name:   Thomas Britt
                                Title:  Trust Officer

                                DLJ MORTGAGE CAPITAL, INC.,
                                as Seller

                                By: /s/ Peter Principato
                                    --------------------------------------------
                                Name:   Peter Principato
                                Title:  Vice President

                                WILSHIRE CREDIT CORPORATION,
                                as a Servicer

                                By: /s/ Bradley Newman
                                    --------------------------------------------
                                Name:   Bradley Newman
                                Title:  Senior Vice President

                                OCWEN FEDERAL BANK FSB,
                                as a Servicer

                                By: /s/ Richard Delgado
                                    --------------------------------------------
                                Name:   Richard Delgado
                                Title:  Vice President

                          [NOTARY PAGES TO BE ATTACHED]

                                      147
<PAGE>

                                    EXHIBIT A

                          [FORM OF CLASS A CERTIFICATE]

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.

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, AS AMENDED (THE "CODE").

[THIS CERTIFICATE HAS NO PRINCIPAL BALANCE AND IS NOT ENTITLED TO ANY
DISTRIBUTIONS IN RESPECT OF PRINCIPAL.]

                                       A-1

<PAGE>

Certificate No. [____]                   [____]% Interest Rate

Cut-off Date:                            Initial Certificate Balance of this
February 1, 2002                         Certificate ("Denomination"):
                                         $[_________________]

First Distribution Date:                 Initial [Certificate Balances] of all
March 25, 2002                           Certificate of this Class:
                                         $[_________________]

Maturity Date:                           CUSIP: [_________________]
[_________________]

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                            CSFB Trust Series 2002-S6
             CSFB Mortgage Pass-Through Certificates, Series 2002-S6
                                 Class [_______]

     evidencing a percentage  interest in the  distributions  allocable to
     the  Certificates  of the  above-referenced  Class with  respect to a
     Trust Fund consisting  primarily of a pool of  conventional  mortgage
     loans (the  "Mortgage  Loans")  secured by fixed  rate,  second  lien
     residential mortgage loans.

       Credit Suisse First Boston Mortgage Securities Corp., as Depositor

     Principal in respect of this Certificate is distributable monthly as set
forth herein. Accordingly, the Certificate Balance at any time may be less than
the Certificate Balance as set forth herein. This Certificate is payable solely
from the assets of the Trust and does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Seller, the Servicers
or the Trustee referred to below or any of their respective affiliates. This
Certificate and the Mortgage Loans are not guaranteed or insured by any
governmental agency or instrumentality.

     This certifies that Cede & Co. is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the denomination of
this Certificate by the aggregate of the denominations of all Certificates of
the Class to which this Certificate belongs) in certain monthly distributions
with respect to a Trust Fund consisting primarily of the Mortgage Loans
deposited by Credit Suisse First Boston Mortgage Securities Corp. (the
"Depositor"). The Trust Fund was created pursuant to a Pooling and Servicing
Agreement dated as of the Cut-off Date specified above (the "Agreement") among
the Depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"), Wilshire Credit
Corporation as a servicer ("Wilshire"), Owen Federal Bank FSB as a servicer
("Ocwen") and JPMorgan Chase Bank as trustee (the "Trustee"). To the extent not
defined herein, the capitalized terms used herein have the meanings assigned to
such terms in the Agreement. This Certificate is issued under and is subject to
the terms, provisions and conditions of the Agreement, to which

                                       A-2

<PAGE>

Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

     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.

     This Certificate shall not be entitled to any benefit under the Agreement
or be valid for any purpose unless manually countersigned by an authorized
signatory of the Trustee.

                                       A-3

<PAGE>

     IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated: February 27, 2002

                                                 JPMORGAN CHASE BANK,
                                                 as Trustee

                                                 By____________________________

Countersigned:

By ____________________________
    Authorized Signatory of
    JPMORGAN CHASE BANK,
    as Trustee

                                       A-4

<PAGE>

                                    EXHIBIT B

                        [FORM OF SUBORDINATE CERTIFICATE]

[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.]

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, AS AMENDED (THE "CODE").

THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN CERTIFICATES AS
DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.

[NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR A PLAN SUBJECT
TO SECTION 4975 OF THE CODE, OR, IF THE PURCHASER IS AN INSURANCE COMPANY, A
REPRESENTATION IN ACCORDANCE WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO
HEREIN OR AN OPINION OF COUNSEL IN ACCORDANCE WITH THE PROVISIONS OF THE
AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO THE CONTRARY
HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF OF AN
EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE OFFICER'S
CERTIFICATE OR THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED
ABOVE SHALL BE VOID AND OF NO EFFECT.]

[THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED ("THE ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED
FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.]

[THIS CERTIFICATE HAS NO PRINCIPAL BALANCE AND IS NOT ENTITLED TO ANY
DISTRIBUTIONS IN RESPECT OF PRINCIPAL.]

                                       B-1

<PAGE>

Certificate No. [____]                        [____]% Interest Rate

Cut-off Date:                                 Initial Certificate Balance of
February 1, 2002                              this Certificate ("Denomination"):
                                              $[________________]

First Distribution Date:                      Initial [Certificate Balances] of
March 25, 2002                                all Certificates of this Class:
                                              $[________________]

Maturity Date:                                CUSIP: [_________________]
[_______________]

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                            CSFB Trust Series 2002-S6
             CSFB Mortgage Pass-Through Certificates, Series 2002-S6
                                 Class [_______]

     evidencing a percentage  interest in the  distributions  allocable to
     the  Certificates  of the  above-referenced  Class with  respect to a
     Trust Fund consisting  primarily of a pool of  conventional  mortgage
     loans (the  "Mortgage  Loans")  secured by fixed  rate,  second  lien
     residential mortgage loans.

       Credit Suisse First Boston Mortgage Securities Corp., as Depositor

     Principal in respect of this Certificate is distributable monthly as set
forth herein. Accordingly, the Certificate Balance at any time may be less than
the Certificate Balance as set forth herein. This Certificate is payable solely
from the assets of the Trust and does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Seller, the Servicers
or the Trustee referred to below or any of their respective affiliates. This
Certificate and the Mortgage Loans are not guaranteed or insured by any
governmental agency or instrumentality.

     This certifies that [Cede & Co.] is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the denomination of
this Certificate by the aggregate of the denominations of all Certificates of
the Class to which this Certificate belongs) in certain monthly distributions
with respect to a Trust Fund consisting primarily of the Mortgage Loans
deposited by Credit Suisse First Boston Mortgage Securities Corp. (the
"Depositor"). The Trust Fund was created pursuant to a Pooling and Servicing
Agreement dated as of the Cut-off Date specified above (the "Agreement") among
the Depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"), Wilshire Credit
Corporation as a servicer ("Wilshire"), Owen Federal Bank FSB as a servicer
("Ocwen") and JPMorgan Chase Bank as trustee (the "Trustee"). To the extent not
defined herein, the capitalized terms used herein have the meanings assigned to
such terms in the Agreement. This Certificate is issued under and is subject to
the terms, provisions and conditions of the Agreement, to which

                                       B-2

<PAGE>

Agreement the Holder of this Certificate by virtue of the acceptance hereof
assents and by which such Holder is bound.

     [No transfer of a Certificate of this Class shall be made unless the
Trustee shall have received either (i) a representation letter from the
transferee of such Certificate, acceptable to and in form and substance
satisfactory to the Trustee, to the effect that such transferee is not an
employee benefit plan subject to Section 406 of ERISA or Section 4975 of the
Code, or a person acting on behalf of any such plan or arrangement or using the
assets of any such plan or arrangement to effect such transfer, which
representation letter shall not be an expense of the Trustee or the Trust Fund,
(ii) if the purchaser is an insurance company, a representation that the
purchaser is an insurance company which is purchasing such Certificates with
funds contained in an "insurance company general account" (as such term is
defined in Section V(e) of Prohibited Transaction Class Exemption 95-60 ("PTCE
95-60")) and that the purchase and holding of such Certificates satisfy the
requirements for exemptive relief under Sections I and III of PTCE 95-60 or
(iii) in the case of any such Certificate presented for registration in the name
of an employee benefit plan subject to ERISA, or Section 4975 of the Code (or
comparable provisions of any subsequent enactments), or a trustee of any such
plan or any other person acting on behalf of any such plan or arrangement, or
using such plan's or arrangement's assets, an Opinion of Counsel satisfactory to
the Trustee to the effect that the purchase or holding of such Certificate will
not result in the assets of the Trust Fund being deemed to be "plan assets" and
subject to the prohibited transaction provisions of ERISA and the Code and will
not subject the Trustee or the Servicer to any obligation in addition to those
undertaken in this Agreement, which Opinion of Counsel shall not be an expense
of the Trustee or the Trust Fund. Notwithstanding anything else to the contrary
herein, any purported transfer of a Certificate to or on behalf of an employee
benefit plan subject to ERISA or to the Code without the Opinion of Counsel
satisfactory to the Trustee as described above shall be void and of no effect.]

     [No transfer of a Certificate of this Class shall be made unless such
transfer is made pursuant to an effective registration statement under the
Securities Act and any applicable state securities laws or is exempt from the
registration requirements under said Act and such laws. In the event that a
transfer is to be made in reliance upon an exemption from the Securities Act and
such laws, in order to assure compliance with the Securities Act and such laws,
the Certificateholder desiring to effect such transfer and such
Certificateholder's prospective transferee shall each certify to the Trustee in
writing the facts surrounding the transfer. In the event that such a transfer is
to be made within three years from the date of the initial issuance of
Certificates pursuant hereto, there shall also be delivered (except in the case
of a transfer pursuant to Rule 144A of the Securities Act) to the Trustee an
Opinion of Counsel that such transfer may be made pursuant to an exemption from
the Securities Act and such state securities laws, which Opinion of Counsel
shall not be obtained at the expense of the Trustee, the Seller, the Servicers
or the Depositor. The Holder hereof desiring to effect such transfer shall, and
does hereby agree to, indemnify the Trustee and the Depositor 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.]

     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.

                                       B-3

<PAGE>

     This Certificate shall not be entitled to any benefit under the Agreement
or be valid for any purpose unless manually countersigned by an authorized
signatory of the Trustee.

                                       B-4

<PAGE>

     IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated: February 27, 2002

                                               JPMORGAN CHASE BANK,
                                               as Trustee

                                               By ______________________________

Countersigned:

By ______________________________
      Authorized Signatory of
      JPMORGAN CHASE BANK,
      as Trustee

                                       B-5

<PAGE>

                                    EXHIBIT C

                         [FORM OF RESIDUAL CERTIFICATE]

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, AS AMENDED (THE "CODE").

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
PROPOSED TRANSFEREE DELIVERS TO THE TRUSTEE A TRANSFER AFFIDAVIT IN ACCORDANCE
WITH THE PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR A PLAN SUBJECT
TO SECTION 4975 OF THE CODE, OR AN OPINION OF COUNSEL IN ACCORDANCE WITH THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO
THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF
OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE OPINION
OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF
NO EFFECT.

                                       C-1

<PAGE>

Certificate No. [____]                      [____]% Interest Rate

Cut-off Date:                               Initial Certificate Balance of this
February 1, 2002                            Certificate ("Denomination"):
                                            $[__________________]

First Distribution Date:                    Initial [Certificate Balances] of
March 25, 2002                              all Certificates of this Class:
                                            $[__________________]

Maturity Date:                              CUSIP: [_________________]
[__________________]

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                            CSFB Trust Series 2002-S6
             CSFB Mortgage Pass-Through Certificates, Series 2002-S6
                                 Class [_______]

     evidencing the distributions  allocable to the Class A-R Certificates
     with  respect  to a  Trust  Fund  consisting  primarily  of a pool of
     conventional  mortgage loans (the "Mortgage  Loans") secured by fixed
     rate, second lien residential mortgage loans.

       Credit Suisse First Boston Mortgage Securities Corp., as Depositor

     Principal in respect of this Certificate is distributable monthly as set
forth herein. Accordingly, the Certificate Balance at any time may be less than
the Certificate Balance as set forth herein. This Certificate is payable solely
from the assets of the Trust and does not evidence an obligation of, or an
interest in, and is not guaranteed by the Depositor, the Seller, the Servicers
or the Trustee referred to below or any of their respective affiliates. This
Certificate and the Mortgage Loans are not guaranteed or insured by any
governmental agency or instrumentality.

     This certifies that [______________________] is the registered owner of the
Percentage Interest evidenced by this Certificate (obtained by dividing the
denomination of this Certificate by the aggregate of the denominations of all
Certificates of the Class to which this Certificate belongs) in certain monthly
distributions with respect to a Trust Fund consisting primarily of the Mortgage
Loans deposited by Credit Suisse First Boston Mortgage Securities Corp. (the
"Depositor"). The Trust Fund was created pursuant to a Pooling and Servicing
Agreement dated as of the Cut-off Date specified above (the "Agreement") among
the Depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"), Wilshire Credit
Corporation as a servicer ("Wilshire"), Owen Federal Bank FSB as a servicer
("Ocwen") and JPMorgan Chase Bank as trustee (the "Trustee"). To the extent not
defined herein, the capitalized terms used herein have the meanings assigned to
such terms in the Agreement. This Certificate is issued under and is subject to
the terms, provisions and conditions of the

                                       C-2

<PAGE>

Agreement, to which Agreement the Holder of this Certificate by virtue of the
acceptance hereof assents and by which such Holder is bound.

     Any distribution of the proceeds of any remaining assets of the Trust Fund
will be made only upon presentment and surrender of this Class A-R Certificate
at the Corporate Trust Office or the office or agency maintained by the Trustee
in New York, New York.

     No transfer of a Class A-R Certificate shall be made unless the Trustee
shall have received either (i) a representation letter from the transferee of
such Certificate, acceptable to and in form and substance satisfactory to the
Trustee, to the effect that such transferee is not an employee benefit plan
subject to Section 406 of ERISA or Section 4975 of the Code, or a person acting
on behalf of any such plan or arrangement or using the assets of any such plan
or arrangement to effect such transfer, which representation letter shall not be
an expense of the Trustee or the Trust Fund or (ii) in the case of any such
Class A-R Certificate presented for registration in the name of an employee
benefit plan subject to ERISA, or Section 4975 of the Code (or comparable
provisions of any subsequent enactments), or a trustee of any such plan or any
other person acting on behalf of any such plan or arrangement, or using such
plan's or arrangement's assets, an Opinion of Counsel satisfactory to the
Trustee to the effect that the purchase or holding of such Class A-R Certificate
will not result in the assets of the Trust Fund being deemed to be "plan assets"
and subject to the prohibited transaction provisions of ERISA and the Code and
will not subject the Trustee to any obligation in addition to those undertaken
in this Agreement, which Opinion of Counsel shall not be an expense of the
Trustee or the Trust Fund. Notwithstanding anything else to the contrary herein,
any purported transfer of a Class A-R Certificate to or on behalf of an employee
benefit plan subject to ERISA or to the Code without the Opinion of Counsel
satisfactory to the Trustee as described above shall be void and of no effect.

     Each Holder of this Class A-R Certificate will be deemed to have agreed to
be bound by the restrictions of the Agreement, including but not limited to the
restrictions that (i) each person holding or acquiring any Ownership Interest in
this Class A-R Certificate must be a Permitted Transferee, (ii) no Ownership
Interest in this Class A-R Certificate may be transferred without delivery to
the Trustee of (a) a transfer affidavit of the proposed transferee and (b) a
transfer certificate of the transferor, each of such documents to be in the form
described in the Agreement, (iii) each person holding or acquiring any Ownership
Interest in this Class A-R Certificate must agree to require a transfer
affidavit and to deliver a transfer certificate to the Trustee as required
pursuant to the Agreement, (iv) each person holding or acquiring an Ownership
Interest in this Class A-R Certificate must agree not to transfer an Ownership
Interest in this Class A-R Certificate if it has actual knowledge that the
proposed transferee is not a Permitted Transferee and (v) any attempted or
purported transfer of any Ownership Interest in this Class A-R Certificate in
violation of such restrictions will be absolutely null and void and will vest no
rights in the purported transferee.

     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.

     This Certificate shall not be entitled to any benefit under the Agreement
or be valid for any purpose unless manually countersigned by an authorized
signatory of the Trustee.

                                       C-3

<PAGE>

     IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated: February 27, 2002

                                                JPMORGAN CHASE BANK,
                                                as Trustee

                                                By ____________________________

Countersigned:

By ____________________________
      Authorized Signatory of
      JPMORGAN CHASE BANK,
      as Trustee

                                       C-4

<PAGE>

                                    EXHIBIT D

                      [FORM OF NOTIONAL AMOUNT CERTIFICATE]

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.

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, AS AMENDED (THE "CODE").

[THIS CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO CERTAIN CERTIFICATES AS
DESCRIBED IN THE AGREEMENT REFERRED TO HEREIN.]

[NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR A PLAN SUBJECT
TO SECTION 4975 OF THE CODE OR AN OPINION OF COUNSEL IN ACCORDANCE WITH THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO
THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF
OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE
OFFICER'S CERTIFICATE OR THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE AS
DESCRIBED ABOVE SHALL BE VOID AND OF NO EFFECT.]

THIS CERTIFICATE HAS NO PRINCIPAL BALANCE AND IS NOT ENTITLED TO ANY
DISTRIBUTIONS IN RESPECT OF PRINCIPAL.

[THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED ("THE ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED
FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.]

                                       D-1

<PAGE>

Certificate No. [____]                     [____]% Interest Rate

Cut-off Date:                              Initial Notional Amount of this
February 1, 2002                           Certificate ("Denomination"):
                                           $[_______________]

First Distribution Date:                   Initial [Notional Amount] of all
March 25, 2002                             Certificates of this Class:
                                           $[_______________]

Maturity Date:                             CUSIP: [_________________]
[_______________]

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                            CSFB Trust Series 2002-S6
             CSFB Mortgage Pass-Through Certificates, Series 2002-S6
                                 Class [_______]

     evidencing a percentage  interest in the  distributions  allocable to
     the  Certificates  of the  above-referenced  Class with  respect to a
     Trust Fund consisting  primarily of a pool of  conventional  mortgage
     loans (the "Mortgage  Loans") secured by fixed rate, first and second
     lien residential mortgage loans.

       Credit Suisse First Boston Mortgage Securities Corp., as Depositor

     This Certificate is payable solely from the assets of the Trust and does
not evidence an obligation of, or an interest in, and is not guaranteed by the
Depositor, the Seller, the Servicers or the Trustee referred to below or any of
their respective affiliates. This Certificate and the Mortgage Loans are not
guaranteed or insured by any governmental agency or instrumentality.

     This certifies that [Cede & Co.], is the registered owner of the Percentage
Interest evidenced by this Certificate (obtained by dividing the denomination of
this Certificate by the aggregate of the denominations of all Certificates of
the Class to which this Certificate belongs) in certain monthly distributions
with respect to a Trust Fund consisting primarily of the Mortgage Loans
deposited by Credit Suisse First Boston Mortgage Securities Corp. (the
"Depositor"). The Trust Fund was created pursuant to a Pooling and Servicing
Agreement dated as of the Cut-off Date specified above (the "Agreement") among
the Depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"), Wilshire Credit
Corporation as a servicer ("Wilshire"), Owen Federal Bank FSB as a servicer
("Ocwen") and JPMorgan Chase Bank as trustee (the "Trustee"). To the extent not
defined herein, the capitalized terms used herein have the meanings assigned to
such terms 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.

                                       D-2

<PAGE>

     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.

     [No transfer of a Certificate of this Class shall be made unless the
Trustee shall have received either (i) a representation letter from the
transferee of such Certificate, acceptable to and in form and substance
satisfactory to the Trustee, to the effect that such transferee is not an
employee benefit plan subject to Section 406 of ERISA or Section 4975 of the
Code, or a person acting on behalf of any such plan or arrangement or using the
assets of any such plan or arrangement to effect such transfer, which
representation letter shall not be an expense of the Trustee or the Trust Fund
or (ii) in the case of any such Certificate presented for registration in the
name of an employee benefit plan subject to ERISA, or Section 4975 of the Code
(or comparable provisions of any subsequent enactments), or a trustee of any
such plan or any other person acting on behalf of any such plan or arrangement,
or using such plan's or arrangement's assets, an Opinion of Counsel satisfactory
to the Trustee to the effect that the purchase or holding of such Certificate
will not result in the assets of the Trust Fund being deemed to be "plan assets"
and subject to the prohibited transaction provisions of ERISA and the Code and
will not subject the Trustee or the Servicer to any obligation in addition to
those undertaken in this Agreement, which Opinion of Counsel shall not be an
expense of the Trustee or the Trust Fund. Notwithstanding anything else to the
contrary herein, any purported transfer of a Certificate to or on behalf of an
employee benefit plan subject to ERISA or to the Code without the Opinion of
Counsel satisfactory to the Trustee as described above shall be void and of no
effect.]

[This Certificate has not been registered under the Securities Act of 1933, as
amended ("the Act"). Any resale or transfer of this Certificate without
registration thereof under the Act may only be made in a transaction exempted
from the registration requirements of the Act and in accordance with the
provisions of the Agreement referred to herein.]

     This Certificate shall not be entitled to any benefit under the Agreement
or be valid for any purpose unless manually countersigned by an authorized
signatory of the Trustee.

                                       D-3

<PAGE>

     IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated: February 27, 2002

                                               JPMORGAN CHASE BANK,
                                               as Trustee

                                               By ______________________________

Countersigned:

By ______________________________
     Authorized Signatory of
     JPMORGAN CHASE BANK,
     as Trustee

                                       D-4

<PAGE>

                                    EXHIBIT E

                          [FORM OF CLASS P 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, AS AMENDED (THE "CODE").

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"). ANY RESALE OR TRANSFER OF THIS CERTIFICATE WITHOUT
REGISTRATION THEREOF UNDER THE ACT MAY ONLY BE MADE IN A TRANSACTION EXEMPTED
FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND IN ACCORDANCE WITH THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN.

NEITHER THIS CERTIFICATE NOR ANY INTEREST HEREIN MAY BE TRANSFERRED UNLESS THE
TRANSFEREE DELIVERS TO THE TRUSTEE EITHER A REPRESENTATION LETTER TO THE EFFECT
THAT SUCH TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED ("ERISA"), OR A PLAN SUBJECT
TO SECTION 4975 OF THE CODE OR AN OPINION OF COUNSEL IN ACCORDANCE WITH THE
PROVISIONS OF THE AGREEMENT REFERRED TO HEREIN. NOTWITHSTANDING ANYTHING ELSE TO
THE CONTRARY HEREIN, ANY PURPORTED TRANSFER OF THIS CERTIFICATE TO OR ON BEHALF
OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO ERISA OR TO THE CODE WITHOUT THE OPINION
OF COUNSEL SATISFACTORY TO THE TRUSTEE AS DESCRIBED ABOVE SHALL BE VOID AND OF
NO EFFECT.

                                       E-1

<PAGE>

Certificate No. [____]                  [____]% Interest Rate

Cut-off Date:                           Initial Certificate Balance of this
February 1, 2002                        Certificate ("Denomination"):
                                        $[________________]

First Distribution Date:                Initial [Certificate Balances] of all
March 25, 2002                          Certificates of this Class:
                                        $[________________]

Maturity Date:                          CUSIP: [_________________]
[________________]

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                            CSFB Trust Series 2002-S6
             CSFB Mortgage Pass-Through Certificates, Series 2002-S6
                                 Class [_______]

     evidencing a percentage  interest in the  distributions  allocable to
     the  Certificates  of the  above-referenced  Class with  respect to a
     Trust Fund consisting  primarily of a pool of  conventional  mortgage
     loans (the "Mortgage  Loans") secured by fixed rate, first and second
     lien residential mortgage loans.

       Credit Suisse First Boston Mortgage Securities Corp., as Depositor

     Principal in respect of this Certificate is distributable monthly as set
forth herein. Accordingly, the Certificate Principal Balance of this Class P
Certificate at any time may be less than the Initial Certificate Principal
Balance set forth on the face hereof, as described herein. This Class P
Certificate does not evidence an obligation of, or an interest in, and is not
guaranteed by the Depositor, the Servicers or the Trustee referred to below or
any of their respective affiliates.

     This certifies that _________________ is the registered owner of the
Percentage Interest evidenced by this Class P Certificate (obtained by dividing
the Denomination of this Class P Certificate by the Original Class Certificate
Principal Balance) in certain distributions with respect to a Trust consisting
primarily of the Mortgage Loans deposited by Credit Suisse First Boston Mortgage
Securities Corp. (the "Depositor"). The Trust was created pursuant to a Pooling
and Servicing Agreement dated as of February 1, 2002 (the "Agreement") among the
Depositor, DLJ Mortgage Capital Inc., as seller ("DLJMC"), Wilshire Credit
Corporation, as a servicer ("Wilshire"), Owen Federal Bank FSB as a servicer
("Ocwen") and JPMorgan Chase Bank, as trustee (the "Trustee"). To the extent not
defined herein, the capitalized terms used herein have the meanings assigned in
the Agreement. This Class P Certificate is issued under and is subject to the
terms, provisions and conditions of the Agreement, to which Agreement the Holder
of this Class P Certificate by virtue of the acceptance hereof assents and by
which such Holder is bound.

                                       E-2

<PAGE>

     This Certificate does not have a pass-through rate and will be entitled to
distributions only to the extent set forth in the Agreement.

     No transfer of a Certificate of this Class shall be made unless such
transfer is made pursuant to an effective registration statement under the Act
and any applicable state securities laws or is exempt from the registration
requirements under said Act and such laws. In the event that a transfer is to be
made in reliance upon an exemption from the Act and such laws, in order to
assure compliance with the Act and such laws, the Certificateholder desiring to
effect such transfer and such Certificateholder's prospective transferee shall
each certify to the Trustee and the Depositor in writing the facts surrounding
the transfer. In the event that such a transfer is not to be made pursuant to
Rule 144A of the Act, there shall be delivered to the Trustee and the Depositor
of an Opinion of Counsel that such transfer may be made pursuant to an exemption
from the Act, which Opinion of Counsel shall not be obtained at the expense of
the Trustee, the Seller, the Servicers or the Depositor; or there shall be
delivered to the Trustee and the Depositor a transferor certificate by the
transferor and an investment letter shall be executed by the transferee. The
Holder hereof desiring to effect such transfer shall, and does hereby agree to,
indemnify the Trustee and the Depositor against any liability that may result if
the transfer is not so exempt or is not made in accordance with such federal and
state laws.

     No transfer of a Class P Certificate shall be made unless the Trustee shall
have received either (i) a representation letter from the transferee of such
Certificate, acceptable to and in form and substance satisfactory to the
Trustee, to the effect that such transferee is not an employee benefit plan
subject to Section 406 of ERISA or Section 4975 of the Code, or a person acting
on behalf of any such plan or arrangement or using the assets of any such plan
or arrangement to effect such transfer, which representation letter shall not be
an expense of the Trustee or the Trust Fund or (ii) in the case of any such
Class P Certificate presented for registration in the name of an employee
benefit plan subject to ERISA, or Section 4975 of the Code (or comparable
provisions of any subsequent enactments), or a trustee of any such plan or any
other person acting on behalf of any such plan or arrangement, or using such
plan's or arrangement's assets, an Opinion of Counsel satisfactory to the
Trustee to the effect that the purchase or holding of such Class P Certificate
will not result in the assets of the Trust Fund being deemed to be "plan assets"
and subject to the prohibited transaction provisions of ERISA and the Code and
will not subject the Trustee to any obligation in addition to those undertaken
in this Agreement, which Opinion of Counsel shall not be an expense of the
Trustee or the Trust Fund. Notwithstanding anything else to the contrary herein,
any purported transfer of a Class P Certificate to or on behalf of an employee
benefit plan subject to ERISA or to the Code without the Opinion of Counsel
satisfactory to the Trustee as described above shall be void and of no effect.

     Reference is hereby made to the further provisions of this Class P
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.

     This Class P Certificate shall not be entitled to any benefit under the
Agreement or be valid for any purpose unless manually countersigned by an
authorized signatory of the Trustee.

                                       E-3

<PAGE>

     IN WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
executed.

Dated: February 27, 2002

                                          JPMORGAN CHASE BANK,
                                          as Trustee

                                          By________________________________

Countersigned:

By ________________________________
    Authorized Signatory of
    JPMORGAN CHASE BANK,
    as Trustee

                                       E-4

<PAGE>

                                    EXHIBIT F

                        [FORM OF REVERSE OF CERTIFICATES]

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                            CSFB Trust Series 2002-S6
             CSFB Mortgage Pass-Through Certificates, Series 2002-S6
                                 Class [_______]

     This Certificate is one of a duly authorized issue of Certificates
designated as Credit Suisse First Boston Mortgage Securities Corp., Mortgage
Pass-Through Certificates, of the Series specified on the face hereof (herein
collectively called the "Certificates"), and representing a beneficial ownership
interest in the Trust Fund created by the Agreement.

     The Certificateholder, by its acceptance of this Certificate, agrees that
it will look solely to the funds on deposit in the Certificate Account for
payment hereunder and that the Trustee is not liable to the Certificateholders
for any amount payable under this Certificate or the Agreement or, except as
expressly provided in the Agreement, subject to any liability under the
Agreement.

     This Certificate does not purport to summarize the Agreement and reference
is made to the Agreement for the interests, rights and limitations of rights,
benefits, obligations and duties evidenced thereby, and the rights, duties and
immunities of the Trustee.

     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 on the face hereof, to the Person in whose name this
Certificate is registered at the close of business on the applicable Record Date
in an amount equal to the product of the Percentage Interest evidenced by this
Certificate and the amount required to be distributed to Holders of Certificates
of the Class to which this Certificate belongs on such Distribution Date
pursuant to the Agreement. [The Record Date applicable to each Distribution Date
is the last Business Day of the month next preceding the month of such
Distribution Date.][The Record Date applicable to each Distribution Date is the
Business Day immediately preceding the related Distribution Date; provided that
if this Certificate is not a Book-Entry Certificate, then the Record Date
applicable to each Distribution Date is the last Business Day of the month next
preceding such Distribution Date.]

     Distributions on this Certificate shall be made by wire transfer of
immediately available funds to the account of the Holder hereof at a bank or
other entity having appropriate facilities therefor, if such Certificateholder
shall have so notified the Trustee in writing at least five Business Days prior
to the related Record Date and such Certificateholder shall satisfy the
conditions to receive such form of payment set forth in the Agreement, or, if
not, by check mailed by first class mail to the address of such
Certificateholder appearing in the Certificate Register. The final distribution
on each Certificate will be made in like manner, but only upon presentment and
surrender of such Certificate at the Corporate Trust Office or such other
location specified in the notice to Certificateholders of such final
distribution.

                                       F-1

<PAGE>

     The Agreement permits, with certain exceptions therein provided, the
amendment thereof and the modification of the rights and obligations of the
Trustee and the rights of the Certificateholders under the Agreement at any time
by the Depositor, the Servicers, the Seller and the Trustee with the consent of
the Holders of Certificates affected by such amendment evidencing the requisite
Percentage Interest, as provided in the Agreement. 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 therefor or in lieu hereof whether or not
notation of such consent is made upon this Certificate. The Agreement also
permits the amendment thereof, in certain limited circumstances, without the
consent of the Holders of any of the 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 of the Trustee upon surrender of this Certificate for registration of
transfer at the Corporate Trust Office or the office or agency maintained by the
Trustee in New York, New York, accompanied by a 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 the same Class in authorized
denominations and evidencing the same aggregate Percentage Interest in the Trust
Fund will be issued to the designated transferee or transferees.

     The Certificates are issuable only as registered Certificates without
coupons 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 the same Class in authorized denominations
and evidencing the same 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 Depositor, the Servicers, the Seller and the Trustee and any agent of
the Depositor or the Trustee may treat the Person in whose name this Certificate
is registered as the owner hereof for all purposes, and the Seller, the
Depositor, the Trustee, or any such agent shall be affected by any notice to the
contrary.

     On any Distribution Date on which the sum of the aggregate Stated Principal
Balance of the Mortgage Loans and the appraised value of the REO Properties at
the time of repurchase is less than 10% of the sum of the Aggregate Collateral
Balance of the Mortgage Loans, the Optional Termination Holder will have the
option to repurchase, in whole, from the Trust Fund all remaining Mortgage Loans
and REO Properties at a purchase price determined as provided in the Agreement.
In the event that no such optional termination occurs, the obligations and
responsibilities created by the Agreement will terminate upon the later of the
maturity or other liquidation (or any advance with respect thereto) of the last
Mortgage Loan remaining in the Trust Fund and the distribution to
Certificateholders of all amounts required to be distributed pursuant to the
Agreement. In no event, however, will the trust created by the Agreement
continue beyond the expiration of 21 years from

                                       F-2

<PAGE>

the death of the last survivor of the descendants living at the date of the
Agreement of a certain person named in the Agreement.

     Any term used herein that is defined in the Agreement shall have the
meaning assigned in the Agreement, and nothing herein shall be deemed
inconsistent with that meaning.

                                   ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

_______________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
(Please print or typewrite name and address including postal zip code of
assignee)

the Percentage Interest evidenced by the within Certificate and hereby
authorizes the transfer of registration of such Percentage Interest to assignee
on the Certificate Register of the Trust Fund.

I (We) further direct the Trustee to issue a new Certificate of a like
denomination and Class, to the above named assignee and deliver such Certificate
to the following address:

_______________________________________________________________________________
Dated:

                                        ________________________________________
                                        Signature by or on behalf of assignor

                            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.

                                       F-3

<PAGE>

                                    EXHIBIT G

                   FORM OF INITIAL CERTIFICATION OF CUSTODIAN

                                           February __, 2002

______________________
______________________

Cut-off Date Principal Balance:
$_______________

JPMorgan Chase Bank,
as  Trustee, for the
CSFB Mortgage Pass-Through Certificates, Series 2002-S6
450 West 33rd Street, 14th Floor
New York, New York 10001-2697

Financial Security Assurance Inc.
350 Park Avenue, 13th Floor
New York, New York 10022

         Re:  Custodial Agreement, dated as of February 1, 2002, between
              JPMorgan Chase Bank, as Trustee and [Bank One Trust Company, N.A.]
              [LaSalle Bank National Association, as Custodian]

Ladies and Gentlemen:

     In accordance with the provisions of Section 4 of the above-referenced
Custodial Agreement, the undersigned, as the Custodian, hereby certifies as to
each Mortgage Loan in the Mortgage Loan Schedule that (i) it has received: the
original Mortgage Note and Assignment of Mortgage with respect to each Mortgage
Loan identified on the Mortgage Loan Schedule attached hereto as Exhibit A and
(ii) such Mortgage Note has been reviewed by it and appears regular on its face
and relates.

     The Custodian makes no representations as to: (i) the validity, legality,
enforceability, sufficiency, due authorization or genuineness of any of the
documents contained in each Custodial File or of any of the Mortgage Loans or
(ii) the collectability, insurability, effectiveness or suitability of any such
Mortgage Loan.

     The Custodian hereby confirms that it is holding each such Mortgage Note
and Assignment of Mortgage as agent and bailee of, and custodian for the
exclusive use and benefit, and subject to the sole direction, of the Trustee
pursuant to the terms and conditions of the Custodial Agreement.

     This Trust Receipt and Initial Certification is not divisible or
negotiable.

                                       G-1

<PAGE>

     The Custodian will accept and act on instructions with respect to the
Mortgage Loans subject hereto upon surrender of this Trust Receipt and Initial
Certification at its office at [in the case of Bank One, N.A.: 2220 Chemsearch
Boulevard, Suite 150, Irving, Texas 75062, Attention: Document Custodian][in the
case of LaSalle Bank National Association: _______________].

                                       G-2

<PAGE>

     Capitalized terms used herein shall have the meaning ascribed to them in
the Custodial Agreement.

                                         [BANK ONE TRUST COMPANY, N.A.],
                                         [LASALLE BANK NATIONAL
                                         ASSOCIATION]
                                         as Custodian

                                         By:______________________________
                                         Name:
                                         Title:

                                       G-3

<PAGE>

                                    EXHIBIT H

                    FORM OF FINAL CERTIFICATION OF CUSTODIAN

Trust Receipt #_________

Cut-off Date Principal Balance
$______________

[To be addressed to the Trustee of record]
_______________________
_______________________

Financial Security Assurance Inc.
350 Park Avenue, 13th Floor
New York, New York 10022

          Re:  Custodial Agreement, dated as of February 1, 2002, between
               JPMorgan Chase Bank, as Trustee and [Bank One Trust Company,
               N.A.][LaSalle Bank National Association], as Custodian

Ladies and Gentlemen:

     In accordance with the provisions of Section 6 of the above-referenced
Custodial Agreement, the undersigned, as the Custodian, hereby certifies that as
to each Mortgage Loan listed on the Mortgage Loan Schedule (other than any
Mortgage Loan paid in full or any Mortgage Loan listed on the attachment hereto)
it has reviewed the Custodial Files and has determined that (i) all documents
required to be delivered to it pursuant to Sections 2(i)-(x) of the Custodial
Agreement are in its possession; (ii) such documents have been reviewed by it
and appear regular on their face and related to such Mortgage Loan; (iii) all
Assignments of Mortgage or intervening assignments of mortgage, as applicable,
have been submitted for recording in the jurisdictions in which recording is
necessary; and (iv) each Mortgage Note has been endorsed as provided in Section
2(ii) of the Custodial Agreement and each Mortgage has been assigned in
accordance with Section 2(iv) and (v) of the Custodial Agreement. The Custodian
makes no representations as to: (i) validity, legality, enforceability,
sufficiency, due authorization or genuineness of any of the documents contained
in each Custodial File or of any of the Mortgage Loans, or (ii) The
collectability, insurability, effectiveness or suitability of any such Mortgage
Loan.

     The Custodian hereby confirms that it is holding each such Custodial File
as agent and bailee of, and custodian for the exclusion use and benefit, and
subject to the sole direction, of Trustee pursuant to the terms and conditions
of the Custodial Agreement.

     This Trust Receipt and Final Certification is not divisible or negotiable.

                                       H-1

<PAGE>

     The Custodian will accept and act on instructions with respect to the
Mortgage Loans subject hereto upon surrender of this Trust Receipt and Final
Certification at its office at [in the case of Bank One, N.A.: 2220 Chemsearch
Boulevard, Suite 150, Irving, Texas 75062, Attention: Document Custodian][in the
case of LaSalle Bank National Association: _______________].

                                       H-2

<PAGE>

     Capitalized terms used herein shall have the meaning ascribed to them in
the Custodial Agreement.

                                                [BANK ONE TRUST COMPANY, N.A.],
                                                [LASALLE BANK NATIONAL
                                                ASSOCIATION],
                                                as Custodian

                                                By:_____________________________
                                                Name:
                                                Title:

                                       H-3

<PAGE>

                                    EXHIBIT I

                               TRANSFER AFFIDAVIT

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                            CSFB Trust Series 2002-S6
             CSFB Mortgage Pass-Through Certificates, Series 2002-S6
                                 Class [_______]

STATE OF             )
                     ) ss.:
COUNTY OF            )

     The undersigned, being first duly sworn, deposes and says as follows:

     1. The undersigned is an officer of , the proposed Transferee of an
Ownership Interest in a Class A-R Certificate (The "Certificate") issued
pursuant to the Pooling and Servicing Agreement, (The "Agreement"), relating to
the above-referenced Series, among Credit Suisse First Boston Mortgage
Securities Corp. as depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"),
Wilshire Credit Corporation as a servicer ("Wilshire"), Owen Federal Bank FSB as
a servicer ("Ocwen") and JPMorgan Chase Bank as trustee (The "Trustee").
Capitalized terms used, but not defined herein or in Exhibit 1 hereto, shall
have the meanings ascribed to such terms in the Agreement. The Transferee has
authorized the undersigned to make this affidavit on behalf of the Transferee.

     2. The Transferee is, as of the date hereof, and will be, as of the date of
the Transfer, a Permitted Transferee. The Transferee is acquiring its Ownership
Interest in the Certificate either (i) for its own account or (ii) as nominee,
trustee or agent for another Person and has attached hereto an affidavit from
such Person in substantially the same form as this affidavit. The Transferee has
no knowledge that any such affidavit is false.

     3. The Transferee has been advised of, and understands that (i) a tax will
be imposed on Transfers of the Certificate to Persons that are not Permitted
Transferees; (ii) such tax will be imposed on the transferor, or, if such
Transfer is through an agent (which includes a broker, nominee or middleman) for
a Person that is not a Permitted Transferee, on the agent; and (iii) the Person
otherwise liable for the tax shall be relieved of liability for the tax if the
subsequent Transferee furnished to such Person an affidavit that such subsequent
Transferee is a Permitted Transferee and, at the time of Transfer, such Person
does not have actual knowledge that the affidavit is false.

     4. The Transferee has been advised of, and understands that a tax will be
imposed on a "pass-through entity" holding the Certificate if at any time during
the taxable year of the pass-through entity a Person that is not a Permitted
Transferee is the record holder of an interest in such entity. The Transferee
understands that such tax will not be imposed for any period with respect to
which the record holder furnishes to the pass-through entity an affidavit that
such record holder is a Permitted Transferee and the pass-through entity does
not have actual knowledge that such affidavit is false. (For this purpose, a
"pass-through entity" includes a regulated investment company,

                                       I-1

<PAGE>

a real estate investment trust or common trust fund, a partnership, trust or
estate, and certain cooperatives and, except as may be provided in Treasury
Regulations, persons holding interests in pass-through entities as a nominee for
another Person.)

     5. The Transferee has reviewed the provisions of Section 5.02(c) of the
Agreement (attached hereto as Exhibit 2 and incorporated herein by reference)
and understands the legal consequences of the acquisition of an Ownership
Interest in the Certificate including, without limitation, The restrictions on
subsequent Transfers and the provisions regarding voiding the Transfer and
mandatory sales. The Transferee expressly agrees to be bound by and to abide by
the provisions of Section 5.02(c) of the Agreement and the restrictions noted on
the face of the Certificate. The Transferee understands and agrees that any
breach of any of the representations included herein shall render the Transfer
to the Transferee contemplated hereby null and void.

     6. The Transferee agrees to require a Transfer Affidavit from any Person to
whom the Transferee attempts to Transfer its Ownership Interest in the
Certificate, and in connection with any Transfer by a Person for whom the
Transferee is acting as nominee, trustee or agent, and the Transferee will not
Transfer its Ownership Interest or cause any Ownership Interest to be
Transferred to any Person that the Transferee knows is not a Permitted
Transferee. In connection with any such Transfer by the Transferee, The
Transferee agrees to deliver to the Trustee a certificate substantially in the
form set forth as EXHIBIT J to the Agreement (a "Transferor Certificate") to the
effect that such Transferee has no actual knowledge that the Person to which the
Transfer is to be made is not a Permitted Transferee.

     7. The Transferee does not have the intention to impede the assessment or
collection of any tax legally required to be paid with respect to the
Certificate.

     8. The Transferee's taxpayer identification number is [_____________].

     9. The Transferee is a United States Person.

     10. The Transferee is aware that the Certificate may be a "noneconomic
residual interest" within the meaning of proposed Treasury regulations
promulgated pursuant to the Code and that the transferor of a noneconomic
residual interest will remain liable for any taxes due with respect to the
income on such residual interest, unless no significant purpose of the transfer
was to impede the assessment or collection of tax.

     11. The Transferee is (a) not an employee benefit plan that is subject to
ERISA or a plan that is subject to Section 4975 of the Code, and the Transferee
is not acting on behalf of such a plan or (b) an employee benefit plan that is
subject to ERISA or a plan that is subject to Section 4975 of the Code, and the
Transferee is not acting on behalf of such a plan and will provide an Opinion of
Counsel in accordance with the provisions of Agreement.

                                  *     *     *

                                       I-2

<PAGE>

     IN WITNESS WHEREOF, The Transferee has caused this instrument to be
executed on its behalf, pursuant to authority of its Board of Directors, by its
duly authorized officer and its corporate seal to be hereunto affixed, duly
attested, this _____ day of _____________, 20___.

                                             __________________________________
                                             Print Name of Transferee

                                             By:_______________________________
                                             Name:
                                             Title:

[Corporate Seal]

ATTEST:

__________________________________
[Assistant] Secretary

         Personally appeared before me the above-named , known or proved to me
to be the same person who executed the foregoing instrument and to be the of the
Transferee, and acknowledged that he executed the same as his free act and deed
and the free act and deed of the Transferee.

         Subscribed and sworn before me this ______ day of _______________,
20___.

                                            __________________________________
                                            NOTARY PUBLIC

                                            My Commission
                                            expires the _____ day of
                                            _________________, 20___.

                                       I-3

<PAGE>

                                    EXHIBIT 1
                                       to
                                    EXHIBIT I

CERTAIN DEFINITIONS

     "Ownership Interest": As to any Residual Certificate, any ownership
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.

     "Permitted Transferee": Any person other than (i) The United States, any
State or political subdivision thereof, or any agency or instrumentality of any
of the foregoing, (ii) a foreign government, International Organization or any
agency or instrumentality of either of the foregoing, (iii) an organization
(except certain farmers' cooperatives described in section 521 of the Code)
which is exempt from tax imposed by Chapter 1 of the Code (including the tax
imposed by section 511 of the Code on unrelated business taxable income) on any
excess inclusions (as defined in section 860E(c)(1) of the Code) with respect to
any Residual Certificate, (iv) rural electric and telephone cooperatives
described in section 1381(a)(2)(C) of the Code, (v) a Person that is not 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, any State
thereof or the District of Columbia, or an estate whose income from sources
without the United States is includible in gross income for federal income tax
purposes regardless of its connection with the conduct of a trade or business
within the United States or a trust if a court within the United States is able
to exercise primary supervision over the administration of the trust and one or
more United States persons have the authority to control all substantial
decisions of the trust unless such Person has furnished the transferor and the
Trustee with a duly completed Internal Revenue Service Form W-8ECI or successor
form, and (vi) any other Person so designated by the Depositor based upon an
Opinion of Counsel that the Transfer of an Ownership Interest in a Residual
Certificate to such Person may cause the Trust Fund hereunder to fail to qualify
as a REMIC at any time that the Certificates are outstanding. The terms "United
States," "State" and "International Organization" shall have the meanings set
forth in section 7701 of the Code or successor provisions. A corporation will
not be treated as an instrumentality of the United States or of any State or
political subdivision thereof for these purposes if all of its activities are
subject to tax and, with the exception of the Federal Home Loan Mortgage
Corporation, a majority of its board of directors is not selected by such
government unit.

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

     "Transfer": Any direct or indirect transfer or sale of any Ownership
Interest in a Residual Certificate.

     "Transferee": Any Person who is acquiring by Transfer any Ownership
Interest in a Residual Certificate.

                                      I-1-1

<PAGE>

                                    EXHIBIT 2
                                       to
                                    EXHIBIT I

                        Section 5.02(c) of the Agreement
                        --------------------------------

     Each Person who has or who acquires any Ownership Interest in a Residual
Certificate shall be deemed by the acceptance or acquisition of such Ownership
Interest to have agreed to be bound by the following provisions, and the rights
of each Person acquiring any Ownership Interest in a Residual Certificate are
expressly subject to the following provisions:

                                      I-2-1

<PAGE>

                                    EXHIBIT J

                         FORM OF TRANSFEROR CERTIFICATE

__________, 200__

Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 4th Floor
New York, New York 10010
Attention: Helaine Hebble

JPMorgan Chase Bank
450 West 33rd Street, 14th Floor
New York, New York 10001

      Re:   Credit Suisse First Boston Mortgage Securities Corp.,
            CSFB Trust Series 2002-S6
            CSFB Mortgage Pass-Through Certificates, Series 2002-S6, Class [___]

Ladies and Gentlemen:

     In connection with our disposition of the above Certificates we certify
that (a) we understand that the Certificates have not been registered under the
Securities Act of 1933, as amended (The "Act"), and are being disposed by us in
a transaction that is exempt from the registration requirements of the Act, (b)
we have not offered or sold any Certificates to, or solicited offers to buy any
Certificates from, any person, or otherwise approached or negotiated with any
person with respect thereto, in a manner that would be deemed, or taken any
other action which would result in, a violation of Section 5 of the Act and (c)
to the extent we are disposing of a Class A-R Certificate, we have no knowledge
the Transferee is not a Permitted Transferee.

                                           Very truly yours,

                                           __________________________________
                                           Print Name of Transferor

                                           By:_______________________________
                                           Authorized Officer

                                       J-1

<PAGE>

                                    EXHIBIT K

                    FORM OF INVESTMENT LETTER (NON-RULE 144A)

__________, 200__

Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 4th Floor
New York, New York 10010
Attention: Helaine Hebble

JPMorgan Chase Bank
450 West 33rd Street, 14th Floor
New York, New York 10001

       Re:  Credit Suisse First Boston Mortgage Securities Corp.,
            CSFB Trust Series 2002-S6
            CSFB Mortgage Pass-Through Certificates, Series 2002-S6, Class [___]

Ladies and Gentlemen:

     In connection with our acquisition of the above Certificates we certify
that (a) we understand that the Certificates are not being registered under the
Securities Act of 1933, as amended (The "Act"), or any state securities laws and
are being transferred to us in a transaction that is exempt from the
registration requirements of the Act and any such laws, (b) we are an
insitutional "accredited investor," as defined in Regulation D under the Act,
and have such knowledge and experience in financial and business matters that we
are capable of evaluating the merits and risks of investments in the
Certificates, (c) we have had the opportunity to ask questions of and receive
answers from the Depositor concerning the purchase of the Certificates and all
matters relating thereto or any additional information deemed necessary to our
decision to purchase the Certificates, (d) either (i) we are not an employee
benefit plan that is subject to the Employee Retirement Income Security Act of
1974, as amended, or a plan or arrangement that is subject to Section 4975 of
the Internal Revenue Code of 1986, as amended, nor are we acting on behalf of
any such plan or arrangement nor are we using the assets of any such plan or
arrangement to effect such acquisition or (ii) in the case of our acquisition of
a Class B-2 Certificate, if we are an insurance company, a representation that
we are an insurance company which is purchasing such Certificates with funds
contained in an "insurance company general account" (as such term is defined in
Section V(e) of Prohibited Transaction Class Exemption 95-60 ("PTCE 95-60")) and
that the purchase and holding of such Certificates are covered under PTCE 95-60,
(e) if an insurance company, we are purchasing the Certificates with funds
contained in an "insurance company general account" (as defined in Section V(e)
of Prohibited Transaction Class Exemption 95-60 ("PTCE 95-60")) and our purchase
and holding of the Certificates are covered under PTCE 95-60, (f) we are
acquiring the Certificates for investment for our own account and not with a
view to any distribution of such Certificates (but without prejudice to our
right at all times to sell or otherwise dispose of the Certificates in
accordance with clause (h) below), (g) we have not offered or sold any
Certificates to, or solicited offers to buy any Certificates from, any person,
or otherwise approached or negotiated with any

                                       K-1

<PAGE>

person with respect thereto, or taken any other action which would result in a
violation of Section 5 of the Act, and (h) we will not sell, transfer or
otherwise dispose of any Certificates unless (1) such sale, transfer or other
disposition is made pursuant to an effective registration statement under the
Act or is exempt from such registration requirements, and if requested, we will
at our expense provide an opinion of counsel satisfactory to the addressees of
this Certificate that such sale, transfer or other disposition may be made
pursuant to an exemption from the Act, (2) The purchaser or transferee of such
Certificate has executed and delivered to you a certificate to substantially the
same effect as this certificate, and (3) The purchaser or transferee has
otherwise complied with any conditions for transfer set forth in the Pooling and
Servicing Agreement.

                                               Very truly yours,

                                               _________________________________
                                               Print Name of Transferee

                                               By:______________________________
                                               Authorized Officer

                                       K-2

<PAGE>

                                    EXHIBIT L

                            FORM OF RULE 144A LETTER

____________, 200__
Credit Suisse First Boston Mortgage Securities Corp.
11 Madison Avenue, 4th Floor
New York, New York 10010
Attention: Helaine Hebble

JPMorgan Chase Bank
450 West 33rd Street, 14th Floor
New York, New York 10001

       Re:  Credit Suisse First Boston Mortgage Securities Corp.,
            CSFB Trust Series 2002-S6
            CSFB Mortgage Pass-Through Certificates, Series 2002-S6, Class [___]

Ladies and Gentlemen:

     In connection with our acquisition of the above Certificates we certify
that (a) we understand that the Certificates are not being registered under the
Securities Act of 1933, as amended (The "Act"), or any state securities laws and
are being transferred to us in a transaction that is exempt from the
registration requirements of the Act and any such laws, (b) we have such
knowledge and experience in financial and business matters that we are capable
of evaluating the merits and risks of investments in the Certificates, (c) we
have had the opportunity to ask questions of and receive answers from the
Depositor concerning the purchase of the Certificates and all matters relating
thereto or any additional information deemed necessary to our decision to
purchase the Certificates, (d) we are not an employee benefit plan that is
subject to the Employee Retirement Income Security Act of 1974, as amended, or a
plan or arrangement that is subject to Section 4975 of the Internal Revenue Code
of 1986, as amended, nor are we acting on behalf of any such plan or arrangement
nor using the assets of any such plan or arrangement to effect such acquisition,
(e) in the case of our acquisition of a Class B-2 Certificate, if an insurance
company, we are purchasing the Certificates with funds contained in an
"insurance company general account" (as defined in Section V(e) of Prohibited
Transaction Class Exemption 95-60 ("PTCE 95-60")) and our purchase and holding
of the Certificates are covered under PTCE 95-60, (f) we have not, nor has
anyone acting on our behalf offered, transferred, pledged, sold or otherwise
disposed of the Certificates, any interest in the Certificates or any other
similar security to, or solicited any offer to buy or accept a transfer, pledge
or other disposition of the Certificates, any interest in the Certificates or
any other similar security from, or otherwise approached or negotiated with
respect to the Certificates, any interest in the Certificates 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 Certificates under
the Act or that would render the disposition of the Certificates a violation of
Section 5 of the Act or require registration pursuant thereto, nor will act, nor
has authorized or will authorize any person to act, in such manner with respect
to the Certificates, (g) we are a "qualified institutional buyer" as that term
is defined in Rule 144A under

                                       L-1

<PAGE>

the Act ("Rule 144A") and have completed either of the forms of certification to
that effect attached hereto as Annex 1 or Annex 2, (h) we are aware that the
sale to us is being made in reliance on Rule 144A, and (i) we are acquiring the
Certificates for our own account or for resale pursuant to Rule 144A and
further, understand that such Certificates may be resold, pledged or transferred
only (A) 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 (B) pursuant to another exemption
from registration under the Act.

                                               Very truly yours,

                                               _________________________________
                                               Print Name of Transferee

                                               By:______________________________
                                               Authorized Officer

                                       L-2

<PAGE>

ANNEX 1 TO EXHIBIT L

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
            --------------------------------------------------------

          [For Transferees Other Than Registered Investment Companies]

     The undersigned (The "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Certificate to which this certification
relates with respect to the Certificates described therein:

     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, as amended ("Rule 144A") because (i) The Buyer owned and/or
invested on a discretionary basis $___________1 in securities (except for the 1
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 of 1986, as amended.

     ___ 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, a copy of which is attached hereto.

     ___ Broker-dealer. The Buyer is a dealer registered pursuant to Section 15
     of the Securities Exchange Act of 1934.

___________________

     1    Buyer must own and/or invest on a discretionary basis at least
          $100,000,000 in securities unless Buyer is a dealer, and, in that
          case, Buyer must own and/or invest on a discretionary basis at least
          $10,000,000 in securities.

                                      L-1-1

<PAGE>

     ___ Insurance Company. The Buyer is an insurance company whose primary and
     predominant business activity is the writing of insurance or the reinsuring
     of risks underwritten by insurance companies and which is subject to
     supervision by the insurance commissioner or a similar official or agency
     of a State, territory or the District of Columbia.

     ___ State or Local Plan. The Buyer is a plan established and maintained by
     a State, its political subdivisions, or any agency or instrumentality of
     the State or its political subdivisions, for the benefit of its employees.

     ___ ERISA Plan. The Buyer is an employee benefit plan within the meaning of
     Title I of the Employee Retirement Income Security Act of 1974.

     ___ Investment Advisor. The Buyer is an investment advisor registered under
     the Investment Advisors Act of 1940.

     ___ Small Business Investment Company. 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. Buyer is a business development company
     as defined in Section 202(a)(22) of the Investment Advisors Act of 1940.

     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) securities issued or guaranteed by the U.S. or any instrumentality
thereof, (iv) bank deposit notes and certificates of deposit, (v) loan
participations, (vi) repurchase agreements, (vii) securities owned but subject
to a repurchase agreement and (viii) 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, except (i) where the Buyer reports its
securities holdings in its financial statements on the basis of their market
value, and (ii) no current information with respect to the cost of those
securities has been published. If clause (ii) in the preceding sentence applies,
The securities may be valued at market. 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, as
amended.

     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.

                                      L-1-2

<PAGE>

     6. Until the date of purchase of the Rule 144A Securities, 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 the Certificates will constitute a reaffirmation of this
certification as of the date of such purchase. In addition, if the Buyer is a
bank or savings and loan is provided above, The Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after they
become available.

                                            ___________________________________
                                            Print Name of Buyer

                                            By:________________________________
                                            Name:
                                            Title:

                                            Date:______________________________

                                      L-1-3

<PAGE>

ANNEX 2 TO EXHIBIT L

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A
            --------------------------------------------------------

           [For Transferees That are Registered Investment Companies]

     The undersigned (The "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Certificate to which this certification
relates with respect to the Certificates described therein:

1. As indicated below, The undersigned is the President, Chief Financial Officer
or Senior Vice President of the Buyer or, if the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933, as amended ("Rule 144A") because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the Adviser.

2. In connection with purchases by Buyer, The Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) The Buyer is an
investment company registered under the Investment Company Act of 1940, as
amended 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, except (i) where the Buyer or the Buyer's Family of Investment
Companies reports its securities holdings in its financial statements on the
basis of their market value, and (ii) no current information with respect to the
cost of those securities has been published. If clause (ii) in the preceding
sentence applies, The securities may be valued at market.

     ___ The Buyer owned $ in securities (other than the excluded securities
     referred to below) as of the end of the Buyer's most recent fiscal year
     (such amount being calculated in accordance with Rule 144A).

     ___ The Buyer is part of a Family of Investment Companies which owned in
     the aggregate $ in securities (other than the excluded securities referred
     to below) as of the end of the Buyer's most recent fiscal year (such amount
     being calculated in accordance with Rule 144A).

     3.   The term "Family of Investment Companies" as used herein means two or
          more registered investment companies (or series thereof) that have the
          same investment adviser or investment advisers that are affiliated (by
          virtue of being majority owned subsidiaries of the same parent or
          because one investment adviser is a majority owned subsidiary of the
          other).

     4.   The term "securities" as used herein does not include (i) securities
          of issuers that are affiliated with the Buyer or are part of the
          Buyer's Family of Investment Companies, (ii) securities issued or
          guaranteed by the U.S. or any instrumentality thereof, (iii) bank
          deposit notes and certificates of deposit, (iv) loan participations,
          (v) repurchase

                                      L-2-1

<PAGE>

          agreements, (vi) securities owned but subject to a repurchase
          agreement and (vii) currency, interest rate and commodity swaps.

     5.   The Buyer is familiar with Rule 144A and understands that the parties
          listed in the Rule 144A Transferee Certificate to which this
          certification relates are relying and will continue to rely on the
          statements made herein because one or more sales to the Buyer will be
          in reliance on Rule 144A. In addition, The Buyer will only purchase
          for the Buyer's own account.

     6.   Until the date of purchase of the Certificates, The undersigned will
          notify the parties listed in the Rule 144A Transferee Certificate to
          which this certification relates of any changes in the information and
          conclusions herein. Until such notice is given, The Buyer's purchase
          of the Certificates will constitute a reaffirmation of this
          certification by the undersigned as of the date of such purchase.

                                              _________________________________
                                              Print Name of Buyer or Adviser

                                              By:______________________________
                                              Name:
                                              Title:

                                              IF AN ADVISER:

                                              _________________________________
                                              Print Name of Buyer

                                              Date:____________________________

                                      L-2-2

<PAGE>

                                    EXHIBIT M

                               REQUEST FOR RELEASE
                                  (for Trustee)

              CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
                            CSFB Trust Series 2002-S6
             CSFB Mortgage Pass-Through Certificates, Series 2002-S6

Loan Information
----------------

Name of Mortgagor:                         ___________________________________

Servicer
Loan No.:                                  ___________________________________

Trustee
-------

Name:

Address:                                   ___________________________________
                                           ___________________________________
                                           ___________________________________

Trustee
Mortgage File No.:

     The undersigned Servicer hereby acknowledges that it has received from Bank
One, National Association, as Custodian for the Holders of Mortgage Pass-Through
Certificates, of the above-referenced Series, The documents referred to below
(The "Documents"). All capitalized terms not otherwise defined in this Request
for Release shall have the meanings given them in the Pooling and Servicing
Agreement (The "Pooling and Servicing Agreement") relating to the
above-referenced Series among Credit Suisse First Boston Mortgage Securities
Corp. as depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"), Wilshire
Credit Corporation as a servicer ("Wilshire"), Owen Federal Bank FSB as a
servicer ("Ocwen") and JPMorgan Chase Bank as trustee (The "Trustee").

( )  Mortgage Note dated _____________________, _______, in the original
     principal sum of $___________________, made by ____________________.
     payable to, or endorsed to the order of, The Trustee.

( )  Mortgage recorded on ________________ as instrument no. ______________ in
     the County Recorder's Office of the County of __________________, State of
     ___________ in book/reel/docket _________________ of official records at
     page/image _____________.

                                       M-1

<PAGE>

( )  Deed of Trust recorded on _____________ as instrument no. ____________ in
     the County Recorder's Office of the County of _______________, State of
     ______________ in book/reel/docket _____________________ of official
     records at page/image _________.

( )  Assignment of Mortgage or Deed of Trust to the Trustee, recorded on
     _________ as instrument no. ______________ in the County Recorder's Office
     of the County of ______, State of ________________ in book/reel/docket
     _______________ of official records at page/image _______________.

( )  Other documents, including any amendments, assignments or other assumptions
     of the Mortgage Note or Mortgage.

     ( )

     ( )

     ( )

     ( )

     The undersigned Servicer hereby acknowledges and agrees as follows:

          (1) Such Servicer shall hold and retain possession of the Documents in
          trust for the benefit of the Trustee, solely for the purposes provided
          in the Agreement.

          (2) Such Servicer shall not cause or knowingly permit the Documents to
          become subject to, or encumbered by, any claim, liens, security
          interest, charges, writs of attachment or other impositions nor shall
          the Servicer, if applicable, assert or seek to assert any claims or
          rights of setoff to or against the Documents or any proceeds thereof.

          (3) Such Servicer shall return each and every Document previously
          requested from the Mortgage File to the Custodian when the need
          therefor no longer exists, unless the Mortgage Loan relating to the
          Documents has been liquidated and the proceeds thereof have been
          remitted to the Certificate Account and except as expressly provided
          in the Agreement.

          (4) The Documents and any proceeds thereof, including any proceeds of
          proceeds, coming into the possession or control of such Servicer shall
          at all times be earmarked for the account of the Custodian, and such
          Servicer shall keep the Documents and any proceeds separate and
          distinct from all other property in such Servicer's possession,
          custody or control.

                                             [Servicer]

                                             By ________________________________

                                       M-2

<PAGE>

                                             Its________________________________

Date: ____________, 20__

                                       M-3

<PAGE>

                                    EXHIBIT N

                      FORM OF SUBSEQUENT TRANSFER AGREEMENT

     THIS SUBSEQUENT TRANSFER AGREEMENT, dated as of [___________, 20__] (this
"Subsequent Transfer Agreement"), among CREDIT SUISSE FIRST BOSTON MORTGAGE
SECURITIES CORP., a Delaware corporation, as depositor (the "Depositor"), DLJ
MORTGAGE CAPITAL, INC., a Delaware corporation, in its capacity as seller under
the Pooling and Servicing Agreement referred to below (the "Seller"), and
JPMORGAN CHASE BANK, a national banking association, as trustee (the "Trustee");

     WHEREAS, the parties hereto are also among the parties to the Pooling and
Servicing Agreement among Credit Suisse First Boston Mortgage Securities Corp.,
as depositor, Ocwen Federal Bank FSB, as a servicer, Wilshire Credit
Corporation, as a servicer, DLJ Mortgage Capital, Inc., as seller and JPMorgan
Chase Bank, as trustee, dated as of February 1, 2002 (the "Pooling and Servicing
Agreement"), in relation to the CSFB Mortgage Pass-Through Certificates, Series
2002- S6;

     WHEREAS, Section 2.01(f) of the Pooling and Servicing Agreement provides
for the parties hereto to enter into this Subsequent Transfer Agreement in
accordance with the terms and conditions of the Pooling and Servicing Agreement;

     NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration the receipt and adequacy of which are hereby acknowledged
the parties hereto agree as follows:

     (i) The "Subsequent Transfer Date" with respect to this Subsequent Transfer
Agreement shall be [________, 20__].

     (ii) The "Aggregate Subsequent Purchase Amount" with respect to this
Subsequent Transfer Agreement shall be $[___________], provided, however, that
such amount shall not exceed the amount on deposit in the Prefunding Account.

     (iii) The Subsequent Mortgage Loans conveyed on the Subsequent Transfer
Date shall satisfy the pool characteristics for the Trust Fund identified in
Section 2.01(f) of the Pooling and Servicing Agreement.

     (iv) In case any provision of this Subsequent Transfer Agreement shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions or obligations shall not in any way be affected or
impaired thereby.

     (v) In the event of any conflict between the provisions of this Subsequent
Transfer Agreement and the Pooling and Servicing Agreement, the provisions of
the Pooling and Servicing Agreement shall prevail. Capitalized terms used herein
and not otherwise defined have the meanings in the Pooling and Servicing
Agreement.

                                       N-1

<PAGE>

     (vi) The Seller hereby sells, transfers, assigns, sets over and otherwise
conveys to the Trustee for the benefit of the Certificateholders, without
recourse, all right title and interest in the Subsequent Mortgage Loans
identified in Schedule A, including all interest and principal due on or with
respect to such Subsequent Mortgage Loans on or after the Subsequent Cut-off
Date and all interest and principal payments on such Subsequent Mortgage Loans
received prior to the Subsequent Cut-off Date in respect of installments of
interest and principal due thereafter, but not including principal and interest
due on such Subsequent Mortgage Loans prior to the Subsequent Cut-off Date, any
insurance policies in respect of such Subsequent Mortgage Loans and all proceeds
of any of the foregoing.

     (vii) This Subsequent Transfer Agreement shall be governed by, and shall be
construed and enforced in accordance with the laws of the State of New York.

     (viii) The Subsequent Transfer Agreement may be executed in one or more
counterparts, each of which so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but one and the
same instrument.

                                       N-2

<PAGE>

     IN WITNESS WHEREOF, the parties to this Subsequent Transfer Agreement have
caused their names to be signed hereto by their respective officers thereunto
duly authorized as of the day and year first above written.

                                             CREDIT SUISSE FIRST BOSTON
                                             MORTGAGE SECURITIES CORP.
                                             as Depositor
                                             By: __________________________
                                             Name:
                                             Title:

                                             DLJ MORTGAGE CAPITAL, INC.,
                                             as Seller
                                             By: ___________________________
                                             Name:
                                             Title:

                                             JPMORGAN CHASE BANK,
                                             not in its individual capacity, but
                                             solely as Trustee
                                             By: ___________________________
                                             Name:
                                             Title:

                                             WILSHIRE CREDIT CORPORATION
                                             as Servicer

                                             By: ____________________________
                                             Name:
                                             Title:

                                             OCWEN FEDERAL BANK FSB
                                             as Servicer

                                             By: ____________________________
                                             Name:
                                             Title:

                                       N-3

<PAGE>

                   Schedule A to Subsequent Transfer Agreement
                       [List of Subsequent Mortgage Loans]

                                       N-4

<PAGE>

                                   EXHIBIT O-1

                        COLLECTION ACCOUNT CERTIFICATION

                                    [ ], 20__

     [Servicer's name] hereby certifies that it has established the account
described below as a Collection Account pursuant to Section 3.05 of the Pooling
and Servicing Agreement, dated as of February 1, 2002, among Credit Suisse First
Boston Mortgage Securities Corp. as depositor, DLJ Mortgage Capital, Inc. as
seller ("DLJMC"), Wilshire Credit Corporation as a servicer ("Wilshire"), Owen
Federal Bank FSB as a servicer ("Ocwen") and JPMorgan Chase Bank as trustee (The
"Trustee").

Title of Account:   [Servicer's Name], in trust for the Holders of Credit Suisse
                    First Boston Mortgage Securities Corp., CSFB Mortgage
                    Pass-Through Certificates, Series 2002-S6.

Account Number: ______________

Address of officer or branch of the Company at which Account is maintained:

                           ___________________________________
                           ___________________________________

                           [Servicer's Name], AS SERVICER

                           By:________________________________

                           Name:______________________________

                           Title:_____________________________

                                      O-1-1

<PAGE>

                                   EXHIBIT O-2

                       COLLECTION ACCOUNT LETTER AGREEMENT

                             [              ], 20__

To:    ____________________________
       ____________________________
       ____________________________
       (The "Depository")

     As Servicer under the Pooling and Servicing Agreement, dated as of February
1, 2002, among Credit Suisse First Boston Mortgage Securities Corp. as
depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"), Wilshire Credit
Corporation as a servicer ("Wilshire"), Owen Federal Bank FSB as a servicer
("Ocwen") and JPMorgan Chase Bank as trustee (The "Trustee") (The "Agreement"),
we hereby authorize and request you to establish an account, as a Collection
Account pursuant to Section 3.05 of the Agreement, to be designated as
"[Servicer's Name], in trust for the Holders of Credit Suisse First Boston
Mortgage Securities Corp., CSFB Mortgage Pass-Through Certificates, Series
2002-S6." All deposits in the account shall be subject to withdrawal therefrom
by order signed by the Servicer. This letter is submitted to you in duplicate.
Please execute and return one original to us.

                                            [Servicer's Name], AS SERVICER

                                            By:_________________________________

                                            Name:_______________________________

                                            Title:______________________________

                                            Date:_______________________________

                                      O-2-1

<PAGE>

The undersigned, as Depository, hereby certifies that the above described
account has been established under Account Number _________ at the office of the
Depository indicated above and agrees to honor withdrawals on such account as
provided above. The full amount deposited at any time in the account will be
insured up to applicable limits by the Federal Deposit Insurance Corporation
through the Bank Insurance Fund ("BIF") or the Savings Association Insurance
Fund ("SAIF").

                                        ___________________________________
                                        Depository

                                        By:________________________________

                                        Name:______________________________

                                        Title:_____________________________

                                        Date:______________________________

                                      O-2-2

<PAGE>

                                   EXHIBIT P-1

                          ESCROW ACCOUNT CERTIFICATION

                             [                 ], 20__

     [Servicer's Name] hereby certifies that it has established the account
described below as an Escrow Account pursuant to Section 3.06 of the Pooling and
Servicing Agreement, dated as of February 1, 2002, among Credit Suisse First
Boston Mortgage Securities Corp. as depositor, DLJ Mortgage Capital, Inc. as
seller ("DLJMC"), Wilshire Credit Corporation as a servicer ("Wilshire"), Owen
Federal Bank FSB as a servicer ("Ocwen") and JPMorgan Chase Bank as trustee (The
"Trustee").

Title of Account:  "Credit Suisse First Boston Mortgage Securities Corp.,
                   CSFB Mortgage Pass-Through Certificates, Series 2002-S6"

Account Number:    ______________________

Address of officer or branch
of the Company at
which Account is maintained:

                   ___________________________________
                   ___________________________________

                   [Servicer's Name], AS SERVICER

                   By:________________________________

                   Name:______________________________

                   Title:_____________________________

                                      P-1-1

<PAGE>

                                   EXHIBIT P-2

                         ESCROW ACCOUNT LETTER AGREEMENT

                             [               ], 20__

To:  __________________________
     __________________________
     __________________________
     (The "Depository")

     As Servicer under the Pooling and Servicing Agreement, dated as of February
1, 2002, among Credit Suisse First Boston Mortgage Securities Corp. as
depositor, DLJ Mortgage Capital, Inc. as seller ("DLJMC"), Wilshire Credit
Corporation as a servicer ("Wilshire"), Owen Federal Bank FSB as a servicer
("Ocwen") and JPMorgan Chase Bank as trustee (The "Trustee") (The "Agreement"),
we hereby authorize and request you to establish an account, as an Escrow
Account pursuant to Section 3.06 of the Agreement, to be designated as "Credit
Suisse First Boston Mortgage Securities Corp., Mortgage Pass-Through
Certificates, Series 2002-S6" All deposits in the account shall be subject to
withdrawal therefrom by order signed by the Servicer. This letter is submitted
to you in duplicate. Please execute and return one original to us.

[SERVICER'S NAME], AS SERVICER

By:___________________________

Name:_________________________

Title:________________________

Date:_________________________

                                      P-2-1

<PAGE>

The undersigned, as Depository, hereby certifies that the above described
account has been established under Account Number ________________ at the office
of the Depository indicated above and agrees to honor withdrawals on such
account as provided above. The full amount deposited at any time in the account
will be insured up to applicable limits by the Federal Deposit Insurance
Corporation through the Bank Insurance Fund ("BIF") or the Savings Association
Insurance Fund ("SAIF").

___________________________
Depository

By:___________________________

Name:_________________________

Title:________________________

Date:_________________________

                                      P-2-2

<PAGE>

                                    EXHIBIT Q

                            MONTHLY REMITTANCE ADVICE

1) Standard CPI Reports:

         T62C-Monthly Accounting Report
         T62E-Liquidation Report
         S50Y-Private Pool Detail Report
         S214-Summary of Paid in Full Collections
         S215-Summary of Collections
         P139-Trial Balance

2) Standard CPI Tape Format:

         PNB Scheduled Balance Tape
         SPNB Determination Diskette/P45K

At such times as [_______________] is no longer the Servicer of the [________]
Mortgage Loans under the Agreement, The Monthly Remittance Advice also shall
include: (i) The aggregate Excess Servicing Fee to be remitted to
[___________________] on the Distribution Date, (ii) The aggregate Prepayment
Penalties collected by the Servicer of such loans during the preceding calendar
month, and (iii) a list of the Mortgage Loans for which Prepayment Penalties are
being remitted (including with respect to each related Mortgage Loan, The loan
number, borrower name and dollar amount of Prepayment Penalties collected for
such Mortgage Loan).

                                       Q-1

<PAGE>

                                    EXHIBIT R

                               CUSTODIAL AGREEMENT

                                       R-1

<PAGE>

                                    EXHIBIT S

                                   FSA POLICY

                                       S-1

<PAGE>

                                   SCHEDULE I

                             MORTGAGE LOAN SCHEDULE

                            (Available Upon Request)

                                       I-1

<PAGE>

                                   SCHEDULE II

                     SELLER'S REPRESENTATIONS AND WARRANTIES

     (i) The Seller is a corporation duly organized, validly existing and in
good standing under the laws of the state of its incorporation;

     (ii) The Seller has full corporate power to own its property, to carry on
its business as presently conducted and to enter into and perform its
obligations under this Agreement;

     (iii) The execution and delivery by the Seller of this Agreement have been
duly authorized by all necessary corporate action on the part of the Seller; and
neither the execution and delivery of this Agreement, nor the consummation of
the transactions herein contemplated hereby, nor compliance with the provisions
hereof, will conflict with or result in a breach of, or constitute a default
under, any of the provisions of any law, governmental rule, regulation,
judgment, decree or order binding on the Seller or its properties or the
certificate of incorporation or by-laws of the Seller, except those conflicts,
breaches or defaults which would not reasonably be expected to have a material
adverse effect on the Seller's ability to enter into this Agreement and to
consummate the transactions contemplated hereby;

     (iv) The execution, delivery and performance by the Seller of this
Agreement and the consummation of the transactions contemplated hereby do not
require the consent or approval of, The giving of notice to, The registration
with, or the taking of any other action in respect of, any state, federal or
other governmental authority or agency, except those consents, approvals,
notices, registrations or other actions as have already been obtained, given or
made and, in connection with the recordation of the Mortgages, powers of
attorney or assignments of Mortgages not yet completed;

     (v) this Agreement has been duly executed and delivered by the Seller and,
assuming due authorization, execution and delivery by the Trustee, The Servicers
and the Depositor, constitutes a valid and binding obligation of the Seller
enforceable against it in accordance with its terms (subject to applicable
bankruptcy and insolvency laws and other similar laws affecting the enforcement
of the rights of creditors generally); and

     (vi) there are no actions, litigation, suits or proceedings pending or to
the knowledge of the Seller, threatened against the Seller before or by any
court, administrative agency, arbitrator or governmental body (i) with respect
to any of the transactions contemplated by this Agreement or (ii) with respect
to any other matter which in the judgment of the Seller if determined adversely
to the Seller would reasonably be expected to materially and adversely affect
the Seller's ability to perform its obligations under this Agreement; and the
Seller is not in default with respect to any order of any court, administrative
agency, arbitrator or governmental body so as to materially and adversely affect
the transactions contemplated by this Agreement.

                                      II-1

<PAGE>

                                  SCHEDULE IIIA

                     WILSHIRE REPRESENTATIONS AND WARRANTIES

     (i) Wilshire is a corporation duly organized, validly existing and in good
standing under the laws of the state of its incorporation;

     (ii) Wilshire has full corporate power to own its property, to carry on its
business as presently conducted and to enter into and perform its obligations
under this Agreement;

     (iii) The execution and deliver by Wilshire of this Agreement have been
duly authorized by all necessary corporate action on the part of Wilshire; and
neither the execution and delivery of this Agreement, nor the consummation of
the transactions herein contemplated hereby, nor compliance with the provisions
hereof, will conflict with or result in a breach of, or constitute a default
under, any of the provisions of any law, governmental rule, regulation,
judgment, decree or order binding on Wilshire or its properties or the
certificate of incorporation or bylaws of Wilshire, except those conflicts,
breaches or defaults which would not reasonably be expected to have a material
adverse effect on Wilshire ability to enter into this Agreement and to
consummate the transactions contemplated hereby;

     (iv) this Agreement has been duly executed and delivered by Wilshire and,
assuming due authorization, execution and delivery by the Trustee, The Seller
and the Depositor, constitutes a valid and binding obligation of Wilshire
enforceable against it in accordance with its terms (subject to applicable
bankruptcy and insolvency laws and other similar laws affecting the enforcement
of the rights of creditors generally); and

     (v) there are no actions, litigation, suits or proceedings pending or to
the knowledge of Wilshire, threatened against Wilshire before or by any court,
administrative agency, arbitrator or governmental body (a) with respect to any
of the transactions contemplated by this Agreement or (b) with respect to any
other matter which in the judgment of Wilshire if determined adversely to
Wilshire would reasonably be expected to materially and adversely affect
Wilshire's ability to perform its obligations under this Agreement, other than
as Servicer has previously advised Seller; and Wilshire is not in default with
respect to any order of any court, administrative agency, arbitrator or
governmental body so as to materially and adversely affect the transactions
contemplated by this Agreement.

                                     IIIA-1

<PAGE>

                                  SCHEDULE IIIB

                      OCWEN REPRESENTATIONS AND WARRANTIES

     (i) Ocwen is a federal savings bank duly organized, validly existing and in
good standing under the laws of the United States;

     (ii) Ocwen has full corporate power to own its property, to carry on its
business as presently conducted and to enter into and perform its obligations
under this Agreement;

     (iii) The execution and deliver by Ocwen of this Agreement have been duly
authorized by all necessary corporate action on the part of Ocwen; and neither
the execution and delivery of this Agreement, nor the consummation of the
transactions herein contemplated hereby, nor compliance with the provisions
hereof, will conflict with or result in a breach of, or constitute a default
under, any of the provisions of any law, governmental rule, regulation,
judgment, decree or order binding on Ocwen or its properties or the charter or
bylaws of Ocwen, except those conflicts, breaches or defaults which would not
reasonably be expected to have a material adverse effect on Ocwen's ability to
enter into this Agreement and to consummate the transactions contemplated
hereby;

     (iv) this Agreement has been duly executed and delivered by Ocwen and,
assuming due authorization, execution and delivery by the Trustee, the Seller,
Wilshire and the Depositor, constitutes a valid and binding obligation of Ocwen
enforceable against it in accordance with its terms (subject to applicable
bankruptcy and insolvency laws and other similar laws affecting the enforcement
of the rights of creditors generally ) and general principles of equity, whether
enforcement is sought in a proceeding in equity or at law); and

     (v) there are no actions, litigation, suits or proceedings pending or to
the knowledge of Ocwen, threatened against Ocwen before or by any court,
administrative agency, arbitrator or governmental body (a) with respect to any
of the transactions contemplated by this Agreement or (b) with respect to any
other matter which in the judgment of Ocwen if determined adversely to Ocwen
would reasonably be expected to materially and adversely affect Ocwen's ability
to perform its obligations under this Agreement, other than as Ocwen has
previously advised Seller; and Ocwen is not in default with respect to any order
of any court, administrative agency, arbitrator or governmental body so as to
materially and adversely affect the transactions contemplated by this Agreement.

                                     IIIB-1

<PAGE>

                                   SCHEDULE IV

          REPRESENTATIONS AND WARRANTIES RELATING TO THE MORTGAGE LOANS

     (i) The Seller or its affiliate is the sole owner of record and holder of
the Mortgage Loan and the indebtedness evidenced by the Mortgage Note.
Immediately prior to the transfer and assignment to the Depositor on the Closing
Date, The Mortgage Loan, including the Mortgage Note and the Mortgage, were not
subject to an assignment or pledge, and the Seller had good and marketable title
to and was the sole owner thereof and had full right to transfer and sell the
Mortgage Loan to the Depositor free and clear of any encumbrance, equity, lien,
pledge, charge, claim or security interest and has the full right and authority
subject to no interest or participation of, or agreement with, any other party,
to sell and assign the Mortgage Loan and following the sale of the Mortgage
Loan, The Depositor will own such Mortgage Loan free and clear of any
encumbrance, equity, participation interest, lien, pledge, charge, claim or
security interest.

     (ii) Any and all requirements of any federal, state or local law including,
without limitation, usury, truth-in-lending, real estate settlement procedures,
consumer credit protection, equal credit opportunity or disclosure laws
applicable to the Mortgage Loan have been complied with in all material
respects.

     (iii) The terms of the Mortgage Note and the Mortgage have not been
impaired, waived, altered or modified in any respect, except by written
instruments which have been recorded to the extent any such recordation is
required by law, or, necessary to protect the interest of the Depositor. No
instrument of waiver, alteration or modification has been executed, and no
Mortgagor has been released, in whole or in part, from the terms thereof except
in connection with an assumption agreement and which assumption agreement is
part of the Mortgage File and the terms of which are reflected in the Mortgage
Loan Schedule; The substance of any such waiver, alteration or modification has
been approved by the issuer of any related Primary Insurance Policy and title
insurance policy, to the extent required by the related policies.

     (iv) The Mortgage Loan complies with all the terms, conditions and
requirements of the originator's underwriting standards in effect at the time of
origination of such Mortgage Loan.

     (v) The information set forth in the Mortgage Loan Schedule, attached to
the Agreement as Schedule I, is complete, true and correct in all material
respects as of the Cut-off Date.

     (vi) The related Mortgage is a valid, subsisting, enforceable and perfected
second lien on the Mortgaged Property, all buildings on the Mortgaged Property
and all installations and mechanical, electrical, plumbing, heating and air
conditioning systems affixed to such buildings, and all additions, alterations
and replacements made at any time with respect to the foregoing securing the
Mortgage Note's original principal balance. The Mortgage and the Mortgage Note
do not contain any evidence of any security interest or other interest or right
thereto. Such lien is free and clear of all adverse claims, liens and
encumbrances having priority over the first or second lien, as applicable, of
the Mortgage subject only to (1) with respect to any Second Mortgage Loan, The
related First Mortgage Loan, (2) The lien of non-delinquent current real
property taxes and assessments not yet due and payable, (3) covenants,
conditions and restrictions, rights of way, easements and other matters of the
public record as of the date of recording which are acceptable to mortgage
lending institutions generally and either (A) which are referred to or otherwise
considered in the appraisal made for the originator of the Mortgage Loan, or (B)
which do not adversely affect the appraised

                                      IV-1

<PAGE>

value of the Mortgaged Property as set forth in such appraisal, and (4) other
matters to which like properties are commonly subject which do not materially
interfere with the benefits of the security intended to be provided by the
Mortgage or the use, enjoyment, value or marketability of the related Mortgaged
Property. Any security agreement, chattel mortgage or equivalent document
related to and delivered in connection with the Mortgage Loan establishes and
creates (1) with respect to any First Mortgage Loan, a valid, subsisting,
enforceable and perfected first lien and first priority security interest and
(2) with respect to any second lien Mortgage Loan, a valid, subsisting,
enforceable and perfected second lien and second priority security interest, in
each case, on the property described therein, and the Seller has the full right
to sell and assign the same to the Depositor.

     (vii) There are no mechanics' or similar liens or claims which have been
filed for work, labor or material (and no rights are outstanding that under law
could give rise to such liens) affecting the related Mortgaged Property which
are or may be liens prior to or equal to the lien of the related Mortgage.

     (viii) All taxes, governmental assessments, insurance premiums, water,
sewer and municipal charges, leasehold payments or ground rents which previously
became due and owing have been paid, or escrow funds have been established in an
amount sufficient to pay for every such escrowed item which remains unpaid and
which has been assessed but is not yet due and payable.

     (ix) The Mortgage Note and the Mortgage are not subject to any right of
rescission, set-off, counterclaim or defense, including, without limitation, The
defense of usury, nor will the operation of any of the terms of the Mortgage
Note or the Mortgage, or the exercise of any right thereunder, render the
Mortgage Note or Mortgage unenforceable, in whole or in part, or subject to any
right of rescission, set-off, counterclaim or defense, including the defense of
usury, and no such right of rescission, set-off, counterclaim or defense has
been asserted with respect thereto.

     (x) The Mortgaged Property is not subject to any material damage by waste,
fire, earthquake, windstorm, flood or other casualty. At origination of the
Mortgage Loan there was, and there currently is, no proceeding pending for the
total or partial condemnation of the Mortgaged Property.

     (xi) All improvements subject to the Mortgage which were considered in
determining the appraised value of the Mortgaged Property lie wholly within the
boundaries and building restriction lines of the Mortgaged Property (and wholly
within the project with respect to a condominium unit) and no improvements on
adjoining properties encroach upon the Mortgaged Property except those which are
insured against by a title insurance policy and all improvements on the property
comply with all applicable zoning and subdivision laws and ordinances.

     (xii) Seller has delivered or caused to be delivered to the Trustee or the
Custodian on behalf of the Trustee the original Mortgage bearing evidence that
such instruments have been recorded in the appropriate jurisdiction where the
Mortgaged Property is located as determined by the Seller (or, in lieu of the
original of the Mortgage or the assignment thereof, a duplicate or conformed
copy of the Mortgage or the instrument of assignment, if any, together with a
certificate of receipt from the Seller or the settlement agent who handled the
closing of the Mortgage Loan, certifying that such copy or copies represent true
and correct copy(ies) of the original(s) and that such original(s) have been or
are currently submitted to be recorded in the appropriate governmental recording
office of the jurisdiction where the Mortgaged Property is located) or a
certification or receipt of the recording authority evidencing the same.

                                      IV-2

<PAGE>

     (xiii) The Mortgage File contains each of the documents specified in
Section 2.01(b) of the Agreement.

     (xiv) As of the Closing Date, each Mortgage Loan shall be serviced in all
material respects in accordance with the terms of the Agreement.

     (xv) All buildings or other customarily insured improvements upon the
Mortgaged Property are insured by an insurer acceptable under the FNMA Guides,
against loss by fire, hazards of extended coverage and such other hazards as are
provided for in the FNMA Guides or by FHLMC, as well as all additional
requirements set forth in this Agreement. All such standard hazard policies are
in full force and effect and on the date of origination contained a standard
mortgagee clause naming the Seller and its successors in interest and assigns as
loss payee and such clause is still in effect and all premiums due thereon have
been paid. If at the time of origination, The Mortgage Loan was required to have
flood insurance coverage in accordance with the Flood Disaster Protection Act of
1973, as amended, such Mortgage Loan is covered by a flood insurance policy
meeting the requirements of the current guidelines of the Federal Insurance
Administration which policy conforms to FNMA and FHLMC requirements, as well as
all additional requirements set forth in this Agreement. Such policy was issued
by an insurer acceptable under FNMA or FHLMC guidelines. The Mortgage obligates
the Mortgagor thereunder to maintain all such insurance at the Mortgagor's cost
and expense, and upon the Mortgagor's failure to do so, authorizes the holder of
the Mortgage to maintain such insurance at the Mortgagor's cost and expense and
to seek reimbursement therefor from the Mortgagor.

     (xvi) The Mortgage creates a first or second lien or a first or second
priority ownership interest in an estate in fee simple in real property securing
the related Mortgage Note.

     (xvii) As of the Cut-off Date, no Mortgage Loan is (a) a non-performing
loan (i.e. a mortgage loan that is more than 90 days delinquent); (b) a
re-performing loan (i.e. a mortgage loan that was more than 90 days delinquent
within the twelve month period preceding the Cut-off Date but is contractually
current); or (c) a sub-performing loan (i.e. a mortgage loan that is at least 30
days delinquent but subject to a payment plan or agreement pursuant to which the
Mortgagor is contractually current).

     (xviii) [reserved]

     (xix) The Mortgage Note and the related Mortgage are original and genuine
and each is the legal, valid and binding obligation of the maker thereof,
enforceable in all respects in accordance with its terms subject to bankruptcy,
insolvency, moratorium, reorganization and other laws of general application
affecting the rights of creditors and by general equitable principles.

                                      IV-3

<PAGE>

                                   SCHEDULE V

                           CLASS A-IO NOTIONAL AMOUNT

                                                 CLASS A-IO NOTIONAL
            DISTRIBUTION DATE                          AMOUNT ($)
        ---------------------------             -------------------
        March 2002                                   176,000,000.00
        April 2002                                   166,000,000.00
        May 2002                                     156,600,000.00
        June 2002                                    147,700,000.00
        July 2002                                    139,300,000.00
        August 2002                                  131,400,000.00
        September 2002                               123,900,000.00
        October 2002                                 116,000,000.00
        November 2002                                110,200,000.00
        December 2002                                104,000,000.00
        January 2003                                  98,100,000.00
        February 2003                                 92,500,000.00
        March 2003                                    87,200,000.00
        April 2003                                    82,300,000.00
        May 2003                                      77,600,000.00
        June 2003                                     73,200,000.00
        July 2003                                     69,000,000.00
        August 2003                                   65,100,000.00
        September 2003                                61,400,000.00
        October 2003                                  57,900,000.00
        November 2003                                 54,600,000.00
        December 2003                                 51,500,000.00
        January 2004                                  48,600,000.00
        February 2004                                 45,800,000.00
        March 2004                                    43,200,000.00
        April 2004                                    40,700,000.00
        May 2004                                      38,400,000.00
        June 2004                                     36,200,000.00
        July 2004                                     34,200,000.00
        August 2004                                   32,200,000.00
        September 2004 and thereafter                          0.00

                                       V-1

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